Dirty Data [Visualize This]
by Osman Parvez This post is mostly for the Realtors in the audience but it should also concern those who track real estate markets in Boulder and beyond. Back in January, I wrote an open letter to BARA concerning an data error in their statistical analysis. The chart below is a visualization of a problem with dirty data. IRES and Metrolist (METRO) provide MLS services for our region. Throughout Boulder County, IRES dominates the market (blue). In some locations, Broomfield most notably, Metrolist has a significant market share (grey). The data provided by the Boulder Realtor Association, [...]
Broomfield Nuisance Law Scheduled for 2009 Vote
by Osman Parvez ---- Now that the 2008 election is history, it's time to start thinking about 2009. Okay, you're probably sick of elections and politics by now, but Broomfield voters should take note. On September 9th, Broomfield City Council passed Ordinance 1891, which states that homeowners could be fined up to $1,000 or spend up to 12 months in jail if their homes meet three or more out of seventeen possible violations outlined by the city. However, last month a group of citizens submitted enough voter signatures to force the new regulations to be decided by public vote. The [...]
Seven Broomfield Hotels Still On Track
by Osman Parvez ---- Everyone seems to be talking about gloomy economic times, but you may be surprised to find out that many projects are still striding forward. Seven hotels are scheduled for completion along US 36 by 2012, when ConocoPhillips is expected to open up shop at the former StorageTek campus. Denver Business Journal reports: “Obviously all of the major lenders have pulled out of the market, and no one on Wall Street is going to finance $100 million projects,” said Steve Hennis, director of Hospitium, a hospitality research firm based in Arvada. “A lot of those projects on [...]
What’s Really Happening in the Boulder Market?
by Osman Parvez ---- A comment appeared yesterday. I thought it was a good one, deserving to be unearthed from the dark depths of the comment archives and shared. Anon wrote, "The blog has been interesting this summer. I like the new wider topic areas. However, I think the main purpose - analyzing the local RE market - has been largely ignored the last few months. Frankly, the insight and market insider knowledge isn't there, and three monthly reports float in a month after the month in question ends. I complain only because I find this info very interesting and [...]
Lodging Boom in Broomfield
by Osman Parvez ---- Over the last few years, the pace of development has been on the rise in Broomfield. Some of it is easily visible from 36. Remember when the Omni was so large and alone that it literally loomed on the horizon? That's changed over the years. Well it's about to get even more competition. Much more. Broomfield is set to get as many as 7 new hotels. From the Daily Camera: Vacancy rates in the Interlocken district, where some of the hotels are proposed, are at 7 percent. It hasn't been that low since 1998, before the [...]
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 [...]
Broomfield Update
by Osman Parvez I've been spending a little more time in Broomfield the last few weeks as I help a client find a home. Seems like a good time to do an update on local market conditions. The following market analysis covers home sales in Broomfield, Colorado through August, 2006. As you'll see in the graphs below, more people have listed their homes for sale this year but demand (as measured by sales volume) is essentially unchanged. Meanwhile days to offer is running lower. Home Sales Volume in Broomfield 35 homes sold in Broomfield in August, equal to August last [...]
Recent Links
by Osman Parvez It's been awhile since I posted links. Here are a few recent real estate and development related stories that are worth checking out (some articles may require registration). Bad luck be damned, 29th Street's Grand Opening is Friday, October 13th. The Wild Oats store won't be ready but 88% of the mall is leased, according to developers. Louisville is moving closer to creating an urban renewal area along CO42, with the planning commission voting 5-1 to move the proposal forward. The future Fasttracks stop located in the same area is helping provide momentum. Noodles and Company have [...]
