In Pursuit of Happiness – Happy Independence Day!
Today we celebrate our freedom. We hope you have a wonderful holiday with your friends and family, full of gratitude, fireworks and fun! Remember: "The Constitution only gives people the right to pursue happiness. You have to catch it yourself." — Benjamin Franklin Happy 4th of July! image credit: Gabby Orcutt ---- 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, your referrals are deeply appreciated. -- The ideas and strategies described [...]
Community Forum To Take On Housing Challenges!
by Osman Parvez On Thursday January 22nd, the City of Boulder announced that it will be hosting a community forum called Why Housing Matters! to discuss opportunities and ways to address Boulder's housing challenges. This public forum will give residents a chance to engage in constructive conversations regarding how to best achieve our city's housing goals, while simultaneously upholding our community values. Participants in the forum will be asked to choose two Housing Boulder goals to discuss in greater detail with their fellow community members. Additionally, members of the five Housing Boulder working groups will be at the forum to listen [...]
Comment Policy
by Osman Parvez ---- A quick note on our comment policy. We welcome all comments, even anonymous ones but they must be relevant to the topic at hand. This evening I rejected an interesting comment because it was completely off topic to the post. As my long time readers know, all relevant comments (save those containing profanity) will be published even if I disagree with the position of the commenter. Good dialog is driven by opposing viewpoints and I welcome that here. If you'd like to leave me a comment and cannot find a relevant post, please use our contact [...]
Mortage Rate Alert – 4.375%!
by Osman Parvez ---- To the point of falling rates (in my last post), I just received this email from a friend. --- Just a heads-up - If you or your clients are looking for a mortgage lender, Provident Funding has some very good rates. They have high standards, cut no corners, lend in "nice" areas, so this is for the folks with high credit ratings and documentation of income. I'm paying down my existing loan (a jumbo) to get it below $417,000, locking in at 4.375% (and paying 1.75 points). $2600 in fees. (they discount 1/4 point for credit [...]
The Kiwi Difference
by Osman Parvez ---- Now that I've spent a little time in New Zealand (panoramic shot), I've started noticing a few differences. Like Boulder, people seem to pay a lot of attention to real estate, judging by the local newspaper and casual conversation. I know you've been wondering, so yes, in some places it does indeed look like the Shire from Lord of the Rings. No hobbits though, sorry. 10 differences between homes in Boulder and New Zealand 1. Heating Systems. Homes in New Zealand typically do not have a central heating system. There is no furnace, boiler, or baseboard [...]
The NEW Daily Camera
by Osman Parvez The Daily Camera launched a completely redesigned website on Monday and it looks fantastic. The choice of colors is a little unusual, but helps it stand out from other bland and boring news sites on the web. Kudos to the Daily Camera on their new site. If you're planning to relocate to Boulder, add the Daily Camera to your list of sites to visit regularly. It has great local coverage, interactive features, and is widely read in Boulder. I like the high resolution slide shows. They're reaching the quality of what you might find from the New [...]
Blogs are Conversations
by Osman Parvez Why blog? I've pondered this question before and I still feel strongly about my earlier response. Yet sometimes people ask me this question and seem puzzled by my response . When I found the Economist pondering the question too, I knew it time to revisit the issue. The Economist, in The Invisible Hand on the Keyboard (Aug 3rd, 2006), noted "Like millions of others, economists from circles of academia and public policy spend hours each day writing for nothing" and "Time spent on the internet could otherwise be spent on traditional publishing or collecting consulting fees. " [...]
Best Place to Live? Fort Collins, Colorado
by Osman Parvez Hmm... A few months ago, Louisville, CO was rated as the Best Place in America to Raise a Family. Now, Fort Collins, Colorado is ranked the Best Place to Live according to CNN and Money magazine. Well, I guess it's not a secret that the Front Range as a whole is one of the most attractive, enjoyable place to live in the country. The accolades just keep rolling in. According to the CNN's Money Magazine, Great schools, low crime, good jobs in a high-tech economy and a fantastic outdoor life make Fort Collins No. 1. Situated 5,000 [...]
The Basics of 1031 Exchange
by Osman Parvez The Basics of 1031 Exchange There nearly always seems to be some degree of confusion as to how these work. Here's an overview. What Is A 1031 Exchange? It's a process where sellers can defer capital gains tax on the sale of an investment property by reinvesting the proceeds in another property, provided certain requirements are met. These are also called "like-kind" exchanges. What Are The Benefits? By deferring capital gains tax on the sale of your investment property, you'll have greater capital for reinvestment. This may lead to a larger overall real estate portfolio and the potential for [...]
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 [...]
More on Yesterday’s Times Article
by Osman Parvez As a followup on yesterday's post, here's another real estate blogger's interpretation of the NY times piece I blogged about yesterday. I agree with her conclusions. In most parts of the country, even those areas that seem bubblicious, buying still makes sense if you are in the market for long term ownership. In contrast, if you are looking at a property primarily as an investment held over a short period, your returns may not live up to the returns of the past few years (particularly in bubble markets on either coast). Heck, flippers could (and will) lose [...]
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? [...]
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 [...]
What does $200MM get you in Vail these days?
by Osman Parvez Apparently 120 rooms, 19 fractional units and 16 private residences. Four Seasons is breaking ground today on it's new $200MM development, scheduled to open in 2008. Meanwhile, Ritz Carlton is planning a 108 unit luxury condo development. These two developments in Vail are inline with the continued growth of demand for luxury property by wealthy baby boomers. Fractional ownership has also undergone a major makeover from its somewhat seedy reputation of the 80's and 90's, losing its negative connotations. It helps that they don't call it "fractional ownership" any longer. Pricing has not been announced. --- Like [...]
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