Winter is Coming [Fresh Listings, Get 'Em Hot]

Break out your sweaters.  

Year after year, the run-up to Thanksgiving is when we see the most motivated, reasonably priced listings hit the local real estate market. This year is no exception. Last week's Denver Post click-bait article about an algorithm predicting a market crash seems to have scared a bunch of people into listing their homes. Is it the start of the correction or the usual Autumn slow-down? 

Remember: human psychology drives markets in the short-term. Fundamentals rule the long-term. The market is showing some signs of cooling, even though appreciation rates maintained upward momentum through the third quarter (in Boulder). Sales volume has dropped, inventory has started to rise. 

Our advice is to adjust your strategies accordingly. On the buy-side, as discussed last week, we're focusing our "Fresh Listings" on the most compelling real estate opportunities. Be more selective, more judicious, and patient. On the sell-side, price your house accurately and accordingly to the most appropriate competitors. "Wishful thinking" is a poor strategy in a cooling market. 

Almost seventy new listings hit the market last week. Based on a higher standard of selectivity, only seven are worth considering. As usual, we'll begin with a discussion of notable sales.  

Are you ready to see some houses? Let's go!


Remember: Worth seeing does not always mean it's worth buying - especially at the asking price. For a private showing and a data driven discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896. 

Our goal is to help you make a smarter real estate decision.


Sold Listings of Note

1820 Deer Valley Rd | $2.75MM | Details
Located near the top of Table Mesa, adjacent to Skunk Canyon trail, this gorgeous luxury home was upgrading inside and out ($450K spent on landscaping alone). It was also first listed in 2009. That's not a typo. 

Take-home lesson? At the entry level of the Boulder real estate market, there are multiple buyers for every listing. The risk of testing the market is lower. For the high-end, inaccurate pricing a fatal mistake. Luxury home buyers are far more selective and have price elasticity. They're looking at wider range of competitors to your listing. 

Pro tip: If you want to sell your home for maximum value and within a reasonable period of time, price it right and market it professionally. Make sure it's staged well, professionally photographed, and of course - choose the right Realtor. 1820 Deer Valley sold for 8.3% below last asking, cash. 



5364 2nd St | $2.2MM | Details
We first talked about this house when it hit the market in June. It's an example of outstanding modern design with a gourmet kitchen and gigantic master suite, with unobstructed views over open space. It showed beautifully. The down side is that it's also surrounded by (low-traffic) street on three sides and, of course, it was seriously overpriced when it first hit the market at $3MM. After four months and three hefty price reductions, it fell out of contract to buyer #1 and sold to sold to buyer #2 for 26.7% below original asking and 4.3% below last asking. See the take home lesson above. 



1044 Katy Ln | $977K | Details
We represented the buyer on this gorgeous house, so we'll give you the inside scoop. Prospect is one of the most compelling neighborhoods in Longmont, designed from scratch to be eye-popping, community oriented and friendly. The neighborhood is also filled with retail and if that's not enough, downtown Longmont, with a growing list of exceptional restaurants and shopping is only a short distance away. 


1044 Katy Lane is classically designed, with ample square footage, a solid layout for entertaining, a beautiful kitchen, a cupola (!!) and generous bedrooms/baths. We wrote about this house when it first hit the market. The inside scoop is that the deal was a roller coaster which hinged on solving substantial inspection issues. We worked overtime to negotiate a resolution that worked for both parties and the lender. Pro-tip: This deal almost fell apart under the pressure of deadlines. We strongly recommend sellers conduct a pre-inspection and complete repairs prior to listing. 

Fresh Listings

Boulder

8171 Baseline Rd | $1.95MM | Details
A large parcel of agricultural land with water rights. Estate quality agricultural or ranch property is in increasing demand throughout Boulder County, particularly north of town between the Diagonal Highway and US36. This land is east of town, but still within an easy bicycle ride to Boulder proper or downtown Louisville. It's a great spot to build your dream home. The key to the deal is understanding the value of the water rights. There may also be potential to offset carrying costs with possible ag revenue, lower property taxes, and potential for conservation easements. The views help the investment thesis. With the recent capital market volatility, investors are also seeking safe havens and this could go quickly. Before you write an offer, ask your Broker to analyze the comps.

