Friday, January 20, 2017

Let's Find Your Castle [Fresh Listings, Get 'Em Hot]

by Osman Parvez
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It might be mid-January, but spring is in the air when it comes to Boulder real estate. Inventory has begun to rise which means more selection. Most buyers haven’t entered the market yet and, for now, competition for the most desirable homes isn't scorching hot. If you’re serious about buying in 2017, now is a good time to begin your home search. 

We’ve culled the bad locations and the egregiously overpriced. We’ve also pulled out the old-refreshed listings. Here are the 10 best fresh listings on the market, plus a look at notable sales. 

Remember: to schedule private showings, which include a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.


Sold Listings of Note


8881 Portico Lane | $1,910,000 | More Details 
Portico is an enclave of higher-end homes on large lots in Southwest Longmont. If you’re an executive or professional who desires a more spacious and luxurious family house, this neighborhood checks a lot of boxes. It feels almost rural but is minutes to downtown Boulder and it's located on the best cycling routes. Given the shortage in the trades, you can’t come close to this price for new construction and the house was only 9 years old. This was a value investment.




3260 Lafayette Drive | $995,000 | More Details 
Listed in mid-November (i.e. motivated seller) and overpriced at $1.2MM. A large lot in Table Mesa and good bones for renovation. Lesson: Don’t be afraid to offer low on overpriced, yet seasoned listings, especially in the 4Q. Historically, 4Q is when I’ve been able to negotiate the best deals for buyers. This one sold for $995K, a huge 16.4% below asking. If your Realtor is afraid to negotiate a low offer, find a better Realtor.



2125 Tamarack Ave | $875,000 | More Details 
This is a good data point for the current market value of dirt in North Boulder. It’s a large lot in a good location, not in a flood zone, with plenty of mid to high-end homes scattered nearby. Originally listed at $925K in June, the seller dropped the price to $875K in December. It sold at asking. 




Fresh Listings


Boulder 

400 Mapleton Ave | $2,495,000 | More Details

Old on the outside, remodeled on the inside. Renovations can be difficult, time-consuming, and expensive. Many buyers appreciate the turn-key approach to acquiring historic properties: already done. The house was built in 1905, has a great layout, and is steps to the Sanitas trailhead and downtown. It has a two car detached garage for the toys. Due diligence: 4th and Mapleton gets some traffic.  

To schedule private showings, which include a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.



4876 Valkyrie Dr | $1,690,000 | More Details 
Another one you can’t come close to building at the asking price. Excellent location, very little traffic and adjacent to the lovely Boulder Res. Turn-key, beautifully updated inside. 5 car garage, guest house, and studio. It should fly off the market. Don't wait to see it. Schedule a showing now.





620 Hawthorn Avenue | $1,495,000 | More Details 
Large lot on the North side of Newlands. Ranch-style that works for most buyers and the main is 1700+ SQFT. Good bones for a renovation, with preferred north/south orientation, and mid 50’s construction that the city doesn’t currently seek to preserve. If you want to wait to pull the trigger on construction, the large lot is a hedge against new regulations from City Council and should help preserve opportunities to do so in the future. 



To schedule private showings, which include a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.



1355 Ithaca Drive | $799,900 | More Details
Mid 60’s ranch with a full basement in a decent part of Table Mesa. East/West orientation and average size lot limits expansion. Decent condition but ready for updates. Bear Creek is one of the top elementary schools in the state.  




15 S 35th Street | $749,000 | More Details
This is a one of a kind property. In all the years I’ve lived in Boulder, it has never been available. It’s the original William Martin homestead, the namesake of the Martin Acres neighborhood which surrounds it. Built in 1875, once upon a time, the home was part of a 400 acre farm - many years before the homes on Mapleton Hill even existed.  In 1977 it received Historic Landmark designation. The photos look good but include a budget for updates.



1011 E Moorhead Cir | $399,000 | More Details 
2 bed, 1 bath with a classic townhome layout. Close proximity to CU’s future South campus. Easy commute to RTD stops, with a fast trip to Denver, and a short walk to the Table Mesa shopping plaza.  




To schedule private showings, which include a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.



3150 Iris Avenue F-103 | $289,000 | More Details 
Remington post won’t tug at your emotions. It feels dated but the functional aspects of the property are stellar for the price. Heated pool, underground parking, elevator access, and a simple layout that will work for many. This one has a nicely remodeled kitchen.  
Due diligence: popcorn ceilings in this complex contain asbestos. Plan for mitigation. It is known. 



Longmont 

9709 Oxford Road | $2,998,500 | More Details 
Farm and ranch properties North of Boulder are increasingly rare. Patience is the key to finding the right one. This 40 acre estate is bound with a conservation easement, but additional agricultural related buildings are allowed. The property is also directly North of Niwot, which offers an interesting mix of restaurants and retail - enough to avoid driving into Boulder for evening activities. Finishes in the home look like they’ve had some updates since construction was completed in 1998. 




8590 N 87th Street | $1,147,500 | More Details 
32 acres of horse property, South of Longmont and minutes from Boulder, with water rights. The current house on the property is an unremarkable small ranch built in 1980. The barns currently house 22 horses. If you’re a passionate equestrian, this is the spot to build your dream home. 



To schedule private showings, which include a discussion of valuation, negotiation strategy, and market trends, call Osman at 303.746.6896.


Investment Opportunities 

1845 17th Street | $1,500,000 | More Details
At the asking price, it has a respectable cap rate and the property already meets Smart Regs. 100% rented and the desirable location should make it easy to keep it rented to high quality tenants. New mechanicals. 






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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.

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