The road leading to the historic town of Eldorado Springs is dotted with luxury homes, many of which back to beautiful open space. Most are on large lots.
4909 Eldorado Springs didn’t back to open space (it’s across the street), but it did feature a whopping 4.23 acres of land. With two buildable lots, one with decent bones for a remodel, the property offered a rare potential opportunity to construct a family compound. This is increasingly important as the demographics of Boulder (and the rest of America) continue to trend upward in age. Each year, we have clients seeking a property that allows elderly parents a private space. Often the answer is to build, but zoning restrictions are onerous. The simple, albeit expensive solution is to acquire two adjacent properties, constructed to compliment each other in form and function. Likely that’s what we’re seeing in the story of this sale.
Deal notes: Listed for $2.3M in August. It went under contract during the first three weeks of the listing. The first buyer unfortunately bailed out, and the seller re-listed with a small $50K discount to the original asking price. At the end of October, buyer #2 locked it down. It closed at the end of November at $1.8M, or 21.8% below original list.
What's the lesson? Rather than looking at property that has once been under contract as tainted, buyers should realize that the seller may be more motivated than ever before to get the deal done. This is especially true for estate sales in the fourth quarter.
Due diligence: Traffic noise and design constraints for unincorporated Boulder County.
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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.
