Impacts of the Subprime Implosion
by Osman Parvez ---- By now, you probably know that there's been a rapid increase in the number of subprime lenders tightening standards or closing their doors. Novastar Financial (NFI) and New Century Financial (NEW) in particular (see charts below). According to a new Credit Suisse report, nearly two dozen subprime lenders have ceased operations or have been acquired in the past year. Cumulative losses from subprime loans could exceed $10Bn over the next couple of years. The question you're probably asking... what does it mean for the Boulder (and the regional) real estate market? Here's a few thoughts. 1. [...]
Whole Oats?
by Osman Parvez ---- I pay attention to the business community in Boulder and have been a little surprised at the somewhat negative spin that local media has taken on news that Whole Foods (WFMI) is seeking to acquire Wild Oats (OATS). There's concern for Wild Oat's employees because of likely store closings and slimming of redundant business units. Some are wondering about the impact to the local economy. The spin is wrong. Here's why overall it's a very good thing for Boulder. There's a virtuous cycle to entrepreneurship. When young successful companies like Wild Oats are acquired, many local [...]
Fresh On The Market
by Osman Parvez Last year, I wrote a piece on the issue of refreshed listings. It's when a seller (or their agent) pulls the property off the MLS and then reinserts it with a new MLS number, making it appear as if the listing was "new" on the market and restarting its days on market (DOM) statistic. A few weeks ago, Business Week even ran a story about it. The rationale? When many homes in an area are re-listed as new, it skews the "average days on market" statistic, making the market look healthier than it really is. For sellers, [...]
Boulder in 3D (Google Earth 4)
by Osman Parvez ---- As some of you know, @Last's SketchUp (a Boulder startup) was purchased by Google last year. I've been playing around with SketchUp for a while now and the possibilities for using it seem endless. I've already designed a few dream homes. A friend of mine has even used it to play with "pop up" scenarios and modeled shadows to see how far he can expand without impacting his neighbors. Pretty cool. It seems some of the features have been incorporated into Google Earth 4. A few creative types have done a great job of modeling Boulder [...]
Don’t Hire Your Friends
by Osman Parvez ---- Does buying or selling a house have to be a painful experience? A friend shared a horror story with me the other day. It was his first home and like many, he chose a friend to be his agent. It went badly. Choosing a friend as your agent is a common mistake. Whether from loyalty or a belief that friends would never steer you wrong, people often choose friends to help purchase or sell a home. At first glance, it might seem as if there is nothing wrong with that. After all, if you can't trust [...]
Hold Your Fire!
by Osman Parvez ---- You know it's cold when homeowners in Boulder are setting fire to their own houses to keep from freezing. Perhaps blowtorches aren't the best solution for frozen pipes, but that didn't keep some from trying. A Boulder couple accidentally burned their own house down on Sunday. Good news, warmer weather is on the way. Although a little late for this homeless couple. Image:Misocrazy ---- Like this analysis? Subscribe to our client research report. Want to get blog updates via email? Click HERE. Ready to buy or sell? Schedule an appointment [...]
Why Pearl Street Works
by Osman Parvez ---- Since first moving to Boulder, I've enjoyed Pearl Street's independent shops, cafes, and art. When we have out of town guests, a stroll through the Farmer's Market and Pearl Street is usually on the agenda. And I don't even like shopping. Pearl Street is different somehow. Even when we don't have guests, I enjoy a visit and frequently meet with clients or friends in one of its cafes or restaurants. The Pearl Street Mall is a central feature of Boulder and quite simply, it works. Have you ever wondered why? Today I came across a piece [...]
The Future of Boulder Transportation
by Osman Parvez ---- If you're a regular reader of this blog, you're well aware of upcoming transportation and other infrastructure changes in and around Boulder. The changes will be substantial and have long term impact to our community. Development plans are being drawn up for and around Transit Village and there are massive upgrades planned for US36. We've attended a number of meetings on the subject and I've written about it several times in the past. Today, columnist Robert Greenlee chimed in with a critical editorial in the Camera. His piece lashes out at City transportation planners. He writes, [...]
City Snow Plow Problems?
by Osman Parvez ---- Call Felix Gallo, Coordinator for Transportation and Utilities Maintenance. Or as the Camera calls him. The Plowmaster. Contact information below. By the way, it looks like the crews have been putting in a massive effort to keep the roads in Boulder safe. According to a letter to the editor, published in the Camera (bold is mine).... As the Transportation and Utilities Maintenance Coordinator for the city of Boulder in charge of snow operations since Dec. 12, I would like to invite citizens to contact me directly with concerns and/or comments regarding our efforts during the recent [...]
The Smartest City in America
by Osman Parvez Congratulations Boulder! Forbes Magazine calls us America's Smartest City. From Forbes: Boulder, Colo. may seem like a surprising winner, but it’s no ordinary university town. The University of Colorado’s students and staff account for about 38,000 of the city population of 282,200. Boulder, though, is also sticky enough to keep many of its own graduates around--and attract others. “Boulder is recognized as a very exciting town to go live in,” says Bert Sperling, founder of Sperling’s BestPlaces. “It’s attracting young degree holders who want to go somewhere with an outdoor lifestyle.” If they don’t come for the [...]
The Crystal Ball of Real Estate
by Osman Parvez To honor the passing of widely admired, free market economist Milton Friedman perhaps it's time for a post on economic forces in real estate. If you're not into economics, market drivers, etc., you might want to skip this post. I'll try to write this so it's more interesting, but remember Economics is called the dismal science for a reason. Many recent clients are asking whether to buy/sell now or to hold off on their real estate decisions. They're reading the national news about dropping prices and increasing inventory and rightly wonder whether local prices will be up, [...]
Worst House, Best Neighborhood.
by Osman Parvez You've heard it before. If you want to make money, buy the worst home in the best neighborhood. Here's your chance to have multimillionaire neighbors for a fraction of the cost. I just walked in the door from showing one of the best Boulder home buying opportunities I've seen in a long time. The asking price is the high $6's and all the neighbors are $2.0M+ . This house hasn't been on the market in 30+ years. The last rehab was in the 70's but the house has great "bones." The bare dirt lot next door sold [...]
October Market Updates Available
by Osman Parvez It's hard to believe that October is already a third gone. How time flies. Are you ready for my usual monthly market updates? Has Boulder real estate shaken off the summer's slump? What about local inventory levels and sales? How are Days on Market? This month I thought I'd try something different. I posted a link to the report in our research archive at realtyunique.com. This is the same report I send to my investor clients, friends and colleagues. In that file you'll find summary tables of local real estate conditions, showing both year/year and year to [...]
My “Best Of” Boulder
by Osman Parvez I finally got around to creating a "Best Of" archive of blog posts and research reports, including The Realty Unique Report, in depth research I put together last year. There's also an example of fix and flips in Boulder from my research last winter. Click HERE to visit the archive. It's also linked in the right menu under "Best Of" articles. If you have any suggestions for "Best Of" material from this blog to include in this archive, please let me know. I'll be adding to it in the coming weeks. ---- Like this analysis? Subscribe [...]
Highlights of Boulder
by Osman Parvez Many of our clients visiting Boulder ask about things to do while they're here. Usually, I’ll sit down with them over a map and point out neighborhoods, features and attractions. Recently I decided to take a few minutes to put together a list. If you’re planning a visit to Boulder, here’s a few of our favorite things to do. 1. The Pearl Street Mall. Take a stroll through Boulders famous pedestrian mall. Indulge in ice cream, watch street performers, admire sculpture and water features, people watch or shop for that little something you won’t find anywhere else. [...]
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Testimonials
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.
