View this email in your browser

What's New at House Einstein?

The team at House Einstein has been deep in the trenches, but we're starting to experience a slow-down. This has left us a bit more time to pause, reflect on how to best serve our clients, and advise accordingly (see below). 

A couple of business highlights since our last newsletter:

  • We successfully closed the vast majority of our 2Q listings and helped a number of buyers find and close their purchases. We'll call out a couple of wins; 
    • Our listing at 4170 Pinon closed at $3.2M - full list price. Another buyer who had been trying to verbally negotiate was very unhappy they missed out, and within 48 hours of going under contract, they submitted a backup offer at $100K over. Take home lesson: When you see a unique home that you want to buy, write the offer that gets the deal done. Don't begin the process by verbally negotiating over the price. For some homes, there is no replacement and 4170 Pinon fell into that category. It's one of the most unique and interesting homes I've ever had the privilege of listing. 
    • We represented the buyers of 1255 Albion. They had begun the process over a year ago and ultimately landed in Table Mesa. I think this location and home will suit their needs for many years to come. We also ended up quite a bit below the max acquisition price, which allows our clients a budget for a remodel. 
    • We just listed 4708 Ipswich this week. It's a beautiful home in upper Heatherwood, with many upgrades. Check out our listing video
    • Reminder: House Einstein offers not just professional photography but high-impact videography with every listing, investing 5X more than a typical real estate agent in marketing our listings. If you're considering selling, please give us a call. 
  • Hamish, House Einstein's extraordinary assistant, crushed the real estate exam and is now full licensed. One of his goals is to support all of the Realtors at House Einstein, ensuring buyers can schedule showings and write offers, even when their House Einstein Realtor is traveling. Buying or selling, we believe you should never miss an opportunity because your agent was out of town.
  • The seller elected to withdraw our listing on Westview from the market after finding a tenant for the property. Given cooler market conditions, they felt this was the best choice and we agreed. This was also what we advised our client to consider doing when we first met to talk about listing the home. Real estate is a classic inflation hedge. When you know the value of your asset, you might be better off keeping it. It's possible that I'm the only Realtor who regularly recommends NOT selling your home and turning it into a rental, but I also believe in advising our clients to do what's best for their economic future. That's our fiduciary duty. 
  • On a personal note: I was able to attend a close friend's wedding in California and attend the Telluride Bluegrass Festival. Both events wouldn't be possible without Sophie, Ian, and Hamish. I am so grateful for the extraordinary team at House Einstein.  

How's The Market?

You've read the news. The market has hit the brakes, hard. Showings have slowed to a trickle and inventory is showing year-over-year growth for the first time in many years. Preliminary sales volume data for this month looks shocking, so shocking that I can't quite believe it. I'm going to wait a full week into July before doing my data analysis, to make sure you have accurate information. 

image by @lgnwvrFor now, let's dig a little deeper: In Boulder County, 490 new single family houses hit the market since June 1st. As of this writing (about 3 weeks later), 68% are not under contract and remain available. This is astounding for June. In Denver, 939 single family houses hit the market and 48% remain available - not quite as cool as Boulder, but clearly cooling. 

In response to a more "normal" market,  we're advising our buyers to be patient and disciplined. It's more important than ever to be willing to walk away from deals where the seller is being unreasonable about serious inspection issues, or in a recent Louisville situation, deceptive about problems with the home. It just wasn't worth the risk when better options are coming down the line. We're also advising our sellers to correct both cosmetic and functional issues prior to listing, stage their homes, and price aggressively. It's no longer a seller's market. 

Yes, you will see some headlines and hear anecdotal stories that prices remain high. Rare sellers are still getting bidding wars, but only for the most attractive and well priced properties. Some agents are also now pricing well below the comps and even offering to pay points or "buy down the rate" to lure prospective buyers.  

image credit: lgnwvr

Important Reminder: This email is private communication from House Einstein to our clients, prospective clients, and colleagues. Private email is the only way we can share honest opinions about active listings, per the rules that govern the real estate industry. 

If you'd like to discuss your specific real estate needs with us, or the merits of any property on the market, the best way to reach us is to call 303.746.6896. We'd love to hear from you. 
New to House Einstein's Fresh Listings? Check out our definitions - LINK.
Our goal is to help you make a smarter real estate decision. If you'd like to schedule a showing or learn more, the best way to reach us is to call 720.310.5007.
BOULDER FRESH: 835 and 855 Juniper | $19.9M 
The residence of the developer of Trailhead, a luxury subdivision at the foot of Mt. Sanitas. Offered together, the compound features a pool house/office, carriage home, and primary home spread across 1.23 acres. The property is exceptionally rare from a size, location, and price point perspective. It's also turn-key. 

