It's Bargain Time

To contact us Click HERE
by Osman Parvez

It's bargain time, people.    

The biggest discounts in Boulder real estate usually happen from Thanksgiving to New Years.    Sellers are getting anxious and would just like to be done with the process.   Buyers typically have more selection and more negotiation leverage.  Everyone is distracted by the holidays.

Perhaps, this year will be different.  The market has remained very active in the fourth quarter and with record low inventory, bargains are a little less abundant.    Still, let's take a look at some (mostly) fresh listings.    Believe me, these sellers are very motivated to list at this time of year.  

Fresh Listings, Get 'Em Hot

4965 Qualla Drive (link).   This bi-level was built in the 1960's with 4 bedrooms, 2 baths, and a 1 car garage.    The asking price is reasonable at $429,000 but the proximity to Foothills may be an issue.    My usual rule of thumb is to be at least 3 houses from a busy street.   This one is 2 houses from Thunderbird and Foothills.    For bargain shoppers who aren't bothered by the potential traffic noise, it's worth considering.   For those worried about resale, you might want to take a pass.    Due Diligence Tip: Test your noise tolerance by standing in the backyard during rush hour.  

1959 Beacon Ct (link).    These super cute town homes are rarely available and in the perfect location for a stroll to Pearl Street.     A little small - only 1,012 SQFT and two bedrooms - they are perhaps best suited to young professionals, downsizing Boomers, or vacation home buyers.      This one is done up nicely.   The asking price is $499,900.   Due Diligence Tip:  The HOA fees are only $200 per year, but check for upcoming capital assessments and review the restrictions to ensure it fits your lifestyle.

Eye candy!

907 13th Street (link).    I love Craftsman style homes and this one is eye candy.   It was recently constructed with a good layout, ample bedrooms and baths, and plenty of space (5,200 finished SQFT) for a family.   Very rare for Boulder, it also has a 3 car heated garage.    It's less than 10 years old, so the house is nearly turn-key which is also rare in the Boulder real estate market.    The location is pretty good, but not spectacular.   Due Diligence Tip:  The seller is signaling deep motivation.  It's not actually new on the market.    The latest refreshed listing may give the appearance of being new to market (eye roll), but the truth is this house was originally listed in June at $1,550,000.  Since then, the asking price has been reduced $162,500 to $1,387,500.     And while we're talking about due-diligence, I recommend red-cup testing this location.  There are definitely plenty of student rentals nearby.  

1280 Elder Ave (link).   This North Boulder home was built in 1996 and features 4 bedrooms and 4 baths on 2,472 SQFT.     The house has great curb appeal and a pretty good layout.   3 of the bedrooms are on the upper level, 1 is in the basement.    The house is tenant occupied and the owner has apparently had enough of being a landlord.    Worth a look but my gut says the asking price at $765,000 is wishful thinking.     Has it really more than doubled in value since 1999?   Mr. Market will decide.     Due diligence tip:   Elder gets some traffic and the location is mixed use.    Stroll around a bit and make sure you can handle the neighborhood.  

It's Alive!

862 15th Street (link).     This rental frankenhouse has been split up and grandfathered to allow 6 unrelated people to occupy it.   The location commands a premium rent because students will happily shell out $700 or more per bedroom to live on University Hill.    What can I tell you, there's gold in those red cups.   At the asking price of $825,000, you're looking at a cap rate of maybe 6%.    My investor-buyers would probably agree that you'd do better to buy two properties in the Baseline neighborhood, but it might still be worth a look    Due diligence tip:   Double check the rental history (estoppel statements) and be conservative on your maintenance estimates.   This house is historic and will very likely have deferred significant deferred maintenance costs.  

Don't forget, as a Realtor I can show you any of these properties.   Call me at 303.746.6896. 

image: mksss and erix!
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.