Boulder Notable Sale: 987 Lost Angel Rd | $3.62M

A sad and cautionary tale.

The home of legendary neighborhood parties, 987 Lost Angel is well known to the Sugarloaf Community. It’s a modern home with endless views, only about 15 minutes outside of town, on a hillside just east of Sugarloaf Mountain. The home features unique and quirky features like ship-portal doors and roller doors that open to reveal stunning vistas to be enjoyed from a hot tub. It also features a guest house. The horse stables and RV hookups were designed to accommodate the equestrian community while retaining a similar design motif as the primary house.

In July of 2023, the seller decided to list the home with MileHiModern, a Denver based boutique brokerage. The list price was set at $6M, despite signs of an already cooling market, particularly for mountain homes, possibly due to increasing awareness of wildfire risk. A little over a month later, the seller cut the price $500K. Four months after that, and just before New Years, the property was abruptly withdrawn from the market.  

Flash forward to July of this year, 987 Lost Angel was back. Now, instead of a traditional listing, it was being auctioned by a third party with a starting bid of just $2.25M. The auction period lasted about two weeks (too short, in my opinion, for proper mountain home due diligence) and the deal closed for just $2.4M or 60% below the original list price to a buyer from Texas.

Ouch.

The property is now back on market. It was re-listed with Berkshire Hathaway out of Northglenn, curiously enough, and with a list price of $3.63M. It’s unclear whether the seller was originally planning to flip it or simply realized it was not the right fit for their needs, but either way, it’s available again. The current listing photos are unremarkable and suggest nothing has changed at the property. Perhaps it was never even occupied by the seller. It would be worth viewing the old listing photos, if you have a serious interest. We briefly discussed this home before it was re-listed in our Podcast.

Due Diligence: Mountain homes are not for everyone. It’s important for buyers to understand the benefits and the challenges associated with mountain living. If you’re working with a broker who fails to walk you through the downsides, choose a better agent.

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