A late 90’s farmhouse style two-story, with a carriage house. The property featured six bedrooms, five baths, and nearly a half acre of land - just steps away from downtown Louisville. Although Pine is an arterial into Louisville, traffic moves relatively slowly and this house is set back just far enough. In other words, it didn’t stop the buyers from bidding it up.
The economics of this deal were interesting. Acquired by the seller in October of 2020, it appears the kitchen was renovated, additional square footage finished, and interior painted in a modern color scheme. Only about 400 SQFT of additional finished space was added, as potentially additional rooms, during the owner’s short tenure.
Deal notes: Listed at the end of December, the first buyer bailed for undisclosed reasons. It returned to market and once again drew intense buyer interest. When the dust settled, it sold for $100K over list, with no disclosed concessions. Assuming a generous $250K allowance for capital improvements during 2021, the seller likely achieved +20% IRR and $750K profit from this little endeavor.
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Note: The Realtors at House Einstein did not represent the buyers or sellers of this property. Our discussion of notable sales is designed to help educate you on market conditions and 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.
