BOULDER NOTABLE: 1507 Pine St | $3.92M
There are many lessons to be learned from this sale. First, don’t invest in a home based on its views or neighborhood characteristics, without certainty that it’s protected. Second, when marketing a home for sale, wishful thinking is the wrong approach to pricing. This home was originally marketed at $6.0M, more than 50% higher than the eventual sale price. The seller’s WAG was quickly followed by aggressive price cuts, which sends a negative signal to the market. Third, auction-style listings may get the job done but they’re expensive. In addition to paying commissions, auction firms often charge buyer premiums. Finally, these types of deals are so rare and far off the beaten path of transaction norms, you’ll lose a lot of buyers who were discouraged by their agents from submitting an offer. That’s almost certainly what happened here.
With all of that said, it’s a great house, historic and nicely remodeled. I hope the new owner enjoys it.
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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.
