Crash!
by Osman Parvez Oh no, could it be a real estate CRASH? The New York Times headline today announced a second consecutive month of slowing sales. What's the scoop? Sales are falling off a cliff, right? We must be nosediving into economic oblivion. It certainly sounds that way from the attention grabbing headline. You might think sales have dropped 20% or more. Well, not exactly. November sales nationwide were off by 0.1% from the same period a year ago. How many homes is 0.1% of our national market? 10,000. In November 2004, NAR reports 6,980,000 homes were sold. In November [...]
Tips: Curb Appeal
by Osman Parvez As I searched through listings here in Boulder the other day, I happened upon a property for sale that could serve as fair warning to potential sellers out there (buyers too, I suppose). It's a little lesson about curb appeal. Introducing MLS#457831 It's a 3 bedroom, 1,600 SQFT, $600,000 "Cape-Cod" style bungalow located at 2975 Washington Street in Boulder. Described as "charming" and a "rare find" by the seller's agent, this little ranch has sat on the market for nearly 180 days awaiting a buyer. The listing agent notes that it could be a "perfect remodel." Hmm... [...]
Caution: Coffee is HOT
by Osman Parvez Some readers may notice that over the past few weeks I've added a bit of legalese to this blog. Recognizing the unfortunate prevalence of litigation in our society, much frivolous and abusive in my opinion, means we need to take precautions. At the end of this page and at the end of every new post you'll notice a (painfully self-evident) legal disclaimer. It's akin to saying, "By the way, you are responsible for your own actions," something I thought everybody figured out by 3rd grade. Never-the-less, there it is. What drove the added caution, you might ask? [...]
Denver and Boulder Foreclosures
by Osman Parvez Denver and Boulder Foreclosures. There's a new piece from the Rocky Mountain News proclaiming an increase in foreclosures in 2005. The headlines scream, "Foreclosure Fatigue, '05 worst in 15 years!" It sounds like the housing market is collapsing, doesn't it? Well the sky isn't exactly falling here in the Denver/Boulder region. Read behind the attention getting headlines. What do you find? The number of foreclosures isn't adjusted for the base of homes. In other words, it doesn't take into account the greater number of homes (and homeowners) that exist today than in previous years. Buried in the [...]
Do You Think There’s a Bubble?
by Osman Parvez Do you think there's a bubble? According to a recent survey of 4,000 consumers, 66% of respondents believe there is. Of those, 58.7 percent believe the bubble will burst within a year and 41.3% think the bubble will still be alive and well a year from now. Few believe that real estate will suffer as badly as the stock market did when the bubble burst in 2001. The results of this survey aren't surprising given the endless media hype about the bubble. The opportunity within bubble mania is within its potential cooling affect across all real estate [...]
Transit Village Update!
by Osman Parvez Transit Village Update! The City of Boulder has released a staff memo outlining Planning Board discussion of the Transit Village Area Plan land use concepts and options assessment outline, used during their public hearing on Dec 15th. As you may know, planners have released two concepts for public comment. The memo includes a summary of public input from Open Houses conducted this fall. Both concepts "reflect a new grid system of local connecting roads, bikeways, and pedestrian routes. In the hub area, a series of connecting public squares or plazas to serve transit users, residents, employees, and [...]
Looking to Rent in Boulder?
by Osman Parvez Looking to rent in Boulder? Check out Housing Maps, a (free!) service which merges Google Maps with Craigslist for very effective rental housing searches. Of course, sometimes buying makes more sense than renting. We recently built a financial model to help our clients make a smarter decision. If you'd like our help, please contact us. If you are buying/selling, Housing Maps is somewhat less useful because only a small number of listings are posted on Craigslist (this is changing). However if you're renting, this tool can be great because Craigslist has been inundated with spammers as of [...]
