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 [...]
Flood for Thought – The South Boulder Creek Floodplain
by Osman Parvez ---- If you live in Boulder, you've probably grown accustomed to sirens blaring at 10am on the first Monday of every month. They are part of an emergency warning system, in place to alert listeners of a flash flood. Recently, the Daily Camera ran a story proclaiming that Boulder is the number one flood risk community in Colorado. In August of 2007, the city completed the South Boulder Creek Flood Mapping Study. It places over 1,100 buildings and structures within a 100-year floodplain (i.e. there is a 1% chance of a flood of this magnitude occurring each [...]
Would You Be My Neighbor?
by Osman Parvez ---- When our clients are getting serious about a house, we advise them to walk the neighborhood, knock on doors, and see what else they can learn. Sometimes we'll even accompany them. Why? Because neighborhood assessment is an important part of buyer due diligence. An hour or so walking your future neighborhood and talking to the people who live there will often reveal details about why a property is for sale, its history, and many important characteristics about the neighborhood. You might learn who has the loud dog or how long it takes to walk to public [...]
Before You Buy, Check for Meth
by Osman Parvez ---- What would you do if you found out your home was once a Meth lab and never cleaned up? Some recent home buyers are facing that unsettling question. From CBS4: As part of a year-long investigation, CBS4 News has obtained, through open records requests, governmental lists of properties that contained methamphetamine labs that were never cleaned up. CBS4 Investigator Rick Sallinger found people living in homes that may still be contaminated with meth. Governmental agencies failed to inform them, and unscrupulous homeowners sold the properties without warning the buyers. There are hundreds, maybe even thousands of [...]
7 Reasons to Love the Post Housing Bubble
by Osman Parvez ---- "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness..." - Charles Dickens, A Tale of Two Cities There's a silver lining to the housing bubble. Sure, it's less sensational than upside down borrowers being tempted to walk away from their mortgages. It's clearly less sensational than what Britney or her sister are up to. But guess what? It's information you can use. Here's 7 reasons you should love the (post) housing bubble. 1. Fewer speculators. Get rich quick schemes are no [...]
Toxic Waste: Mapping Boulder and Beyond
by Osman Parvez ---- When we help you buy a house, we'll advise you to complete your due diligence before purchasing a property. Typical items we recommend include simple steps, like walking nearby streets and talking to neighbors. We'll even walk the streets with you, if you'd like. Some of the check list items we recommend include calculating your commute, distance to grocery stores, and local schools. Articles posted on this blog are one of the ways we help people find the tools to do a better job at investigating the facts. From the list of labels on the right, [...]
Beetle Epidemic
by Osman Parvez ---- Yesterday the Daily Camera had a piece on the Pine beetle epidemic. From the Camera: "It's started to move into the ponderosa pine and forest," said Kevin Zimlinghaus, who works for the Forest Service's Boulder Ranger District. "That could pose a problem. If the beetles do get into the ponderosa pine and continue to move, they could come all the way down to the plains." The tree die-off could have major social and economic impacts on the state. No kidding. How long have we known this? For those following the issue, be sure to read Myths [...]
Myths and Facts: The Pine Beetle Epidemic
by Osman Parvez ---- Dead trees. Rust colored mountainsides. A plague that's spreading quickly. These sort of thoughts are giving people in Colorado a fright. Too bad this nightmare is real. There's a lot of information out there, most of it passed by word of mouth. What's myth and what's fact? What's the biggest risk? And as a homeowner, what can you do about it? #1: The trees are being killed by invasive beetles: Partially true. The bug in question is the Mountain Pine Beetle (Dendroctonus ponderosae), also called the Black Hills beetle or Rocky Mountain Pine beetle. But it's [...]
Adverse Possession Brouhaha
by Osman Parvez ---- The comments I've gotten from on the adverse possession of private land by two legal eagles (see Gimme! A Legal Land Grab) has been startling. This issue really sparks a reaction. Although I can't share their off the record comments, some laced with colorful metaphors, here's a few snippets from letters to the editor of the Daily Camera: November 12: "Gaining ownership under adverse possession can only happen when titled owners exhibit an uninterrupted disregard for another's use of their property for many years." November 14: "Bob Greenlee's column on adverse possession (Nov. 4) was a [...]
