Friday, March 18, 2016

Downtown Lock and Leave, CU Kiddie Condos, and Historic Bungalows on the Hill [Fresh Listings, Get 'Em Hot]


The storm has passed and the weekend is looking dry. It's time to see some houses. 

There were plenty of new listings that hit the market this week. After I was done shoveling my corner lot, I sifted the wheat from the chaff.  Here's whats worth seeing. 

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



Boulder 


1655 Walnut St #104| $1.55MM | Pics and More Details 
A large two bedroom, three bath town home in a solid downtown location. Lock and leave is increasingly desirable for many types of buyers, particularly those who prefer to spend their time pursuing their passions for travel and adventure. The build quality is not as spectacular as say, the Arette (see below), but it's decent.  This one is leased until mid summer but early possession might be possible.  Due diligence: HOA is eye popping steep, but maybe they've been building capital. Look for a reserve study.

1966 Hardscrabble Pl | $1.45MM | Pics and More Details
I know this house extremely well because close friends used to rent it from the owner. It's got a great layout for entertaining, has some decent updates, but also needs a few items addressed (like that black toilet and curious wall paper).  

1310 Rosewood 5C | $990K | Pics and More Details
A large 2 bedroom, 3 bath with 2 garage spaces in a fantastic pocket of Boulder. I own an investment property in this development and have sold several to clients. I'm a believer. I've also personally lived here and enjoyed dining at Bacco, 4580, and Spruce Confections. If you insist on going downtown, it's a quick ride on the SKIP or grab and Uber. I wouldn't hesitate to live there again. Due diligence: Call to discuss valuation and comparable sales.  I have another unit under contract and scheduled to close shortly. ph 303.746.6896

845 15th Street | $850K | Pics and More Details
Property on the Hill can be very much hit or miss. Careful due diligence should include a review of the electrical systems and foundation (cobble stone often requires expensive maintenance/repair). I also recommend having a chat with the city about the property's historic importance, less you find yourself battling with the Landmarks Board. Do some research on the neighbors because student density is high. For a decent size house with 4 bedrooms and 2 garage spaces, this appears to be a solid value. Due diligence: Walk the alley and check the neighbor's recycle bins for red cups.  Yes, I'm serious.  If your agent frowns on that, get a better agent.  

2182 Jordan Pl| $825K | Pics and More Details

Tall ceilings, plenty of space to spread out, and 2 garage spaces. The location hasn't been a great performer historically but the trade off is a family friendly house. HOA has some amenities. Due diligence:  Pull the long term history of this location and check out the appreciation rate. Also confirm you comfort with traffic on Iris and proximity/quality of nearby retail. 

1077 Canyon | $775K | Pics and More Details
The Arette was built by one of Boulder's best known developers and real estate investors. It's widely recognized as having the highest quality construction and finishes possible at the time it was built. This one bedroom might seem pricey, but it's perfect for a well heeled owner looking for the occasional crash pad to call home during their Boulder visits. The location doesn't get better. Due diligence:  This unit has been on and off the market several times since 2011.  Be sure to compare the retail mix with Uptown.  You might notice the students are largely absent at Uptown.

2932 Shadow Creek #207 | $235K | Pics and More Details
I'll always have a soft spot for Gold Run. It was the first place I lived in Boulder when I first moved here back in the summer of 2000. This particular unit is well situated within the complex. Not a bad option for a kiddie condo or young professional looking to stop wasting money on rent. Due diligence: Pre offer valuation discussions should compare elevator units with non elevator units. Creekside is the most desirable orientation. Top floor units with vaulted ceilings are also in high demand. Gold Run is also less than 50% owner occupied (last I checked) so options for purchase are cash or a portfolio loan from Elevations or Firstbank.  



Louisville

163 Jackson Dr | $426K | Pics and More Details
An affordable, but smaller trilevel with a split layout in a pretty good spot in Louisville.   The blue stain (beetle kill) pine is a nice touch. Due diligence: The listing agent thinks it's the quietest spot in the neighborhood, but the whole neighborhood deals with train noise. Note the location of the tracks and be sure your due diligence includes a visit when the train passes - at night.


Niwot 

6528 Daylilly Ct | $2.4MM | Pics and More Details
For my buyers considering Niwot, I strongly advise caution at price points above $1.5MM.  During the last cyclical downturn, the Niwot market had well over 2 years of inventory at the high end. Giant trophy homes with enormous yards have fallen somewhat out of favor. 

This particular house is relatively new (2012 construction) and has a number of tasteful design features. It's nestled into a good spot in Somerset. Due diligence:  Seller paid $1.86MM in 2012 for the completed house.  The dirt was previously sold for $325K in 2011. 


Longmont 

1510 Sicily Dr | $439K | Pics and More Details
A no brainer. There is lots of new construction underway nearby but at much higher price points. The drive to downtown Boulder is only a few minutes more than from South Boulder (not during rush hour). The neighborhood is packed with families. Schools are decent. There are pocket parks and multi-use paths through open space, nearby Whole Foods is slated to open before the end of the year. This is a ranch style home, so compare with a Martin Acres ranch, 1/3 smaller for $100K more. Full disclosure: I invested with a property in Renaissance at the end of last year. I believe it will be an exceptional long term investment.  

411 Lincoln| $365K | Pics and More Details
Old Town Longmont has many of the same characteristics that make Mapleton Hill in Boulder so desirable (and over time, exceedingly valuable). With the stink of the downtown turkey processing plant long gone, Old Town is likely to see a serious up-tick in value in coming years. The key is to buy the right property. This one is a decent size historic bungalow with two bedrooms, everything on one level. Works for downsizing Boomers and young professionals.  Much better than a tiny house. Due diligence:  Historic is charming but maintenance and repairs often run twice the cost of a newer house.  Ask your inspector to pay close attention to electrical and foundation issues.   Supposedly this one was completely re-wired and foundation issues repaired. As always, trust but verify.


Investment Opportunities

935 Broadway #304| $310K | Pics and More Details
This property is directly across from the CU campus. Historically, students have been some of the most reliable and lucrative tenants in Boulder. New construction in a location that is less desirable is selling out at $1,000/bed (UClub). This one is rented for $1950 for the current school year and next year's rent is going up to $2190. If junior is one of the tenants, even better.   

----
Want to get blog updates via email?  Click HERE.       

Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 


You can also like our Facebook page or follow us on Twitter.

Your referrals are deeply appreciated.  

--
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. 


photo credit:  Osman Parvez

2 comments:

  1. I look forward to this post every Friday! Thanks for doing it despite the storm.

    ReplyDelete
  2. Thanks for reading and for the feedback!

    ReplyDelete