March Madness [Analyze This]
by Osman Parvez We posted our analysis of recent bidding wars last week in The Over-Under in Boulder Real Estate. Here's a comparison to last year. The percentage of properties which sold for more than asking in March expanded from 20% to 34% of sales, year over year. Sales volume dropped 10%. Keep in mind that this analysis is for the overall market for residential property in Boulder, which includes attached and detached dwellings. Takeaways No surprise, the market is tight. Inventory in Boulder is tracking about 70% below average, mortgage rates are still near record lows, and the economy [...]
The Over-Under in Boulder Real Estate [Analyze This]
by Osman Parvez One of our competitors marketing letters hit our mailbox this morning. As usual, it contained the usual "I'm #1" sales pitch and some charts that might have been relevant a few months ago. If you're buying or selling real estate in Boulder, you can't rely on old market data. You need to know what's happening right now. You need actionable, relevant information. Here's the skinny. 118 houses, town homes, and condos sold last month in Boulder. 34% sold for more than asking, 26% sold for asking, and 40% were sold at a discount. That's [...]
What Snow Storm? Go See the Fresh Listings [Get ‘Em Hot]
by Osman Parvez A storm is bearing down on Boulder this weekend, but if you're seriously shopping for real estate - put on your boots. You need to see listings when they're fresh. This week, 26 new property listings hit the Boulder real estate market. We culled the bad locations, refreshed listings, and other undesirables. Here are 12 worth seeing. Call me to schedule a private showing. 303.746.6896. Attached Dwellings 1301 Canyon Blvd 408 | $1,249,000 More Details If you're looking for a turn-key, luxury condo, this is a good option. The location doesn't get any closer to [...]
The Impact of the Expanded Smoking Ban in Boulder
by Osman Parvez City Council passed an expanded smoking ban last night. Effective March 19, smoking will be banned at all Parks and Recreation and Open Space & Mountain Parks lands, all multi-use paths and 25 feet on each side of the paths, 25 feet from all transit stops and building doorways, outdoor seating areas at restaurants or taverns, the downtown Boulder Business Improvement District, the Boulder Civic Area, and the area surrounding Boulder High School. A map of the entire downtown Boulder smoke-free area is below. The ordinance prohibits smoking and using e-cigarettes or electronic smoking devices. Violators will be subject [...]
Boulder’s Strong Demand and Record Low Inventory [Analyze This]
by Osman Parvez ---- Writing offers and getting nowhere? You're not alone. Record low inventory and strong demand is what you're up against. No happy talk and hand waving. We advise our clients with the facts about market conditions. It's the only way to help you make a smarter real estate decision. Let's look at the numbers. Boulder House Inventory The chart above shows inventory of detached, single family houses in Boulder over the last twelve years. That bright green line on top? That was record high inventory five years ago. The dark blue line at the bottom? Last [...]
Fresh Listings, Valentine’s Weekend Edition [Get ‘Em Hot]
Thirty shiny new listings hit the Boulder market this week. We sorted out the good from the bad, tossing the properties with bad locations, refreshed listings, and other unworthiest. These are the best of the bunch. Readers have asked why we don't throw more listings under the bus. Sadly, the Realtor code of ethics prohibits us from making disparaging public remarks about listings. It also makes our job harder when it comes time to negotiate. Instead, we'll point you to ones that are worth a look - and we'll tell you why. If you're shopping for a home in Boulder, [...]
Shockingly Low Immunization Rates at Boulder Schools [Analyze This]
by Osman Parvez ---- Neighborhood desirability (and thus appreciation) is closely linked to school performance. We routinely bring this topic up with buyers, whether they have children or not. It's just one of the ways we help our clients make a smarter real estate decision. We recently learned that a database is now available to look up immunization rates for individual schools in the 20 largest districts in the state, including BVSD. We put together a chart showing local schools with the highest immunization exemption rate. Take a look. If you have concerns over unvaccinated children, you may want [...]
