Boulder Micromarkets, Fast Offers, High-End Discounts | Podcast #133

WEBVTT
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You can know the name of a bird in all the languages
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of the world. But when you're finished, you'll
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know absolutely nothing about that bird. You'll
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only know about humans in different places and
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what they'll call the bird. So let's look at
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the bird and see what it's doing. That's what
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counts. That's by Richard Feynman. And real estate
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works the same way. You can know the name Martin
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Acres. You can pull the comps. You can calculate
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price per square foot. But that does not mean
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you understand why certain blocks are more coveted.
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or why two mountain properties five minutes apart
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can belong to completely different submarkets.
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That knowledge comes from years of experience
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and learning what buyers actually care about.
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With that, welcome to the House Sign Sign podcast,
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podcast 133. It's a beautiful day, October day
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here in Boulder. I'm Hamish Crabb, a right -hand
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man to the founder and main broker of the brokerage
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here. and um yeah any marketing or anything i've
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got a hand in it and i'm also fully licensed
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so i help the brokerage run but it's not just
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me here i've actually got osman parvez in the
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flesh welcome to the house einstein podcast thanks
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for doing the intro hamish um what do you think
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of my hat i think uh you look sponsored are you
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sponsored i'm not but i just felt like wearing
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it because we so for those of you that are listening
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to the podcast and not watching the podcast i'm
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a scratch labs hat and scratch is a company founded
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here in boulder and that appears to be growing
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leaps and bounds and recently i mean not that
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recently but not that long ago they opened up
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a restaurant that has basically turned into my
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favorite lunch spot and the other day it was
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really bright and sunny and i needed to work
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outside and so i bought one of their hats And
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I'm going to take it off because it like this
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hat is so ridiculous looking on me with this
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like super colorful brim. And like, really, it's
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like the wide. Yeah. It's a very, what do they
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call this stuff? I'm not, I don't know. What
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are the cool kids? It's not a trucker hat. It's
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not, it's not a dad hat. Yeah. I don't know.
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Snapback I think is the, it's not a snapback.
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Is it? It's super silly, but it is a snapback.
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It looks, it makes me look ridiculous. It looks
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like a skater hat. It looks like I'm trying really
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hard to be way younger than I am. Yeah. But anyway,
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Leah looks great in this hat. She looks great
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in all of these. All of this style of snapback
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or wide brim or the new style of baseball caps.
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I've got a collection of regular dad caps or
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whatever you call regular caps. Taylor rocks
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the bucket hat really well. What's a bucket hat?
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It's the brim all the way around. Not a baseball
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cap at all. It's like a tiny little wide brim
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hat. Okay, got it. I'll just see this. They're
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coming in fashion. You'll see them if you just
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go on the hill. All right, well, let's get into
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it. So today's podcast, let's go through the
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docket. But before we do that, let's talk about
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our mission. And for legal purposes, the mission
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of this podcast is to entertain you. Please don't
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make any real estate or financial or other major
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decisions or minor decisions on anything you
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hear in this podcast. We hope to entertain you
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with our real estate stories and real estate
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content, but it is not intended to guide you
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in your real estate decisions. If you are thinking
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about buying or selling real estate, visit our
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sponsor at HouseEinstein .com and you will find
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out how to contact us and we are more than happy
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to advise you on your specific real estate situation.
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And with that, let's talk about our docket today.
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Event Horizon is our relatively new market segment
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where we talk about what's coming up in... the
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front range with respect to events from this
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weekend and into next week. The closing table
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topic this week is the importance of deep market
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knowledge. And we'll be talking a little bit
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about my own arrogance and somewhat cocky backstory.
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Hardly. It's kind of relevant to this though.
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Well, it is. I think it's actually very relevant
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to know where I started and how my thoughts have
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shifted about deep market knowledge over the
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years. And then Tales from the Trenches, this
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is where we share a story from a real real estate
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situation. We may or may not remove the names
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to protect the guilty. Typically, we redact or
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we don't share the names of people that have
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behaved badly. The naughty list is anonymous.
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So the theme for that is that we criticize by
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category and we praise by name. That is, I think,
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a Buffett rule for how to treat others professionally.
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And that's our approach with our Tales from the
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Trenches. And this week we'll be talking about
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the hurry up offense, a strategy that I think
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has about a 50 -50 success rate. But when it
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works, it works really well. And I'm hesitant
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to share this strategy because it has helped
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me close so many deals in the last seven or eight
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years. but it is not for the faint of heart.
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And we'll go into the details of that strategy.
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And the pros and cons, yeah. It is, as we're
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recording this, it's Wednesday, October 7th.
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And that means that the data for September is
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mostly baked. And unlike hard numbers that you
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get from economic indicators that are also subject
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to revision, those revisions are usually happening
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once. There's a revision a couple of months later
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to the real number. or even six months later,
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sometimes you're getting revisions. But with
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regard to real estate data, we rely on the MLS
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and the MLS feeds data to InfoSparks and it is
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updated in real time. Let's do one that we need
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to turn off our AC so our sound doesn't, we forgot
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to turn that off. Goodness. Yes, it's warm enough
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for AC here in Boulder right now. Yeah, 90 degrees
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yesterday. It's a little toasty for October.
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So we'll be doing a live analysis of Boulder
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County and the city of Boulder. And it's also
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revised by the agents and the breadth of professionalism,
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too. Well, not always the agents. Sometimes it's
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the office that updates. And so the quality of
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the data, the noise in the data can be significant.
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But it's usually revised upward, not downward.
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In other words, if there were 100 sales in the
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city of Boulder last month, and that is what
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I report on October 7th, by October 15th, it
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might be 105 sales. Right. Because those five
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stragglers have shown up. But every once in a
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while, there are revisions in the database that
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are, so I used to track this religiously. Yeah.
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And I'm kind of surprised by revisions that are
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from years ago, like slight movements in the
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data from years ago. All I can think is that
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the people are constantly updating and correcting
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information. So particularly if somebody withdraws
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a listing, for example, and then has a really
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long listing agreement and somebody else has
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taken on a new listing, it can get a little messy
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between agents to clean up the data. And the
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MLS has varying degrees of compliance with the
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rules. And their own set of rules. But it's still
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the best data we have. And we'll do an analysis
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of Boulder County and the city of Boulder for
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the month of September, subject to all those
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revisions by our colleagues. And then we've got
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Sales of the Week. Sales of the Week is a segment
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where we talk about recent closings that we think
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illustrate market conditions in certain locations
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and price ranges, or because we just think it's
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a cool house. And we've got four properties to
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talk about this week. 4933 Agin Circle. which
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is in the Renaissance neighborhood in Longmont.
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405 South 44th Street, which is in Martin Acres
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here in the city of Boulder. 844 12th Street,
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which is a historic property on the hill. And
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also 850 12th Street, they sold together. And
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1285 Meadow Place, which is in North Boulder
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and sold for... almost a $1 .5 million discount
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and more than a 10 % discount from last list
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price just closed. Okay. We'll go into details
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on that property and that'll wrap up our sales
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of the week. Ouch. And then the next segment
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is shameless self -promotion. We want to share
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with you. We don't do a lot of rentals. Okay.
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Yeah. This is unusual for us. Our business model
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for rentals is that, well, it has been that if
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we sold it to you representing you as your buyer's
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agent, We will rent it provided that the property
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is marketable and that we can work out an arrangement
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that makes a lot of sense. And it's kind of funny
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that the pitch I give our clients on our rental
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business is that our mission is to focus on our
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buyers and sellers. Those are our primary clients
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and we knock it out of the park. That's our goal.
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with the brokerage side when it comes to rental
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properties property management our mission is
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to suck less yeah because every property manager
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that we've ever referred our clients to eventually
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we get feedback from our client that boy this
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experience has been horrible would you consider
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being our property manager and and so ultimately
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we've started to do property management and right
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now we don't have a lot of properties that we
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manage but we do take on property management
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From marketing to actually managing the rental.
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But our mission is to suck less. And you know
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the hit rate? 100 % on that pitch. Which is astounding.
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It's the honesty. And I think it's true because
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that is our mission. And it shows in our... Without
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going... Okay, we can shameless self -promo that.
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We can't turn off the responsiveness that we
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typically have with our clients. So they still
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get responsiveness. But it happens secondary
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to our buyers and sellers. Okay, so Hot Takes
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is our segment where we give you our hot takes
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on recent news stories that typically affect
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the city of Boulder, but sometimes go a little
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bit more afield. And we're going to be talking
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about the city budget cuts. There's a budget
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squeeze happening with job losses and a pretty
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significant drop in our recommended budget for
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the city of Boulder next year. The library district
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is also cutting its staff because it... mismanaged
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its budgeting and hired more people than we could
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sustain. And then we're going to be talking about
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the Supreme Court case that Boulder is the plaintiff
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for against Exxon and Suncor. And this case is
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really important on a national level. It sets
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a precedent that we haven't talked about it before,
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but now that it's going in front of the Supreme
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Court, the whole country is going to be looking
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at this case. So it's time. It's time. And so
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we'll talk about the potential impact of that.
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If we have time, we might talk about the Pearl
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West sale, which is a commercial building that
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just closed to a investment vehicle that's likely
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related to Dan Caruso, who's one of our very
00:11:16.389 --> 00:11:19.250
successful entrepreneurs here in Boulder, founder
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of Zayo, I think former high level executive
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at level three. This is something I called the
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virtuous cycle years ago in Boulder, the virtuous
00:11:29.389 --> 00:11:32.009
cycle of entrepreneurship that when we see founders.
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be successful with a startup here in Boulder,
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often that money gets reinvested in our community
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with new startups. And the Caruso family has
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been very actively engaged in our community,
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both from an arts perspective and a business
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perspective. So glad to see them take, I guess
00:11:48.490 --> 00:11:50.769
I'm giving you my hot take, glad to see them
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take a business ownership interest in downtown.
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And then our last news story is that it's widely
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reported that Colorado leads the nation in price
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cuts. And that's based on the slowest September
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on record, according to the Denver Metro Area
00:12:07.929 --> 00:12:11.649
Realtor Association, DMAR. So we'll be talking
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about what that means and how you should think
00:12:13.409 --> 00:12:15.929
about it. And then finally, our carve -out segment.
00:12:16.149 --> 00:12:17.669
Hamish, what's your carve -out? Yeah, I changed
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mine. I've gone to working with a neighbor, building
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fences, and relationships. Oh, that's so much
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more positive than what you were going to talk
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about. Okay, all right, all right. It's like
00:12:26.690 --> 00:12:28.389
the other one hasn't baked in yet. All right,
00:12:28.389 --> 00:12:30.330
good. I'm actually glad to see you change that.
00:12:30.909 --> 00:12:33.769
Okay, and I'll be talking about AI Chili. Hell
00:12:33.769 --> 00:12:37.409
yeah. The Texas Red. Sweet. All right. I'm pretty
00:12:37.409 --> 00:12:41.230
excited for that one. Okay, well. Before we get
00:12:41.230 --> 00:12:44.470
started, or as we get started, links, show notes,
00:12:44.570 --> 00:12:46.509
transcripts, all at the website, hauseinstein
00:12:46.509 --> 00:12:49.789
.com. There's also a great place for you to sign
00:12:49.789 --> 00:12:53.149
up to Fresh, our newsletter, where we can discuss
00:12:53.149 --> 00:12:56.610
active listings. It's a little captive portal,
00:12:56.690 --> 00:12:59.590
so that way we're not publicly disparaging any
00:12:59.590 --> 00:13:05.009
listings that are active for the rules. And if
00:13:05.009 --> 00:13:08.049
you're interested in... more discourse on active
00:13:08.049 --> 00:13:10.029
listings. Yeah. Fresh listings is the newsletter.
00:13:10.169 --> 00:13:12.789
It's active again. And I should have another
00:13:12.789 --> 00:13:15.070
one out shortly. It's the only place we talk
00:13:15.070 --> 00:13:17.570
about active. Yeah. Boy. All right. What's going
00:13:17.570 --> 00:13:19.850
on this weekend? Yeah. What's happening? Event
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horizon. Yeah. Well, you put this first one on,
00:13:24.529 --> 00:13:28.250
so I would like you to lead it because you, it's
00:13:28.250 --> 00:13:32.309
a link to the ghost towns in Colorado that maybe
00:13:32.309 --> 00:13:34.710
you want to go visit this spooky season. Yeah.
00:13:34.769 --> 00:13:38.019
So I, Man, I benchmarked, I bookmarked this one
00:13:38.019 --> 00:13:41.399
from a couple of weeks ago. And it was like,
00:13:41.440 --> 00:13:42.980
ah, you know, it's, it's October enough. We can
00:13:42.980 --> 00:13:46.440
pull it out. So there are five spooky ghost towns
00:13:46.440 --> 00:13:49.279
that are apparently worth going and seeing for
00:13:49.279 --> 00:13:53.259
the run up to Halloween. And I'm looking through
00:13:53.259 --> 00:13:55.679
these by name. I don't think I know any of them.
00:13:55.919 --> 00:13:58.559
So, I mean, that's a list one to five. We could
00:13:58.559 --> 00:14:00.840
tease you listeners and make you wait to hear
00:14:00.840 --> 00:14:03.299
the first or the last one. I'm going to list
00:14:03.299 --> 00:14:05.120
them off quickly. And then I think we can just.
00:14:05.450 --> 00:14:08.230
riff about um some ghost towns but saint elmo
00:14:08.230 --> 00:14:15.220
independence animus forks uh let's see ashcroft
00:14:15.220 --> 00:14:19.340
tomboy are the uh five i've heard of saint elmo
00:14:19.340 --> 00:14:21.759
i have not heard of any of these others and the
00:14:21.759 --> 00:14:23.779
weekend this weekend's weather looks fantastic
00:14:23.779 --> 00:14:26.820
oh yeah so if you want to enjoy the outdoors
00:14:26.820 --> 00:14:29.139
in colorado going to one of these ghost towns
00:14:29.139 --> 00:14:31.000
sounds like a fantastic way to maybe get some
00:14:31.000 --> 00:14:33.940
leaf peeping in but also with a destination so
00:14:33.940 --> 00:14:36.480
this looks like a great list of places And the
00:14:36.480 --> 00:14:38.360
link is to the Denver Gazette that goes into
00:14:38.360 --> 00:14:42.620
a lot more detail on these towns. So fun, outdoor
00:14:42.620 --> 00:14:45.539
adventure, photography, videography, kind of
00:14:45.539 --> 00:14:50.019
excursion for the family. My brother's in town.
00:14:50.159 --> 00:14:52.500
And the last time he was here, we went to Eldora,
00:14:52.700 --> 00:14:55.220
the old little town there, and took some photos.
00:14:55.299 --> 00:14:57.860
He's got a distillery, and we took some product
00:14:57.860 --> 00:15:00.120
photos and stuff for him. I think one made it
00:15:00.120 --> 00:15:03.419
to the publishing floor. But that's the only,
00:15:03.519 --> 00:15:07.889
in my mind, nearest ghost town or but even then
00:15:07.889 --> 00:15:10.830
Eldora is getting like I mean an influx of money
00:15:10.830 --> 00:15:14.370
right now so oh yeah well people are moving up
00:15:14.370 --> 00:15:16.350
there and and there's some like the property
00:15:16.350 --> 00:15:17.950
improvements you're not talking about the acquisition
00:15:17.950 --> 00:15:20.470
of Eldora no I'm talking not the ski resort the
00:15:20.470 --> 00:15:23.379
little town yeah okay so the little historic
00:15:23.379 --> 00:15:25.899
area that's at the base of the ski resort um
00:15:25.899 --> 00:15:28.519
has a bunch of mining cabins and that's pretty
00:15:28.519 --> 00:15:31.500
much it yeah and it's a really cute place to
00:15:31.500 --> 00:15:34.919
go um but the real story that we're not covering
00:15:34.919 --> 00:15:37.779
in the hot takes is is how netherlands trying
00:15:37.779 --> 00:15:41.899
to get yeah 20 million plus donated to oh they
00:15:41.899 --> 00:15:44.960
i haven't seen this update for the funding gap
00:15:44.960 --> 00:15:49.919
to acquire eldora so i i think um i think the
00:15:49.919 --> 00:15:52.320
town might which has a $3 million budget, might
00:15:52.320 --> 00:15:56.620
have shot a little over its britches to try to
00:15:56.620 --> 00:15:59.620
acquire Eldora. But we're going to find out because
00:15:59.620 --> 00:16:02.399
I think they've appealed to the state for funding.
00:16:03.100 --> 00:16:05.559
I have some additional information from someone
00:16:05.559 --> 00:16:09.340
we both know that's very close to this. I'm not
00:16:09.340 --> 00:16:12.139
at all sharing it. But boy, do I need to tell
00:16:12.139 --> 00:16:16.440
you. Wow. Okay. All right. So sometimes we do
00:16:16.440 --> 00:16:19.340
get insider information. Insider trading, so
00:16:19.340 --> 00:16:22.659
to speak. In the theme of insider trading for
00:16:22.659 --> 00:16:25.840
the thumbnail. But yeah, we do not share anything
00:16:25.840 --> 00:16:28.840
like that on the pod. I don't want to have to
00:16:28.840 --> 00:16:32.139
beep it out, but you can share it after we wrap
00:16:32.139 --> 00:16:35.019
up. When we take a break or something. Our next
00:16:35.019 --> 00:16:37.480
story is Indigenous Peoples Day. So there are
00:16:37.480 --> 00:16:39.360
events happening. Where are these events happening?
00:16:41.480 --> 00:16:44.669
Michantli Studio. Where is that? I was just hoping
00:16:44.669 --> 00:16:46.629
a Google would suffice for the listener. Oh,
00:16:46.629 --> 00:16:48.710
really? I want to know where that is. Okay, so
00:16:48.710 --> 00:16:51.929
this is happening when? Sunday, October 11th
00:16:51.929 --> 00:16:55.889
from 12 to 6. And it's one of three events that
00:16:55.889 --> 00:16:58.289
the city of Boulder is at least putting on their
00:16:58.289 --> 00:16:59.850
website. I don't know if they're throwing it
00:16:59.850 --> 00:17:02.889
or not. But this particular one we chose because
00:17:02.889 --> 00:17:05.970
it's celebrating culture and honoring ancestors.
00:17:06.230 --> 00:17:08.529
And we thought that might be the most or one
00:17:08.529 --> 00:17:10.750
of the more vibrant and exciting ones of the
00:17:10.750 --> 00:17:14.559
three. It will include traditional Aztec dance
00:17:14.559 --> 00:17:17.619
and drumming, indigenous art, bookmaking workshops,
00:17:18.099 --> 00:17:20.200
mural creation. Oh, mural creation would be cool.
00:17:21.460 --> 00:17:24.740
Mexican culture, Aztec calendar, tons of stuff
00:17:24.740 --> 00:17:26.619
there. I mean, this looks really cool. So Mi
00:17:26.619 --> 00:17:29.059
Chantley is located just north of Best Buy off
00:17:29.059 --> 00:17:32.480
of 30th Street. Oh, okay. Dispensary Row. It
00:17:32.480 --> 00:17:35.500
looks really neat. The Google reviews for the
00:17:35.500 --> 00:17:39.660
studio itself look all super positive. So fun
00:17:39.660 --> 00:17:42.440
event for indigenous people's weekend. Yeah.
00:17:43.190 --> 00:17:46.690
And then Gold Hill. Not a ghost town, Gold Hill.
00:17:46.890 --> 00:17:49.630
Not the town. Well, I mean, it's both. Gold Hill
00:17:49.630 --> 00:17:53.430
is not a ghost town, but it does have a lot of
00:17:53.430 --> 00:17:57.109
old historic mining cabins and a very rich history.
00:17:57.980 --> 00:18:01.299
The Gold Hill Inn, if you have not been to the
00:18:01.299 --> 00:18:03.220
Gold Hill Inn, you should absolutely put this
00:18:03.220 --> 00:18:07.640
on your radar. It hosts live music all the time.
00:18:07.640 --> 00:18:10.869
And this weekend, Friday, Saturday, and Sunday
00:18:10.869 --> 00:18:15.369
look like really fun concerts happening. The
00:18:15.369 --> 00:18:17.869
one on Friday and Saturday are 20 -buck cover,
00:18:17.970 --> 00:18:20.630
which how can you beat 20 -buck cover? And on
00:18:20.630 --> 00:18:25.829
Sunday, it's free. So the Gold Hill Inn is just
00:18:25.829 --> 00:18:28.490
an absolutely beautiful building. And it's such
00:18:28.490 --> 00:18:33.390
a kind of a down -home, chill vibe going up there.
00:18:33.450 --> 00:18:35.089
People like to get dressed up a little bit in
00:18:35.089 --> 00:18:38.039
their country finest. Which always makes Leah
00:18:38.039 --> 00:18:40.480
and I laugh because we were like mountain people
00:18:40.480 --> 00:18:42.440
dressing like whatever they happen to be wearing.
00:18:42.500 --> 00:18:47.720
Yeah. And the city folk. We got flannels on and
00:18:47.720 --> 00:18:49.900
we're wearing Carhartts, you know, like this
00:18:49.900 --> 00:18:54.059
is a mountain people vibe. Knit caps because
00:18:54.059 --> 00:18:57.339
it gets cold at night up there. Dress warm. But
00:18:57.339 --> 00:18:58.759
then every time we're up there, there are people
00:18:58.759 --> 00:19:00.619
that are really dressed up in sort of country
00:19:00.619 --> 00:19:04.029
attire. I really have to laugh. My brother has
00:19:04.029 --> 00:19:06.970
out for delivery today a felt Stetson that he
00:19:06.970 --> 00:19:10.490
ordered. And so I just sent him a screenshot
00:19:10.490 --> 00:19:12.269
of this. We may be there this Friday. It's a
00:19:12.269 --> 00:19:14.769
thing. It's a thing for sure. People love to
00:19:14.769 --> 00:19:19.210
wear cowboy hats in Colorado. So Tonewood String
00:19:19.210 --> 00:19:21.069
Band is playing Friday night, eight o 'clock,
00:19:21.069 --> 00:19:24.049
$20 cover. They're an original psychedelic bluegrass
00:19:24.049 --> 00:19:27.630
band based in Denver. And on Saturday, you've
00:19:27.630 --> 00:19:29.809
got the Lilt Collective, which is traditional
00:19:29.809 --> 00:19:35.950
Irish music. That's cool. They will lift your
00:19:35.950 --> 00:19:38.509
hearts and get your feet dancing. And then Sunday,
00:19:38.569 --> 00:19:40.869
there's a folk artist, Emily Barnes, who's performing.
00:19:40.990 --> 00:19:42.890
She's a contemporary folk singer known for her
00:19:42.890 --> 00:19:48.069
voice and vividly drawn characters. So that's
00:19:48.069 --> 00:19:51.509
the docket for Gold Hill Inn. And I had one little
00:19:51.509 --> 00:19:54.750
pro tip to share for people that I'm hesitant
00:19:54.750 --> 00:19:58.009
to give this tip out, but I will be upset if
00:19:58.009 --> 00:19:59.549
this ruins our experience in the future because
00:19:59.549 --> 00:20:02.940
it's a tip that... We've worked for a few people.
00:20:03.059 --> 00:20:06.940
Okay. And basically you have to make dinner reservations
00:20:06.940 --> 00:20:09.359
well in advance. Oh, this one. Yeah. Yeah. For
00:20:09.359 --> 00:20:11.920
the Gold Hill Inn. You cannot just stroll up
00:20:11.920 --> 00:20:14.599
and expect to be fed there. Their restaurant
00:20:14.599 --> 00:20:17.200
is almost always booked up on the weekends. I
00:20:17.200 --> 00:20:18.799
don't know about midweek, but always on the weekends.
00:20:19.319 --> 00:20:23.119
However, if you spontaneously, right? Like I
00:20:23.119 --> 00:20:24.819
do believe in the principle of immediacy. You're
00:20:24.819 --> 00:20:26.799
like 20 minutes from it or 10 minutes. True.
00:20:26.859 --> 00:20:30.529
We're like 20 minutes. Yeah. If you, if you.
00:20:31.109 --> 00:20:33.309
have a great day happening and you decide you
00:20:33.309 --> 00:20:34.970
want to go to the gold hill inn and have dinner
00:20:34.970 --> 00:20:40.539
if you show up at like 4 45 just as they're opening
00:20:40.539 --> 00:20:44.460
up that space there are five or six bar tables
00:20:44.460 --> 00:20:48.259
and you can occupy a bar table and order at the
00:20:48.259 --> 00:20:51.380
bar and get dinner you don't get the full menu
00:20:51.380 --> 00:20:54.269
right the bar menu but you still get a pretty
00:20:54.269 --> 00:20:56.190
good experience. And then you could stay for
00:20:56.190 --> 00:20:57.930
the bands that show up at seven or eight o 'clock,
00:20:58.049 --> 00:20:59.890
although you're gonna be there a long time. So
00:20:59.890 --> 00:21:03.269
maybe the goal is have dinner and then go walk
00:21:03.269 --> 00:21:05.789
around Gold Hill as an experience, right? Go
00:21:05.789 --> 00:21:08.730
walk around the historic town. Another great
00:21:08.730 --> 00:21:11.690
spot for photos, right? There's a old vintage
00:21:11.690 --> 00:21:13.569
truck out front that people love to get their
00:21:13.569 --> 00:21:15.809
photos taken next to. A lot of weddings happen
00:21:15.809 --> 00:21:17.130
up there and people like to get their photos
00:21:17.130 --> 00:21:18.970
taken there. So you can walk around, take some
00:21:18.970 --> 00:21:22.369
photos and then come back for the band. You won't
00:21:22.369 --> 00:21:24.150
have your table anymore, but that's okay. You'll
00:21:24.150 --> 00:21:26.710
be dancing. And if you happen to be seated at
00:21:26.710 --> 00:21:28.769
a big table, I would actually recommend that
00:21:28.769 --> 00:21:30.710
when you see people walk up to the bar and try
00:21:30.710 --> 00:21:33.470
to get, you know, walk up to the host and try
00:21:33.470 --> 00:21:35.869
to get dinner, and you can see their shoulders
00:21:35.869 --> 00:21:37.750
drop and then they're told that you can order
00:21:37.750 --> 00:21:40.150
at the bar, you can invite them to join you at
00:21:40.150 --> 00:21:42.230
your table, which is what we just did on Sunday
00:21:42.230 --> 00:21:44.630
night. And it was delightful. It was really fun
00:21:44.630 --> 00:21:49.259
to meet this couple riding motorcycles. It was
00:21:49.259 --> 00:21:54.500
cool. So Gold Hill, is it paved all the way up
00:21:54.500 --> 00:21:57.660
there? It's dirt. I'm not bringing my fast car.
00:21:57.920 --> 00:21:59.400
It's dirt. You do not want to bring your fast
00:21:59.400 --> 00:22:01.819
car. No, it's a dirt road. And it's not a hard
00:22:01.819 --> 00:22:03.299
dirt road, but it's got a bunch of washboard.
00:22:03.680 --> 00:22:05.640
So you want to drive something that's got a comfortable
00:22:05.640 --> 00:22:08.339
ride that handles the washboard. You don't need
00:22:08.339 --> 00:22:11.460
a truck. Any car will do. It's not that bad.
00:22:11.779 --> 00:22:14.430
But good to know. And you can approach it from
00:22:14.430 --> 00:22:15.950
the north. You can approach it from the west,
00:22:16.009 --> 00:22:18.569
from the peak to peak. Or you can go up four
00:22:18.569 --> 00:22:21.250
mile. Or you can go up Sunshine. I think I went
00:22:21.250 --> 00:22:23.089
up Sunshine for a showing once. It was really
00:22:23.089 --> 00:22:28.049
interesting to do this weird. Do not drive Lickskillet.
00:22:29.349 --> 00:22:32.000
Don't take Lickskillet. Okay. If you're driving
00:22:32.000 --> 00:22:34.000
Lick Skillet, you need a four -wheel drive and
00:22:34.000 --> 00:22:36.240
high ground clearance. I do not recommend Lick
00:22:36.240 --> 00:22:38.079
Skillet. Got it. So whatever route you're taking,
00:22:38.299 --> 00:22:41.420
if you see Lick Skillet on there, do not take
00:22:41.420 --> 00:22:43.400
that route. You're going the wrong way. Okay.
