Sunday, April 23, 2017

Ready for Spring Eye Candy?


Spring is here. The tulips are blooming on Pearl Street, cycling routes are busy, and hikers are packing the trails on the weekend.

The Boulder real estate market has swung into full gear, too. Listings are popping up everywhere and buyers are flooding into the market. The most desirable homes disappear quickly. Buyers need to move quick to compete. 

Here's a look at recent notable sales and this week's fresh listings.  



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




Sold Listings of Note

2930 18th St | $2.4MM | More Details 
When this hit the market, I knew it would go fast and likely for a premium. I wasn’t expecting the bidding war to catapult the asking price to 15% over asking. Likely, neither was the developer. Wow. 

Why the premium? Ask anyone who has recently been through the design and permitting process with the city or dealt with the ongoing skilled labor shortage in Boulder. As my old Finance professor used to say, let’s talk about the time value of money.

P.s. Congrats to AQ and his marketing team on a job well done. We’re still overdue for that beer.



2880 Juilliard St | $1.7MM | More Details 
When I took buyers to see this house, it impressed me. After nearly fifteen years in this business, that’s not easy. The upside down layout (living and kitchen on top, bedrooms below) is preferred when a view is possible. The design creates excellent flow from the kitchen through dining and living spaces onto the exterior patio, which boasts breathtaking views. It’s an excellent house for both family living and entertaining. My main question was how to best utilize or reconfigure the home theater. It's also important to understand the risk of the western neighbor expanding upward and blocking some of the view. 



4647 7th St | $1.65MM | More Details 
We represented the buyer of this stunning house and let me tell you, after a year of looking, it checked all the right boxes. Bottom line: It’s hard to find substantial, recently constructed homes in Boulder if you want to be surrounded by open space and enjoy stunning views. 

After seeing virtually every house on the market, the reality is that there isn’t much in this category less than $2MM, within the city limits. If you’re shopping in the $1.2 to $1.8MM range, you’ll more likely find scrape opportunities and face the considerable time and costs of redevelopment - not to mention the associated risks of cost overruns and unexpected delays. 

This beautiful property was a home run and the deal was handled smoothly, from start to finish. It was a pleasure working with Amy Scott, the seller’s agent. I look forward to doing more deals with her in the future. 



114 Huron Ct | $665K | More Details
Greenbelt Meadows is a neighborhood just south of the Boulder Rec Center, surrounded by open space. This one caught our eye because it’s a smaller, less substantial home to one we expect to list soon. Sale points were the conventional layout, vaulted ceiling/open floor plan, updated kitchen, and outdoor living space. This home helps set the floor valuation for the neighborhood (for a smaller home in good condition, with updates).  


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


Fresh Listings

Boulder 

503 Kalmia Ave | $3.2MM | More Details 
A grand, estate quality gated ranch on a generous parcel. West of Broadway and in close proximity to open space. As I’ve written with other high-end properties, the $3MM threshold is a significant inflection point in the Boulder market. At this price and above, buyers should expect property that is completely turn-key, in premier locations, and architecturally compelling. This one fits the bill and is worth seeing. 

Due diligence: Intelligent real estate decisions are based on deep market knowledge. There are only 11 properties currently available in Boulder priced above $3MM and 4 properties under contract.  Meanwhile, there were only 11 market transactions during the past twelve months. Slightly under half sold for a discount to asking. It’s a market of unicorns. Understanding valuation is critical to not overpaying. 



770 Union Ave | $2.195MM | More Details 
Here’s some eye candy for you. The photographs could have been lifted from a modern design home magazine, despite the fact that this home is 6 years old. 5 bedrooms, 5 bathrooms, across 5,800 SQFT. The lot size is decent and the location is excellent, especially the access to open space. 



6177 Olde Stage Rd | $998K | More Details 
I’ll never forget my first listing off Old Stage. It’s such a spectacular location, giving owners a taste of mountain living without the hassle of a long, winding commute into Boulder, and it’s only a few minutes away. This one is set back far enough from the road, has views, and a few updates.  

Due diligence: The usual key areas for mountain property; water, fire defensibility, commute time, and pay attention to the neighbors. 


8272 Kincross Dr | $750K | More Details 
This 4 bedroom, 4 bath is in a nice spot in the neighborhood.  It backs to open space, but the better views are around the corner to the south. It’s a classic mid 70’s two story. Some updates, and some wood paneling for you to replace.   




235 Fox Dr | $720K | More Details 

A nicely updated 3 bed, 3 bath end unit townhome with a two car garage. The location has great access to CU and retail along the bike path, including the ever popular Table Mesa plaza with Lucky’s, Sweet Cow, and the Southern Sun, to name my favorites. The nearby Chancellor’s residence makes for a nice walking or running loop, where I personally run often. This would work well for downsizing owners that want a lock and leave lifestyle, but a reasonable size residence. The seller has put in some thoughtful updates. Adult townhomes are rare in Boulder and often sell quickly. Don’t wait too long to go see it.  

Full disclosure: This is my listing. Contact me at 303.746.6896 for a private showing. 



2880 Sundown Ln 208 | $390K | More Details

Gold Run is on the Boulder Creek path, and has exceptional access to CU, downtown Boulder, and the 29th Street mall. Student density is high (for a reason). 

Before you write an offer, be sure to compare pricing for units with elevator access, garage spaces, and orientation in the complex. Top floor units are vaulted and often have nicer patios.   Historically, these have been strong investments, hence why it’s less than 50% owner occupied, crimping mortgage availability. 

This particular unit is rented just below market at $1550/month with an HOA of $344/month, so not exactly a killer cap rate. The right buyer is probably an end user (i.e. kiddie condo) betting on the property keeping up with inflation for 4-6 years and being a better investment than paying rent during that period.   

Fun fact: The first place I ever lived in Boulder was at Gold Run. I loved how quickly I could bike downtown. I also loved the informal swimming hole at the back entrance to the complex. The clubhouse has a useable gym and other amenities. 


850 20th St 201 | $300K | More Details 
A lock and leave 1 bedroom unit in a well constructed building, just across the street from campus. It’s another smart buy for a CU student condo. This one has some updates. We recently helped an out of state CU mom purchase one of these units for her son, and she's thrilled with her intelligent investment decision. 




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


Louisville 


1235 Kennedy Ave | $978K | More Details 
Just under $1MM for a reasonably sized family home. Backs to Harper Lake open space. Some tasteful updates, a good floorplan with at least one bedroom on the main. 3 car garage for the toys. Original owners (27 years!). 






399 W Elm St | $699K | More Details 
Two on the same street this week. This one is significantly larger and better finished than 366 W Elm, for a higher price point. It’s also 63% larger above grade SQFT. Be sure to see both to understand the valuation.  

Due diligence: Traffic noise on W Pine could be an issue. Visit during peak traffic times to hear for yourself. 




366 W Elm St | $475K | More Details 
The pocket of open space in the middle is one of the best features of this neighborhood, which is why it’s popular with buyers. A decent layout and a sense of space from the neighbors. Clearly some updates needed, but likely a solid choice.  



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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: Melissa Askew

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