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 [...]
Fresh Boulder Listings, Get ‘Em Hot
by Osman Parvez Happy Friday, Boulder. Here's what hit the market this week plus a few ramblings by yours truly. Fresh Listings, Get 'Em Hot 25 properties entered the Boulder Real Estate Market this week. 6 were actually old, refreshed listings, leaving 19 fresh properties. Here's a link -> Fresh Boulder Listings. 3 of the 19 are already under contract. I know it's only mid January but desirable properties go quickly. Seriously, you can't wait until the weekend. "New listings in this market? It's like throwing fresh meat to a pack of wolves." [...]
Quick Correction
by Osman Parvez A quick correction to my post from earlier today. The actual sales volume increase for Boulder houses in the price trance of $500,000 to $600,000 is 86%, not 91%. Here's the revised chart. An 86% increase is still massive by the way. Why the difference? I went through the the numbers again this morning and removed duplicates from the data set. IRES has a "hide duplicate listings," but it's not very good with condos. Many imported Metrolist sales are actually duplicates of IRES, so manually cleaning up the data is required. [...]
High End Condos Sales Boom in Boulder [Analyze This]
by Osman Parvez What if I told you that higher end condo sales in Boulder increased massively in 2013? Take a look at the following chart. Get The Research Right now, I'm crunching numbers for House Einstein's 2013 year end report and interesting trends are starting to appear. Folks - you will not find this analysis anywhere else. If you want a copy, click here to sign up. To produce the chart above, I did a price range analysis for house and condo sales in Boulder utilizing data from both MLS systems. I compiled the data and [...]
Last Month’s Research [Get it Cold]
by Osman Parvez For those of you who aren't subscribed to my research reports, here's a look at what you're missing. You can download a few older reports from last year by clicking the links below. Enjoy! November's House Einstein Research Report (link) with Sales Data (link) December's House Einstein Data (link) and monthly sales sheet (link) --- 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.
Boulder Market Update – by the Numbers [Fresh Listings]
by Osman Parvez Time for a quick update on market conditions - by the numbers style. Thirty five listings have hit the MLS since January 1st in Boulder. Here's how it breaks out: Think the market has slowed? Guess again. 14% of listings since January 1 are already under contract (19% if you remove refreshed listings). Check out the average days to offer. Keep in mind that most agents are a little slow to update the MLS, which means the reported average days to offer should be considered conservative. The real number is likely lower. [...]
No Rest for the Wicked [Tales from the Trenches]
by Osman Parvez As the Polar Vortex loosens it's icy grip on Boulder, I find myself day dreaming about turquoise water and fruity drinks with tiny umbrellas. Oh to have my feet in the sand and the warm sun on my face! Too bad, not this year. Why? It's only early January but the Boulder real estate market is already off to the races. The Pipeline at Dawn So - what's a pipeline? For me - it's not a famous beach on the north shore of Oahu. It's an ongoing list of pending deals - a [...]
2013 Ends Strong for Boulder Real Estate [Analyze This]
by Osman Parvez So, how did the market do in 2013? Let's take a quick look at preliminary year end sales numbers for Boulder real estate. As you can see from the charts below, the Boulder real estate market experienced modest sales volume growth despite record low inventory. Single Family Houses Over the last six months (ending in December), 408 houses closed - an increase of 12% from the previous year. At least 50 properties closed during December, about the same as 2012. 804 houses closed during 2013 - an increase of about 5% from the year earlier. [...]
Top 10 House Sales in Boulder [The BEST]
by Osman Parvez Ready for some real estate eye candy? Let's celebrate the New Year by reviewing the most spectacular home sales in Boulder. Before we get started, cuddle up next to the fire with Uncle Osman. Let's talk about a couple of important characteristics of ultra high end homes. The Waterfront Effect When the market is rising, highly desirable properties tend to experience a greater rate of appreciation than mere average properties - far greater. As a consequence, buyers will pay a premium for a coveted piece of Boulder real estate but in the long run, the [...]
