Friday, July 24, 2015

An Entrepreneur Cashes Out [Fresh Listings - Get it Hot]

by Osman Parvez
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35 new listings hit the Boulder real estate market this week. As usual, we sorted out the poor listing histories, funky layouts, bad locations, and those that were clearly overpriced.    

This week includes everything from spectacular high end trophy homes to terrifically located condos. Ready to shop for real estate?   

Here's our picks.

To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.



Single Family Homes


335 Lee Hill Drive | $7,250,000 | More Details
There are only a handful of homes of this caliber in Boulder. This modern, custom built gem is nestled up against the Foothills in far North Boulder. It sits on a nearly 5 acre property that includes a lap pool, hot tub, fire place and more. 4 beds, 6 baths, and nearly 6200 finished SQFT in the main house and another 1800 SQFT studio. The seller is the founder of Spyder.

If you're deploying capital of this magnitude, you better be confident in the valuation and long term investment thesis. The obvious value anchor is the monster size parcel directly adjacent to spectacular open space and yet still in close proximity to town. For a detailed discussion of comps and negotiation strategy, contact me directly at 303.746.6896.


2342 Mapleton Avenue | $985,000 | More Details
What you see is what you get. Built in the late 1980's, this 3 bed, 2 bath home is maxed out at 1781 SQFT due to the small lot size. The location is decent. The 1 car detached garage is mostly for gear storage. Split layout not ideal for families, but 2 bedrooms on the main works for most other buyers.   




 


1531 Mapleton Avenue | $1,395,000 | More Details
Snooze, you lose. This one went under contract before we could finish writing this post. No surprise, it's a good location, decent size, late 80's house with some updates for less than $450/SF. It's a ten minute (or less) stroll to the heart of downtown and you still get a two car garage.   

 




4035 Bimini Court | $925,000 | More Details
Four mile is one of the few neighborhoods that lacks easy access to retail. The trade-off is that homes are newer, with better layouts and far greater energy efficiency. Lot sizes are generally larger too, although this one doesn't fit the bill at ~7,000 SF. 4 bedrooms on the upper level makes this one family friendly. 






 
820 Grant Place | $999,999 | More Details
It's historic and it's just under $1MM in a great part of Boulder. Two blocks from Chautauqua. The down size is the split layout and the lack of garage. If you ever filed a permit, the city would probably make you tear out the "non-conforming" kitchen on the lower level. The good news (or bad news if you had expansion plans) is that you can't do much with a historic house in Boulder, so better plan for WYSWYG.




 
 2290 Juniper Avenue | $690,000 | More Details
This house just got a big boost in value because Iris has been "right sized." More cyclists and only two automobile lanes (vs 4 before right sizing) means traffic noise should be more tolerable. Keep in mind the "right sizing" is experimental.   Although unlikely, City Council could restore the 4 lanes if they're unsatisfied with the results.  

The interior of this one is dated but the layout is family friendly. At this price point, a likely buyer will do some remodeling. Prepare to compete against multiple offers. 



 

20 S 36th Street | $599,900 | More Details
If you need a ranch with a two car garage and basement, this is one of your only options. The lower level bedrooms aren't conforming, which means cutting concrete to install egress windows to make it safe. It's a little close to Moorhead and the traffic noise from US36, and prepare to spend some money on remodeling. 


 


Attached Dwellings

 

2707 Valmont Road 208A | $179,900 | More Details
Updated and dirt cheap? No wonder the listing agent wants all offers in by Sunday night with a decision the following morning. Now here's the bad news. TwoMile Creek feels a little like a glorified hotel. This makes it ideal for those needing a lock/leave, or a short-term residence in Boulder, but probably not a forever home. Lots of students (mostly graduate) in the complex. 

 




2890 Shadow Creek Drive 208 | $324,900 | More Details
There's a reason that so many units in Gold Run are investor owned. The proximity to CU, retail, and the Boulder Creek path are par-none. The most valuable units in the complex have elevators, garage spaces, and/or overlook Boulder Creek. You also really want a top floor unit, if you can get it.

Due diligence tip: The complex keeps catching fire. There's that, but it's not just a safety issue. The HOA has been murmuring about a special assessment for years. 


 

2663 Juniper Avenue 32 | $383,500 | More Details
This one is NOT a beneficiary of the "right-sizing" but it does have great proximity to retail, including a handful of great restaurants and a grocery. HOA is cheap. Check out the spiral staircase!









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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 rigorous due diligence and professional advice before buying or selling real estate.

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