Friday, July 24, 2015

An Entrepreneur Cashes Out [Fresh Listings - Get it Hot]

by Osman Parvez
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35 new listings hit the Boulder real estate market this week. As usual, we sorted out the poor listing histories, funky layouts, bad locations, and those that were clearly overpriced.    

This week includes everything from spectacular high end trophy homes to terrifically located condos. Ready to shop for real estate?   

Here's our picks.

To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.



Single Family Homes


335 Lee Hill Drive | $7,250,000 | More Details
There are only a handful of homes of this caliber in Boulder. This modern, custom built gem is nestled up against the Foothills in far North Boulder. It sits on a nearly 5 acre property that includes a lap pool, hot tub, fire place and more. 4 beds, 6 baths, and nearly 6200 finished SQFT in the main house and another 1800 SQFT studio. The seller is the founder of Spyder.

If you're deploying capital of this magnitude, you better be confident in the valuation and long term investment thesis. The obvious value anchor is the monster size parcel directly adjacent to spectacular open space and yet still in close proximity to town. For a detailed discussion of comps and negotiation strategy, contact me directly at 303.746.6896.


2342 Mapleton Avenue | $985,000 | More Details
What you see is what you get. Built in the late 1980's, this 3 bed, 2 bath home is maxed out at 1781 SQFT due to the small lot size. The location is decent. The 1 car detached garage is mostly for gear storage. Split layout not ideal for families, but 2 bedrooms on the main works for most other buyers.   




 


1531 Mapleton Avenue | $1,395,000 | More Details
Snooze, you lose. This one went under contract before we could finish writing this post. No surprise, it's a good location, decent size, late 80's house with some updates for less than $450/SF. It's a ten minute (or less) stroll to the heart of downtown and you still get a two car garage.   

 




4035 Bimini Court | $925,000 | More Details
Four mile is one of the few neighborhoods that lacks easy access to retail. The trade-off is that homes are newer, with better layouts and far greater energy efficiency. Lot sizes are generally larger too, although this one doesn't fit the bill at ~7,000 SF. 4 bedrooms on the upper level makes this one family friendly. 






 
820 Grant Place | $999,999 | More Details
It's historic and it's just under $1MM in a great part of Boulder. Two blocks from Chautauqua. The down size is the split layout and the lack of garage. If you ever filed a permit, the city would probably make you tear out the "non-conforming" kitchen on the lower level. The good news (or bad news if you had expansion plans) is that you can't do much with a historic house in Boulder, so better plan for WYSWYG.




 
 2290 Juniper Avenue | $690,000 | More Details
This house just got a big boost in value because Iris has been "right sized." More cyclists and only two automobile lanes (vs 4 before right sizing) means traffic noise should be more tolerable. Keep in mind the "right sizing" is experimental.   Although unlikely, City Council could restore the 4 lanes if they're unsatisfied with the results.  

The interior of this one is dated but the layout is family friendly. At this price point, a likely buyer will do some remodeling. Prepare to compete against multiple offers. 



 

20 S 36th Street | $599,900 | More Details
If you need a ranch with a two car garage and basement, this is one of your only options. The lower level bedrooms aren't conforming, which means cutting concrete to install egress windows to make it safe. It's a little close to Moorhead and the traffic noise from US36, and prepare to spend some money on remodeling. 


 


Attached Dwellings

 

2707 Valmont Road 208A | $179,900 | More Details
Updated and dirt cheap? No wonder the listing agent wants all offers in by Sunday night with a decision the following morning. Now here's the bad news. TwoMile Creek feels a little like a glorified hotel. This makes it ideal for those needing a lock/leave, or a short-term residence in Boulder, but probably not a forever home. Lots of students (mostly graduate) in the complex. 

 




2890 Shadow Creek Drive 208 | $324,900 | More Details
There's a reason that so many units in Gold Run are investor owned. The proximity to CU, retail, and the Boulder Creek path are par-none. The most valuable units in the complex have elevators, garage spaces, and/or overlook Boulder Creek. You also really want a top floor unit, if you can get it.

Due diligence tip: The complex keeps catching fire. There's that, but it's not just a safety issue. The HOA has been murmuring about a special assessment for years. 


 

2663 Juniper Avenue 32 | $383,500 | More Details
This one is NOT a beneficiary of the "right-sizing" but it does have great proximity to retail, including a handful of great restaurants and a grocery. HOA is cheap. Check out the spiral staircase!









