Friday, September 09, 2016

Big Discounts, South Boulder Views, Spacious Luxury [Fresh Listings, Get 'Em Hot]


It's early September and there's a whiff of autumn in the air. Colorado is talking about the Broncos, the Aspens have started to change on the Western Slope, and reality is knocking on the door for sellers who blew the summer selling season. 

As usual, I've sifted through the market so you don't waste time with egregiously overpriced listings, bad locations, or old inventory refreshed to appear new on the MLS. There were no notable sales this week, but I've included two listings with significant price reductions that are worth your attention. 

Ready for the latest in Boulder real estate? Let's go see some houses.


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



Interesting Price Reductions

755 Jonquil Place | $3,250,000 | More Details 
I wrote about this house when it first hit the market at the end of July. At the original asking price, the sellers clearly tested the market. Two weeks later, they cut the price by $100K. Now they’ve cut another $200K. There’s a reason I call this time of year bargain season. Sellers who overshot the market during the summer are now hoping they can lure in a buyer with a price discount. They’re also far more willing to negotiate. If you think this is the one, don’t wait on the sidelines. You have to actively engage with an offer. Pro tip: Be sure your agent loves negotiation.



499 Eisenhower Drive | $899,900 | More Details
Another example of a seller who overshot and is now chasing the market. Originally listed at $1.2MM in May, and they’ve cut the price twice. The latest ~$200K puts the house into value investor territory. I personally love this location. The views are stellar and only a small cluster of homes on the street have them. The house itself has a decent layout, is goldilocks-sized, and was built in the mid-80's. Finishes might stand for a refresh, but they also won’t embarrass you at dinner parties. Note: This one is not a good low-ball target at the current asking. It’s priced right. Don’t expect it to last long.   


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

BOULDER

2890 Juilliard St| $1,700,000 | More Details 
This boasts the best Boulder schools, a rapidly improving retail mix, and an easier commute into Denver or the airport than North or Central Boulder. The late 80’s/early 90’s look is clearly dated, but the architecture of this one might stand up well to a less expensive cosmetic refresh. Pocket views look like they have some value. Decent size, solid layout. As a car guy, I’ll be jealous of the 3 car garage and built-in lift. Due diligence: Be sure to bring an architect along to your showing. Maybe even a GC. What’s that - your agent doesn’t do that? Find a better Realtor.


2221 Spotswood Pl | $1,500,000 | More Details 
The cover shot of this one might make it look like it’s someplace tropical (those colors), but it’s well situated in a part of Boulder that sometimes feels rural but is actually only minutes from downtown. The asking price is what makes this one compelling. Built in the early 90’s, 3977 finished SQFT above grade (nearly 6,000 with the finished basement), and some tasteful updates. This summer, I met with sellers who thought their dirt lot was worth $1.2MM in this location. You couldn’t come close to building this home today for what they’re asking for it. 



3205 Martinique Ave | $969,000 | More Details
Historically, the Four Mile Creek neighborhood has been a value play. Compared to North or South Boulder, buyers get more bang for the buck when it comes home quality. The downside is that there’s no easily walkable retail. It’s 30-35 minutes to walk to retail centers on Iris or Uptown Broadway. The recent inventory shortage has pushed prices up rapidly, and this home is similar to several others that were available earlier this year. If this one doesn’t work for your needs, you can patiently wait for another. I recently analyzed the neighborhood for a client, so I can confirm this one is priced right, but they’re testing the late 3rd Quarter, early 4th Quarter market (i.e. off season).  



1900 Dartmouth Avenue  | $949,900 | More Details 
The story is that an investor acquired this property last year for their personal residence but the family didn’t want to move. Uh huh. More likely they found out the real cost and timeline to build due to a labor shortage on the Front Range or they found a turn-key option that was better. Survey, soils report, variance report, solar shadow analysis, environmental report, sewer scope, and preliminary plans are available. The location is pretty solid although I haven’t evaluated the perch personally as yet. Good news is this trailhead doesn’t get a ton of use by people from outside the neighborhood (i.e. this isn’t Chautauqua or Sanitas, which is swarmed by visitors from out of town). 


290 Spruce Street A | $624,000 | More Details 
It’s hard to argue with 2nd and Spruce as a location, although Buyers should also know about the high density of subsidized housing nearby. With continued investments in downtown, it’s a desirable spot nevertheless. 624K asking makes sense for a lock and leave option or executive residence, despite the dated finishes. Due diligence: HOA dues are only $220/month. Sounds good on the surface but check for unfunded deferred maintenance and a looming capital assessment.




3049 Redstone LnC-2 $415,000 | More Details
Here’s another Shanahan Ridge townhome. This one has some tasteful updates and supposedly fronts on HOA open space, which makes it more desirable if true. Units that have ground level patios work better for people with pets. Negotiation tip: Compare premiums paid for other condos in Shanahan Ridge which sold last month before finalizing your offer. 






3250 Oneal Cir J-37 | $275,000 | More Details 
A decent and relatively affordable condo for young professionals or CU students. Top floor is more desirable and will help mitigate the high sound transfer known to be a problem in these units. Clean and presentable, with fun amenities. Reserved space parking only, don’t bring your nice car. This area has high student density







LONGMONT 

832 Neon Forest Cir $675,000 | More Details
There are several neighborhoods that stand out in Longmont for investors as well as primary home buyers. Prospect is one of them. Years ago, I was skeptical when it was first built, but there is no doubt it has come into its own. This particular house has a more traditional design and is located more centrally within the neighborhood. Worth a look, especially at this price point.  






1507 Florence Court | $515,000 | More Details 
Renaissance homes are a value investment for the rapidly appreciating Longmont market. The neighborhood is near open space and a reasonable commute into Boulder. Elementary and middle schools perform well, but Silver Creek high school doesn’t rank quite as high as schools in the City of Boulder. When (and if) Whole Foods opens in December as planned, the momentum will be baked in for this neighborhood and it will continue to attract families seeking an affordable alternative to Boulder. You can’t buy an entry level ranch in Boulder for this price. Due diligence: There is a significant amount of build-out left to occur in this location and construction is underway. Much of what is planned is expected to sell at higher price points. Full disclosure: I own an investment property in this location.


----

Want this blog via email?  Sign up HERE.      


Ready to buy or sell?  Click HERE to schedule an appointment or call 303.746.6896.

Like our Facebook page


Follow us on Twitter.

As always, your referrals are deeply appreciated.
--

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 image: Francesco Gallarotti

1 comment:

  1. Good job recommending that SW Longmont option. There are so many bitter Longmont folks who say that that new Whole Foods will never open there. I really hope they are wrong. If it opens it is good for all of Boulder county. That area of SW Longmont is nice. It has a more cookie-cutter feel to me with the newer homes (compared to Boulder), concrete walking paths and is basically a 15-20min commute on diagonal highway (or 75th st if diagonal is backed up into Boulder). I just wish that area had some soft trails to run/bike on from your doorstep - I just saw Nelson Rd and tons of paved paths all over but it is still really nice. If you live in South Boulder and have to commute to North Boulder though during the worst of the rush hour, it's probably 10-25mins or so and not the most fun drive heading down Broadway by the hill trying to make a left turn or heading down Kalmia or Iris Ave.

    ReplyDelete