Unrealistic Expectations  

Well, well. Someone bailed out the unwise previous owner who acquired the property in October of 2019, almost certainly without having understood the extensive restrictions in the Mapleton Hill Historic District. We don’t know who those people were as it was held anonymously, but we do know their remorse likely came quickly. They had it back on the market only a few months after their initial acquisition. Too bad they chose an unrealistic (i.e. wishful thinking) list price of $3.85M. 

Mr. Market ignored it, as you’d expect. We went to see it ourselves and couldn’t quite get our head around the extensive renovations that would have been necessary to make the home functional. It was dilapidated, with a maze-like layout, and displayed several periods of now dated, mismatched renovations. 

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Why Notable?  

This deal illustrates the risk of rushing into a purchase decision without having done your homework. While historic homes in Mapleton Hill have an excellent track record of long term appreciation, buyers can still make a big mistake by overpaying for a compromised asset and then later finding themselves forced to resell it at a loss. 

The eventual sale price was $2.56M, $40K below their acquisition in 2019.  

Due Diligence  

If you’re contemplating acquiring property in the Mapleton Historic District in Boulder, this document is a good starting point to understanding the challenges that lie ahead. Remember: If your agent is all sunshine and rainbows about the homes you see, get a better Realtor.