NEDERLAND NOTABLE SALE: 3 Ridge View Rd | $2.7M
Built in 2020 in the posh Caribou Ridge neighborhood, this luxury turn-key featured four bedrooms, four baths, and about 4,600 SQFT. The design was straight up the fairway for what buyers expect for a new contemporary Colorado mountain home. It still took well over a year to sell, primarily due to overpricing.
Deal notes: Acquired for $2.2M in 2020, the seller listed the home at a wishful thinking $3.2M in June of 2022. Like many sellers and listing agents, the reality of the market's drop from the peak in March may have caught them by surprise. It took 10 months before they finally started aggressively cutting the price (by two $100K increments). At the end of that year, they fired their original agent. A new listing agent took over in July, and after a month, they cut the price aggressively again, this time by a whopping $250K. It went under contract in early November and closed at $2,713,800 (cash) with no additional disclosed concessions.
Due diligence: there's a massive expansion in hotel rooms proposed in Ned with key improvements planned to the central retail area in coming years. This makes me a bit sad because I liked the old, weird, crusty version of Ned. Yet with the growing affluence of Boulder and the driving struggle on I-70 unlikely to ever change, the obvious economic beneficiary is Nederland. Expect more luxury homes like this one in coming years, posher shops, and higher-end restaurants.
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.
