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As your local 8z REALTOR and market expert, it is my pleasure to bring you this market update for Boulder’s Downtown neighborhood and Pearl Street area. Stay tuned each month as I post updated information on this market’s activity.
The downtown condo market continues to improve at all price points. Of the four sales in February, three were over half a million, with the most expensive one being my listing, which was 1655 Walnut, Unit 307. I had it listed for $1,250,000 and it sold for $1,220,000 (unfurnished). It represented the final developer owned condo at The Walnut. A wonderful milestone for downtown condos.
The condo market in the price range above $500k is holding much more inventory than those $500k and under.
The over $500K market has some really wonderful options. You can own a custom penthouse at the Arete, a luxurious 4-story community, with gorgeous, unobstructed views for $4.3M. There are also some very good deals on luxury condos in the $500K-$800K. The under $500K market tends to sell very quickly. If you are in the market for a condo anywhere in Boulder, but especially in downtown, you have to jump on it as soon as it hits the market. Not everyone can afford to buy a condo in downtown Boulder, which creates a strong rental market. As a result the lower priced condos often sell to investors who rent them. Currently a “luxury” apartment community is being built at 17th and Walnut, which will consist of approximately a dozen homes. The rents will range from $2,000ish to $5,000ish per month.
There have been 10 new listings that have hit the market since February 1st. Four of them are already under contract. There is a gorgeous, core and shell penthouse available at the Arete that just hit the market. It’s priced at $3.75M and comes as a blank pallet, allowing you to customize the interior to meet your personal desires and needs. There are two resales at The Walnut. One is a large 1 bed/ 1 bath that is fully appointed with all the high-end finishes you would expect at The Walnut. The other is a 2 bedroom 2 bath that has gorgeous views and a very user-friendly floor plan. They’re priced $599K and $719K respectively. I cannot believe that neither is under contract. A 4 bedroom “San Francisco” townhouse hit the market a little while ago and immediately went under contract the day it hit. I recently previewed a property at 1715 15th Street, #7 and was impressed with the renovation. It is a great location and has 4 bedrooms and 3 baths. The downside is that there are stairs to access the community and then stairs to access your condo. Last, a beautiful townhouse off of 20th and Walnut has become available. It has decent square footage and beautiful finishes, along with an attached garage.
Sold in February
1850 Folsom St., #1111 - Listed for $330,000. Sold for $315,000. 2bed/2baths. 1,357sf. 20 DTO. $232/sf.
2098 23rd St., #2 - Listed for $589,000. Sold for $584,000. 2beds/3baths. 1,326sf. 32 DTO. $440/sf.
624 Pearl St., #206 - Listed for $625,000. Sold for $585,000. 2beds/2baths. 1,160sf. 17 DTO. $504/sf.
1655 Walnut St., #307 - Listed for $1,250,000. Sold for $1,220,000. 2beds/3baths. 2,272sf. 677 DTO. $537/sf.
I would say we have transitioned into a seller’s market. It’s a great time to sell your downtown condo at a premium. The Walnut broke ground in 2008 and delivered condos towards the end of 2009. It was the worse possible time to have 3 dozen luxury condos to sale. Fortunately several pre-sells made it possible for The Walnut to survive and turn into one of the highest demand downtown communities. The fact that the community has finally sold out, shows that are downtown neighborhood not only vibrant, but in demand. If you are interested in selling your condo, please give me a call and I’ll let you know how much the market says it’s worth.
The average price of condos above $500K in February was $796,333. Below $500K was $315,000 (due to only one sale). The over $500K market averaged $502/sf in February. The under $500K market was $232/sf in February. Days on the market are skewed due to the final Walnut sale. A commercial building directly behind 307 was adding another story. While the construction was taking place, showings were limited.
Sell, sell, sell! There are a lot of buyers out there and not a lot of inventory. As the months continue we will see more buyers start searching for their next home. A lot of these buyers are soon to be empty nesters who want to get rid of the big house and purchase a “lock and leave” condo. In addition to a lack of inventory, interest rates are back to an all time low, which is creating even more demand to purchase real estate. We are entering the busiest time of year and if you have been toying around with selling, right now is the time to get serious. It takes some preparation to make sure you get the biggest return possible on your condo investment.
Please call me if you need any assistance at Downtown Boulder. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the neighborhood. You can always reach me at 720.203.7789 or firstname.lastname@example.org or on my Facebook business page.