How’s the Market in Lafayette, CO? [Analyze This]
by Osman Parvez Here's an update on market conditions in Lafayette. I'll dedicate this one to my friend Lucas, who recently started searching for the right house. This research, plus a whole lot more, is also in the latest House Einstein Report. Sign up HERE. Here's a fun fact about Lafayette. Mary and Lafayette Miller, the town's first residents, only lived on their homestead for three years before moving to Boulder. It was after Lafayette Miller died that Mary moved back to the family farm. Six years later, coal was discovered and a decade after that, Mary [...]
Boulder Real Estate Market Research [Get it Fresh!]
by Osman Parvez Want the skinny on Boulder real estate market conditions? It turns out that the floods in September DID have an impact. Ready? It's not what you expect... Oh, I'm such a tease. Look - if you're a regular reader of this blog, you know that I provide the best research on Boulder real estate market conditions available. It's probably why you're here. There are nearly 1,500 articles published on real estate conditions on this blog, dating back to 2005. See, the thing is that my research is for clients and prospective clients, first [...]
Seriously, Which Floor Should I Buy? [Analysis]
by Osman Parvez Is a top floor worth more than a bottom floor? Of course it is - but how much more? How about 21%? That's the peak price difference between top and bottom floor units at Aspen Grove, a popular Boulder condo development. At the moment, I have two clients interested in buying units at Aspen Grove - prompting this analysis. One wants a condo for investment purposes. The other as a personal residence. I've advised both to consider only 3rd floor units. Here's why. Show Me The Numbers As my clients know, I [...]
Sales Roundup – Entry Level and Investment Grade in Boulder
by Osman Parvez It's one thing to analyze the market from 10,000 feet, another to dig into specific neighborhoods and price points. Let's start with a roundup of a recent notable sales in Boulder. Click on the links below for photographs and details on each property. Entry Level and Investment 3223 Iron Forge K-113. Like I tell my clients, if you qualify for affordable housing, consider it. This 922 SQFT, 2 bedroom, 1 bath condo in the Steel Yards sold for only $131,000 on 10/15. There are downsides to affordable housing, namely that you're giving up [...]
A Detailed Analysis of Real Estate in Louisville, CO [Market Update]
by Osman Parvez Think the Boulder real estate market is intense? Check out Louisville. Note: This analysis is an overview of market conditions in Louisville, CO. If you're buying or selling, it's important to understand the market relative to your specific price range, property type, and location. Make a smarter real estate decision. Call me to schedule a confidential discussion on your unique situation. ph: 303.746.6896 My previous analysis was in March. Here's an update. Louisville continues to experience strong sales volume despite record low inventory. Last summer, I helped buyers compete in frenzied bidding wars and win [...]
Boulder Inventory Shortage Deepens
by Osman Parvez Talking to a reporter about the inventory shortage in Boulder, I realized it might be helpful to put together a clearer chart. The following shows September inventory compared to the long term average for both houses and attached dwellings (condos and town homes). Since it covers 8 years of data, you could consider the long term average "normal." Inventory of houses is about 51% of normal for this time of year. For town homes and condos, inventory is only 40% of normal. If these percentages were the spring snowpack, meterologists would be predicting a [...]
Happy Days for Boulder Real Estate Sellers [Market Analysis]
by Osman Parvez Sad news for buyers of condos and town homes. The market isn't getting any better. In the past, I've been able to negotiate the biggest discounts for my buyers during the 4th quarter. That's unlikely this year. Boulder Seller Ooh, but Happy Days are Here Again if you're a seller. The market is setting records for low inventory even as sales volume remains well above average levels. There should be no problem selling your unit quickly - assuming your agent has priced right, staged, and marketed it well. The following analysis is for [...]
Historic Floods Can’t Drown Boulder Real Estate Market [Market Update]
by Osman Parvez Many of you have been asking about the impact of last month's historic flood on the Boulder real estate market. Let's look at the numbers. Boulder Real Estate Market Update The following analysis is for traditional single family houses, only. I'll publish an analysis for town homes and condos in another post. Just a reminder... I'm a Realtor. My goal is to help you make a smarter decision. If you're in the market to buy, or you're thinking about selling, give me a call. 303.746.6896. Boulder Home Sales Volume The chart above shows sales [...]
