Sunday, October 28, 2007

The Peloton - Inside Scoop!

by Osman Parvez
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The Peloton hosted an open house on Friday celebrating the grand opening of a community building. As I mentioned in my last post, a $100,000 incentive was also being offered. That sounded like a big discount. So on behalf our clients and you loyal readers of this blog, I sent a top operative from Realty Unique to investigate... me.

I toured the facility, sampled the catering, and chatted with the sales people. Here's what I found...

Wait.

First, I should mention that I didn't really know what to expect. Like you, I've seen and heard the sales pitches. The ads are plastered on Boulder's buses. They've had booths at the Boulder Creek Festival and other local events. Even our local NPR station has been sponsored by The Peloton. But nobody has seen the execution yet. This is the first complete building.

As I drove to The Peloton on an unusually rainy Saturday morning, a couple of guys were hanging balloons around the complex. Cheerful.



I parked around back and walked to the building. At the entrance, I found a Vespa standing guard. Given my previous comments about the free scooters, I couldn't help but crack a cheeky smile. Free scooter anyone?



I walked in to find two friendly Peloton representatives greeting me at the door. "Getting warmer out there?" one cheerily asked. I replied, "Not sure, but it's certainly a lot colder than my house."

They didn't laugh. Then they asked me to fill in some paperwork.

One of the questions was if I was working with an agent. I checked "yes" and listed the agent as myself (p.s. you can list me too, if you'd like).

With a "HELLO, My Name is" sticker affixed to my sweater, I entered.

Here's the scoop. On the first floor you'll find a nicely equipped fitness center, yoga/spin room, and locker rooms. On the second floor, a fireplace, meeting room, a viewing patio, movie theater with 22 recliners, billiards area, gaming tables, shuffle board table, and a catering prep kitchen. On the roof, a sun deck with heated pool and spas, fire pit, BBQ area with stainless steel grills. You'll also find large plasma televisions and a sound system throughout the first and second floors.

Here's a scale model of the newly completed community building.



The picture below is the billiards area. The mailboxes in the background are probably temporary. With a mug of Peloton tagged key chains sitting atop, they clearly had something to do with the sales office but I didn't ask.



A display of various finish options for your new condo.



Here's the movie theater. My photo didn't capture it very well, but I thought it was nicely done. Perfect for movie night with friends. Speaking of which, the guy watching the movie below could probably use some.



Shuffleboard seems a little old fashioned. But then again, it could be fun.



The Peloton hired a great Jazz trio to entertain us. Much appreciated! The shot below is a meeting area on the second floor with a fireplace on the left.



Let's move up to the roof. Here's how it looks as you exit the elevator. The sun deck awaits.



Tastefully appointed. Plenty of space to relax.



Lounge chairs abound.



More opportunities to kick back by the pool... "Hey, come here often? I like your bathing suit!"



If it gets chilly, you can sit by the fire and warm up.



Or just jump in one of the spas. The view from the upper hot tub was spectacular. Yes, it'll be nice to have a soak up here with friends.



And of course, Boulder tradition calls for year-round BBQ.



The views to the West would normally be of the Flatirons, but not this cloudy day. Here's what you'll see from the upper spa when it's raining. Construction still very much evident around the community building.



Naturally, I would be amiss if I didn't point out a flaw or two. Here's the view to the north. It leaves a lot to be desired. But given the likely rezoning and redevelopment (Transit Village), one hopes this picture will improve in the near future.



That wraps up the tour.

And what's my impression? I've seen luxury construction many times before. I've also been a key part of the development a high-end project on Nantucket. The good news is that if The Peloton community center is representative of the whole, I can report it hits the mark. Overall, I think the development will turn out well if they can keep their standards at this level. It was tastefully done and welcoming, without being over the top or pretentious. Very Boulder.


Now, if you're a regular reader of House Einstein, I'm sure you're thirsting for a sales analysis. Don't worry. I snagged some information on current pricing, incentives, and sales volume. I'll crunch the numbers and report on that later this week.

For now, here's a teaser. According to a sales representative, about 60% of the units have been sold. Is she right? Stay tuned....

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

9 comments:

  1. With a name like Peloton, I expected a training room full of rollers with old lugged Ciocc and Bianchi bikes, and an elderly Italian coach who yells at you to push harder. Wool jerseys required.

    I'm also looking forward to a report on how well the trendy little Vespa works in January.

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  2. What was the length on the pool? Was it at least 25yds? Since they are pushing the image of an athlete friendly community, I would think the pool would at least be long enough to swim laps in.

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  3. I swim laps in my workout routine and the pool looked more than adequate to me. But I didn't bring my measuring tape...

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  4. The hot tub on the roof is DEFINITELY swanky. So is the movie theatre...yes, I sense many interesting nights in there. Thanks for the detective work. If I wasn't already living in suburbia with a big yard and a big dog, and oh yeah, POOR, then I might consider checking those things out. Talk about schwingin' bachelor pad...

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  5. Wow, this looks like a great project. I'm going to go check it out this weekend. Thanks!

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  6. Don't forget to tell them you've got an agent... me!

    :)

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  7. Osman, I definitely will. I think that we are close to the bottom on this real estate stuff, people should be buying when things look their worst, that's how money is made in this business. I think the Peloton has a lot of potential and will be good buy in the long run.

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  8. I have been anxiously awaiting your sales analysis...

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  9. Hi Carol,

    Yes, I've already done the preliminary work. I'll publish something shortly. Stay tuned.

    p.s. Feel free to call me if you want to discuss personally. 303.746.6896

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