Friday, July 08, 2016

Trophy Views, Duplex Investments, and Family Houses [Fresh Listings, Get 'Em Hot]


Ready for some fresh listings? As usual, we've sifted through the Boulder real estate market for the very best listings, notable sales, and price reductions. This week: A rare executive trophy home with water AND mountain views on the west side of Broadway, an equally rare downtown duplex, and more. 

Market Note: House inventory dropped 4% in Boulder last week. 47% of houses remain under contract. The market has peaked for the season. As our British clients like to say about their fruit, "it's on the turn."  

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


Sold Listings of Note


3175 Kittrell Court | $1,650,000 | More Details
Awesome location, spectacular perch. The house is dated but the bones look good for a cosmetic remodel. The large lot should allow adequate flexibility for the future, but don't wait too long for pulling the trigger on the expansion. The City's rules will only get more strict. Negotiation tip: The sale shows the power of cash and a fast closing. The seller accepted $100K less than asking for a two week close.   








1133 Woodland Court | $1,610,000 | More Details
Even at the higher end, some buyers are still pushing prices. This particular location is less than 1000FT from an electrical transfer station, not just an eye sore, but a red flag for buyers concerned with EMF. Although Devil’s Thumb is a very desirable location, and an enclave of higher end homes with great access to open space and Boulder’s best schools, we recommend buyers avoid homes that have known location issues.




120 S Lashley Lane | $540,000 | More Details 
A basic 3/1 ranch in a poor location, illustrates the extreme limited inventory at the entry level. There have been a number of recent sales in compromised locations that have never-the-less attracted multiple offers and pushed prices above asking. This one closed last week for $20K over asking. Research Note: The basic Martin Acres ranch in a non-compromised location is approaching $600K. We’ll update the Martin Acres Index shortly. 




Back on Market


2983 Foothills Ranch Drive | $950,000 | More Details 
Pulled over the 4th of July weekend. This gorgeous house with beautiful views is in unincorporated Boulder County, nestled against the Foothills. It’s a short and pleasant drive into Boulder and you’re along the area’s most popular cycling routes. The seller has held firm on asking price since this property was first listed in April. Are they finally negotiable? There’s only one way to find out. Winter is coming

Due diligence: noise from Broadway could be an issue. Listen at rush hour.


Interesting Price Reductions

302 Pearl Street | asking price reduced $140K (5th price reduction!)

920 Grant Place | asking price reduced $100K

3842 Orion Court | asking price reduced $50K (2nd price reduction!)


Fresh Listings


Boulder 

400 Utica Avenue | $4,500,000 | More Details
A spectacular and rare property. West side of Broadway, unobstructed views overlooking Wonderland Lake to the Flatirons. Huge lot, beautiful layout. A well heeled buyer could snap this one up quickly. If you’re considering building a high end trophy home, here’s a turn-key alternative.  

Negotiation tips: The asking price is a guess, comps above $3MM are few and far between. You’ll need to decide what it’s worth to you or reverse engineer the construction cost + rare lot value. 




435 Maxwell Avenue | $1,750,000 | More Details
Ever since my very first Mapleton Hill listing on Maxwell years ago, I’ve been in love with this location. This charmer is small but expansion (out the back) might be possible with careful planning and coordination with the City. A friend lives in an adjacent house and we were over for brunch a couple of weeks ago. He raved about the quality of the neighbors.  Due diligence:  It's in the Historic District.









615 Dewey Avenue | $950,000 | More Details
This location is just out of the Mapleton Hill historic district, which means it should be easier to renovate and expand to maximum potentiam. Cash flow today is acceptable but the real opportunity is the future. Due diligence: a consultation with a local architect and a visit to the planning department. If your agent doesn’t mention that, get a better agent.  






4817 McKinley Drive $729,000 | More Details 
Arapahoe Ridge offers generous lot sizes and great schools. This one is walkable to retail that continues to improve (thanks to the BCH relocation). It has a decent layout, some updates, and good bones for a cosmetic remodel. It appears the sellers are the original owners from 1966, which explains the vintage (cough) wood paneling and that wallpaper.  







3050 Corona Trail M-207 | $270,000 | More Details 
Remington Post has been an excellent investment for our clients in the past. The location is attractive to a diversity of potential tenants - more serious students and non-student tenants, alike. The facilities are a little run-down but a value at the current HOA fee. 

Due diligence: popcorn ceilings likely contain asbestos, include mitigation costs in your investment model. Windows were required to be replaced a few years ago.  









1110 Claremont Drive | $699,900 | More Details
The location is great, the house itself has a decent layout but the interior needs a refresh.   

Due diligence: The conversion of the 2-car garage into living space likely occurred before parking space requirements. If your future plans involve expansion (or anything with a permit), double check with the city to make sure permits were closed out and if restoration of the parking spaces will be required for future projects.






Louisville 



807 Spyglass Circle | $630,000 | More Details 
Late 90’s vintage family friendly house in a good location. Interior has some nice updates, lot is on the small side. Take the trails for a fast car-free trip to downtown Louisville.  Well priced for Louisville.








Longmont 

507 Bowen Street | $584,000 | More Details

Historic on the west side of Old Town. Think Mapleton Hill, 20 years ago at ⅓ the price and you’ll get the idea.  













2210 Watersong Circle | $310,000 | More Details 
2 bed, 3 bath townhouse with good curb appeal and easy commuting into Boulder (once construction finally ends on the Diagonal). The Lobo trail starts nearby, plus Oscar Blues and decent retail. Whole Foods is slated to open by the end of the year.  











833 S Coffman #49 | $265,000 | More Details 
Decent size 3 bedroom, 3 bath townhome in a solid location. Construction from this century usually translates into more storage and better layouts, plus fewer and less costly maintenance headaches. The walkability of this particular unit is why it made the list. Downtown Longmont is gentrifying. The pawn shops are disappearing and being replaced by funky restaurants. This trend will most likely continue to accelerate in coming years.







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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.

cover: Rowan Heuvel

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