Tear the Roof Off the Sucker
by Osman Parvez Rubble, rubble everywhere. Boom! 1301 Walnut is no more. The old historic building is gone and construction is now underway for a new four-story office building in downtown Boulder. The future 63,000-square-foot commercial building will feature class A office space (upper levels), flexible space at the street level, and yet more offices below grade. It will also be LEED Gold certified. Here's what the future building will look like. Meh. The Planning Board somehow gave this project unanimous approval, but it looks soulless to me. We need more high quality office space in downtown [...]
Development Update – Gunbarrel Edition
by Osman Parvez --- Here are images of ongoing development in Boulder. The following projects are located in Gunbarrel. Pics were taken August 12, 2014. Apex 5510 nears completion Apex 5510 (details): Rent starts at about $1,100 for a studio. 100% rentals. Photo Album Boulder View Apartments (6653 Lookout Rd) nears completion Boulder View Apartments (details) Building A: 3 story multifamily building containing 20 units. To include 8 single car garages on main level totaling 1,873 square feet, 21,047 square feet for residential units on three levels, and 1,325 square feet in decks and porches Building B: 3 story [...]
Don’t Wait, Adjust Your Strategy NOW
by Osman Parvez Heads up. The summer real estate season in Boulder is coming to a close. If you're still in the market to buy or sell, it's time to adjust your strategy. Take a look at inventory trends during the month of July. The chart above shows attached dwelling inventory (i.e. town homes and condos) in the City of Boulder from the end of June through today, July 30. The blue line is available, the orange line is under contract, and the grey line is pending. Since the end of June, available attached dwellings have dropped 18% [...]
Bidding Wars and Overpaying – Brutal
by Osman Parvez I represented buyers in two intense bidding wars this past week, both of which went significantly over asking. In both cases, my buyers were disciplined. They were willing to let the houses go when it came to paying too much or giving away too much in contingencies. Ultimately, you've got to know when to walk away and have the confidence to do so. Understanding valuation is the key to having confidence in these sort of negotiations. It can be tricky with certain types of property - especially when comparables are thin to none. Won [...]
Eye Candy and Boulder Sales Volume – Analyze This
by Osman Parvez --- Ready for more analysis of Boulder real estate? Check out the following. You're looking at sales volume for the period January 1 to June 15 for the past several years. Houses are green, town homes and condos are orange (a nice peas and carrots effect, don't you think?) Real estate closings have slowed. Condos and town home sales have dropped about 4% but home sales have fallen far more. Sales volume is down nearly 21%. Don't trust one of my competitors telling you differently. They're selling you something (or clueless). [...]
MORE Bad Data (Inventory in Boulder and Louisville)
by Osman Parvez Time for a quick look at inventory in Boulder and Louisville. First a couple of details. I'll explain why these distinctions are important in a moment. Available inventory = all property not under contract + property with a first right of refusal. The vast majority of first right properties will not sell to the party who retains that right of purchase, so I'm treating it as available (and so should you). Under contract = property that is under contract with a buyer (i.e. listed as active/backup) + pending status listings. Pending usually means the property [...]
The Market is Hot for $1MM Boulder Condos, Right? WRONG [Analyze This]
by Osman Parvez Sorry, it's been a while since I last posted. Clients are my #1 priority and we're now in the busy season for real estate in Boulder. Expect blog postings to remain slim during the summer. If you want me to represent you (buying or selling), just call me at 303.746.6896. I'll give you the straight talk, no hand waving or pushy sales pitch. The Boulder Condo and Town Home Market Google your way around the net. You won't often find much in the way of analysis on market conditions for Boulder condos and town [...]
Boulder Development Update [Pics]
by Osman Parvez I snapped a few quick pics of large development projects in Boulder this morning. Take a look (click for a larger photo). Talk about a looming wall, check out Boulder Junction's parking garage. After last year's floods, you have to wonder about all the below grade infrastructure. The units in this corner should have impressive views. Some of us actually pedal to properties. The Branding Iron, 69 Affordable Housing Units going in next to Chez Thuy Additional Resources: House Einstein's Boulder Development Map Boulder Junction Photo Set Branding Iron Details --- Like this analysis? Subscribe [...]
