Notable Sale | 3122 8th Street

 3122 8th Street | $1.29M 

What Makes It Notable?

Constructed a few years after the war, it's strange the builder chose fieldstone for this bungalow in Newlands. Nothing inside appears to have been updated in decades, and given the asking price, it sat on market for 2 weeks before going under contract. It eventually sold for roughly $100K below asking. 

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Due Diligence 
It's not about the odd fieldstone bungalow - it's about a 6,065 SQFT lot in Newlands. In my opinion, the buyer took a risk that the city wouldn't care about this property. Any structure over 50 years old in the city requires historic review prior to a demolition permit being issued. Sometimes the mere occupancy of the home by a person that the city arbitrarily decides was of importance can prevent the permit from being issued. 

Assuming a demo permit is issued, the cost to deconstruct will likely add another $50K to $80K to the project cost. In Boulder, homes can no longer be scraped into a dumpster and carted away to the landfill. Our regulations require reusable material be saved and repurposed.   

The question of whether a seller should obtain a demo permit in advance or not often comes up with listing a home like this one. We usually recommend getting the permit. Removing that risk from the table is usually worth the cost, and an intelligent, well-advised buyer would make the contract contingent on the permit being issued, anyway. Counting on reckless, uneducated buyers is not a good strategy. 

Note: The Realtors at House Einstein did not represent the buyers or sellers of this property. Our goal is to educate you on market conditions and recent sales to help you make a smarter real estate decision.

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.