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Your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend rigorous due diligence and professional advice before buying or selling real estate.

Friday, July 17, 2015

$2MM+ Real Estate in Boulder - Your Money's Worth [Fresh Listings, Get 'Em Hot]

We're entering the final stretches of Boulder's summer real estate season. It's time for another batch of fresh listings to review.  

As usual, we sorted out the old and refreshed listings, overpriced and property in bad locations. Nine new listings made the cut and are worth seeing. Check them out. 

To schedule a private showing, which includes a discussion of valuation, price trends, and negotiation tactics call Osman at 303.746.6896.


Single Family Homes


1566 Sunset Boulevard | $2.39MM | More Details
A very impressive house. The sellers acquired the property in 2011 for $955K and then completely rebuilt. It's true, the location is one of the most desirable in Boulder due to its proximity to downtown and cluster of high-end homes. With that said, $2MM+ homes in Boulder should either be extraordinary in terms of build quality and finish or have spectacular protected views. At $622/SF (finished), buyers should carefully evaluate and negotiate.   

During the last twelve months, 19 single family houses sold in the $2.0 to $2.5MM price range in Boulder. There are currently 11 available and 2 under contract. In other words, buyers of homes in this price range in Boulder have options AND leverage to negotiate. If your Realtor tells your differently, find a better Realtor - one who knows the Boulder market.  



197 Iroquois Drive | $629K | More Details

A well maintained South Boulder home with dated 60's interior. It needs some love and it's being sold by the original owner. Open layout. 










2755 Juilliard Street | $1.39MM | More Details
An upscale Sobo remodel with a decent layout and nice finishes. Solid location, but smart buyers at this price point know they have options.  










730 Hartford Drive | $689K | More Details
Our favorite this week. Under $700K in a desirable South Boulder location near great schools and recreation. Remodeled bathrooms and updates throughout. Practically turn-key. Will likely be a bidding war on this one. 









1900 Dartmouth Avenue | $1.05MM | More Details
The house is essentially a scrape. Corner lot at the top of Dartmouth with great views of town and the Flatirons. First time it's available for purchase in 50 years. If you have a vision in mind and want to dream up your perfect home on this prime lot, call us up for a showing this weekend. Is it worth $1MM? Let's go find out. 



569 University Avenue | $1.29MM | More Details
Large 3 bed, two story house in a highly desired Boulder location. Photos don't show much but it's dated. The value is in the location, and it's far enough away from the students. Delight in the fact that it's just a block from a Flagstaff walking trail. 






1422 Yaupon Avenue | $699,700 | More Details
A shiny turn-key home in the Holiday neighborhood. Tasteful updates, fairly new appliances, wood floors and a jacuzzi tub in the master bedroom. Close to all of the amenities of Uptown; a location we expect to continue to improve. Easy access to hiking and downtown. 








Attached Dwellings

3790 Colorado Avenue G | $559K | More Details

A completely remodeled end unit that's pretty and ready for a buyer. This neighborhood is quiet and right on bus lines and bike paths that take you to CU, Downtown, East or West Boulder. 







1842 Spruce Street B | $725K | More Details
This town home puts you in one of the best locations of all. It's walking distance to Pearl Street and many fun activities and excellent restaurants. Not far from pocket parks. Low HOA for this area. 












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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 


You can also like our Facebook page or follow us on Twitter.

Your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend rigorous due diligence and professional advice before buying or selling real estate.

Wednesday, July 15, 2015

Paint on a Rotten Board [Due Diligence]

by Osman Parvez
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My gutter guy pulled off the badly installed rain gutters to find rotten fascia boards.  This house was painted a few months before it hit the market.   This is what it looks like when a seller window dresses a home for sale.  

Any questions? 

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Like this analysis?    Subscribe to our client research report.     
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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Friday, July 10, 2015

Fresh Listings, Get 'Em Hot

by Osman Parvez
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As we predicted, the market began turning last week. Take a look at the chart below. 



Inventory under contract has begun dropping steeply and for the first time in many months, there are more homes available than under contract. 

We went through this week's new listings and tossed the old/refreshed garbage, the bad locations, and the egregiously overpriced. If you're shopping for a home, here's what's worth seeing this weekend.    

To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.



Single Family Homes


4700 Hancock Drive | $660K | More Details
Large lot, 4 bedrooms on the upper level, under $200SF. This will be gone this weekend. It's priced under market. 









