Business Update

by Osman Parvez
I began writing this blog thirteen years ago because it was an efficient way to publish research on Boulder real estate market conditions. This is still true today, but the pace has slowed to about one blog post per week. With over 30 closings last year, we're busy and clients always come first. 

Here's a business update on recent happenings for House Einstein: 
  • Last weekend, we were one day late to submitting an offer on a gorgeous house on Sunset Blvd. My buyers were waiting on redevelopment limitations from their architect. Despite the house being on the market for months, one day late still meant we missed it. The hunt continues for the perfect blend of a large lot, privacy, development flexibility and a location as close to downtown Boulder as possible. If you have a pocket listing up your sleeve, please to reach out. (ph: 303.746.6896). 
  • This past weekend, we listed a very attractive two bedroom + loft condo in the heart of Niwot. It's generously sized at +1200 SQFT, has a great layout, and is directly adjacent to the bike path. The location is perfectly situated between the historic, thriving downtown and the retail center. At the very affordable price of $355,000, I don't expect it to be on the market long. Come tour it at our open house this Saturday from 12-2pm.
  • A couple of weeks ago, we had a nice closing on an unlisted two bedroom + loft in Gold Run. It was a great investment for the buyers and a solid exit for the seller, with a fair price and a smooth closing. If you're thinking of selling or happen to know of another coming to market, these buyers are on the hunt. They're seeking high quality CU student rental investments. Gold Run, Wimbledon, and Tantra are on the list of possibilities. 
  • Another one of our new listings is hitting the market this week in Glenwood Gardens. It's a two bedroom condo in a gem of a community, with great access to Boulder bike paths, retail, and commuting routes. Photography is today. It should be on the market by Friday. Limited showings to serious buyers are allowed pre-MLS. Contact us for details.
  • We recently hosted our first, newly re-started Boulder Real Estate Meetup and our first real estate themed movie night.  Both were fun events, filled with good conversations.  The movie was "The Money Pit," by Tom Hanks.
  • To better serve our clients, we officially launched our property management business earlier this year. For years, we've referred out property management to other companies in Boulder but have frankly been disappointed by the feedback we've received from our clients. We can do better. As of this writing, we have five properties in our portfolio, only one of which is available for rent. We're only interested in managing well maintained, high quality rental properties within the city limits. These type of properties attract high quality tenants, which results in fewer problems, and allows us to grow this business line sustainably. It's primarily a service we extend to our existing clients but we're open to new relationships.  
  • We recently had to fire a poorly performing contractor. After a year of managing updates on this particular property, we've seen first hand the shortage in skilled labor, especially for small to medium size projects. As one of my experienced contractors put it, "too much work, so people who don't know what they're doing are in the industry." High quality construction companies have a backlog of six to twelve months and are typically only interested in larger projects. This adds a premium on remodeled, turn-key properties in Boulder. It was disappointing and costly to let this contractor go, but having emotional meltdowns on the job can't be tolerated.
  • This is the time of year that agents often switch firms. With our new office and growth in our business, we're open to adding an agent or two this year. We're a small shop, with a focus on providing deep market knowledge, expert negotiation skills, and high levels service to our clients. If you're an agent with at least three years of experience and you want to be part of a fantastic team, give me a call. Let's talk. 
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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. 

Please Note

This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.