Luxury Home Market is Booming!

December 18, 2013 in Boulder Events, Boulder Housing Stats, Colorado News, Community News, Featured Listings, Financial News, National Real Estate, New Listings, Uncategorized

Driven by sales in Boulder, the luxury home market in the Boulder County area is booming! Check out the article below for more information:

http://www.dailycamera.com/boulder-business/ci_24720222/luxury-home-sales-boom-boulder-county-colorado

 

October 2013 Real Estate Market Stats

November 18, 2013 in Boulder Housing Stats, Financial News, Market Info


“Last month was the best October on record for Denver-area home sales and housing prices according to reports released. The numbers continue to show that Colorado is growing and flourishing. Our state has become a top market in the United States for many commercial, residential and building projects.”  - Dori Van Lone, Land Title Guarantee Company

 

Colorado is stated as the 8th most affected state by the government shutdown, this has caused more than 3,600 federal employees in Boulder County who are currently on furlough.

October 16, 2013 in Boulder Events, Colorado News, Community News, Financial News

In Boulder County, 61 new companies were started in fiscal year 2012 with help from area Small Business Development Centers, which are funded in large part by the SBA. In addition, $8.3 million in capital related to those centers came into the local small-business community in the year ended Sept. 30, 2012, according to SBA statistics.

http://www.bcbr.com/article/20131008/NEWS/131009938

 

Pro Cycling Challenge give Colorado economy a boost

October 4, 2011 in Boulder Events, Financial News

Provided by Fox 31:
It is expected to generate an estimated $24 million to the local economy.

Compare that to this event…and you could be talking hundreds of millions.

It’s not just a world class sporting event but for Colorado…it’s a world class shot at the international spotlight.

“I was at the last Coors Classic right here in downtown Denver and it’s just phenomenal,” said Molly Cohen, watching from the sidelines near the state capitol.

It has been 23 years since that last pro cycling event and state tourism boosters say this giant week long party will generate as much as $100 million in direct economic impact.

“It’s great to see major road cycling back in Colorado again,” said Mark Cohn, who was at the Red Zinger Classic back in 1978.

“Colorado’s got a good cycling scene I think last couple of years, three or four years,” said Keenen Reed, “Cycling so it’s good to see more of the racing scene.”

Despite the race going on right here behind them some opted to stay in the tent and watch it on TV.

A worldwide TV audience of at least 100 million was expected to watch.

The race exposes Colorado’s beauty to a potentially huge boost in tourism, which is the state’s second largest industry.

” It’s so great for Denver there’s so many out here it’s just absolutely a perfect day,” said Rob Cohen, a huge cycling fan.

Sponsors call it the largest spectator event in Colorado history.

“It inspires Coloradoans to get involved in their own health and be active,” said Beth Soberg, United Health of Colorado’s CEO. And for us that’s our mission so that means a lot to us.”

And since it’s such a perfect fit for Colorado’s reputation as the fittest state in the nation, some say this event could become our own Kentucky Derby.

On this big final day of huge international exposure, they say we may not know the full extent of the economic benefit for weeks to come.

But it’s been a win, win for Colorado.

August Housing stats

September 12, 2011 in Boulder Housing Stats, Financial News

residential mortgage originations at 15-year low

August 21, 2011 in Financial News

Friday, August 19th, 2011, 4:36 pm

The Mortgage Bankers Association expects originations to come in around $931 billion next year, marking the lowest volume since 1997.

The huge trade group also raised its estimate for residential mortgage origination volume in 2011 because of higher refinancing activity, and now expects total volume of $1.1 trillion this year, up about $100 billion from prior forecasts.

But the weak economic data and political uncertainty of the past few weeks, led the MBA to lower its GDP growth estimates, as well. The group now expects GDP growth of 1.5% for 2011, down from a prior projection of 1.9%, and growth of 2.3% next year, down from 2.8% previously. GDP growth slowed to 1.3% in the second quarter.

Still, MBA Chief Economist Jay Brinkmann said the group doesn’t believe the economy faces the same types of risks as in 2008 despite the unprecedented events of the past month. He said the MBA also expects the unemployment rate to hover around 9% through 2012.

