Weekend Reading – December 7, 2021.
Phew, last week was busy. I completely forgot to include Weekend Reading in the latest newsletter. If you're tracking the real estate market, here are a few articles worth your time to consider:1a. Climate Change is Shrinking Colorado's Ski Season. 1b. Snow May Disappear for Years at a Time in Mountain WestMy Take: Ever since I launched into real estate in Colorado in 2005, I've been worried about the impact of climate change on the sustainability of our local environment and how that subsequently will impact the real estate market. As House Einstein expands into Summit County, I'm now paying even more [...]
2336 Spruce Street A [Notable Sale]
NOTABLE SALE: 2336 Spruce Street A | $1.05M "Buy now, Boulder real estate only goes up." - Typical Realtor. What Makes It Notable? It can be challenging to see through the smokescreen of marketing glitz that the Boulder real estate community would like you to believe. The idea that you can't make a mistake in the Boulder real estate market is a myth. It happens all of the time. One of the biggest mistakes buyers routinely make is poor property selection. This recent sale illustrates the issue, not just once, but twice. Acquired for $1.7M in the summer of 2013 (by a now dissolved LLC registered by a Boulder wealth [...]
473 Fred Street [Notable Sale]
BOULDER NOTABLE SALE: 473 Fred Street | $750K -Our buyers took a close look and passed due to the layout and lack of views. -Close proximity to Boulder. -5+ acres of land included. -Winter access not super easy but can probably make it there with a Subaru. 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 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 [...]
373 Seven Hills Drive [Notable Sale]
BOULDER NOTABLE SALE: 373 Seven Hills Drive | $1.53M Why Is It Notable? Seven Hills is a 50+ subdivision in Sunshine Canyon, a few minutes from Mapleton Hill. This 70’s era two story features four bedrooms, three baths, and a detached two-car garage. It sits on a one acre lot. The interior needs a complete refresh, unless country cottage chic was your thing. Likely the dated décor and wishful thinking asking price is why it took so long to find a buyer.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 | SubscribeDue [...]
4211 Sugarloaf Road [Notable Sale]
BOULDER NOTABLE SALE: 4211 Sugarloaf Road | $2.35M Why Is It Notable? Proof that increasing fire risk, driven by a changing climate, has not cooled the market for luxury homes in the Boulder foothills. This spectacular mountain estate featured 15+ acres of land and stunning views but only a moderately sized home. Take a glance at the listing photos - traditional mountain house design still brings the bucks, especially for second home purchasers. It sold for a whopping $351,000 over asking. Due Diligence The checklist for mountain property is deep. Not only should buyers evaluate fire risk, but also winter access, water quality, survey issues, and more. Like this content? Check [...]
5793 Olde Stage Road [Notable Sale]
BOULDER NOTABLE SALE: 5793 Olde Stage Road | $915K Why Is It Notable? Another “hot listing” that our clients wisely passed on. This particular house was simply too small, and the follow-on capital required to make it more livable wasn’t tenable. The photos also looked far better than the home presented in person. Several sections of paint appear to have been applied over weathered wood, which probably should have been replaced. The “updates” during the seller’s tenure were almost all of such nature, limited (although they look good from afar). The seller acquired the home in November of 2019 for only $685,000. The deal [...]
Strangers In Your Home
A regular reader sent a comment about last week's blog post on surveillance cameras. She wrote: "Good info on the cameras, but you also need to address the other side and why sellers feel compelled to have cameras."She's right. There is another side to the story, and it's a hidden fact of the real estate business: if you're unprepared, selling a home can be a miserable experience. I'm not talking about analyzing the market, developing a marketing strategy, handling negotiations, inspections, and managing the contract process. That's your realtor's job, and if they're good at what they do, that part will [...]
When Something Smells Fishy… [Due Diligence, Phase I]
--- by Osman Parvez Here's how it went down. My buyers were interested in a property, and after a close look, they decided it was time to write an offer. We were told that there was a pre-inspection and it took months to get work done to prepare the home for sale. Yet visiting the property, the only obvious work was carpet replacement and maybe some paint. I asked for the pre-inspection report. The listing agent said she didn’t have permission. I asked if she’d ask for permission. "Once we're under contract," she replied. That was an odd response; a [...]