3568 Kirkwood Place | $725K | More Details
Slightly larger than average size lot in North Boulder.   Interior needs a complete gut and remodel, but ranches with a basement are very much in demand.








235 Pawnee Drive | $849K | More Details
Some updates and 5 bedrooms on the upper level make this a livable option for a family. Priced under $250/SF is impressive, you can't build for anything close to that today. 








1401 Lodge Lane | $875K | More Details

You know they're sprinting to get it on the market when they list it without photos and no lock box. Owners paid $675 two years ago. Layout is split. If you have to have 5 bedrooms, take a look at this one.  







2293 Holyoke Drive | $1MM | More Details
Best schools in Boulder. Giant lot. House is pretty much a scrape. The value is in the keyhole lot in this location. 








1020 Oakdale Place | $1,135,000 | More Details
Wonderland Hill. Decent layout. OK remodeling. I must be getting old because the photos look fuzzy. This is why I always use a professional photographer for my listings. Under $350/SF is decent for this location.   







640 Linden Avenue | $1,950,000 | More Details
Owner paid $925K 4 years ago. Excellent renovations.    
Location gets some traffic. Worth a look. 









508 Pleasant Street | $2,125,000 | More Details
How often do you see turn-key, completely rebuilt historic homes on the market in Boulder? Almost never. Owners paid $1.975 5 years ago. Layout is functional for a family. Great location. Excellent outdoor living areas. Not too big.   





Attached Dwellings

3077 29th Street 105 | $305K | More Details

A good choice for a value-driven buyer. Decent location in Central Boulder. Functional layout. Essentially lock and leave.  






3785 Birchwood Drive 70 | $375K | More Details
We just closed on a unit in this complex last week. Excellent for young couples and professionals. These townhome style units are very easy to rent. HOA is pricey to pay for shared special assessments from flood damage to the development but supposedly not to this particular unit.






1690 Yellow Pine Avenue | $675K | More Details
A nice attached house in the Silver Sage Co-Housing Community. Built in 2006 and in clean condition. Open kitchen and living room layout. Co-Housing is special because of the shared gardens, well kept land and friendly neighbors looking to share experiences and build relationships. Perfect for young couples and families. 




726 Pearl Street B | $699K | More Details
Lock and leave with a parking space in the center of downtown. Plenty of SF, bedrooms are on separate levels.    







----
Like this analysis?    Subscribe to our client research report.     
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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Tuesday, July 07, 2015

Civic Area Design Initiative

The Boulder City Council is working on a plan to implement new designs and updates in Downtown Civic Area Park to better suit the City's needs. They have decided to turn to us, the citizens, for creative ideas!
They're calling it the Civic Area Design Inspiration Initiative. Artists, architects and creative thinkers of all types are encouraged to submit their thoughts, pictures, drawings and ideas HERE in this three part survey. They are running three phases of the design initiative, and the deadline for phase one is July 10th.

Since the passing of the Community, Culture and Safety tax initiative in November 2014, more than $5 million in taxes is being devoted to the specific developments of the Bandshell, the 11th Street Bridge Spine that connects Downtown to the Hill, and finally a "Nature Play" area that will incorporate aspects of nature in a tasteful and interactive way into an urban and central environment. The community is invited to submit their ideas and suggestions. Hopefully, these updates will be a lovely reflection of who we are in Boulder, a group of innovative thinkers and talented artists. Make sure to contribute your ideas!


























Hat tip: Amy Gahran

Image: City of Boulder


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Like this analysis?    Subscribe to our client research report.     
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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Wednesday, July 01, 2015

Boulder Valley Beer Fest [Events]

Mark your calendars for September 12.

The Boulder Valley Beer Fest is a great fun way to spend a late summer day with friends.  It also happens to be Boulder Valley Rotary's #1 fundraiser to support the many service projects at the heart of my Rotary club. 

The festival will take place in conjunction with the Town of Superior’s annual Chili Fest and will be held at the Superior Community Park, 1350 Coalton Road, Superior

25 Breweries will participate including..
Asher Brewing
Fate Brewing
SKEYE Brewing
Big Choice
Front Range Beer
Twisted Pine
Boulder Beer
Horse & Dragon
Upslope
Bristol Brewing
Loveland Ale Works
Very Nice
Crazy Mountain
Nighthawk Brewing
Vindication
Crystal Springs
Odd 13
Westminster Brewing
Elevation Brewing
Oskar Blues
Wibby
Wild Woods


From now through July 31st tickets will be available on the Beer Fest website for a discounted price for Rotarians and their friends.  Call 303.746.6896 or email osman@realtyunique.com for a special discount code

Discounted Prices:
General admission tickets are $25 (discounted an additional $5 off the presale price of $30).   VIP tickets are $45 (discounted an additional $10 off the presale price of $55).

