What’s an Egress Window?
by Osman Parvez The other day, I took a buyer to see a house in Boulder. It was listed as a six bedroom house and two of the bedrooms were in the basement. Here's what they looked like: The windows in the basement bedrooms wouldn't comply with code. In other words, two of the six bedrooms in the house are "non-conforming." The listing description doesn't mention it. Here's the issue. In a fire, basement bedrooms without egress windows are a deathtrap. Boulder uses the International Residential Code which defines an egress window as follows. IRC egress window requirements (2012) [...]
The Risk of Municipalization [Due Diligence]
by Osman Parvez Ever since the movement began to create a municipal electric utility in Boulder, I've received a steady stream of emails from concerned clients. From a real estate investment perspective, the size and activities of local government have become an increased area of risk. Comprehensive due diligence mandates that you understand the risk before the investment decision. After studying the issue for some time, here's my opinion: Municipalization feels good but lacks economic merit. It's a slippery slope. My concerns: 1. Lack of Transparency It took a lawsuit from a Boulder resident for the City to release their [...]
Air BnB CRACKDOWN – Read Between the Lines
by Osman Parvez I've been warning my clients and now it's come to pass. Twenty unhappy owners have recently received "cease and desist" letters from the City of Boulder for operating illegal short term rentals. More citations are likely on the way. The city recently hired more code enforcement personnel who continue to target violations on a complaints first basis. Anything less than 30 days is considered short-term. From the City's official position: When the owner of a property that has a single-family or multi-unit dwelling rented out for a short period of time (usually less than 30 days), [...]
Boulder Snow Removal and Snow Plowing
by Osman Parvez Snow removal. It's probably the last thing you think about when buying a house - until the white stuff starts hitting the ground. If you're new to Boulder, you might be surprised to learn that the city only plows a small portion of our city streets. This is particularly hazardous in certain residential areas. Not your street What You Need To Know When it snows, Boulder plows primary and secondary streets only using a fleet of 15 trucks. Here's a map of what they usually plow. If there is 8+ inches of accumulation, and the [...]
Sunshine, Daydream. A Few Thoughts on Decks
by Osman Parvez There's nothing like a deck. It's a place to hang out with family and friends, share a meal, and enjoy the sunshine. A well designed Colorado home almost always includes outdoor living spaces and beautifully transitions between indoor and outdoor. I've helped a lot of buyers over the years, and I've learned a few things about decks. Here's a couple of things to consider when you're shopping. 1. Colored Composites Colors are cool but they may not go all the way through. I took this photo at my client's new Toll Brothers [...]
Understanding the Marijuana Market in Colorado [Analyze This]
by Osman Parvez Dude, where's my tax revenue? Eight months have passed since recreational Marijuana became legal in Colorado. It's a big deal for our state and local economy. It has cultural impacts. The rest of the country is watching. future tax revenue? Today, the majority of Americans favor legalization1 but medical marijuana is legal in only 23 states. Recreational pot is legit only Colorado and Washington state (map). Implementation is already being called a success2 and despite the hoopla, Colorado has not become the Amsterdam of the Rocky Mountain region. Sure, you catch the occasional whiff of pungent [...]
Hey, My Buddy is a Roofer…
by Osman Parvez The moment we stepped into the backyard, I saw it. My buyers didn't notice but I sure did. At some point, the current (or previous) homeowner decided it was time for a new roof but didn't want to pay the additional expense to remove the old one. It's not uncommon to see multiple shingle layers in Boulder, but have you ever seen composite shingles installed over shake shingle? It's not easy being green Now you have. Something tells me this installation wasn't to code. Check out the moss and rot! My [...]
