Friday, March 17, 2017

The Perfect Boulder Bachelor Pad, Loads of Eye Candy, and Managing Risk in Niwot


Phew, it's been a busy week! I've taken buyers to see over 30 listings, everything from eye popping mountain trophy homes to entry level condos. Two late night offers also resulted in two sets of clients happily under contract. It was hard to find time to review the fresh listings, but it's the only way to stay on top of the market. Remember, intelligent real estate decisions are based on a deep understanding of market conditions. There is no substitute.  

Good news. There's a lot of real estate to consider this week. As usual, I've culled the bad locations, the refreshed old listings, and the obviously overpriced homes from the list. I've also included a more thorough discussion on last week's notable sales. 

This week: A modern, turn key North Boulder home (you just missed). Also family homes of all sorts in Boulder, Louisville, and Longmont. Plus the perfect Google employee bachelor/bachelorette pad.


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


Sold Listings of Note


1301 Canyon Blvd #304 | Sold: $2.19MM | More Details 
This high-end condo was on the market for only a week. High-end condos in downtown Boulder aren't rare, but few offer the critical south facing view of the flatirons. Although the views aren't as spectacular at One Boulder Plaza compared with say, The Arette, this particular unit is generously sized at ~2,500SQFT or $862/SF. It sold for 2.7% below asking, about right. 

2065 Alpine Dr | Sold: $1.79MM  | More Details 
When it first hit the market, I took two different sets of buyers to see this renovated mid 1950's ranch with a full basement. We concluded it was well executed, but would never reach the trophy level of the immediate neighbors on the exclusive Alpine-Balsalm-Panorama peninsula. It also didn't have the view potential. We didn't think it would garner a bidding war. We were wrong. It sold for 15% over asking, cash. Yes, I'm scratching my head. Perhaps one of the trophy home owners on the street had to have a guest house. 

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

7100 Quiet Retreat Ct | Sold $1.17MM | More Details
Niwot is filled with large, luxurious high-end homes, many built in the late 90's and 2000's. Some are spectacular, others are in need of a complete renovation. It's a great location with easy access to Boulder and its own charming historic downtown area.  

When shopping in Niwot, it's important for buyers to understand that (a) $1MM+ homes typically trade a discount and (b) they may not appreciate over even a long holding period. To reduce the risk of loss, and to increase future liquidity, it's important to choose the right house and buy it at the right price. To point, for $1MM+ homes, there were 24 sold listings and 20 failed listings last year in Niwot.  Right now, there are only 4 listings under contract and 14 available

Yes, Greg. I wrote that for you.


2030 17th | Sold: $1.15MM | More Details 
A slightly larger than typical ranch with a full basement on a slightly larger than typical lot in North Boulder. Finishes were new. Quality was high. East/west orientation. Decent street. This sets a bar for what's possible without square footage expansion, both from a design and value perspective. A good benchmark. It took a little longer than usual to sell and came out of contract twice before the deal was sealed. Sold for asking. Back of the envelope return was probably at least 15%-20%, depending on the owner's ability to control cost during the renovation (they paid $700K in 2014). 


4524 14th 7-H | Sold: $795K | More Details 
A nice 2 bed, 3 bath condo with ~1,700SQFT that sold for asking at Uptown Broadway. This one has Flatiron views. Full disclosure: I'm an owner at Uptown, have advised many buyers and sellers in the development, and will be opening our office at Uptown this summer. I'm a believer in the investment thesis. Due diligence: Pending litigation over the defective stucco and the risk of capital assessments. 


912 6th Ave | Sold: $648K | More Details 
A classic 3 bed, 3 bath historic home with newer finishes in Old Town, Longmont. Prices have been rising rapidly here. Some say it's the new Mapleton Hill - minus the drunk and high college kids. With foodie restaurants and a vibrant downtown, Old Town is a neighborhood to watch as Longmont moves forward with its revitalization plans. 

Fresh Listings

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

Boulder 

2930 18th St | Asking: $2.1MM | More Details 
Snooze you lose. Listed mid-week and under contract three days later. Freshly renovated, modern homes are in short supply and intense demand in Boulder.  This is why you work with a buyer's agent. Click the link for eye-candy. 

