BOULDER NOTABLE SALE: 3155 Kittrell Ct | $1.5M
Location location location... The hillsides overlooking Viele lake in the Table Mesa neighborhood are deeply coveted and rarely available. That's not just agent hyperbole. When the right perch becomes available in this location, there is frequently multiple parties interested, and the price often exceeds list.
Based on ownership records, this ranch was likely kept within the same family for many decades. It finally became available for acquisition via an estate sale in early November. Tenant occupied, the home was priced well below market at $1.4M. Look through the windows in the listing photos and consider the potential of its larger than typical lot size. You'll see why the home sold for $105K over list.
The slightly updated kitchen and other updates throughout the home are largely irrelevant to the intrinsic value of this asset. The new owner will probably keep the tenant in place as they consider the likely renovation. Sometime in the next three years, expect a dream home to appear on the lot. Hopefully it's not a spec, although the perch will support the capitalization of any reasonable luxury home project.
Due diligence: Hunting for a parcel for your future Boulder dream home? Don't forget that elevation measurements begin at the lowest point on the lot and in many cases, Boulder's height restrictions will keep you from going higher than the existing roof line on a steeply sloped lot.
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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.
