429 Highland Avenue [Notable Sale]
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.
Like this content? Check out Fresh Listings. It’s our review of the most compelling new listings to hit the Boulder and Denver real estate market | Subscribe
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.
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.
Fresh Listings | Our review of the most compelling new listings to hit the Boulder real estate market. | Subscribe
Thinking about buying or selling and want professional advice? Call us at 303.746.6896. 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. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Welcome to House Einstein
Locations, Due Diligence, Negotiation
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.
Share This Listing!
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.
Work with
House Einstein
Thinking about buying or selling and want professional advice?
Call us at 303.746.6896
Your referrals are deeply appreciated.