Boulder Town Home and Condo Inventory Analysis [Market Update]
by Osman Parvez ---- Available inventory of attached dwellings has more than doubled since the end of March, but remains low by historical standards. The number of under contract properties has increased by 85.5% for the same time period. 61% of inventory is currently under contract. ---- 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 in this blog are the [...]
Historic Chautauqua and More [Fresh Listings, Get ‘Em Hot]
Ready to take a walk through the latest available homes? Here is what's worth seeing in Boulder real estate this weekend. To schedule a private showing, which includes a discussion of valuation and price trends, call Osman at 303.746.6896. Boulder 1527 Pine Street | $2,450,000 | More Details A large pre-war Victorian with classic lines, in a prime location within the Historic District. Hasn’t traded hands in more than a decade. No garage and a small lot are potential issues. Due diligence: Your house search and negotiation strategy should reflect growing inventory supply above $2MM. 2424 6th Street | $2,300,000 | More Details Another gorgeous [...]
Gorgeous 2 Bed, 1 Bath Condo (Pre-MLS Opportunity)
by Osman Parvez ---- Right now, I know of many unlisted properties for sale. In most cases, the owners are still taking steps to prepare them for sale. One is just about ready now, so I can tell you about it. 2 bedroom, 1 bath condo at South Creek in South Boulder. Gutted and remodeled with hardwood floors and new paint. It features an garden level patio and is in a great location. Seriously, this condo is beautiful inside and it's ready for the next owner. We haven't finished staging it yet. It should hit [...]
The Last Surge of Summer? [Analyze This]
by Osman Parvez ---- Ready for an update on inventory in Boulder for attached dwellings (i.e. town homes and condos)? Here we go. As of this morning (August 13th), total inventory has dropped to 157 units. This is up 10 from a week ago but down substantially from the seasonal peak in mid June. Meanwhile percentage of inventory under contract has increased to 71%, up from the recent low of 63% in mid July. What to make of these tea leaves? It's unusual for inventory under contract to increase after August. The majority of buyers have found their properties and [...]
Council Seeks 9 Month Ban on Building Permits [Aspenization]
by Osman Parvez Heads Up. Boulder City Council is preparing to vote on another emergency ordinance on Tuesday. The proposed ordinance is below. Links and bold text are my additions. The proposal is from Council Member Sam Weaver and of course, Plan Boulder supports the measure. ----- (a) the City Manager be directed to not accept applications for any Site Review as defined under BRC 9-2-14, or any review where land use intensity modifications or height modifications are requested, nor issue building permits for structures not already approved under such reviews except as provided in (c) below, and not [...]
End of Summer Boulder Market Wrap Up [Analyze This]
by Osman Parvez Ready for another look at market conditions in Boulder? Straight to the charts... This chart shows total inventory for houses (blue) and condos and town Homes (orange). Total inventory (which includes pending, active/backup, and active listings) has been dropping from late June through Labor Day. There are now 25% fewer houses on the market. Condos and town homes have fallen 33%. If you're a regular blog reader, you know that this seasonal pattern is normal for Boulder. Inventory grows in January and peaks in June before reaching a bottom in December. What's [...]
Sorry Boulder Sellers, You Blew It.
by Osman Parvez Ahh... Autumn's in the air. If you're a boulder real estate seller, I've got bad news for you. The summer selling season is OVER. The following charts show the percentage change in Inventory from about two months ago. As you can see in the charts above, active listings - those you can actually buy - have dropped nearly 10% for houses and a whopping 25% for attached dwellings (condos, townhomes, etc). Listings that are pending (about to close) or under contract have fallen a massive 38% for houses and 30% for attached dwellings, respectively. note: [...]
Development Update – Gunbarrel Edition
by Osman Parvez --- Here are images of ongoing development in Boulder. The following projects are located in Gunbarrel. Pics were taken August 12, 2014. Apex 5510 nears completion Apex 5510 (details): Rent starts at about $1,100 for a studio. 100% rentals. Photo Album Boulder View Apartments (6653 Lookout Rd) nears completion Boulder View Apartments (details) Building A: 3 story multifamily building containing 20 units. To include 8 single car garages on main level totaling 1,873 square feet, 21,047 square feet for residential units on three levels, and 1,325 square feet in decks and porches Building B: 3 story [...]
The Market is Hot for $1MM Boulder Condos, Right? WRONG [Analyze This]
by Osman Parvez Sorry, it's been a while since I last posted. Clients are my #1 priority and we're now in the busy season for real estate in Boulder. Expect blog postings to remain slim during the summer. If you want me to represent you (buying or selling), just call me at 303.746.6896. I'll give you the straight talk, no hand waving or pushy sales pitch. The Boulder Condo and Town Home Market Google your way around the net. You won't often find much in the way of analysis on market conditions for Boulder condos and town [...]
Introducing Nickel Flats [Development Update]
by Osman Parvez Scheduled for completion in the 2nd quarter of 2015, Nickel flats consists of 16 units on 3 floors. The building will be modern with elevator access. The location is just north of Boulder Junction and adjacent to a pocket park. Here's what it will look like. Prices start at $229,000 for the 1 bedroom on the first floor with 533 SF. That unit is already under contract, as are several others. There are currently 8 units on the MLS. Click HERE for more detail. Additional Resources: Floor Plans for Nickel Flats [...]
Inventory Shortage Rages On [Analyze This]
by Osman Parvez As long term blog readers know, I love data analysis and effective visualizations of trends. Occasionally, I'll get side tracked but most of the content on this blog remains very analytical. Here's a look at the ongoing inventory shortage in Boulder County. The chart above shows the most recent inventory level compared to the long term average for the month. Boulder, Boulder attached dwellings, Longmont, and Louisville are shown. Inventory this year is running more than 55% below the long term average (2004-2013) in the City of Boulder. It gets worse in Longmont and [...]
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, [...]
Understanding Appreciation Rates [Analyze This]
by Osman Parvez Most of my clients are buyers and sellers of primary or vacation homes, but they still care deeply about their home's investment potential. Real estate is often the largest financial decision that most people make, it's not surprising that we'll sometimes delve into a bit of analysis. Boulder condos appreciated 9.8% last year, on average (the median price increased 6%). What about your condo? How about that property you are seriously considering buying? Did it appreciate 6-10% last year? The short answer is no. The long (real) answer is that it takes time [...]
601 Canyon Blvd [Correction]
by Osman Parvez Oops. If you go out on a limb, sometimes you'll end up eating humble pie. It turns out that my back of the envelope guesswork was way off the mark on 601 Canyon. I received an email from the developer yesterday with corrections. Here's a rendering of the project: Details on each unit are HERE. These properties were marketed for sale to individual owners not rentals, as previously reported. They are also all under contract, not surprising given the high demand and extreme scarcity for mid range luxury condos in Boulder. p.s. Despite sharing an address [...]
Boulder Junction Update [Pics!]
by Osman Parvez Here's a quick update and new photos from Boulder Junction, formerly known as Boulder Transit Village. Depot Square is the mixed-use, transit-oriented private development that will include an underground RTD bus station, Hyatt hotel, affordable apartment complex, parking structure and restaurant within the restored Boulder Jaycees Depot. It's located at 3151 Pearl Parkway. When complete, Depot Square will anchor the 160 acre Transit Village Area and create a nexus for redevelopment in Boulder. See "Promises, Promises" below. The Historic Jaycees Depot will become a restaurant/pub The RTD below grade transit center and affordable housing [...]