Get your tickets HERE.

Tuesday, June 30, 2015

Have We Reached the Peak of the Selling Season? [Analyze This]

by Osman Parvez
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This is a follow-up to yesterday's analysis of Boulder inventory and digs a little deeper.    Consider it part #2 of the inventory analysis.  We'll also expand by analyzing neighboring cities including Longmont, Louisville, Lafayette, and Superior.  

The key question for buyers and sellers is whether we've reached the peak of the summer selling season.  It's a question that impacts selection, pricing, and negotiation strategy.    Let's take a look. 


This busy first chart shows percentage of inventory under contract over the past twelve months.    Note: 

- A far lower percentage of houses in Boulder are under contract compared to surrounding cities.   Demand is higher in places like Louisville, Longmont, and Lafayette - which often surprises buyers and sellers.   It also surprises more than a few Realtors who don't really know the market. 

- At this time last year (left side), inventory under contract ranged from about 45% for Boulder to approaching 65% for Louisville.  This June, (right side of chart) it ranged from about 50% for Boulder to about 70% for Louisville.    This year has been a substantially stronger market.


This chart shortens the time period to just the past three months, more relevant for buyers and sellers.     

Note: 

- Inventory under contract (a.k.a. absorption) peaked at slightly different times for each of these markets.     This is one of the reasons we emphasize an analysis of the market specific to your unique situation.   If you're shopping for an agent that leverages real-time market analytics to drive intelligent real estate decisions, contact us.  

-Absorption is now clearly declining in most markets, suggesting that we've reached the summer peak.   It's always possible that more sellers will enter this market, but it seems unlikely. 

- Boulder is trailing the L's and Superior by a substantial margin.    


This chart shows growth in total inventory (available and under contract) since the beginning of the year.   Longmont has the highest inventory, which reached a peak of about 330 houses.   234 Boulder houses are on the market.    179 town homes and condos (attached dwellings or AD).    In Boulder, condo inventory grew 14.7% since early April while house inventory grew at 32.2% over the same time period.  

As discussed before, the condo and town home market is far more aggressive than the house market in Boulder.  The ease of renting out property on AirBnB and the associated low maintenance cost of attached dwellings may be influencing this market. 


To complete the series, this chart shows total inventory for Louisville, Lafayette, and Superior.    We would have put it on the same chart as Boulder, but a different scale made sense.   Louisville and Superior are the smallest of our local markets.   Lafayette is running about half the size of Boulder.   All three markets show the expected seasonal trend.   More evidence for being at or very near the 2015 seasonal peak.  



This final chart shows the historical peak for Boulder real estate (single family houses) going back to 2004.   This year is an estimate.    Inventory is down a massive 61.4% from June 2009.    This is the 6th consecutive year of declining inventory.  


Don't you wish you bought in 2009?

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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Monday, June 29, 2015

Six Years of Declining Boulder Inventory [Analyze This]

by Osman Parvez
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Ready for an update on real estate market conditions in Boulder? Here we go. 

Remember: intelligent real estate decisions are based on a deep knowledge of current market conditions. Don't settle for hand waving, happy talk, and old statistics too stale and generic to be useful. Get the facts about market conditions relative to YOUR specific real estate situation. If you're buying or selling real estate in Boulder or surrounding areas, CALL US FIRST. 303.746.6896. 

Let's start with a look at the single family house market. 



115 houses are currently available, 119 are under contract and headed to closing. This represents a 26% decrease in total inventory compared to a year ago, respectively.   We're now in the 6th consecutive summer of declining inventory in Boulder.  

The chart suggests house inventory reached the 2015 seasonal peak at the end of May and we expect it will be declining for the remainder of the year. 


Inventory for attached dwellings is currently 57 available units and 121 under contract. Taken together, this represents a shocking decrease of 58% from a year ago




The seasonal peak and percentage of property under contact tend to go in lockstep. This year is no exception.    

Percentage of inventory under contract peaked near the end of May, dropping from 78% to 68% for attached dwellings. For houses, its dropped from 57% to 51%. This is a good proxy for competition among buyers for available properties. 