Boulder Real Estate Sizzles and It’s Not Even Summer [Market Update]
by Osman Parvez Here's a quick glance at market conditions for the City of Boulder. The following charts show absorption for traditional single family houses and for condos and town homes (attached dwellings). Absorption is simply sales volume expressed as a percentage of the preceding month's inventory - a measure of liquidity. The chart above is for single family houses. Absorption spiked to 38.4%, a 10+ year high. This is slightly more than 2x the long term average for the month of April. This next chart is for town homes and condos (attached dwellings). [...]
15 Properties Worth Seeing [Get ‘Em Hot]
by Osman Parvez Did you miss me? I was traveling last week and with two separate negotiations in play, I just didn't have time to blog. It usually happens around this time of year. Blogging takes a backseat to active negotiations. Clients come first. Well, let's get to it. Fifty two new listings hit the MLS this week. I've sifted through them, thinking I'd struggle to find ten properties worth seeing. Surprise! I found fifteen. Ready to see them? Call me to arrange a showing at 303.746.6896 1825 Marine Street #18. [...]
Boulder House Inventory – Get it Hot [Osman’s Picks]
by Osman Parvez Wow, it's been a busy week. 53 listings hit the market in Boulder this week, 7 of which are already under contract. As I'm writing this, it's nearly 6pm on a Friday night. I've been a little busy negotiating on a contract and I still have to get my run in so I'm going to skip the usual Friday inventory run down. Instead, I'll give you only my picks. 790 10th Street - Start Working on Your 3Pt. Shot. Of the 53 houses hitting the market, 10 are worth seeing (and still available). These [...]
Mid Week Fresh Listings – Buttoned up and Ready [Get ‘Em Hot]
by Osman Parvez A couple of fresh listings caught my eye. They may not make it to the weekend, so I thought I'd post up before they're gone. 2040 Balsam. Offered at $1.4MM. It last sold for $882,000 in 2011. The owners appear to have invested a lot of resources into upgrading the finishes in the living areas, kitchen, and bathrooms. The location is pretty spectacular for its proximity to down town, but the outer ring of the butte this neighborhood is built on is where the valuation anchoring views lie. Here's one of [...]
Finding The Signal in the Noise [Weekly Wrap Up]
by Osman Parvez It can be hard to find the signal in the noise. Let's face it, when you're buying real estate in Boulder - there's A LOT of noise. Here's an overview of this week's posts - all very high signal, if I say so myself: Fresh Listings, Get 'Em Hot - an analysis of listings hitting the market in Boulder this week. It's Not Bragging If You Back It Up - a success story of a buyer finding a perfect house in Louisville and beating the competition without being the top priced offer in a bidding [...]
Fresh Listings, Get ‘Em Hot [Inventory]
by Osman Parvez The inventory shortage continues. Let's take a look at this week's fresh inventory hitting the market in Boulder. First, the numbers for the week of April 11, 2014. 47 Listings Hit the Market 8 Refreshed Inventory 41 Truly New Listings 9 Under Contract Already 16 Actually Worth Seeing (Osman's Picks) 22% under contract the first week. I'm available this weekend, if you'd like to see the fresh inventory first hand. Click HERE to download my analysis. --------- p.s. There is a lot more to see than what's brand spanking new and seller's are more reasonable when their listing [...]
Introducing Nickel Flats [Development Update]
by Osman Parvez Scheduled for completion in the 2nd quarter of 2015, Nickel flats consists of 16 units on 3 floors. The building will be modern with elevator access. The location is just north of Boulder Junction and adjacent to a pocket park. Here's what it will look like. Prices start at $229,000 for the 1 bedroom on the first floor with 533 SF. That unit is already under contract, as are several others. There are currently 8 units on the MLS. Click HERE for more detail. Additional Resources: Floor Plans for Nickel Flats [...]
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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.
