It's been a busy week. Not because I was working, mind you. In the real estate business, we work on the weekends and take our free time during the week. I was on a motorcycle adventure (pics).
Now that I'm back, let's take a look at fresh listings. As usual, no refreshed old stuff and no compromised locations. These are the best the Boulder real estate market has to offer. We'll also discuss a few recent sales to help illustrate market conditions.
Are you ready to see some houses? Let's go!
To schedule a private showing, which includes a discussion of valuation, negotiation, and market trends, call Osman at 303.746.6896.
Sold Listings of Note
1035 5th St | $2.8MM | More DetailsAfter nearly four years on market, this unique glass house sold for a massive $695K below last asking. It was originally priced at $4.25MM.
Take home lessons:
1) Never be afraid to offer less than asking, especially when a property has been on the market for an extended period of time.
2) Unique, high-end homes are challenging to price accurately. Comps and qualified buyers are scarce. Doing it right requires a more sophisticated approach than the typical comparable sales analysis. Back when I worked in real estate on Nantucket, we would only price homes after a careful discussion of valuation with some of the town's top brokers.
3) It can be an amazing experience to watch your dreams become reality, but Mr. Market may not always agree with your perception of value. A good architect (and Realtor) counsels their client on choices that impact future market demand.
4) The market becomes very thinly traded when you cross the $2MM threshold. Caution is warranted, especially as we near the end of a real estate cycle.
1013 Berea Dr | $850K | More Details Tastefully remodeled, solid location. Possible traffic noise from Broadway. We've sold several homes on this street and the location is desirable. Ranch style homes also make for the easiest platform for future renovations. This sale sets a new market plateau for this style of home and location for early summer 2017.
445 S 38th St | $773K | More Details Completely refreshed 6 bed, 4 bath and backing to Martin Park. Another market setting sale. Note: Before you think your dilapidated Martin Acres ranch is worth ~$800K, check out the photos (link above).
8011 Countryside Pk #219 | $350K | More Details
Great natural light, open layout and walking distance to the best of downtown Niwot. I've been telling my clients about this little honey pot location for years. On the weekends, it's a short stroll into cute, small-town retail (including two brew pubs) and the 1914 House (highly recommended). During the week, you can get to downtown Boulder or the 30th/Pearl office complexes in minutes. It's a good option for Boulder home owners to lock down for future down sizing. Don't be surprised if my future posts include a disclosure that I've purchased one. I think they're undervalued. This one went for $25K over asking (premium location, some updates).
To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.
Fresh Listings
Boulder
4795 Valhalla Dr | $2.45MM | More Details
This 5 bed, 5 bath elegant home is in one of those hidden Boulder locations that rarely trade hands. Situated on ~4 acres. Close to Boulder with immense surrounding open space. Private, retreat-like setting. Due diligence: Water rights are critical when you own acreage in Boulder. This one includes a fifth of a share of farmer's ditch.
2919 6th St | $2.1MM | More Details Large Newlands family home built in 2006. The location earns an "A", it's only a block from North Boulder Park. Picture perfect, with a classic "Colorado feel." Last listed, but not sold, in 2012.
824 7th St | $1.49MM | More Details
Upper Chautauqua bungalow with vaulted ceilings and a massive back porch. Location is the value driver. Reasonable size, all bedrooms on the main. Smaller lot.
To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.
2244 Lee Hill Dr | $1.1MM | More Details
37 acres to yourself, complete with house on a killer perch. Relatively quick commute into town. Late 80's vintage construction, 3 car garage. Interior could use a refresh (hint: no kitchen or bath photos). Due diligence: Fire mitigation and suppression: You'll want to take a chainsaw to some of those trees to create 100' of defensible space.
To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.
4668 18th St | $950K | More Details A larger, family friendly home in North Boulder near the Holiday neighborhood. Close to trails and some retail at Uptown. We know this location well and sold the neighbor their home a few years ago. They're an awesome family, by the way. Neighborhood parks make up for the small yard. Nearby early childhood education options are convenient. This part of North Boulder continues to improve. As I recall from when this was last on the market, the floors are a little scratched up. Save some budget for light finish work.
4786 McKinley Dr | $800K | More Details
Arapahoe Ridge is quiet and full of winding streets with large trees. Lot sizes are larger, which creates more spaciousness and privacy. The city owned park doesn't have the same transient problem as many other Boulder parks. What's that? Your agent didn't mention the downside of living next to a park? Next time, choose a better Realtor. House has some updates, could use a few more. At this price point, don't expect it will last long.
A 2 bed, 2 bath in Spanish Towers. This complex is older but close to campus, these rent easily. The loft is a plus. This one might make for a good CU kiddie condo or investment property. Have junior take one side, rent the other to a friend. Due diligence: Careful HOA review based on conversations with the former HOA manager.
To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.
Longmont
912 5th Ave | $649K | More Details
Mid-Century Modern, right by the park, not to mention the best of Old Town Longmont. Don't judge the price until you see the extend of the updates and the location. It's right on the park.
902 5th Ave | $589K | More Details
Historic gem, built in 1905. Close to Roosevelt Park and Main St. Check out that wrap-around front porch. Due diligence: usual historic house issues (foundation, wiring, functionality). A relo company is handling the negotiation, so you've got time to see it and get your offer together (Talk to your Realtor).
818 S Terry St 76 | $285K | More Details
3 bed, 3 bath townhome in South Longmont for under $300K. Built in 2005. Cheap HOA. Close to decent retail options (Lucky's!) and walking distance from Sophie's favorite distillery, Still Cellars.
3 bed, 3 bath townhome in South Longmont for under $300K. Built in 2005. Cheap HOA. Close to decent retail options (Lucky's!) and walking distance from Sophie's favorite distillery, Still Cellars.
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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: Raphael Schaller
