Burn, Baby Burn – 820 Lee Hill Road [Development]
by Osman Parvez The upcoming North Boulder development at 820 Lee Hill Road, which used to be a training site for the fire department, will consist of 32 single family houses, six of which will be permanently affordable. Here's what the property looks like today: Here's what the developer envisions it will look like when construction is completed: The project site is zoned RL-2, defined in Land Use Code as “medium density residential areas primarily used for small-lot residential development, including, without limitation, duplexes, triplexes or townhouses, where each unit generally has direct access at ground level.” The [...]
New Listings for Valentine’s Weekend [Get ‘Em Hot]
by Osman Parvez Still trying to impress your sweetie this Valentine's Day weekend? Take her (or him) shopping for that dream home. Inventory is finally rising in Boulder but the most desirable properties are going under contract VERY quickly. To point, fifty-nine shiny new listings hit the MLS during the past two weeks. About a third are already under contract. The median asking price of the new listings is $470,000 for a 3 bedroom, 3 bath luxury condo. The lowest price is for a 1 bedroom affordable unit at the Peloton at only $125,000. At the other end [...]
Boulder Real Estate Gains 11.2% [Analyze This]
by Osman Parvez Driven by low mortgage rates and scarce inventory, the average price of single family detached houses increased 11.2% last year. The median increased 8.4%. It was a good year to be a Boulder homeowner. Of course, this doesn't mean that the typical Boulderite suddenly found themselves with an extra $50K in their pocket. It also doesn't mean your home appreciated 11.2%. Market conditions vary by price range, location, property type, design, and condition. Consult your neighborhood real estate expert if you'd like an analysis of your home's current market value. Additional Reading Volume Spikes in Boulder [...]
Development In Boulder [Meetup]
by Osman Parvez There is a ton of development going on in Boulder. Hundreds of new hotel rooms and thousands of new residential units are being planned or currently under construction. This month, we'll be talking about it at the Boulder Real Estate Meetup. Join us for a discussion about development in Boulder. We'll be talking about the impact of development on our neighborhoods, the real estate market, and more. The tentative date is Thursday, February 27th. Wednesday, February 26th. Stay tuned for details. Additional Resources Boulder Development Map New Boulder Hotels [...]
Slicin’ and Dicing Boulder Real Estate [Analyze This]
by Osman Parvez Record low inventory and record mortgage rates created interesting market conditions for Boulder real estate last year. Sales volume was up 12% for single family dwellings despite about half the normal level of available inventory. See Sales Volume Spikes in Boulder and Understanding Market Conditions in Boulder for more details. The median sale price in Boulder during 2013 was $629,000. By definition, half of the sold homes in Boulder fell below this level. $1MM+ sales represent only 15% of the market. $2MM+ sales are an even small slice of the pie, only 3%. Why? A lack [...]
Understanding Market Conditions in Boulder [Analyze This]
by Osman Parvez Last week, I wrote about rising sales volume for Boulder Real Estate and the importance of strategy suited for current market conditions. See Sales Volume Spikes in Boulder. Market conditions will always vary by price range, location and property type. Certain layouts are more desirable than others - open floor plans and bedrooms on the upper level, for example. The same is true with houses that have been recently updated with high quality finishes and modern paint colors. Sales volume for houses rose 12% last year in the City of Boulder, but not all price ranges [...]
601 Canyon Blvd [Correction]
by Osman Parvez Oops. If you go out on a limb, sometimes you'll end up eating humble pie. It turns out that my back of the envelope guesswork was way off the mark on 601 Canyon. I received an email from the developer yesterday with corrections. Here's a rendering of the project: Details on each unit are HERE. These properties were marketed for sale to individual owners not rentals, as previously reported. They are also all under contract, not surprising given the high demand and extreme scarcity for mid range luxury condos in Boulder. p.s. Despite sharing an address [...]
