Fall Real Estate Deals and Take Home Lessons [Fresh Listings, Get ‘Em Hot]
A variety of autumn opportunities hit the Boulder real estate market this week; from an eye-popping, turn-key trophy home in Newlands to starter/investment condos for first-time buyers. It’s the beginning of the off-season. While new inventory is declining, attractive listings can be found and if you dig a little deeper, you might even discover a bargain in the rough.
What about market conditions? Experienced Realtors will tell you that the best deals are often found in the 4th quarter. It’s still a seller’s market in Boulder, but we’re now entering the slow autumn season and conditions are better for buyers than the past several years. Facts don’t lie. See our latest market update for details and check out the Worth a Second Look section at the bottom of this post.
Remember, intelligent real estate decisions are based on deep market knowledge. There is no substitute.
Ready to see some houses? Let’s go!
Our goal is to help you make a smarter real estate decision. For a private showing and comprehensive discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896.
Sold Listings of Note
423 Juniper Ave | $3.6MM | Details and Pics
On the market for two weeks before a buyer locked down this stunner for a healthy 3.4% discount to asking. Five bedrooms, four baths and located in a very desirable location on the west side of Juniper Ave. It featured about 4,000 finished SQFT and a little over half an acre of land. Originally constructed in the late 1960’s, tastefully remodeled with well-designed indoor and outdoor entertainment areas. The three car garage in the back features additional space over the parking area.
675 Dellwood Ave | $1.6MM | Details and Pics
Originally listed back in April and under contract within a few weeks but the first buyer terminated, supposedly for personal reasons. The seller responded by pulling the house completely off market. Perhaps they were fixing those “personal reasons.” Anyway, it came back to market this September, was under contract within 24 hours, and closed for $5K over the list price.
From a location perspective, Newlands is a very attractive neighborhood in Boulder but this gets a B rating in my book. Dellwood suffers from some traffic, but that negative factor is offset by close proximity to North Boulder Park and the Ideal retail area. The house itself is livable as it stands today. Given the early 60’s vintage and moderate size lot, it should also be a good platform for improvements in the near future.
Fresh Listings
Boulder
Oooh, the eye candy is tasty for this one. It’s in a solid location with its own daily bike parade (popular cycling route), five bedrooms, five baths, and a little over 4,000 finished SQFT. Very modern in design and finishes. Generous lot size. Buyers should carefully evaluate construction quality and execution against a backdrop of construction labor shortages, cost over runs, and delays. Is the turn-key premium worth it the trade offs? The answer is often, but not always yes. Talk to a Realtor with deep local market knowledge.
The lock and leave urban lifestyle is in high-demand in Boulder and this top floor, downtown condo has what most buyers are seeking; generous square footage, luxury finishes, three bedrooms, three baths, and three secure underground parking spaces. From a hierarchy perspective, there is only one building in Boulder that tops One Boulder Plaza (The Arette, located on Canyon just west of 11th St). Buyers should see available options in both before pulling the trigger. The last time this particular condo traded hands was in ’07 for 2.25MM, which suggests a motivated seller.
Due diligence: A future owner will likely utilize the study/den as a guest bedroom, although it’s not technically a bedroom.
1605 Cedar Ave | $1.38MM | Details and Pics
2221 Grove Cir E | $957K | Details and Pics
265 30th St | $839K | Details and Pics
3869 Campo Ct | $835K | Details and Pics
Due diligence: Look carefully at the HOA. Dues appear a little on the high side, likely due to flood damage from 2013. Since that time, the nearby bike paths and drainages have been completely re-engineered.
Niwot
5986 Heather Way, Niwot | $1.15MM | Details and Pics
Intriguing. It’s a large three bedroom, four bath in unincorporated Boulder County on a generously sized lot located near Haystack Golf Course. All bedrooms are on the main level, which works for many types of buyers. Finishes are likely all original from the mid 90’s. From a location perspective, it will appeal to a buyer who wants a little more space and greater privacy than living in Boulder proper while still maintaining a fairly quick commute to downtown.
Due diligence: 5986 Heather Way has a lot of factors that deserve close attention starting with the flood plain. It’s disclosed as being in the 500 year flood but maps suggest it’s actually in the 100 year flood (AE) zone, which requires flood insurance (if mortgaged). This has an impact on build-out potential and thus valuation. While evaluating the true flood zoning, also consider that the large lot to the northeast is privately owned. Buyers should look for conservation easements or other protections that limit development on this lot, to help preserve the rural character of the location, or at a minimum take into account the potential impact on future values.
For a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.
Commercial
3601 Arapahoe Ave D-180 | $250K | Details and Pics
We rarely write about commercial opportunities, but this one caught our attention due to it’s low price and reasonable cap rate. Investors should verify the tenant’s intentions and experience in renting this location. Keep the tenant in place or use it for your future business.
Pro-tip: The Peloton has a captive audience of residents.
Worth a Second Look
About a dozen listings had substantial price reductions this week or returned to market (i.e. first contract terminated). Some present interesting opportunities, but with caveats.
1163 Quince is a decent house from a functional and location perspective. It’s priced aggressively and there’s probably more room for negotiation, but it’s a little close to Broadway. Some light updates throughout, Sophie saw it back in late June.
2802 Cordry is another interesting one to consider. It was absurdly overpriced when it first listed, given its location, but it’s now offered at a more reasonable number – assuming you are comfortable with the flood risk.
Fun fact: Part of this lot is actually across Boulder Creek to the south, where a popular swimming whole is located.
Cordry Ct is a quiet, curved street tucked between 28th and 30th that backs to Boulder Creek and Scott Carpenter Park.
Note: Sophie sold a house around the corner on Cordry this week and negotiated a significant $65K discount to asking for her buyers.
Here’s a link to the list of major price reductions and back on market listings. Call us to discuss. ph: 303.746.689.
Pro tip: We’ve often negotiated the best deals for our buyers during the beginning of the fourth quarter. It’s the time of year when sellers with stale listings finally become more sensible in their negotiations.
For a private showing, which includes a discussion of valuation, negotiation strategy, and market conditions, call Osman at 303.746.6896. Our goal is to help you make a smarter real estate decision.
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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. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Cover image: Dan Freeman
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Testimonials
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
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More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
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. Learn more about Osman.
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