Due diligence: It's difficult to do much analysis, as additional information (including photographs and video) is only being provided to qualified buyers. From a high altitude perspective, this listing tests the market for the top-end of Boulder real estate. Luxury marketing often means setting high price/value expectations and then waiting for the right buyer to come along. If history is a guide, this process can take many months, or in some cases years. It will be interesting to see how the market treats this property. 
Our goal is to help you make a smarter real estate decision. Call 720.310.5007 for more information.
BRECKENRIDGE FRESH: 2770 Estates Dr | $6.9M
A recently constructed modern mountain home, twenty minutes from town. The design is crisp and inviting, a stark contrast to traditional mountain homes. Nearly every room of the home feature exceptional views. 

Due diligence: If the market continues to cool into the third and fourth quarter, expect substantial inventory increases for second homes across the board next year. You may be better off waiting, but at the same time, it's important to track market conditions closely to increase your confidence when it comes time to pull the trigger.   

Along with beautiful views often comes high winds. Also don't forget to check fire mitigation, water quality, and septic in your inspection.  
Ready for a private showing? Call us at 720.310.5007.
BOULDER FRESH: 1145 Timber Ln| $5.4M 
Set on nearly two acres of land, this gorgeous mountain beauty features views overlooking the City of Boulder and an iconic star-shaped design. Designed by a well regarded Boulder architect, it nicely integrates natural features to create indoor and outdoor living spaces. Although the structure is now nearly 30 years old, it holds up well from a design perspective, and the interior has been thoroughly updated.  

Due diligence: Fire risk, winter access, survey, septic, water quality, and wind exposure. The home sits on a ridge line and will likely get serious wind noise and buffeting.Check siding to see if it's EFIS and if so, be sure to have a full EFIS inspection done to avoid unwelcome financial surprises down the line. 
Ready for a private showing? Call us at 720.310.5007.
BOULDER COMING SOON: 421 Highland Ave | $4.9M
The Ingalls House, constructed in 1904 in the popular Edwardian Vernacular style. It's a one and half story brick home, with a cross gabled roof, wrap around front-porch, and a coursed stone foundation. Over the years, it has had several additions and has grown to ~4,500 SQFT. Today it features four bedrooms, four baths, and a 1 car detached garage. The key selling point is the location, on one of the most iconic streets in Mapleton Hill although possibly subject to some traffic noise on 4th Street. 

Originally from Missouri, Harry Ingalls came in Colorado as a small child.  He eventually became a dentist and served the community in Boulder for over four decades. At the time of his death, he was described as "one of the city's most widely known citizens." Georgia Ingalls was born in Central City and came from a pioneer family. 

Due diligence: Historic home ownership isn't for everyone and a location in the Mapleton District can be a blessing and a curse. The best way to think about a home like this one is that it's a community asset that you'll be tending during your ownership tenure. The city will take a very keen interest in any modifications you choose to undertake. 

As with any historic home, take a close look at the foundation and other structural elements of the house. These old foundations require regular maintenance and repair.  
Our goal is to help you make a smarter real estate decision. Call 720.310.5007 for more information.
BOULDER FRESH: 2126 Pearl St, Unit A | $1.8M
21 Pearl is a 17 unit luxury condo development, constructed in 2020. The development features a detached parking structure with individual garages, rooftop patios, and semi-private backyards. The location is on the most well known street in Boulder, a few blocks east of the walking mall. 

Most of the units in the development was sold pre-construction, at prices hovering around $1,000/SQFT. We're only now starting to see resales. So far, prices appear to have held up well and demand remains strong due to the limited availability of this type of product in Boulder. It's hard to find luxury newer construction, lock and leave, close to downtown. These units are functional, well designed, and in a great location. No surprise, it's already under contract. 

Due diligence: Compare to units at the Arette, Walnut, and Peloton. The new listing above our office at Uptown Broadway could also be a functional alternative, and at a much lower price point.  

Development Sales History:
Intelligent real estate decisions are based on deep market knowledge. Call us at 720.310.5007.
BOULDER FRESH: 2265 Dartmouth Ave | $1.79M
The west end of Dartmouth Ave is a special place. Homes on the north side of the street have direct backyard access to a social trail into spectacular Kohler and Enchanted Mesa open space. It's a great place for a walk, hike, or run.  

Like most of the neighborhood, this home was built in the late 50's. It's a standard builder-grade two-story with some upgrades and an addition. The interior could use a re-fresh, but the owners did recently put in solar hot water and a heat pump, in addition to the solar pv system. 

Due diligence: Once upon a time, the Feds tried to close off access to the social trails. The predictable result was neighborhood uproad and widespread social disobedience. Nothing gets Boulderites more riled up than trail access being cut off, especially when its for no good reason. The Feds eventually backed down, but there's no guarantee it won't occur again. The trail immediately behind the house is not Boulder open space. 

