Friday, June 24, 2016

This Week's Ripe Listings [Get 'Em Sweet]


What's worth seeing in Boulder real estate? We've culled the refreshed old listings. We've weeded out the overpriced and bad locations. Here's the best of the bunch. 

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

Sold Listings of Note

215 Green Rock Drive | $3,100,000 | More Details
A tale of caution. The 2nd to last owner, a well known Boulder real estate broker, purchased the property in '06 at the height of the real estate cycle for $2.1MM. He later took a bath and sold the property in 2013 for $1.7MM, a loss of $400K (before fees). The new owner performed mild updates and resold it last week for $3.1MM (3 months on market, 8.8% below the original asking price). 


Lesson: When a real estate cycle nears its end, it's time for caution. If your agent tells you that Boulder real estate only goes up, find a better Realtor.  




453 Highland Avenue | $2,560,000 | More Details
Estate quality homes in Mapleton Hill rarely come to market. This historic gem was available only a few days before being locked down by a (non-cash) buyer. When the dust settled from the negotiation, the deal closed 2.6% over asking with zero concessions. 


Lesson: Even at the high end, buyers need to see property quickly and negotiate aggressively when the right home becomes available. Time is of the essence. 



4855 6th Street | $1,563,000 | More Details
This Dakota Ridge luxury house finally sold after being on the market almost a full year. The original wishful thinking asking: $1,875,000. The final sale price: $1,563,000 or 16.7% below asking. Ouch!


Lesson: Price it right, market it professionally. A wishful thinking asking price has a very real cost. If your real estate agent fires from the hip when it comes to professionalism, choose one that understands their fiduciary duty.  


Fresh Listings


Boulder 

1580 Cress Court | $1,850,000 | More Details 

Nobody will argue with the view from this parcel. The challenge will be what the city allows you to do to the historic structures on the property.  


Due diligence: Structure your contract with plenty of time to check out the landmark risk and build-out potential with the City Planners and Landmarks Board. Adverse landmarking is a risk. 






2035 Glenwood Drive | $1,695,000 | More Details
It’s hard to beat a brand new, modern house that fronts on a city owned park. If you want modern with a beautiful view, options are extremely limited. This is your house! 


Due diligence: Check the distance to nearby retail.  







1155 Canyon Boulevard 209 | $1,395,000 | More Details
The key to understanding value within One Boulder Plaza is to evaluate the orientation within the complex against appropriate comparables and most importantly, avoid buying one that is against the noisy RTD bus station. This one appears to be on the more desirable side of the complex and has a solid view corridor.  

Due diligence: Buyers should consult the Civic Area plan to verify view protection. 






1320 Judson Drive | $949,000 | More Details
This house appears to be in good condition in one of the more desirable parts of Table Mesa. The split layout won't be ideal for some buyers, but the design is interesting.












5073 Forsythe Place | $850,000 | More Details 
The Arapahoe Ridge neighborhood is well situated for potential future appreciation with proximity to Boulder Community Health, which has also boosted the number of interesting nearby retail options (Blackbelly, Fate, Bru, etc). The larger houses and lot sizes common in the neighborhood in addition to a pocket park, typically free of transients, helps the appeal. This particular house needs the usual updates (kitchens and baths) but has a good layout and appears to have solid bones. 






5070 Ralston Street D | $448,000 | More Details
Built in '15, the finishes and layout of this unit should please most buyers (or tenants). The investment thesis is to capitalize on the rapidly improving location. The North Boulder Subcommunity is the only neighborhood with an actual plan for development. The Bus Stop strip club has been sold and will cease operations in two years. The Armory project is moving forward. Landowners will come under increasing pressure to redevelop dilapidated light industrial space into higher and better uses. 

Full disclosure: I own a condo at Uptown Broadway, purchased for the reasons above.  



2201 Pearl Street 214 | $349,000 | More Details 
A decent size 1/1 with basic finishes and a reserved parking space, very close to downtown Boulder. A lifestyle play for a buyer that wants the amenities of downtown. Odd that winter photos are being used.







3161 Madison Avenue R-110 | $324,900 | More Details 
These townhome style units work well for students. Here's your chance to dabble in the investment potential of Boulder real estate while junior is studying at CU. Historically, Wimbledon has provided great cash flow but has been an unremarkable location with average appreciation. The last few years is a different story. 


Due diligence: My analysis. 







500 Manhattan Drive C-C8 | $320,000 | More Details 
A decent size 2/2 in a location with nearby retail, easy access to US36 (for commuters), and still bike-able to CU.  


Due diligence: Top floor units typically go for a premium, view quality need to be evaluated first hand. 







Louisville 

1493 McKinley Place | $649,900 | More Details 
The Parkwood neighborhood is a spectacular part of Louisville - very family friendly and easily walkable to downtown, while remaining a quick commute to Boulder. This late 70’s two-story has a solid family friendly layout and some mild updates.  








1233 La Farge Avenue | $825,000 | More Details 
A beautiful house in an excellent location, within an easy walk to downtown Louisville retail. Build date is 2010, interior finishes are current and layout should be functional. The only obvious drawback is the lack of a garage but the lot size is big enough to offer possible solutions. 








Longmont 

542 Collyer Street | $450,000 | More Details 
The Old Town area continues to gentrify, Main Street is filling with trendy restaurants, and most of the factors that kept Longmont real estate down have been remedied (most notably the Turkey Processing plant). The same house in Boulder’s Mapleton Hill is 3X to 4X more in value, even in shoddy condition. This one isn’t shoddy at all, it's beautiful.  Expect a bidding war. 






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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.

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