The Crocs Condo Finds a Buyer [Notable Sales]
After nearly four years of public and private marketing, a luxury condo in one of Boulder’s most exclusive buildings has finally sold.
No problem, right? Boulder real estate only goes up in value. That’s four years of gains.
Guess again.
The Property
1077 Canyon Blvd #302 is on the third floor in the southwest corner of the Arete. It has three bedrooms, three baths, and about 2,500 F. SQFT. Key selling points include its generous size, open layout, Flatiron views, and decks that overlook Boulder’s Civic Area. With its central downtown Boulder location, it’s a perfect space for entertaining and is an excellent option for an executive or seasonal luxury residence. Three underground parking spaces were included in the sale.
Fun Fact
The first owner founded Crocs and a lifetime supply of colorful foam shoes were deeded in the sale. Remember these 2000s era beauties? Dog Walks Around In Crocs
Marketing Timeline
May 2010 | Acquired by the Crocs founder for $2.55M
June 2016 | Offered at $3.0M
Jan 2018 | Withdrawn from the market
March 2019 | Re-listed at $2.9M (with a new agent)
May 2019 | Price dropped to $2.8M
June 2019 | Listing refreshed (same agent)
Sept 2019 | Price dropped to $2.7M, listing refreshed (same agent)
Dec 2019 | Listing under contract
Feb 2020 | Sold at $2.6M
Benchmarks
This unit eventually sold for $1,021/F. SQFT.
In late June 2019, a slightly smaller two bedroom unit (#306) sold for $2.5M ($1,123/F. SQFT). This is the most relevant comp but there have been others.
In April 2019, a second story two bedroom unit (#210) sold for $2.4M ($1,098/F. SQFT).
And just a few weeks ago, another second story two bedroom unit sold for $1.65M ($1,042/F. SQFT).
Performance
Aside from the joy of ownership, this has been a financial loss for the former owner. Excluding transaction costs, and assuming no post acquisition capital investments (i.e. no special assessments, remodeling, or updates), the investment returned only 0.2% on an annualized basis.
This near flat-line investment performance is also despite an ownership period that mirrored the strongest bull market in US history.
Bottom Line
If you’re looking for a Realtor who can offer you more value than simply driving you around and unlocking front doors, give us a call. Our mission is to help you make a smarter real estate decision.
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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.
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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.
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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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