Saturday, May 13, 2017

Inventory Rises. Selection Improves. [Fresh Listings, Get' Em Hot]


House shopping in Boulder?

As we roll into May, inventory is clearly higher than last year (about 14% for houses) and there are signals that the market is slowing (read "Better Sell Now.") In the last few years, there has been so little inventory and so much competition, that many buyers threw caution to the wind to get a chance at buying. Guess what? Careful selection and thorough due diligence are back in style. 

This week, about 150 properties hit the market in Boulder County.  I've sifted through the inventory and picked out the very best.  If you're shopping for a home in Boulder, the ones below are worth your time to consider.  As usual, we've also included a discussion of notable sales. 

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Would You Be My Neighbor?
A Note About Due Diligence
At the end of a real estate cycle, the risk of prices falling increases and property selection becomes critical. One of the most important things you should do is meet the neighbors and make sure it's the right location for you and your family. 

Many downtown Boulder neighborhoods have high student density, notably downtown Boulder, Martin Acres, and University Hill. The student rentals very house, to house. Take a walk down the alley, where many residents leave their recycle bins, and take look inside. It can tell you a lot. Remember, the best due diligence is often free. 

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




Sold Listings of Note


2958 6th St | $1.75MM | More Details
A historic Newlands cottage with rustic charm, a stones throw from North Boulder Park. It traded last October for $1.64MM, off market, which highlights the risk for sellers of not going to the open market. It was snatched up the first week it was available when it returned to market. Snooze you lose.  The flipper pocketed $100K. 



2088 Riverside Ln | $1.68MM | More Details 
A large, light-filled house with tasteful updates in a quiet part of North Boulder. Large lot, plenty of bedrooms and baths, plus a three car garage. No view and not walkable to retail. This part of Boulder is characterized by large open lots, no sidewalks, and a rural feel.  It first hit the market in April and quickly went under contract, but the first buyer flaked. The second time was the charm. 



544 Main St | $1.07MM | More Details 
A couple of years ago, Louisville could barely support $1MM+ prices but today, it's a different story. Moderate size homes in good condition, with decent layouts, near historic downtown, have crossed the threshold. This one is an open and functional 2-story family home, 1 block from the best of downtown Louisville. From a valuation perspective, it sold for under $275/T.SQFT which represents a 40 to 50% discount to parts of Boulder, not even in the downtown area.  It sold for $71K over asking and in my opinion, was a bargain.


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

Fresh Listings

Boulder 

10261 Arapahoe Rd | $2.98MM | More Details 
Talk about stunning eye candy. A beautiful farm house originally built in the 1960's and then effectively reconstructed in 2002, it featured four bedrooms and four baths across 4,500 SQFT of nicely finished space. Add in the barn, the 5 acre lot, water rights, plus the proximity to downtown Boulder, and you're looking at an estate quality piece of real estate. If I was shopping for a forever home, this would make my list, which is why I think it should be on yours.  Don't even get me started about all the garage space. Absolutely worth a look. 



835 Utica Ave | $1.19MM | More Details 
A basic four bedroom, four bath, with late 80's construction. The location is the value driver. It's west of Broadway, across from Wonderland Lake. The home has some nice updates, vaulted ceilings and solar. Lock and leave, ready for new buyers. The small lot likely precludes any expansion. Fun fact: Seller is the sister of former US senator Mark Udall. 



5271 Euclid Ave | $1.06MM | More Details 
A large, fully updated ranch with vaulted ceilings. Not much retail nearby, but close to the bike path for easy access to downtown. Large lot, radiant heat, solar, and other updates.  Ranches this large are somewhat rare. 








615 S 40th St | $625K | More Details 
Tri-level in South Boulder, right across from the rapidly improving Table Mesa shopping center. (Sweet Cow, Lucky's, The Suns). Due diligence tips: Check for road noise from Broadway. Also note that drivers often try to cut the corner at Table Mesa and barrel down this street.  



325 31st St | $610K | More Details 
Entry level Martin Acres ranch with vaulted ceilings and some quirky vintage features. Great street, very close to CU and a quick bike ride to downtown. If you're in love with mid-century modern design and want a small, very livable option, this is one to go see.  Note: the 4th bedroom might be non-conforming. This usual floor plan of this model home with the disclosed square footage usually results in three bedrooms. Check the permit history. 





600 Arapahoe Ave #3 | $550K | More Details 
Recently renovated, lock and leave 2 bed condo + study in a solid location. Due diligence: conversion to a three bedroom might be possible, check HOA and building department rules before you base your investment thesis on the conversion. 







4800 Osage Dr 34-C | $405K | More Details 
Two bedroom units in decent locations start around $400K in Boulder.  This one has the right aesthetic with exposed brick, updated kitchen and bright colors. A good alternative is Gold Run, so compare before your write your contract.  You're trading student density for potential road noise from Foothills at rush hour. 





830 20th St 204 | $285K | More Details 
These units make for good CU student condos, right across the street from campus. Interior could use a refresh. Exterior too, to be honest. The design reminds me of an old 70's era motel, but if you can get past that, it's a value play. For a little more money $300+, you can get better units in San Marco North.



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



Lafayette

565 Wild Ridge Ln | $436K | More Details 
Newer finishes, open layout and backs to open space. Not in close proximity to retail but downtown Lafayette isn't too far away.  Two car garage. Construction from this century, which usually translates to energy efficiency and better design.  The open space factor is critical, it creates a sense of spaciousness and isolation from the neighbors. 




Longmont 

912 5th Ave | $699K | More Details 
Normally, a busy avenue isn't your best bet but this one is across from Thompson Park in Old Town. The best of Longmont is right out of your door. Home has some nice updates, it's eye popping when you compare it to what you get in Boulder at this price. A good one to see if you're betting that Longmont will continue to accelerate in value. 


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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. The Euclid Ave ranch is an interesting pick. Do you have any idea if the retail at Meadows at the Parkway (off Baseline near Park East, Keywaddin Meadows, etc.) is going to improve? I love Boulder, but how can we expect people in homes in East/SE Boulder to head on over to Meadows at the Parkway to have their backs cracked at "ChiroNow!" for $20, to have their taxes done at H&R Block, and to get haircuts for $12 at SuperCuts? The Gondoliers and a few other restaurants there are decent, but overall the place seems out of line - I guess it must be catering to the students and Boulder commuters making a quick pit stop? It's treated like an armpit of Boulder.

    Also as you probably know they are building bike underpasses under Foothills by 2020 at Colorado Ave to CU East Campus. Might help values in east boulder area for accessibility to CU campus instead of biking up those steep but cool fenced in overpass tunnels. Also good that Foothills hospital is nearby. Maybe they can also build something to bike under/across the Foothills/Baseline intersection to the Meadows to avoid getting hit by a car? That would also help the Meadows since then the whole area wouldn't be just a fenced off parking lot with cars whizzing by from Foothills/Baseline.

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  2. I agree, the Meadows at the Parkway isn't exactly stellar retail. "Armpit" isn't exactly how I'd describe it, but it certainly could improve. The Basemar plaza has also dropped in quality since Whole Foods pulled the plug, it remains to be seen what replaces it. Meanwhile, Table Mesa plaza has improved with Lucky's and Sweet Cow adding to the mix.

    Better connectivity is important to create communities that are more walkable. Underpasses that connect beneath Foothills should improve things. Central East Boulder is lacking a retail center. The 55th and Araphoe area has been in the sights of density hungry city planners for some time. I'd expect something to change there in the near future.

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