1444 White Hawk Ranch Dr | $1.95MM | More Details 
Haven't heard of White Hawk Ranch? 


It's an enclave of high end homes, adjoining farm land, in east Boulder, off Arapahoe Ave. Built in the early 2000's, it's a newer neighborhood but it has some of the same challenges of higher end homes in Niwot.  See the statistics on 7,100 Quiet Retreat above. This particular home has +7,500SQFT of finished space, beautiful finishes, a great layout, and a four car garage for all the toys. If you were to attempt to build a similar home today, construction costs would easily exceed this price - if Boulder allowed you to do it all.  

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

2958 6th St | $1.8MM | More Details 
The seller has only had this home 5 months (they paid $1.6MM), which is why it's a surprise to see it return to market. Reasonably sized with three bedrooms, four baths, and a two car garage. Historic and charming, with a real rocky mountain feel to the finishes. It's in a nice spot in Newlands and has partial views.  Worth a look. 

2960 6th St | $1.7MM | More Details 
Like things square? You'll like this renovation. It's boxes on boxes that contain 4 bedrooms, 3 baths over 3 stories built on the frame of a 1950's ranch. On a small lot in a very desirable part of Newlands, it's very modern and tasteful, with transom windows and other design features to highlight the partial views. 

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

1985 Bluebell Ave | $1.5MM | More Details 
This is one of my favorite spots in Boulder, with great access to Chautauqua open space and a short bike ride downtown. This mid 50's house is on a larger than typical lot, with potential for future expansion and renovation (check with the planning department for hidden restrictions). The majority of its bedrooms are on the main level. Finish quality appears acceptable. Although the Baseline plaza recently lost its Whole Foods, surely something interesting will take its place. Worth a look. Due diligence: Check the new flood maps. The old one shows the lot just missing the 100 year flood zone. 

1590 Quince Ave | $800K | More DetailsExterior finish needs a refresh on this 4 bed, 3 bath ranch in North Boulder. Vaulted ceilings create a sense of spaciousness. With a modest budget for steel I-beams, perhaps the kitchen could be opened up similar to 2030 17th (see above). A decent size north/south oriented lot, late 70's construction and a two car garage complete the picture. Quince is a little busy but this should still go pretty quick. 

275 Pearl St #13 | $725K | More Details
A decent size two bedroom on one of the most iconic streets of Boulder, a few blocks from downtown and steps from open space and city parks. Mid 80's construction means you're past the era of lead based paint and likely asbestos, too. The value is almost entirely about the location.

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

2910 Bluff St #124 | $413K | More Details
A few years ago, I did an analysis comparing one and two bedroom condo investment performance in Boulder. The analysis showed that they appreciate at about the same rate, but one bedroom properties take longer to sell and have fewer potential tenants. They still make for very desirable investments and living situations, especially when they are as well situated as this one. This condo is only about a decade old, too, with views. Google's campus being practically next door surely doesn't hurt, either. It's a perfect young professional, bachelor or bachelorette pad. Another one that will likely garner a bidding war. 


3293 Madison S-104 | $350K | More Details
Wimbledon units make for nice living for CU students, graduate and undergraduate. They also make nice investments for parents and others. This one isn't particularly remarkable but does serve as a comparison point with my last analysis on the complex


Louisville 

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

675 Tamarisk Ct | $750K | More Details 
An early 90's family house, moderately sized, with four bedrooms and a two car garage. It's south facing with open space access at the end of the cul-de-sac.  Shouldn't last long on the market. Don't wait to go see it and prepare for a bidding war. 

286 S Taft Ct #75 | $328K | More Details
A solid choice for entry into real estate or downsizing. This 2 bed, 2 bath is in a decent location with easy commuting to Boulder or the tech corridor along US 36.  Early 80's construction appears to have held up well. Although it's under 1,000 SF, the layout should work well for roommates or a bedroom/office combo. Lounge at the pool during the summer. HOA is only $200/month. 

Longmont 

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

834 Confidence Dr | $945K | More Details 
In the center of Longmont's hippest neighborhood. 15 years after construction, this 4 bed, 4 bath home's design largely stands the test of time. It's also a value play compared to your move-in ready options (or wait time) for the new build at Prospect's expansion.  

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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.  image: Olivier Guillard

1 comment:

  1. Wait until you see how much above asking some if the listings that went under contract this week sell for. You're going to flip.

    ReplyDelete