737 Pearl Street [Notable Sale]

Why Is It Notable?
West Pearl is one of Boulder's top locations. This unit, built in the late 1970's, is a five bedroom, three bath townhome located in the Pearl Street Townhouses. It has a Japanese garden feel to it with lush landscaping. 

The owner, a fellow Boulder realtor, acquired the property in 2018 for $1.3M. Other than paint, it doesn't appear that much was done during their ownership tenure. They listed it for sale at a wishful thinking price of $1.65M at the end of April. After pulling it off for a brief period, it was brought back to market, and then the price cuts began. It eventually sold for $1.48M or $640/SF. 

1. Setting the asking price for unique assets can be tricky, even if you're a Realtor pricing your own home for sale. The $1.65M asking price was a guess. Mr. Market made the final call.   

2. This particular location has enduring value and, assuming you believe in downtown Boulder's resilience, is a low-risk investment decision. It's a block away from the best restaurants in Boulder and a short walk to open space trails.

3. 737 Pearl is a somewhat average unit in a somewhat rundown complex, albeit with a highly functional bedroom count (no garage). It fetched mid $600's/SF. Luxury new-build will often exceed $1,000/SF. A gut remodel of the interior of this unit should be a well supported investment for the new owner.

Osman Parvez  is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.

Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.

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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. House Einstein strongly recommends 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.