Courtney Trice Monthly Real Estate Newsletter
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.
4149 Niblick Drive
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.
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.
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.
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
Current Mortgage Rates
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.
If your home is currently listed for sale, this is not a solicitation. All reported sales were not necessarily sold by the reporting broker.