Friday, December 16, 2016

Santa is On His Way [Fresh Listings, Get 'Em Hot]


T'was the week before Christmas, and all through the Boulder market, most listings were selling... but some were not.

As usual for this time of year, sellers are pulling stale listings off the market. 73 have been removed in Boulder County so far this month. More will follow. 

For buyers, expired and withdrawn listings are a rich source of potential deals. Typically, these sellers are frustrated and often disappointed with their Realtors. It's a good time to for savvy buyers to swoop-in and negotiate a deal.  If you're home shopping, my advice is to leave no stone unturned.  

I've already sent the best ones to my buyers. Has your Realtor done the same? Will there be a shiny new home wrapped up and waiting for you beneath the tree or will you be airing your grievances at the Festivus pole?  Maybe it's time to find a better Realtor

Let's talk about this week's fresh listings. As usual, I've sifted the wheat from the chaff, culled the refreshed old listings, the bad locations, and otherwise less than ideal properties.  Are you ready to see some homes? 

Before we begin, let's discuss a few notable sales.  Fresh listings are further down.

p.s. Sorry, no pictures this week.  I'm slammed

Sold Listings of Note

2085 Balsam | Sold: $2.46MM (-9% less than asking) | More Details
On the market 2.5 months before getting an acceptable offer, overpriced as listed at $2.7MM. This sets a good benchmark for the exclusive peninsula of homes on Alpine, Balsalm, and Panorama. 4000 SQFT is a pretty decent size, good views to the north, very modern inside. Completely redone with vaulted ceilings and most bedrooms on the main. Very tastefully executed. Giant size lot for future expansion.  Curious what it looked like before the renovation? Here' the before and after. Pro tip: Don't be afraid to offer low for listings that have been on the market a long time, especially at the high-end.  

3180 3rd | Sold Price: $1.26MM (+3.4% to asking) | More Details 
This early 70's custom has interesting architectural details and sits in a solid location in Newlands. Not for every buyer but it still went very quickly. 7 days to offer, not cash.

424 Morrison Alley| Sold Price: $983K (just below ask)| More Details 
These colorful townhomes along Boulder iconic West Pearl Street always draw the eye of admirers. Stroll a few blocks and you're in the heart of downtown. Cross Arapahoe and you're at one of Boulder's best parks. Trail access is only a few steps away. Originally listed at $1.1MM, the seller chased the market for a couple of months before dropping the price below the $1MM threshold. Funky and narrow, with tight parking, but rent easily and should be a great long-term investment for the buyer.  Pro tip: price your listing right for multiple offers, a fast sale, and higher net proceeds. Go with the wishful thinking price if you want a longer time on market, more challenging sale, and lower net proceeds. The choice is yours.

2805 16th Street | Sold Price: $820K (-2.3% to asking) | More Details 
My clients liked the nice features and updates of this house, but the one thing we couldn't change was the location. I recommended we let it go due to the traffic on Balsalm and my buyers wisely agreed. It will likely only get busier as the BCH campus is redeveloped.  Note: The original wishful thinking asking price was $885K. Another case of the seller overpricing, chasing the market, causing them to leave money on the table. Are you sensing a pattern?

Uptown Broadway:  1310 Rosewood 5B and 4585 13th 1D
I pay close attention to this development because (a) I own investment property here with wonderful tenants, (b) have many clients and friends who also live here, and (c) believe in the long-term value proposition. This is the only part of Boulder with a clear vision for the future. See The North Boulder Subcommunity Plan for more details.  Note: brokers who are not deeply familiar with Uptown Broadway often misprice and mis-market their listings. To properly value units within Uptown Broadway, buyers should evaluate comps for orientation, noise proximity to Broadway, views, layout, mixed-use, and floor level (vaulted or not).  Finishes are all pretty much the same. Carriage houses are another beast entirely (you're living above a half dozen or so garages). 

3601 Arapahoe #417 | Sold Price: $483K (+1.7% over ask) | More Details 
Recent market performance of these units are proof Boulder buyers are willing to pay a premium for higher build quality, noise isolation, and luxury amenities.  In recent years, I've advised several sellers to hold onto their property at the Peloton and I've helped several others acquire units. The seller of this studio (not even a 1 bedroom) held the property for 14 months and cleared $172,000. The levered return must be off the charts.   

