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 [...]
The Sky is Not the Limit | A History of Boulder’s 55′ Height Limit
by Osman Parvez Close your eyes. Imagine what Boulder would look like with 300 foot buildings stretching from downtown to 33rd street. Believe it or not, once upon a time, Boulder City Council was seriously considering allowing this to happen. a future that didn't happen in Boulder In November 1967, CU law school student Ruth Wright wrote a seminar paper called "History of Height Control and Environmental Aspects." It sparked a movement which led to the passage of an amendment to the city charter limiting the height of buildings to 55 feet. The amendment saved historic buildings in [...]
Come, Get Your Fall On [Events]
by Osman Parvez UPDATE: The Community Harvest Festival has been postponed until next Wednesday, October 8th. Are you ready for fall? Here's an event you should put on your calendar: Growing Garden's Community Harvest Festival Bring on the pumpkins! It's a family friendly event with pumpkin and face painting, live bluegrass, a beer garden sponsored by Post Brewing, and Oskar Blue's Chuburger Bonewagon (food truck). It's also held in one of the nicest autumn spots in town, the Growing Gardens Urban Farm on Hawthorne Ave. When: Wednesday October 1st 8th, 4pm to 7:30pm. Where: Growing Gardens, 1630 Hawthorne [...]
Boulder, Can We Talk?
by Osman Parvez Here's how last night's meeting went. Sam Weaver withdrew his ill considered proposal for a 9 month emergency moratorium and Council narrowly voted against a comprehensive development strategy. The vote was 5-4 against and interestingly, fell along gender lines with male council members against the measure. Construction Continues at the Wencel Building (9/17/14) As I mentioned in recent blog posts, Boulder needs an efficient public process that results in a shared vision for our future but enacting emergency powers to halt all new permits (of substantial size) wasn't the right approach. I'm glad City Council [...]
More on the Moratorium
by Osman Parvez A few additional thoughts to my post yesterday on Council Member Sam Weaver's proposal for a moratorium on building permits. 1. I'm not against additional study and public process. I'm for that. I'm against using emergency ordinances as a policy tool. 2. If you're against the emergency moratorium, consider signing this petition. You can also email Council directly at Council@BoulderColorado.gov and attend tonight's public meetings. 3. Erica Meltzer's Daily Camera article is informative. Here's an excerpt from my favorite comment: If we don't like how a few buildings turned out -- that, by the way, house [...]
Council Seeks 9 Month Ban on Building Permits [Aspenization]
by Osman Parvez Heads Up. Boulder City Council is preparing to vote on another emergency ordinance on Tuesday. The proposed ordinance is below. Links and bold text are my additions. The proposal is from Council Member Sam Weaver and of course, Plan Boulder supports the measure. ----- (a) the City Manager be directed to not accept applications for any Site Review as defined under BRC 9-2-14, or any review where land use intensity modifications or height modifications are requested, nor issue building permits for structures not already approved under such reviews except as provided in (c) below, and not [...]
Fed Releases Rental Study, Surprises No One
by Osman Parvez Can the next generation afford to buy? Short answer: not so much. That's one of the not so surprising conclusions from a recent Fed study. Income has not kept pace with real estate appreciation while the cost of higher education has continued to rise. Meanwhile, the majority of people - including most renters - think buying is a smart idea. From the WSJ: Why More Renters Aren't Buying (Hint: Weak Incomes, Savings): Around three in five respondents think that buying a home in their ZIP Code is a good investment, compared with one [...]
Full Steam Ahead: 1707 Walnut Street
by Osman Parvez Framing is nearing completion at 1707 Walnut Street. This new 3 story building will feature 26 units and underground parking. The permit pulled on 12/16/13 was for $3.7MM. The developer has begun pre-leasing with move in dates beginning in 1Q15. These modern urban lofts will feature interior finishes that include hardwood flooring, hardwood cabinets, solid surface counter tops and stainless steel appliances. Parking and storage are available. Here's what rent looks like. Additional Resources: Boulder Development Map --- Like this analysis? Subscribe to my research. Ready to buy [...]
End of Summer Boulder Market Wrap Up [Analyze This]
by Osman Parvez Ready for another look at market conditions in Boulder? Straight to the charts... This chart shows total inventory for houses (blue) and condos and town Homes (orange). Total inventory (which includes pending, active/backup, and active listings) has been dropping from late June through Labor Day. There are now 25% fewer houses on the market. Condos and town homes have fallen 33%. If you're a regular blog reader, you know that this seasonal pattern is normal for Boulder. Inventory grows in January and peaks in June before reaching a bottom in December. What's [...]
Council Looking for Ways to Increase Hobos Downtown
by Osman Parvez This is a controversial topic. I'm probably going to offend some people. I'm still diving in... Last week, the Daily Camera published Message to Boulder Council: Fight homeless with more housing. Here's the lede: The solution to homelessness is housing. That was the message the Boulder City Council heard from a series of speakers... If that's the primary message Council is getting, no wonder they're tone deaf to the community's outrage. The comments section nails it. Here's the top rated one: Oh give me a break. My wife can't even walk [...]
Narrowing the Gap [Analyze This]
by Osman Parvez Boulder real estate is cheap. What's that you say? Huh? Oh sure, it's pricey when you compare it to places like Omaha and Kansas City. Try comparing it to places you'd actually want to live - communities with fantastic public schools, a healthy economy, amazing weather and outdoor rec opportunities, a highly educated population, a research university, and proximity to a major airport hub. It's a short list. It's no secret why Boulder keeps attracting new residents (here's why). Despite the relentless demand, we're not building significant amounts of new housing within city limits. [...]
