2550 Balsam Drive [Notable Sale]

BOULDER NOTABLE SALE: 2550 Balsam Drive | $2.4M

Why Is It Notable?
The Panorama - Alpine - Balsam peninsula is a geological perch that overlooks the city of Boulder, with views both to the north and to the south, provided you're on the right side of the street. The non view, inner side of this micro-neighborhood is not so lucky, but valuations get dragged along for the ride never the less. We've been keeping an eye on the property since it first hit the market. It's a fine house, reasonably sized, and with the amenities that buyers require of a home in this price range and location.

The trouble was being nestled among so many homes with the killer view. When we shared it with our clients, they felt they didn't like the inboard side of the street. The psychological impact of knowing half your neighbors have jaw dropping views, and you wouldn't, just didn't feel good. Although it's worth noting the location is actually extremely desirable, no matter which side of the street you live. It's a short jaunt to restaurants, shops, and all of the buzz that happens downtown (when it eventually returns). 

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Deal Notes 
Acquired at the end of May 2017 for $1,200,000. The permit was applied for in November with a stated value of $400,000 and it was issued the following February. It first hit the market in January, 2019 at an asking price of $2,950,000.  During its nearly two year listing period, it went through seven price reductions. Even though the sale process took an extend period, the investors likely did just fine based on the economics involved.

Design by BLDG, Collective and construction by Front Range Remodel. The scope of work included relocation and expansion of the kitchen, a new rear porch and deck, and a new covered front porch. The remodel on the lower level included addition of a bathroom, laundry room and a mudroom. On the main level the remodel included the addition of a half bath, one bedroom conversion into an office space, remodel of another bath, and remodel/expansion of the master suite. The stated value of the permitted construction work was $400,000.

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.