Friday, February 19, 2016

Modern on a Perch and Income Properties [Fresh Listings, Get 'Em Hot]


56 Listings hit the market this week. 
11 Already under contract 
9  Refreshed old listings (including one that thinks it’s worth $200K more than 4Q)
26 Overpriced, bad locations, not built yet, not particularly interesting, or otherwise undesirable.
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10 are worth looking at this weekend.    Let's go see some houses.


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



Boulder 


2345 Balsam Drive  | $2,790,000  | More Details
If modern is your thing, here’s your chance.  It’s on a little island of high-end houses with views on Panorama, Alpine, and Balsam. Accurate pricing is a challenge because it's driven by the view quality, which varies dramatically from lot to lot. This one has great views to the north and OK views to the south. Call me for a discussion of other high-end sales in this location. 303.746.6896.









620 Highland Avenue | $1,495,000  | More Details
From an investment perspective, classic craftsman style houses in downtown Boulder have been excellent long-term assets. You should expect double the typical maintenance costs, of course. At least this one has a concrete foundation (a big improvement over cobblestone) and a legal ADU. The location is nicely situated in the historic district. We only see a handful of houses like this one come to market in a given year. Jump on it. 







2895 Regis Drive | $695,000 | More Details
Another large ranch, this time with only a 1 car garage and no basement but west of Broadway. The best Boulder schools, some mild updates, and a decent size lot. Properties west of Broadway typically have stronger appreciation in the long run, but your dollar buys more house in locations like Arapahoe Ridge. The decision on trade-offs is yours. 









528 Pearl Street | $1,395,000 | More Details
Historic on a decent size lot in an A grade location. There are multi-family properties in this neighborhood and the city might allow for more. Your due diligence should include a visit to the planning department to verify your plans are feasible. As with other pre-war properties in Boulder, the city has gotten very strict with allowing improvements to the exterior. You can usually expand out the back but it’s smarter to assume that what you see is what you get - at least on the outside. 








4786 Kellogg Circle | $625,000 | More Details
A large south facing ranch with a basement on a decent size lot in Arapahoe Ridge. The pocket park in this neighborhood is typically free of transients, unlike many Boulder parks. The schools are solid. The lot size is larger than typical and you get a two car garage. There’s not much on the market like it under $800K, so don’t wait to go see this one. When you’re discussing your negotiation strategy with your Realtor, leave a little room in your budget for updates.  You should also see 2895 Regis and discuss pros/cons.








3000 Colorado Avenue A-101 | $289,900 | More Details
I have no idea why this is priced at $289K. The last two comps were sold at $315K (cash), so expect another bidding war. The investment thesis for Wimbledon is that it’s highly desirable and relatively low maintenance.  It's situated between the main CU campus and the research buildings. Students can easily walk everywhere or hop on the bike path to go downtown. Buildings have reasonable construction quality.  If you're looking to park some cash, this is a pretty good spot.  Due Diligence: Your financial model should be conservative with respect to rent increases going forward given the impact of new developments on the CU frontage road (i.e. $1000 bedroom for new construction, including utilities and wifi).  The popcorn ceilings in this development contain asbestos.







1842 Canyon Boulevard 201 | $329,000 | More Details
The near-downtown location of this condo should ensure a steady supply of tenants. One assigned parking spot is included. Currently rented at $1650/mo. Decent CU kiddie condo or income property. Clean Sellers Property Disclosure.  








Louisville

131 S Buchanan Avenue | $459,000 | More Details

Corner lots make interesting properties, assuming the streets aren’t busy. This one gets some traffic but should be tolerable to most buyers. Reasonable lot size, two car garage, layout is okay but has one bedroom in the basement. It’s rented until June, which will take out most buyers given the limits on warrantability for the mortgage (typically 60 days). If you’ve lost out on bidding wars in Louisville, this one should be promising - assuming your agent is an experienced negotiator. The competition should mostly be cash buyers.   




Lafayette 

740 Julian Circle | $279,900 | More Details
2 bedrooms, low HOA, backs to quality open space, an easy drive to downtown Boulder or Louisville. Under $300.









Superior 



1284 S Weldona Lane | $499,900 | More Details

Every finish in this house needs a refresh, but the work appears cosmetic. The thesis for Superior is that it’s an easy drive to job centers in Boulder or Denver. There is also nearby open space (marshall mesa) and shopping. Superior doesn’t have a charming downtown like Boulder or Louisville, but for the price you’re getting a ton of (functional) house and a neighborhood mostly free of students. Due Diligence: Superior has a history of expansive soil and foundations should be carefully evaluated by your property inspector.  







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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.    Powered by Realty Unique, LLC.  

Image: Alexander Shustov

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