889 14th Street [Notable Sale]

BOULDER NOTABLE SALE: 889 14th Street| $1.43M  

Why Is It Notable?  

When this home first hit the market in 2018 (no, that's not a typo), it was a train wreck. Not only was the interior a maze, but there was a tenant who didn't really want us in the property, and the jungle gym two-story deck in the back was falling apart. It was offered at the close-your-eyes and make-a-wish price of $1.5M. Naturally, it just stagnated on the market. 

We saw it at least twice with clients. Both times, they ran screaming. In October 2019, it finally sold for the bargain basement price of $862K or 43% below the original asking.

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The new owner had vision and wasted no time. They remodeled and renovated the home extensively, fixed the interior, and took down the lawsuit waiting to happen in the backyard. The simple, yet elegant patio and landscaping was a bow on the entire package. 

The developer listed it at $1.55M at the end of last summer and after a few small price reductions, found a willing buyer by October. Although the under contract period was lengthy (probably for tax purposes), it closed just after the New Year. While we don't know the capital resources invested in bringing this historic home back to life, surely there was adequate profit given the $563K delta. 

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.