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

 

Residental Statistics for July 2012

August 9, 2012 in Boulder Housing Stats, Colorado News, Market Info

New Listing – 2515 Grape Ave, Boulder

August 9, 2012 in New Listings

2515 Grape Ave, Boulder            4 Beds/ 3 Baths            2556 SqFt             $679,000

Need an ADU in an exceptional location? 964′ legal transferable ADU with stained concrete floors, radiant heat, slab granite, stainless energy star appliances, copper accents, spray foam insulation, large covered deck w/ng & views, tankless h2o htr, . 794′ heated insulated garage, RV parking w/30a plug. OK to rent either main house or ADU. Pre plumbed for solar. Main house features 3/2, hardwood floors, updated kitchen, A/C,gas Fireplace  insert. 3 min walk to Safeway 8 min bike ride to downtown.

Listed By: Scott Carlsen, Broker Associate

(720) 341-7622    scott@scottcarlsen.com

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

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/

An article on Gas Prices & the Housing Industry

May 3, 2011 in National Real Estate

How Will $4 per Gallon Gas Affect The Housing Industry This Summer?Posted on April 30, 2011 by Ken Horst

If gas hasn’t hit $4/gallon where you live, get ready.  I passed 4 stations today and all 4 were at $3.99/gallon, the highest gas prices we’ve seen since 2008.

According to CBS News’ Bill Whitaker the average American will pay about $750 more for gas this year, per car and some 75 percent of Americans say they are now or soon will be pinching pennies. That’s $750 more per car so in my house that equates to $1,500 more per year or roughly $125 per month.  So what affect can we expect to see in the housing industry this summer?

Here are 3 ways I think high gas prices could impact real estate this summer;

  1. Home buyers may consider looking at less expensive homes.
  2. While for a lot of people, an extra $125 a month may not be a deal breaker in the home buyer market, for those people who living paycheck to paycheck, this can be a  lot of money.  Smart home buyers look at all their monthly expenses, including entertainment, when determining how much house they can afford.

    For some, the loss of that $125 may mean they just can’t or won’t take on the monthly mortgage payment they were originally considering.  For others, they can make the mortgage payment but they are questioning whether or not a higher house payment is worth it when they are losing $125 in discretionary income which may mean less entertainment and dinning out each month.One way to buy a home in this situation and not have to give up the entertainment that we all love is to buy a cheaper home with a lower mortgage payment.

    It will be interesting the see what happens to the median home price this summer.  If it is flat or lower, it’s quite possible that the high price of gas had something to do with it.

  3. Home buyers may delay their planned home purchase.
  4. Worse than driving home buyers to look for a less expensive home is the possibility that some people will simply delay the purchase of a home this season as they wait for this gas issue to blow over.  (and we are all hoping that happens and soon).This will be especially true for home buyers who are trying to squeeze into a home on a tight budget.

    This could also affect home prices as when there is more supply than demand, prices generally go south, which also describes the current housing market.  It started to look like maybe home prices were starting to stabilize in some parts of the country and $4/gallon gas could put a damper on that.

  5. People saving for a down payment will need more time to save, potentially delaying home purchases.
  6. People who are very serious about buying a home are the people that have a plan to save up the money for the down payment they will need for their dream home and stick too it.  These home buyers are generally very fiscally responsible and they probably have a specific date in mind when they will have the down payment in the bank and start their home search.

    For this group of home buyers this simply means they will have to push out the date when they will be ready to start home shopping or find another area of their budget where they can make up the extra $125 a month so they can stay on track with their home savings plan.

Anyway you look at it, the current state of gas prices can only hurt the housing industry in the near future.  In a previous post, The Best Time To Buy Real Estate Is Now, I share a number of reasons why I believe this is a good time to buy a home.

For those home buyers who are on a solid financial footing, I still believe that is true.  But for those home buyers on a tight budget, the current high gas prices will definitely play into whether or not this is the best time to buy a home.

If you are ready to start home shopping, visit MLS Maps for  a list of real estate, homes for sale and MLS listings in your local area.

