Elder Care Facility Now Flop House – A Curious Tale
by Osman Parvez Here's the curious tale of 1795 Quince Street. I can share this real estate adventure as my client is no longer pursuing the property. Once upon a time, 1795 Quince was a regular house on a relatively quiet street in N. Boulder. It was owned by a real estate agent who listed and sold it for $299,500 back in 1997 (listing sheet). The buyer of the five bedroom, three bath home was a non-profit called Anam Chara, which agreed to restrictive covenants in exchange for government subsidies. The restrictions included a requirement that the [...]
Boulder Condos Also in Short Supply [Analyze This]
by Osman Parvez On Tuesday, I posted an update on market conditions for traditional homes in Boulder (link). Now let's look at the market for town homes and condos (i.e. attached dwellings). Inventory Just as with traditional single family homes, there's a shortage of condos and town homes in Boulder - and it's getting worse. The spring market has even less inventory than last year. As of this writing, only 187 properties are on the MLS - about 17% below last year. 111 of those units or 59% of inventory is available for purchase (not under contract). [...]
Boulder is Desperate for Inventory [Analyze This]
by Osman Parvez We're still about a week from the official data release for February. Let's take a look at the preliminary numbers for Boulder Real Estate. The following analysis is for single family detached homes (i.e. no condos or town homes). For an in-depth analysis of Boulder real estate, sign up for House Einstein Research HERE. My next report is coming soon. Sales Volume 42 houses sold in Boulder last month, about the same as the previous year. Over the last six months, 334 sales have occurred - an increase of 5%. Inventory [...]
March Comes in Like a Lion [Fresh Listings]
by Osman Parvez $37,000,000 of inventory hit the MLS in Boulder this week; 59 town homes and condos, for a total selection of 361 properties. Here's how it breaks down: 29 new houses 30 new town homes and condos 13/59 new inventory already under contract (22%) 149/361 total inventory under contract (41%) My review with some notes (and picks!): UPDATE: I don't like how the embed is dragging the page down. Here's a link to download the PDF directly. --- Like this analysis? Subscribe to my research. Want to meet me in person? [...]
Buy on the Rumor, Sell on the News [Coming Soon]
by Osman Parvez The feeding frenzy over new listings in Boulder reminds me of my equity research days, when the firm's traders would buy on the rumor and sell on the news. The whisper, as it was called back then would fuel all sorts of speculative activity. Speculation was never my thing (I was on the research side) but it was fun to watch from the sidelines. Anyway, here's a whisper for you. I was checking out a used bicycle for sale (a full suspension 29'er, if you're curious) and I heard of a luxury house [...]
Weekend Plans? Let’s See Some Houses [Fresh Listings]
by Osman Parvez 32 listings hit the MLS this week and three are already under contract. About half of the available listings are actually worth seeing, in my opinion. If you're interested in showings via yours truly, call me at 303.746.6896. Here's the rundown with some commentary: Update (3/12): I don't like how the embedded document is dragging the view around. Here's a link to download the PDF directly. --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or [...]
Washington Village Update [Pics!]
by Osman Parvez To help prepare for the upcoming meetup on development, I've been visiting local projects underway. Washington Village I last posted about Washington Village when they broke ground three years ago but the project actually dates back at least six years. The developer ran into community opposition and a market downturn, gumming up the works. Let that be a lesson to would be developers. In Boulder, it's smart to have community buy-in. Read more of my coverage of Washington Village HERE. Here are my favorite pics: The developer describes the [...]
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 [...]
