Violet Park – What’s the Vision?
by Osman Parvez What does the future of this park look like? Wait - where is Violet Park, again? If you don't know, you're not alone. It's located on Violet Avenue, just east of Broadway. It's directly adjacent to Violet Crossing. Here's a map of the area. For now, Violet park is city owned open space. It's slated for a future park, however. For nearby residents, the park has the potential to add serious value. It's also directly adjacent to the North Boulder Sub Community and Nobo Arts District. The 2014 approved budget shows $500,000 going into the [...]
How Tight Can You Squeeze? [Development]
by Osman Parvez Earlier this week, Boulder City Council enacted a moratorium on building permits for multi-family housing on University Hill. Did you catch it? The (cough) emergency moratorium runs through March 18, 2015. Sound familiar? Long term blog readers may recall this was the very same tactic Council used in their opening salvo against view blocking large houses in Newlands. It eventually led to the Compatible Development Ordinance - rules limiting house sizes and certain architectural design elements such as so called "looming walls." In economic circles, this is called squeezing the balloon. CU plans to expand [...]
City Budget Swells to Supersize
by Osman Parvez So - just how big is the City of Boulder's budget? I don't know about you, but I find myself wondering every time I see our municipal fleet rolling around town. specialty vehicles for all! In case you don't have time to sift through hundreds of pages of budget-ese, I'll tell you. The total 2014 budget is $269.5 million, or about $2,700 for each and every Boulder resident. 84% is for operating purposes, the rest allocated to capital improvements. Here's something that should concern you. Boulder's budget has grown an average of 6.2% over the past [...]
Sorry Boulder Sellers, You Blew It.
by Osman Parvez Ahh... Autumn's in the air. If you're a boulder real estate seller, I've got bad news for you. The summer selling season is OVER. The following charts show the percentage change in Inventory from about two months ago. As you can see in the charts above, active listings - those you can actually buy - have dropped nearly 10% for houses and a whopping 25% for attached dwellings (condos, townhomes, etc). Listings that are pending (about to close) or under contract have fallen a massive 38% for houses and 30% for attached dwellings, respectively. note: [...]
It’s Time to Preserve Long’s Gardens [Speak Up!]
by Osman Parvez The Hawthorn Community Garden is located on Long's Farm Long’s Gardens is a third generation, family owned and operated iris farm in the middle of Boulder. This near 100 year old farm is situated on about 25 acres at 3480 Broadway, essentially the heart of Boulder. It's also home to Growing Gardens, a Boulder-based non-profit organization whose mission is to enrich the lives of our community through sustainable urban agriculture (Full disclosure: I serve on the Board for Growing Gardens) City Council has a public discussion scheduled for tomorrow at 6pm on preservation efforts at Long's Gardens. [...]
Tear the Roof Off the Sucker
by Osman Parvez Rubble, rubble everywhere. Boom! 1301 Walnut is no more. The old historic building is gone and construction is now underway for a new four-story office building in downtown Boulder. The future 63,000-square-foot commercial building will feature class A office space (upper levels), flexible space at the street level, and yet more offices below grade. It will also be LEED Gold certified. Here's what the future building will look like. Meh. The Planning Board somehow gave this project unanimous approval, but it looks soulless to me. We need more high quality office space in downtown [...]
Development Update – Gunbarrel Edition
by Osman Parvez --- Here are images of ongoing development in Boulder. The following projects are located in Gunbarrel. Pics were taken August 12, 2014. Apex 5510 nears completion Apex 5510 (details): Rent starts at about $1,100 for a studio. 100% rentals. Photo Album Boulder View Apartments (6653 Lookout Rd) nears completion Boulder View Apartments (details) Building A: 3 story multifamily building containing 20 units. To include 8 single car garages on main level totaling 1,873 square feet, 21,047 square feet for residential units on three levels, and 1,325 square feet in decks and porches Building B: 3 story [...]