Negotiation Strategy
In short, buyers can afford to be a little more patient and slightly more aggressive in negotiations. Sellers need to be cautious if you're choosing a "go high and fish for a buyer" pricing strategy.

Keep in mind that the data above is for the Boulder market as a whole. Your house, your neighborhood, and your property type could be markedly different. Our last research note (sign up HERE) showed massively higher availability at certain price points in the market. 

Note: Part TWO of this analysis is HERE

----
Like this analysis?    Subscribe to our client research report.     
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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Sunday, June 28, 2015

The Writing On The Wall

by Osman Parvez
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Asking price?    $600K.   Working oven not included. 




And don't you just love it when the seller leaves cute little notes on the wall for the next owner? Or maybe it was the builder.    Look carefully. 


How some buyers feel in this market
----
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Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 
You can also like our Facebook page or follow us on Twitter.

As always, your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Friday, June 26, 2015

This Week: Turn Key Flips and New Urbanism [Fresh Listings, Get 'Em Hot]

30+ new listings hit the Boulder real estate market this week. 12 are worth your time to see. This week: a couple of flips and a sort of new urbanist condo in the mix.    

Are they worth the price? You decide. Let's go see some houses.  


To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.



Single Family Homes


86 Genesee Court | $550K | More Details
This spot of town on the Southeast side of Boulder is near open space, bike paths and easy access to commuting corridors. It's also adjacent a possible large development that has been hotly contested for many years. The split layout could be a challenge for many families but for the price, this one should get a look. Due diligence:  Be sure to review the neighborhood market performance during the last cycle before writing your offer.  It's not a pretty picture. If your Realtor can't do the analysis, find one who can









4405 Osage Drive | $680K | More Details
Did the seller really add $160K in value during the last 60 days? You decide. They paid $519K in April and redid the interior. They also replaced the sewer line, added air conditioning, exterior doors, and an insulated garage door.








3980 Greenbriar Boulevard | $799K | More Details
An open space marvel. This house backs right to it. Some updated finishes, layout could be a challenge.  










902 Grant Place | $879K | More Details
Cute little bungalow on Rose Hill. Lots of updates. Solid location.  Due diligence: Smallish lot and historical. Caution on your expansion plans.









2203 Holyoke Drive | $1.075MM | More Details

Family friendly layout and the best schools in Boulder. The value is in the cul-de-sac location and proximity to open space. Bring a budget to gut and redo the interior.








Attached Dwellings

1405 Broadway Street 307 | $265K | More Details
CU kiddie condo. Cool loft could function as storage or possibly a sleeping area (as long as you're not prone to falling dreams).  Due diligence: Review the HOA docs and trajectory of regulations before your plan your Air BnB empire.







2610 Iris Avenue 101 | $299K | More Details
Iris Hollow is not just cute, it's very livable, with plenty of retail nearby and access to bike paths. The owner of the last unit we sold there is now car-free. From a design perspective, this isn't really New Urbanism, but it's close enough.  There are plenty of nearby lifestyle amenities. 













3025 Broadway Street A-5 | $370K | More Details
Great location for lock and leave, low maintenance and easy access to downtown. This one has some nice updates.   We sold one last month to a very selective buyer.    










964 Arapahoe Avenue 2 | $389K | More Details

Great location for access to downtown. Nice updates. Due diligence: Flood damage likely, check for proper mitigation.












3467 Iris Court | $597K | More Details
Solid location, vaulted ceilings, a decent location, and a cheap HOA. Of course there are already offers on the table.    Snooze you lose. 










1655 Walnut Street 105 | $625K | More Details


Built in 2008, this is a turn key apartment with a modern design and friendly layout. It's in the heart of downtown and within walking distance to everything. 











2008 18th Street 3 | $729K | More Details


Seller paid $600K last year. Although it looks historic, it was built in 2001 so should be reasonable with respect to maintenance and energy efficiency. Great location. Did it gain 21% in a year? You decide. 


To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896.

----
Like this analysis?    Subscribe to our client research report.     

Want to get blog updates via email?  Click HERE.       


Ready to buy or sell?  Schedule an appointment or call 303.746.6896. 


You can also like our Facebook page or follow us on Twitter.

Your referrals are deeply appreciated.  

--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend rigorous due diligence and professional advice before buying or selling real estate.

photo credit:  Bradley Newman