What's Happening in Boulder Real Estate?
First things, first. It's Labor Day.
At House Einstein, we're especially grateful to those who often get overlooked, the essential workers who have kept Colorado functioning through the pandemic - health care workers, grocery store clerks, delivery drivers, teachers and so many more. Recognizing worker contribution is the purpose for the holiday.
Labor Day also marks the unofficial end of summer, and many take this weekend off to enjoy time with family and friends. The real estate market, meanwhile, waits for no one. A number of interesting listings hit the market last week, some of which are already under contract. Let's take a look.
As we've done in the past, we'll also include notable recent sales to help highlight market conditions.
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Fresh Listings
New listings that haven't been on the market in several years. Worth a look, but not necessarily worth buying - especially at the asking price.
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345 Dewey Avenue | $3.6M
An early Trailhead resale, about four years old. If you’re unfamiliar, the Trailhead neighborhood sits at the base of Mt. Sanitas, northwest of the Mapleton Historic District. It's an enclave of recently built, luxury homes with immediate access to some of Boulder's most popular open space trails. From many perspectives, this location is what most people would consider prime Boulder real estate, but as always there are trade-offs to consider. For Trailhead, these include a highly visible location, extremely popular trail system, and ongoing construction from the Academy development. In the future, the location might also become quite a bit busier. The Academy at Mapleton Hill is permitted for 93 independent living residential units and 12 memory care units, along with a 42-bed rehabilitation facility with a warm water therapy pool open to the public.
Why You Should See It
This particular luxury home has a tasteful, if understated design with what I would describe as unique finish choices. It has four bedrooms, five baths, and about 4,100 finished SQFT. The rooftop living garden might be my favorite feature of this home.
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Ready for a private showing? Call us at 303.746.6896
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2037 Mapleton Avenue | $2.85M
Step into the not-so-wayback machine. We looked at this home in November of 2018. If you watch the video we produced for our clients, you’ll see it was a complete and total teardown. In my opinion, the value was that of a dirt lot less the cost of deconstruction.
Instead of tearing it down, a developer resurrected it. Today, it’s back and completely reconstructed. Although it still looks like a historic home from the curb, virtually every aspect has been revamped. It’s also grown from 1,276 SQFT to almost 3,700 finished square feet. What was once a three bedroom, one bath with a one car garage is now a four bedroom, five bath luxury home with a two car garage.
You can see that a massive addition was created on the backside of the house (the only option for expansion of historic homes), and it now features a bevy of high-end designer features and finishes. Or it will. Some of the photos contain artist renderings and virtual staging, but it should still be enough to give you the idea of what the future will look like when the project is completed.
Due Diligence
On the plus side, resto-mods are a wonderful way to have your cake and eat it, too. You get a home that fits in well with the character of the neighborhood, without all of the usual historic home issues. That's the theory, anyway. Just keep in mind that it’s not brand new construction, with the usual array of builder warranties. You’re dealing with a one-off, dependent on a builder and subcontractors who are no longer tied to the project. Buyers should expect some initial issues as the home’s systems are tested.
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Intelligent real estate decisions are based on deep market knowledge. Call us at 303.746.6896
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SOLD 289 Pearl Street | $1.7M
I wrote about this four bedroom, four bath listing in an earlier edition of Fresh Listings. Back then, it hit the market with an asking price of $1.9M. It’s a moderate size, newer two-story on the West End, with design elements intended to look historic. It was available for about three months, and a buyer locked it down for a substantial discount. It sold for $1.7M last week, or about 10.5% below the asking price.
Assuming that there were no issues from past flooding, this is a bargain for the location. Sometimes it pays to wait and negotiate aggressively.
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Our goal is to help you make a smarter real estate decision. Call 303.746.6896 for more information.
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617 Mapleton Avenue | $1.58M
An Edwardian Vernacular that looks like it’s in better starting condition than 2037 Mapleton (above). Could it be a better platform for a restoration-mod project? As it stands today, it’s a dilapidated three bedroom, one bath with decades old, worn-out finishes. The buyer will likely expand out the back and the lot size might support that endeavor. The location is absolutely superior.
Key questions are (a) What’s the intrinsic value today for a major project home and (b) what’s the build potential? The latter impacts the former. There’s also no provided build-out potential analysis or even ILC to help buyers make the determination.
If you were our buyer, we’d advise you to tread carefully and make your offer contingent on a thorough evaluation of the property’s potential. Remember: everything is negotiable in real estate deals. Yes, you can write that into the contract. If your Realtor says otherwise, next time choose a better Realtor.
Due Diligence
A real estate appraisal from 1929 placed the value of this home at $4,126 but after accounting for physical and utility depreciation, valued it at only $1,420 for tax purposes. Let’s ignore make-believe depreciation and assume the market value was actually $4,126 in 1929. If the asking price represents the net present value, you’re looking at an annual appreciation rate of 6.7%, assuming no capital improvements. Of course, we know that some capital improvements surely were made, but it still gives you a decent ballpark for the rate with which historic homes in premium locations gain value over long periods of time. There’s a reason the smart money digs historic homes.
At this time, 617 Mapleton is not on a list of landmarked properties, but the 1994 survey indicates it is contributing to the District and eligible for individual landmarking. It’s nice that it’s not landmarked, but the fact that it is in the District itself also layers on additional restrictions. Also, don’t forget the city’s fois gras approach to landmarking. If the powers that be want it, you will get it, whether you like it or not.
Fun Fact
P.S. In 1929, the appraiser said the home exhibited “first class construction” but was also more than 40 years old, which likely helped it notch a value of +50% depreciated. I wish we valued homes this way for tax purposes today.
