Saturday, April 29, 2017

Mountain Beauties, Hipster Town Homes, and More [Fresh Listings, Get 'Em Hot]


Sure, it's snowing. 

If you're a serious buyer, you can't let the weather stop you. Almost 150 listings hit the market this week. The spring Boulder real estate season is well underway. Put on your puffy, slip on your Uggs and let's go see some houses. 

We sifted through this week's new arrivals and culled the bad locations, the refreshed old listings, and overpriced properties. The 10 listings below are the most compelling properties to hit the market; prime locations, intelligent designs, the best of Boulder real estate. 



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



Before we begin, let's review notable sales. 


Sold Listings of Note


470 Japonica Way | $1.79MM | More Details 
After six months on market and several price reductions, 470 Japonica closed for $1.79MM. I took buyers to see it and it was a great example for excellent design when renovating a mid 60’s ranch. The home also sets the standard for a great house (without a view) in this pocket neighborhood, slightly north of Newlands and south of Wonderland Lake. 
Note: If you're analyzing the comps, don't forget the location is a cul-de-sac, very private, and adds an additional premium to the already desirable location. 




531 Maxwell Ave | $1.2MM | More Details 
If you’re in the market for a lot in the historic district, you’re likely scraping off an existing house. Mid 50’s ranches are a favorite target, but complete due diligence requires a visit to the planning department. Smart sellers will even file for the demolition permit. Lower risk = higher prices. This was a decent size lot in an iconic Boulder location. Listed at $980K, it sold for $1.2MM (cash). 


450 S 41st St | $765K | More Details 
This sale sets a new foundation for basic ranch prices in Martin Acres. The house is a 5 bedroom, 3 bath with 2,800 SQFT. Basement finishes were acceptable but dated. The kitchen, two of the bathrooms, and windows were updated. It has a larger main level floor plan than the typical 1000-1200 SQFT ranch you’ll find in the neighborhood. Note that both baths on the upper level are full. West facing with potential views if the new owner pops the top, but also subject to traffic noise from Table Mesa. It sold for $765,000, 3.5% over asking. The seller paid $5,000 towards the buyers’ closing costs, the net price was $760,000.  

Full disclosure: I bought an investment property on this street last year with similar potential.  It’s a location that is a short walk to retail. The bus stop is around the corner, bike paths are nearby, and it’s a quick bike ride to CU.  On a bicycle, I can ride to downtown Boulder in ~15 minutes.   



Fresh Listings


Boulder 

2320 Panorama Ave | $1.49MM | More Details 
A smaller house with a good layout in a very desirable location. The larger lot and mid 50’s construction hints at improvement potential. The tricky part of analyzing the comps is that the view perches on this street are hit/miss. Some have spectacular, jaw dropping views. I know, I’ve sold them to my buyers. Others have no view, right next door. Analysis of the listing photos isn’t enough. To understand the valuation, you need to know the houses on the street. 

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



5545 Flagstaff Rd | $1.25MM | More Details 
If you’re looking for a mountain trophy, this one should make your cut. A decent size home with a main floor master, not too large, adequate for most buyers. Excellent views and a compelling custom design. 10+ acres and a 3 car garage round out the picture. Adjacent to open space, not too far from town (although you’ll want 4WD and snow tires). 




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



3288 Saint Vincent Pl $1.1MM | More Details 
A nice, larger house option in Four Mile Creek. Updated kitchen, all 4 bedrooms on the main level. Finished basement.  





4091 Kingstown Pl | $865K | More Details 
A beautiful three bedroom, three bath house also in Four Mile Creek. This one has updated bathrooms and a gorgeous remodeled kitchen. South facing, quiet street. All bedrooms on the upper level. The basement has a full bath, otherwise unfinished, offering potential for more bedrooms and a family room in the future. Seller pre-inspected, buy with confidence.  Full disclosure: This is my listing. 

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



840 Pearl St C | $850K | More Details 
Check out the location and updates in this 2 bedroom, 2 bath condo. Reasonable HOA, one underground parking space, and an exclusive location. Don’t wait to go see it. I’ll be shocked it if makes it through the weekend. 






2336 Spruce St D | $785,000 | More Details 
Another nicely updated townhome blocks from downtown.  A little larger than 840 Pearl, also a one car garage, but not as solid of a location. See both before writing offers.


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



2905 Shadow Creek | $405,000 | More Details 
Gold Run condos have been good investments over the years. They’re close to CU, on the bike path, and a short distance from the 29th Street shopping complex. The fitness facility is acceptable, with a weight room, pool, and other amenities. 

Before you write an offer, analyze the comps. Valuation at Gold Run is dependent on whether units are in elevator buildings (or not) and have garage spaces. Units overlooking Boulder Creek and on top floors typically sell for a premium. 

Due diligence: Gold Run has a history of fire. Give the HOA a thorough review, check not just for a reserve study, but also for special assessments related to a possible future sprinkler system. Owner occupancy is also below 50%, impacting mortgage availability and liquidity.  


Lafayette

406 E Chester | $575,000 | More Details 
A brand new four bedroom, four bath town home a few blocks from the historic downtown area at an affordable price. If you’re a believer that Lafayette is the next Louisville, go see it. With a 2 car garage and 2,800 finished square feet, this is a nice lifestyle option for a downsizing owner.  

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

Longmont 

415 Bowen | $697,000 | More Details
A remodeled historic home in Old Town with 4 bedrooms, 2 baths, and a 1 car detached garage (with heated studio space). If you’re in the market in Old Town, you should see everything that hits the market. There just isn’t much available and this one looks like it's in better condition than most. 



Ward

22 Crockett | $450,000 | More Details
If you want to live in the mountains, here's a reasonably sized 3 bed, 2 bathroom for the price of Boulder Condo. Built in the late 90’s on about an acre of land. Over sized 2 car garage is a plus. The 3rd bedroom could also be a den on the top floor. 

p.s. If you’re shopping in Ward, Ned, or Jamestown - give me a call. We have an unlisted property that might work for you. 


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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.

2 comments:

  1. Curious how much you think Boulder real estate will rise this year and when it will slow way down and possibly go down a tad. There was an interesting article just put out here http://www.denverpost.com/2017/04/16/denver-northern-front-range-real-estate-slump-2019/
    I am thinking Boulder will hold better than the other areas but the article is thinking a fall out in 2019

    ReplyDelete
  2. It wouldn't surprise me see some pull back in prices in 2019, but more likely the market will flatten and the weakest parts of the market will see prices decline somewhat. In other words, it won't be even across the board.

    This is more or less what happened in the last market down cycle. In Boulder, for example, the entry level only fell about 5% or so and did so at the very end of the down cycle. The higher end fell first, and fell further, driven by motivated sellers. The vast majority of potential sellers simply buttoned down their finances and held on through the downturn.

    My advise to sellers: This is a good year to sell properties that otherwise would struggle to find a buyer (i.e. compromised locations, deferred maintenance, bad layout/design).

    My advise to buyers: Property selection is more important than ever. Choose your home carefully. Do not enter bidding wars for so-so properties and make sure your projected holding period is a minimum of 5 years. If you're planning to own for less than 5, you're probably better off renting.

    As for that article, it's a barely disguised pitch piece for Location, Inc and their product, Scout Vision. As Trump would say, it's "fake news." Sad.

    Nobody has a crystal ball. Read Black Swan for more on why you should ignore the so called "experts." They miss calling the top/bottom of the market far more often than they get it right.

    ReplyDelete