Friday, March 25, 2016

$13+ Million Estate + Inventory Update [Fresh Listings, Get 'Em Hot]


Have you finished shoveling from the latest snow storm? Good.  Let's take a look at what's new and worth seeing on the Boulder real estate market. As usual, we've sifted through everything that hit the MLS and culled the refreshed listings, overpriced, and poor locations. The listings below are worth your time.   
Pocket listing alert: Realty Unique (my brokerage) has a new listing about to hit the market. If you're shopping in Arapahoe Ridge in Erie, take a look at this stunner. Beautiful kitchen, family friendly layout, huge yard that backs to open space and has beautiful mountain views. One of the best spots in the neighborhood. 3 car garage.  We're still finalizing our analysis, but expect the list price to be well north of $500K. Quick close is possible. It should hit the MLS in the next week or so. Call for more details.  303.746.6896   

Inventory Analysis
Before we get started with this week's fresh listings, here's an update to my inventory analysis for Boulder.




181 houses are currently on the market in the City of Boulder. 55% are under contract, suggesting less than 2 months of available inventory. A balanced market has closer to 6 months of inventory. 

Inventory is up 17.5% year over year. The absorption rate is essentially the same as last year at this time.   

Buyers shopping for a house: you'll have more selection than last year but competition will likely be just as fierce. Of course, market conditions vary by price point, property type, and neighborhood. In general, there is more availability and less competition at the higher end of the market. Ask your Realtor for an analysis relative to your specific situation.  If they shrug their shoulders, get a better Realtor.




The market for attached dwellings in Boulder stands in stark contrast to houses. Only 79 properties are in current inventory, 47% below last year. Sadly, there is no relief in sight. All of the recent permitted projects in Boulder are nearly all rentals - with income streams that will go to investment firms. The bureaucratic effort to build density and sell out Boulder continues unabated. 

The buying opportunity for condo and town homes has gotten much harder this year. As of this writing, 67% of attached dwelling inventory is under contract.  

Sellers, this is the best market in Boulder history to sell your property at record values.  You should be especially cautious in pricing given the limited comparables.  If you agent doesn't have inside knowledge of negotiations for comparable properties, get a better agent

Fresh Listings, Get 'Em HOT

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



Boulder 


5163 Independence Rd| Asking: $13.5MM | More Details and Pics
Trophy estates of this magnitude and proximity to Boulder are rare.  The large adjacent parcels to the north and south west are owned by the City of Boulder, which should provide adequate buffer for privacy. The asking price is likely a guess as the comps are challenging to evaluate.  Ignore the map in the listing description, it's not located in the middle of the Diagonal. The real location is the highlighted area in the image below.  Cross reference with Google Maps for distance to downtown Boulder.  Due diligence: Air traffic noise from the airport to the south.




1225 Meadow Pl | Asking Price: $4.0MM | More Details and Pics
I'm not sure what makes this house "European inspired," but it has the right feel for a luxury Rocky Mountain (Aspen-esque) residence.  The location is solid with respect to downtown (or uptown, for that matter) and the views are excellent.  Due diligence:  Check for heavy traffic noise from Broadway.  Also, evaluate recent negotiations for $3MM+ listings carefully.  Buyers have a lot of leverage in this price range.  If your agent says pull out the stops on the negotiation, get a better agent.

4281 Vinca Ct| Asking: $1.25MM | More Details and Pics
I admit it.  This one only caught my eye because of the 3 car garage.  Sadly, it wasn't the Miami Vice era teal carpet.  In all seriousness, the location of this property (which Google has decided to call Rural North Boulder) feels pretty special. There are few sidewalks, the lots are large, the streets are very quiet - especially at night. You will see stars from your back yard. Hop on a bike and you can quickly get to downtown. At the asking price with a budget for updates (say $200K), this could be a very special property and should be far less expensive than trying to build from scratch.   Note:  If you're shopping for a solid parcel to build on in this location with a potentially better lot, give me a call.  I have an unlisted option for you.

4335 Butler Cir | Asking: $910K | More Details and Pics
Although a little close to Broadway, the investment thesis for this house is that you're in Boulder's best schools and the updates are only a few years old. The size and layout should work for many types of buyers (families in particular).  A desirable shopping center is nearby for all your stout swilling or ice cream indulging needs.  Due diligence:  Price the value of the updates against premiums being paid in today's market for construction and remodeling services.

2005 Joslyn Pl | Asking: $869K | More Details and Pics

Curb appeal is so-so for home in the location.  This one has a split layout and interesting updates (stainless steel bathroom).   The four-level style, similar to others in the neighborhood, allows better flow between levels than you might expect.  The location allows for a quick hop to downtown or nearby retail.  It should show better in person.



850 20th St 705 | Asking: $365K | More Details and Pics
A 2 bedroom, 2 bath on the top floor on one of Boulder's tallest buildings with west facing views... for under $400K? This won't last long. Look at the inventory chart at the top of this page. Start planning your negotiation strategy on the drive to go see it.  

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

Lafayette 

2534 Lake Meadow Dr | Asking: $775K | More Details and Pics
This one made the list because the location is decent and the updates are very contemporary and appealing. It last sold for just under $600K a few years ago.  Buyers should see it to compare as-built, turn-key with remodeling headache and cost.   Here's the old listing detail for comparison purposes.

1050 Milo Cir B | Asking: $225K | More Details and Pics
I've sold a few of these in the past, mostly to young couples and single professionals.  The appeal is the proximity to retail (Alfalfas, etc), easy access to downtown Louisville, and quick bike commute to Boulder. Student density is low. The parking lot placement is directly out front, which limits the curb appeal. Save some budget for cosmetic updates.

Niwot 

8399 Sawtooth Ln | Asking: $850K | More Details and Pics
If you feel like Boulder has gotten too big and too crowded, check out Niwot. With the tiny but functional retail center and a handful of interesting restaurants (and brewery!), this town has come into it's own. Schools are solid. You can be at the new GooglePlex in under 20 minutes. There is a cluster of very high end homes in Somerset. This one slots in the middle of the market, which should provide some downside risk protection when the cycle turns. It has a nice open layout and feel, but save some budget for updates.  Due diligence should include exploring the nearby open space trails.

Superior 



1459 Aster Ct | Asking: $510K  | More Details and Pics

In the past, Superior has largely been a bedroom community for Boulder and Denver.  In recent years, the town has taken significant steps to guide development and create a hub of community. Compare to entry level homes in Boulder only 15 minutes away at +$525K.  Due diligence:  All homes in Rock Creek should be carefully inspected for foundation issues.  It's a known issue.  Also be sure to check out the plans for Superior Town Center.  If you go for a showing, can you pick up some paper towels at Costco? Thanks. 


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

Longmont 

9265 Ogallala Rd | Asking $1.0MM | More Details and Pics
An 8+ acre parcel only a few minutes further northwest from 1563 Independence (see above) at a fraction of the price.  This is a value play for the trophy home owner-builder.  The ranch isn't much but it's a place to hang your hat while you plan and construct your future residence.

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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.

cover image:  Natasha Vasijeva

1 comment:

  1. Thanks for the great analysis. It would be interesting to see sometime the detached home inventory analysis further broken down by price point to quantify a bit more your observation that there is more availability at the higher end and to understand at what price point buyers might have more optionality.

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