By Osman Parvez
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2018 is off to a strong start. This week, a number of interesting properties hit the Boulder real estate market. We sifted through and pulled out the best.
Our picks include a cute Newlands bungalow as well as luxury attached dwellings for students, young professionals, and mature adults. If you're in the market for a CU kiddie condo, there's also a well located one that you should go see and it's at a surprisingly affordable price. A few family friendly options made the list, too, but more than one may be subject to the 100 year flood.
Is it big deal? Yes, period. Not only can the cost to insure ratchet up quickly, a 100 year flood designation creates additional constraints for improvements and modifications. If your agent doesn't understand or take it seriously, find a better agent.
Market Update
Before we discuss specific listings, let's talk about market conditions..
As of this writing, house inventory is about the same as last year in Boulder, while inventory for condos/town homes has increased markedly - a good portion from new development, including S'PARK. Meanwhile absorption has dropped slightly for houses but remains about the same for attached dwellings.
What does it mean? In short, selection is better this year for buyers seeking town homes and condos and demand is steady. Meanwhile, demand for houses is slightly lower, which could further open up supply.
OK. Are you ready to see some real estate? Let's go...
Sold Listings of Note
Recently closed transactions to illustrate market conditions.
3551 4th St | $2.69MM | More Details
Wow, this house is beautiful. It was also on the market for eight months before it sold, dropping from an original list price of $3.2MM to a closing price of $2.7MM. Click above for photos and prepare to drool. Located in a spectacular location with potential access to social trails into Sanitas. Well bought.
Frankly, we advise our clients to not see houses like this. They're often beautiful inside and a compelling value, if you can *just* ignore that one thing. What's that one thing? Location. Check out the pretty pics, then look at the map. Originally listed at $700K, sold for $650K, after about 5 months on market.
To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
Fresh Listings
The best of Boulder real estate and beyond.
A well appointed, luxury condo with high end finishes. Close to campus and the Boulder Creek Path. Mountain views. Due diligence: Subject to traffic noise from 28th.
Large ranch with dated finishes. The value is the substantial lot in a location dotted with renovated and expanded properties. Ranches tend to be the best platform for building a newer, modern house.
Due diligence: Check the updated FEMA flood maps. The maps on the MLS are dated. Consider obtaining a elevation cert as part of due diligence.
3101 Bluff St | $935K | More Details
One of many town homes available at S'Park, a project which should be substantially completed this year. It's walking distance to Google and a variety of retail options. Area should continue to rapidly improve. Due diligence: train noise.
To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
5192 Holmes Pl | $919K | More DetailsLarge, dated family home in a decent location. Arapahoe Ridge has more substantial lot sizes and greater separation between homes, a neighborhood pocket park, and good schools. Due diligence: Flood mapping. Supposedly the seller has a flood cert. Make your offer contingent on confirmation of flood status and final approval of FEMA Letter of Map Amendment.
Take a look at the map below. It's from the latest approved FEMA/City flood map. The dot is the subject property. The darker purple area is the 100 year flood zone, which surround the property on three sides. The lighter purple is the 500 year flood. Ask your agent about the constraints of the 100 year flood. If they don't know, get a better agent.
3134 11th St | $900K | More Details
Bungalow in Newlands in a decent location. Historic and charming. Due diligence: Potential for some traffic noise from Broadway. Also, keep in mind that historic review may be required for many permit applications and the size is constrained by compatible development regulations.
3805 Britting Ave | $875K | More Details
Moderately sized 4 bedroom, 3 bath family house in Bear Creek. Could use some cosmetic updates but it appears reasonably well kept.
2850 E College Ave 402 | $725K | More Details
Top floor penthouse with 3 beds and 3 baths, plus 2 underground parking spaces. It's priced only 9% above the sale price from 2013. It wouldn't surprise me if this doesn't last the weekend. Due diligence: Landmark Lofts has very high student density. It's close to campus, not far from 29th Street, but subject to traffic noise from 28th.
To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
5 bedroom, 3 bath ranch with a basement in Martin Acres. Some nice updates in this one, despite the cluttered listing photos. Subject to traffic noise from US36 and Moorhead.
3701 Arapahoe Ave 301 | $665K | More Details
Peloton resale. 2 bed, 2 bath with 1200+ SQFT and 2 garage spaces. Ask your agent to compare prices to newly released units from the sales office. This might be a bargain.
1825 Marine St 11 | $300K | More Details
For years, I mistakenly believed 1 bedroom units were a bad investment. When I finally compiled and analyzed the data, I found the historic appreciation rate was essentially the same for 2 bedroom units in Boulder. The difference is in the availability and quality of tenants and the speed of resale. This one is in the perfect location for students. You're probably not going to find a cheaper property outside of affordable housing. The HOA dues are reasonable (for now) and it includes one reserved parking space. The loft style layout looks good, despite the small size. Currently rented at $1345/month and the tenant wants to stay. If junior is considering CU or Naropa, this could be a good option. Cash or portfolio loans only, the complex is non warrantable due to investor ownership (like many developments in Boulder).
To schedule a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
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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: Jani Brumat