Boulder Pending Sales Analysis [Market Update]
by Osman Parvez It's early October. After a scorching hot summer and the horrific flooding in September, you'd think the market would dramatically slow. Guess again. My latest analysis shows that pending home sales in the City of Boulder are continuing at a surprisingly strong rate. Although the full impact of September's floods have yet to be felt, the Boulder real estate market appears to have shrugged off rising rates. Yes, things has cooled slightly, but far less than I would have expected for this time of year. In other words, on a seasonally adjusted basis, the market remains very [...]
Boulder Flood Damage Breakdown
by Osman Parvez The majority of flood damage to public infrastructure in Boulder impacted open space and mountain parks and stormwater/flood systems, according to a preliminary report. The total damages are estimated at $48.9MM. Here's a chart. data: City of Boulder 93 miles of the 145 miles of trails within the OSMP system have significant to severe damage. 35 of the 98 parks and recreation facilities have significant damage. Just 1 percent (or three miles) of roads, citywide, have been damaged. The City of Boulder has 60 miles of bike path within city limits. Approximately, 15 [...]
Pending Sales and Inventory Availability [Market Update]
by Osman Parvez Here's a quick look at pending sales and inventory availability across Boulder County. The key metric: Percent of inventory currently under contract. The chart above shows inventory of homes under contract with a buyer for Boulder, Boulder Attached Dwellings (town homes and condos), Longmont, Superior, Louisville, and Lafayette. Perhaps a surprise to many, Boulder has 40% under contract; less than adjacent markets. Louisville is leading the region with 61% under contract. If you're a buyer, flip that around. Boulder has more available inventory than any other local [...]
Southern Sun vs. Frasca: The Impact of Rising Rates on Boulder Real Estate
by Osman Parvez A few thoughts on the impact of rising rates on Boulder Real Estate. First Some Basics Via a monetary policy called Quantitative Easing, the Federal Reserve has been the primary purchaser of mortgage backed securities since 2008. This tool is in addition to their traditional lever over the discount rate. The Fed buying vast quantities of mortgages is the primary reason that mortgage rates have been so low, falling from an average of 6.03% in 2008 to 3.66% in 2012 (data). The Path to Higher Rates Last week, the Fed [...]
Osman’s Sellers Wanted [Update]
by Osman Parvez Phew, I had a flurry of closings in April and May. Congratulations to my successful buyers and sellers. And now we have new clients on the prowl for a house and I know sellers are getting ready to list. It's time to update Osman's Sellers Wanted. Are you thinking about selling your house? Before you call a Realtor, consider shopping my active buyers. If there's a match, I may be able to save you thousands on commissions. Primary Home Buyers ----------------------------------------- Buyer #1 Price Range: Under $800,000 Location: City of Boulder, Preferably South Boulder Criteria: [...]
The Patron Saint of Real Estate? [Listings, Not So Hot]
by Osman Parvez --- I was wandering around Grand Rabbits in Boulder the other day, shopping for my niece and nephew's presents, when I came across this little gem. Take a look.... That's right. For only $5.99, you can have your very own Patron Saint of Real Estate. I suppose, if you're having trouble selling your house it certainly can't hurt to appeal to a divine power. In addition, you might consider calling a seasoned and experienced Realtor with a proven track record. You know, just saying... Anyway, since we're on this topic, let's look at a few listings [...]
Appraisal Magic
by Osman Parvez Appraisal Magic. That's what Boulder real estate attorney Oliver Frascona calls the rather curious way that real estate appraisals manage to hit or slightly exceed the contracted purchase price. It wasn't an offhand comment. I've heard him say this in front of dozens of agents and I've heard him repeat this in several continuing education classes. With over 35 years of Colorado real estate law experience, not to mention a sterling reputation in the real estate community, do you think he might be on to something? I tend to defer to his judgment. A History of [...]
