Gold Run is a condo complex located between 28th and 30th Streets, just south of Arapahoe Ave in Boulder, Colorado. It is uniquely positioned along Boulder Creek, the Boulder Creek multi-use path and Scott Carpenter Park, close to the 29th St Mall, near a boat load of amenities and of course CU Boulder.
Gold Run has just over 360 units. A mix of 1, 2 and 3 bedroom condos on Shadow Creek Drive and Sundown Lane and a row of larger townhomes on Springdale Drive. There are a number of different floor plans and when shopping for a Gold Run condo, chances are you won’t see the same one twice. But if you do, you can be sure it will have a different view or location and may or may not be in a building with underground garage and elevator access.
See below for my Gold Run condo analysis that plots sold date against price for all sales in the last five years. I have separated out 1, 2 and 3 bedroom units for your viewing convenience and to maybe answer the question: Do 3rd floor condos always sell at a premium over lower levels? Below that… My summary, warnings and points to note.
Ok, so a couple of things to keep in mind:
1. 2009 and 2010 were not great years for Sellers in Boulder. We had the inventory but the buyers were timid… They stayed on the fence about buying until 2012. In early 2012 with low rates and low inventory and the economy looking up, buyers had more confidence and so began their competitive offers.
2. At any given time there are only ever a handful of Gold Run condos for sale or recently sold. As such, charts like the above need to be taken with a grain of salt. Small data sets are easily skewed and cannot possibly provide an accurate overall picture of the market for a Gold Run condo. They are kinda fun to look at though and with that in mind, I went with the more artistic line graph! 🙂
3. As these are all condos/townhouses, we can be assured that each has no lot size to differentiate it from the next. What we cannot possibly know from this data is the location in the complex – overlooking the parking lot or Boulder Creek or green space; The presence of underground garages or elevator access; Or the condition of the real estate – run down or recently renovated. All of which change a Gold Run condo’s desirability and value. For these reasons, a price per square foot analysis can also be misleading.
The data and analysis that the first series of charts provide is a great overview of the market, and it’s certainly interesting to keep in mind as a Buyer or Seller of a Gold Run condo. But like most one-dimensional type analysis, it should not be used exclusively for pricing or valuation of real estate.
The Sales by Month chart is more useful to us. Not in pricing so much as determining when the best time to seek a buyer might be. Like the Boulder real estate market in general, Gold Run has a peak selling season. Allowing 45-60 days for a contract to buy to get to closing, we can estimate that putting a Gold Run condo up for sale in February will give us the most time during the peak selling season to get it sold. Since the Gold Run market is also significantly tied to CU and we know most leases run Aug 1st to July 30th, we should be aiming to sell or rent it before the new school year starts.
If you are a potential seller and would like my help in determining pricing, marketing strategies (including best time of year to market) and staging to sell your Gold Run condo faster and for more money, call me. I’m happy to put together an analysis and a report that is specific to you and your Gold Run condo. Let’s discuss your needs, your time frame and the circumstances that affect or compete with your real estate transaction.
In the event that you decide that the time is not right for you to sell and you would rather rent out your Gold Run condo or townhouse, I can help with that too. I’m an experienced property manager who believes that a personal touch improves landlord-manager-renter relationships and provides long term benefits for the property.
As a Buyer, you are more than welcome to call me. I can of course show you anything that is for sale, Gold Run condo or something else, and I would be absolutely delighted to work through the numbers with you. I’d like nothing more than to help you determine which properties meet your needs and/or set listing alerts so that you are the first one to know when the right property hits the market. My established relationships with lenders, inspectors and title companies are the icing on the cake… Helping me help you to get the right property for the right price, with no nasty surprises!