“Were the U.S. economy to enter a recession, it would likely be the result of an external shock, and would be shallow and relatively brief,” according to Brinkmann. ”On the other hand, given that both fiscal and monetary policymakers’ options are limited at this point, it would be difficult for policy changes to soften any blow.”

On Wednesday, the MBA said mortgage applications rose4.1% last week, as homeowners continued to take advantage of historically low interest rates when refinancing.

“Nothing in the housing market data suggests any significant change from our previous expectation of a frustratingly slow period with lackluster sales volumes,” Brinkmann said.

Write to Jason Philyaw.

Follow him on Twitter: @jrphilyaw

July housing stats

August 16, 2011 in Boulder Housing Stats, Financial News

 

 

An update from Dunbar Hardy on the Boulder Market

July 26, 2011 in Boulder Housing Stats, Financial News

2ND QUARTER 2011 BOULDER COUNTY SALES STATISTICS

Overview – Happy Summer! I hope you are doing well and I will attempt to answer the recurring question, “how’s the market doing?” In an attempt to have an accurate perspective of current market trends from the 2nd Quarter of 2011, I have put together the last  3 years of 2nd quarter sales statistics to see how we really are doing right now throughout all Boulder County communities. Again, it is worth noting that throughout 2010 there was a Federal Tax Credit for 1st-time Homebuyers which drove a significant portion of transactions last year. So in a sense 2011 sales figures are not all affected by a Federal Tax Credit and the government, so we have a return to “normal” market conditions. In summary, things are indeed selling and values are largely holding overall (other than in the Mountains), but they are just taking longer to get to the closing table.

 

Avg Inventory

Avg Inventory – We have seen steady high levels of inventory in Boulder single family homes & condos/townhomes, as well as Longmont single family homes over the 2nd quarter of the last 2 years. So in summary, there truly has been more on the market for sale and the amount of inventory will take awhile to be absorbed, which truly makes these specific areas a “buyer’s market.” We can also anticipate a decrease in inventory as we go into the 3rd quarter as some of this inventory will be purchased, others will come off market (Withdrawn), but mainly the peak sales season will be behind us going into Fall.
Days to Contract
Days to Contract – At the completion of the 2nd quarter of 2011 we have had a noticeable increase in Average Days to Contract on Boulder single family homes. Yes, Boulder houses are selling, but they are taking longer – Averaging ~90 Days of Market up from ~60 Days on Market 2nd quarter of 2010. Noticeable is also a steady trend line of Boulder condos/townhomes taking ~120 Days on Market. There have also been increases of Days on Market in 2nd Quarter 2011 vs. 2010 specifically in Broomfield (homes & condos), Lafayette (homes), Longmont (homes & condos), Louisville (homes), Superior (homes), and Mountain (homes). Nothing is really selling “fast” in Boulder County!

Median Sold Price
Median Sold Price – There is a consistent median value of Boulder homes over the 2nd quarter of the last 3 years running (~$550,000), also with noticeable increases in median values of Boulder condos, Lafayette homes, Superior condos, and Plains homes & condos. There is a very noticeable decrease in median values of Mountain homes, as well as “softening” of Superior home prices, Erie and Lafayette condo properties.
Avg Sold Price
Avg Sold Price – There is also a fairly consistent trend of Average Sold Prices for Boulder homes (~$650,000) and a slight increase in Boulder condos (~$325,000). We are also seeing some large properties out on the Plains sell with Average Sold Prices holding ~$600,000. Most communities have remained fairly consistent over this time period, however there are noticeable decreases in average sold prices of Mountain homes, Erie condos, Lafayette condos, and Louisville condos.
Quantity of Homes Sold
Quantity of Homes Sold – At the completion of the 2nd quarter of 2011, we have seen steady sales occur in Boulder (~225), Broomfield and Superior homes, but noticeable decreases in sales of Boulder condos (~160) compared to 2010 (tax credit influenced?) and Longmont homes & condos. We can anticipate further steady sales going into the 3rd quarter, as 2nd & 3rd quarter see the majority of sales activity when compared to the rest of the year. Properties are indeed selling and values are largely holding steady other than Mountain properties primarily.
For more info visit Dunbar’s website at: http://www.boulderrealtynews.com/