00:22:43.500 --> 00:22:45.980
Just to warn you that that's not for everybody.
00:22:46.359 --> 00:22:48.400
That's a great pro tip there. That's for like
00:22:48.400 --> 00:22:50.940
a Jeep or something that's a little clearance
00:22:50.940 --> 00:22:53.759
and four -wheel drive, you'll be happy on Lick
00:22:53.759 --> 00:22:55.900
Skillet. Good to know. Even then, it's still
00:22:55.900 --> 00:22:59.200
a gnarly road. If we wanted to stay in town,
00:22:59.420 --> 00:23:01.940
it looks like CU's got this open house at the
00:23:01.940 --> 00:23:08.980
Salmers Bosch Observatory. So CU has an observatory
00:23:08.980 --> 00:23:10.740
that I think is mostly for teaching purposes
00:23:10.740 --> 00:23:12.779
at this point. The equipment is a little bit
00:23:12.779 --> 00:23:18.319
obsolete for true exploratory astronomy. There's
00:23:18.319 --> 00:23:19.339
like dark sky and stuff too, right? But we still
00:23:19.339 --> 00:23:22.259
have this beautiful observatory with really cool
00:23:22.259 --> 00:23:26.519
equipment. And you can roll into the open house.
00:23:27.069 --> 00:23:29.690
and they will let you view through their 20 -inch
00:23:29.690 --> 00:23:32.529
telescopes. You'll learn a lot about the observatory
00:23:32.529 --> 00:23:36.329
and see use research in the past and what's happening
00:23:36.329 --> 00:23:39.809
today and how it serves as a real educational
00:23:39.809 --> 00:23:42.410
tool for the grad students and the undergrads.
00:23:42.890 --> 00:23:45.630
It's such a fun building and a fun evening, especially
00:23:45.630 --> 00:23:47.910
if it's going to be a clear night. So put this
00:23:47.910 --> 00:23:51.529
on your calendar. It is happening this, what
00:23:51.529 --> 00:23:55.200
day? Friday at 8. Friday at 8 p .m. You went
00:23:55.200 --> 00:23:56.759
to this last year, didn't you? I did. I loved
00:23:56.759 --> 00:23:59.539
it. We had so much fun. Yeah. And the session
00:23:59.539 --> 00:24:01.640
typically is one to two hours and there's no
00:24:01.640 --> 00:24:05.019
charge for their open house. That's so cool.
00:24:05.180 --> 00:24:07.380
Okay. Hamish, this last one I think is for you
00:24:07.380 --> 00:24:09.220
to lead or maybe I'll lead it. I don't know.
00:24:09.279 --> 00:24:11.700
Pumpkin Pie Days is happening in Longmont this
00:24:11.700 --> 00:24:14.779
weekend, 10 a .m. to 5 p .m. on Saturday. And
00:24:14.779 --> 00:24:19.089
Pumpkin Pie Days is a vintage and antique market.
00:24:19.190 --> 00:24:21.789
They charge a pretty minimal fee to get in. And
00:24:21.789 --> 00:24:23.789
there's all these vintage treasures and antiques.
00:24:23.789 --> 00:24:25.650
And it's kind of a community tradition. It's
00:24:25.650 --> 00:24:28.529
been going on for over 50 years. And so there
00:24:28.529 --> 00:24:30.029
are events happening all over Boulder County.
00:24:30.190 --> 00:24:32.049
And we sometimes get really kind of fixated on
00:24:32.049 --> 00:24:34.230
Boulder and the mountain foothills. But there's
00:24:34.230 --> 00:24:36.029
also stuff happening in Longmont. And this looks
00:24:36.029 --> 00:24:38.329
like a great outing for the day. Stop by for
00:24:38.329 --> 00:24:40.390
a few hours and check it out. Personally, I'm
00:24:40.390 --> 00:24:42.930
not into antiquing. I try to avoid antiquing.
00:24:43.490 --> 00:24:46.130
Like we already have too many antique things.
00:24:46.130 --> 00:24:49.750
Too many things, yeah. Just show up because family
00:24:49.750 --> 00:24:52.490
members have gifted them to us. Something about
00:24:52.490 --> 00:24:54.549
that. Christmas ornaments for me. I've just got
00:24:54.549 --> 00:24:57.109
so many Christmas ornaments. Yeah. Leah does
00:24:57.109 --> 00:24:59.769
too. Leah has an enormous collection of Christmas
00:24:59.769 --> 00:25:03.410
ornaments. Yeah. But I mean, I'm assuming there
00:25:03.410 --> 00:25:05.829
will be pumpkin pie and that may get me. I kind
00:25:05.829 --> 00:25:07.609
of, I don't see. So this is the thing, right?
00:25:07.670 --> 00:25:09.990
I read through this, like where it's called pumpkin
00:25:09.990 --> 00:25:13.369
pie day. Then it's pumpkin pie day, vintage and
00:25:13.369 --> 00:25:16.009
antique market. Like where is, there's no more
00:25:16.009 --> 00:25:19.759
mention of pies. So. How'd they get you? Maybe.
00:25:19.859 --> 00:25:21.200
You'll have to. I love it. It's like one of my
00:25:21.200 --> 00:25:22.539
favorite pies. You'll have to let me know if
00:25:22.539 --> 00:25:24.700
you go. Well, it's at the Boulder County Fairgrounds,
00:25:24.700 --> 00:25:26.819
which I've been there once or twice and loved
00:25:26.819 --> 00:25:29.319
it. Yeah. Really cool spot. A great spot. Also
00:25:29.319 --> 00:25:31.960
outdoorsy. Yeah. And fun for the family. All
00:25:31.960 --> 00:25:35.900
right. That's our event horizon. No major edgy
00:25:35.900 --> 00:25:38.160
things happening this weekend. No. But lots of
00:25:38.160 --> 00:25:41.380
chances to get outside, enjoy great music, support
00:25:41.380 --> 00:25:45.900
local businesses, and be part of or experience
00:25:45.900 --> 00:25:48.269
why people live here. It's very easy to forget
00:25:48.269 --> 00:25:53.009
as we do our 9 to 5 or real estate 9 to 9, Monday
00:25:53.009 --> 00:25:55.890
through Sunday. Boy, I really tried to go to
00:25:55.890 --> 00:25:58.849
Meet the Spirits last week and just couldn't
00:25:58.849 --> 00:26:02.990
swing it. But this week's going to be different.
00:26:03.809 --> 00:26:05.910
Well, your brother's in town, so now you have
00:26:05.910 --> 00:26:08.049
an excuse to go entertain. And I sent him a screenshot
00:26:08.049 --> 00:26:10.150
of the Gold Hill thing, and then I sent Taylor
00:26:10.150 --> 00:26:13.509
a screenshot of the CU Observatory. So I'm lining
00:26:13.509 --> 00:26:15.069
up plans here. We'll see. That sounds great.
00:26:16.039 --> 00:26:19.769
But now... This podcast is sponsored by House
00:26:19.769 --> 00:26:22.349
Einstein. We serve buyers and sellers in Colorado,
00:26:22.410 --> 00:26:24.670
focusing on Boulder, Denver, and several mountain
00:26:24.670 --> 00:26:26.930
resort towns, including Breckenridge and Winter
00:26:26.930 --> 00:26:29.809
Park. Our mission is simple. Help you make a
00:26:29.809 --> 00:26:32.210
smarter real estate decision. You can learn more
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at houseeinstein .com or on our YouTube channel,
00:26:35.150 --> 00:26:37.569
where you'll find videos on neighborhoods, specific
00:26:37.569 --> 00:26:42.660
listings, and much, much more. The closing table.
00:26:42.940 --> 00:26:46.220
This is the core topic of the podcast. and this
00:26:46.220 --> 00:26:48.059
week we're talking about the importance of deep
00:26:48.059 --> 00:26:50.960
market knowledge and it's also the source of
00:26:50.960 --> 00:26:55.289
our thumbnail the thumbnail that says insider
00:26:55.289 --> 00:26:58.069
trading because in a way it's sort of insider
00:26:58.069 --> 00:27:01.430
trading in insiders that know what they're doing
00:27:01.430 --> 00:27:04.430
and maybe people that don't know what they don't
00:27:04.430 --> 00:27:06.730
know so you've heard that before the mark 20
00:27:06.730 --> 00:27:08.569
yeah like you know what you know what you know
00:27:08.569 --> 00:27:11.710
you know what you don't know but you don't know
00:27:11.710 --> 00:27:15.869
what you don't know yeah and i feel like It ain't
00:27:15.869 --> 00:27:17.309
what you don't know that gets you into trouble.
00:27:17.390 --> 00:27:19.190
It's what you know for sure that just ain't so.
00:27:19.769 --> 00:27:21.410
That's the Mark Twain one. That's the Mark Twain
00:27:21.410 --> 00:27:23.710
one. That's a little different. The purpose of
00:27:23.710 --> 00:27:26.950
this is to talk about some things that I think
00:27:26.950 --> 00:27:30.549
most people don't really understand. And when
00:27:30.549 --> 00:27:34.339
I see buyers and sellers choose their friend
00:27:34.339 --> 00:27:37.579
agent, it seems to be on the locus of two things.
00:27:37.700 --> 00:27:40.099
One, the friend agent has their license hung
00:27:40.099 --> 00:27:43.059
with a well -known brokerage, a national brokerage,
00:27:43.079 --> 00:27:45.089
so therefore they must be competent. They're
00:27:45.089 --> 00:27:48.950
wearing a colored shirt. Okay, that too. And
00:27:48.950 --> 00:27:52.529
then the second thing that I think people focus
00:27:52.529 --> 00:27:54.690
on is that they trust their friend. They believe
00:27:54.690 --> 00:27:56.150
their friend has their best interest in mind.
00:27:56.720 --> 00:27:58.720
But their friend may not know what they don't
00:27:58.720 --> 00:28:02.400
know. And so my arrogant, cocky backstory about
00:28:02.400 --> 00:28:05.599
this. As per bulleted. Per bulleted is that I
00:28:05.599 --> 00:28:07.480
came into real estate all those years ago, back
00:28:07.480 --> 00:28:14.430
in 2003, 2002, with Wind Walker Real Estate.
00:28:14.779 --> 00:28:19.299
on Nantucket and was hired as a financial analyst
00:28:19.299 --> 00:28:23.119
and associate of the brokerage to help the agents
00:28:23.119 --> 00:28:26.119
do their marketing and their analysis and to
00:28:26.119 --> 00:28:28.359
help build out a private club on Nantucket called
00:28:28.359 --> 00:28:30.779
the Westmore Club and build the financial model
00:28:30.779 --> 00:28:33.380
and help raise capital for that project. And
00:28:33.380 --> 00:28:35.859
I was very curious about real estate and I ended
00:28:35.859 --> 00:28:37.660
up staying in the real estate industry and the
00:28:37.660 --> 00:28:39.440
investment world, bouncing back and forth a little
00:28:39.440 --> 00:28:43.319
bit and still bouncing back today. But I thought
00:28:43.319 --> 00:28:45.519
getting into residential real estate, seeing
00:28:45.519 --> 00:28:48.619
the agents on Nantucket that, wow, they, I mean,
00:28:48.660 --> 00:28:50.900
I, I was joking, but some of them were, were
00:28:50.900 --> 00:28:53.299
part -timers that were taught that this was their
00:28:53.299 --> 00:28:56.940
retirement job. Right. They would roll in late
00:28:56.940 --> 00:28:59.359
10, 11 o 'clock in the morning to the brokerage
00:28:59.359 --> 00:29:01.660
after having a very slow breakfast, basically
00:29:01.660 --> 00:29:04.279
hang out at the brokerage. Yeah. Just, and then
00:29:04.279 --> 00:29:08.329
go play golf. go enjoy the beach and occasionally
00:29:08.329 --> 00:29:09.970
do a real estate deal, like two or three deals
00:29:09.970 --> 00:29:12.609
a year. And I was doing financial analysis for
00:29:12.609 --> 00:29:14.109
them. Like I was, and I was helping them with
00:29:14.109 --> 00:29:15.690
their email and they were having trouble with
00:29:15.690 --> 00:29:19.250
basic financial and professional skillsets. Yeah.
00:29:19.569 --> 00:29:21.990
101 stuff like tech stuff with their laptops.
00:29:22.490 --> 00:29:25.089
And I realized at the time that I felt really
00:29:25.089 --> 00:29:26.930
strongly like, wow, I've got all this analytical
00:29:26.930 --> 00:29:29.730
skills from. working in the investment world
00:29:29.730 --> 00:29:32.549
in new york that i can apply to real estate and
00:29:32.549 --> 00:29:34.390
knock it out of the park right yeah right you
00:29:34.390 --> 00:29:36.869
know no no comp no competition there's no competition
00:29:36.869 --> 00:29:38.950
there's very little competition that had that
00:29:38.950 --> 00:29:41.049
skill set and i was very i was steadily convinced
00:29:41.049 --> 00:29:44.109
that with that those skills i should be able
00:29:44.109 --> 00:29:46.869
to really kill it in business and it turned out
00:29:46.869 --> 00:29:50.059
that there's a lot more to why people choose
00:29:50.059 --> 00:29:57.049
real estate agents and there's a now over 20
00:29:57.049 --> 00:29:58.789
years of experience in the real estate world,
00:29:58.849 --> 00:30:01.390
with most of that being here in the city of Boulder,
00:30:01.569 --> 00:30:03.890
gives you insights that you just wouldn't be
00:30:03.890 --> 00:30:06.009
able to bring if you hadn't been working all
00:30:06.009 --> 00:30:09.210
of those years at this level. And so I thought
00:30:09.210 --> 00:30:11.670
it would be helpful first to admit my own arrogance.
00:30:11.930 --> 00:30:15.130
And now after 20 years, I can see how arrogant
00:30:15.130 --> 00:30:18.890
of an idea that is and how hard it's been to
00:30:18.890 --> 00:30:21.990
build a business, but also how many transactions
00:30:21.990 --> 00:30:26.170
that we've done over this. this length of time.
00:30:26.210 --> 00:30:28.509
And even your experience in four years, being
00:30:28.509 --> 00:30:32.470
the associate for three agents, it has given
00:30:32.470 --> 00:30:36.710
you so much experience that you can't replicate
00:30:36.710 --> 00:30:39.309
that. And the skill sets, even if you have tech
00:30:39.309 --> 00:30:41.190
skills from another field, don't necessarily
00:30:41.190 --> 00:30:44.950
translate to the depth of market knowledge and
00:30:44.950 --> 00:30:47.130
why that gives buyers and sellers an advantage.
00:30:47.390 --> 00:30:49.930
So here's kind of a walkthrough of what that
00:30:49.930 --> 00:30:52.529
looks like here in the city of Boulder. So there's
00:30:52.529 --> 00:30:55.069
definitely an ultra luxury. can i before you
00:30:55.069 --> 00:30:57.569
oh go ahead there's um there's i think it's like
00:30:57.569 --> 00:31:00.650
a competency curve or i i'm hesitant to say dunning
00:31:00.650 --> 00:31:03.569
-kruger but it's i'll see it online sometimes
00:31:03.569 --> 00:31:06.109
and it's like starting out just learning i know
00:31:06.109 --> 00:31:08.789
nothing okay i'm learning a little bit okay i
00:31:08.789 --> 00:31:11.329
know it all and then like right after it's i
00:31:11.329 --> 00:31:13.529
know nothing you know like as you become more
00:31:13.529 --> 00:31:17.069
um experienced on the subject the more you understand
00:31:17.069 --> 00:31:18.650
it and you hit this shelf where you think you
00:31:18.650 --> 00:31:21.089
know it all And then just a bit more time and
00:31:21.089 --> 00:31:22.789
you're like, okay, I still have a lot of learning
00:31:22.789 --> 00:31:24.950
to do. And that's where I'm at. That humbling
00:31:24.950 --> 00:31:27.329
moment, you know. There is so much, every year,
00:31:27.329 --> 00:31:29.750
every transaction, we learn something. And now
00:31:29.750 --> 00:31:31.849
we've even institutionalized the learning by
00:31:31.849 --> 00:31:34.869
doing postmortems on every transaction. And keep
00:31:34.869 --> 00:31:37.029
that, those lessons are typically internal, but
00:31:37.029 --> 00:31:38.849
sometimes we move them. We'll podcast some of
00:31:38.849 --> 00:31:40.470
them. Sometimes we'll move them to the podcast.
00:31:40.690 --> 00:31:43.289
But so let's dive into some of this and give
00:31:43.289 --> 00:31:45.569
this color for you as a listener or a viewer.
00:31:48.049 --> 00:31:50.829
So certain micro locations within neighborhoods
00:31:50.829 --> 00:31:55.210
trade very differently than the whole neighborhood.
00:31:55.730 --> 00:31:58.430
So for example, when we're in the ultra luxury
00:31:58.430 --> 00:32:03.200
category, anywhere near downtown, that's it.
00:32:03.319 --> 00:32:06.920
Sunset Hill is its own thing. And understanding
00:32:06.920 --> 00:32:10.019
Sunset Hill, there's not that many homes, like
00:32:10.019 --> 00:32:12.640
14 or 15. There's not a lot of houses on that
00:32:12.640 --> 00:32:15.099
street where the values suddenly just go through
00:32:15.099 --> 00:32:19.240
the roof. And the dirt alone has, premium value
00:32:19.240 --> 00:32:22.980
and the orientation on the street can affect
00:32:22.980 --> 00:32:25.359
the value are you looking at the are you looking
00:32:25.359 --> 00:32:28.240
at the high school are you sorry that's casey
00:32:28.240 --> 00:32:29.640
right yeah case are you looking at casey middle
00:32:29.640 --> 00:32:32.359
school are you do you have views of downtown
00:32:32.359 --> 00:32:34.960
framed by the flat you know the flat irons and
00:32:34.960 --> 00:32:38.420
yeah and the north side trades differently than
00:32:38.420 --> 00:32:40.839
the south side so sunset hill has its own animal
00:32:40.839 --> 00:32:42.619
in the ultra luxury segment but it's not just
00:32:42.619 --> 00:32:45.299
there so mapleton hill right where there's a
00:32:45.299 --> 00:32:47.539
lot more houses hundreds of homes in mapleton
00:32:47.539 --> 00:32:50.599
hill Pretty busy street too. Mapleton Avenue
00:32:50.599 --> 00:32:52.240
is a busy street. Oh, okay. But the district
00:32:52.240 --> 00:32:55.099
is what I'm talking about. And within that district
00:32:55.099 --> 00:32:58.960
itself is the 500 to 800 block. And why is it
00:32:58.960 --> 00:33:01.460
the 500 to 800 block? Well, because 4th Street
00:33:01.460 --> 00:33:04.079
is a little busy. So that 400 block gets some
00:33:04.079 --> 00:33:06.319
impact if you're too close to it. And 9th Street
00:33:06.319 --> 00:33:09.180
is very busy. So that definitely has an impact
00:33:09.180 --> 00:33:11.920
if you're abutting 9th Street. But that 500 to
00:33:11.920 --> 00:33:15.230
800 block is magical. It's magical. It is sweet
00:33:15.230 --> 00:33:18.349
spot. It is gold. If the streets are wide, it
00:33:18.349 --> 00:33:21.230
is, I admit I park there all the time, right?
00:33:21.250 --> 00:33:23.789
Because this is one of my favorite spots in the
00:33:23.789 --> 00:33:26.269
neighborhood just to experience the ambience,
00:33:26.269 --> 00:33:29.390
the quiet, how it's quiet. I don't really understand,
00:33:29.490 --> 00:33:31.529
but there's something about that spot that is
00:33:31.529 --> 00:33:34.970
truly majestic and understanding the limited
00:33:34.970 --> 00:33:37.940
availability of options in that spot. you could
00:33:37.940 --> 00:33:41.319
be waiting many years for the ideal home to appear.
00:33:41.480 --> 00:33:44.119
Right. And when it does, you need to move fast.
00:33:44.279 --> 00:33:46.779
It's probably a pool of buyers, right? Just kind
00:33:46.779 --> 00:33:50.500
of looking there only. You know, I don't know
00:33:50.500 --> 00:33:52.420
about that. Like there are historic home people,
00:33:52.500 --> 00:33:55.660
but there are always alternative options and
00:33:55.660 --> 00:33:58.880
competing needs. So every real estate situation
00:33:58.880 --> 00:34:02.039
has pros and cons and compromises that buyers
00:34:02.039 --> 00:34:06.109
are willing to make. And so. For example, if
00:34:06.109 --> 00:34:09.150
you have to have Mapleton Hill, would you also
00:34:09.150 --> 00:34:12.570
consider Knollwood? Probably. You're right next
00:34:12.570 --> 00:34:15.250
to it. If you really want something modern and
00:34:15.250 --> 00:34:21.769
sort of, how do you put this, something that
00:34:21.769 --> 00:34:26.090
would be highly regarded for entertaining, meaning
00:34:26.090 --> 00:34:29.809
a home that impresses other people, then Trailhead.
00:34:30.260 --> 00:34:32.559
Because now you have modern and you're still
00:34:32.559 --> 00:34:34.599
right next to Mapleton Hill. Yeah. But Mapleton
00:34:34.599 --> 00:34:38.860
Hill is really the gem that is a minute. So Sanitas
00:34:38.860 --> 00:34:41.679
and Mapleton Hill are probably amenitizing that
00:34:41.679 --> 00:34:43.579
trailhead location and then the proximity to
00:34:43.579 --> 00:34:45.559
downtown. Okay. All of that's really important,
00:34:45.659 --> 00:34:48.559
but the 500 to 800 block is very different than
00:34:48.559 --> 00:34:51.940
the moment you go east and you cross ninth street.
00:34:52.000 --> 00:34:54.260
Right. And the same thing is true when you cross,
00:34:54.340 --> 00:34:58.500
when you cross. broadway the values drop and
00:34:58.500 --> 00:35:01.079
the feel of the neighborhood dramatically shifts
00:35:01.079 --> 00:35:03.480
none of it's bad these are still great places
00:35:03.480 --> 00:35:05.860
to live but they're fundamentally different and
00:35:05.860 --> 00:35:08.340
not and i would not have known that had i not
00:35:08.340 --> 00:35:10.440
worked all these years in real estate but let's
00:35:10.440 --> 00:35:12.519
jump to the south part of town yeah okay so table
00:35:12.519 --> 00:35:15.260
mesa yeah sorry i didn't have i'm not too familiar
00:35:15.260 --> 00:35:17.590
on maples and hill That's fine. Yeah. That's
00:35:17.590 --> 00:35:19.469
your 20 years. I mean, that's also because we
00:35:19.469 --> 00:35:22.389
don't do a ton of content on Mapleton Hill. We've
00:35:22.389 --> 00:35:24.269
done one Mapleton Hill, what you need to know
00:35:24.269 --> 00:35:26.130
video, but I think it's time to probably look
00:35:26.130 --> 00:35:28.670
at a revamp. I mean, I love historic homes. We're
00:35:28.670 --> 00:35:30.429
members of historic Boulder. Like there's something
00:35:30.429 --> 00:35:34.690
that is very grounding and down to earth about
00:35:34.690 --> 00:35:38.070
a not too big historic house. Yeah. The problem
00:35:38.070 --> 00:35:40.070
becomes that you want big closets. You want.
00:35:40.369 --> 00:35:43.969
Garage space. The lifestyle of a modern life
00:35:43.969 --> 00:35:46.050
in a historic home. It's really small. It's beautiful
00:35:46.050 --> 00:35:48.809
for most homes in Mapleville. All right, let's
00:35:48.809 --> 00:35:50.630
jump to the south of town. Yeah. Table Mesa.
00:35:51.300 --> 00:35:53.940
So Table Mesa is interesting because people refer
00:35:53.940 --> 00:35:56.340
to the whole, like generally the whole thing
00:35:56.340 --> 00:35:58.539
is Table Mesa, but it's not. Yeah. There are
00:35:58.539 --> 00:36:01.239
sub -neighborhoods within Table Mesa like Devil's
00:36:01.239 --> 00:36:05.829
Thumb or Highland Park. Or certain streets even,
00:36:05.909 --> 00:36:08.550
right? Or lower Table Mesa and upper Table Mesa.
00:36:09.059 --> 00:36:11.659
There are so many nuances to what people generally
00:36:11.659 --> 00:36:15.340
consider Table Mesa. And I suspect most people
00:36:15.340 --> 00:36:17.079
just say they live in Table Mesa, even when they
00:36:17.079 --> 00:36:20.380
live in Devil's Thumb. Because they don't necessarily
00:36:20.380 --> 00:36:24.159
want to portray themselves as living in Boulder
00:36:24.159 --> 00:36:28.559
Country Club. Yeah, people say Table Mesa like
00:36:28.559 --> 00:36:32.159
you would say Southwest Boulder, right? They
00:36:32.159 --> 00:36:34.380
use it just to describe the area. Sort of like
00:36:34.380 --> 00:36:36.760
South Boulder. Yeah, like colloquial. People
00:36:36.760 --> 00:36:38.780
say I live in South Boulder or North Boulder,
00:36:38.860 --> 00:36:41.840
but it's not nuanced enough when it comes to
00:36:41.840 --> 00:36:47.139
the supply and demand. When it comes to the availability
00:36:47.139 --> 00:36:50.000
of options, it's not enough to just call it Table
00:36:50.000 --> 00:36:54.320
Mesa or even Highland Park or even Devil's Thumb,
00:36:54.340 --> 00:36:56.519
because within those locations, there are very
00:36:56.519 --> 00:37:00.739
interesting market dynamics at play. And like
00:37:00.739 --> 00:37:02.760
you're saying, Devil's Thumb is that unofficial
00:37:02.760 --> 00:37:08.079
country club of Table Mesa. Kind of harking back,
00:37:08.219 --> 00:37:10.579
but an experienced agent would probably hear
00:37:10.579 --> 00:37:13.079
Table Mesa, think that's the area, think that's
00:37:13.079 --> 00:37:15.280
as far as it goes. Or Devil's Thumb is just a
00:37:15.280 --> 00:37:17.360
weird subdivision name that Google Maps put in
00:37:17.360 --> 00:37:20.460
there. They wouldn't understand the kind of separation
00:37:20.460 --> 00:37:23.460
once you cross that road. They absolutely don't
00:37:23.460 --> 00:37:25.980
understand the market dynamics. And an agent
00:37:25.980 --> 00:37:27.980
from Denver is not going to understand the market
00:37:27.980 --> 00:37:30.860
dynamics. And even, I would say, Although I've
00:37:30.860 --> 00:37:36.019
done videos on Table Mesa, it's not enough, right?
00:37:36.079 --> 00:37:39.389
Like there's so much more to learn. Highland
00:37:39.389 --> 00:37:41.750
Park, for example, and Ian has done a great video
00:37:41.750 --> 00:37:44.949
on Highland Park. Ian Steinmo, shout out to Ian,
00:37:45.090 --> 00:37:47.670
who's a member of our team. We'll put a link
00:37:47.670 --> 00:37:49.329
in the description to Highland Park. But within
00:37:49.329 --> 00:37:52.630
Highland Park, we've seen multiple homes with
00:37:52.630 --> 00:37:56.070
structural issues that I don't see in other parts
00:37:56.070 --> 00:37:58.530
of Table Mesa. That's true, yeah. So I know.
00:37:59.050 --> 00:38:01.570
Now with two deals in Highland Park, both having
00:38:01.570 --> 00:38:04.010
had structural issues. And a couple of showings
00:38:04.010 --> 00:38:06.050
too, I think we've seen with the structural issues
00:38:06.050 --> 00:38:09.409
too. Yes. That's a thing in that neighborhood.
