Wednesday, August 03, 2016

Acquisition: The Davis-Price House [Make a Smarter Decision]

by Osman Parvez
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A heartfelt congratulations to my clients who closed yesterday on a beautiful historic home in Old Town Longmont.  

I rarely gush about specific deals, but the acquisition of 542 Collyer Street was a home run and deserves accolades. The Davis-Price House is one of the oldest dwellings on the east side of Old Town. It checked nearly every box on my criteria for smart real estate investments - a functional, attractive, well maintained house in an exceptional location with long term appreciation potential. The layout and size works for many types of buyers. The curb appeal is among the best in Old Town. It's also recognized as a significant asset to the community, having received Landmark Designation in 2004.  



The tasteful master suite addition creates generous living spaces while taking nothing away from the iconic visual appeal of the Vernacular Masonry style. The two car garage + workshop offers flexibility and additional creative possibilities. The interior with pockets of exposed brick and wooden beams compliments the beautiful exterior architectural detail. The landscaping is mature and well designed, and the street is lined with remarkable trees. Flow is excellent from inside to outdoor living spaces. 

I wouldn't have hesitated to purchase this home and live there personally and as my clients know, I am extremely selective when it comes to property selection. As a Realtor who understands fiduciary duty, I offer my honest opinion on real estate, not just for suitability but on the long term investment potential of each and every property my clients consider. This is a house to drool over. 


As far as value goes - you can't buy a run down, beat up student rental anywhere in Boulder for the price my clients paid for this house. I have no doubt it will prove a solid, long term investment. The equivalent on Mapleton Hill or near Chautauqua would have easily exceeded $1.5MM. It's a stunning value, with walkability that is better than many parts of Mapleton Hill in Boulder. Foodie restaurants, bars featuring live music, theaters, art galleries, outdoor clothing retailers, public play spaces, well tended parks, and coffee shops are all within a summer's stroll. Pan handling transients, obnoxious traffic, and crowds of boutique bag tourists are few and far between. This is Boulder 25 years ago. Given the current pace of gentrification in Longmont, I have no doubts that this was a very smart real estate decision. 

Congratulations Kelsey and Tyler on your first home. And please, call me if you ever want to sell it.  

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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. 

5 comments:

  1. Beautiful house, nice price, but landmark designations bring with them their own sets of challenges. Forget adding on, or changing the outside in any significant way. And personally, I'd have to swap my 10 minute commute to my job in Boulder to fighting it out with the traffic on the diagonal.

    Everyone's situation is different and what works for one might not work for another. Still, it's a lovely house.

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  2. Hi Unknown. It's a common misconception that you cannot add onto a Landmarked property. Sure, there are additional hurdles but "forget about" is going way too far. As for this particular house, it has a great layout - one that would work for many types of buyers. The need to add-on on is less of a critical factor.
    As for the commute, it's a tradeoff. Many people already work from home, at least part-time. Plus, with driver-less cars coming soon, the commute should soon be even less of a factor.

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  3. In the nearby Boulder regions, Longmont might be the last chance to get a reasonable home at a good price. Plus, lots of good people are moving there from Boulder - likely looking for simpler solutions.

    Boulder is changing (too) fast, and if Longmont is anything like Boulder was 25 years ago, then I want to move there. The old (better) Boulder is long since past.

    In my experience, the diagonal, or nearby farm land off roads, are about the same commute time as going from South Boulder to North Boulder any given morning! Plus there is a bus into Boulder and hopefully the train within a decade.

    With that aside, if you can suck it up for a few years, Longmont is the best real estate investment around. I'll be watching closely to buy!

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  4. How would Longmont respond to an economic downturn compared to Boulder? Are Boulder condos way super overpriced at this point? Most importantly, I wonder that if Longmont is a good buy right now since it is gentrifying, are there any other good locations to buy around Boulder like Lyons? Why is Boulder so crazyyyyy....?

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  5. I agree on the commute. It's often just as fast to drive the Diagonal into Boulder.

    How will the market react to a downturn? In the last cycle, Boulder held on better and longer than the L's. The L's corrected first but also recovered first. I expect the same for the next cycle, but far less severe than 06 to 09. Also, when the cycle ends is difficult to predict.

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