When this neighborhood was developed, engineering standards for foundations were far lower. Pay particular close attention to the foundation of this home during your inspection. We've seen others in the neighborhood with significant issues.  

Finally, while a spectacular amenity, the backyard trail access also means that you'll have a steady stream of walkers, runners, and loud talkers behind your house - each and every day. If the thought of that annoys you, pass on this house. 

Ready for a private showing? Call us at 720.310.5007.
Our clients took a serious interest in this house, but eventually decided to pass based on the proximity of the fire station and the busy traffic on Main. The disclosures also mentioned potential moisture intrusion in the basement, which was a cause for concern. Otherwise, it's an ideal location due to its proximity to the historic downtown. The lot was oversized and the house itself historic, but functional with reasonable square footage and a decent layout. The updates were tastefully done. 

Deal notes: Listed at $1.0M, 1209 Main Street attracted a lot of buyer interest and sold for $175K over list in an all cash transaction. 
Intelligent real estate decisions are based on deep market knowledge. Call us at 720.310.5007.
DENVER NOTABLE SALE: 3534 Alcott St | $1.05M
Originally constructed in 1900, this adorable bungalow in Potter Highlands had been extensively renovated and a two car garage added. New finishes and fixtures were kept traditional and match the historic style of the home. The layout was ideal for most buyers, with one bedroom on the main level. Landscaping was very attractive. No surprise,  it sold quickly. 

Deal notes:  Listed on June 2nd, the home quickly attracted multiple offers and sold for $57K above list. The buyer utilized a conventional mortgage (i.e. not cash). As the market slows, this deal illustrates how well-sorted, thoroughly renovated homes continue to attract strong buyer demand, despite higher rates. The key is to understand the difference between a flip, a turn-key home, and one that needs extensive work. If your agent isn't helping you understand the difference, get a better agent ( why us). 
Intelligent real estate decisions are based on deep market knowledge. Call us at 720.310.5007.
LAFAYETTE FRESH: 300 E Cleveland St | $775K
Two blocks from all the hip Old Town restaurants and shops, 300 E Cleveland is tidy historic home. It's also attractively priced and has potential. Small is beautiful with three bedrooms, 1 bath, and a 1 car detached garage. The kitchen is nicely updated and the basement offers additional space.  

Due diligence: Historic homes require more maintenance and care than newer properties. Buyers are strongly advised to look closely at the foundation (this one appears to have been at least partially replaced with concrete), electrical, plumbing, and HVAC systems of the home. Lead paint and asbestos are common in homes of this vintage.  

The other factor to consider is the additional sounds from cars that stop outside your home and accelerate away from the stop sign. Although this may seem like a trivial issue, if you're sensitive to noise, it could be a deal killer. 

The listing agent is advertising the home as having ADU potential. We strongly recommend potential buyers consult with a local architect or municipal planner if that's a serious factor in your investment decision. We've recently found cases where homes were mis-marketed by the listing agent as having ADU potential. 

Finally, the tree inside the home, while cute, may also set off those with mold sensitivity. We recently had a listing which kept scoring high on mold tests. It turned out to be plant related.  
Our goal is to help you make a smarter real estate decision. Call 720.310.5007 for more information.
BOULDER NOTABLE SALE: 4540 Martin Dr | $735K
A rare Martin Acres Cape Cod. There are a handful of these on the east side of the neighborhood. They're popular and functional, especially when they have dormer windows, like this one. The interior was quite tired and worn out, likely due to many years of being a rental.  

Deal notes:  Although it needed an update and the landscaping is trashed, the home was listed well below the going rate for this type of house, resulting in a fast cash sale. It's true. Underpricing is effective in a soft market, especially if the property has significant deferred maintenance or in a compromised location. It also risks leaving money on the table.  

4540 Martin Drive was listed on June 1st and under contract three days later. It closed less than three weeks later for $40K over list. 
Our goal is to help you make a smarter real estate decision. Call 720.310.5007 for more information.
LOUISVILLE FRESH: 333 Chestnut St | $645K
An entry-level three bedroom, one bath in a solid location in Louisville. Access to the Coal Creek Trail is steps away and it should take only a few minutes to ride a bike to downtown.  The house itself appears to have a few easy updates, likely undertaken in preparation for the sale.  

Due diligence: There's no SPD and likely the home is being sold as part of an estate. The owner passed away earlier this year. Talk to the neighbors to understand the backstory.  
Intelligent real estate decisions are based on deep market knowledge. Call us at 720.310.5007.
Cover Image: Shiro Hatori
Copyright © 2022 House Einstein, All rights reserved.

Our mailing address is:
4551 13th St Unit B,
Boulder, CO 80305
(720) 310-5007

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.