Thursday, January 29, 2015

This Week's Fresh Listings [Get 'Em Hot]

by Osman Parvez

Over twenty listings hit the Boulder real estate market this week. Only six are worth looking at.    

The following properties are truly new, not refreshed listings from last year. Most of these properties are also in solid, time-tested locations. They're worth your time to see.  

Here's the rundown: 

809 Yellow Pine Listing Sheet    
TrailCrossing is the newest Coburn development project in North Boulder. The neighborhood is rapidly improving (see N. Boulder Subcommunity Plan), has easy access to open space and nearby retail shops.   At $275/SF, it's underpriced given the current market insanity. Lock it down, I predict the developer will sell out quickly.

Due diligence tip: The Boulder homeless shelter and a strip club are just around the corner. There is also lots of warehouse and industrial uses that still remain in the vicinity. These will likely disappear in coming years, but they're very much part of the neighborhood today.



2855 Kenyon Circle | Listing Sheet | Client Preview Photos
At only 1,426 SF, this tri-level is small but you're also near the best schools in Boulder. The real value is in the gigantic lot for future expansion and the views from the expanded upper floors.
Finishes are painfully dated but the property is very well maintained. The location is near Table Mesa and additionally on a quiet street.

This is a solid platform for a re-do (practically cheaper than dirt) or you could live in it and update the cosmetics. Two identical model comps recently sold above $600,000, so expect a bidding war. Don't forget to click the photo link above for our exclusive client preview.  

Due diligence tip: Listen for bus traffic on Lehigh Ave to determine if it's acceptable. The neighbors are also raising a rather sizable flock of chickens and ducks.   

2012 Spruce Street #2 | Listing Sheet
This is a nice income property, already pre-leased for the 2015/2016 season. It's in a great location, has acceptable finishes and at this cap rate for near downtown, it's worth a look.    

Due diligence tip: Two of the bedrooms do not conform and all rentals must be currently licensed. SmartRegs becomes mandatory in only four years.   


2444 9th Street #10 | Listing Sheet
These units are small and feel penned-in. At nearly $500/SF, you're looking at some pricey real estate - but for a reason. It's a conventional two bedroom condo and it's in a location that offers easy access to Downtown, Ideal Supermarket, and Sanitas hiking trails. It's worth seeing but compare carefully to other choices at this price point.

Due diligence tip: Check the HOA for what's included. This unit has hot water heat, which is very efficient but for $300/month, I'd want to see shared utilities.

530 Mohawk Drive #73 | Listing Sheet
It's a stretch to call this location spectacular. It's certainly convenient for grad students, young professionals, and those seeking a car-free lifestyle. Constructed in '98, the units are more energy efficient and better built than the shoddy stuff built in the 70's and 80's. It's only a short hop to CU from here and easy on/off to US36. Plus rare underground parking. 

Due Diligence Tip: In this development, garden level units sell for a discount, while corner units are rare and sell for a premium. Double check the comps carefully. Some two bedroom units are also really 1 bedroom + offices. 

625 Pearl Street #12 | Listing Sheet
Pearl and 6th street is a killer location. You're blocks from the pedestrian walking mall, Eben G. Fine park, and the bike path. There's also a pocket park just up the street. It's a tiny one bedroom, but you're as close to the heart of Boulder as it gets. Perfect for a vacation home or minimalist lifestyle. 


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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. 

2 comments:

  1. What do you think of 7021 Indian Peaks and its price point?

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  2. I'd be concerned about the walkability of that neighborhood. It's a 30 minute walk to the retail center in Gunbarrel. At this price point, buyers can also afford a nice single family detached home so why go into a duplex?.

    Are you a golfer, Anon?

    ReplyDelete