1718 Mapleton Avenue [Notable Sale]

 1718 Mapleton Avenue | $1.56M  

Why Is It Notable?  

This property has been on our radar since it first arrived on the market about a year ago. On paper, it looked great and the photos were compelling. Our showing turned up a few problems, so we thought it was best to watch and wait.

Sure enough, it sat on the market through the winter and into the spring. In May, the seller began cutting the price in steady increments, and the price kept coming down. By October, it had fallen to $1.59M, and it still wasn't flying off the market. It wasn't until November that a buyer saw value in the deal. The final sale price was $1.56, or $190K below the original asking.

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I won't go into the issues we found on our visit, but, for the most part, they involved deferred maintenance. The key objection was that although the photos show a hip ADU space, in person it was dysfunctional and an emotional letdown compared to the photography. It was also never clear that this space was legit, which was an additional objection.

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.