Seriously, Get a Radon Test [Due Diligence]
by Osman Parvez This is a vacuum gauge showing the radon mitigation system is functioning. These are the radon test results from the same house. Due diligence tip: Just because the radon fan is generating vacuum doesn't mean the system is actually working. The EPA recommends mitigation for radon levels above 4.0 pCi/L. This house has radon levels of 9.5 pCi/L. You can have your inspector test the radon level or you can buy a radon tester that you leave plugged to continuously monitor radon levels (with an alarm) for about the same cost. Either [...]
Thursday’s Real Estate Meetup Agenda [Join Us]
Just a reminder. Our meetup begins at 6:00 pm tomorrow. RSVP HERE. Venue We're meeting at the Riverside, a beautifully renovated historic building featuring a restaurant, cafe, co-working space, and event center. The Riverside is a sponsor of our meetup, donating the space. If you bump into Mitchell Magdovitz at the event, please let him know how much we appreciate it. The Riverside is located at 1724 Broadway (Broadway and Arapahoe), next to the Conoco gas station. Parking Parking can be a little challenging, so please consider allowing a few extra minutes. The nearest parking is located directly across the [...]
Nuisance Patrol [Due Diligence]
by Osman Parvez --- Walking around a condo Boulder condo complex this morning, I came across a notice posted on the door. Take a look. The notice reminded me that due diligence isn't over at the end of the day. A night time visit is also highly recommended. It's likely the owners of units inside buildings 6 and 7 didn't know the motion activated security lights shone on their bedroom windows. Perhaps it would have influenced their purchase decision. I'll add a night time visit to my collection of due diligence tips. By the [...]
Carbon Monoxide Alarms – Now Required
by Osman Parvez ---- The real estate contracts update class I took this morning was pretty good. There are loads of changes in the Commission approved contracts. Here's one you should know: By law, residential property owners must install carbon monoxide alarms prior to offering the property for sale. From the Exclusive Right to Sell Listing Contract (effective July 1, 2009): 18.2.3. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel-fired heater or appliance, a fireplace, or an attached garage and one or more rooms lawfully used for sleeping purposes (Bedroom), Seller understands that Colorado law [...]
Due Diligence – Don’t Rush It
by Osman Parvez ---- In business, "due diligence" describes an essential process of investigation. It starts with a basic checklist of items, information is uncovered and as the process continues, due diligence often becomes extensive. If you're considering a real estate transaction, proper and complete due diligence can save you a lot of heartache and money. You don't need a finance or law degree to do it. It doesn't even have to cost a lot. But to do it well, you shouldn't rush it. On this blog, you may have noticed that I occasionally tag posts with the "due diligence" [...]
First Appraisal Mayhem, Now Rate Spike
by Osman Parvez ---- At Realty Unique, we've been dealing with tight appraisals since early May because of the Home Valuation Code of Conduct. Although we haven't lost a deal due on appraisal, we've heard of a few deals in Boulder falling apart due to it. If you're in the market, it's something you need to be aware of. Mish (a bearish blogger I enjoy reading) also has a good piece out today on the double barrel impact of higher rates and tight appraisals, including some quotes from market players. It's worth taking a few minutes to read Mortgage [...]
Buy on Value, Not Price
by Osman Parvez ---- You worked hard for your money. Here's how to get the most value from your choice of real estate. A long, long time ago... I was in middle school and we were taking a mandatory home economics class. It was different from the rest of our classes. In "home ec," we learned practical stuff like how to safely use a stove and operate a sewing machine. It was information that, at the time, I admit to thinking was a little useless (typical 13 year old boy). One day, we were given a [...]
Podcast: What You Should Know About Sewer Line Replacement
by Osman Parvez ---- If you're buying a house in Boulder, be sure to get your sewer line inspected. Root intrusion is quite common and full replacement is expensive. Many homeowners schedule a rooter visit annually because putting it off can result in a more serious repair down the road. But even with annual visits, one day you may find out that a rooter won't be enough... When I researched a solution to this issue for my own house, I discovered sewer liners were a new and more cost effective alternative to complete replacement. We had the work done about [...]
Testimonials
