Top Boulder Real Estate Sales of 2018 [#6]
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by Osman Parvez
Charles Haertling designed dozens of buildings in Boulder during the 60’s and 70’s. An architect and city council member, he created the Menkick House to seamlessly flow directly into a prominent rock outcropping. It features a distinctive mid-century modern design with a large cantilevered deck overlooking the creek, perfect for entertaining. This extraordinary home contains four bedrooms, five baths, and just over 5,100 finished square feet on a 1+ acre lot at the base of Sunshine Canyon.
The Menkick House is the #6 Top Boulder Real Estate Deal of 2018.
Pics and Details
I visited this home several times at the request of my buyers. The sellers made a number of improvements to the property but based on lot size, location, updates needed, and early 70’s construction, it was priced too high. I advised my clients accordingly.
Unlike a more traditional property, the asset value of the Menkick house is based not just on functionally comparable sales but also on the unique artistic aspects of this home. How future Boulder buyers might view Charles Haertling’s work was an important consideration. We explored these and other questions including how to remodel the property without deviating from the spirit of the original design, the risk of a shifting regulatory environment given potential annexation of the subdivision, and the upcoming Academy Mapleton Hill project.
Investment performance: The Menkick House was listed in May at $5.75MM and, as predicted, no buyers came knocking. It sold for $4.68MM ($916/SF) about three months later or 18.6% below the asking price. Based on estimated repairs the seller made to correct deferred maintenance, it gained approximately $1.4MM in value. This represents an impressive 15% IRR during the seller’s 33 month ownership period.
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Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
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.
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Top Boulder Real Estate Sales of 2018 [#6]
—
by Osman Parvez
Charles Haertling designed dozens of buildings in Boulder during the 60’s and 70’s. An architect and city council member, he created the Menkick House to seamlessly flow directly into a prominent rock outcropping. It features a distinctive mid-century modern design with a large cantilevered deck overlooking the creek, perfect for entertaining. This extraordinary home contains four bedrooms, five baths, and just over 5,100 finished square feet on a 1+ acre lot at the base of Sunshine Canyon.
The Menkick House is the #6 Top Boulder Real Estate Deal of 2018.
Pics and Details
I visited this home several times at the request of my buyers. The sellers made a number of improvements to the property but based on lot size, location, updates needed, and early 70’s construction, it was priced too high. I advised my clients accordingly.
Unlike a more traditional property, the asset value of the Menkick house is based not just on functionally comparable sales but also on the unique artistic aspects of this home. How future Boulder buyers might view Charles Haertling’s work was an important consideration. We explored these and other questions including how to remodel the property without deviating from the spirit of the original design, the risk of a shifting regulatory environment given potential annexation of the subdivision, and the upcoming Academy Mapleton Hill project.
Investment performance: The Menkick House was listed in May at $5.75MM and, as predicted, no buyers came knocking. It sold for $4.68MM ($916/SF) about three months later or 18.6% below the asking price. Based on estimated repairs the seller made to correct deferred maintenance, it gained approximately $1.4MM in value. This represents an impressive 15% IRR during the seller’s 33 month ownership period.
—-
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
—
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.
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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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Thinking about buying or selling and want professional advice?
Call us at 303.746.6896
Your referrals are deeply appreciated.