Bidding War?
by Osman Parvez Why do we counsel clients to prepare themselves to move quickly? Because good deals don't last long. Here's a real life example. The other day, I posted about recent $1MM+ sales in Boulder. One of these properties was located at 3173 3rd street in the Newlands neighbhorhood, a much sought after location in Boulder. As I mentioned in the post, that home sold for $2.2MM, a discount of $300K after 9 months on market. A few weeks ago, 3168 3rd street, a home across the street, was listed and sold for nearly $100K more than asking. The [...]
Boulder Off-Campus Housing Fair
by Osman Parvez It's that time of year again. Fall Pre-Leasing! This Wednesday (Feb. 15), from 10 a.m. to 4 p.m. the University of Colorado at Boulder will host it's spring Off-Campus Housing Fair. This is the kickoff to the fall rental season and many landlords and rental companies will participate. The fair is a "one-stop" shopping place for students, faculty, and staff to collect information on housing opportunities. If you are thinking about renting, you may also want to do the math on buying as well. You might be surprised. Be sure to read my post, "Can Buying Save [...]
Finding the Right Colorado School District
by Osman Parvez Finding a home with great schools is important to many of our clients. Yet, most aren't sure where to find information about local schools. If you're looking for a home or other real estate in anywhere in Colorado, buyers can start their research by looking up schools on the state's school accountability website. You'll need to know which schools serve the properties you are interested in. Check the MLS listing sheets provided by your realtor. You can also start your search the other way around. Say you discover that the Bear Creek Elementary School here in Boulder [...]
by Osman Parvez Awoke yesterday morning to a fresh 4" of powder. Beautiful. While parts of the high country are enjoying record snowfall, Boulder has only received about 1/3 of it's average for the Winter. With highs in the upper 50's this week, the white stuff won't stick around for long. ---- 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 or call 303.746.6896. You can also like our Facebook page or follow us on Twitter.As always, [...]
Recent Boulder Home Sales ($1MM+)
by Osman Parvez In the past few days, a couple of high-end Boulder homes were acquired. 3173 3rd Street sits on 1.4 acres in very desireable Newlands . A stone's throw from Mt. Sanitas and backing to open space, this gem features custom cabinetry, honed marble counters, natural finishes, wood and stone flooring, and unparalled views. With ~4,600 sqft, this 4BD, 4BA home is luxurious and spacious. History: The property was originally listed in May of 2005 at $2.5MM and underwent three price reductions before selling earlier this month for $2.2MM, a $300K discount (8%). 2816 9th Street was built [...]
Is the Sky Falling in Boulder?
by Osman Parvez After traveling it always seems to take a few extra days to catch up on the work that piled up while I was away (hence the scarcity of blog posts). In the meanwhile, I've noticed more than a few doom and gloom news items about the real estate market. These pieces include a roundup of realtor or gadflyesque blogs on the bubble and another about buyers fleeing to Mexico. From the over-hyped sound of it, real estate is falling off a cliff and investors in particular are desperate to get out. Given that real estate isn't one [...]
New Boulder Dream Homes
by Osman Parvez In the past week several interesting high-end properties have been listed on the market, including two newly constructed properties. Perhaps one of these is your dream home. For a private showing, please contact us at 303.746.6896. Here's a taste... 743 Utica Ave $1,349,500 4 BD, 4BA This ~3,600 SQFT newly built custom home is directly in front of Wonderland Lake, with unobstructed views of the lake and mountains. It features large rooms, an open floor plan, decks, and coffered ceilings... 625 Hawthorn AVE, Boulder, 80304 $1,550,000 4BD, 4BA This very large new construction ~4800SQFT home in Newlands [...]
