Home Runs and Hobby Farms [Boulder Notable Sales]


As Babe Ruth once said, "Don't let the fear of striking out keep you from playing the game." So swing batter, swing because this week we cover five notable sales, including a highly profitable spec home built on the bones of a basic ranch and a hobby farm that tested the market (and failed). 

Buy your peanuts and cracker jacks, we're taking you out to the ball game!


For private showings and discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. My goal is to help you make a smarter real estate decision.




Sold Listings of Note 
1250 Albion Way | $1.95M | Pics and Details
A year ago, this was just another basic ranch in South Boulder. A developer acquired it in late January '18 and by April, they had pulled permits. It was back on the market this spring, completely reconstructed.

The finished product is a tasteful, contemporary two story home with four bedrooms and five baths. The home is well finished, with spacious dining and living spaces including an orientation to feature the views. It also has an open floor plan and most bedrooms now feature en-suite baths.

Deal notes: 
Acquisition cost: $700,000
Stated value of construction: $495,750 
Various permit fees: $20,350 
Original asking:$2,250,000 

3 weeks after listing, the seller accepted an offer of $1,950,000. 

Although we don't know the carrying cost, profits were still likely in the $600,000 range, after fees - a home-run by any measure. From the buyer's perspective, it's more difficult than ever to obtain permits, deal with long construction delays, and manage contractors in Boulder. Turn key has value. 

For private showings and a discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. 


3920 Nelson Rd | $1.23M | Pics and Details
Owning a small farm is a dream for many Boulderites. This particular property had a lot of things going for it, including water rights, adequate acreage, a great location, and views. The existing structures were sparse however; a remodeled but small studio apartment, an art/workshop space, 1 car garage and a dirt floor barn. In other words, this property is a canvas for a future dream home/hobby farm. 

Deal notes: A year ago, the seller listed it with a wishful thinking price of $1.6M. Six months and two hefty price reductions later, they pulled it off the market. It was back this spring (along with a new listing agent). Two months later, the seller faced Mr. Market and accepted reality. It sold for $1.225 or 15.5% below the last asking price. 

Take home lesson: Price it right to maximize value and minimize time on market. 

For private showings and a discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. 


1140 Berea Dr | $800K | Pics and Details

A basic South Boulder ranch with a remodeled kitchen, skylights and new windows. Landscaping was nicely done, with a flagstone patio and fire pit. At some point in its history, the garage was likely converted into a living space. 

Berea is a great street, with low traffic and close proximity to the park and Table Mesa retail center. We took clients to see it and our primary concern was that the irregular lot shape and east/west orientation would negatively impact the potential building envelope. 

Deal notes: It hit the market in April, went under contract in just a few days and closed for full asking on June 15th. 

For private showings and a discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. 

864 Laurel Ave | $777K | Pics and Details
The interior is dated and the landscaping overgrown but otherwise this home was generally in good shape. The spacious floor plan make for good bones for a remodel and the gigantic secondary garage/workshop was a huge added bonus. Also, unlike many of the homes in this location, it's not in the 100 year flood plain. 

Deal notes: We represented the buyer on this property and put it under contract five days after it hit the market. Amid multiple offers, we negotiated the deal for just $2K over asking. The largest challenge was dealing with the sellers lack of adherence to the contract. They were still moving things out on closing day. In the end, the seller contributed almost $10K in concessions including a last minute fee for cleaning the house after closing.   

For private showings and a discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. 


4365 Martin Dr | $580K | Pics and Details
Read a listing description, and you expect the usual over the top, gushing cliches like "in the heart of Boulder" or "stunning mountain views." It's rare that a listing does the opposite and says "as is."  Do so, and buyers expect problems. It also ends up leaving money on the table. 

When we took our buyers to see this home, we noted the odd use of exterior landscaping for flooring (flagstone?) and a complete lack of updates, but we didn't see any major lurking issues. Sure, the T-lock shingle roof is an insurance issue and Martin Drive is a little busier than most of the interior streets, but this home's condition was tolerable.  

Deal notes: A typical ranch on a quiet street in Martin Acres should sell for low to mid 600's. Subtract $5K to $10K for a busy street. Ultimately, this one sold substantially below market. It was listed at $565,000 and closed for $15K over asking. 

For private showings and a discussion of market conditions, valuation, and negotiation strategy, call Osman at 303.746.6896. 






The chart above shows our updated price index for basic 3/1 ranches in Martin Acres. This index is for basic ranch style homes without basements, not on Moorehead, with a 1 car garage. 4365 Martin is not actually in the index because it has a second bath but the chart still illustrates the point. 

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Ready to buy or sell? Schedule an appointment or call 303.746.6896. 

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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: gatorgoon
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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.