Score
0Boulder, CO
1010 Union Ave
2.7M
6 beds
4 baths
3,175 sqft
6 bd • 4 ba • 3,175 sf
This analysis was generated on 2/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$2,725,000
Price/Sq.Ft
$858
Year Built
1987
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Desirable North Boulder Location: The property is located in a highly coveted area, close to open space trails, the NoBo Library, Wonderland Lake, and the BMoCA arts hub. This location offers a blend of natural beauty and cultural amenities. Properties in North Boulder command a premium due to their proximity to these features.
• Minimal Flood Risk: The property has a minimal flood risk (1/10) and is located in FEMA Zone X_UNSHADED. This reduces the need for flood insurance and provides peace of mind. The average flood risk in Boulder is around 3/10, making this property more secure from flood-related issues.
• Recent Renovations: The property has undergone recent renovations, featuring a modern, minimalist design with high-end finishes. This reduces the need for immediate upgrades or repairs.
• Abundant Natural Light: Skylights, vaulted ceilings, and expansive sliding glass doors flood the open-concept layout with natural light, creating a bright and airy living environment. This is a highly desirable feature for many buyers.
• Functional Layout: The open-concept layout, chef's kitchen, and versatile second-story addition provide ample living space and cater to a variety of lifestyles. The 6 bedrooms and 4 bathrooms offer flexibility for families or those who need extra space for guests or home offices.
The Bad
• High Price per Square Foot: At $858.27, the price per square foot is significantly above the Boulder average, which ranges from $600-$750 (source: Zillow, Redfin). This premium may not be justified for all buyers, especially considering the home's age (built in 1987).
• Estimated Insurance Costs: The estimated insurance cost of $9,810/year is very high. This is likely due to the severe fire risk and could significantly impact monthly carrying costs. The average home insurance in Boulder is around $2,000-$3,000 per year, making this almost 4x the average.
• Centennial Middle School Rating: The middle school's rating of 5/10 is below average and may be a concern for families with children in this age group. Boulder has a good school system overall, so this rating is below the city average.
• Traffic Congestion: Boulder experiences traffic congestion, particularly during peak hours and on weekends. Consider commute times and access to public transportation. The property description mentions being close to trails, but not close to major transit arteries.
• No Mention of HOA: While the absence of HOA fees might seem positive, it also means there are no shared amenities or community maintenance, which could be a drawback for some buyers.
The Ugly
• Severe Fire Risk (8/10): The property faces a severe fire risk, potentially leading to very high insurance premiums and the need for ongoing mitigation efforts. Properties near the foothills and forested areas face heightened wildfire exposure. This drives up insurance premiums significantly.
• Age of the Property (Built in 1987): While renovated, the underlying structure is over 35 years old. This could lead to unexpected maintenance issues or the need for future upgrades to major systems (e.g., plumbing, electrical). Older homes have higher costs than newer homes overall.
• High Property Taxes: While Colorado's property taxes are relatively low compared to other states, Boulder's high property values mean the actual tax bill could still be significant. This will contribute to higher monthly carrying costs. It is estimated to be about $700 per month.
• Potential for Bidding Wars: Given the desirable location and limited inventory in Boulder, the property may attract multiple offers, potentially driving up the final sale price.
• Competition from Cash Buyers: A significant percentage of Boulder home sales are cash offers, putting buyers relying on financing at a disadvantage. This may require a stronger offer to win the bid.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Design-Conscious Buyers: The minimalist, European-inspired aesthetic will appeal to those valuing modern design and clean lines.
• Buyers Seeking a North Boulder Location: Proximity to open space trails, the NoBo Library, Wonderland Lake, and the BMoCA arts hub is ideal for those prioritizing access to these amenities.
• Buyers Valuing Natural Light: The skylights, vaulted ceilings, and expansive sliding glass doors create a bright and airy living environment.
• Buyers Wanting Move-In Ready Homes: With recent renovations and upgrades, this property is suitable for those seeking a home that doesn't require immediate projects.
• Buyers who can manage estimated monthly costs of $14,000-$16,000: Considering a 20% down payment, a ~7% interest rate, ~$817/month for insurance, and ~$700/month for property taxes, this property is best suited for individuals comfortable with these expenses.
Not For
• Buyers on a Strict Budget: The high price per square foot ($858.27) and overall listing price may be prohibitive for those with limited financial resources.
• Buyers Seeking a Large Yard: While the property features a lush backyard, buyers prioritizing a larger outdoor space may find it insufficient.
• Buyers Averse to Wildfire Risk: The severe fire risk (8/10) may deter those uncomfortable with the potential for wildfire damage and associated insurance costs.
• Buyers Requiring a Low-Maintenance Property: While the property has been recently renovated, ongoing maintenance and potential repairs are inevitable.
• Buyers Needing Guaranteed Appreciation: Real estate investments always carry risk, and there is no guarantee of future appreciation.
Demographics
Area Median Income
$98,985
Property History
Price History
Ownership Timeline
$2,575,000Cash Purchase
May 9, 2023Justin Wessels, Aafke EggensMichael Chambers, Leita Chambers
Warranty Deed
Standard Sale (Purchase/Resales)
$0Financed
May 16, 2012Justin WesselsJustin Wessels, Aafke Marieke Eggens
Intrafamily Transfer
Non-Arm's Length Transactions
$640,000Cash Purchase
May 16, 2012Russell Frederick Agee, Debra Lynn AgeeJustin Wessels
Warranty Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
May 16, 2012Justin WesselsJustin Wessels, Aafke Maieke Eggens
Intrafamily Transfer
Non-Arm's Length Transactions
$640,000Cash Purchase
May 16, 2012Russell Frederick Agee, Deborah Lynn AgeeJustin Wessells
Warranty Deed
Standard Sale (Purchase/Resales)
Property Taxes
$11,802
2024 Tax Assessment
24.8%from previous year
Assessed Value$140,352
Tax Rate8.41%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
7.0/10
GoodHigh
8.0/10
ExcellentFinancials
Monthly Costs
Market Rent (6 bed)
Get a detailed estimate on Zillow$1,480
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