Friday, October 30, 2015

Commuter Condos to Castles on the Hill [Fresh Listings - Get 'Em Hot]

Ready to see some houses?  We've sorted through this week's fresh listings. As usual we scrubbed the old inventory, bad locations, egregiously overpriced, and otherwise undesirable properties from the list.  We're also including Louisville and Lafayette into this week's mix. 

Here are this week's picks.

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



Single Family Homes


409 Mapleton Avenue | $995,000 | More Details
Great location for a ranch style house, albeit one that needs a full gut and remodel. Post war construction, but expect some struggle to get past historic review for any expansion because it's still in the district. Smallish lot will pose some challenges complying with Compatible development regs. 






4180 Evans Drive | $765,000 | More Details
Park East is a great location for anyone affiliated with the University. The student density is reasonable. It's close to shopping and commuting corridors. This one has some mild updates.


 






2834 15th Street | $750,000 | More Details
Awesome north Boulder location, easy stroll to Ideal and a touch further for downtown.   These ranch style houses work for a huge swatch of potential buyers, now and in the future. This one is a no brainer.


 






2187 Jordan Place | $825,000 | More Details
A large house with a family friendly layout in a decent location, especially for Google employees. 80's era construction means you're past the era of lead based paint and asbestos. Last sold for $725K in 2012, no obvious updates since, so you're looking at about 4% annual appreciation at the asking price. Not bad.    






1075 10th Street | $850,000 | More Details
Layout may not be family friendly (3 bedrooms in the basement) but having negotiated, sold and comp'ed many houses on the hill, this one looks like it's in good shape and the price is right. Worth a peek. 

Due diligence tip: Buying anything on the hill requires a red-cup check of your neighbors' recycle bins. This is the party zone for CU Boulder but problems vary block to block.  





1035 5th Street | $3,995,000 | More Details
To tell the truth, this isn't a fresh listing. It's been on and off the market for TWO years during which time the seller has dropped the asking price $250K. It finally made this week's list because it's such a spectacular house, I feel it deserves more attention. It's a work of art and as it turns out, the numbers aren't out of line with intrinsic value.  

Don't think so? Start by comparing it to the original house (link) which sold for $875K in 2004.
 

Here's the investment thesis: The lot is likely worth about $1.5 today. There are very few like it. The location is minutes from downtown Boulder and the perch is solitary, large, and spectacular. At 5,000 finished SQFT, all above grade, subtracting the cost of the dirt, you're looking at about $500/SF for the structure. For high quality, artistic construction and turn-key (no construction risk), it's a reasonable and arguably more intelligent option than building.    Call me if you want to schedule a showing and discuss valuation in more detail.   303.746.6896. 



936 Mapleton Avenue | $1,800,000 | More Details
It's a little bizarre that this listing is on day 2 and still doesn't have photos. The location is solid. You're a few blocks from the heart of downtown and far enough from 9th street to miss most of the traffic noise. Unusual history to the property; it appears to have been donated to the First Congregational Church in September. It's unclear what the layout is between the main house and 1 bedroom carriage house. Given the historic nature of the property, the value proposition rests largely on the overall condition. Go see it in person.




Attached Dwellings

500 Ridgeview Drive | $373,000 | More Details

A 3bed/3bath with easy commuting to Boulder for under $400K. Not a great layout but the two car garage makes up for putting the kids in the basement. Sold!

 






83 Benthaven Place | $519,830 | More Details
Doctor, something is wrong with my eyes. I can't seem to focus on the listing photos.  Seriously, this is a candidate for terriblerealestateagentphotos.com.

Luckily I've seen these units many, many times over the years so I know what I'm looking at. Even though this one only has two bedrooms, it's a large 1368 SQFT unit (all above grade) and the HOA is reasonable. As I was telling one of my sellers the other day, there is a shortage of "adult" condos in the Boulder market and demand continues to grow as Boomers seek to downsize. The location of this one gives it easy access to trails and the improving retail mix at the Table Mesa plaza.   


 
695 Manhattan Drive #104 | $247,900 | More Details
Compare this CU kiddie condo with the cost of 1 bedroom units at Landmark lofts. Functionally, this is a better investment because the demand for 2 bedroom units is always much deeper, irrespective of market cycles. Garden level is not ideal, check for flood damage history.

 





1362 Agape Way | $195,000 | More Details
If you're sick of paying Boulder rent and want a location that is within easy commuting distance and is clearly moving up, take a look at this one. Needs updating but a long term value play. 










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

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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.  

image credit:  Joel Bedford

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