Why Boulder?
by Osman Parvez Why does a company like Crispin Porter + Bogusky pick a small town like Boulder, Colorado to setup shop? In business, innovation is a critical competitive advantage. Some have said it's the only sustainable advantage. In the recent past, it was fairly routine to evaluate a company's assets based on financial statements. The estimated value of plants, industrial machinery, and equipment can still be found on the balance sheet. But the most critical assets aren't on the balance sheet, they aren't bolted down on the assembly line, they walk in and out of the building each day. [...]
Boulder Million Dollar Discount Homes
by Osman Parvez Two January sales of note on Boulder's high end. 1333 King Street sold on January 4th for $1.2MM. Originally listed for $1.6MM in July of 2004, this home had 5 price reductions and was on the market for a whopping 553 days. The sale price represents a 25% discount from original asking (and 11% from the final asking price). The nearly 5,000 sqft, 5 Bed, 4.5 Bath home featured a designer kitchen and was completely renovated in 2001. As is the case with higher value properties, the Chautauqua location of this home was truly stellar. This sale [...]
Seniors Are Driving Condo/Townhome Sales
by Osman Parvez Yesterday I wrote about the steadily increasing volume of Condo sales, pointing to demographic factors as core drivers. I did a bit more digging today, spending some time on our excellent state demographer's website. (p.s. If you're looking to analyze and understand colorado demographics or get a forecast of the future, this is a great place to start.) Using 2005 as the base year, I compared projected growth of those 60yr and older to that of the total population for Boulder County. As expected, the 60 yr+ group of the population is expected to grow at a [...]
You Want Boulder Listings? YOU GOT IT!
by Osman Parvez Taking advantage of changes in IDX listing availability, today we've added full MLS Boulder listing search capability at Realty Unique. This morning the system went live. We hope it makes it much easier to find the exact home you're are looking for. On the site, you can search for property, sign up for listing alerts, and more. Plus, there's the usual best buys, featured listings, and resources. By creating a way for our clients to search for property via our website, we can now handle the full experience from soup to nuts (as they say) and that [...]
Boulder Condo & Townhome Days on Market
by Osman Parvez What about Days on Market (DOM) for Condos and Townhomes? In this segment, we see an interesting potential trend shift. Median DOM decreased while overall sales and the average DOM increased. There are several possible explanations. One is that slow moving properties create an outlyer effect. They aren't sold a few days after the typical property, they are sold at after a substantially longer period of time. Even in a slowly warming market outlying properties will continue to skew the average. Meanwhile, the drivers for attached dwelling sales are likely going to continue to increase. The first [...]
Boulder Homes Days on Market in 4Q
by Osman Parvez This morning, we're digging further into the numbers on Boulder's market. The chart below depicts the number of homes sold (still preliminary for 4Q05) relative to the days on market (DOM) for the same period. This analysis is for single family home sales, no condos or townhomes relative to average and median DOM. Why both average and median? To illustrate the consistent skew caused by outlying sales. In plain English, there are a certain number of homes that sit on the market for very long periods of time. If you only look at average numbers, these slow [...]
Boulder, according to Wikipedia
by Osman Parvez It was only a matter of time. Boulder now has its very own Wikipedia entry. For the record, Marley and I are fans (and frequent participants) of the Thursday Night Cruiser Rides referred to as "Happy Thursday" in the entry. The bit about the student "riots" is a touch overemphasized. We're not talking about random violence, gunfire, and the city being set on fire (ala L.A. riots). Boulder's riots are essentially large student parties that get out of hand and are typically confined to parts of the University Hill area. Like this analysis? Subscribe to our [...]
Boulder Real Estate: A Tale of Two Markets
by Osman Parvez Based on preliminary estimates, Boulder real estate in the 4th quarter of 2005 was a tale of two markets. As the chart below indicates, there was a split between the high and low end of the market. 4Q sales to current inventory was fairly high below $700K, with the highest ratio between $600 and 700K. Meanwhile between $700K and 1.2MM, the ratio was noticeably lower. What is sales to current inventory? Take the number of homes sold and divide by the current number of homes in inventory. This gives you a rough approximation of the relative performance [...]