00:38:09.690 --> 00:38:11.969
But when you're in that neighborhood walking
00:38:11.969 --> 00:38:14.389
around and looking at the real estate, you see
00:38:14.389 --> 00:38:16.909
this interesting mix of some extremely high -end
00:38:16.909 --> 00:38:20.530
luxury homes and some entry and mid -level homes,
00:38:20.610 --> 00:38:23.190
entry for South Boulder. or entry for Table Mesa.
00:38:23.289 --> 00:38:26.869
That's a whole video on its own. You're typically
00:38:26.869 --> 00:38:29.010
above the million dollar mark. But then when
00:38:29.010 --> 00:38:30.550
you go down to the lower part of the neighborhood
00:38:30.550 --> 00:38:32.389
and you're not in Highland Park, you're over
00:38:32.389 --> 00:38:35.409
in lower Table Mesa, a lot of those homes are
00:38:35.409 --> 00:38:38.110
affected by the noise and traffic from Broadway.
00:38:38.409 --> 00:38:42.170
And also from the traffic that swoops into the
00:38:42.170 --> 00:38:44.489
retail center, into the shopping plaza. And then
00:38:44.489 --> 00:38:46.170
you've got like what Dartmouth, I think is the
00:38:46.170 --> 00:38:47.630
one that runs through and that's fairly busy.
00:38:48.269 --> 00:38:50.469
Grinnell. But upper Dartmouth is really nice
00:38:50.469 --> 00:38:53.809
and calm, but lower Dartmouth is a zoo of traffic.
00:38:53.869 --> 00:38:56.769
It's a highway. Yeah. And we just saw last week,
00:38:56.789 --> 00:38:59.409
we talked about a buyer. paying $200 ,000 over
00:38:59.409 --> 00:39:02.250
list on a home that backed to the federal land.
00:39:02.510 --> 00:39:04.949
That's right. And that house has a view of the
00:39:04.949 --> 00:39:07.190
parking lot and view of industrial buildings,
00:39:07.289 --> 00:39:09.630
but not so much views of the flat irons. Right.
00:39:09.710 --> 00:39:12.309
And also it's beneficial maybe to have that trail
00:39:12.309 --> 00:39:14.369
behind the house, but it's also people walking
00:39:14.369 --> 00:39:17.150
and talking. Yeah. I honestly don't think the
00:39:17.150 --> 00:39:19.190
security issue is that big of a deal, but the
00:39:19.190 --> 00:39:21.829
constant people talking in your backyard. Yeah.
00:39:22.550 --> 00:39:24.449
It's just quiet enjoyment, Hamish. I'm not even
00:39:24.449 --> 00:39:26.510
talking about pride. You could put a fence up
00:39:26.510 --> 00:39:28.050
and people aren't going to see you sunbathing,
00:39:28.070 --> 00:39:30.769
but you are absolutely going to hear people constantly
00:39:30.769 --> 00:39:33.190
walking up and down that dirt trail that is a
00:39:33.190 --> 00:39:35.349
social trail that leads up to colder Mesa. So
00:39:35.349 --> 00:39:38.530
I know these things, but that still doesn't replace
00:39:38.530 --> 00:39:41.429
somebody like Ian, who, even though he has fewer
00:39:41.429 --> 00:39:43.869
years in the real estate industry, he grew up
00:39:43.869 --> 00:39:47.409
in Table Mesa. He really knows these neighborhoods
00:39:47.409 --> 00:39:51.250
from a perspective of... 40 years of experience
00:39:51.250 --> 00:39:55.949
living in this community. So this is where you
00:39:55.949 --> 00:39:59.309
get a sense of what you may not know. And how
00:39:59.309 --> 00:40:02.710
does it play out? Well, where it plays out is
00:40:02.710 --> 00:40:07.659
the advice you might get when the home you've
00:40:07.659 --> 00:40:11.559
been waiting for appears on market and the agent
00:40:11.559 --> 00:40:13.460
that you've chosen to represent, you can't help
00:40:13.460 --> 00:40:17.389
you with how much over list this home might be
00:40:17.389 --> 00:40:20.300
worth. Because it's possible, and that's an experience
00:40:20.300 --> 00:40:23.139
we recently had this weekend, where a home was
00:40:23.139 --> 00:40:27.780
accidentally listed below what we knew to be
00:40:27.780 --> 00:40:30.000
fair market value. And we're going to get into
00:40:30.000 --> 00:40:31.739
this with Tales from the Trenches. I can't go
00:40:31.739 --> 00:40:33.539
into any more detail at this point because it's
00:40:33.539 --> 00:40:35.860
an active deal. But what I can do is talk about
00:40:35.860 --> 00:40:37.739
our strategy with respect to it. And that sort
00:40:37.739 --> 00:40:41.380
of kicked off this particular closing table topic.
00:40:41.619 --> 00:40:44.909
But let me cover one more neighborhood. And then
00:40:44.909 --> 00:40:46.590
we're going to move on to other things that deep
00:40:46.590 --> 00:40:49.349
market knowledge can give you. And that is Martin
00:40:49.349 --> 00:40:51.690
Acres, a neighborhood I know and love, have lived
00:40:51.690 --> 00:40:53.690
in Martin Acres many years, don't currently live
00:40:53.690 --> 00:40:56.250
in Martin Acres, but still own investment property
00:40:56.250 --> 00:40:58.670
in Martin Acres. And you truly know Martin. And
00:40:58.670 --> 00:41:01.389
because I've walked every single street probably
00:41:01.389 --> 00:41:04.349
a dozen times and know a lot of people that live
00:41:04.349 --> 00:41:05.969
in the neighborhood. And boy, the differences
00:41:05.969 --> 00:41:09.519
between Moorhead. and the interior streets and
00:41:09.519 --> 00:41:11.860
even though morehead is now calmed down it's
00:41:11.860 --> 00:41:13.559
still suffering because they they remove the
00:41:13.559 --> 00:41:16.079
yellow line yeah and the street is way calmer
00:41:16.079 --> 00:41:19.099
it's really solid but it's still one side still
00:41:19.099 --> 00:41:22.059
backs the us 36 and the other side still suffers
00:41:22.059 --> 00:41:26.400
from that long i would call it valuation depression
00:41:26.400 --> 00:41:29.639
from having been too close to morehead yeah but
00:41:29.639 --> 00:41:32.900
they're in within the neighborhood 34th and 35th
00:41:32.900 --> 00:41:36.219
street 33rd through 35th street are among the
00:41:36.219 --> 00:41:39.030
most coveted streets in the neighborhood because
00:41:39.030 --> 00:41:41.489
they're the most interior and they're not subject
00:41:41.489 --> 00:41:44.789
to through traffic yeah the way that a lot of
00:41:44.789 --> 00:41:48.230
streets are the 40s and when you move further
00:41:48.230 --> 00:41:51.429
to the edges of the neighborhood you find that
00:41:51.429 --> 00:41:54.030
there's it's it gets more traffic noise it's
00:41:54.030 --> 00:41:56.329
further from the retail it's further from the
00:41:56.329 --> 00:41:59.170
bike path um the one particular pocket that i
00:41:59.170 --> 00:42:01.849
think is probably the most coveted are the homes
00:42:01.849 --> 00:42:04.449
at back to the park because those homes just
00:42:04.449 --> 00:42:08.559
you have what feels like a beautiful riparian
00:42:08.559 --> 00:42:11.619
corridor and no oppressive neighbor in the direct
00:42:11.619 --> 00:42:14.059
backyard so those are like within these neighborhoods
00:42:14.059 --> 00:42:16.820
there are these these little pockets and where
00:42:16.820 --> 00:42:19.599
does this come into play well you you you call
00:42:19.599 --> 00:42:21.920
your agent your schedule is showing and maybe
00:42:21.920 --> 00:42:24.940
you think you have a week to think about whether
00:42:24.940 --> 00:42:27.579
you want to write the offer or not but your agent
00:42:27.579 --> 00:42:31.179
might have an idea you need to write this offer
00:42:31.179 --> 00:42:33.440
right now yeah right and that's and we'll get
00:42:33.440 --> 00:42:37.199
to why the hurry up offense sometimes works and
00:42:37.199 --> 00:42:40.760
and when and when you shouldn't trust your agent
00:42:40.760 --> 00:42:44.500
to give you that sort of advice it's such a good
00:42:44.500 --> 00:42:47.019
segue but um without exhausting martin acres
00:42:47.019 --> 00:42:49.360
too much i think it's such a good example because
00:42:49.360 --> 00:42:52.659
martin acres is bordered by 36 broadway and table
00:42:52.659 --> 00:42:57.800
mesa drive and so it yeah really matters where
00:42:57.800 --> 00:42:59.480
you're positioned within there because you do
00:42:59.480 --> 00:43:02.409
have through streets and um more increasingly
00:43:02.409 --> 00:43:04.329
like maps is suggesting that i'll cut through
00:43:04.329 --> 00:43:06.550
martin acres entirely to get around broadway
00:43:06.550 --> 00:43:09.650
traffic and things and it favors certain streets
00:43:09.650 --> 00:43:12.909
and that's becoming kind of evident as well um
00:43:12.909 --> 00:43:17.070
so it's just interesting it kind of makes me
00:43:17.070 --> 00:43:19.210
think about like neighborhood design too you
00:43:19.210 --> 00:43:21.769
know like certain homes will be on a loop that
00:43:21.769 --> 00:43:23.789
come that come out of the through street and
00:43:23.789 --> 00:43:26.719
then um other neighborhoods are designed as a
00:43:26.719 --> 00:43:28.360
through street as a whole like i'm thinking like
00:43:28.360 --> 00:43:30.340
40th street right in martin acres martin drive
00:43:30.340 --> 00:43:34.059
yeah martin drive exactly um and these all matter
00:43:34.059 --> 00:43:39.780
it's funny too because buyers don't always know
00:43:39.780 --> 00:43:42.880
what to notice or what to look out for and one
00:43:42.880 --> 00:43:45.800
of the things that i've had to advise a little
00:43:45.800 --> 00:43:48.840
bit has been like this house is great you are
00:43:48.840 --> 00:43:51.769
right next to a busy four -way stop like yeah
00:43:51.769 --> 00:43:54.010
we're in a neighborhood but come rush hour come
00:43:54.010 --> 00:43:56.369
any day you know any busy time of the day and
00:43:56.369 --> 00:43:57.949
you're just going to hear cars like stopping
00:43:57.949 --> 00:44:01.429
and accelerating constantly versus if you are
00:44:01.429 --> 00:44:03.170
on a through street and it's a little bit busier
00:44:03.170 --> 00:44:05.989
you might just have like you know the gentle
00:44:05.989 --> 00:44:08.309
breeze of an ev passing by or something versus
00:44:08.309 --> 00:44:11.349
that braking and starting an engine noise that
00:44:11.349 --> 00:44:13.769
comes from that Well, I mean, what you're getting
00:44:13.769 --> 00:44:16.110
to is one of the reasons we strongly recommend
00:44:16.110 --> 00:44:18.210
people interview their agents before they sign
00:44:18.210 --> 00:44:21.070
an exclusive right to buy, where you are married
00:44:21.070 --> 00:44:24.630
to this agent for months or even a year. And
00:44:24.630 --> 00:44:26.550
one of the things you can do in addition to,
00:44:26.630 --> 00:44:29.690
there's a whole podcast and we've got resources
00:44:29.690 --> 00:44:32.429
online for questions you should ask your prospective
00:44:32.429 --> 00:44:34.909
agents. But I think that one of the best ways
00:44:34.909 --> 00:44:38.369
is to just test drive them. Sign an exclusive
00:44:38.369 --> 00:44:42.110
for the weekend. go see five houses that may
00:44:42.110 --> 00:44:44.849
or may not even be the right houses. But go see
00:44:44.849 --> 00:44:46.710
five houses. I know it's an investment in time,
00:44:46.730 --> 00:44:49.929
but you will quickly see whether this agent is
00:44:49.929 --> 00:44:54.210
offering value in terms of pointing out things
00:44:54.210 --> 00:44:56.889
you may not have noticed. Are they actually trying
00:44:56.889 --> 00:44:59.110
to help you with your due diligence? And are
00:44:59.110 --> 00:45:00.550
they trying to help you make a smart decision?
00:45:00.929 --> 00:45:02.710
Or are they more interested in shoving you in
00:45:02.710 --> 00:45:04.730
a house and earning a commission? Is every house
00:45:04.730 --> 00:45:06.289
a beautiful house? And boy, you look so good
00:45:06.289 --> 00:45:08.500
in it. Like, are they pointing out the pros and
00:45:08.500 --> 00:45:11.219
cons? And are they doing that unprompted? Or
00:45:11.219 --> 00:45:15.239
are you having to ask them what they think of
00:45:15.239 --> 00:45:18.280
the house? And also quiz them on the neighborhood.
00:45:18.440 --> 00:45:20.460
Ask them, are there any issues in the neighborhood
00:45:20.460 --> 00:45:22.639
you should know about? And you'll very quickly
00:45:22.639 --> 00:45:25.400
have a sense of their depth of knowledge about
00:45:25.400 --> 00:45:28.380
the neighborhood specifics. That doesn't tell
00:45:28.380 --> 00:45:30.619
you much about their negotiation strategy. That
00:45:30.619 --> 00:45:32.539
doesn't tell you much about how well they know
00:45:32.539 --> 00:45:34.760
the contracts. That doesn't tell you about their
00:45:34.760 --> 00:45:37.469
approach to business. uh entirely like but at
00:45:37.469 --> 00:45:39.329
the same time it gives you a taste so it's a
00:45:39.329 --> 00:45:41.869
good way to illuminating yeah it illuminates
00:45:41.869 --> 00:45:43.949
and you can you can test drive most agents for
00:45:43.949 --> 00:45:46.969
free um most agents will happily take you on
00:45:46.969 --> 00:45:48.969
a day of showings to get to know you because
00:45:48.969 --> 00:45:51.050
the good agents are busy and they also don't
00:45:51.050 --> 00:45:53.389
want bad clients so they will all if they're
00:45:53.389 --> 00:45:55.550
good they're also trying to have a sense of whether
00:45:55.550 --> 00:45:58.630
you can work together or not so should we go
00:45:58.630 --> 00:46:00.369
to seller risk or do you want to hit the mountain
00:46:00.369 --> 00:46:02.179
one I want to hit the mountain one. Okay, yeah.
00:46:02.260 --> 00:46:04.139
So we talked about neighborhoods in Boulder,
00:46:04.260 --> 00:46:08.940
but it's not just in town. There are very specific,
00:46:09.019 --> 00:46:13.559
I think I would call this areas of competency
00:46:13.559 --> 00:46:18.159
when it comes to both mountain property and hobby
00:46:18.159 --> 00:46:21.500
farms, ranchettes, actual farms. And there are
00:46:21.500 --> 00:46:25.079
agents that have depth of knowledge and whom
00:46:25.079 --> 00:46:27.219
you will feel values alignment with. And there
00:46:27.219 --> 00:46:29.260
are agents that don't have depth of knowledge,
00:46:29.460 --> 00:46:32.500
hide behind their... brand name of their brokerage,
00:46:32.539 --> 00:46:34.980
rely on their employing broker to answer the
00:46:34.980 --> 00:46:36.900
questions behind the scenes, or now increasingly
00:46:36.900 --> 00:46:39.820
AI to answer the questions, but AI can lead you
00:46:39.820 --> 00:46:42.320
astray. So mountain specific factors I wanted
00:46:42.320 --> 00:46:44.219
to talk about because people often get it so
00:46:44.219 --> 00:46:49.179
wrong and it can really affect not just the valuation,
00:46:49.500 --> 00:46:53.780
the market value of the property, but the degree
00:46:53.780 --> 00:46:56.099
of aggressiveness you should pursue this property.
00:46:56.320 --> 00:46:58.619
And the biggest one people get wrong is buildable
00:46:58.619 --> 00:47:01.289
lots. They assume because it has a buildable
00:47:01.289 --> 00:47:03.530
lot determination letter that they can build
00:47:03.530 --> 00:47:06.130
a home, when in fact they probably can't because
00:47:06.130 --> 00:47:09.170
of all sorts of location -specific factors that
00:47:09.170 --> 00:47:11.409
would make it excruciatingly expensive to comply
00:47:11.409 --> 00:47:14.090
with county -level ordinances that would allow
00:47:14.090 --> 00:47:16.309
you to build on this lot. But there's a lot letter
00:47:16.309 --> 00:47:21.070
because prior to 1979, the owner got a buildable
00:47:21.070 --> 00:47:24.440
lot determination. But that doesn't remove all
00:47:24.440 --> 00:47:26.380
the rules. So that's the thing people screw up
00:47:26.380 --> 00:47:28.659
all the time. And the other thing I see people
00:47:28.659 --> 00:47:31.460
screw up is using comps from the wrong neighborhoods
00:47:31.460 --> 00:47:33.699
in the mountains. And neighborhood is kind of
00:47:33.699 --> 00:47:37.159
a funny term because I don't really think of...
00:47:37.159 --> 00:47:39.239
In a suburban sense, not at all, right? People
00:47:39.239 --> 00:47:41.300
think of... The suburban sense of neighborhood
00:47:41.300 --> 00:47:44.440
makes sense. But in mountain communities, you're
00:47:44.440 --> 00:47:47.280
really in canyons. It's not really a neighborhood
00:47:47.280 --> 00:47:50.139
in the same way that other, and then you're there
00:47:50.139 --> 00:47:52.519
subsets within the canyons. Like our home is
00:47:52.519 --> 00:47:54.679
in four mile Canyon, but really we're in Logan
00:47:54.679 --> 00:47:57.139
mill. Right. Cause you take a left or whatever.
00:47:57.219 --> 00:47:59.219
And then within Logan mill, we're at the top
00:47:59.219 --> 00:48:01.079
of the neighborhood and boy, all of the, why
00:48:01.079 --> 00:48:02.739
is that important? It's important because guess
00:48:02.739 --> 00:48:05.179
what? We're plowing. A lot. Yeah. It's important
00:48:05.179 --> 00:48:06.800
because guess what? We don't have trash service.
00:48:06.940 --> 00:48:09.260
We have to truck our trash. Yeah. Right. It's
00:48:09.260 --> 00:48:11.659
important because our neighborhood burned. And
00:48:11.659 --> 00:48:14.199
in theory, that makes it less likely to burn
00:48:14.199 --> 00:48:16.460
in the future. In theory. Right. So there are
00:48:16.460 --> 00:48:18.619
all these things. So what we've recently saw
00:48:18.619 --> 00:48:22.559
was a deal where we lost the listing because
00:48:22.559 --> 00:48:26.599
our competitor used. Fanciful language. An algorithm
00:48:26.599 --> 00:48:31.780
that included comps from Pinewood. And the Pinewood
00:48:31.780 --> 00:48:34.980
neighborhood in the mountains, you shoot down
00:48:34.980 --> 00:48:37.219
Linden, you're probably 10 minutes to downtown
00:48:37.219 --> 00:48:39.900
Boulder. It's a great spot. It's a great neighborhood.
00:48:40.000 --> 00:48:43.420
But valuations are inflated compared to Mountain
00:48:43.420 --> 00:48:46.940
Meadows in Sugarloaf. So the Sugarloaf Canyon
00:48:46.940 --> 00:48:51.889
real estate is not comparable to Pinewood. But
00:48:51.889 --> 00:48:54.469
she used Pinewood comps and came up with a number
00:48:54.469 --> 00:48:57.909
that was either 500 or 700 ,000 above where I
00:48:57.909 --> 00:48:59.949
thought anything made any sense. And they went
00:48:59.949 --> 00:49:01.550
with that agent. And I don't blame them because,
00:49:01.570 --> 00:49:03.690
boy, if this person can actually deliver 500
00:49:03.690 --> 00:49:07.710
to 700 ,000 more. And so her enthusiasm and reliance
00:49:07.710 --> 00:49:11.530
on an AI model to show valuation convinced our
00:49:11.530 --> 00:49:13.750
client that this was the way to go. And it's,
00:49:13.750 --> 00:49:16.349
you know, it's wishful thinking. It's tell me
00:49:16.349 --> 00:49:18.889
what I want to believe. Speaking to my listening,
00:49:19.130 --> 00:49:22.030
and if you do that, you might get the business.
00:49:22.170 --> 00:49:23.710
But they ended up on market for a really long
00:49:23.710 --> 00:49:26.110
time. And it eventually sold at pretty much exactly
00:49:26.110 --> 00:49:28.170
the price I told them it would sell for many
00:49:28.170 --> 00:49:31.809
months later. And they actually apologized for
00:49:31.809 --> 00:49:32.909
having chosen this agent. And they were very
00:49:32.909 --> 00:49:34.449
sweet. And two or three times they reached out
00:49:34.449 --> 00:49:36.329
to me during their transaction. And I had to
00:49:36.329 --> 00:49:38.510
tell them, I can't advise you or interfere with
00:49:38.510 --> 00:49:40.869
this. If you want to break up with your agent,
00:49:40.989 --> 00:49:44.570
I will absolutely. And I think that this agent
00:49:44.570 --> 00:49:48.610
is the kind of agent that will probably sue her
00:49:48.610 --> 00:49:50.489
client if they try to break up and list with
00:49:50.489 --> 00:49:52.750
somebody else. They will say, I'm sorry, you
00:49:52.750 --> 00:49:55.250
signed an exclusive. We are married. And that
00:49:55.250 --> 00:49:57.630
exclusive runs till whenever it runs to. So your
00:49:57.630 --> 00:49:59.489
choices are, we can continue to market your home
00:49:59.489 --> 00:50:01.869
or you can withdraw it, but I've done the work
00:50:01.869 --> 00:50:03.929
and I'm not getting out of this deal. And that
00:50:03.929 --> 00:50:06.050
I'm pretty sure is what happened. So they stuck
00:50:06.050 --> 00:50:08.090
it and stuck with her and they eventually did
00:50:08.090 --> 00:50:11.130
sell the property. But the part that drove me
00:50:11.130 --> 00:50:13.789
crazy was, my God, she used Pinewood comps. Well,
00:50:13.889 --> 00:50:15.530
because we were like, how the hell did she get
00:50:15.530 --> 00:50:18.110
to this price? Right. How the hell did she come
00:50:18.110 --> 00:50:20.389
up with this number? So we had to reverse engineer
00:50:20.389 --> 00:50:22.429
the price. And the answer was, and he told me,
00:50:22.489 --> 00:50:24.190
is that they were comparing it to Pinewood. You
00:50:24.190 --> 00:50:27.289
can't compare Sunshine to Sugarloaf to Four Mile
00:50:27.289 --> 00:50:30.889
to Left Hand Canyon to Pinewood. To Martin Acres.
00:50:31.349 --> 00:50:33.590
You might as well throw Martin Acres in there.
00:50:33.670 --> 00:50:35.449
You're talking about every neighborhood in town.
00:50:36.340 --> 00:50:39.039
You can't cherry pick the comps when it comes
00:50:39.039 --> 00:50:40.900
to the market. You really need to use the appropriate
00:50:40.900 --> 00:50:44.099
comps. But let me just wrap up the mountain one
00:50:44.099 --> 00:50:45.420
and then we're going to move off of that. But
00:50:45.420 --> 00:50:48.760
there's fire defensibility. And then there's
00:50:48.760 --> 00:50:52.260
the difference in design language from homes
00:50:52.260 --> 00:50:55.340
in the 70s and 80s to homes in the 2000s. It
00:50:55.340 --> 00:50:57.340
is night and day. You might as well be talking
00:50:57.340 --> 00:51:00.460
about a Tesla versus a Model T. And the market
00:51:00.460 --> 00:51:02.679
perceives these very differently. And I recently
00:51:02.679 --> 00:51:05.380
saw. In our neighborhood, a buyer acquire a home
00:51:05.380 --> 00:51:08.420
that we looked at twice. And my wife and I thought
00:51:08.420 --> 00:51:10.699
about it until we went inside and realized that
00:51:10.699 --> 00:51:14.900
the design language of the 70s is so dark and
00:51:14.900 --> 00:51:18.000
cramped and awkward. And the build quality is
00:51:18.000 --> 00:51:20.559
really poor. But it was priced as if it was a
00:51:20.559 --> 00:51:22.619
home built in the 2000s. And eventually it sold
00:51:22.619 --> 00:51:25.119
at a number that was lower, but not low enough.
00:51:25.539 --> 00:51:28.800
And we happen to be friends with the owner, so
00:51:28.800 --> 00:51:30.760
we don't bring it up. But I totally think they
00:51:30.760 --> 00:51:33.199
overpaid. Like this home has got a lot of functional
00:51:33.199 --> 00:51:35.039
problems and they've been investing more money
00:51:35.039 --> 00:51:37.360
to fix those problems. But I think they paid
00:51:37.360 --> 00:51:39.679
hundreds of thousands more than they should have.
00:51:39.739 --> 00:51:41.320
I mean, you just spoke about it with Mapleton
00:51:41.320 --> 00:51:43.079
Hill. You're talking about these houses, you
00:51:43.079 --> 00:51:44.400
know, they're historic and they're great, but
00:51:44.400 --> 00:51:47.159
it's less is more right. The house kind of dictates
00:51:47.159 --> 00:51:48.679
the lifestyle that you live within it. So when
00:51:48.679 --> 00:51:51.019
you go for 70s homes, you know, you don't have
00:51:51.019 --> 00:51:53.039
the closets. And like you said, it's cramped
00:51:53.039 --> 00:51:55.860
and darker. It's just not as well designed or
00:51:55.860 --> 00:51:58.900
as well built, typically. Not always. Yeah, typically.
00:51:58.940 --> 00:52:00.900
There's that home in Marshall that was built
00:52:00.900 --> 00:52:04.400
in the 90s that is unreal. Yes. That home. Have
00:52:04.400 --> 00:52:07.199
you seen it? No, I saw the listing photos. It
00:52:07.199 --> 00:52:09.960
is unreal. And I can't tell you the address because
00:52:09.960 --> 00:52:12.000
it's still actively listing. But wow, that house
00:52:12.000 --> 00:52:14.079
is actually something special built in the 90s.
00:52:14.460 --> 00:52:16.920
So there are different design languages that
00:52:16.920 --> 00:52:19.559
come from different decades. And you have to
00:52:19.559 --> 00:52:22.239
adjust your valuation on the basis of that, particularly
00:52:22.239 --> 00:52:25.869
in the mountains. touching on the seller and
00:52:25.869 --> 00:52:28.909
maybe this is the next bullet but um you know
00:52:28.909 --> 00:52:31.570
to the opposite of that where the agent included
00:52:31.570 --> 00:52:34.389
comps from a neighborhood that you know this
00:52:34.389 --> 00:52:38.429
house doesn't compete with at all um it's similar
00:52:38.429 --> 00:52:41.050
thing you could have a selling agent or listing
00:52:41.050 --> 00:52:43.349
agent that doesn't notice the difference between
00:52:43.349 --> 00:52:45.630
devil's thumb and the rest of table mesa and
00:52:45.630 --> 00:52:47.369
so they want to list your home and devil's thumb
00:52:47.369 --> 00:52:50.570
for greater table mesa comps and and you could
00:52:50.570 --> 00:52:53.670
be you know, ecstatic because you got six offers
00:52:53.670 --> 00:52:55.989
in a down market and then you ended up over list.
