Gold Run Condominiums, Boulder CO – Market Data Analysis

2014 Stats for Gold Run Condominiums, Boulder CO

Good morning folks! Happy Monday to you.  I thought we might start with a year in review of the Gold Run Condominiums, Boulder CO.

Gold Run is located in central Boulder, between 28th and 30th Streets, just south of Arapahoe Rd. What makes it attractive to students and professionals alike? Well, it’s just a stones throw from CU Boulder for one. A resident can easily walk or bike using the bike paths and tunnels that take them under 28th St and west to CU or east along Colorado Ave to the other campus buildings. The Boulder Creek Path follows the river west to downtown Boulder also.  It is an easy commute via Foothills, 28th St or Arapahoe to other parts of Boulder or neighboring communities. Gold Run Condominiums, Boulder CO is poised to take advantage of public transit and hosts an E-Go car for those who join the car share program.

Amenities at Gold Run include a health club with gym, pool, sauna, steam room, hot tub, racquetball courts, outdoor volleyball and tennis courts. Very nearby are Scott Carpenter Park, the 29th St Mall (cinema, restaurants, shopping and department stores). For your added convenience, Safeway, various banks, liquor stores, bicycle repair and what not, are walking distance.

The grounds of Gold Run are what makes it special in my opinion. How many other condo complexes, centrally located or otherwise, are set on park-like grounds? None that I know of. When you visit Gold Run Condominiums, Boulder CO the first thing you may notice is the abundance of tall, mature trees. This is a 1980’s complex. Yes, it’s architecture somewhat gives that away… But stroll around. Discover for yourself the short-cut walking paths between the buildings. Take in the blossoms in spring, the sound of Boulder Creek, the quietness of the area despite how close it is to the busy bike path and streets. Gold Run feels established – It has been part of the larger Boulder community for a long time and I have been tracking how it performs in the real estate marketplace for a long time too.

Gold Run residents are a mix of students, young-ish professionals and grad students – couples and singles, and a demographic you may not automatically think of. Retirees.  A location such as Gold Run has, offers people the choice of not owning a car, or not driving the one they own, so attracts a certain personality. Some buildings have basements (those not located right on the creek) and elevators and the units are in buildings that are 2-3 stories high. While it’s proximity to CU will always guarantee a stream of willing student and faculty renters, because Gold Run attracts those not affiliated with the university I find it paints a decent picture of the rental market in Boulder, year over year and tells a compelling story about our real estate sales too.

 

This chart, on first glance, shows the seasonality of the market. If you’ve read my posts before you’ll likely have seen that this trend is the same all over Boulder County (and beyond). Attached dwellings and detached houses show the same cyclical nature for real estate sales. You can sell any time… But spring through summer is when we see more buyers, lower days on market stats and higher prices in years when inventory is higher and it’s not such a strong seller’s market.

Gold Run Condominiums, Boulder CO

 

If you are thinking of buying or selling in or around the Gold Run Condominiums, Boulder CO, then price per square foot is something that should be investigated. When it comes to detached houses and various Boulder Colorado neighborhoods, I don’t like using price per square foot. There are too many other variables – lot size, view, degree of renovation and maintenance etc. But Gold Run is different. For the most part these condos have the same location, amenities and were all built in the same style at the same time. Of course some have been updated more than others and nothing beats taking a good look at the kitchens, bathrooms, views from balconies and windows etc, but in general Gold Run Condos are predictable when it comes to price per square foot.  This data can be used to compare Gold Run to other complexes located similarly, but built between the 80’s and 2014, offering wildly differing amenities as well as look and feel.

Gold Run Condominiums Boulder CO

What a beautiful trend line! Surprises you doesn’t?

One may have thought that 1,2, or 3 bedrooms might make more of a difference to price. Or that 1st, 2nd or 3rd floor might. It’s there, but it’s subtle and even at first glance you can tell if you are priced ridiculously high or low compared to everyone else, so you’d better be able to justify it. Buyers, this info is good for you too. Is the condo you just fell in love with, priced right? Is your offer going to be a low-ball one? (Good luck with that, you have too much competition still and spring has not even sprung yet!)

As of last week there were 2 one bedroom condos for sale and 2 under contract.  This week a third Gold Run condo has hit the market… Priced at $310,000 and boasting 970 square feet. This would put our newcomer pretty much on the trend line that is already establishing itself in 2015. Listing prices are just a little higher than last year.

2014 Statistics for the Gold Run Condominiums, Boulder CO

  •  Listings sold on average at 98% of listing price
  •  Average Days on Market = 68

One Bedroom Condos: 

  • Average Sold Price: $199,300
  • Average DOM: 40

Two Bedroom Condos: 

  • Average Sold Price: $293,063
  • Average DOM: 73

Three Bedroom Condos: (1 data point)

  • Sold Price: $416,000
  • DOM: 54

 

Final thoughts…

I currently have several buyers who are considering Gold Run. If you are contemplating selling and would like a “no strings” sit down chat to discuss the pro’s and con’s, get a feel for the market value of your unit or would like to know how I can help, please call me: 303-746-6765

I am a property manager with a few Gold Run units in my portfolio and experience in finding and thoroughly checking out great tenants. If you would like more info on my property management services, I would be delighted to talk to you also.  (Yes, you should ask for references from me! Yes, I can easily and happily provide them.)

Students and parents of students, I will be at the January 28th CU Housing Fair. Stop by my table and meet me 🙂

 

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