December is the slowest time of year in Boulder real estate. Does that sound bad? Well, it's also when we have negotiated some of the best deals for our clients. As we've previously discussed and our analysis clearly supports (check out our Insta), the market is tapping the brakes. Accordingly, we've tightened our selection criteria, only focusing on listings that truly stand out. Only three new listings made the cut this week.
Ready to see some houses? Let's go.
Remember: 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
10069 N 65th Street | $1.53MM | Details
The rolling farmland west of the Diagonal highway between Boulder and Longmont is highly desirable, with demand fueled by affluent buyers who seek to build luxury homes on private estates. This particular property, part of the original Bergen Family Farm, includes 50+ acres of land and water rights. The existing 90's era house has 5 bedrooms, 4 baths, and over 5,000 SF. Other than somewhat dated finishes, it's in decent shape. Spruce it up with a new kitchen and flooring and it should be ready to go. From a deal perspective, the closest comps were not nearly as nice; 9247 N 63rd (46 acres) and 6412 Hygiene (40 acres) sold earlier this year. Both had much older homes that will likely be scraped and yet each sold for $1.4MM. The buyer of this estate scored quite a deal, comparatively especially when you include the value of the 10,000 SF agricultural building and 1,900 SF workshop. The property was originally listed at $1.75MM in April, went under contract in July, dropped the price twice, and finally sold for 1.6% below last asking.
This home reminds us of one of our favorite sales ever (looking at you Carolyn), just a block or so away. It's a cute Craftsman with five bedrooms, three baths, and just over 3,000 finished SF. No garage (carport instead) and basic finishes, but otherwise solid. The curious part of this deal was the dramatic $150K price drop after only two weeks on market. It sparked a bidding war which drove the price $65K over asking. Pro tip: The 4th quarter may not have much inventory, but it always has the deals.
Due diligence: Historic homes require more in-depth due diligence particularly around the foundation, electrical, mechanical, and plumbing systems of the house. Asbestos and other environmental hazards are common. Maintenance costs are typically 2x a more modern home but in the long run, historic homes never go out of style and tend to hold their value better. On the Hill, buyers should be particularly vigilant for neighborhood quality of life issues. Student density varies block, by block. Check for red cups in the neighbor's recycling bin.
630 N. Cedar Brook Road | $690K | Details
One of our readers asked why we don't feature more affordable homes. Well, here you go. Pinebrook Hills is dotted with luxury homes, is minutes from Boulder proper, and finding a functional house priced below $800K is a rarity. 630 N. Cedar Brook features four bedrooms, an open floor plan, an attached two car garage, and over an acre of land. It was rightly snapped up shortly after listing (7 days) and the buyer negotiated 4.8% below asking (cash deal).
Fresh Listings
658 Marine Street | $1.95MM | Details
When we first moved to Boulder, we were convinced that many of the student occupied historic homes on the west side of town would soon sell and become owner occupied once again. With their gorgeous historic appeal and close proximity to downtown, Chautauqua, and funky retail on the Hill - it just made sense. Smart Regs would help fuel that process. In the years that have followed, it's proven true but occurring much slower than expected. This historic looking multi-family house (originally constructed in 1911 and rebuilt in 1989) is a rare example. The current cap rate on the house is 4%. A buyer could update the interior finishes and bump the rent or possibly convert it back to single family use. For now, it might be safe place to park capital and ride out market volatility. It's only two blocks away from Boulder Creek. Only a showing will tell.
For a private showing and a data driven discussion of valuation, negotiation strategy, property potential, and market conditions, call Osman at 303.746.6896.
A remodel in Louisville, by an experienced flipper. Worth seeing for the finish quality and transformation. 6 bedrooms, 5 baths, 3,000 finished SF and backs to open space. New windows and lots of updates throughout.
For a private showing, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.
Shanahan Ridge is a solid location in South Boulder, with low student density, easy access to open space, and exceptional public schools. The town homes in this 70's era development tend to sell quickly and rent easily (if that's your investment thesis). They also make great living situations for first time buyers or downsizers. The keys to valuation are the orientation of the unit in the complex, whether it's a ground floor unit or second story, and proximity/views to interior open space. Some of the units have been nicely updated and re-finished, while others are projects. A dozen have sold this year, with prices ranging from $330K to $725K.
Due diligence: The units have baseboard electric, which add some challenges to heating and cooling. Many of the owners have removed the wood stoves.
Due diligence: The units have baseboard electric, which add some challenges to heating and cooling. Many of the owners have removed the wood stoves.
For a private showing and a data driven discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
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Ready to buy or sell? Schedule an appointment or call 303.746.6896.
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As always, your referrals are deeply appreciated.
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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: Emil Vilsek
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Ready to buy or sell? Schedule an appointment or call 303.746.6896.
Feeling social?
Facebook | Twitter | Instagram
As always, your referrals are deeply appreciated.
--
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: Emil Vilsek