Article from Fast Company

April 1, 2011 in Community News, Financial News

Why You Should Start a Company in… Boulder

By: Laura RichJanuary 12, 2010

It used to be, if you were serious about starting a tech company, you went to Silicon Valley. But emerging entrepreneurial hubs around the country are giving startup aspirants options. In this series, we talk to leading figures in those communities about what makes them tick.

When Brad Feld moved to Boulder, Colorado, in 1995, he found a college town that was best known for its rock-climbing and meditation centers. Using a pile of cash from two acquisitions, Feld pioneered a thriving startup scene that now includes 171 fledgling companies (and a city campaign that proclaims “Boulder is for startups”). The Foundry Group, the venture firm that Feld founded, reigns as Boulder’s biggest software and Internet venture capital firm, having fostered entrepreneurial growth through organizations like the incubator TechStars, and investments in local companies including Social Thing and Lijit.

Boulder’s current entrepreneurial ecosystem boasts relocated second- and third-generation entrepreneurs like Kimbal Musk, who with his brother Elon (now of Tesla), started and sold Zip2 and PayPal, and now runs real-time search engine OneRiot. And a few startup junkies like the 25-year-old Andrew Hyde, who has launched four companies, including workshop outfit Startup Weekend, which has toured 52 cities around the world. One of Boulder’s most recent entrepreneur transplants, Joe Stump, left a prestigious position at Digg to launch software firm SimpleGeo in Boulder. Colorado-born tech firm MX Logic, which helped build an Internet-era talent base with its email services business, sold this year to McAfee for $140 million. And one of Feld’s investments, Service Metrix, sold for $280 million in 1999, giving Boulder one of its biggest exits.

Feld spoke recently with FastCompany.com about what makes Boulder’s startup scene unique. What did we unearth? Boulder, CO is a small, highly networked city inhabited by active life-styled, serial entrepreneurs. Brad Felds lays out, in great detail, an entrepreneurial ecosystem that may have the right mix ingredients to be a startup capital.

How would you describe Boulder’s startup scene?

I moved here 15 years ago from Boston, and when I moved here I didn’t know anybody, which is a useful reference point, which is that Boulder is a reasonably small town. It’s 100,000 people, not including the college kids. It’s another 25,000 college kids. It’s a pretty small number of people, but it’s an extremely high concentration of computer science people and PhDs. I think the stat that gets thrown around is that on a per capita basis we’re no. 1 in both of those. That’s important because what happens is you get a very significant concentration of smart people who use technology in their day-to-day work and combined with a very independent personality. It’s a hippy town. My joke about Boulder is that the hippies ran out of gas on their way to the Bay Area and just said, “Eh, I’ll stay here, it’s pretty.” So you sort of have this very independent, high concentration of smart people, combined with sort of a sense that the integration of what you do in work and life is important.

What’s happening in Boulder’s entrepreneurial ecosystem that makes it sustainable?

I think one of the things that makes Boulder special is that you have this larger percentage of people willing to engage in the entrepreneurial community, and that integrate into their life very effectively, versus it becomes this thing that they do for a period of time and then need to go have a life, but still want to be in the same place. Those two things sort of work together.

So, that’s thing one.

Thing two that I think is special is that there’s very little friction here. There’s no commutes; we’re living in a world where it doesn’t matter whether you’re sitting at your desk in your office, you’re sitting in your home, you’re sitting in a coffee shop, you can get work done. Especially with software and Internet-related things, you’re always connected, and as a result, the integration and probably the ability to sustain a level of intensity that’s required is higher.

There used to be a rap on Boulder that people didn’t work very hard. Five o’clock and you’re out on your mountain bike. The problem with that is, and it’s true in other cities that are really high quality of life cities. Yeah, you’re on your mountain bike from five to seven then you’re back at your desk and you’re back in front of your computer at eight and then you work until one in the morning. And you see it within the entrepreneurial strata. I mean, it is not bad to go out for a run in the middle of the day, or a bike ride–because everybody that’s in the entrepreneurial community is working their 12- to 15-hour day day in and day out. And they’re just not working between nine and five. They’re not organizing their day around the morning and evening commute, or whatever those bookends of the natural twelve-hour entrepreneurial day are.

So that’s a big part of it.