Boulder Home Values

June 3, 2011 in Boulder Housing Stats, Colorado News, Financial News

Boulder Home ValuesPosted on June 1, 2011 by Leanne Goff

In the past I have presented monthly sales stats for cities in North Metro Denver and Boulder. Today I thought we could twist it up and take a closer look. In order to illuminate the information I’ve been gathering the data into graphs. As you can see, data has been collected for almost every month since November of 2007, when I started working in Boulder. If there is a month or two missed, please excuse me. This is life and sometimes it gets in the way of my data collection

Being that Boulder is my home base I thought it would be a good place to start. The two graphs below represent overall sales in Boulder. These are a representation of the average sales price and the median sales price. Note that the average sales price can become skewed if there is an outlier pulling it one direction or another. In Boulder we often see the average sale price jump up based on a high end, jumbo sale that month. In this situation we often look to the median sales price. Just a quick math refresher:

me·di·an: adjective /ˈmēdēən/

  • Denoting the middle term of a series arranged in order of magnitude, or (if there is no middle term) the average of the middle two terms. For example, the median number of the series 55, 62, 76, 85, 93 is 76

Overall based on the graphs below you can see that property value in Boulder has not tanked, but rather held strong. Contrary to what we hear on the news, property values in Boulder have basically held their value. There has been a slip, but not by much when considering what we have heard about what has happened in other states like Florida and Arizona. Another interesting thing to note is that attached homes in Boulder (condos, townhomes, flats, duplexes, etc) have an average sales price between $200,000-$300,000 dollars! I think most people are under the impression that home ownership in Boulder is unachievable because there is so much high end property (and there is!) but there are opportunities for everyone depending on how you skin the cat.

Boulder - Single Family Home Values

Boulder Attached Home ValuesThe information attached is based on data collected from IRES, the Boulder and North Metro Denver MLS database. It is deemed to be reliable but is not guaranteed.

For other info go to: http://leannegoff.com/blog1/boulder-home-values/.php

Thanks Leanne Goff!