Fresh Listings
36 properties hit the market this week. 8 are worth seeing this weekend. 

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


Boulder 

2430 Briarwood Drive | Asking: $1.35MM | More Details 
Don't let the pics fool you, this doesn't back to open space (otherwise it would be much pricier). Table Mesa has the best performing schools in Boulder. The Devil's Thumb neighborhood has nice amenities and great trail access. This one likely needs a complete remodel, but it's on the better side of the neighborhood (away from the electrical transfer station).  Worth a look.

2200 Bluebell Ave | Asking: $1.3MM | More Details 
I love this part of lower Chautauqua.  Easy bike ride to downtown, a quick walk to Whole Foods across Broadway (underneath tunnel access). Social trail access into the trails around Chautauqua.   As for the house itself, it's a mid-century modern with vaulted ceilings on a giant corner lot.  Shouldn't last long.  If I were shopping for a long term personal residence, this would be my top choice from this week's listings. 

820 38th Street | Asking: $560K | More Details 
A basic small ranch in the entry level neighborhood in Boulder. Lot size is typical.  It has been updated sometime in the not so distant past with newer cabinets and french doors into the backyard. Roof is looking a little questionable, but it could just be the photos. 38th gets some traffic (through street) but shouldn't be horrible.  Due diligence: The usual suspects for mid century houses (panel, furnace, sewer line, etc) and check the neighboring houses for student density. If you're looking for a project house to develop, Martin Acres is somewhat preferred over Baseline, particularly on the quieter internal streets. 


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

208 Pearl Street Unit I| Asking: $519K | More Details 
Units in this development are rarely offered for sale. I can't even remember the last time I saw one. Price seems right for a dated 2 bed, 2 bath style townhome in an excellent location.  Bonus: purple bathroom begs for a large portrait.  Due diligence: cost for SmartRegs compliance.  If your Realtor can't offer you advice, talk a Realtor who is currently renovating a house to meet SmartRegs.

1111 Maxwell | Asking: $284K | More Details 
I'm always torn about recommending units in this development. I love the location, it's solid. It's too bad the complex has obvious signs of deferred maintenance, incompetent repairs (vinyl over rotting wood, anyone?), and generally shoddy construction throughout. Still, this is a decent price for a 1 bed, 1 bath in a location that is perfect for a young professional. Interior of the unit has some nice updates. Due diligence: Conduct a deep review of the HOA, evaluate the risk of significant special assessments, and ask the residents about the garage debacle.  Also, check for sound transfer between units.


Longmont 


2020 Pintale | Asking: $500K | More Details 
Worth seeing to compare updates to what it looked like when it was sold several months ago (pics here).  Are the improvements worth $91K.  You decide. Location is excellent for commuting into Boulder, enjoying great restaurants in Niwot, and solid schools.  


823 Timothy | Asking: $407K | More Details 
This neighborhood and street are a hidden gem in southwest Longmont.  It's in close proximity to the new Whole Foods and an easy commute into Boulder. I also sold the neighbor their home earlier this year and frankly, they're awesome. They also throw fun parties, if you should be so lucky to score an invite. Don't let the listing photos discourage you from seeing it. 

215 Collyer | Asking: $350K | More Details 
This property is right next to Georgia Boys, Wibby Brewing, and 300 Suns. It's a spot that should continue to rapidly convert to being a new hip urban center for Longmont. Significant mixed use development is on its way.  As it stands now, the two houses that sit on this lot look dilapidated but the rent flow is adequate.  If deferred maintenance is reasonable, it could be a great long-term hold.

Note: this is not a new property. It was originally listed at $409K in the spring. The seller chased the market, dropping the price several times before pulling the listing in September. It's now back at a price that makes more sense for an investor.  Model carefully, however. Redevelopment is unlikely and will be challenging. Longmont isn't Boulder when it comes to historic preservation, but the homes are still pre-war.  Don't base your investment thesis on scraping. 

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image:  Roberto Nickson

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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