The last sort of Boulder differentiator, which I think is really important, is that because of the size of Boulder, it’s big enough to be interesting, but not so big to be overwhelming. It ends up being extremely collaborative place. We’re probably in our third or fourth generation of entrepreneurs here.
The most interesting thing about this most recent wave is that first of all there are a lot of people who made a lot of money in the pre-bubble time frame. So you had a lot of successful entrepreneurs who made meaningful amounts of money. That’s important.

You have a lot of those entrepreneurs that had a success. Wasn’t necessarily their first company, but they had a success. And then, they had a failure between the 1998 and 2003 timeframe. So they started another thing or made some investments that got caught up in the bubble. So they had both a success and a failure in that time. So some set of those people started companies from 2004 forward. They were very mature entrepreneurs. They’re entrepreneurs that had success AND failure and understand what was required to both win and also were humble enough to recognize that you could lose. So you had that against a backdrop of, everybody here is at most two degrees of separation away from any other entrepreneur, because there’s only 100,000 of us, right? And that then is great because what you have is this easy access to everybody. And even though there’s competitive dynamics and occasionally friction, and there’s plenty of personalities. More generally, you tend to see that people try to help each other here, especially around the thing that I think is the generator of new entrepreneurial activity, which is young, first-time entrepreneurs.

Does Boulder breed or attract entrepreneurs?

I think it’s some of both.

I think the core personality in Boulder is an entrepreneurial personality. It’s an independent, hippyish, smart, counterculture place. And those are more entrepreneurial than less entrepreneurial attributes. So I think you start with that.

I think you have an acceptance in this community of both independent thought, as well as a very high comfort level with ambiguity and failure. So if it’s not clear what you’re doing, you’re still very welcome here. And if you’ve had failure, you’re still very welcome here. So the environment is one that’s very comfortable with that.

The other thing which is really useful is smart people attract smart people. Independent people attract other independent people. Progressive people tend to attractive other progressive people. So the entrepreneurial lifestyle tends to attract other entrepreneurs. And I’ve seen that over 15 years in a very reinforced way.

You said recently that good cities for entrepreneurial incubators have “good bones and a chip on its shoulder.” What did you mean by that?

They’re separable but both important. So the good bones concept is: You have to have smart people. You have to have an independent streak, or a culture of independence. You have to have a steady supply of new young people into the community. Because if you don’t, what happens is everybody gets older, has families, changes their priorities. And you have this stagnation until the younger people get sick of the older people not doing anything. So you need to sort of have this steady stream.

You have to have some relevant wealth. So, you know, whether it’s angel or VC investors, having people that have made money from things that are currently being started is important. If you have a bunch of people who made money in real estate, it’s gonna be really hard to build a tech community.

The chip on the shoulder is interesting. I mean, there’s only– The whole Silicon Valley phenomenon is so telling because many major and many minor cities in the country became “Silicon Something”–Silicon Prairie, silicon this, silicon that, Silicon Mountain, Silicon Rabbit, Silicon Elephant. Which is so ironic because silicon is a proxy now for software because Silicon Valley was started because of the chip companies, so it’s even a moniker that doesn’t quite work. The cities that have a little bit of a complex, like, “We can be better,” is a motive because that galvanizes people to action. And my comment consistently to people is not to be like Silicon Valley because you’re not gonna succeed at that. The goal is to be the best you can be of yourself. Learn as much as you can from Silicon Valley and other cultures, but if you’re Boulder, be the best Boulder you can be. If you’re Boston, be the best Boston you can be. So going back to the first comment , use your bones and build something meaningful on that. And then you have more opportunities. Versus so many companies that say here are the three things we’re gonna do: A, B, and C, and here’s our game plan. And that happens for a year or two and then everybody gets bored or they don’t work.

Is Boulder the right context for entrepreneurs with an eye on the kind of billion-dollar exits you see in Silicon Valley?

