Friday, May 27, 2016

This Week's Fresh Listings and Notable Sales [Get 'Em Hot]


Ready for Memorial Day Weekend?  It's time to see some houses. 

We've sifted through this week's new listings to bring you the most interesting, fresh, and desirable properties on the Boulder market. No old, refreshed listings pretending to be new. No bad locations or egregiously overpriced shacks.  

130 new properties his the market in Boulder county this week. 19 are already under contract. Here's what's worth a look this weekend.

Oh and as a bonus, we've decided to include recent and notable sold properties with some insights into the negotiation.


Sold Listings of Note


1476 Periwinkle Drive | $949,000 | More Details
It’s a little surprising to see a house in Orchard Park sell at a premium when many sold at large discounts (or not at all) during the last cyclical downturn. It’s a location where buyer caution is warranted. This one was under contract immediately, 48 days on market, financed. It closed 1.5% over asking.







3004 6th Street | $874,000 | More Details 
Here's a buyer who rolled the dice. It’s a tiny historic house on a smaller than typical lot in a Newlands where scrape and build redevelopment is hotly contested.  Due diligence for the buyer (and the buyer’s agent) should have included an analysis of feasibility and an in-depth discussion with the Landmark’s board. Pro-tip: never rely on the seller’s documentation and research. Sold immediately, 12.8% over asking, cash







2103 Mapleton Avenue | $840,000 | More Details 
A historic 1 story with 3 bedroom, 2 baths in one of the most desirable parts of Boulder. Sold immediately, 5.1% over asking, cash.










1921 Goss Street $700,000 | More Details
High nearby student density, a tenant occupant paying well below market rent, no updates, and a small lot is why this one struggled to sell. It didn’t help that the first buyer walked out of the deal, but it allowed the second buyer snatched it up for a 3.4% discount from asking. Closed at $700K.  42 days before the winning offer was received, 3 months on market. 







2948 19th Street | $620,000 | More Details 
Sold for $620K, 4.6% less than asking. 2 weeks on the market. 19th street is a busy location, so it's not a surprise this one took a little longer and the seller eventually accepted a discount.  From a valuation perspective, you can add at least 10% for a non compromised location. Note: we discourage our buyers to even look at property in bad locations.  If you see it, all you can do is talk yourself into a poor investment decision. 








4475 Laguna Place 302 | $444,444 | More Details
Here’s a one bedroom in the same location as 560 Mohawk (see below). It sold for asking, the buyer used a VA loan. Underground parking (2 cars!), lots of square footage (for a one bedroom), and interesting layout. Unlike many Boulder condo associations, Villa Del Prado allows pets. 







560 Mohawk Drive 34 | $336,000 | More Details
Sold for asking, never hit the MLS, and the buyer did not pay cash. You’ve got to wonder.  Did the seller know that bidding wars are normal for this property type and location. The last sold unit in Meadows on the Parkway went for 3.3% over asking in 3 MONTHS AGO, when there were far fewer buyers in the market.

My guess? The seller didn’t know. But hey, what’s ten or twenty thousand left on the table? 





Fresh Listings

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

Boulder 


2045 Mapleton Avenue | $2,950,000 | More Details
It's true, houses of this pedigree and stage of restoration rarely come along. The challenge is that valuation is complex because comparable sales are rare. One approach is to take a close comp from another time period and add the appropriate appreciation rate for the location. At the asking price, this one is a stretch for being east of Broadway. It's still worth a look for its relative rarity but from a negotiation perspective, we advise our clients to let it season a few weeks before making an offer.



1014 Mapleton Avenue | $2,100,000 | More Details
Here’s a smarter investment than 2045 Mapleton. It's west of Broadway, needs a remodel but it’s a good candidate for the investment. Large lot, steps from downtown Pearl St.  It also likely has some seasonal views (when the leaves are gone). 










717 Evergreen Avenue | $915,000 | More Details 
Nearly two years ago, the seller of this house listed it. They took it off the market after 3 months. The asking price back then was $749K. If you missed out on 3004 6th (see above), here’s another shot at rolling the dice.  The same feasibility risks apply. Conduct careful due diligence. As I recall from seeing it in 2014, the orientation of the existing house on the lot (with respect to the alley) might be an issue. 






2315 Bluff Street B | $765,000 | More Details
Do you want to live close to downtown but skip the hassle (and cost) of a historic home?  Here’s a cheap entry into ownership. Note, the HOA is inexpensive because the owners are responsible for maintenance. Look carefully for likely potential special assessments to fund needed repairs.








960 34th Street | $539,000 | More Details
The new price for entry level ranches in S. Boulder is $560K. This one is an example. For young professionals and those affiliated with CU, it’s an ideal location.  Due diligence: Lots of students nearby.








620 Pearl Street A | $365,000 | More Details
These tiny units are funky but a no-brainer if you want a hip living space on West Pearl.  At $365,000 it will fly off the market for cash.  Get ready for the hipster bidding war. 









60 S Boulder Circle 60-6025 | $365,000 | More Details
These mid 80’s construction condos in South Boulder are a good option for young couples or single professionals. Access to open space and commuting are very efficient. Not cool or hip like 620 Pearl, but a solid alternative option - especially if you are not paying cash. The retail mix at the nearby Table Mesa plaza is rapidly improving.  







Investment Opportunities 

1241 Balsam Avenue | $1,595,000 | More Details
4-one bedroom and 2-two bedroom units for an asking price of $1.6MM. A great location for a buy, upgrade, and up the rent investment. $200K/bed and future rent at over $1,000+ bed.    









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

Image credit:  Hoach Le Dinh

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