Don’t Wait, Adjust Your Strategy NOW
by Osman Parvez Heads up. The summer real estate season in Boulder is coming to a close. If you're still in the market to buy or sell, it's time to adjust your strategy. Take a look at inventory trends during the month of July. The chart above shows attached dwelling inventory (i.e. town homes and condos) in the City of Boulder from the end of June through today, July 30. The blue line is available, the orange line is under contract, and the grey line is pending. Since the end of June, available attached dwellings have dropped 18% [...]
Bidding Wars and Overpaying – Brutal
by Osman Parvez I represented buyers in two intense bidding wars this past week, both of which went significantly over asking. In both cases, my buyers were disciplined. They were willing to let the houses go when it came to paying too much or giving away too much in contingencies. Ultimately, you've got to know when to walk away and have the confidence to do so. Understanding valuation is the key to having confidence in these sort of negotiations. It can be tricky with certain types of property - especially when comparables are thin to none. Won [...]
Eye Candy and Boulder Sales Volume – Analyze This
by Osman Parvez --- Ready for more analysis of Boulder real estate? Check out the following. You're looking at sales volume for the period January 1 to June 15 for the past several years. Houses are green, town homes and condos are orange (a nice peas and carrots effect, don't you think?) Real estate closings have slowed. Condos and town home sales have dropped about 4% but home sales have fallen far more. Sales volume is down nearly 21%. Don't trust one of my competitors telling you differently. They're selling you something (or clueless). [...]
MORE Bad Data (Inventory in Boulder and Louisville)
by Osman Parvez Time for a quick look at inventory in Boulder and Louisville. First a couple of details. I'll explain why these distinctions are important in a moment. Available inventory = all property not under contract + property with a first right of refusal. The vast majority of first right properties will not sell to the party who retains that right of purchase, so I'm treating it as available (and so should you). Under contract = property that is under contract with a buyer (i.e. listed as active/backup) + pending status listings. Pending usually means the property [...]
The Market is Hot for $1MM Boulder Condos, Right? WRONG [Analyze This]
by Osman Parvez Sorry, it's been a while since I last posted. Clients are my #1 priority and we're now in the busy season for real estate in Boulder. Expect blog postings to remain slim during the summer. If you want me to represent you (buying or selling), just call me at 303.746.6896. I'll give you the straight talk, no hand waving or pushy sales pitch. The Boulder Condo and Town Home Market Google your way around the net. You won't often find much in the way of analysis on market conditions for Boulder condos and town [...]
Boulder Development Update [Pics]
by Osman Parvez I snapped a few quick pics of large development projects in Boulder this morning. Take a look (click for a larger photo). Talk about a looming wall, check out Boulder Junction's parking garage. After last year's floods, you have to wonder about all the below grade infrastructure. The units in this corner should have impressive views. Some of us actually pedal to properties. The Branding Iron, 69 Affordable Housing Units going in next to Chez Thuy Additional Resources: House Einstein's Boulder Development Map Boulder Junction Photo Set Branding Iron Details --- Like this analysis? Subscribe [...]
Boulder Real Estate Sizzles and It’s Not Even Summer [Market Update]
by Osman Parvez Here's a quick glance at market conditions for the City of Boulder. The following charts show absorption for traditional single family houses and for condos and town homes (attached dwellings). Absorption is simply sales volume expressed as a percentage of the preceding month's inventory - a measure of liquidity. The chart above is for single family houses. Absorption spiked to 38.4%, a 10+ year high. This is slightly more than 2x the long term average for the month of April. This next chart is for town homes and condos (attached dwellings). [...]
15 Properties Worth Seeing [Get ‘Em Hot]
by Osman Parvez Did you miss me? I was traveling last week and with two separate negotiations in play, I just didn't have time to blog. It usually happens around this time of year. Blogging takes a backseat to active negotiations. Clients come first. Well, let's get to it. Fifty two new listings hit the MLS this week. I've sifted through them, thinking I'd struggle to find ten properties worth seeing. Surprise! I found fifteen. Ready to see them? Call me to arrange a showing at 303.746.6896 1825 Marine Street #18. [...]