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Ready for a private showing? Call us at 303.746.6896
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6981 Overland Road | $1.55M
There is so much to like about this mountain property. Let’s start with the basics; access is relatively easy. Overland Road is the main drag to the west of Jamestown. Keep going up, and you’ll hit the Peak to Peak Highway. The elevation is a little on the high side at ~8,500,’ but the paved road to your driveway is a huge plus.
The lot itself is generously sized at about 43 acres and includes two ponds. If that’s not enough room for your clan to spread out, you have about 88 acres of public land to the south and massive amounts of public land to the northwest. The lot itself isn’t terribly steep, there’s a jaw dropping scenic overlook, and unique rock croppings nestled in the trees.
Now let’s talk about the structures. The main house was completed in 2011 in an Italian Villa style. It has about 3,000 SQFT, four bedroom, and five baths. Naturally, due to the age of the house, the home features a fire resistant steel roof and stucco/rock face exterior.
Granted, a home in the mountains in a romanticized Italian style may not be everyone’s tazza, but at least the theme is consistent. Overall the layout is classic upside down house. The bedrooms are on the main, the living room and the kitchen are on the upper level. This is traditionally done to highlight views from living and dining areas.
Due Diligence
There are no images of the studio provided. Buyers should follow up on that carefully. Given the seclusion of this estate, I would recommend our clients check permitting.
Given the size of the lot, and placement of the home, you might be able to get away without a full survey but at least insist on a recent ILC. You should also consider meeting the neighbors to discuss public use of land adjacent to the property. Plan time for an extensive foot survey to see if it’s a common camping spot.
Don’t forget the usual checklist items for mountain property: well recharge rates, water quality, septic, fire defensibility, and much higher than typical insurance costs.
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Intelligent real estate decisions are based on deep market knowledge. Call us at 303.746.6896
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1215 Cedar Avenue 301 | $1.35M
Only eight condo units were constructed in the historic elementary school at Washington Village, and sales are rare. If living in this co-housing community is on your wis-hlist, you have to jump at the chance to see every listing. We’d recommend you also consider townhomes and stand alone houses that are not inside this building.
Unit 301 is on the top floor and features three bedrooms, two baths, and a generous 1,860 SQFT. Finishes are traditional. It’s a nice lock and leave option, particularly for those who might enjoy living in Boulder seasonally. The location is certainly a plus - it’s an easy walk to shopping at Ideal, restaurants downtown, or North Boulder Park.
Due Diligence
When a buyer sees $560/month HOA dues, the first question they want to know is what’s included. Typically, an HOA of this magnitude should include water, trash, and grounds maintenance. It should also include a portion for reserves and the maintenance of common areas, like the basement workshop in this building. If you prioritize amenities, and are willing to forgo the premium location and gorgeous historic charm of living in this building, we’d recommend comparing 1215 Cedar Ave #301 to options at a variety of price points in the Peloton. From a functional perspective, they might be a better deal and have no co-housing related risk.
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Our goal is to help you make a smarter real estate decision. Call 303.746.6896 for more information.
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SOLD 480 Lipan Way | $1.32M
This one checked all the right boxes: it’s in a quiet, family-friendly neighborhood with spacious lots. It’s close to all the things people love about Boulder, and few of the things they don’t. Most importantly, it was near our clients' grandchildren.
480 Lipan is a generously sized, ranch-style home, owned by one family for many decades. The adult children of the last owners nicely updated it in preparation for sale, which our clients deeply appreciated. It sold for a 5% discount to the last asking price.
Due Diligence
Sprawling ranches are the single most effective floor plan for the vast majority of buyers. Sure, it’s also more costly to build but some things are worth the price.
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Ready for a private showing? Call us at 303.746.6896
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4657 Huey Circle | $1.15M
Boom! It’s under contract. As we were writing about this interesting home, buyers were swirling and writing offers. This is why you have to move quickly to see homes in Boulder, even after the summer selling season. It's also why we offer remote services to our clients, like the ones who asked us to look at 2037 Mapleton (above). Waiting around for the best time is a recipe for a missed opportunity.
The hardest part with 4657 Huey Cir is understanding the lot premium. The home is built on a perch, overlooking Tantra park, but far enough away to be unaffected by the brouhaha over CU South. The power lines are an annoyance, courtesy of funds poached for the Muni. If you can live with that, it’s a fantastic opportunity for a remodel project.
Due Diligence
Homes on perches or set against steep hillsides have a higher probability of structural problems, especially if built in earlier periods. Don’t skip the inspection to win the bidding war. Look closely for any signs of foundation instability.
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Intelligent real estate decisions are based on deep market knowledge. Call us at 303.746.6896
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964 Ravenwood Road | $930K
For years, this location has been subject to intense bidding wars by affluent home buyers. It offers one of the single best view corridors, with water and Flatiron views. With that said, not every property has it. This one appears to have B+ views from the backyard, but perhaps only seasonal views from the main home - unless going up is in your build plan.
The existing home is classic mid-century modern with vaulted ceilings and an open layout on the main. The lot size is generous and should support an expansion.
Due Diligence
Ask your Realtor to bring their drone to the showing and check out the real view from just above the current roof-line.
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Our goal is to help you make a smarter real estate decision. Call 303.746.6896 for more information.
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SOLD 1024 Confidence Drive | $830K
Prospect is one of the best neighborhoods in Boulder County, period. On the streets of Prospect New Town, you’ll find eclectic home designs that span a variety of classic and modern styles, lending a funky feel. The neighborhood is chock full of regular social events, including one of the most popular Halloweens in all of Boulder County.
For our buyers, it was love at first sight for this hip two story home. We helped them consider several alternatives just in case, and guided them through our usual rigorous due diligence process. It won out in the end.
Our extremely satisfied clients closed on it last week for 2.5% below asking.
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Ready for a private showing? Call us at 303.746.6896
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