I think that’s a population dynamic. I’m not a believer that you’re not gonna see billion-dollar exits here. I’ve had one. A company called Service Metrics, was bought for $280 million and by the time we got our hands on the stock after the deal closed it was worth well over a billion dollars. So, that was 1999. So you could say that’s a bubble exit so take it out of the equation. But Verio was a $5 billion sale, and that was a company that was created here. Not in Boulder, but in Denver, so in this region. The argument that there are none doesn’t work for me. On a percentage basis, I don’t know if it’s the same or not. But on an absolute basis, we have way less companies. Almost by definition it’s gonna be less. Oh, by the way, the vast majority of exits aren’t billion-dollar exits anyway. So it kind of comes back to, most software-Internet companies get acquired. We will have that play out here. That will continue to play out.

What does Boulder still need for the entrepreneurial ecosystem’s success?

I think there’s been a ton of energy by entrepreneurs in energizing Boulder in the last four or five years. And that has to continue. There’s no such thing as resting on your laurels. There’s no such thing as being complacent. The entrepreneurial beast is hungry. And if you want to have a great entrepreneurial ecosystem you have to keep feeding the entrepreneurial beast. And it has to be fed all up and down the chain, from some entrepreneurs who are young to experienced entrepreneurs, and they have to keep caring about the place they live in, their community, and the dynamics amongst them, the people in the community.

There’s not a thing we need, but that’s a thing I’d be fearful of. Not about Boulder specifically, but about in general. It’s easy to say, “Look how good we’re doing.” So what. That’s a good way to get to a place where you’re not doing so good.

State of the union!

March 22, 2011 in Community News, Financial News

The Boulder market is getting very strong again. What a great place to live! With our Hiking trails, open space, shopping and restaurants we are blessed.  The University, Naropa and other educational events like the World Affairs Conference keep us vibrant and stimulated. All of this feeds into our real estate market making it one of the best re-sale markets in the world.  We are seeing great activity in luxury properties, including downtown loft living and single family luxury homes.   There have been cases of multible offers in this areana as well as more modest family homes.
The advertising sector, government labs, Google, the universty and the long awaited arrival of Conoco Phillips will all help the Real Estate Market flourish. We at Walnut Realty have excellent tools to help with home search and great marketing skills to sell your property.

Economic Report

March 21, 2011 in Financial News

March 8, 2011 –

BOULDER – Some little-known economic facts are out in a new report published by the Boulder Economic Council.

When it comes to salaries, workers in Boulder make an average of $54,924 annually. Those in the information industry earn the highest average salary at $92,780, while workers in accommodation and food services industry jobs earn the lowest average at $17,405.

Of the city’s almost 100,000 workers, more than three times the national average are in the information industry and more than twice the national average work in some sort of professional, scientific or technical services field.

More than 20 percent of the people who work in Boulder are employed by the University of Colorado, at federal labs such as the National Center for Atmospheric Research, or at other governmental entities. Another 15 percent do some sort of manufacturing job.

Companies in Boulder received $84 million in venture capital investment in 2010, or close to 20 percent of the state total. In 2009, that amount was $243 million in funding, or almost 55 percent of the state total.

Other statistics mentioned in the report:

Boulder’s retail sales represent about 44 percent of all Boulder County sales.

The city has roughly 6.6 million square feet of office space, 6.2 million square feet of industrial/warehouse space, 4.5 million square feet of research and development or so-called “flex” space and 4.5 million square feet of retail rentable space.

The median sales price for a single-family home sold in Boulder in 2010 was $535,000, close to a 2 percent increase compared with the $525,000 average price in 2009.

A total of 623 single family homes sold in 2010, up more than 10 percent from the 564 sold in 2009.

Hotel occupancy in Boulder was up by almost 3 percent in 2010 at 65.1 percent compared with 62.4 percent in 2009. Average daily rates were up, too: $116.13 compared with $112.42 in 2009.

Accommodations taxes for the city increased 6.3 percent and sales-tax receipts were higher in most areas frequented by tourists.

The Leeds Business Confidence Index, based on expectations of Colorado’s business leaders rose to 54.8 for the first quarter of 2011. A “neutral” score is 50. In the first quarter of 2009, the index reached a record low 30.6.

The complete report is available online at www.bouldereconomiccouncil.org.

The Boulder Economic Council, an affiliate of the Boulder Chamber, is a group of business and community leaders committed to Boulder and its economic well-being.