00:52:56.130 --> 00:52:58.150
But of course you did because your agent didn't
00:52:58.150 --> 00:53:00.130
know any better that your devil's thumb home
00:53:00.130 --> 00:53:02.469
was worth more to begin with. Or this agent,
00:53:02.630 --> 00:53:06.530
and this is what I suspect happens, okay? There's
00:53:06.530 --> 00:53:08.530
a listing right now that's on the market that's
00:53:08.530 --> 00:53:11.869
priced way below where it should be. And so it's
00:53:11.869 --> 00:53:14.309
getting a ton of showings. Like the showing calendar
00:53:14.309 --> 00:53:15.170
is completely booked up. Oh, this is the text
00:53:15.170 --> 00:53:17.070
thread from yesterday? And so I think this is
00:53:17.070 --> 00:53:20.179
what sort of the backstory of that. The listing
00:53:20.179 --> 00:53:24.199
agent, who is experienced, met with the seller
00:53:24.199 --> 00:53:26.460
and asked the question, well, what do you think
00:53:26.460 --> 00:53:29.800
the home's worth? And they said, boy, you know,
00:53:29.820 --> 00:53:33.789
if I could get $800 ,000 for this house, I would
00:53:33.789 --> 00:53:37.730
be thrilled. And the listing agent, I was not
00:53:37.730 --> 00:53:40.250
there. I think the listing is like, boy, you
00:53:40.250 --> 00:53:41.889
know, this market's been really tough. You're
00:53:41.889 --> 00:53:44.369
right. The market's been really brutal. And so,
00:53:44.409 --> 00:53:46.090
and we're in the fall. And if you really need
00:53:46.090 --> 00:53:47.949
to sell it, then, you know, this is a price that
00:53:47.949 --> 00:53:50.929
it will sell for. And I think we may even get
00:53:50.929 --> 00:53:55.230
some offers above that if we're lucky, only if
00:53:55.230 --> 00:53:57.730
we're lucky. And so, and the seller's like, okay,
00:53:57.809 --> 00:53:59.269
that sounds good. And maybe they don't live in
00:53:59.269 --> 00:54:00.730
town or maybe they didn't do their homework,
00:54:00.869 --> 00:54:03.230
but it looks like you're starting off 50 to a
00:54:03.230 --> 00:54:06.150
hundred thousand below, maybe 150 ,000 below
00:54:06.150 --> 00:54:08.469
where it should sell for this particular property
00:54:08.469 --> 00:54:11.719
type. and location. And so of course we have
00:54:11.719 --> 00:54:13.519
clients interested in it. And of course everyone
00:54:13.519 --> 00:54:14.980
else and their mother is interested in it. A
00:54:14.980 --> 00:54:16.599
hundred percent. That's the bell of the ball.
00:54:16.679 --> 00:54:18.460
So I don't really know what happened, but it's
00:54:18.460 --> 00:54:21.019
going to have a frenzy this week and we'll, we'll
00:54:21.019 --> 00:54:24.159
find out, you know, our clients are not bidding
00:54:24.159 --> 00:54:26.820
war people. Our clients are, are, so bidding
00:54:26.820 --> 00:54:30.429
wars do not favor prudence. They do not favor
00:54:30.429 --> 00:54:33.849
conservatism. Restrain. Restrain. They do not,
00:54:33.849 --> 00:54:36.710
they do not discipline a disciplined conservative.
00:54:37.699 --> 00:54:40.260
Every investor or buyer that is very careful
00:54:40.260 --> 00:54:42.179
with their money is not rewarded in a bidding
00:54:42.179 --> 00:54:45.320
war. They are likely to not get the house. But
00:54:45.320 --> 00:54:47.159
the people that don't know the comps, that throw
00:54:47.159 --> 00:54:49.539
money at this, go way over, are likely to get
00:54:49.539 --> 00:54:51.199
the comps. And some homes are worth it. And we're
00:54:51.199 --> 00:54:52.780
going to talk about that in a minute. But not
00:54:52.780 --> 00:54:57.320
every home is worth it. And this one is too close
00:54:57.320 --> 00:54:59.139
to a busy street. And I already told our clients
00:54:59.139 --> 00:55:01.500
that I think it's a bad idea. That street, too,
00:55:01.619 --> 00:55:04.500
I told them that at the showing that I had with
00:55:04.500 --> 00:55:07.269
them as well. That particular street's a busy
00:55:07.269 --> 00:55:11.530
one. Yeah, and Google Maps routes people through
00:55:11.530 --> 00:55:13.150
the neighborhood on the street and a couple of
00:55:13.150 --> 00:55:15.909
the other ones. So that's the other due diligence
00:55:15.909 --> 00:55:17.369
piece is if you were thinking about buying a
00:55:17.369 --> 00:55:20.030
house, you may want to try Google mapping around
00:55:20.030 --> 00:55:22.750
the neighborhood and seeing how often it recommends
00:55:22.750 --> 00:55:24.570
driving on the street you're about to buy a house
00:55:24.570 --> 00:55:28.489
on. That's a great tip. So what if your client's
00:55:28.489 --> 00:55:31.659
dead set on working with you? Then you're in
00:55:31.659 --> 00:55:33.800
a market you don't know much about. I mean, okay,
00:55:33.860 --> 00:55:36.980
so it's a great question. And can you compensate
00:55:36.980 --> 00:55:39.760
for lack of neighborhood knowledge, deep neighborhood
00:55:39.760 --> 00:55:43.119
knowledge? And maybe, right? I think that there's
00:55:43.119 --> 00:55:45.860
a place for agents that have high integrity,
00:55:46.000 --> 00:55:49.639
that work hard, that have earned your trust by
00:55:49.639 --> 00:55:53.079
their behavior and their values. Agents that
00:55:53.079 --> 00:55:55.659
care about due diligence, agents that have expertise
00:55:55.659 --> 00:55:58.440
in bidding wars. And also agents that are data
00:55:58.440 --> 00:56:00.739
nerds that can go deep into the data and help
00:56:00.739 --> 00:56:04.139
you learn. But even a data nerd, I consider myself
00:56:04.139 --> 00:56:07.719
a data nerd. Data nerds alone is not enough because
00:56:07.719 --> 00:56:10.119
there's not enough data, right? There's not,
00:56:10.139 --> 00:56:12.320
when you get down to which side of the street,
00:56:12.460 --> 00:56:15.559
there's not enough data. You have to have seen
00:56:15.559 --> 00:56:18.039
it over the course of many years and how they've
00:56:18.039 --> 00:56:19.980
traded over the course of many years. There's
00:56:19.980 --> 00:56:21.699
some hints, right? So you should always look
00:56:21.699 --> 00:56:24.159
at the previous listing history of the home you're
00:56:24.159 --> 00:56:27.139
about to buy. If it was sold in the last, 30
00:56:27.139 --> 00:56:30.820
years it's probably on the mls and if it is multiple
00:56:30.820 --> 00:56:33.579
times and during multiple sale periods you see
00:56:33.579 --> 00:56:37.019
it took a long time to sell and you can map over
00:56:37.019 --> 00:56:39.159
what were market conditions like at that time
00:56:39.159 --> 00:56:41.820
that gives you key insight into the desirability
00:56:41.820 --> 00:56:43.980
of this particular location and property type
00:56:43.980 --> 00:56:46.139
it's not everything but it's better than nothing
00:56:46.139 --> 00:56:48.780
so data being a data nerd can be helpful but
00:56:48.780 --> 00:56:50.619
it's like it's not the it's not the only thing
00:56:50.619 --> 00:56:54.059
that counts it's like you have a To compensate,
00:56:54.219 --> 00:56:57.260
you are almost required to have a mental toolkit
00:56:57.260 --> 00:57:02.260
of attributes to yourself that will help you
00:57:02.260 --> 00:57:05.889
get close to being able to compensate. I had
00:57:05.889 --> 00:57:09.710
this exact scenario with a past client. The trust
00:57:09.710 --> 00:57:11.949
was there. They bought a property at the Peloton.
00:57:12.110 --> 00:57:13.750
I helped them sell the property at the Peloton.
00:57:13.909 --> 00:57:15.329
And then they wanted to buy something in Colorado
00:57:15.329 --> 00:57:18.250
Springs. And I told them I'm not an expert in
00:57:18.250 --> 00:57:20.050
Colorado spring neighborhoods. Yeah. Like this
00:57:20.050 --> 00:57:22.409
is outright. Yeah. This is not my market. Yeah.
00:57:22.889 --> 00:57:26.090
I'm licensed. I can do business in Colorado Springs.
00:57:26.170 --> 00:57:28.429
Could find you a referral. So it's up to you.
00:57:28.469 --> 00:57:30.670
Would you rather I find you a referral or to
00:57:30.670 --> 00:57:32.690
somebody I will interview and make sure is a
00:57:32.690 --> 00:57:34.690
good fit for you? Or would you rather that work
00:57:34.690 --> 00:57:36.409
with me? Somebody, you know, and trust your choice.
00:57:36.510 --> 00:57:38.869
Yeah. And here's how we'll approach it is my
00:57:38.869 --> 00:57:41.309
recommendation. If you choose me, we will do
00:57:41.309 --> 00:57:43.110
most of this online. Like we're going to develop
00:57:43.110 --> 00:57:46.199
a show list. And then we're going to have a video
00:57:46.199 --> 00:57:49.440
call to talk about the show list to narrow it
00:57:49.440 --> 00:57:51.679
down. And then I'm going to spend the whole weekend.
00:57:51.699 --> 00:57:54.440
I'll rent an Airbnb in Colorado Springs. And
00:57:54.440 --> 00:57:56.579
we'll spend the weekend looking at as many houses
00:57:56.579 --> 00:57:59.420
as you want to look at. And we'll get this accomplished.
00:57:59.880 --> 00:58:01.619
And so they chose to work with me. And it was
00:58:01.619 --> 00:58:03.739
nice staying in an Airbnb. We had a lovely dinner
00:58:03.739 --> 00:58:06.360
together. And we looked at a lot of houses. Like
00:58:06.360 --> 00:58:07.820
we looked at over 20. You said like 20, yeah,
00:58:07.840 --> 00:58:10.000
yeah. In the course of a weekend. That's so much.
00:58:10.079 --> 00:58:11.360
And they knew what they really wanted and they
00:58:11.360 --> 00:58:14.280
found a great deal. I also got to experience
00:58:14.280 --> 00:58:17.260
the culture of Colorado Springs agents in a time
00:58:17.260 --> 00:58:19.500
that the market was pretty soft. And one of the
00:58:19.500 --> 00:58:22.360
interesting theses I saw was this one agent who
00:58:22.360 --> 00:58:25.900
knew the time of my showing and started texting
00:58:25.900 --> 00:58:29.440
me while I'm in the showing with things I could
00:58:29.440 --> 00:58:32.760
point out. Oh, cool. Features. And it was super
00:58:32.760 --> 00:58:34.420
interesting. I'm like, these are actually useful
00:58:34.420 --> 00:58:35.599
things that I wouldn't have noticed. Yeah, you're
00:58:35.599 --> 00:58:38.780
like, what is this? Okay, good point. Right.
00:58:38.880 --> 00:58:40.880
I mean, well, yeah, kind of annoying to be getting
00:58:40.880 --> 00:58:43.380
text messages during a showing, but the information
00:58:43.380 --> 00:58:45.340
that she was spoon feeding me was actually really
00:58:45.340 --> 00:58:47.340
useful information and my clients appreciated
00:58:47.340 --> 00:58:50.440
it too. So at the high end, that is something
00:58:50.440 --> 00:58:53.360
that, I mean, agents at the high end really should
00:58:53.360 --> 00:58:55.880
be doing their best to be attending showings
00:58:55.880 --> 00:58:59.190
to accomplish the same thing. But even better,
00:58:59.269 --> 00:59:02.269
read the room. Read the temperature of the buyer
00:59:02.269 --> 00:59:04.570
and learn things that could be useful in negotiation.
00:59:05.230 --> 00:59:08.389
Will you hit on that last pod? Charisma matters
00:59:08.389 --> 00:59:11.030
with respect to that approach. And I'll say,
00:59:11.050 --> 00:59:14.449
too, when you have enough experience to start
00:59:14.449 --> 00:59:17.650
identifying mountain -specific factors, cross
00:59:17.650 --> 00:59:21.190
streets, sheltering, stop signs, all these things,
00:59:21.329 --> 00:59:26.190
I think you can also begin to apply it to market
00:59:26.190 --> 00:59:29.150
segments. that you don't know. Like if you're
00:59:29.150 --> 00:59:31.130
at down there in the Springs, you can still have
00:59:31.130 --> 00:59:32.949
the sense to be like, okay, pretty close to the
00:59:32.949 --> 00:59:35.389
highway. Or, you know, like this is a busy intersection
00:59:35.389 --> 00:59:39.690
or this looks like a pretty busy street. One
00:59:39.690 --> 00:59:42.590
of the things I think most agents are saying
00:59:42.590 --> 00:59:44.670
it now, the double yellow line, and it's becoming
00:59:44.670 --> 00:59:47.789
pretty common knowledge. And I think one of the
00:59:47.789 --> 00:59:51.469
edges that buyer's agents maintain is kind of
00:59:51.469 --> 00:59:54.849
looking for that next quality of life. factor
00:59:54.849 --> 00:59:57.449
in the various homes within like a neighborhood,
00:59:57.690 --> 01:00:01.230
you know? I hear what you're saying. And the
01:00:01.230 --> 01:00:03.489
way the lens I apply to that is that you can
01:00:03.489 --> 01:00:05.949
be looking for house specific things, right?
01:00:06.110 --> 01:00:09.309
Like we see homes all the time and often the
01:00:09.309 --> 01:00:11.170
problems with the home are visible and obvious
01:00:11.170 --> 01:00:13.929
to us, but the buyer may not realize it because
01:00:13.929 --> 01:00:15.989
this is not their forte is evaluating houses.
01:00:16.090 --> 01:00:17.570
But then there are things about the neighborhood
01:00:17.570 --> 01:00:19.530
you might know that somebody from out of town
01:00:19.530 --> 01:00:22.519
would not know. And for example, the hill. And
01:00:22.519 --> 01:00:25.599
the red cup zone, the red cup zone is real. Yeah.
01:00:25.659 --> 01:00:28.280
And it's recently very, it's been made very visible
01:00:28.280 --> 01:00:31.079
by the quiet enjoyment project. That noise map.
01:00:31.239 --> 01:00:33.579
Yeah. That noise map, that heat map of noise
01:00:33.579 --> 01:00:37.280
based on actual complaints is brilliant and illustrates
01:00:37.280 --> 01:00:38.960
something that we've talked about for a long
01:00:38.960 --> 01:00:40.679
time. And that is there are parts of the hill
01:00:40.679 --> 01:00:43.800
that are really noisy. And if you're okay with
01:00:43.800 --> 01:00:46.059
that, great. But if you're not okay with that,
01:00:46.119 --> 01:00:47.739
then we should look elsewhere. And even if the
01:00:47.739 --> 01:00:50.739
most amazing house shows up. and you're ready
01:00:50.739 --> 01:00:52.300
to buy it, you're going to get that same piece
01:00:52.300 --> 01:00:54.900
of advice from us that, hold on a second, are
01:00:54.900 --> 01:00:57.719
you okay living next to young people? Maybe we
01:00:57.719 --> 01:01:00.179
should check the recycle bins and see how many
01:01:00.179 --> 01:01:02.300
red cups are in there. Because the red cup zone
01:01:02.300 --> 01:01:06.739
can be unpleasant. For people with families or
01:01:06.739 --> 01:01:09.039
people with noise sensitivities or people that
01:01:09.039 --> 01:01:11.639
care about their cars not getting trashed. I
01:01:11.639 --> 01:01:14.659
mean, just property health and safety. Like quiet
01:01:14.659 --> 01:01:16.800
enjoyment. You care about quiet enjoyment. Do
01:01:16.800 --> 01:01:19.539
you care if the neighbor's yard is covered? Sometimes
01:01:19.539 --> 01:01:22.519
it's not obvious and sometimes it changes. One
01:01:22.519 --> 01:01:27.590
of our rentals has a red cup. Table on signal.
01:01:28.070 --> 01:01:30.610
We'll call it. We used to call this game. I think
01:01:30.610 --> 01:01:32.309
it's beer pong is what people call it today.
01:01:32.469 --> 01:01:34.590
They had dice. It looks like some new fangled
01:01:34.590 --> 01:01:35.989
thing. I don't know what game they're playing,
01:01:36.190 --> 01:01:38.230
but that table is clearly designed for adult
01:01:38.230 --> 01:01:41.030
beverages. Yeah. Pure. So I hope they're not
01:01:41.030 --> 01:01:42.869
annoying our neighbors with their loudness in
01:01:42.869 --> 01:01:45.550
the yard. And that'll be a subject of our conversation
01:01:45.550 --> 01:01:48.050
soon because they want to talk about landscaping.
01:01:48.090 --> 01:01:49.690
So that's great. It's a good segue for us to
01:01:49.690 --> 01:01:51.050
talk about. Please don't annoy your neighbors
01:01:51.050 --> 01:01:53.829
because they will call the cops and then I'll
01:01:53.829 --> 01:01:56.230
hear about it and they'll have a problem. And
01:01:56.230 --> 01:01:59.289
we'll end up on the noise map. Yeah, we do not
01:01:59.289 --> 01:02:01.650
want to be on the noise map. Okay. All right.
01:02:01.670 --> 01:02:03.610
I think we have done a good job of hitting this
01:02:03.610 --> 01:02:07.570
closing table topic. And one of the many of the
01:02:07.570 --> 01:02:10.789
reasons why you want to choose representation
01:02:10.789 --> 01:02:15.340
that isn't just competent, but goes way beyond
01:02:15.340 --> 01:02:16.920
competent. And we're not the only game in town.
01:02:16.980 --> 01:02:18.619
There's lots of other great agents, but this
01:02:18.619 --> 01:02:21.039
hopefully gave you good fodder for things to
01:02:21.039 --> 01:02:22.840
think about that maybe you hadn't thought about
01:02:22.840 --> 01:02:26.449
with very. location specific factors here in
01:02:26.449 --> 01:02:29.309
the city of boulder or in in the mountains around
01:02:29.309 --> 01:02:34.019
boulder yeah i think those are we we weren't
01:02:34.019 --> 01:02:36.139
expecting this closing table topic i think to
01:02:36.139 --> 01:02:39.500
go as long as it did um which is kind of a sunshine
01:02:39.500 --> 01:02:43.420
no idea oh it's been about uh half an hour so
01:02:43.420 --> 01:02:45.920
all right yeah that's fine tales from the trenches
01:02:45.920 --> 01:02:48.440
and this is a good segue directly to it because
01:02:49.130 --> 01:02:52.030
This is where that deep market knowledge can
01:02:52.030 --> 01:02:54.030
really matter when the listing agents are out
01:02:54.030 --> 01:02:57.730
of town and has intentionally or unintentionally
01:02:57.730 --> 01:03:00.789
priced the property too low. And the location
01:03:00.789 --> 01:03:04.690
specific factors led us to first their systems.
01:03:04.849 --> 01:03:08.170
Okay. And systems really matter. Our listing
01:03:08.170 --> 01:03:12.510
alerts and our availability meant that on a Thursday,
01:03:12.530 --> 01:03:15.489
we're getting messages from our client that wants
01:03:15.489 --> 01:03:18.590
to see it first thing on a Friday. And the client's
01:03:18.590 --> 01:03:20.150
been looking for months. They're an architect.
01:03:20.269 --> 01:03:23.610
They know demand. They know what they want. They
01:03:23.610 --> 01:03:25.449
know the demand side because we've been in a
01:03:25.449 --> 01:03:26.989
bidding war already and lost. Oh, that's true,
01:03:27.110 --> 01:03:29.369
yeah. No, we were, sorry, we were in a backup
01:03:29.369 --> 01:03:32.409
position. We were too slow and lost. They know
01:03:32.409 --> 01:03:34.730
the data for this particular property type in
01:03:34.730 --> 01:03:38.730
this location. And because it's mispriced, we
01:03:39.309 --> 01:03:43.480
decided to go aggressive and go fast. We were
01:03:43.480 --> 01:03:46.750
first available. Excuse me. Bless you. The very
01:03:46.750 --> 01:03:48.510
first available window for showings, we were
01:03:48.510 --> 01:03:51.309
there. And at the showing, there was already
01:03:51.309 --> 01:03:54.530
another agent there. And I think this agent either
01:03:54.530 --> 01:03:58.610
got permission to go in early or they just had
01:03:58.610 --> 01:04:00.610
an overlapping showing and decided to go in 30
01:04:00.610 --> 01:04:03.429
minutes early anyway because it was a go -in
01:04:03.429 --> 01:04:05.530
show. It's blood in the water, man. But we were
01:04:05.530 --> 01:04:09.110
there. The very first agent I know. So I guess
01:04:09.110 --> 01:04:10.769
we were the second agent to show the property.
01:04:11.070 --> 01:04:14.530
Yeah. Our client said, this is what I want. Let's
01:04:14.530 --> 01:04:16.650
go into the war room. So we went into the war
01:04:16.650 --> 01:04:18.769
room. We got really granular on the comps in
01:04:18.769 --> 01:04:20.630
the neighborhood. And you already know the street.
01:04:21.530 --> 01:04:23.989
She knows the street. I know the street. And
01:04:23.989 --> 01:04:25.750
we could see what else people have been paying
01:04:25.750 --> 01:04:28.949
for very similar properties in this spot. And
01:04:28.949 --> 01:04:33.010
so we decided to submit the offer by three. So
01:04:33.010 --> 01:04:35.090
we got the offer wrapped up by three, which includes
01:04:35.090 --> 01:04:38.929
a detailed contract to buy. with um with carve
01:04:38.929 --> 01:04:42.750
outs around certain contingencies that we wrote
01:04:42.750 --> 01:04:45.849
to focus on key areas of the home that are actually
01:04:45.849 --> 01:04:48.369
that actually matter right um and communicate
01:04:48.369 --> 01:04:50.210
that to the other side and then we went to a
01:04:50.210 --> 01:04:53.489
list price that was substantially above the sorry
01:04:53.489 --> 01:04:55.010
we went to an offer price substantially above
01:04:55.010 --> 01:04:57.449
the list price but we could justify it it wasn't
01:04:57.449 --> 01:05:00.289
thin air but at the end of the day where it came
01:05:00.289 --> 01:05:03.369
down to plus or minus 50 grand I had to tell
01:05:03.369 --> 01:05:05.769
our client, I can't make that call for you. I
01:05:05.769 --> 01:05:07.389
don't think it's going to matter in 10 years
01:05:07.389 --> 01:05:09.429
that you paid 50 more for this or didn't. Right.
01:05:09.630 --> 01:05:11.869
But it's up to you where you want to go. And
01:05:11.869 --> 01:05:15.309
they went with a lower number and we ignored.
01:05:16.360 --> 01:05:20.659
The seller asked for a 48 hour response deadline
01:05:20.659 --> 01:05:23.550
because it's an estate sale. Because reasons.
01:05:23.809 --> 01:05:26.929
Because reasons. Because the reasons are all
01:05:26.929 --> 01:05:29.429
over the place. Sellers on a boat. Seller decided
01:05:29.429 --> 01:05:32.829
to go on vacation the weekend they listed their
01:05:32.829 --> 01:05:35.230
home. Seller is hiking the Alaskan wilderness.
01:05:35.329 --> 01:05:38.289
The number of excuses. I've heard for why the
01:05:38.289 --> 01:05:41.409
seller needs 48 or 72 hours as a response deadline.
01:05:41.690 --> 01:05:44.239
So these are requests. They're not. You can write
01:05:44.239 --> 01:05:45.980
the contract any way you want to write the contract.
01:05:46.199 --> 01:05:49.219
The listing agent is legally required to present
01:05:49.219 --> 01:05:52.099
the contract to the seller. So in this case,
01:05:52.119 --> 01:05:56.000
we decided to ignore the request for 48 hours.
01:05:56.280 --> 01:05:59.019
And when she reviewed the offer with me on the
01:05:59.019 --> 01:06:00.719
phone, I called the agent after we submitted.
01:06:00.800 --> 01:06:04.719
She was upset that we gave them a little more
01:06:04.719 --> 01:06:07.659
than 24 hours. And I told her that we respectfully
01:06:07.659 --> 01:06:10.699
declined to comply with your request because
01:06:10.699 --> 01:06:13.710
we would like an answer faster. And 24 hours
01:06:13.710 --> 01:06:15.809
should be plenty of time. And then she went into
01:06:15.809 --> 01:06:17.670
my sellers are elderly. They're in different
01:06:17.670 --> 01:06:19.730
states. I think she even said one's in the hospital.
01:06:19.969 --> 01:06:22.369
And I said, okay, well, we're not dealing with
01:06:22.369 --> 01:06:24.190
the U .S. Postal Service. Get the anesthetist
01:06:24.190 --> 01:06:26.829
to wake them up. We're dealing with emails and
01:06:26.829 --> 01:06:30.030
phone calls and text messages. And we're giving
01:06:30.030 --> 01:06:31.869
you more than 24 hours. And we're giving you
01:06:31.869 --> 01:06:34.829
a really good price. And the logic of that was
01:06:34.829 --> 01:06:37.630
we're giving you a price that will force the
01:06:37.630 --> 01:06:39.730
seller to make a decision. You take the bird
01:06:39.730 --> 01:06:43.059
in hand. Or do you tell them, no, resubmit your
01:06:43.059 --> 01:06:46.079
offer on Monday? And what happens on Monday if
01:06:46.079 --> 01:06:49.239
they resubmit the same offer and the offer turns
01:06:49.239 --> 01:06:51.800
out to be the winner? Do they still want it?
01:06:51.820 --> 01:06:55.360
Do you increase the chance of the buyer not submitting
01:06:55.360 --> 01:06:57.519
as strong of an offer or submitting the same
01:06:57.519 --> 01:07:00.059
offer but flaking? And the answer is you dramatically
01:07:00.059 --> 01:07:02.280
increase the risk of breakup if you tell this
01:07:02.280 --> 01:07:06.139
buyer no. Or a competitor showing up. What's
01:07:06.139 --> 01:07:09.820
that? Or a competitor showing up. Totally possible
01:07:09.820 --> 01:07:11.579
something else could show up that would distract
01:07:11.579 --> 01:07:13.579
the buyer. Right. There could be a competitive
01:07:13.579 --> 01:07:15.840
listing show up that's better than your listing.
01:07:15.980 --> 01:07:18.280
Yeah. So there are all these. So this is why
01:07:18.280 --> 01:07:21.800
time is of the essence in real estate. Why there
01:07:21.800 --> 01:07:24.639
is a concept called deal momentum. Yeah. And
01:07:24.639 --> 01:07:27.440
we gave them a very reasonable plus. It was like
01:07:27.440 --> 01:07:30.039
26 hours is what we actually gave them for a
01:07:30.039 --> 01:07:32.820
response. And despite the agent telling me that
01:07:32.820 --> 01:07:36.719
they were unreachable. Hopefully they were. We
01:07:36.719 --> 01:07:38.599
had the contract signed by eight o 'clock that
01:07:38.599 --> 01:07:40.659
night. I think it was, it went under contract
01:07:40.659 --> 01:07:43.179
the same day with us. And then I was very quick.
01:07:43.820 --> 01:07:47.510
All of it. Like the contract to going under contract.
