Market update & more….

Courtney Trice Monthly Real Estate Newsletter                                  

MARKET UPDATE                                                                                                      
Single Family Homes:

The percentage of single family homes under contract remains very high for prices up to

$750,000 in Boulder and up to $500,000 in Denver. The Boulder real estate market is

balanced (neither a buyer nor seller’s market) for home priced above $750,000.

There has been a surge of home buying in Boulder above $2,000,000.  For Denver

the market is balanced between $500,000 and $1,000,000, but slows above $1,000,000

and thereafter becomes a buyers’ market.

The inventory of single family homes for sale experienced a slight increase this month

over last, but is still very low by historic standards.

The low inventory is the primary reason we are experiencing substantial price increases

and fewer days on market to sell.  The close in mountain communities is the

only segment of the market that experienced notable increase in unit sold

volume as compared to last year.

Attached Dwellings (Condominiums and Townhomes):

The Boulder attached dwelling market is a strong seller’s market up to $500,000.

Between $500,000 and $750,000 Boulder’s market is balanced, and above $750,000

it becomes a Buyer’s market.  In Denver, it is a Seller’s market up to $300,000,

and a balanced market above $300,000 (even Denver’s high end attached

dwelling market is balanced).  The inventory of new attached dwelling’s for

sale remained flat in almost all segments of the market, therefore fueling a

greater buyer demand than we would be experiencing with normal historical inventory numbers.

     

FEATURED PROPERTIES                                                                                             

 

(click photo to watch video)

 4149 Niblick Drive
 $569,900
 Longmont, Colorado

Beautiful views from the deck of this

Lake Valley home on the golf course.

Lots of light in all the spaces, updated kitchen,

wood floors, big backyard to play and garden in,

large master bedroom with a deck, 4 bedrooms up, with young kids in the neighborhood.

Large unfinished walk out basement could add another 1400+ square feet of living space.

Over sized 3 car w/room for work space. Neighborhood features parks, basketball, tennis,

volleyball and a private lake swimming, boating and fishing.

 

 

14310 Wright Way
UNDER CONTRACT
 Broomfield, Colorado
 

 167 W Cedar Way
 UNDER CONTRACT
 Louisville, Colorado
 

2130 Goddard Place
UNDER CONTRACT
 Boulder, Colorado

 

 

NEIGHBORHOOD SPOTLIGHT                                                                                                          

Nickel Flats, Boulder  NEW DEVELOPMENT!

Coburn’s newest boutique building, Nickel Flats.

Nickel Flats is created in the great tradition of

connecting people to places. The contemporary

design and finishes of Nickel Flats are modern

with convenient single floor living, elevator access, covered parking and beautiful,

private terraces.  Set in an urban environment, the three story building has an

intimate feel with only sixteen residential units. With a variety of floor plans,

Nickel Flats has one, two and three bedroom layouts from which to choose.

The common areas provide access to outdoor space on each floor and every

home has large windows bringing the outdoors in and abundant natural light.

The architecture for Nickel Flats embraces the past industrial nature of the

neighborhood, while using only efficient and sustainable building design techniques.

http://www.nickelflats.com/

 

 

IN THE NEWS                                                                                                             

Work to begin on Gunbarrel Center in March   More than a decade in planning, the Gunbarrel Center mixed-use development is slated to break ground by the end of March.Situated on about 9.3 acres at the southwest corner of Gunpark Drive and Lookout Road, Gunbarrel Center will include 251 market-rate apartments and about 29,000 square feet of commercial space spread out among 14 three-story buildings to the east of Gunbarrel’s King Soopers grocery                                            store.  Read More

Bosch breaks ground on homes in Longmont   Bosch Real Estate Group LLC has broken ground on its 5280 Collection at Somerset Meadows, an enclave of new custom homes in southwest Longmont.
The site just off of Airport Road will consist of 13 homes ranging from $650,000 to $850,000. The two-story, ranch and walk-out floor plans are offered in a variety of styles ranging from Mountain Contemporary to Old World European designs.  Read More

Buildings under way at Lafayette Crossing  Construction is under way on a pair of new commercial buildings as part of the first phase of redevelopment of the Coal Creek Sports Center at the southeast corner of U.S. Highway 287 and South Boulder Road in Lafayette. The two buildings total about 15,000 square feet and will house seven to eight tenants total, including multiple coffee and food shops. Armstrong said his firm is close to announcing who some of those tenants will be. Read More