CU Boulder : Buy or Rent? A Parents Survival Guide
by Osman Parvez CU Boulder: Buy or Rent? A Parents Survival Guide. So, your child is coming to CU Boulder and you aren't sure what to do about housing? Perhaps they're already here and after paying for on-campus housing or renting, you are re-thinking your options and wondering whether you should do the same next year. Does it make more financial sense to buy a condo or house? The infamous "pre-leasing" season for Boulder apartments is only a few months away and it's time to start doing your homework. Our main research article in the next Realty Unique Report is [...]
Realtor Conflicts and Buyer Agency
by Osman Parvez According to the Colorado Realtor Commission approved definitions of working relationships, a buyer's agent "works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity." Yet, brokers are constantly bombarded with enticements that may create conflict with their responsibility as a Buyer's Agent. Here's an example. Let's say I take up the realtor who emailed me today with an offer for $2500, a chair massage, gift certificates, and a free breakfast (click on image below). Later, when I bring my client to look at the property, [...]
Investment Strategies: Luxury Homes in Boulder
by Osman Parvez As of yesterday afternoon, there were 28 homes in Boulder on the market for $1,500,000 or greater. The median home is 5,250 SQFT, has an asking price is $1.9MM, and has been on the market for 178 days. Want a bargain? Check out the slowest selling luxury home in Boulder. 419 Canyon Blvd, on the market for 1,106 days. Originally priced at $2MM back in 2002, this 2,100 SQFT historic home (in the historic district) was reduced to $1.75MM in August, 2003. As I recently advised a client looking for a good investment, sometimes it pays to [...]
Go Izze!
by Osman Parvez Walking on Pearl Street the other day, I came across a shiny new Izze delivery van driven by two extremely enthusiastic Izze employees. Izze, makers of sparkling fruit juices in funky packaging, is another Boulder startup company that by all appearances is growing by leaps and bounds. Nearly every coffee shop and health food store here seems to keep Izze in stock. It reminds us of the success of Tom and Tom from Nantucket Nectars. Why post about Izze? Because one of the driving trends to real estate is Boulder's attractiveness to young and growing companies like [...]
New Boulder Condo Complex
by Osman Parvez The developers of One Boulder Plaza are thinking of their next big project. It's a 218,000-square-foot condominium complex in East Boulder on Arapahoe Avenue, near Flatirons Golf Course. The plans call for: 137 condominium units a community center on the property west of South Boulder Creek a 44,000-square-foot industrial building on the east side. Here's a map to the area. --- Like this analysis? Subscribe to my research. Ready to buy or sell? Click HERE to schedule an appointment or call 303.746.6896.As always, your referrals are deeply appreciated. The ideas and strategies [...]
Let it Snow!
by Osman Parvez It's early December and Boulder is just now getting its first real snowfall. The dry, fluffy white powder is falling here in town, meanwhile the mountain resorts are reporting new records. In Vail, the cumulative year-to-date snowfall is now 141.25 inches. This exceeds the 85/86 season record of 140 inches. Almost 4 feet of snow fell on Vail over the past week alone. Let it snow, let it snow, let it snow! By the way, for those of you who still think that the weather here in Boulder is something out of the Shining, let me dispel [...]
Boulder 29th Street Update
by Osman Parvez This afternoon we visited the 29th Street development and were surprised to see how quickly the new Home Depot was moving along. The wiring team has things organized for high efficiency. And workers were hustling to put up the sign on a Saturday afternoon. The grand opening is expected early next year. Nearby McGuckins could be in for a bit more competition, though little can beat the service at good ol' McGucks. We featured upcoming developments in this area, part of the Transit Village Area Plan in our recent research report. For a copy, please contact us. [...]
Boulder Real Estate Inventory Analysis
by Osman Parvez Last month's sales and inventory evidence for Boulder (our fair city) do not support a change in fundamentals. As shown in the chart for Boulder below, October had a 10% decrease in inventory of single family homes available from the same period a year ago. Meanwhile, the number of homes sold did not change. Thus far, (in Boulder, at least) there are few signs of a real estate downturn. Keep your eye on the upcoming indicators for the big picture. If you'd like to see how neighboring communities stacked up, please contact us. --- Like this analysis? [...]
