Friday, June 02, 2017

Mapleton Hill Eye Candy, Downtown Lock and Leave, and Longmont Gems [Fresh Listings, Get 'Em Hot]


by Osman Parvez
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Summer is finally here and there is no better place to enjoy it than Colorado. Hear that? The mountains and rivers, they're whispering your name. We live here for a reason, but I've got bad news for you. If you're serious about home shopping, forget about your weekend outdoor adventures. We've got houses to see. 

Home buyers have to be ready to drop everything and see fresh listings, especially on the weekends. Although market conditions are changing, there is still very little inventory and the best listing go quickly.  These are the best listings to hit the market this week. 

Pro tip: Property selection is critical to capital preservation. Choose wisely, and your property has less risk of dropping during a down market and will appreciate faster when the market rebounds. Real estate is also cyclical. If your Realtor tells you Boulder real estate only goes up, show them 1824 Pearl Street (below) and find a better Realtor.



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




By the way, we had another awesome closing on Thursday. We found our buyers a spectacular family home in South Boulder, right around the corner from the park. It's a fantastic house, with the buyers paying a great price and with all inspection items addressed (inspection and appraisal rights, retained). It was a gem, hidden in plain sight.  

Market Update: It's true. As you know from reading my posts over the last few weeks, the Boulder real estate market is showing clear evidence of cooling. We're seeing a number of sellers adjust their prices accordingly. I'll post about the most interesting reductions later. This article is about fresh listings worth seeing and notable sales. 


Sold Listings of Note

750 6th St | $1.9MM | More Details 
Flatiron views from multiple locations, perfectly framed from the master bedroom. 6th is a great street, but expect some road noise echoing down from Flagstaff. Chautauqua trails and cultural events are your playground. First listed at $1.95, it went under contract immediately but that buyer later got cold feet. The seller dropped the price and it sold at asking, cash. Just under 3,000 SF and no garage, but a large lot which should be adequate for adding a garage a later date.  

Pro tip: If you're buying at or near the end of a real estate cycle, views and proximity to open space help preserve capital when the market flattens or turns downward. If you're selling, be sure your Realtor vets the buyer carefully. Buyers who tie up and then terminate on flimsy reasons cost time and money. 



5030 Bella Vista Dr | $585K | More Details 
A large, well kept house with decent finishes, in a quiet part of Renaissance. Originally listed at $598K, the seller dropped the price 26 days later. It later sold at a slight discount to asking.  

Renaissance is a good option for buyers who need a larger, newer home, but are priced out of Boulder. It's only about 15-20 minutes away and less than 10 minutes to the Whole Foods in Longmont. Boulder's best cycling routes are nearby. Disclosure:  I own an house in Renaissance, call me to discuss my investment thesis. 


3701 Arapahoe Ave 408 | $500K | More Details 
Turn-key 1 bed, 1 bath unit at the Peloton. Top floor with decent foothill views. Lock and leave.  This sets a new benchmark for 1 bedroom, luxury condos at the Peloton. 

Deal note:  The seller bought in January 2015 for $286K, or a 26.3% unlevered IRR!.  Wow.

By the way, if you're interested in the Peloton, please call me. The developer is releasing units in the two newer buildings as leases expire, and you should compare with alternatives.  I've been tracking this development since it was constructed. 

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

Fresh Listings


Boulder 

720 Mapleton Ave | $3.5MM | More Details 
Eye candy alert!  This is an elegant home on quite possibly the best recognized street in Boulder. 5 beds, 6 baths, and a detached 2 car garage for all of the toys. High end updates throughout.  Showings start today.  





2505 23rd St | $1.9MM | More Details 
Contemporary and modern in the heart of Boulder. Walk to downtown and Whole Foods. Directly adjacent the Alpine-Balsam-Panorama peninsula. Before you write the offer, be sure to compare view vs no view lots. This neighborhood can be tricky to evaluate because of the variability of the views.

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



2370 Kenwood Dr | $1.79MM | More Details 
Originally built in 1980 with an addition in 2000. A large home on a great street in South Boulder. Finishes are dated, save some budget for the remodel. It looks like it has good bones, you might get away with only addressing finishes only - much easier with the ongoing contractor shortage. Vaulted ceilings, trails nearby. 



1824 Pearl St B | $1.09MM | More Details 
The best of Boulder out your front doorstep. Decent finishes and a 1 car garage.  A pretty awesome town home style property, with minimal maintenance.

Market note:  At the bottom of the last cycle in 2009, these units went on a fire-sale (likely bank ordered) and this unit sold for a shockingly low $580K, 55% below the developer's original list price. If you're buying at or near the end of a real estate cycle, property selection is critical if you care about preserving your equity.  Choose wisely and be sure you're working with a Realtor who understands their fiduciary responsibility

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


4404 S Hampton Cir | $1.09MM | More Details 
Spacious home in Four Mile Creek backing to open space. Mostly original finishes, with an updated kitchen. Four Mile has been a very active neighborhood, lately.  In the last few years, it seems that Boulder buyers have discovered that it was under-priced.



2170 Hillsdale Cir | $989K | More Details 
A large ranch in upper Table Mesa, under a million. Interior and exterior need a refresh. 

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



1049 Yale Cir | $785K | More Details 
South Boulder, open ranch with a finished basement. Needs an update. The front yard looks like a handful. 






Lafayette

203 E Cleveland St  | $769K | More Details 
Downtown Lafayette is improving in recent years. This one is a cute and charming historic 5 bedroom. Close to Lafayette Elementary. 

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

Longmont 

327 Pratt St | $898K | More Details 
The best of Old Town Longmont, 3 blocks from Main St. The home is spacious and elegant. If you want Mapleton Hill for prices from 15 years ago, here's your chance.  Many feel that Old Town Longmont is just like Mapleton Hill, before the market took off. 



817 Nelson Park Dr | $419K | More Details 
Southwest Longmont, close to decent retail options. The home itself has a solid level and seems in good condition. Nelson Park is a value play and a great neighborhood.

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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: Filip Mroz

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