01:07:47.550 --> 01:07:50.250
That was a very quick timeline. I mean, so this
01:07:50.250 --> 01:07:52.250
is what I call, I call this approach, hurry up
01:07:52.250 --> 01:07:55.110
offense, submit the offer the first day, be the
01:07:55.110 --> 01:07:57.489
very first showing if you can do it. And the
01:07:57.489 --> 01:08:00.369
being early in the showing as early as possible,
01:08:00.389 --> 01:08:02.230
buys you more time to make a decision on your
01:08:02.230 --> 01:08:05.110
strategy. And if you want to choose the hurry
01:08:05.110 --> 01:08:07.500
up offense approach, You can do that. You can
01:08:07.500 --> 01:08:09.880
submit the offer the same day, within two hours,
01:08:09.980 --> 01:08:12.099
if you really wanted to. You could go to a coffee
01:08:12.099 --> 01:08:13.860
shop, write up the offer. You know, if you've
01:08:13.860 --> 01:08:15.500
been through bidding wars before as a buyer,
01:08:15.599 --> 01:08:17.100
you already know the key terms. You've already
01:08:17.100 --> 01:08:19.079
been through the contract. And this is why if
01:08:19.079 --> 01:08:20.500
you're looking in a competitive market segment,
01:08:20.560 --> 01:08:22.239
one of the things you can do and you should do
01:08:22.239 --> 01:08:25.279
is do the practice offer. Like, let's pretend
01:08:25.279 --> 01:08:27.140
we're writing an offer. Let's do our homework
01:08:27.140 --> 01:08:29.579
because the segment you're looking in actually
01:08:29.579 --> 01:08:31.619
still has bidding wars. Right. And I know this
01:08:31.619 --> 01:08:32.579
is sort of crazy to hear. Yeah, but we've got
01:08:32.579 --> 01:08:34.539
to be primed for it, right? But if you are in
01:08:34.539 --> 01:08:37.420
a competitive segment, yeah okay desirable houses
01:08:37.420 --> 01:08:39.899
still attract a lot of attention believe it or
01:08:39.899 --> 01:08:42.739
not even up to that's where we saw these comps
01:08:42.739 --> 01:08:45.319
and we're like we have to be on it well the data
01:08:45.319 --> 01:08:48.720
can tell its own story so if you are well versed
01:08:48.720 --> 01:08:51.119
in the contract you as a buyer will feel more
01:08:51.119 --> 01:08:52.760
confident in the terms that you were writing
01:08:52.760 --> 01:08:55.039
into the contract your agent if they're competent
01:08:55.039 --> 01:08:56.779
can do this contract in less than 30 minutes
01:08:57.220 --> 01:08:59.659
So you can get this offer on the table really
01:08:59.659 --> 01:09:02.699
fast and you can present this conundrum to the
01:09:02.699 --> 01:09:04.760
seller, take burden hand that's offering you
01:09:04.760 --> 01:09:06.140
way more than you thought the house was worth
01:09:06.140 --> 01:09:09.460
and has very few exits in the contract, legitimate
01:09:09.460 --> 01:09:11.420
exits that still protect our buyer and their
01:09:11.420 --> 01:09:14.500
concerns. Or do you tell them, wait a minute,
01:09:14.600 --> 01:09:16.720
I want to give it 48 hours and hope a better
01:09:16.720 --> 01:09:20.899
offer. Yeah. Get shopped. Right. Well, the buyer
01:09:20.899 --> 01:09:23.380
doesn't want to get shopped and they wrote a
01:09:23.380 --> 01:09:25.680
killer offer and the seller was wise to accept
01:09:25.680 --> 01:09:27.899
it. I think they made the right decision because
01:09:27.899 --> 01:09:31.159
not accepting it opens up the door to all sorts
01:09:31.159 --> 01:09:33.619
of breakup risks that wouldn't have existed if
01:09:33.619 --> 01:09:36.149
you took this offer, but you are potentially
01:09:36.149 --> 01:09:38.689
giving up even more money. And this is where
01:09:38.689 --> 01:09:41.069
that Jim Cramer saying comes into play, right?
01:09:41.189 --> 01:09:44.869
And the saying is, pigs get fat. And hogs get
01:09:44.869 --> 01:09:46.909
slaughtered. So when you see something that's
01:09:46.909 --> 01:09:49.250
really generous and really above where you thought
01:09:49.250 --> 01:09:51.109
you would land, you may want to take it. Yeah,
01:09:51.229 --> 01:09:54.529
just get fat. Right? Just get your fat deal and
01:09:54.529 --> 01:09:57.390
get it closed in two weeks. Or do you go for
01:09:57.390 --> 01:09:59.909
the hog approach? Right. Especially when, you
01:09:59.909 --> 01:10:02.670
know, it's ultimately the client's decision.
01:10:02.949 --> 01:10:06.069
So the client listed their home at this price.
01:10:06.310 --> 01:10:08.189
They're seeing how much more they're already
01:10:08.189 --> 01:10:12.050
getting. Get fat. Right? And in theory, they
01:10:12.050 --> 01:10:15.729
trust this listing agent. And at the same time,
01:10:15.729 --> 01:10:17.329
this listing agent doesn't do a lot of business
01:10:17.329 --> 01:10:21.550
in Boulder. And they've got a very sleek website
01:10:21.550 --> 01:10:24.069
that actually mentions smart real estate decisions,
01:10:24.229 --> 01:10:26.149
which I think is kind of fun. We should have
01:10:26.149 --> 01:10:32.079
copyrighted that. it's a trade. I mean, I think
01:10:32.079 --> 01:10:34.119
we house Einstein is trademarked. I don't know
01:10:34.119 --> 01:10:36.000
if make a smarter real estate decision. I remember
01:10:36.000 --> 01:10:38.319
the, our trademark, but it doesn't really matter.
01:10:38.340 --> 01:10:40.779
Right. Like you can't trademark and making smart
01:10:40.779 --> 01:10:43.720
decisions. Yeah. That just seems absurd. But,
01:10:43.800 --> 01:10:47.560
but I hear you. Yeah. So my point is that, that
01:10:47.560 --> 01:10:52.260
if you are, if you are working with an agent
01:10:52.260 --> 01:10:55.800
to buy a home or sell a home, you should be having
01:10:55.800 --> 01:10:58.100
conversations with that agent about strategic
01:10:58.100 --> 01:11:03.449
options. before you are writing an offer or receiving
01:11:03.449 --> 01:11:06.189
an offer. And unfortunately, most agents I don't
01:11:06.189 --> 01:11:08.289
think have this conversation with their client,
01:11:08.430 --> 01:11:11.949
but they should because it's too late when you're
01:11:11.949 --> 01:11:15.710
under pressure. To have a Q &A session on what
01:11:15.710 --> 01:11:20.350
section five is in the CTB. It's better if you
01:11:20.350 --> 01:11:22.569
already were well -versed, particularly if you
01:11:22.569 --> 01:11:24.829
as a buyer want to take the hurry up offense.
01:11:25.680 --> 01:11:27.979
and the herp offense option in my experience
01:11:27.979 --> 01:11:30.159
has a really high success rate yeah and by that
01:11:30.159 --> 01:11:33.880
i mean like 50 50. like pretty good shot you
01:11:33.880 --> 01:11:36.659
know i've heard you discuss it with clients beforehand
01:11:36.659 --> 01:11:39.439
this is probably one or two times that i've seen
01:11:39.439 --> 01:11:43.460
it uh implemented and yeah it's on the times
01:11:43.460 --> 01:11:46.039
that it's been elected it's it's worked i guess
01:11:46.039 --> 01:11:50.859
when you say 50 50 and i've got my little question
01:11:50.859 --> 01:11:53.020
here in the bullet and i'm kind of apprehensive
01:11:53.020 --> 01:11:54.619
about asking the full thing we should probably
01:11:54.619 --> 01:11:58.869
wait till closings happen but um is there any
01:11:58.869 --> 01:12:01.909
time this is gonna upset the seller i mean i
01:12:01.909 --> 01:12:03.529
guess it's kind of dependent on how much over
01:12:03.529 --> 01:12:08.189
the offer the offer is or uh you know does it
01:12:08.189 --> 01:12:13.409
create any regret or um you know bad feelings
01:12:13.409 --> 01:12:15.649
bad bad air between the seller and the buyer
01:12:15.649 --> 01:12:18.170
doing this approach buyer and seller remorse
01:12:18.170 --> 01:12:22.449
is a real thing and experienced agents become
01:12:22.449 --> 01:12:25.380
therapists and help guide you through that process
01:12:25.380 --> 01:12:28.199
yeah because you like all sorts of things if
01:12:28.199 --> 01:12:30.539
you think you sold the home for too little six
01:12:30.539 --> 01:12:33.520
months later the markets like i'm sure during
01:12:33.520 --> 01:12:38.279
2000 2020 to 2022 yeah there were a lot of remorseful
01:12:38.279 --> 01:12:40.159
sellers because the prices were moving up so
01:12:40.159 --> 01:12:43.560
fast and you if you held the house for six more
01:12:43.560 --> 01:12:44.920
months you could have made another hundred thousand
01:12:44.920 --> 01:12:47.890
bucks yeah right that's painful But there's no,
01:12:48.029 --> 01:12:50.470
hindsight's 20 -20. Nobody has a crystal ball.
01:12:50.649 --> 01:12:53.390
And what most people should be focused on is
01:12:53.390 --> 01:12:58.119
a smooth closing process. Likelihood to close,
01:12:58.319 --> 01:13:03.560
yeah. Ethical and a process that has high integrity.
01:13:04.319 --> 01:13:06.880
One that is a fair price and a good closing.
01:13:07.439 --> 01:13:11.680
The buyer's need is to pay fair market value
01:13:11.680 --> 01:13:14.579
and get. Through their due diligence. Make sure
01:13:14.579 --> 01:13:17.220
they didn't buy a lemon. And the agent's job
01:13:17.220 --> 01:13:20.319
is to educate and to guide that process. The
01:13:20.319 --> 01:13:21.779
sell side, you want to sell the house for the
01:13:21.779 --> 01:13:23.739
most money with the least amount of risk that
01:13:23.739 --> 01:13:26.159
the deal falls apart and you're stuck on market
01:13:26.159 --> 01:13:29.460
for months and months. Or getting raked over
01:13:29.460 --> 01:13:32.359
the coals with inspection. So there are ways
01:13:32.359 --> 01:13:34.880
to limit. Without going into a whole new topic.
01:13:35.220 --> 01:13:36.560
Without going into a whole new topic. There are
01:13:36.560 --> 01:13:38.539
ways to limit and manage the process on both
01:13:38.539 --> 01:13:41.140
sides. And those are the conversations you should
01:13:41.140 --> 01:13:43.539
be having with. your prospective agents before
01:13:43.539 --> 01:13:45.699
you sign that exclusive right to buy or sell
01:13:45.699 --> 01:13:48.560
yeah and credit where it's due to i think there's
01:13:48.560 --> 01:13:51.060
soft signaling of that integrity and the intent
01:13:51.060 --> 01:13:53.659
to close and the seriousness of the buyer that
01:13:53.659 --> 01:13:57.100
comes with the offer that we put together, you
01:13:57.100 --> 01:13:59.300
put together, and the letter you wrote, as well
01:13:59.300 --> 01:14:01.500
as the hurry up offense. Yeah, there's some techniques
01:14:01.500 --> 01:14:03.720
I don't want to go into. And that's why I'm just
01:14:03.720 --> 01:14:05.739
saying soft signaling and leaving it. There are
01:14:05.739 --> 01:14:08.359
ways to signal high integrity on the part of
01:14:08.359 --> 01:14:11.279
the buyer and the experience and integrity of
01:14:11.279 --> 01:14:13.199
the agent that's representing that buyer. But
01:14:13.199 --> 01:14:16.380
we don't want to continue. If you want to find
01:14:16.380 --> 01:14:19.420
out, become a client at halsteinstein .com. Okay,
01:14:19.500 --> 01:14:21.399
so let's move on to the market update. I think
01:14:21.399 --> 01:14:25.470
we covered this pretty thoroughly. All right,
01:14:25.510 --> 01:14:28.789
let's do a market update. And I'm doing this
01:14:28.789 --> 01:14:31.310
live. And this is actually what the MLS looks
01:14:31.310 --> 01:14:37.199
like. So we're gonna start with InfoSparks. And
01:14:37.199 --> 01:14:40.420
we're gonna look at data that is specific to
01:14:40.420 --> 01:14:46.029
Boulder County. And we're only gonna do detached
01:14:46.029 --> 01:14:49.109
single -family houses, no townhomes and condos.
01:14:49.189 --> 01:14:51.189
You wanna make sure you're set to monthly. I
01:14:51.189 --> 01:14:54.069
like to see all the data, but five years is probably
01:14:54.069 --> 01:14:59.310
plenty. And this is... market data through the
01:14:59.310 --> 01:15:02.869
end of September. And today's October 7th. So
01:15:02.869 --> 01:15:04.409
keep in mind, it might change a little bit, but
01:15:04.409 --> 01:15:07.930
this is mostly baked. And what we see is 378
01:15:07.930 --> 01:15:11.210
new single family houses were listed on the market
01:15:11.210 --> 01:15:15.189
last month. That's down 3 .3%. Total inventory
01:15:15.189 --> 01:15:20.250
also down 3 .2%. 948 houses that were available
01:15:20.250 --> 01:15:22.989
for purchase under contract, also known as pending
01:15:22.989 --> 01:15:27.529
sales. 240 single family houses down 11 .1%.
01:15:27.979 --> 01:15:31.239
Sorry, month over month? Year over year. Okay.
01:15:31.319 --> 01:15:34.340
So the down, the percentage change is year over
01:15:34.340 --> 01:15:38.949
year. Okay. And you can kind of see as I flip
01:15:38.949 --> 01:15:40.689
through these charts that there is a pattern
01:15:40.689 --> 01:15:43.489
here, particularly with homes for sale. You can
01:15:43.489 --> 01:15:46.850
see that we've been on an upward tear since 2022.
01:15:47.789 --> 01:15:51.010
New listings look like this year was a little
01:15:51.010 --> 01:15:54.250
less activity than it peaked in April, but a
01:15:54.250 --> 01:15:57.149
little less activity than in previous years this
01:15:57.149 --> 01:16:00.149
little september pop is kind of unusual although
01:16:00.149 --> 01:16:02.750
not crazy unusual we had a small pop last year
01:16:02.750 --> 01:16:05.930
but the previous year it was a tip it was it
01:16:06.050 --> 01:16:09.930
was flat between august and september so people
01:16:09.930 --> 01:16:13.770
do talk about this this september resurgence
01:16:13.770 --> 01:16:16.569
in the market and you can kind of see that in
01:16:16.569 --> 01:16:18.829
terms of new listings at least for the last few
01:16:18.829 --> 01:16:20.930
years there's a little bit of a you know a little
01:16:20.930 --> 01:16:25.680
yeah echocardiogram pop -up that's what i What
01:16:25.680 --> 01:16:27.739
it is, it's the heartbeat of real estate, baby.
01:16:27.859 --> 01:16:30.199
The heartbeat of real estate. Okay, so let me
01:16:30.199 --> 01:16:32.319
keep going through this. Closings, and this is
01:16:32.319 --> 01:16:35.119
what people seem to care the most about. 240
01:16:35.119 --> 01:16:37.479
single -family houses closed in the month of
01:16:37.479 --> 01:16:40.699
September, down 6 .3 % from a year ago. These
01:16:40.699 --> 01:16:42.640
other data metrics I'm very hesitant to show
01:16:42.640 --> 01:16:45.060
because days on market can be easily misread
01:16:45.060 --> 01:16:48.279
if it's not complete days on market. Same thing
01:16:48.279 --> 01:16:51.779
with months of supply. So I don't really trust
01:16:51.779 --> 01:16:53.699
days on market and months of supply. But sale
01:16:53.699 --> 01:16:58.699
price, I do. And this is the median. I don't
01:16:58.699 --> 01:17:00.739
like the average because it can be easily skewed
01:17:00.739 --> 01:17:04.060
by a small sample size as we look at like Louisville
01:17:04.060 --> 01:17:06.739
or Lafayette. And then the ultra luxury segment.
01:17:07.220 --> 01:17:09.020
It can totally get skewed. Oh, and this is all
01:17:09.020 --> 01:17:10.880
price points, all bedroom counts. These are the
01:17:10.880 --> 01:17:12.920
other filters I should mention. So the median
01:17:12.920 --> 01:17:15.800
sale price was $844 ,000 in Boulder County last
01:17:15.800 --> 01:17:20.470
month. And price per total square foot. 350,
01:17:20.770 --> 01:17:23.470
which is up 8 .7. And the sale price is up 5
01:17:23.470 --> 01:17:27.569
.5 % too, the median sale price. So there you
01:17:27.569 --> 01:17:31.670
have it. Prices are up. And inventory is still
01:17:31.670 --> 01:17:33.770
pretty high, but it started to come down from
01:17:33.770 --> 01:17:35.829
a year ago. I thought when we last looked at
01:17:35.829 --> 01:17:38.529
it, it was going up still. But yeah, inventory
01:17:38.529 --> 01:17:42.300
is about, that's called support? For technical
01:17:42.300 --> 01:17:44.659
analysis, when you hit the ceiling? You're asking
01:17:44.659 --> 01:17:46.619
the wrong person. I'm a fundamental analysis
01:17:46.619 --> 01:17:49.119
person, not a technical analysis person. All
01:17:49.119 --> 01:17:54.279
right, let's look at the city of Boulder. And
01:17:54.279 --> 01:17:56.180
again, starting at new listings that have entered
01:17:56.180 --> 01:17:58.460
the market in the month of September, there were
01:17:58.460 --> 01:18:03.079
132 houses down 2 .2 % from a year ago. Total
01:18:03.079 --> 01:18:05.739
inventory of homes available for sale is down
01:18:05.739 --> 01:18:10.350
8 .1%. So there are 342 houses available. And
01:18:10.350 --> 01:18:13.170
again, you see that trend line of upward movement
01:18:13.170 --> 01:18:16.909
from 2022. When we look at all data, by the way,
01:18:16.909 --> 01:18:18.210
for the city of Boulder, we didn't do this for
01:18:18.210 --> 01:18:21.270
the county. You can see that inventory is substantially
01:18:21.270 --> 01:18:25.029
elevated over what was the normal period prior
01:18:25.029 --> 01:18:29.810
to COVID. We're way above that. And I saw an
01:18:29.810 --> 01:18:34.369
analysis on national real estate, which is completely
01:18:34.369 --> 01:18:37.829
irrelevant. But it was saying that inventory
01:18:37.829 --> 01:18:41.779
levels were still not above. above the pre -COVID
01:18:41.779 --> 01:18:44.239
period, but clearly are well above the pre -COVID
01:18:44.239 --> 01:18:46.659
period for Boulder County and the city of Boulder.
01:18:46.880 --> 01:18:48.720
Locally, yeah. I'm going to flip back to Boulder
01:18:48.720 --> 01:18:50.399
County because I just said that, but let me show
01:18:50.399 --> 01:18:53.539
you. I'm from a show -me state, so we're back
01:18:53.539 --> 01:18:55.680
to Boulder County, detached, and we're looking
01:18:55.680 --> 01:18:59.100
at total homes for sale. I bumped the length
01:18:59.100 --> 01:19:02.079
of time to all data, and you can see it's true
01:19:02.079 --> 01:19:05.520
also for Boulder County. Today's inventory levels,
01:19:05.640 --> 01:19:08.039
inventory levels, basically beginning in 2024.
01:19:09.079 --> 01:19:12.800
were elevated above the pre -COVID period for
01:19:12.800 --> 01:19:15.220
Boulder County. That much I remember when we
01:19:15.220 --> 01:19:19.729
took a brief look, that it was noticeably higher
01:19:19.729 --> 01:19:23.470
than pre -COVID. Under contracts, but were also
01:19:23.470 --> 01:19:25.869
known as pending sales. 84 single -family houses
01:19:25.869 --> 01:19:28.510
under contract last month in Boulder, an increase
01:19:28.510 --> 01:19:30.630
of 20 % from a year ago. So that's a nice little
01:19:30.630 --> 01:19:33.390
pop -up. Yeah. And also the pop -up from August.
01:19:33.750 --> 01:19:36.909
So the September bump is real. You see it also
01:19:36.909 --> 01:19:41.539
in pendings going up. Closings. We had 82 sales
01:19:41.539 --> 01:19:45.560
last month, an increase of 41 .4 % from a year
01:19:45.560 --> 01:19:50.310
ago. Wow. Yep. Small sample size. Small samples.
01:19:50.329 --> 01:19:52.689
Yeah. Small amount of closings last year. I mean,
01:19:52.689 --> 01:19:55.270
last September was dead. This September, 41 %
01:19:55.270 --> 01:19:58.640
more homes sold. Yeah. Single family houses sold.
01:19:58.859 --> 01:20:01.340
Right. Let's look at sale price. The median sale
01:20:01.340 --> 01:20:08.640
price last month was $1 ,258 ,750, down 3 .2%.
01:20:09.119 --> 01:20:10.939
I really like to look at dollar per square here
01:20:10.939 --> 01:20:14.119
because again, the skew is very, is very high
01:20:14.119 --> 01:20:17.180
between with, with such a small sample size and
01:20:17.180 --> 01:20:21.380
you have 562 bucks up 1 .3%. That's median dollar
01:20:21.380 --> 01:20:23.340
per square, right? That's the median dollar per
01:20:23.340 --> 01:20:28.060
square. And you can kind of see since 2022 prices
01:20:28.060 --> 01:20:30.600
have not, you know, the median dollar per square
01:20:30.600 --> 01:20:34.420
has not really been, it's been trading within
01:20:34.420 --> 01:20:36.840
a seasonal range, right? And this is typical
01:20:36.840 --> 01:20:39.130
that you see dollar per square and prices. You
01:20:39.130 --> 01:20:41.489
see bigger discounts in the fall. Spring hopes
01:20:41.489 --> 01:20:44.949
eternal. Hope springs eternal. There's the words.
01:20:45.109 --> 01:20:47.369
And so the spring market typically is much stronger.
01:20:47.689 --> 01:20:51.630
And that's, like you said, not since 2022, but
01:20:51.630 --> 01:20:55.289
they've kind of stuck since the 2022 price increase,
01:20:55.529 --> 01:21:01.149
right? Or dollar per square? I don't think that's
01:21:01.149 --> 01:21:03.989
accurate. Okay. But the problem is that we're
01:21:03.989 --> 01:21:07.590
looking at the whole market. And if you were
01:21:07.590 --> 01:21:10.210
looking at... the higher end larger homes, you're
01:21:10.210 --> 01:21:12.630
going to see a significant decrease in value.
01:21:12.729 --> 01:21:15.010
Yeah. Being median, you wouldn't. Yeah. And if
01:21:15.010 --> 01:21:17.569
you're looking at the smaller entry level homes,
01:21:17.670 --> 01:21:21.350
they've been moving up. Like this is a top down
01:21:21.350 --> 01:21:23.729
correction. We're seeing $4 million homes that
01:21:23.729 --> 01:21:25.970
would have sold for four, four and a half, five
01:21:25.970 --> 01:21:29.350
selling for three and a half. And that is the
01:21:29.350 --> 01:21:31.750
reality of this market. So if you, if you own
01:21:31.750 --> 01:21:33.930
a home at the ultra luxury category, 3 million
01:21:33.930 --> 01:21:36.779
plus in Boulder County, It was worth a lot more
01:21:36.779 --> 01:21:39.899
in 2022 or 2023. And it has been on a steady
01:21:39.899 --> 01:21:43.560
slide. But I think we're reaching a point where
01:21:43.560 --> 01:21:46.260
sellers are actually capitulating and setting
01:21:46.260 --> 01:21:49.239
a new normal at the ultra luxury segment. If
01:21:49.239 --> 01:21:51.020
you're buying or selling at any price point,
01:21:51.100 --> 01:21:52.859
you really need to understand market dynamics.
01:21:52.920 --> 01:21:57.840
And this analysis, while interesting, and I'm
01:21:57.840 --> 01:22:01.140
including, I'm going to do command shift escape
01:22:01.140 --> 01:22:05.289
and get out of the screen sharing. While interesting,
01:22:05.449 --> 01:22:09.430
this is also not reflective of actionable intelligence
01:22:09.430 --> 01:22:12.390
for your specific real estate situation. No.
01:22:12.489 --> 01:22:14.310
You really need to understand the market down
01:22:14.310 --> 01:22:16.710
to the street level. And the only way to do that
01:22:16.710 --> 01:22:19.670
is an analysis that's based on the neighborhood
01:22:19.670 --> 01:22:21.930
and the property type you're looking for. And
01:22:21.930 --> 01:22:24.289
if your agent can't do it in real time. As we
01:22:24.289 --> 01:22:26.750
just saw. It doesn't mean that they're not competent,
01:22:26.909 --> 01:22:28.989
but they better be able to walk you through the
01:22:28.989 --> 01:22:33.460
comps in detail. And especially as. as ai continues
01:22:33.460 --> 01:22:37.779
to improve the data alone fed into ai can produce
01:22:37.779 --> 01:22:40.000
some really interesting analysis and i'm starting
01:22:40.000 --> 01:22:43.119
to see that by downloading directly from the
01:22:43.119 --> 01:22:46.420
mls yeah um into a spreadsheet and uploading
01:22:46.420 --> 01:22:49.560
it into ai i'm actually been kind of surprised
01:22:49.560 --> 01:22:53.619
at its level of it loves raw csvs it loves yeah
01:22:53.619 --> 01:22:55.739
so your agents should know how to do that if
01:22:55.739 --> 01:22:59.029
they don't well find one that does All right,
01:22:59.050 --> 01:23:02.430
it's time for lessons from sales of the week.
01:23:02.789 --> 01:23:06.029
And this is the segment where we talk about actual
01:23:06.220 --> 01:23:08.899
closed transactions, often in the city of Boulder,
01:23:08.979 --> 01:23:11.579
but sometimes we venture further afield. And
01:23:11.579 --> 01:23:14.319
these are properties that illustrate market conditions
01:23:14.319 --> 01:23:16.960
at certain price ranges and locations, or maybe
01:23:16.960 --> 01:23:18.899
just property we think is cool and want to talk
01:23:18.899 --> 01:23:22.250
about it. Is there anyone here you're more excited
01:23:22.250 --> 01:23:26.180
to visit than the others? I just thought we'd
01:23:26.180 --> 01:23:28.699
do this in low to high, keep the listeners waiting
01:23:28.699 --> 01:23:31.439
for the sexy high property. If you're like, yes,
01:23:31.439 --> 01:23:33.500
what's the third one in or something? No, they're
01:23:33.500 --> 01:23:35.560
all interesting for their own reasons. The first
01:23:35.560 --> 01:23:39.619
one is 4933 Egan Circle in Longmont. And this
01:23:39.619 --> 01:23:43.000
is a nice two -story house, decent square footage.
01:23:43.119 --> 01:23:45.699
You're looking at about 4 ,000 square, four bedroom,
01:23:45.819 --> 01:23:47.880
four bath, conventional layout, three bedrooms
01:23:47.880 --> 01:23:50.539
on the upper, one in the basement. with a three
01:23:50.539 --> 01:23:52.680
-car attached garage. It's a tandem three -car,
01:23:52.760 --> 01:23:54.739
but it's a three -car garage and a typical size
01:23:54.739 --> 01:23:57.539
lot. It's in the Renaissance neighborhood, which
01:23:57.539 --> 01:24:01.340
was constructed in the early 2010s. And they've
01:24:01.340 --> 01:24:03.479
held up. These houses are actually, in my opinion,
01:24:03.520 --> 01:24:07.000
well -constructed. And this is a very smart location
01:24:07.000 --> 01:24:08.859
for people that don't want to pay Boulder prices,
01:24:08.920 --> 01:24:11.279
but still be Boulder adjacent. This is Southwest
01:24:11.279 --> 01:24:14.140
Longmont. It's close to open space. It's on all
01:24:14.140 --> 01:24:17.029
the cycling routes. And these are... I would
01:24:17.029 --> 01:24:19.270
call these family -friendly houses that work
01:24:19.270 --> 01:24:21.750
for a lot of different types of buyers. And they're
01:24:21.750 --> 01:24:24.329
not all two stories. There's some ranches in
01:24:24.329 --> 01:24:28.310
here. There are homes with primaries on the main.
01:24:28.750 --> 01:24:31.710
And it's a lovely neighborhood. I know because
01:24:31.710 --> 01:24:33.869
I bought an investment property there years ago.
01:24:34.069 --> 01:24:36.729
And I lived in this house for a year. So I know
01:24:36.729 --> 01:24:38.789
this neighborhood really well. And this particular
01:24:38.789 --> 01:24:41.630
house actually checks a ton of boxes. It doesn't
01:24:41.630 --> 01:24:44.229
have... upgraded finishes, in my opinion, that
01:24:44.229 --> 01:24:47.050
all looks pretty original to me. Maybe some upgraded
01:24:47.050 --> 01:24:50.970
light fixtures, maybe some upgraded paint, maybe
01:24:50.970 --> 01:24:53.689
they did some carpets, but it really is what
01:24:53.689 --> 01:24:56.890
it looks like in 2013. I also would not have
01:24:56.890 --> 01:24:58.810
recommended you buy it because this house backs
01:24:58.810 --> 01:25:01.649
the Clover Basin and Clover Basin Drive is a
01:25:01.649 --> 01:25:04.069
busy road. So you're going to have constant traffic
01:25:04.069 --> 01:25:06.529
on the backside of your house and you're going
01:25:06.529 --> 01:25:09.510
to have decent traffic on the front side. Egan
01:25:09.510 --> 01:25:11.529
Circle doesn't serve a lot of houses, but wouldn't
01:25:11.529 --> 01:25:14.390
you rather have a quiet backyard? I would not
01:25:14.390 --> 01:25:15.949
have recommended somebody jump on this house,
01:25:16.050 --> 01:25:19.970
but it did sell for $844 .99, and that represents
01:25:19.970 --> 01:25:24.710
$302 a square on total square footage, including
01:25:24.710 --> 01:25:28.109
the basement. Listed on July 22nd at $849 .99.
