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Top Boulder Real Estate Sales of 2018 [#6]

--- by Osman Parvez

Charles Haertling designed dozens of buildings in Boulder during the 60's and 70's. An architect and city council member, he created the Menkick House to seamlessly flow directly into a prominent rock outcropping. It features a distinctive mid-century modern design with a large cantilevered deck overlooking the creek, perfect for entertaining. This extraordinary home contains four bedrooms, five baths, and just over 5,100 finished square feet on a 1+ acre lot at the base of Sunshine Canyon. 

 The Menkick House is the #6 Top Boulder Real Estate Deal of 2018.  

 Pics and Details

I visited this home several times at the request of my buyers. The sellers made a number of improvements to the property but based on lot size, location, updates needed, and early 70's construction, it was priced too high. I advised my clients accordingly. 
Unlike a more traditional property, the asset value of the Menkick house is based not just on functionally comparable sales but also on the unique artistic aspects of this home. How future Boulder buyers might view Charles Haertling's work was an important consideration. We explored these and other questions including how to remodel the property without deviating from the spirit of the original design, the risk of a shifting regulatory environment given potential annexation of the subdivision, and the upcoming Academy Mapleton Hill project. 

 Investment performance: The Menkick House was listed in May at $5.75MM and, as predicted, no buyers came knocking. It sold for $4.68MM ($916/SF) about three months later or 18.6% below the asking price. Based on estimated repairs the seller made to correct deferred maintenance, it gained approximately $1.4MM in value. This represents an impressive 15% IRR during the seller's 33 month ownership period. 

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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. 


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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.