New Listings, Bidding Wars, and Litigation [Business Update]

The view from one of our potential upcoming listings
by Osman Parvez

A business update for the week ending March 25, 2018: 

• We had a couple of listing appointments last week at attractive properties for which market conditions are very strong. Marketed professionally there will almost certainly be strong interest from buyers. We walked the sellers through our marketing strategy and how we navigate and negotiate with multiple offers - our approach to maximize price and minimize risk. In each case, the sellers have pre-existing relationships with other Realtors, but wanted a second opinion. It's tough to compete with loyalty and friendships. We'll respect their decision, whether or not they decide to work with us. We always appreciate the opportunity to present how we're different and provide a higher level of service than our competition. 

• We prepared and submitted an offer for one of our buyers on a cute town home in Noble Park. We've had several successful transactions with the listing agent in the past, all without any significant issues and with clear communication. In this case, the sellers spent several months making improvements to the property and it showed beautifully. Our clients are first time home buyers and climate scientists at CU who are seeking a place for their young family to put down roots. To strengthen the offer, we helped our clients complete their due diligence early, which allowed us to tighten or entirely eliminate many of the usual buyer contingencies. We can't say much more about this deal at this time, it's very much in play as of this writing. 

• One of our clients was ready to submit an offer on a 2 bedroom unit at the Peloton. Unfortunately, we learned that that the only realistic financing option is a portfolio loan through Elevations due to pending litigation. Construction defect or other lawsuits are always a risk with homeowner associations, but particularly acute for new (or newer) developments. Given our buyer would prefer to use a VA loan, it's a no-go for him. Meanwhile, his second option, a condo in Goose Creek has been pulled off the market.  Apparent the seller of that unit has changed his mind. Tough break!

• While we're on the subject of pending litigation, Uptown Broadway has also been under a legal cloud due to EIFS stucco related construction defects. Our office is located here and we've also represented several buyers/sellers of these condos over the years. The litigation has now been settled with the developer, general contractor, and all related parties. Once received, this money will be used to remedy defects across all nine buildings in the community by restoring them to their originally intended condition. It also means conventional financing will likely once again be available.

• As you may already know, I'm a member of Boulder Valley Rotary and serve on its Board of Directors. We recently learned that our sister Rotary club in Yamagata, Japan is celebrating it's 50th anniversary next month. Over the years, this special relationship has resulted in a number of professional and student exchanges. I was asked to attend the celebration in person, but due to work and life commitments, I won't be able to make the trip. I put together the following video as a message from our club to theirs.   

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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.