Boulder Junction Update [Pics!]
by Osman Parvez Here's a quick update and new photos from Boulder Junction, formerly known as Boulder Transit Village. Depot Square is the mixed-use, transit-oriented private development that will include an underground RTD bus station, Hyatt hotel, affordable apartment complex, parking structure and restaurant within the restored Boulder Jaycees Depot. It's located at 3151 Pearl Parkway. When complete, Depot Square will anchor the 160 acre Transit Village Area and create a nexus for redevelopment in Boulder. See "Promises, Promises" below. The Historic Jaycees Depot will become a restaurant/pub The RTD below grade transit center and affordable housing [...]
601 Canyon Blvd and the Magic 7 Cap [Boulder Development Update]
by Osman Parvez 601 Canyon Blvd When completed, there will be four brand spanking new residential dwellings in this multifamily building in downtown Boulder. Here's the breakdown: three two bedroom units, one single bedroom unit, plus a carport. The permit places the value of construction at $522,295 plus $25,000 for the carport. The rundown multi-family property was acquired in 2012 for $675,000 and Firstbank stepped up with a loan for $1.9MM. See this old listing for photos and details. Note the potential view. The Luxury Rental Market It can be challenging to ballpark luxury rents, but let's [...]
Fresh Listings [Get ‘Em Hot]
by Osman Parvez As expected, several of last week's listings are already under contract. Snooze, ya lose. Here's a look at this week's fresh listings, perfect for a showing this weekend. Call me if you're interested in taking a look. 303.746.6896. Oh, and don't forget your snow boots. --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at 303.746.6896.
Solana Nears Completion (Development Update)
by Osman Parvez Another for-rent only development is nearing completion in Boulder. Solana, located at 3100 Pearl features 319 apartments in four separate buildings and 8,112 square feet for seven retail spaces. The site will also include a recreation center, multi-use paths and a variety of interior courtyard spaces. Here's a pic I took over the weekend. Solana on January 24, 2014 There will be a two-story parking structure for just 363 vehicles. Given that many of those 319 units will be occupied by 2 adults with 2 cars, I wonder where everyone is going to park? Adjacent areas are [...]
Sales Volume Spikes in Boulder [Annual Review]
by Osman Parvez Boulder real estate sales spiked during 2013. Let's take a look at the numbers. 804 condos and town homes sold during the year, a 32% increase from 2012. 755 detached houses sold, a more modest 12% increase. Together, sales volume increased 21% in the city of Boulder. On a dollar volume basis, $901.3MM sold in 2013 representing a 30% annual increase. Condos and town homes comprised $265.2MM, up 44% from 2012. Houses worth $636.1MM sold during the year, up 25%. Osman's Thoughts Who is advising you? Numbers don't lie, sales and dollar [...]
Violet at Broadway [Development Update]
by Osman Parvez Just a quick photography update. Construction at Violet on Broadway (formerly Violet Crossing) continues at a breakneck pace. Slideshow and updated Boulder Development map below. Link to Slideshow View Development and Transportation in Boulder in a larger map More Reading --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at 303.746.6896.
This Week’s Listings + Comments
by Osman Parvez Ready for your weekend showings? 29 listings hit the MLS this week in Boulder. 8 are already under contact, 7 are old inventory from last year, leaving 14 shiny new listings for you to consider. Here's a link to the full 29 listings that hit the MLS -> LINK Call me at 303.746.6896 for questions or to schedule a showing. --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at [...]
Lessons from The Flood [Insurance]
by Osman Parvez Last September, many Boulder residents found out firsthand whether they had adequate flood insurance coverage. Debris still fills local drainages and experts are concerned with flood risk during the upcoming spring thaw. Are you adequately covered? What should you know about flood insurance? Join us this Thursday at the Boulder Real Estate Meetup. Catherine March from Affordable American Insurance will be joining us to share Lessons from the Flood. We'll also have Brandon Apple, Senior Project Manager from Mold Inspection Sciences presenting his tips for dealing with mold. I'll be hosting a discussion about [...]
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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.