Score Revision: 1565 Columbine Ave [Caveat Emptor]
--- by Osman Parvez If you see signs of deferred maintenance, expect more substantial issues lurking. If you see signs of structural failure, it's probably best to walk away. I can't retroactively score Fresh Listings that have been delivered to your inbox, but I can re-score them on the blog. Finish is now 5/10 (from 7/10). Deferred maintenance is 2/10 (from 5/10). Assuming the structural failure has been permanently stabilized and corrected, the value score is now 4/10 (from 7/10). If you're a serious buyer, don't assume. Verify. The new Osman score is 53/100. It's not uncommon for historic homes to have repair [...]
Ranch, Two Story, Three Story, Bi-Level, Tri-Level. Does it make a difference? [Due Diligence, Phase I]
--- by Osman Parvez Ranch, Two Story, Three Story, Bi-Level, Tri-Level. Does it make a difference? The better question to ask is whether you’re so focused on your current needs that you’ve ignored your future ones. What about liquidity? If your job changes, or there is some other life event, will you be able to sell in a hurry? Should you be worried about capital preservation at this phase of the real estate cycle? Yes. You should be. What if you might need to expand in the future? Will the design, orientation, setbacks, and lot size support it? The rule book [...]
Hey Smarty Pants, Do Schools Matter? [ Phase I, Due Diligence]
--- by Osman Parvez Do schools matter? You bet they do. House Einstein's mission is to help you make a smarter real estate decision. This post is part of a series on due diligence in real estate, with some specifics relative to the Boulder real estate market. Phase I due diligence occurs before you write the offer. Phase II occurs when you're under contract. You'll find the rest of the series, as its published, available HERE. Across the board, most public schools in Boulder County do well academically but some outperform the rest. The reasons for this are a combination of [...]
So, You Want to Live in Boulder [Due Diligence Phase 1]
--- by Osman Parvez Due diligence. Some Realtors don't like to talk about it. We live and breathe it every day. House Einstein's mission is to help you make a smarter real estate decision. First things, first. There are two phases to due diligence. Phase 1 should occur well before you write the contract. Phase 2 should happen once you're under contract. This is the first post in a multi-post series. As they're published, you'll find the rest under #duediligence Where Do You Want To Live? Due diligence starts with the basics. Where do you want to live? Maybe you've [...]
Have You Found Your Way Home Yet? [Boulder – Fresh Listings]
Home. It's where families grow together and friendships kindle. It's where we break bread and share our life stories. Memories of our childhood homes create a resonance, a fond nostalgia for time and place. Well designed historic homes and those that echo historic design themes remain highly in demand, no matter the economic or real estate cycle. This week's fresh listings include another Charles Haertling masterpiece, an estate with true waterfront, a beautifully updated historic home in Chautauqua and more. 179 new listings hit the MLS this week. Only 7 made the list. Remember: just because it's worth seeing doesn't [...]
Portfolio Worthy Historic Homes and Ultra Luxury Estates [Boulder Fresh Listings]
Historic homes are charming and located in the best parts of Boulder, but there's another reason to buy them. They hold their value exceptionally well, sell faster, and appreciate better than mass produced homes from the 1950's and beyond. I absolutely adore historic homes and consider them a wise investment, but I also warn my buyer clients to go in with eyes wide open. Historic properties often have issues with foundations, a lack of closet space, deferred maintenance, and inadequate electrical, plumbing, and mechanical systems. Expect to conduct extensive due diligence and if you buy, plan for maintenance costs that [...]
Have You Crunched the Numbers? [Boulder Fresh Listings]
I've been crunching the latest data on real estate conditions in Boulder. It paints an interesting picture. Inventory continues to build, as expected, but pending sales spiked dramatically upwards in February. What does it mean? There's more to the story - a lot more. The real estate market varies by location, down to the neighborhood level. Property type and price range are also key factors. I'll be publishing charts and analysis on the blog and our socials for the next week or so. In the meantime, I know why you're here. It's Friday. Let's talk about the new listings. From high-end [...]