01:25:28.510 --> 01:25:32.210
On August 12th, they cut it to $844 .99, and
01:25:32.210 --> 01:25:36.109
it sold. At $844 .99. So this is interesting
01:25:36.109 --> 01:25:38.609
because typically buyers expect to get a 1 %
01:25:38.609 --> 01:25:42.250
to 3 % negotiated discount. An even bigger one
01:25:42.250 --> 01:25:44.670
in the fall. But this particular seller held
01:25:44.670 --> 01:25:48.149
firm and said the price is the price. But there
01:25:48.149 --> 01:25:51.850
was a $23 ,000 concession for something. And
01:25:51.850 --> 01:25:53.869
that's in the MLS. It's not disclosed what that
01:25:53.869 --> 01:25:59.239
was for. It just says it's a cash concession.
01:26:00.149 --> 01:26:02.510
So I'm curious what that concession was for,
01:26:02.569 --> 01:26:04.449
but likely just inspection related. Does it have
01:26:04.449 --> 01:26:07.470
days to offer on there? It does. So days to offer
01:26:07.470 --> 01:26:09.750
on this transaction was 42 days. Oh, wow. Okay.
01:26:09.890 --> 01:26:13.449
And days to sell was 72. So that's a little over
01:26:13.449 --> 01:26:16.109
a month on market before they had a buyer and
01:26:16.109 --> 01:26:18.810
they had to cut the price a little bit to get
01:26:18.810 --> 01:26:21.529
that buyer attracted to the home. This would
01:26:21.529 --> 01:26:23.750
suggest a home that's in a better location should
01:26:23.750 --> 01:26:27.210
be in the nines. It would. Which is holding value,
01:26:27.329 --> 01:26:29.229
in my opinion. I just have to look more carefully
01:26:29.229 --> 01:26:30.489
at the comps. I don't track the neighborhood
01:26:30.489 --> 01:26:32.369
that closely, even though I own property there.
01:26:32.569 --> 01:26:34.270
Because in the long run, it doesn't matter. The
01:26:34.270 --> 01:26:36.789
market's going to do what it does. Yep. Trading
01:26:36.789 --> 01:26:38.829
real estate is not... Are you planning to sell
01:26:38.829 --> 01:26:43.710
tomorrow? There are massive transaction costs
01:26:43.710 --> 01:26:46.970
in real estate, as well as home prep. So it's
01:26:46.970 --> 01:26:50.479
not like selling your stock. buying or selling
01:26:50.479 --> 01:26:52.260
a home should be a long -term planning decision.
01:26:52.520 --> 01:26:54.600
And the Renaissance neighborhood is a great option.
01:26:54.739 --> 01:26:57.579
So I think this is a cool house, just not a good
01:26:57.579 --> 01:27:00.000
location within the neighborhood. Yeah. From
01:27:00.000 --> 01:27:01.979
the photos, I really like the layout of it too.
01:27:02.500 --> 01:27:05.300
I'm a large fan where the second story opens
01:27:05.300 --> 01:27:07.840
into either like a little loft area or kind of
01:27:07.840 --> 01:27:10.380
just a more open space before you get into the
01:27:10.380 --> 01:27:14.399
bedrooms. The design of the houses in this neighborhood
01:27:14.399 --> 01:27:19.260
are really functional, I think. There's a couple
01:27:19.260 --> 01:27:21.560
of locations in Longmont that I think buyers
01:27:21.560 --> 01:27:23.779
should look at if they're considering Longmont.
01:27:23.840 --> 01:27:27.279
Old Town, for sure. The Renaissance Neighborhood,
01:27:27.340 --> 01:27:31.659
absolutely. And Prospect. Prospect is an amazing
01:27:31.659 --> 01:27:35.020
location. And beyond that, there's still lots
01:27:35.020 --> 01:27:36.760
of great real estate and locations in Longmont,
01:27:36.840 --> 01:27:39.000
but those are my favorites. And this particular
01:27:39.000 --> 01:27:42.949
style of house just works, right? All the bedrooms
01:27:42.949 --> 01:27:46.029
on the upper, decent square footage, four bathrooms.
01:27:46.739 --> 01:27:48.979
And then the garage is a bonus, right? Like having
01:27:48.979 --> 01:27:52.500
extra space for bikes and gear and all the things
01:27:52.500 --> 01:27:56.199
that people live with today. This is, well, being
01:27:56.199 --> 01:27:59.380
so close to the diagonal, it's decently close
01:27:59.380 --> 01:28:02.359
to the city of Boulder. Yeah, you can get into
01:28:02.359 --> 01:28:05.600
Boulder in about 20 minutes. However, the diagonal
01:28:05.600 --> 01:28:09.020
sucks and is prone to really scary conditions
01:28:09.020 --> 01:28:11.939
in the winter and is prone to backing up and
01:28:11.939 --> 01:28:15.210
has been under construction. Never not. Yeah.
01:28:15.329 --> 01:28:17.750
Has never not been under construction. And so
01:28:17.750 --> 01:28:21.590
be warned that you may not like driving on the
01:28:21.590 --> 01:28:23.529
diagonal, but the back roads way to the Renaissance
01:28:23.529 --> 01:28:26.250
neighborhood is so much more pleasant that when
01:28:26.250 --> 01:28:29.289
I live there, I would, if I had the time, wasn't
01:28:29.289 --> 01:28:30.970
trying to rush back and forth, I would take an
01:28:30.970 --> 01:28:33.050
early exit off the diagonal and drive through
01:28:33.050 --> 01:28:35.029
farm country. Oh, cool. And you're really close
01:28:35.029 --> 01:28:36.930
to Niwot too. So the restaurants and shops in
01:28:36.930 --> 01:28:39.170
Niwot are very close. Yeah. And the cycling route
01:28:39.170 --> 01:28:42.510
options are endless. Okay. I'm going to say this
01:28:42.510 --> 01:28:46.079
through gritted teeth. But the automated speed
01:28:46.079 --> 01:28:50.779
cameras on the diagonal are creating an excellent
01:28:50.779 --> 01:28:53.439
impact on the traffic and flow of the diagonal.
01:28:54.880 --> 01:28:58.340
I agree. You and I are not into being monitored
01:28:58.340 --> 01:29:00.699
and automatically ticketed, but it has changed
01:29:00.699 --> 01:29:03.640
driver behavior. And the tailgating and the high
01:29:03.640 --> 01:29:07.560
speed whizzing around has stopped. Everyone gets
01:29:07.560 --> 01:29:10.619
it, that this is our life now. And we go 60 miles
01:29:10.619 --> 01:29:13.340
an hour through the cameras. Yeah, and it works.
01:29:13.789 --> 01:29:17.869
And traffic flows when there's not construction
01:29:17.869 --> 01:29:20.329
and ice and snow. And now there's a bike lane
01:29:20.329 --> 01:29:22.189
right up the middle of it. Perfect. You just
01:29:22.189 --> 01:29:25.050
have to be watching 360 for cars coming at you
01:29:25.050 --> 01:29:27.489
because there's no guardrails. There's no barriers
01:29:27.489 --> 01:29:30.529
to keep cars from flying over onto the bike path.
01:29:30.750 --> 01:29:32.270
It looks really good in the renders, though.
01:29:32.619 --> 01:29:35.119
And I'm sure there will be those drivers that
01:29:35.119 --> 01:29:37.760
decide to drive the bike path to get around.
01:29:37.760 --> 01:29:39.699
Yeah, we just talked about that. It's going to
01:29:39.699 --> 01:29:41.300
be a thing. Oh, I never thought of it. It's going
01:29:41.300 --> 01:29:43.500
to be a thing. Yeah. Okay. The Texas Express
01:29:43.500 --> 01:29:48.180
Lane. The Texas. Oh, God. Because you know the
01:29:48.180 --> 01:29:50.560
Texas exit. I know what you're saying, Hamish.
01:29:50.640 --> 01:29:53.880
I get what you're dropping. Okay. Our next one
01:29:53.880 --> 01:29:56.560
is 405 South 44th Street. And, Hamish, this is
01:29:56.560 --> 01:30:00.359
in Martin Acres. I think the location is on the
01:30:00.359 --> 01:30:02.560
southwest. southeast corner of the neighborhood,
01:30:02.720 --> 01:30:06.220
further from retail, and also possibly subject
01:30:06.220 --> 01:30:10.600
to some driver running around edging to get around
01:30:10.600 --> 01:30:12.119
the neighborhood. But it should be reasonably
01:30:12.119 --> 01:30:13.979
quiet in the neighborhood. You saw this house,
01:30:14.000 --> 01:30:15.859
I believe. Yeah, I did. I showed this one. And
01:30:15.859 --> 01:30:18.760
it showed great. I'm not sure if the sellers
01:30:18.760 --> 01:30:20.560
did a whole lot of prep, but it was very clean.
01:30:20.680 --> 01:30:25.300
It was tidy. The overall layout was okay. I wish
01:30:25.300 --> 01:30:27.680
they hadn't have converted that garage. There's
01:30:27.680 --> 01:30:31.500
no interior access to it. It's just sliding doors
01:30:31.500 --> 01:30:34.680
out the front. So it's, it's a very weird space.
01:30:34.779 --> 01:30:37.460
It didn't seem. It's disconnected. The garage
01:30:37.460 --> 01:30:39.180
is disconnected from the house. Yeah. The garage
01:30:39.180 --> 01:30:41.720
that they've connected into the converted to
01:30:41.720 --> 01:30:44.760
a living space. They did an unpermitted garage
01:30:44.760 --> 01:30:47.939
conversion. Yeah. I mean, likely we don't know
01:30:47.939 --> 01:30:49.960
for a fact, but that that's what that looks like.
01:30:50.039 --> 01:30:52.439
Yeah. I don't, maybe they don't need a permit
01:30:52.439 --> 01:30:54.920
because who would live there, but yeah, it was
01:30:54.920 --> 01:30:59.380
like a pretty. yeah there's students do they
01:30:59.380 --> 01:31:01.739
need a permit the answer is yes yeah did they
01:31:01.739 --> 01:31:06.539
breathe um so yeah there were like some oddities
01:31:06.539 --> 01:31:09.560
there and then i mean nobody from the permitting
01:31:09.560 --> 01:31:11.520
department was in the basement because none of
01:31:11.520 --> 01:31:14.130
the walls are floating Ask me how I know. Well,
01:31:14.250 --> 01:31:16.949
but Hamish, it depends on when the basement was
01:31:16.949 --> 01:31:18.989
finished. Because if the basement was finished
01:31:18.989 --> 01:31:21.289
prior to that code change, it could be a permitted
01:31:21.289 --> 01:31:23.170
basement. Yeah. I don't know if the basement's
01:31:23.170 --> 01:31:25.850
permitted or not, but the garage looks very unpermitted.
01:31:26.069 --> 01:31:28.250
Doesn't it? Having removed the parking space
01:31:28.250 --> 01:31:30.350
and put in sliding doors and there's no connection
01:31:30.350 --> 01:31:32.649
to the house. That's very strange. Yeah. But
01:31:32.649 --> 01:31:35.949
hey, so we toured this home as a reality check
01:31:35.949 --> 01:31:38.229
for one of our buyers who ended up settling on
01:31:38.229 --> 01:31:41.170
and closing on a different home. And the overall...
01:31:41.550 --> 01:31:43.770
kind of impression was that, yes, this home is
01:31:43.770 --> 01:31:46.130
a little bit more buttoned up, but the home that
01:31:46.130 --> 01:31:48.609
they were looking at offered more, I think, long
01:31:48.609 --> 01:31:53.010
-term and lifestyle value. And it was a nice
01:31:53.010 --> 01:31:55.229
one for our buyers to benchmark against because
01:31:55.229 --> 01:31:59.289
the home showed so well. And even compared to
01:31:59.289 --> 01:32:01.449
the home that we did close on that was tenant
01:32:01.449 --> 01:32:03.670
-occupied at the time and they were preparing
01:32:03.670 --> 01:32:06.689
to move and all sorts of stuff, even though the
01:32:06.689 --> 01:32:09.979
home showed differently, um our buyer still made
01:32:09.979 --> 01:32:11.539
their decision that they were most happy about
01:32:11.539 --> 01:32:15.460
um and so yeah well these ranch style houses
01:32:15.460 --> 01:32:17.699
with basements are very popular in south boulder
01:32:17.699 --> 01:32:19.439
they work for a lot of different types of buyers
01:32:19.439 --> 01:32:22.619
they typically are very liquid and this particular
01:32:22.619 --> 01:32:26.300
one was listed at a million twelve in july and
01:32:26.300 --> 01:32:28.960
it went under contract on august 7th but then
01:32:28.960 --> 01:32:31.279
that buyer had a change of heart or they saw
01:32:31.279 --> 01:32:32.920
inspection things that could not be resolved
01:32:32.920 --> 01:32:35.560
in a way that worked for them And the deal terminated
01:32:35.560 --> 01:32:39.020
on the 17th. It went back to active status. It
01:32:39.020 --> 01:32:42.539
was active for over a, let's see, hold on. Active
01:32:42.539 --> 01:32:45.739
on the 17th and then back under contract on the
01:32:45.739 --> 01:32:49.180
9th of September. So three weeks and a little
01:32:49.180 --> 01:32:51.859
more than three weeks. And then went back under
01:32:51.859 --> 01:32:54.939
contract and eventually sold. So they had one
01:32:54.939 --> 01:32:57.239
price drop from a million 12 to just a million.
01:32:58.750 --> 01:33:01.189
Interesting. And then the price, the final closing
01:33:01.189 --> 01:33:03.710
price was 990. Let's see if there were any additional.
01:33:04.189 --> 01:33:06.789
disclosed concessions and there were no additional
01:33:06.789 --> 01:33:09.970
disclosed concessions. 990 strikes me as a pretty
01:33:09.970 --> 01:33:13.470
darn fair price for a finished basement, updated
01:33:13.470 --> 01:33:16.949
house. The lack of a garage, I think you could
01:33:16.949 --> 01:33:19.430
take out those sliding doors and restore the
01:33:19.430 --> 01:33:21.409
garage. Be like first point of order for me.
01:33:21.489 --> 01:33:23.430
And maybe it's not a real conversion given that
01:33:23.430 --> 01:33:26.329
it's still concrete in there. I think it's a
01:33:26.329 --> 01:33:30.729
fixable issue. Yeah. And the kitchen was a little
01:33:30.729 --> 01:33:33.109
narrow. It showed well, but it was a little narrow.
01:33:34.149 --> 01:33:35.970
But having lived, and this is what we talked
01:33:35.970 --> 01:33:37.489
about earlier in the segment, having lived in
01:33:37.489 --> 01:33:39.109
this neighborhood for a long time, I think you
01:33:39.109 --> 01:33:41.010
would be happier if you were further north and
01:33:41.010 --> 01:33:46.829
west. Like that 32nd to 35th Street zone, or
01:33:46.829 --> 01:33:51.630
even 36th Street is also in that zone. Backing
01:33:51.630 --> 01:33:56.250
to the creek is spectacular as well. And maybe
01:33:56.250 --> 01:33:59.329
the first buyer bowed out on inspection because
01:33:59.329 --> 01:34:03.050
the inspector noted cut I -beams in the basement.
01:34:03.500 --> 01:34:08.779
That's a funny story. Yeah. Well, there's a handful
01:34:08.779 --> 01:34:10.380
of streets in this part of the neighborhood that
01:34:10.380 --> 01:34:12.420
have garages and beneath the garage is a storage
01:34:12.420 --> 01:34:15.239
room. And there's an I -beam in there that our
01:34:15.239 --> 01:34:17.119
inspector was concerned with. And we were able
01:34:17.119 --> 01:34:19.640
to prove that like every house on these three
01:34:19.640 --> 01:34:22.439
streets that had a basement also appeared to
01:34:22.439 --> 01:34:25.579
have the same cut I -beam supporting the garage.
01:34:26.770 --> 01:34:28.630
That satisfied our buyer that that's original
01:34:28.630 --> 01:34:31.350
to the neighborhood. And it illuminated us to
01:34:31.350 --> 01:34:33.390
that. And you learn something new. Even though
01:34:33.390 --> 01:34:35.050
I know this neighborhood like the back of my
01:34:35.050 --> 01:34:38.229
hand, I did not know that there were these two
01:34:38.229 --> 01:34:40.210
or three streets that had garages with storage
01:34:40.210 --> 01:34:44.090
rooms that had I -beams and that would cause
01:34:44.090 --> 01:34:46.189
an inspector to flag it that turned out to be
01:34:46.189 --> 01:34:50.560
original. And yeah, you know, interest of time.
01:34:50.640 --> 01:34:53.659
But those I -beams were poured into the concrete.
01:34:54.039 --> 01:34:56.500
Like they had very obviously not been cut since
01:34:56.500 --> 01:35:00.750
time of construction flagged anyway. Anyhow.
01:35:00.949 --> 01:35:02.689
Inspectors do their best. They do their best.
01:35:02.829 --> 01:35:06.550
Okay. Let's move on to our next property. 844
01:35:06.550 --> 01:35:11.250
12th Street. And this is a historic twofer. It's
01:35:11.250 --> 01:35:15.869
now called the Heilman Betel Stepanak property.
01:35:16.210 --> 01:35:18.710
And the Stepanaks owned the property for a long
01:35:18.710 --> 01:35:20.609
time. And prior to selling it, they initiated
01:35:20.609 --> 01:35:22.970
the landmarking process. And we're successful
01:35:22.970 --> 01:35:26.189
because on what date is this? So it's not clear,
01:35:26.270 --> 01:35:29.390
but it was approved as a landmark property. So
01:35:29.390 --> 01:35:31.189
the buyer acquiring these two houses together
01:35:31.189 --> 01:35:33.569
knew what they were getting. It was not a surprise.
01:35:34.329 --> 01:35:36.550
And what's interesting about this house, and
01:35:36.550 --> 01:35:39.029
if you're not part of these houses, there's two
01:35:39.029 --> 01:35:42.909
of them. If you are not familiar with these properties
01:35:42.909 --> 01:35:45.770
or this location, it's right in the heart of
01:35:45.770 --> 01:35:49.560
the Red Cup zone. And right in the heart of where
01:35:49.560 --> 01:35:52.100
that noise map shows a lot of noise complaints
01:35:52.100 --> 01:35:55.600
happening. Oh, yeah. So 1 .5 million for both
01:35:55.600 --> 01:35:58.739
properties, five bedrooms, four baths, no garage,
01:35:58.880 --> 01:36:02.039
historic, not just subject to historic review,
01:36:02.159 --> 01:36:04.720
but now landmarked means that you'll need a landmarks
01:36:04.720 --> 01:36:07.220
alteration certificate if you want to do anything
01:36:07.220 --> 01:36:11.380
significant to these homes. It will be interesting
01:36:11.380 --> 01:36:14.300
to see what the owner does, but I think they're
01:36:14.300 --> 01:36:18.649
very likely going to be student rentals. as they
01:36:18.649 --> 01:36:21.789
have been. So what's the incentive to landmark
01:36:21.789 --> 01:36:27.189
your home? You know? So I think it's because
01:36:27.189 --> 01:36:29.630
somebody living in the neighborhood for a long
01:36:29.630 --> 01:36:34.270
time cares about the neighborhood not turning
01:36:34.270 --> 01:36:37.899
into a bunch of student dorms. They saw Grant,
01:36:38.159 --> 01:36:40.859
right? Well, maybe they saw Grant or maybe they're
01:36:40.859 --> 01:36:42.979
really into historic preservation and they care
01:36:42.979 --> 01:36:46.239
about historic homes. I know that it's derided
01:36:46.239 --> 01:36:49.279
by the progressives to care about the character
01:36:49.279 --> 01:36:51.439
of the neighborhood, but people that live in
01:36:51.439 --> 01:36:53.079
these neighborhoods very much care about the
01:36:53.079 --> 01:36:54.800
character of the neighborhood. And as you get
01:36:54.800 --> 01:36:57.880
older, your values might have shifted, right?
01:36:57.979 --> 01:37:00.819
Like if you care more about the character of
01:37:00.819 --> 01:37:02.699
the neighborhood than you do about maximizing
01:37:02.699 --> 01:37:05.579
the sale price, then landmarking might be the
01:37:05.579 --> 01:37:07.720
right approach. I personally try to not invite.
01:37:08.090 --> 01:37:10.210
the city into my business. Anywho, anything.
01:37:10.810 --> 01:37:14.770
Anything, right? Because boy, this is going to
01:37:14.770 --> 01:37:16.729
sound controversial, but I'm going to say it.
01:37:16.810 --> 01:37:18.609
There's enough people, I think, at City Staff
01:37:18.609 --> 01:37:22.890
that almost resent anybody that goes in to get
01:37:22.890 --> 01:37:25.649
a permit. They resent the city. They resent where
01:37:25.649 --> 01:37:27.810
they work. They resent the community members
01:37:27.810 --> 01:37:30.470
that fund their paychecks. And it's just, once
01:37:30.470 --> 01:37:32.529
you felt that vibe, you really know what I'm
01:37:32.529 --> 01:37:35.329
talking about. I saw it on the live stream that
01:37:35.329 --> 01:37:36.569
I was telling you about where they had the public
01:37:36.569 --> 01:37:40.449
comment. You could see it. To be fair to this
01:37:40.449 --> 01:37:43.430
is sorry to the abrupt subject change, but I
01:37:43.430 --> 01:37:45.329
mean, the architecture is a little unique. No,
01:37:45.369 --> 01:37:47.390
this, we should be talking about the city staff.
01:37:47.569 --> 01:37:49.170
Yeah. I think the architecture is great. These
01:37:49.170 --> 01:37:51.750
are really cute historic houses that deserve
01:37:51.750 --> 01:37:55.270
to be updated inside in ways that are in line
01:37:55.270 --> 01:37:58.630
with the character of these homes and be preserved.
01:37:58.729 --> 01:38:00.689
Like these are really a piece of Boulder history
01:38:00.689 --> 01:38:04.270
and they could be great places to live. 1 .5
01:38:04.270 --> 01:38:07.550
for two houses. It's actually not bad. And, you
01:38:07.550 --> 01:38:08.989
know, one of the things I want to mention is
01:38:08.989 --> 01:38:11.810
it may not be student renters. There is a massive
01:38:11.810 --> 01:38:15.750
amount of demand for family estates or properties
01:38:15.750 --> 01:38:18.689
where adult children can live in one house and
01:38:18.689 --> 01:38:21.109
the elderly parents can live in the other house
01:38:21.109 --> 01:38:24.869
or other family members. It could be like my
01:38:24.869 --> 01:38:27.010
wife's a twin. I'm pretty sure at some point
01:38:27.010 --> 01:38:29.229
that that twin is going to be living in a house
01:38:29.229 --> 01:38:31.949
right next to ours. Because they're that close.
01:38:32.050 --> 01:38:34.250
Yeah. And they want to do that. Lots of siblings
01:38:34.250 --> 01:38:37.210
want to live together and family models are changing.
01:38:37.529 --> 01:38:40.829
So that could be the end user of this property.
01:38:40.970 --> 01:38:43.529
I just sure hope they know the noise issue and
01:38:43.529 --> 01:38:48.609
the red cup zone. And also Sundance. If you're
01:38:48.609 --> 01:38:50.689
buying two homes for one and a half million and
01:38:50.689 --> 01:38:54.029
you're renting out two homes for Sundance. You
01:38:54.029 --> 01:38:55.689
know, I mean, possibly. Yeah, it could. They
01:38:55.689 --> 01:38:57.869
could be Sundance rentals, too. I mean, there's
01:38:57.869 --> 01:38:59.989
a lot of buzz around Sundance and the amount
01:38:59.989 --> 01:39:01.989
of money people expect to make for renting for
01:39:01.989 --> 01:39:06.289
a week or two. And so maybe I'm not sure I believe
01:39:06.289 --> 01:39:08.350
the hype. Right. But I've heard the numbers and
01:39:08.350 --> 01:39:10.829
some of them astound me. Some of them. The big
01:39:10.829 --> 01:39:13.449
numbers are for like giant houses to throw parties.
01:39:13.630 --> 01:39:17.949
Yeah. Seems like best case penciling. I will
01:39:17.949 --> 01:39:19.729
mention, by the way, as a footnote on this, I
01:39:19.729 --> 01:39:22.609
attended a lecture in Denver that I was invited
01:39:22.609 --> 01:39:25.090
by our clients and learned about Robert Adams
01:39:25.090 --> 01:39:28.770
and 18th century British country homes. And the
01:39:28.770 --> 01:39:31.489
interior design very much was intended to impress
01:39:31.489 --> 01:39:34.170
people at parties. Like that's why these homes,
01:39:34.229 --> 01:39:37.670
like, and I said, I felt like nothing has changed.
01:39:37.670 --> 01:39:39.989
Right. When you get to a certain level of home
01:39:39.989 --> 01:39:42.250
design, people really want a home that impresses
01:39:42.250 --> 01:39:45.699
others. And parties. And so it doesn't surprise
01:39:45.699 --> 01:39:48.199
me to see that occur, particularly at the ultra
01:39:48.199 --> 01:39:50.920
luxury segment, which is a good segue to our
01:39:50.920 --> 01:39:53.180
next house. Fine. Well, you have something to
01:39:53.180 --> 01:39:57.000
say. Double -ended deal. Oh, the listing agent
01:39:57.000 --> 01:39:59.500
also represented the buyer? Yeah, it looks like
01:39:59.500 --> 01:40:03.619
it. Okay. I mean, good for them. We don't advise
01:40:03.619 --> 01:40:06.779
that behavior. We think that you're better off
01:40:06.779 --> 01:40:09.359
served by somebody who will represent your interests.
01:40:10.199 --> 01:40:13.640
argue for advocate for you in the deal and try
01:40:13.640 --> 01:40:16.239
to get things resolved i mean that's what we
01:40:16.239 --> 01:40:18.979
do when we represent buyers and sellers when
01:40:18.979 --> 01:40:20.619
we represent sellers we're trying to get the
01:40:20.619 --> 01:40:23.420
deal done for a fair price and and work through
01:40:23.420 --> 01:40:25.359
the issues but when you have one agent involved
01:40:25.359 --> 01:40:28.579
who who do they represent that's really a sticky
01:40:28.579 --> 01:40:31.000
wicket you had such a good segue i'm sorry i
01:40:31.000 --> 01:40:33.039
know you ruined the thunder for a double yeah
01:40:33.039 --> 01:40:37.060
all right 1285 meadow place so this property
01:40:37.060 --> 01:40:40.140
is super interesting For a variety of reasons,
01:40:40.340 --> 01:40:43.479
but first and foremost, it illustrates how far
01:40:43.479 --> 01:40:46.380
the mighty have fallen in Boulder real estate
01:40:46.380 --> 01:40:49.199
prices at the ultra luxury segment, particularly
01:40:49.199 --> 01:40:53.220
above 3 million have slid downward hard. And
01:40:53.220 --> 01:40:55.039
it's taken sellers a while to finally come to
01:40:55.039 --> 01:40:58.119
terms with this. And this is, this is the autumn
01:40:58.119 --> 01:41:00.800
of opportunity in my opinion, because I think
01:41:00.800 --> 01:41:03.260
we've reached the bottom. I'm not, I'm not a
01:41:03.260 --> 01:41:05.619
hundred percent making that claim. Okay. But
01:41:05.619 --> 01:41:07.500
with the stock market hitting all time highs.
