Why Is It Notable?
If you're shopping for an entry-level house in Boulder, first time buyers should consider Gunbarrel. In this neighborhood, mid 70's era homes like this one sell for about the same value as a much smaller 1950's ranch in Boulder proper. If you choose a house in the Heatherwood development instead of Martin Acres, for example, you'll get a newer home, double the size, and a more spacious yard for about the same money. Of course, you also are much further from restaurants, shopping, and (in normal times) work. There are tradeoffs to everything.
This tri-level is a good benchmark for current market conditions at the entry-level. The home sits on a quiet, interior street, on a typical size lot. It has some updates, although none appear to be recent, and appears to be in overall good condition. It's a good house.
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The Deal
7783 Essex Place hit the market on a Wednesday during the first week of September, priced at $599,000. The offer submission deadline was the following Tuesday, allowing potential buyers plenty of time to both see the property and consider their offers. In the end, the winning offer was $635,000 - about 6% above the asking price. That buyer did not pay cash, but likely limited their contingencies to lock it down.
As we're seeing up and down the Front Range, homes at the entry-level are attracting fierce buyer attention. With that said, you don't necessarily need cash to win the bidding war.
From a pricing perspective, it was a wise move to offer it just below the $600,000 threshold. There are far more buyers in the market at lower price points and we're now in the fall selling season. Listing it on Wednesday and slowing the action down was also intelligent. It tends to reduce the chances that the deal will fall apart because buyers have more time to consider their offers.
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.