Fresh Boulder Listings [Get ‘Em Hot]
by Osman Parvez 24 new listings hit the Boulder real estate market this week. 3 are already under contract, 2 are flips, and 4 are old listings from last year - reinserted as new. I dug through what remains and only 6 are worth your time. Remember, I can show you any of these properties and unlike the listing agent, I don't represent the seller. CLICK HERE to schedule an appointment. Here are my picks: 2110 Columbine Ave | $670 | More Info This one could use a remodel. Pros: North South orientation, easy access to open space and retail, [...]
Forecast: Bidding Wars Ahead? [Analyze This]
by Osman Parvez ---- Anxious for accurate market data? Check this out. You're looking at the last few years of Boulder real estate appreciation - the change in median sale value for houses, attached dwellings, and the Martin Acres Index are broken out. Show me a better performing asset class with easy access to financing, a high percentage of leverage, preferred tax treatment, and where you can host a dinner party. Houses posted three solid years of gains in Boulder. Condos out performed in 2012 but trailed houses in 2013 before gaining some ground in 2014. The [...]
Martin Acres Index Jumps 12.7% [Analyze This]
by Osman Parvez Planning to buy or sell Boulder real estate? Pay close attention to market conditions if you want to make a smarter real estate decision. House Einstein's Martin Acres Index (MAI) is the average sale price for arms length transactions of basic 3 bedroom, 1 bath ranches in Martin Acres. The data is cleaned for duplicates and other common errors and covers 18 years of market activity. Pay attention to the MAI - even if you're shopping for other property types, price ranges, or locations. It's the most uniform neighborhood and property type in Boulder. Last [...]
Community Forum To Take On Housing Challenges!
by Osman Parvez On Thursday January 22nd, the City of Boulder announced that it will be hosting a community forum called Why Housing Matters! to discuss opportunities and ways to address Boulder's housing challenges. This public forum will give residents a chance to engage in constructive conversations regarding how to best achieve our city's housing goals, while simultaneously upholding our community values. Participants in the forum will be asked to choose two Housing Boulder goals to discuss in greater detail with their fellow community members. Additionally, members of the five Housing Boulder working groups will be at the forum to listen [...]
What’s It Worth? FAR LESS Than You Thought
by Osman Parvez About a month ago, I told you about a 5325 Hickory Avenue. I asked you to play a game: What It's Worth. Here are the results. 17 people provided their best estimates of the eventual sale price. Estimates ranged from a low of $549,000 to a high of $698,700, a spread of nearly $150,000. The average estimate was $616,517. The house closed on January 8th. The actual sale price? $565,000 or about 6% BELOW the asking price. In a market with record low inventory and intense buyer demand, this is shocking. What happened? A [...]
By the Numbers | December
by Osman Parvez Here's a fresh look at the Boulder market, with data through the end of last month. 45 houses sold during December, 18% for more than the asking price. Despite the bidding wars, the median negotiated discount was 1.5%. Let's take a closer look at the numbers... A couple of things to note As prices move upward, so do the negotiated discounts. Within the data set are a few transactions with large discounts and premiums. Market knowledge is power. Mis-pricing is caused by lack of knowledge. It usually results in leaving money on the [...]
$1MM+ Sales SPIKE [Analyze This]
by Osman Parvez 2014 saw a massive increase in high end home sales in Boulder. Here's the chart you won't find anywhere else: Within the City of Boulder, 161 $1MM+ houses closed this year - up a massive 24%. This follows a 25% increase from the previous year. Note: I'm talking about "houses." $1MM+ condos and town homes saw a 37% decrease in sales volume this year, most likely driven by scarce inventory. Caution Signs Are Flashing With the stock market recording large gains this year, it's tempting to reallocate and deploy capital in Boulder real [...]
Google’s New Boulder Campus and More [Weekend Reading]
by Osman Parvez Ready for some weekend reading? Here's a quick roundup of interesting real estate tidbits for your reading pleasure. 1. Google's new Boulder Campus gains preliminary approval. This is a huge deal. Once constructed, the new facility will allow Big G's Boulder employee base to grow to around 1,500 people. The impact to Boulder housing will be substantial, particularly at the mid range of the market. Here's why. Most of these employees will make too much to qualify for affordable housing and yet not have enough resources to take down $1MM+ homes. That means the mid range is [...]
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Testimonials
We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