01:41:08.140 --> 01:41:11.479
And we've now had multiple years of growing inventory
01:41:11.479 --> 01:41:14.640
and declining prices at the high end. Sellers
01:41:14.640 --> 01:41:16.960
are finally capitulating, not en masse, but we're
01:41:16.960 --> 01:41:19.359
seeing more of these transactions occur. I think
01:41:19.359 --> 01:41:23.819
that it could be that we're nearing the bottom
01:41:23.819 --> 01:41:26.579
of the ultra luxury segment. And this home illustrates
01:41:26.579 --> 01:41:29.300
the opportunities that I think are on the market
01:41:29.300 --> 01:41:33.140
at this price point. So it's a big house, 7 ,800
01:41:33.140 --> 01:41:36.609
square feet, built in 2008. three -car attached
01:41:36.609 --> 01:41:40.689
garage, five bedrooms, six baths, 15 ,000 square
01:41:40.689 --> 01:41:42.909
foot lot. It's a little close to Broadway, in
01:41:42.909 --> 01:41:45.010
my opinion. It's on Norwood. I'm sorry, it's
01:41:45.010 --> 01:41:47.489
on Meadow Place, which is just off of Norwood.
01:41:47.750 --> 01:41:50.350
So it's, I mean, if I had to actually measure
01:41:50.350 --> 01:41:53.750
how close are we to Broadway, we are physically...
01:41:53.750 --> 01:41:57.050
Oh, yeah, and it's east of Broadway. We are looking
01:41:57.050 --> 01:42:01.899
at 350 feet to Broadway. But there's structures
01:42:01.899 --> 01:42:04.399
in between and there's landscaping in between.
01:42:04.520 --> 01:42:06.380
But I bet you you can hear from your backyard
01:42:06.380 --> 01:42:09.199
the trucks and buses rattling up Broadway all
01:42:09.199 --> 01:42:12.039
the time. You all are also really close to Lucky's.
01:42:12.159 --> 01:42:15.939
I love the Lucky's Empire. All the options there.
01:42:16.079 --> 01:42:20.100
It's a great grocery. The Chinese restaurant
01:42:20.100 --> 01:42:21.899
is pretty good, too. I like that Chinese restaurant.
01:42:22.100 --> 01:42:24.779
It's not hoity -toity or pretentious. The grocery
01:42:24.779 --> 01:42:26.460
is a little expensive, but it's really nice to
01:42:26.460 --> 01:42:28.199
have that around the corner from your house.
01:42:28.859 --> 01:42:32.199
So it was designed by... award -winning architect
01:42:32.199 --> 01:42:35.939
david woe okay yeah interiors were by celebrated
01:42:35.939 --> 01:42:38.539
mickey ackerman i'm not sure who's celebrating
01:42:38.539 --> 01:42:41.159
mickey or how many awards david won it doesn't
01:42:41.159 --> 01:42:44.239
really matter the home was overpriced and they
01:42:44.239 --> 01:42:46.420
they were they were into the tailwind of the
01:42:46.420 --> 01:42:49.800
market so um i happen to look i happen to notice
01:42:49.800 --> 01:42:53.380
the tax address of the of the seller and looked
01:42:53.380 --> 01:42:56.520
at that house and when they acquired it and basically
01:42:56.520 --> 01:42:59.779
the story looks like They bought a house in Niwot
01:42:59.779 --> 01:43:04.560
in August of 2025 that closed August 29th, but
01:43:04.560 --> 01:43:08.680
went under contract in, went into active backup
01:43:08.680 --> 01:43:11.720
status June 19th. Okay. And then went pending
01:43:11.720 --> 01:43:14.819
June 26th and then had two months before it closed.
01:43:14.979 --> 01:43:17.359
So they identified the replacement house. And
01:43:17.359 --> 01:43:18.939
frankly, I'd like to just spend all my time talking
01:43:18.939 --> 01:43:22.039
about the replacement house. 6487 Cherry Court,
01:43:22.199 --> 01:43:24.619
the home they bought in Niwot is amazing. Also
01:43:24.619 --> 01:43:27.880
almost 8 ,000 square feet, six bedrooms, seven
01:43:27.880 --> 01:43:31.560
baths, four car attached garage in, in ground
01:43:31.560 --> 01:43:35.399
pool up against the open space. Awesome house,
01:43:35.539 --> 01:43:40.159
right? 100 % amazing house. And they, they bought
01:43:40.159 --> 01:43:45.020
that house for 4 .787. And then they listed their
01:43:45.020 --> 01:43:47.420
house here in Boulder at 1285 Meadow place for,
01:43:47.439 --> 01:43:49.479
for initially they thought they were going to.
01:43:49.770 --> 01:43:52.890
make money. They listed it on August 14th for
01:43:52.890 --> 01:43:57.229
$5 ,850 ,000. And then they probably weren't
01:43:57.229 --> 01:43:58.909
prepared for the disappointment that occurred
01:43:58.909 --> 01:44:01.210
because nothing happened. It was on the market
01:44:01.210 --> 01:44:03.770
through the fall into the winter. And by January,
01:44:03.829 --> 01:44:06.510
they said, okay, let's cut the price to 5 .5.
01:44:06.670 --> 01:44:08.909
The January 15th of this year, that's what they
01:44:08.909 --> 01:44:12.189
did. But guess what? There were no takers. And
01:44:12.189 --> 01:44:16.710
they dropped the price again on April 10th to
01:44:16.710 --> 01:44:20.010
just under five. And then all summer long, no
01:44:20.010 --> 01:44:22.590
takers. But by the fall, they finally got a buyer.
01:44:22.710 --> 01:44:26.310
That buyer negotiated 11 .1 % below their last
01:44:26.310 --> 01:44:29.170
list price. So it closed at 4 .4. So that means
01:44:29.170 --> 01:44:33.770
it sold at 1 .5, I'm sorry, almost 1 .5 million
01:44:33.770 --> 01:44:37.649
below what, like 1 ,400 ,000 and change below
01:44:37.649 --> 01:44:39.430
what their initial price was. So that's pretty
01:44:39.430 --> 01:44:43.329
painful to have, to felt that paper losses. But
01:44:43.329 --> 01:44:45.590
keep in mind, paper losses, I still think they
01:44:45.590 --> 01:44:48.859
got a fantastic deal by trading. metal place
01:44:48.859 --> 01:44:52.619
for this house on in cherry court and you know
01:44:52.619 --> 01:44:54.800
this is i jokingly wanted to call this boulder
01:44:54.800 --> 01:44:57.300
flight right like people leaving the city of
01:44:57.300 --> 01:45:00.079
boulder the wealthy affluent large home decided
01:45:00.079 --> 01:45:02.180
i'm out of here i've had enough of city of boulder
01:45:02.180 --> 01:45:04.460
let's move to naiwa where people are more sensible
01:45:04.460 --> 01:45:06.420
and it still has a historic still in the county
01:45:06.420 --> 01:45:08.899
yeah it's still it's like 10 minutes away from
01:45:08.899 --> 01:45:12.229
this house a much better house much bigger much
01:45:12.229 --> 01:45:14.489
more luxurious with that in -ground pool like
01:45:14.489 --> 01:45:17.090
wow that's a kill i hope they realize what a
01:45:17.090 --> 01:45:19.010
killer house they bought yeah and don't feel
01:45:19.010 --> 01:45:22.930
such pain for the what was paper losses on the
01:45:22.930 --> 01:45:25.050
high end yeah but here we have a home that was
01:45:25.050 --> 01:45:28.310
in the upper fives that slid into the fours And
01:45:28.310 --> 01:45:30.949
so what's happening is that what are now fours
01:45:30.949 --> 01:45:33.170
are sliding into threes. So if you're pricing
01:45:33.170 --> 01:45:35.449
a home that's in the threes or fours, you need
01:45:35.449 --> 01:45:37.350
to look up market at what's going to be sliding
01:45:37.350 --> 01:45:39.989
into your market next year. Yes. Because as you
01:45:39.989 --> 01:45:42.149
think about your final numbers, as you think
01:45:42.149 --> 01:45:43.750
about what you have to do to prepare your home
01:45:43.750 --> 01:45:46.250
for sale, and if you're buying a house, this
01:45:46.250 --> 01:45:49.189
fourth quarter is your opportunity season to
01:45:49.189 --> 01:45:52.270
pick up a potentially massive discount, 10 plus
01:45:52.270 --> 01:45:54.409
percent. on a high -end home in Boulder. And
01:45:54.409 --> 01:45:56.890
you have tons of options right now to don't believe
01:45:56.890 --> 01:45:58.850
the hype from a listing agent or a buyer's rep
01:45:58.850 --> 01:46:00.949
that tells you you have to move fast because
01:46:00.949 --> 01:46:03.770
you don't in this price point. No names or anything,
01:46:03.930 --> 01:46:06.949
but I am thinking of our clients in Newlands
01:46:06.949 --> 01:46:09.810
that have been looking for kind of like a hobby
01:46:09.810 --> 01:46:13.229
ranch property. And those prices have come down
01:46:13.229 --> 01:46:14.970
a serious amount. I don't know if they're quite
01:46:14.970 --> 01:46:17.659
ready yet, but... Me either. They also invested
01:46:17.659 --> 01:46:19.600
a lot in updating their house because they couldn't
01:46:19.600 --> 01:46:21.279
find what they were looking for. But when they're
01:46:21.279 --> 01:46:23.239
ready. When they're ready. So I think we should
01:46:23.239 --> 01:46:25.340
do some manual searches for them. Make a note
01:46:25.340 --> 01:46:29.060
in our task management system. Do some manual
01:46:29.060 --> 01:46:32.560
searches. That could be part of our Monday review.
01:46:32.680 --> 01:46:35.319
We really should get back on pipeline. And that
01:46:35.319 --> 01:46:36.859
could be a good thing we do is go through that
01:46:36.859 --> 01:46:40.880
on Monday. Well, before any too much, this listing
01:46:40.880 --> 01:46:45.590
agent. It's pretty in line now for them to mention
01:46:45.590 --> 01:46:47.829
things like the architect and the interior designer.
01:46:48.149 --> 01:46:51.329
And then look at the amenity photos. I know.
01:46:51.369 --> 01:46:53.229
I felt the same thing. I saw the same amenity
01:46:53.229 --> 01:46:55.890
photos on multiple listings. And this is North
01:46:55.890 --> 01:46:57.729
Boulder. It's not even the Lucky's Empire. I
01:46:57.729 --> 01:46:59.770
know. Yeah. I know. We're seeing the same amenity
01:46:59.770 --> 01:47:02.550
photos all over town. Yeah. All over Boulder
01:47:02.550 --> 01:47:05.090
County, which makes me laugh. This one is so
01:47:05.090 --> 01:47:08.840
typical. I know, I know. This is the classic
01:47:08.840 --> 01:47:11.100
photo of people running on a trail, but it's
01:47:11.100 --> 01:47:12.680
the same generic photo of people running on a
01:47:12.680 --> 01:47:14.760
trail. I don't know what to tell you, man. You're
01:47:14.760 --> 01:47:16.380
paying a lot for the listing. Can you get like
01:47:16.380 --> 01:47:18.640
some amenity photos that reflect the amenities
01:47:18.640 --> 01:47:23.510
actually near this house? If you want me, I would
01:47:23.510 --> 01:47:27.409
gladly run on the trail for the photo. That would
01:47:27.409 --> 01:47:29.329
be pretty hilarious, actually. We should do this
01:47:29.329 --> 01:47:31.409
for all of our listings. We should have the listing
01:47:31.409 --> 01:47:34.930
agent run on the trail so we can get our photos
01:47:34.930 --> 01:47:38.489
in the listings. At all price points. And then
01:47:38.489 --> 01:47:40.789
when other agents use the photos, it could be
01:47:40.789 --> 01:47:43.369
like, well, that's him. Literally, you have the
01:47:43.369 --> 01:47:45.310
listing agent in the photo running on the trail
01:47:45.310 --> 01:47:48.170
or bicycling on the trail or walking into Lucky's.
01:47:48.510 --> 01:47:50.449
That would be hilarious. It would be kind of
01:47:50.449 --> 01:47:52.350
fun. All right. It's our new thing. Little Easter
01:47:52.350 --> 01:47:55.609
eggs. Easter egg photos. Keep an eye out, listeners.
01:47:55.869 --> 01:47:57.909
Okay, let's talk about shameless self -promotion.
01:47:58.029 --> 01:47:59.590
And Hamish, I think you know more about this
01:47:59.590 --> 01:48:01.829
property than I do, but I will say we've got
01:48:01.829 --> 01:48:04.789
a listing, 850 20th Street. It's a rental. It
01:48:04.789 --> 01:48:08.930
is on the sixth floor of the seventh story San
01:48:08.930 --> 01:48:11.430
Marco North building with really nice views.
01:48:12.029 --> 01:48:14.170
It's decent square footage, one bed, one bath.
01:48:14.779 --> 01:48:18.020
And nice finishes because the owner updated it
01:48:18.020 --> 01:48:20.859
for their family member who lived in it. It has
01:48:20.859 --> 01:48:23.619
had one renter that wasn't a family member. And
01:48:23.619 --> 01:48:25.680
that person stayed a long time because it's such
01:48:25.680 --> 01:48:28.739
a great unit. Like six years? Something like
01:48:28.739 --> 01:48:30.899
that. And it's a secure building. It's a really
01:48:30.899 --> 01:48:33.619
nice spot. If you're connected to CU in any way,
01:48:33.680 --> 01:48:35.359
you don't need a car. You literally could just
01:48:35.359 --> 01:48:37.420
walk across the street to campus. So I think
01:48:37.420 --> 01:48:38.819
it's a really cool property if you're looking
01:48:38.819 --> 01:48:41.720
for a longer term rental in the city of Boulder.
01:48:42.800 --> 01:48:44.600
I mean, there might be some students, but I don't
01:48:44.600 --> 01:48:45.739
think you're going to hear them. I think it's
01:48:45.739 --> 01:48:49.159
a concrete building. And it does feel like you're
01:48:49.159 --> 01:48:51.239
entering the 60s because, hey, the building was
01:48:51.239 --> 01:48:55.239
built in 67. But it has an on -site super, which
01:48:55.239 --> 01:48:57.659
I think is why it's so nice. It does not feel
01:48:57.659 --> 01:49:00.420
like some run -down student ghetto. A super is
01:49:00.420 --> 01:49:02.420
like the property manager. Am I allowed to say
01:49:02.420 --> 01:49:04.760
ghettos anymore? Nobody's told me off yet, and
01:49:04.760 --> 01:49:08.710
I say it. I don't know. That's not an endorsement.
01:49:08.770 --> 01:49:11.029
I hope that wasn't okay. I hope that was okay.
01:49:11.109 --> 01:49:12.770
I don't know. Are we allowed to say these words?
01:49:12.909 --> 01:49:14.590
All right. It is what it is. It's not a student
01:49:14.590 --> 01:49:17.170
ghetto. Yeah. Well, so I think you basically
01:49:17.170 --> 01:49:19.890
hit it all in the head. The one person that I
01:49:19.890 --> 01:49:22.090
saw was like a young adult coming in and it seemed
01:49:22.090 --> 01:49:23.989
very respectful and kind because I was like,
01:49:24.069 --> 01:49:25.829
oh, shoot, I'll hold the elevator for you type
01:49:25.829 --> 01:49:29.210
of deal. Right next to the hill, if that's your
01:49:29.210 --> 01:49:31.569
flavor, I know there's some decent eating there.
01:49:33.180 --> 01:49:34.800
Yeah, I mean, you covered it all. There's a 3D
01:49:34.800 --> 01:49:39.100
tour. It's on Zillow, Trulia, Hotpads. What's
01:49:39.100 --> 01:49:43.739
it available for? $17 .50 a month, which ought
01:49:43.770 --> 01:49:46.630
to find some interest. It's lower than, I think,
01:49:46.649 --> 01:49:47.989
our initial thinking. We were thinking around
01:49:47.989 --> 01:49:50.189
$18 .50. I mean, we showed it to somebody, and
01:49:50.189 --> 01:49:54.020
she liked it, and then ghosted. So I don't know
01:49:54.020 --> 01:49:55.600
what's going on with that. Yeah, I don't know.
01:49:55.880 --> 01:49:59.850
Anyway. Renters. Okay. Yeah, I've got an idea
01:49:59.850 --> 01:50:01.840
about that. Remind me. I'll write down a reminder.
01:50:02.159 --> 01:50:06.239
Yeah. All right. Let's talk about our hot takes.
01:50:06.560 --> 01:50:11.260
Yes. The city, surprise, surprise, has got to
01:50:11.260 --> 01:50:15.869
make some budget cuts. Shocking. Or we could
01:50:15.869 --> 01:50:18.229
write them a blank check. And it's planning to
01:50:18.229 --> 01:50:20.609
close the gap by cutting 24 positions, trimming
01:50:20.609 --> 01:50:23.729
services, and raising fees. And the final vote
01:50:23.729 --> 01:50:27.430
is coming up. There's a very interesting can
01:50:27.430 --> 01:50:29.770
you balance the budget tool that somebody vibe
01:50:29.770 --> 01:50:33.489
coded. Which is cool and interesting. So what
01:50:33.489 --> 01:50:38.529
happened here? What's your take? I've got an
01:50:38.529 --> 01:50:41.989
ad for Tara on the link when I opened it up.
01:50:42.430 --> 01:50:44.989
That's fine. I thought they were putting her
01:50:44.989 --> 01:50:47.609
on the face of the deaf. That's rude. She's advertising
01:50:47.609 --> 01:50:52.689
in the right places. What do I think? We've just
01:50:52.689 --> 01:50:55.550
constantly been barraged with budget shortfall
01:50:55.550 --> 01:50:59.310
news at this rate. Maybe you have the solution.
01:50:59.789 --> 01:51:01.569
I mean, Boulder gets a lot of its revenue from
01:51:01.569 --> 01:51:04.430
sales taxes. And when you make it very difficult
01:51:04.430 --> 01:51:07.130
for businesses to operate in the city of Boulder
01:51:07.130 --> 01:51:09.569
by having very high property taxes. Fewer things
01:51:09.569 --> 01:51:11.449
are getting sold. You're getting fewer retail
01:51:11.449 --> 01:51:13.289
businesses in Boulder when you make it really.
01:51:13.390 --> 01:51:15.189
I mean, look, I don't want a big box Walmart
01:51:15.189 --> 01:51:17.430
here either. We had one. We've got a Target.
01:51:17.569 --> 01:51:20.930
It's enough. We have a Target. We had a Walmart
01:51:20.930 --> 01:51:23.409
grocery that failed. This is the only place I've
01:51:23.409 --> 01:51:26.840
ever heard of a Walmart failing. But for sure,
01:51:26.840 --> 01:51:31.380
I don't think our our council people make it
01:51:31.380 --> 01:51:34.439
easier for business in Boulder. And if you want
01:51:34.439 --> 01:51:36.819
revenues to be higher, we need to make it easier,
01:51:37.039 --> 01:51:41.529
less expensive to open restaurants, fewer regulations.
01:51:42.029 --> 01:51:45.510
I mean, I've been part of this twice now where
01:51:45.510 --> 01:51:48.149
I've seen three or four times, actually, where
01:51:48.149 --> 01:51:51.729
I've seen the insane things that the city of
01:51:51.729 --> 01:51:54.920
Boulder requires. in commercial properties that
01:51:54.920 --> 01:51:57.380
have added hundreds of thousands of dollars of
01:51:57.380 --> 01:52:00.199
costs to construction budgets, which then eventually
01:52:00.199 --> 01:52:06.100
get passed on to the tenants of the spaces, which
01:52:06.100 --> 01:52:07.899
eventually get, which make it harder for the
01:52:07.899 --> 01:52:11.800
business to operate. So I think that this is
01:52:11.800 --> 01:52:15.840
a mismanagement issue, a budgeting, a budget
01:52:15.840 --> 01:52:19.479
forecasting issue that's based on an idea that
01:52:19.479 --> 01:52:21.659
budgeting just forever goes up. And you see that
01:52:21.659 --> 01:52:24.329
in the next story too, the library. district
01:52:24.329 --> 01:52:27.970
is cutting 20 % of staff. That's a huge cut.
01:52:28.189 --> 01:52:30.609
And that's just two years after going independent
01:52:30.609 --> 01:52:33.189
because they have a $2 .5 million shortfall.
01:52:33.529 --> 01:52:35.909
And this is where they blame the trustees who
01:52:35.909 --> 01:52:40.670
budgeted 6 % yearly growth in property values.
01:52:41.109 --> 01:52:43.390
And for sure, we've had years where property
01:52:43.390 --> 01:52:47.529
values increased, but 6 % long -term with no
01:52:47.529 --> 01:52:50.569
ups and downs is, again, budget forecasting.
01:52:51.449 --> 01:52:54.390
yeah you know incompetence i i don't know what
01:52:54.390 --> 01:52:56.789
else to say and it's damaging to the culture
01:52:56.789 --> 01:52:59.470
of these institutions because you have like any
01:52:59.470 --> 01:53:01.630
layoff is really damaging yeah but two years
01:53:01.630 --> 01:53:03.529
after you got hired you're getting fired because
01:53:03.529 --> 01:53:07.170
the city doesn't have the money is i never i
01:53:07.170 --> 01:53:08.989
didn't even know the library district went independent
01:53:08.989 --> 01:53:11.869
so that was interesting to hear and then yeah
01:53:11.869 --> 01:53:16.010
and i was against it and and i don't want to
01:53:16.010 --> 01:53:17.949
rehash that but the library district is now its
01:53:17.949 --> 01:53:20.060
own thing I mean, they're like, I'm looking at
01:53:20.060 --> 01:53:24.670
this vibe code and it's like, uh, could get some
01:53:24.670 --> 01:53:28.270
flack, but we are increasing by 0 .1 % of the
01:53:28.270 --> 01:53:31.829
budget to the city's attorney's office. And the
01:53:31.829 --> 01:53:34.350
only places there are budget increases are to
01:53:34.350 --> 01:53:36.649
the housing and human services and the city's
01:53:36.649 --> 01:53:38.649
attorney's office. Everything else is getting
01:53:38.649 --> 01:53:44.970
proposed reductions. Um, husband, you talked
01:53:44.970 --> 01:53:49.739
before about like, um, budget cuts or, you know,
01:53:49.760 --> 01:53:53.310
like, um, funding cuts. made to be the most painful
01:53:53.310 --> 01:53:57.069
point for the public in order to justify more
01:53:57.069 --> 01:54:00.869
Texas and more things like that. And like, Ooh,
01:54:01.250 --> 01:54:03.649
just look for the most painful, emotionally painful
01:54:03.649 --> 01:54:08.350
places to cut because that they believe will
01:54:08.350 --> 01:54:10.949
result in fewer cuts because the public will
01:54:10.949 --> 01:54:13.989
sign off on all these ballot initiatives coming
01:54:13.989 --> 01:54:19.529
up in the fall that will, will refund the coffers
01:54:19.529 --> 01:54:23.670
of are out of control city spending. I mean,
01:54:23.689 --> 01:54:25.689
the part that I find really kind of disturbing
01:54:25.689 --> 01:54:27.510
is it says, the finance director says, Boulder
01:54:27.510 --> 01:54:29.529
has, quote, never experienced three years of
01:54:29.529 --> 01:54:36.510
flat or reduction. No, it has, 2006 to 2009.
01:54:36.810 --> 01:54:40.810
I was here, property values fell, and budgeting
01:54:40.810 --> 01:54:43.909
on the basis of forever 6 % is just bad budgeting.
01:54:44.149 --> 01:54:47.439
Yeah, and I can't tell you that news because
01:54:47.439 --> 01:54:49.579
that's insider information, but when we take
01:54:49.579 --> 01:54:52.079
our next break, All right. End of the pod. Can't
01:54:52.079 --> 01:54:53.760
wait for the inside information. We will stop
01:54:53.760 --> 01:54:56.579
recording. All right. Let's talk about the Supreme
01:54:56.579 --> 01:54:58.619
court case. And mostly I just think it's cool.
01:54:58.720 --> 01:55:01.399
Okay. That the city of Boulder has pushed this
01:55:01.399 --> 01:55:03.180
so far that we're headed to the Supreme court
01:55:03.180 --> 01:55:06.060
and it's super interesting. The liberal judge,
01:55:06.140 --> 01:55:08.979
this is sound like they're sympathetic. Uh, Kavanaugh
01:55:08.979 --> 01:55:12.739
is firmly with Exxon and Suncor. Um, and so Roberts
01:55:12.739 --> 01:55:15.239
is worried about copycat suits, but Hey, uh,
01:55:15.420 --> 01:55:19.029
that's the point. OK, is that there needs to
01:55:19.029 --> 01:55:20.850
be a precedent. And this is going to set a huge
01:55:20.850 --> 01:55:24.250
one on whether corporations can be held accountable
01:55:24.250 --> 01:55:27.569
by communities that are affected by climate change.
01:55:27.689 --> 01:55:31.890
And for sure, Exxon and Suncor are the sellers
01:55:31.890 --> 01:55:35.430
of these products that are contributing to global
01:55:35.430 --> 01:55:37.930
warming. We could say this because we're not
01:55:37.930 --> 01:55:41.550
a federal lab. We just actually just met with
01:55:41.550 --> 01:55:43.729
a person who's pretty high up at one of the agencies.
01:55:44.510 --> 01:55:46.409
And I asked her, are you allowed to say global
01:55:46.409 --> 01:55:49.909
warming anymore? Are you allowed to say climate
01:55:49.909 --> 01:55:53.529
change? And the language has shifted to things
01:55:53.529 --> 01:55:57.310
like extreme weather risk. They are not allowed.
01:55:57.369 --> 01:55:59.310
They don't say those words because of the current
01:55:59.310 --> 01:56:02.229
administration, which just feels so infuriating.
01:56:02.250 --> 01:56:04.729
But it is what it is. This is the world we live
01:56:04.729 --> 01:56:08.250
in. And I was frantically searching for it when
01:56:08.250 --> 01:56:11.850
you came in this morning. um either it's dr ben
01:56:11.850 --> 01:56:15.229
miles or simon clark they're two pretty prominent
01:56:15.229 --> 01:56:19.930
youtubers um one of them brought up uh i think
01:56:19.930 --> 01:56:22.850
that you know another hugely culminating study
01:56:22.850 --> 01:56:26.890
has just been released that kind of catalogs
01:56:26.890 --> 01:56:31.300
and documents the misinformation and propaganda
01:56:31.300 --> 01:56:34.739
that um i think shell is the company that was
01:56:34.739 --> 01:56:37.899
focusing on that uh but large oil companies have
01:56:37.899 --> 01:56:41.750
been propagating since like the 70s and then
01:56:41.750 --> 01:56:44.229
it's got their co for the you know shell co -funded
01:56:44.229 --> 01:56:48.029
x report that you know predicted 500 parts per
01:56:48.029 --> 01:56:51.409
million of co2 back in 89 for the the decade
01:56:51.409 --> 01:56:57.029
we're in now and so i like democracy um if the
01:56:57.029 --> 01:57:00.050
city of boulder can uh you know get something
01:57:00.050 --> 01:57:02.010
we're living in a democracy Oh, I don't want
01:57:02.010 --> 01:57:05.149
to go into that. But, you know, nobody was asked
01:57:05.149 --> 01:57:08.109
if we wanted to pollute the world. And essentially,
01:57:08.390 --> 01:57:10.630
you know, we did vote for it in a sense with
01:57:10.630 --> 01:57:14.069
our dollar and our demand. But this, yeah, like
01:57:14.069 --> 01:57:17.729
you said, it offers a great possibility for a
01:57:17.729 --> 01:57:19.869
precedent. I'm surprised the Supreme Court even
01:57:19.869 --> 01:57:24.199
wanted to hear it. So we'll see how this turns
01:57:24.199 --> 01:57:26.460
out. But you're right. It's nice to see our...