Institutional investors buying homes in Denver at increasing rate Institutional investors — non-lender buyers who have purchased 10 or more homes over the past 12 months — have hit the Denver real estate market in a big way during the past year, according to RealtyTrac. In a report  released Thursday, RealtyTrac said institutional investor activity in metro Denver was 20.1 percent higher in January than a year ago. By contrast, institutional investor purchases nationally reached a 22-month low in January.  Read more

Investors buy former Sam’s site in Louisville  A group of Boulder and Denver investors has purchased the former Sam’s Club building and property at 550 S. McCaslin Blvd. in Louisville with an eye on finding a new retail use for the site. Read More

 

MORTGAGE UPDATE                                                                                                 

Current Mortgage Rates

 Mortgage Type National Local APR%
15 yr fixed mtg 3.17% 3.25% 3.57%
30 yr fixed jumbo mtg 4.3% 4.375% 4.533%
30 yr fixed mtg 4.23% 4.25% 4.436%
5/1 ARM 2.78% 2.75% 5.796%
5/1 jumbo ARM 3.25% 3.5% 6.465%
FHA 30 yr fixed mtg 3.875% 3.875% 5.988%

 

Rates obtained 3-11-14  Examples based on a $300,000 purchase with 20% down payment and 760 credit. Jumbo options are based on a $600,000 purchase with 20% down and 760 credit.  These do not include taxes and insurance. Rates are subject to daily change based on market conditions and a variety of specific qualifications for borrowers.  This is neither a customer specific quote nor an offer or guarantee to lend. Provided by ABC Financing, 11178 Huron Ste 201, Northglenn, CO 80234, NMLS 207117, LMB100021250. Regulated by the Division of Real Estate

Thinking of Buying?                                                                                                                          

 

7 Signs of An Up-and-Coming Neighborhood

If you’re ready, willing and able to take on the challenge of buying in a up and coming type neighborhood, here are some signs to look for before property values shoot through the roof.

 

1)  Popular or otherwise “hip” businesses are coming to the area   Look for large businesses or corporations who choose a particular area for a new store; those companies tend to do a great deal of market research as well as projections for future profit before they choose a location. The same is true of the smaller, more specialized businesses; they attract customers with disposable income, even if they’re just selling the basics with style.

2)  Good location for a neighborhood “facelift”  Coastal, urban, and otherwise super-populated metro areas usually face tough governmental restrictions on building. Supply will dwindle as demand and prices rise. Neighborhoods that could use some work, but are close to attractive amenities (public transportation, employment centers), are prime candidates for the type of revitalization that can involve a whole neighborhood and push real estate prices up.

3) Flexibility is key  If striking change is made in one area, where previously nothing had been done or had reached a point of stagnancy, it could be a catalyst for complete revitalization. Tastes, like neighborhoods, can also change from decade to decade. New generations often bring a whole new set of needs and wants to the table.

4)   Pay attention to architecture  Neighborhoods with potential often find themselves propelled to renown by those with affection for the style of the area. Often, the most run-down neighborhoods are those filled with the most interesting and unique architectures. These areas might see tremendous growth when frugal new-homebuyers with a taste for a Tudor, Victorian, or Spanish style stucco pass through looking for a project.

5)   Watch for big economic projects  Always keep your eyes open for the huge projects undertaken by equally huge organizations. From cloud data storage centers in the Midwest to the new light rail in Denver, both are predicting future growth. Conversely, those places reliant on obsolete employers or industries will see rapid decline. Search for industry-wide investment, instead of looking to one specific company’s investment.

6)   If you build it…   Your eyes will be drawn to construction and renovation being done in an area where, previously, houses were falling apart and no one had bothered to fix them. Visit your city’s Building Permit office, and ask them if they have seen an upswing in investment in that area. They are often the most informed about everything from upcoming commercial development, to those projects supported by the city moved to the front of queue, in anticipation of development.

7)   Farewell to Days on Market   The next “hot” neighborhoods are often born from the ashes of an old one. For example, it once took 90 days to sell an excellent home in a not-so-excellent area. Cue a number of small business occupying previously empty storefronts; then, similar homes didn’t stay on the market longer than 45 days. A decrease in Days on Market can indicate a neighborhood with budding opportunity.

http://www.trulia.com/tips/2014/01/7-signs-of-an-up-and-coming-neighborhood/

If your home is currently listed for sale, this is not a solicitation. All reported sales were not necessarily sold by the reporting broker.

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