For a private showing, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.

2220 Pine St | $899K | Details
A duplex in a historically desirable location near downtown. This is a perfect opportunity for a granny-flat investment. Update the property, rent out one side (short or long term), and live in the other side when you're in town, or have a spot for family to stay when they're visiting. The seller claims potential net operating income of $46K based on a remodel ($767/bedroom). Pro tip: Ask to see the math (after you put it under contract).   

2445 Junction Pl #201 | $699K | Details

A nice two bedroom, two bath on the second floor in Nickel Flats. Look past the subpar listing photos. Reasonable square footage and acceptable finishes. We're not crazy about car-ports and bike garages, but it's worth a look. Compare to nearby 3601 Arapahoe #324 (link) with similar square footage and better amenities. Plus the train shouldn't be an issue at the Peloton. Although poorly named (fire the marketing consultant), Nickel Flats is in a solid location, within walking distance to the big G and all of the adjacent retail in central Boulder. For years, we've been telling you that 30th and Pearl will be a nexus for Boulder. Get in while you still can. 

For a private showing, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.

635 S 44th St | $625K | Details

Whoa, this property is aggressively under-priced. The entry point for a basic ranch in Martin Acres or Majestic Heights is $650K. This one has a finished basement and claims to be remodeled (no interior photos as of this writing) at $625K. Ah, but there's a catch. It's rented until July, which takes out the majority of non-cash buyers (60 day maximum post closing occupancy for plain vanilla mortgage loans). The rent is solid at $3300 per month. Talk to us for a creative strategy on how to snag it.    

228 Iroquois Dr | $619K | Details

Another surprisingly inexpensive and aggressively priced South Boulder ranch - this time in Keewaydin. It's nicely sheltered from Foothills Pkwy noise. The hardwood floors are nice but the interior needs a complete remodel. Bring the right tools and don't forget to budget for landscaping. 

For a private showing, without a flame thrower, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.

4475 Laguna Pl #217 | $379K | Details

The Villa Del Prado development has been the finalist for several of our clients in recent years. It features an elevator and underground parking, plus very low student density. Amenities are acceptable (shared with the adjacent development). 

Bottom line: a generously sized one bedroom, lock and leave unit for under $400K is compelling. Plan for a kitchen upgrade. 

Longmont

4611 Portofino Dr | $530K | Details

Long time blog readers know we love the Renaissance neighborhood and have invested in rental property there. It's family filled, has decent schools, and borders open space. If you're a cyclist, you'll also appreciate being along the best routes in Boulder County. This three bedroom, two bath is in a good spot in the neighborhood. It features a main floor master, professional landscaping, and alley access garage. 

Pro tip: There are summer block parties in the alley in the neighborhood and most children walk to school. Whole foods is minutes away. The excellent Que's coffee is walkable. 

1115 Bowen Cir | $629K | Details

A cheap inexpensive industrial property within easy access to downtown Longmont and Boulder. Over 5,000 SQFT and on an 0.61 acre lot. Currently rented month to month with property taxes at just $10K per year. Zoning supposedly allows outdoor storage, but don't leave it off your due diligence checklist. It could be an additional revenue stream. What's that? Your broker won't support due diligence? Find a better one.

For a private showing, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.

Worth a Second Look

711 Pine St | $2.77MM | Details
A lovely, updated historic home in the core of the Mapleton Hill Historic District. Understated on the outside, ooh-la-la on the inside. Five bedrooms, six baths, and a one car detached garage. High quality finishes and designed for family gatherings and entertaining. Stroll to the shops on Pearl or to the Sanitas Trailhead in minutes. 

Originally listed a year ago at $2.95MM, at one point the seller dropped the asking price to $2.78MM. Hint, hint. What time of year is it again? 

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Ready to buy or sell? Schedule an appointment or call 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. 

Cover image: Caroline Hernandez

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