01:57:28.060 --> 01:57:30.899
little community here pushing this issue. And
01:57:30.899 --> 01:57:33.859
impressive. There are times that I feel like
01:57:33.859 --> 01:57:36.380
our community is getting involved in things they
01:57:36.380 --> 01:57:38.159
should not be getting involved in. Yeah. Like
01:57:38.159 --> 01:57:40.760
sister cities. Right. And whether they should,
01:57:40.760 --> 01:57:43.600
they should be involved and have an opinion about
01:57:43.600 --> 01:57:48.119
what's going on in the Middle East. I think that's
01:57:48.119 --> 01:57:51.039
outside of the jurisdiction of city council.
01:57:51.220 --> 01:57:53.479
City council should be focused on fixing potholes,
01:57:53.560 --> 01:57:56.439
first and foremost, making our streets safer.
01:57:56.579 --> 01:57:59.899
Why don't we have another parade? We need to
01:57:59.899 --> 01:58:02.300
focus on what improves the quality of life of
01:58:02.300 --> 01:58:04.439
people that live in our community. But every
01:58:04.439 --> 01:58:06.239
once in a while, and this is one of them, we
01:58:06.239 --> 01:58:12.170
see Boulder actually maybe making a difference
01:58:12.170 --> 01:58:15.550
at the national level. And so I'm excited to
01:58:15.550 --> 01:58:19.460
see the outcome. And I think it will be very
01:58:19.460 --> 01:58:22.560
interesting if Boulder is successful in this
01:58:22.560 --> 01:58:26.880
lawsuit. Yeah, hopeful. Okay, let's talk about
01:58:26.880 --> 01:58:29.439
this national news that Colorado is leading the
01:58:29.439 --> 01:58:32.100
nation and Denver has had its slowest September
01:58:32.100 --> 01:58:35.220
on record, leading the nation in price cuts for
01:58:35.220 --> 01:58:39.279
real estate. And September closings in, I think
01:58:39.279 --> 01:58:42.359
this is Denver. Yeah, Denver closing down 21
01:58:42.359 --> 01:58:46.909
% from a year ago, the lowest since 2008. Though
01:58:46.909 --> 01:58:49.970
one plus million dollar sales are up. Okay, great.
01:58:50.350 --> 01:58:53.729
CPR found 32 % of Colorado listings had a price
01:58:53.729 --> 01:58:56.649
cut in August, the highest of any state. And
01:58:56.649 --> 01:58:59.210
Zillow says rents rose nationally. So the debates,
01:58:59.250 --> 01:59:02.890
is Colorado correcting faster than everywhere
01:59:02.890 --> 01:59:07.680
else? Or is this just a rate pause? What do you
01:59:07.680 --> 01:59:10.779
think? Classic debate tactic. I'm going to ignore
01:59:10.779 --> 01:59:14.319
the debate and ask, well, how are they defining?
01:59:16.399 --> 01:59:18.760
listings that had a price cut was the first thing
01:59:18.760 --> 01:59:21.699
that i picked out because it's a pretty common
01:59:21.699 --> 01:59:23.960
tactic you see it when you're looking at listing
01:59:23.960 --> 01:59:26.039
history and sales of the week and things where
01:59:26.039 --> 01:59:29.640
um listings will have basically just a token
01:59:29.640 --> 01:59:32.239
price cut like five to ten k get it in front
01:59:32.239 --> 01:59:36.869
of buyers um view again and granted it's a price
01:59:36.869 --> 01:59:40.329
cut but materially you know like we talk about
01:59:40.329 --> 01:59:42.729
a home that's super desirable 50k it could be
01:59:42.729 --> 01:59:46.170
a rounding error in 10 years Well, at certain
01:59:46.170 --> 01:59:48.010
price points. At certain price points, for sure.
01:59:48.210 --> 01:59:50.670
At other price points, 50K is 10 % of the home's
01:59:50.670 --> 01:59:55.380
value. Yeah, it is. It completely is. I don't
01:59:55.380 --> 01:59:59.279
know. We just did a screen share, Boulder County,
01:59:59.420 --> 02:00:01.880
City of Boulder, market update, but I do not
02:00:01.880 --> 02:00:05.420
have the information for Denver. This is interesting
02:00:05.420 --> 02:00:08.500
news. I think treating Colorado real estate as
02:00:08.500 --> 02:00:13.090
one market is absurd. I mean, we just did our
02:00:13.090 --> 02:00:14.989
market analysis for city of Boulder and Boulder
02:00:14.989 --> 02:00:17.390
County for single family houses. And I told you
02:00:17.390 --> 02:00:19.210
that's not granular enough to make intelligent
02:00:19.210 --> 02:00:21.590
decisions. And even within this paragraph of
02:00:21.590 --> 02:00:23.970
information, you see that one plus million dollar
02:00:23.970 --> 02:00:27.170
sales are up. And yet 21 % of listings just had
02:00:27.170 --> 02:00:29.390
a price cut. So this information is just designed
02:00:29.390 --> 02:00:32.069
to get clicks and is not actionable, is not even
02:00:32.069 --> 02:00:34.029
useful. And in some ways it's sort of annoying
02:00:34.029 --> 02:00:38.149
because it just, it's filler. It's filler. It's
02:00:38.149 --> 02:00:41.060
content that's real estate related. but is not
02:00:41.060 --> 02:00:44.500
useful for anybody other than this pondering
02:00:44.500 --> 02:00:47.159
sense of, Oh, Colorado's correcting faster. Like
02:00:47.159 --> 02:00:50.340
it's fear mongering and it is just designed to
02:00:50.340 --> 02:00:54.239
get clicks. So the take home for me is at least
02:00:54.239 --> 02:00:57.279
for me is to always be focused on the granular
02:00:57.279 --> 02:00:59.920
while keeping an eye on the big picture. Okay.
02:00:59.979 --> 02:01:02.399
Like you can't ignore rates going up. We might
02:01:02.399 --> 02:01:04.659
be at 8 % mortgage rates next year. Okay. You
02:01:04.659 --> 02:01:07.140
cannot ignore that. But that piece of information.
02:01:08.170 --> 02:01:11.350
has a lot of nuance to it because not all market
02:01:11.350 --> 02:01:16.119
segments are rate sensitive and there's a theory
02:01:16.119 --> 02:01:17.760
out there that the high end of the market and
02:01:17.760 --> 02:01:20.119
i think this is correct trades closer to what's
02:01:20.119 --> 02:01:22.260
going on in the stock market than it has anything
02:01:22.260 --> 02:01:24.800
to do with what's going on is mortgage rates
02:01:24.800 --> 02:01:28.310
so take it all with a grain of salt don't get
02:01:28.310 --> 02:01:31.850
excited by news like this get granular with respect
02:01:31.850 --> 02:01:35.569
to your specific real estate situation yeah mic
02:01:35.569 --> 02:01:39.340
drop i mean you're just saying that you look
02:01:39.340 --> 02:01:42.979
at a yeah no there's um you'll see like youtube
02:01:42.979 --> 02:01:46.340
videos and i have seen it probably since i started
02:01:46.340 --> 02:01:48.619
even having an interest in real estate but it's
02:01:48.619 --> 02:01:50.779
like next big crash coming question mark you
02:01:50.779 --> 02:01:52.760
know and it's like you click on that and then
02:01:52.760 --> 02:01:55.000
the algorithm's like oh here's a million of those
02:01:55.000 --> 02:01:56.680
videos and there are people and i think it's
02:01:56.680 --> 02:02:00.140
just their full -time content to make fear -mongering
02:02:00.140 --> 02:02:02.720
but like you know maybe they have a point and
02:02:02.720 --> 02:02:05.760
they could be proven right But there's just a
02:02:05.760 --> 02:02:08.899
whole industry on if and when or but or when
02:02:08.899 --> 02:02:12.060
this big thing happens. When is 2012 the end
02:02:12.060 --> 02:02:15.100
of the world? It's stuff like that. Ask yourself
02:02:15.100 --> 02:02:17.399
if the content you're consuming is actually useful
02:02:17.399 --> 02:02:20.159
to you in your life. Or have you just been sucked
02:02:20.159 --> 02:02:22.520
into doom scrolling and clicking on one article
02:02:22.520 --> 02:02:25.180
after another at how the world is ending? Yeah.
02:02:25.260 --> 02:02:27.199
There's a plague in Russia. Doom Max. It's all
02:02:27.199 --> 02:02:29.439
coming at you. Yeah. Doom Max. Oh, yeah. The
02:02:29.439 --> 02:02:31.979
plague in Russia. It's all coming at you right
02:02:31.979 --> 02:02:35.060
now. It's all bad all the time. And I think it's
02:02:35.060 --> 02:02:38.319
really important to consider therapy if that's
02:02:38.319 --> 02:02:40.159
your approach to life. Get some help. Because
02:02:40.159 --> 02:02:42.680
you get what you put out. And boy, it is so easy
02:02:42.680 --> 02:02:47.590
to go. I think the fear helps people in. in the
02:02:47.590 --> 02:02:51.890
evolution of humanity to be worried about the
02:02:51.890 --> 02:02:55.409
next worst thing, right? But constant negativity
02:02:55.409 --> 02:02:58.850
is so damaging to one's soul and unlikely to
02:02:58.850 --> 02:03:00.810
ever occur or have any impact on you. But boy,
02:03:00.850 --> 02:03:03.229
does it sell. It's great for any, you know, if
02:03:03.229 --> 02:03:05.170
you want to sell fear, you sell it in politics,
02:03:05.289 --> 02:03:07.869
you sell it in anything. And fear is oppressive
02:03:07.869 --> 02:03:10.449
in nature and not going too crazy. But like,
02:03:10.470 --> 02:03:13.890
if you live in the fear, then you are more easily.
02:03:14.649 --> 02:03:16.409
If you're like, I am so scared of what's happening
02:03:16.409 --> 02:03:18.069
in this world, you're going to be too afraid
02:03:18.069 --> 02:03:20.909
to live your life and possibly do better for
02:03:20.909 --> 02:03:25.140
the world. I mean, we're getting very philosophical,
02:03:25.420 --> 02:03:29.880
Heyman. I don't mind doing that. It also, I think,
02:03:29.880 --> 02:03:33.319
I feel like this is an entirely separate podcast,
02:03:33.380 --> 02:03:37.699
but what I want to say is that I think you can't
02:03:37.699 --> 02:03:42.189
be in sales if you're not an optimist. I think
02:03:42.189 --> 02:03:45.670
it also is not just sales. It's in terms of how
02:03:45.670 --> 02:03:48.989
your lived experience happens. And if you're
02:03:48.989 --> 02:03:52.510
completely Pollyanna -ish, maybe you're still
02:03:52.510 --> 02:03:55.229
having a great life, okay? But you probably are
02:03:55.229 --> 02:03:57.130
missing out on opportunities and you probably
02:03:57.130 --> 02:03:58.989
are subject to risks that you didn't intend to
02:03:58.989 --> 02:04:01.250
take. But if you're constantly negative and focused
02:04:01.250 --> 02:04:03.390
on everything coming at you, you also are living
02:04:03.390 --> 02:04:05.310
a very different lived experience and one that's
02:04:05.310 --> 02:04:08.829
primarily negative and constraining and fearful.
02:04:08.890 --> 02:04:12.140
Constraining. and feels awful. And we all end
02:04:12.140 --> 02:04:14.460
up dead. So how you choose to live your life,
02:04:14.520 --> 02:04:16.579
I think is done on a daily and intentional basis.
02:04:16.680 --> 02:04:18.159
And I'll add something really interesting I heard
02:04:18.159 --> 02:04:22.420
today. And today, and it was a quote, it was
02:04:22.420 --> 02:04:26.340
Yoko Ono that was talking about doing things
02:04:26.340 --> 02:04:31.439
that make your heart dance. And her suggestions
02:04:31.439 --> 02:04:34.979
were smiling in the mirror in the morning. looking
02:04:34.979 --> 02:04:37.340
up at the sky and finding things in each day
02:04:37.340 --> 02:04:39.079
and each moment that brighten your day. And of
02:04:39.079 --> 02:04:40.779
course, I think she's said these things after
02:04:40.779 --> 02:04:43.819
John Lennon was shot, which is way before you
02:04:43.819 --> 02:04:45.539
were even born. I'm surprised we even know who
02:04:45.539 --> 02:04:47.819
John Lennon is or Yoko Ono. Just slightly. Yeah.
02:04:48.180 --> 02:04:51.199
But anyway, so I think that's a happier note
02:04:51.199 --> 02:04:54.460
to end the fear mongering on. And it's time to
02:04:54.460 --> 02:04:56.779
talk about carve outs. I was dropping my brother
02:04:56.779 --> 02:04:59.479
off at my grandparents before coming here to
02:04:59.479 --> 02:05:03.279
the office. I saw a tree and the leaves were
02:05:03.279 --> 02:05:05.399
falling from it and it looked like snow. And
02:05:05.399 --> 02:05:07.439
I made a point of being like, that's very pretty.
02:05:07.899 --> 02:05:11.289
Enjoy that. And it's things that make your heart
02:05:11.289 --> 02:05:14.649
dance, you know? So that was my prettiness of
02:05:14.649 --> 02:05:19.010
today. And with that, fences, neighbors, and
02:05:19.010 --> 02:05:21.250
building relationships. Welcome to my carve out.
02:05:21.270 --> 02:05:22.970
This is where we kind of talk about off topic
02:05:22.970 --> 02:05:26.090
things, but whatever's top of mind. And for me
02:05:26.090 --> 02:05:29.310
and my neighbor, we have been tackling our joint
02:05:29.310 --> 02:05:33.550
fence. and it turns out my the fence that you
02:05:33.550 --> 02:05:37.270
share yeah yeah okay whose fence is it um it's
02:05:37.390 --> 02:05:42.829
ours comrade um you know okay all right like
02:05:42.829 --> 02:05:46.229
as i'm i don't i can assure you it's not it's
02:05:46.229 --> 02:05:49.270
not like somebody paid to build the fence yeah
02:05:49.270 --> 02:05:52.270
so we're the way i'm looking at it is like the
02:05:52.270 --> 02:05:55.319
fence benefits both of us It's like, we got to
02:05:55.319 --> 02:05:57.840
hit it. That's a good approach. And so it turns
02:05:57.840 --> 02:06:01.220
out that the previous owners before me were great
02:06:01.220 --> 02:06:04.319
neighbors. And also we're trying to figure out
02:06:04.319 --> 02:06:07.420
the rationale, but they dumped probably, I don't
02:06:07.420 --> 02:06:11.680
know how to a foot of dirt by five feet in width
02:06:11.680 --> 02:06:16.130
by 20 feet in length, lots of dirt dumped it
02:06:16.130 --> 02:06:18.750
where right up against the fence between my neighbor
02:06:18.750 --> 02:06:21.630
and I, and so the fence is caving over and rotting.
02:06:21.710 --> 02:06:24.310
Yeah. So our plan is like, yeah, okay, we'll
02:06:24.310 --> 02:06:27.260
go in and, replace some posts and stuff and the
02:06:27.260 --> 02:06:29.340
more we're digging into the dirt and pulling
02:06:29.340 --> 02:06:33.939
up posts and things um when the two houses were
02:06:33.939 --> 02:06:36.760
originally built we're guessing there was like
02:06:36.760 --> 02:06:39.720
a concrete curb poured from the front of our
02:06:39.720 --> 02:06:41.779
property line all the way to the back between
02:06:41.779 --> 02:06:45.340
us and in that curb were four by four post holes
02:06:45.340 --> 02:06:48.279
we're unearthing it right because it's just been
02:06:48.279 --> 02:06:53.510
buried um And so it turns out, yeah, it's his
02:06:53.510 --> 02:06:55.510
fence by property line because the dirt that
02:06:55.510 --> 02:06:58.729
my previous owners dumped to push the entire
02:06:58.729 --> 02:07:01.829
fence over snapped it off at the base of the
02:07:01.829 --> 02:07:05.090
posts a couple of times. And we're going to give
02:07:05.090 --> 02:07:10.600
it a shot. Just I mean, he's a fun guy and pretty
02:07:10.600 --> 02:07:13.779
quirky. So he's got like just a ton of materials
02:07:13.779 --> 02:07:15.899
throughout his backyard and stuff. But we picked
02:07:15.899 --> 02:07:18.779
out we found, you know, replacement posts and.
02:07:19.250 --> 02:07:21.270
um little bits to repair the sections and things
02:07:21.270 --> 02:07:24.250
we're not doing a brand new fence um but we've
02:07:24.250 --> 02:07:27.840
unearthed you know there's there's uh what looks
02:07:27.840 --> 02:07:29.840
more you know we're not doing a survey but you
02:07:29.840 --> 02:07:32.520
know we have a better boundary of what the lot
02:07:32.520 --> 02:07:35.819
line is and um the whole dirt thing is super
02:07:35.819 --> 02:07:39.079
strange but he's it's all on my land uh or my
02:07:39.079 --> 02:07:41.979
property um he's gonna split the cost to take
02:07:41.979 --> 02:07:45.090
that dirt and put it elsewhere So other areas
02:07:45.090 --> 02:07:47.609
around my house where I've needed positive grading
02:07:47.609 --> 02:07:49.789
to keep the water away from the foundation. So
02:07:49.789 --> 02:07:53.189
great. Now I have a ton of dirt coming up. So
02:07:53.189 --> 02:07:55.149
that's been a lot of fun and I've been getting
02:07:55.149 --> 02:07:59.289
to know him really well. And the entire time
02:07:59.289 --> 02:08:02.170
I've lived at that house, it's his house has
02:08:02.170 --> 02:08:04.470
been kind of less and less maintained. Well,
02:08:04.489 --> 02:08:05.850
it turns out he's been dealing with health issues
02:08:05.850 --> 02:08:08.189
for like the past five years, the entire duration
02:08:08.189 --> 02:08:10.510
of my ownership. And so getting to know him now
02:08:10.510 --> 02:08:13.850
he's doing better and everything. I mean, the
02:08:13.850 --> 02:08:16.090
dude's got a fire under him. So it's really cool
02:08:16.090 --> 02:08:18.829
to kind of like chat to him. Nice to have good
02:08:18.829 --> 02:08:21.890
neighborly relations. Yeah. Yeah. And building
02:08:21.890 --> 02:08:23.569
a fence together is definitely one way to do
02:08:23.569 --> 02:08:25.989
it. Yeah. Well done. One of those teamwork things.
02:08:26.090 --> 02:08:28.729
Thanks. Well done. Yeah. So that's my carve out.
02:08:28.989 --> 02:08:31.750
The fence is currently disassembled and I've
02:08:31.750 --> 02:08:34.350
got a temporary one up and we'll get to it when
02:08:34.350 --> 02:08:37.130
we get to it. But we're also, I think, patient
02:08:37.130 --> 02:08:39.369
enough that it doesn't have to be done yesterday.
02:08:39.470 --> 02:08:43.300
And, you know, we're realistic to the. how things
02:08:43.300 --> 02:08:46.920
go and we'll get to it when we get to it or we'll
02:08:46.920 --> 02:08:50.380
have a huge backyard split nice yeah that's great
02:08:50.380 --> 02:08:52.560
you know what i think is uh one of the nicest
02:08:52.560 --> 02:08:56.119
things in some neighbors fence yards fence yards
02:08:56.119 --> 02:08:57.739
is when they put in a friendly neighbor gate
02:08:57.739 --> 02:09:00.399
i was thinking about that and a little uh hey
02:09:00.399 --> 02:09:02.220
you want to hang out and usually it's for kids
02:09:02.220 --> 02:09:03.680
right like they both have kids around the same
02:09:03.680 --> 02:09:05.979
age and now they can actually access each other's
02:09:05.979 --> 02:09:08.439
backyards and houses i mean that's usually a
02:09:08.439 --> 02:09:11.960
sign of a really nice thing yeah i've been thinking
02:09:11.960 --> 02:09:15.069
about it but I don't know. I don't think there's
02:09:15.069 --> 02:09:17.729
too much of a reason. You could always put it
02:09:17.729 --> 02:09:21.010
in the future. His opens up pretty big. And forever
02:09:21.010 --> 02:09:23.170
I've wanted to put a car back there. Or something
02:09:23.170 --> 02:09:26.989
in my backyard. Because it's real classy. No
02:09:26.989 --> 02:09:31.689
wheels. Preferably rusting. Leaking fluids in
02:09:31.689 --> 02:09:36.649
his car. Especially. But he's got like a bifold
02:09:36.649 --> 02:09:38.090
gate. I don't think it'll work out or anything.
02:09:38.470 --> 02:09:41.350
But thinking out loud. Alright. Good carve out.
02:09:42.060 --> 02:09:46.319
How was your chili? All right. So my car is that
02:09:46.319 --> 02:09:52.359
at the request of my beloved, I agreed that I
02:09:52.359 --> 02:09:54.920
should be cooking more. And when I like to cook,
02:09:55.000 --> 02:09:58.899
I like to make a giant meal that then can serve
02:09:58.899 --> 02:10:01.699
for like several days or it could be frozen and
02:10:01.699 --> 02:10:05.560
be used later. And I asked AI because I'm also
02:10:05.560 --> 02:10:08.520
somewhat lazy. I want to do it in the most efficient
02:10:08.520 --> 02:10:10.800
way possible. And I asked AI to come up with
02:10:10.800 --> 02:10:14.380
a. recipe for the instapot and i said i want
02:10:14.380 --> 02:10:17.060
high protein chicken or beef like it to be spicy
02:10:17.060 --> 02:10:20.720
and i'd like it to you know last for this period
02:10:20.720 --> 02:10:22.680
of time and like use the instapot and i came
02:10:22.680 --> 02:10:25.819
up with this red texas chili that turned out
02:10:25.819 --> 02:10:29.100
to be really good good good there are there are
02:10:29.100 --> 02:10:33.680
dried peppers that we soak and puree as the base
02:10:33.680 --> 02:10:36.180
not the hatch peppers not not the hatch okay
02:10:36.180 --> 02:10:38.100
that's the next recipe i've got to ask for okay
02:10:38.100 --> 02:10:41.220
and and we put in four and a half pounds of chuck
02:10:41.220 --> 02:10:44.340
roast chopped it up seared it put it together
02:10:44.340 --> 02:10:48.859
with garlic and spices and and it's amazing I've
02:10:48.859 --> 02:10:51.960
now made this three times and it's even better
02:10:51.960 --> 02:10:54.399
this time than it was the first two times. So
02:10:54.399 --> 02:10:57.760
we've adapted the recipe a little bit. The first
02:10:57.760 --> 02:11:02.600
time AI asked me, I think I asked AI to just
02:11:02.600 --> 02:11:05.239
use an Instapot. So the searing was even in the
02:11:05.239 --> 02:11:08.340
Instapot. In this case, I seared in cast iron
02:11:08.340 --> 02:11:12.180
and cooked the onions in the cast iron and then
02:11:12.180 --> 02:11:14.659
transferred things into the Instapot rather than
02:11:14.659 --> 02:11:17.430
trying to sear. three and a half four and a half
02:11:17.430 --> 02:11:19.569
pounds of chuck roast in an instapot you can
02:11:19.569 --> 02:11:22.210
do it but it's actually better to sear it in
02:11:22.210 --> 02:11:24.970
cast iron separately your cast iron so on the
02:11:24.970 --> 02:11:26.609
grill because you're an induction stove right
02:11:26.609 --> 02:11:29.090
i do have an induction stove and the cast iron
02:11:29.090 --> 02:11:30.949
works perfectly oh really induction stove oh
02:11:30.949 --> 02:11:32.750
absolutely it's magnetic it's ferrous metal i
02:11:32.750 --> 02:11:34.850
was wondering yeah that's perfect no problem
02:11:34.850 --> 02:11:37.670
that's wicked anybody that has not used an induction
02:11:37.670 --> 02:11:41.909
stove i will say that you should try it before
02:11:41.909 --> 02:11:44.930
you think gas is better although you won't have
02:11:45.500 --> 02:11:48.020
boulders power outages keep knocking people off
02:11:48.020 --> 02:11:50.560
the grid but assuming you have reliable power
02:11:50.560 --> 02:11:54.979
uh induction stoves outperform gas stoves all
02:11:54.979 --> 02:11:58.760
day long i think um yeah and you're not introducing
02:11:58.760 --> 02:12:01.399
combustion gases into your home so there are
02:12:01.399 --> 02:12:04.000
so many reasons to be on induction but a lot
02:12:04.000 --> 02:12:07.520
of people are just so anti there's electric there's
02:12:07.520 --> 02:12:11.380
a nostalgia for how things were done and i think
02:12:11.380 --> 02:12:15.020
gas stoves fit in there and they just don't know
02:12:15.020 --> 02:12:17.399
that's my take i've never heard anybody that's
02:12:17.399 --> 02:12:19.180
had an induction stove want to go back to gas
02:12:19.180 --> 02:12:22.600
yeah it's the only thing that concerns me with
02:12:22.600 --> 02:12:24.939
induction is scratching the surface but we've
02:12:24.939 --> 02:12:26.680
been you know we've now had this stove for six
02:12:26.680 --> 02:12:28.859
years and pretty sturdy it's holding up it's
02:12:28.859 --> 02:12:31.920
fine so we've not yet to be a little i'm always
02:12:31.920 --> 02:12:33.760
really careful because you've got heavy metal
02:12:33.760 --> 02:12:36.399
and a glass top and i'm like oh man got to be
02:12:36.399 --> 02:12:38.439
really gentle with this thing but it's held up
02:12:38.439 --> 02:12:41.340
yeah And that's also not really a barrier because
02:12:41.340 --> 02:12:42.939
it's like, oh no, I scratched the thing that
02:12:42.939 --> 02:12:44.659
I used to cook. Oh, I'd be more worried about
02:12:44.659 --> 02:12:47.060
it. Not just scratching it, but actually shattering
02:12:47.060 --> 02:12:51.340
it or something. Okay. I made a rough roast using
02:12:51.340 --> 02:12:52.720
an AI recipe. I'm sure it's tempered glass, by
02:12:52.720 --> 02:12:54.859
the way. It's gotta be. It's not. Yeah. They're
02:12:54.859 --> 02:12:57.779
not doing like. I bet you can find a YouTube
02:12:57.779 --> 02:13:00.119
video where people try to stress, stress test
02:13:00.119 --> 02:13:02.619
these induction stove tops because they appear
02:13:02.619 --> 02:13:05.760
to be durable. Knock on wood. Yeah. Yeah. I made
02:13:05.760 --> 02:13:07.699
a roast with an AI recipe. It was delicious.
02:13:09.109 --> 02:13:12.329
we got a, I think I've done a pork shoulder with
02:13:12.329 --> 02:13:15.470
AI, a roast with AI. And then I used it to reinvent
02:13:15.470 --> 02:13:19.449
a, um, or reinvent or like find me reverse engineer,
02:13:19.489 --> 02:13:21.470
a family recipe that I couldn't remember the
02:13:21.470 --> 02:13:24.470
name of. Um, and it's like, you know, you got
02:13:24.470 --> 02:13:27.029
to check it like searing in an Instapot. Crazy
02:13:27.029 --> 02:13:30.590
idea. But like, yeah. And it's turned out they're
02:13:30.590 --> 02:13:34.829
yummy. Surprising use for AI. And, uh, and you
02:13:34.829 --> 02:13:37.449
could basically tell it what. you what your end
02:13:37.449 --> 02:13:39.590
product you want to be or what the cooking experience
02:13:39.590 --> 02:13:41.970
is like and it'll spin up something that actually
02:13:41.970 --> 02:13:44.550
works really well yeah go figure meal planning
02:13:44.550 --> 02:13:46.369
too and you get the cost proportion down and
02:13:46.369 --> 02:13:49.510
also got the wife points yeah wife points taylor's
02:13:49.510 --> 02:13:51.670
um she brought up that i'd never cooked for her
02:13:51.670 --> 02:13:53.649
before and i was like well that just can't be
02:13:53.649 --> 02:13:56.550
so planned a couple meals out and stuff and cooked
02:13:56.550 --> 02:14:00.189
for her okay yeah i was like that doesn't count
02:14:00.189 --> 02:14:03.770
but All right, well, that's the end of the House
02:14:03.770 --> 02:14:05.789
Einstein podcast. If you've made it this far,
02:14:05.890 --> 02:14:08.109
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