Friday, July 15, 2016

Downtown Condos, Discount Trophy Estates, Family Abodes [Fresh Listings, Get 'Em Hot]


Another scorcher is on its way for this weekend. The good news? The Boulder real estate market is starting to cool down which means fewer buyers to compete against and still plenty of houses to see.  

Here's our pick for property to see this weekend in Boulder, Longmont, and Lafayette.  As usual, we've culled the overpriced listings and the bad locations. To help educate you on market conditions, we've also included a few notable sales and even a price reduction that is starting to look like a value play.  

Remember, intelligent real estate decisions are based on a deep understanding of market conditions.  To schedule a private showing, which includes a discussion of valuation and price trends, with an occasional snarky remark about national politics, call Osman at 303.746.6896.

Notable Sales

125 Meadowlook Way | $1,670,000 | More Details 

Seven years and a dozen price reductions later, this gorgeous executive trophy finally found a buyer at 29% below the original asking price. That's the penalty for wishful thinking and chutzpah. Choose your agent carefully. If it's all bravado and no analysis, find a better agent.


6186 Olde Stage Road | $1,400,000 | More Details 

On and off the market for the past four years. At one point, it was listed as low as $1.2MM.  I wonder if the current owner knew that before writing their offer. Well, the last listing was the charm. A cash buyer snapped it up after only 10 days on market, 6% below asking.


2642-2652 Sherwood Circle | $800,000 | More Details 

This duplex in a quiet part of Boulder certainly made for a nice asset in someone's portfolio. A 3/2 and a 2/1, so 5 bedrooms total and rented well below market. To optimize the investment, look for the new owner to remodel and then up the rent dramatically.  $100K over asking, conventional financing, on the market for only a week. 





855 33rd Street | $547,600 | More Details 

A good data point for understanding the Boulder market.  It's a basic 1,000 SQFT 3 bed, 2 bath ranch with a 1 car garage in the Baseline neighborhood. Lot size, slightly bigger than typical. The location has high student density.  It's the entry point for houses. The same house in Martin Acres should be worth about 7% to 10% more.  Add at least another 10% for Table Mesa. This one sold for 1.5% over asking, cash.  



Fresh Listings and Worthy Price Reductions


Boulder 

3083 8th Street | $1,895,000 | More Details 
Originally listed at $2.25 and on the market since May. I loved this house when it was last available in 2013.  Too bad it didn't work out for that buyer, but maybe now is your chance. Finish quality is decent and it has great indoor and outdoor spaces.  It's also on a quiet street in Newlands.  Of course, I loved the price back then far more than today but that's what happens when you sit on the sidelines. This is the third price reduction and given what they paid, the seller probably has some room to negotiate. Worth a second look.  


1655 Walnut Street 311 | $1,350,000 | More Details 
Fresh on the market - a reasonably sized luxury lock and leave condo in downtown Boulder with high end finishes and a decent layout.  Think of it as the Arete at a discount price and without the highbrow address.  Easy access to everything people love about Boulder, and a few of the things people whine about (like limited parking, tourists, and transients).  Due diligence: Research plans for the Central Park and the Civic Center.


1949 Pearl Street RA | $963,000 | More Details 
Another option for a near lock and leave experience in downtown Boulder. Townhome style, contemporary, and arguably priced below market (listed by an out of town agent). Last traded hands 8 years ago at $675K, representing only 4.7% annual appreciation over the period.   



1806 Yaupon Avenue | $850,000 | More Details 
Family friendly house in a great neighborhood with easy access to steadily improving North Boulder subcommunity. Based on my last deal in this location, it's priced to sell. Same owner for the last nine years. Due diligence: lot size is small and traffic noise from US36 can be a factor for some buyers.



4555 13th Street 2-A | $650,000 | More Details 
A nice lock and leave condo unit in Uptown with excellent access to an improving retail mix and yet a quick Uber along Broadway to downtown Boulder. Finish quality and layout are nice in these units, the location continues to improve, but parking is getting a little tight. Full disclosure:  I own a similar property in this location and am invested in it for the long haul. 




3350 Eastman Avenue | $595,000 | More Details 

Arguably a little close to Broadway but easy to access public transit options, the bike path, and Martin Park. Lot size is larger than typical, so should support most improvement/expansion plans. Basement is a bonus. Due diligence: Most homes with basements in Boulder had some water damage during the flood of 2013. Check carefully for proper repairs and mitigation.  I sold one of the comps to this house a few months ago (to very happy buyers). It's priced about right, depending on finish quality and the impact of the traffic.  The bonus of this location is the easy access to SoBo Lucky's and the retail plaza.   



2227 Canyon Boulevard B-262 | $349,900 | More Details

The Shady Creek Condos seem to have been inspired by a mid 70's Soviet school of design. The building is very square, overbuilt with lots of concrete and brick, and it's a little dark inside. Parking is, of course, communal. With that said, it's actually starting to look hip and the price is right for such a prime location. The building itself is reasonably set back from Canyon but you'll still get some traffic noise. Fun due diligence: Check out the commons library/reading room.





357 Pearl Street 357 | $349,000 | More Details 
Even though it's only 1 bedroom and under 600SF, this condo will fly off the market due to its location on West Pearl and bargain price. A great option if you want a place to call home for occasional visits to Boulder. 70's construction with some updates.  Expect a bidding war. 


Louisville 

168 Mountain View Court | $665,000 | More Details 

A nice family friendly house in a good part of Louisville.  Some nice updates.  


Longmont 

4321 Lucca Drive | $464,900 | More Details 
One of the last affordable family neighborhoods within an easy drive of both downtown Boulder and Longmont, with a Whole Foods scheduled to open before the end of the year within a 10 minute drive. Lots of walking trails and bike paths nearby, just off the most popular flat cycling circuits in Boulder County. Will likely continue to gain value although there are construction projects nearby which might keep appreciation rates down for the next few years.  Master on the main means this works for many types of buyers, including aging Boomers. Full disclosure:  I own a property nearby, purchased for investment purposes. I'm a believer in the investment thesis of this neighborhood. 




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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: Sonja Guina

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