Real Estate in our neighborhood

April 11, 2011 in Community News, Financial News

March 18, 2011 — BOULDER — Stephen Tebo, owner of Tebo Development Co. and one of Boulder County’s most-prominent commercial property owners, purchased the Valmont Building office building for $3.28 million The 36,492-squree foot building at 5480 Valmont Road in the Aspen Industrial Park was built in 2000. According to LoopNet, an online database of property listings, the building averages 97 percent occupancy and was classified as Class A space. The property was bought on a short sale. “It’s already an excellent building,” Tebo said. “We just want to get aggressive on the rents and get it leased.” R.C. Myles and Jeff Halsey of Cassidy Turley Fuller Real Estate represented the seller, Valmont Building LLC. The buyer used an in-house agent. VITAL RELOCATES: Information technology solutions provider Vital Network Solutions LLC is relocating to the Tierra Business Park in Boulder. Vital Network Solutions has leased about 2,100 square feet of office space at 4760 Walnut St., Suite 108, and will move in May 1, company president Nate Lovell said. The six-year old company employs five people and has outgrown its current location at 75 Manhattan Drive Suite No. 3, which also is in Boulder, Lovell said. Chad Henry of WW Reynolds Cos. was the listing agent. Todd Walsh of The Colorado Group Inc. was the selling agent. CONSTRUCTION ON CHURCH CONTINUES Flatirons Community Church converting abandoned Wal-Mart, Albertsons space Doug Storum Work on Flatirons Community Church’s plan to convert an abandoned Wal-Mart and Albertsons into a new home continues. The church is building a new 4,000-seat sanctuary and space for offices and ministry centers at 355 W. South Boulder Road. Its current home is 400 W. South Boulder Road in Lafayette. The church paid $4.3 million for the space. BROOMFIELD CLICKBANK EXPANDS: ClickBank, a software company that has developed an online marketplace for digital products such as e-books, has relocated its Broomfield offices to accommodate recent growth. ClickBank’s new location is 11001 W. 120th Ave., Suite 450, not far from its former space at 11101 W. 120th Ave. The new space expands the company’s office by 3,189 square feet, according to Broomfield Economic Development Corp. data. ClickBank employs 41 people in the Broomfield office, spokeswoman Heather Sharp said. The jobs are the company’s technology team along with some sales, marketing and business development specialists. ClickBank is a trade name of Click Sales Inc. The privately held company is based in Boise, Idaho, and employs 93 people total, Sharp said. The move was needed to accommodate the company’s steady growth, Sharp said. GEOTREE MOVES IN: A maker of a high-tech ceramic materials that can be used to repair water and sewer lines along with other types of concrete has taken space in Broomfield. GeoTree Technologies Inc. has leased 1,600 square feet at 7249 W. 116th Place. The building will be the company’s warehouse, said Amir Hoda, one of the company’s four founders and partners. The company makes geopolymers that bind to materials. One application is using the polymers to coat the inside of corroding and decaying pipes, Hoda said. “It’s substantially cheaper than digging it up, and substantially less disruptive,” he said. GeoTree Technologies currently employs four people who work from their homes. The company plans on expanding into a new office and to grow to 10 employees by the end of 2011, Hoda said. Chris Ball of Cassidy Turley Fuller Real Estate helped broker the deal. LONGMONT BLUE VISTA LOANS: The Blue Vista housing development, a planned 198-home subdivision in Longmont built by Thistle Community Housing, faces foreclosure. The project, which was planned to have included 100 affordable homes, was financed by Thistle using bonds issued by the Boulder County Housing Authority and loans from the state Division of Housing and the City of Longmont, according to a memo sent to Longmont City Council the week of March 8. Thistle is a nonprofit dedicated to providing affordable housing. According to the memo, it owes more than $4.5 million on the bonds, which were purchased by Guaranty Bank and Trust Company, and an additional $417,000 to Guaranty Bank as part of a construction loan. Longmont supported the project with a $1.42 million from the Affordable Housing Fund and a Community Development Block Grant. The outstanding principal on that loan is $988,000. Thistle has been working, and continues to work, with its creditors to resolve the problem, Thistle chief executive Mary Roosevelt said. Blue Vista has been hampered by bad timing and a difficult real estate market, she said. “It’s been a great project developed during the hardest part of the economic downturn,” Roosevelt said. According to Thistle, 63 homes have been built, with 29 being categorized as “market rate” and 34 as “affordable.” Thistle has paid about $2.5 million on the bonds and more than $2 million on the construction loan, according to the Longmont City Council memo. If Thistle cannot make its payments, Longmont is unlikely to recoup its funds, said Kathy Fedler, community development block grant and affordable housing programs coordinator. It would be the first default made on a loan from the Affordable Housing Fund. About $7.7 million has been pledged to the fund, Felder said. LOUISVILLE LIGHTING FIRM OPENS: A maker of high-quality lighting fixtures is opening a new manufacturing facility in Louisville. Stone Lighting LLC recently signed a lease for 9,700 square feet of industrial space at 1500 Cherry St., Suite W. The location will be the Chicago-based company’s manufacturing facility and will employ between five and 10 people in the first year, said Tavo Gutierrez, a manager of the company. The company’s clients are primarily architects and designers, and the company also does lighting systems for showrooms, Gutierrez said. The company is new to Colorado, Gutierrez said. Todd Walsh of The Colorado Group Inc. represented the listing company. BUYING IN DENVER: A local real estate investment firm that specializes in turning around distressed properties has acquired part of a luxury complex in Denver. Condo Capital Solutions LLC announced March 10 it closed on the purchase of 72 unsold units at the Pinnacle at City Park South, a two-tower, 284-unit luxury property located in Denver’s City Park. Condo Capital Solutions purchased the units for an undisclosed price from the Opus Group, a Minnetonka, Minnesota-based company that is leaving the Denver market. Condo Capital Solutions could not be reached. The Pinnacle, at 2990 East 17th Ave., Denver, was opened in 2008. “Of the initial 284 units, all but 72 are sold and some 13 contracts have sold in the first quarter of 2011. Sports marketing: Endurance Event Marketing LLC signed a lease for 1,020 square feet at 801 Main St. Suite 25. The sports promotion company has a staff of about 10. Dan Ferrick and Michael-Ryan McCarty of Gibbons-White Inc. were the listing brokers. Jim Ditzel was the selling broker. NEDERLAND Yoga time: Tadasana Mountain Yoga LLC has leased 1,323 square feet of retail space at 20 Lakeview Drive No. 110 Caribou Mercantile was the listing company. Patrick Weeks of Gibbons-White Inc. was the selling broker.