Friday, February 10, 2017

Wow, that View! [Fresh Listings, Get 'Em Hot]

Buying and selling Boulder real estate is tough. Every week, a flood of new listings hit the market. The truth is that when you look past the smoke and mirrors, past the refreshed old listings and the bad locations, only a handful of properties are worth consideration.  

Inventory remains very low. The best properties continue to attract multiple offers and end up in bidding wars. That's why serious buyers focus their attention on the most likely candidates. As we like to say in real estate, time is of the essence.  

Because we're nearing the end of a real estate cycle, property selection is critical to capital preservation. Not every home on the market is worth a premium to asking. Many will (or should) sell at discount.  Some are not worth considering at all.  

Here are ten properties worth considering this week. As usual, I’ve also included a discussion of a few notable sales.  

Are you ready? Let’s go house shopping. 



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



Sold Listings of Note

707 Maxwell Ave. | $1.7MMM | More Details 
Despite being a solid “A” location and oozing historic charm, this 1913 Queen Anne was on the market several weeks before the right buyer came along. A lack of a garage was probably the reason, but the buyer acquired a beautiful property in the trade. Check out the photos for a kitchen that was updated with the appropriate style for a historic home. Sold for 5.5% below asking. 




701 Pearl St. 4 | $530,000 | More Details 
We said it would go fast when we pointed it out a couple of weeks ago, and we were right. Under contract within a few days of hitting the market, sold for $5K over asking, cold hard cash. Frankly, it was underpriced, which may have been the strategy all along. When homes in highly sought after market segments become available, serious buyers (and their agent) need to drop everything and see it immediately. The market for adult condos near downtown is not for the timid. 



109 E Cannon St. | $429,000 | More Details 
A good quality flip in an “A” rated location at an affordable price. Half a block away from the center of old town Lafayette, and walkable to a half dozen high quality restaurants and other retail options. Lafayette is rapidly becoming the cooler, hipper Brooklyn to Boulder. This renovation retained the original charm of the historic property while adding tasteful finishes. An adequate size lot and a flexible planning department makes for high potential follow-on investment. The neighbor across the street, for example, created a beautiful studio ADU. We happen to know this one intimately because we were proud to represent the buyer, a wonderful young family of four.   


Fresh Listings


Boulder 

1656 Bear Mountain Dr. | $1.55MM | More Details 
Devil’s Thumb is a premier South Boulder location and this house is about the right size for most buyers. It could use finish updates to give it a more contemporary appearance.  The lot size is adequate and should allow for some expansion. Layout is functional with most bedrooms on the upper level.  
Due diligence: If you are shopping in Devil’s Thumb, avoid being near the electrical transfer station. As for this one, the map is wrong. It’s not on the corner of the cul-de-sac. It’s the third house in and has a desirable north/south orientation.  




712 Locust Ave. | $1.38MM | More Details 
A nice north/south oriented house with beautiful open space (+ trail access) across the street. The lot size is a tad small but the mid 80’s construction could provide good bones for a mild renovation. I lived near this location for a period and the retail mix at Uptown (walkable) keeps improving. It’s also a relatively quick and easy bike ride into downtown Boulder. If you have younger children, Shining Mountain Waldorf is just down the street. Lucky’s Market is also nearby. Due diligence: Don’t expect the view shot from the listing photos. Go see it anyway. 




1575 7th St. | $900,000 | More Details 
A smaller 3 bedroom, 3 bath in a pretty good “B+” location.  No garage but I see an off-street parking pad (confirm at the showing) and at least it’s out of the flood zone. The small lot size means what you see is what you get. Not a bad choice for a buyer down-sizing.



1332 N Cedar Brook Rd. | $795,000 | More Details 
Wow. This Pine Brook home is stunning. Nearly every room seems to have a view. Interior and exterior finishes need a refresh, so save some budget for a remodel. 1990 construction means no EPA lead certification during the remodeling and lower risk of other environmental costs like asbestos. Expect a bidding war.  It's under-priced. 




4784 McKinley Dr. | $640,000 | More Details 
A decent size lot and north/south orientation should overcome the C+ location (busier street). No listing photos but that’s OK, it’s priced at the dirt value anyway. This is a good choice for buyers who work at the BCH campus or the new Google Campus and want a project. Decent schools. It’s close to the 500 year flood zone, so check carefully for signs of water damage and proper mitigation from the September ‘13 event. 




1529 Easy Rider Ln. 201 | $595,000 | More Details 
I know this property well because we sold it many years ago. The owners invested tremendously in the style and finishes of the unit. It should move fast. 









2830 E College Ave. 310 | $370,000 | More Details 
A good location for a CU student condo. Lock and leave, low maintenance so junior can focus on studying, not in the red cup zone. Adjacent bike paths allow for easy access to downtown or the 29th Street mall. For investment purposes, these properties are fairly liquid and/or rent easily to student tenants. 



Louisville 

266 McKinley Park Ln | $1.15MM | More Details 
A beautiful mid 90’s, larger family home in fairly close proximity to Louisville’s old town. The generous lot size and three car garage are bonuses. McKinley Park cross the street seals the deal, it has an estate-like feel. Marketing notes: this property was listed on IRES only. When data sharing ends in early March, homes in MLS crossover markets like Louisviile, Lafayette, Superior, and Broomfield should be listed on both IRES and REColorado.  We’ll discuss more in a post next week. 



Longmont 


7431 N 73r Street | $4.5MM | More Details 
An estate for a well heeled, sophisticated buyer with traditional taste. It’s set back far enough from 73rd, the parcel size is more than adequate, and the man-cave is to drool over. Finishes are well chosen. Guests will know they’re in Colorado. Worth clicking for the eye candy alone. 





Investment Opportunities 

5005-5185 Merritt Dr | $10.7MM | More Details
20 homes, complete and 100% leased? Additional undeveloped parcels included? This is a potentially solid place to park capital and enjoy the lower risk yield from a lower volatility brick and mortar investment. BCH and updated finishes across the street should keep occupancy high.  

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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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