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Boulder Real Estate Research - SF Report


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An analysis of real estate market conditions in Boulder, CO. Get the latest research by visiting

An analysis of real estate market conditions in Boulder, CO. Get the latest research by visiting

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  • 1. THE SILVER FERN REPORT: Boulder An analysis of real estate market conditions in Boulder, Colorado November, 2010 Phone: 303 586 1241 |
  • 2. Legal
    • This presentation was prepared exclusively for the benefit and use of the Silver Fern Homes clients in order to assist their study of real estate market conditions. This presentation is for discussion purposes only and is incomplete without an in-person, oral presentation by Silver Fern Homes. This presentation reflects our views of prevailing market conditions on this date, which are subject to change. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. The following presentation is not to be construed as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment decisions derived from this presentation. Previous market performance is not a guarantee of future results and there is financial risk associated with buying or selling property. Consult with your financial, legal, and real estate advisers before making an investment decision. The data in this presentation was obtained by private and public sources, without independent verification.
  • 3. Boulder, Colorado Phone: 303 586 1241 “ Our goal is help you get the most value from your unique real estate situation. We offer our clients the latest market information, straight forward advice and the highest standards of service.” - Osman Parvez, Co-Founder
  • 4. The Team
    • Osman Parvez: Co-Founder and Associate Broker. Osman’s professional experience includes investment analysis, real estate development, and investment banking. He also loves being in the wilderness and has research experience studying the impacts of climate change. Osman holds an MBA in finance and a B.S. in Biology
    • Email: [email_address] ph: 303.746.6896
    • Dallice Tylee: Co-Founder and Managing Broker. She holds a GRI and CRS. Dallice is also a Certified Negotiation Expert, EcoBroker, and Accredited Staging Professional. A native of New Zealand, Dallice's attention to detail and thorough, disciplined approach comes from previous professional experiences in health sciences. She is passionate about interior design and landscaping.
    • Email: [email_address] ph: 303.746.6765
    • Crystal Callipari: Associate Broker. Crystal’s experience as a real estate investor and home builder provides unique insight on buying, selling and marketing strategies. Prior to joining Silver Fern, she was a frequent client of the firm, giving her perspective on the quality of service clients should expect from their broker. Crystal has lived in Colorado for over 13 years with her husband. She has two grade school aged children, one of whom is a competitive figure skater and the other a black belt in martial arts.
    • Email: [email_address] ph: 720.841.2701
    • Robbin Merta: Licensed Assistant. She has a B.F.A. in graphic design and experience owning several small businesses. Her strong interest and experience in home renovation, both personally and professionally, is a practical complement to the Silver Fern team. She is a stained glass artist who also enjoys volleyball, cooking and martial arts.
    • Email: [email_address] ph: 303.993.6139
  • 5. Spotlight: Medicine Horse Program For more than 7 years, Medicine Horse Program has been dedicated to enhancing the quality of life of adolescents, families, and adults through unique equine-assisted experiences. We provide group and individual therapy sessions that focus on healing. Individual and group psychotherapy sessions are offered. Silver Fern donates 5% of every commission to local non-profits. 2009 Recipients: Boulder Shelter for the Homeless Colorado Chautauqua Association Greenwood Wildlife Rehabilitation Sanctuary Big Brothers Big Sisters I Have a Dream Foundation Circle of Care Growing Gardens Intercambio de Comunidades Wildlands Restoration Boulder Emergency Squad Boulder Day Nursery Citizens' Community Television 2008 Recipients: Archway Wildlife Rehabilitation Association for Community Living Big Brothers, Big Sisters Boulder Humane Society Boulder Shelter for the Homeless Front Range Center for Assault Prevention Greenwood Wildlife Rehabilitation Center I Have a Dream Foundation Circle of Care The Medicine Horse Program
  • 6. City of Boulder Single Family Houses (detached dwellings)
  • 7. House Inventory Seasonal Decline
    • Inventory continues to slide towards the usual seasonal nadir.
    • As of December 1 st , there were 298 properties available and 46 under contract.
    • Inventory will begin rising again in January. Buyers begin re-entering the market on Dec. 26 th .
  • 8. House Sales Volume Up and Down
    • 51 homes sold in the City of Boulder in October, up 42% from last year.
    • Compared to the long term average (shaded area), sales were down 46%.
    • Looking back over a longer period: during the last six months, 349 units sold, an increase of 5% from the same period a year ago.
    • Over the last twelve months, 640 houses sold – an increase of 24% from the same period a year ago.
    • Preliminary results for November suggest at least 35 sales, continuing the up/down bimonthly pattern.
  • 9. House Absorption Rate Bounces
    • Absorption is the percentage of property that sells from available inventory.
    • Last month, absorption was 11.2%, a small bounce upward from September and somewhat above last October.
  • 10. Inventory by Price Range
    • This chart illustrates how price relates to location in Boulder.
    • Green = Under $500K Yellow =$500K to $800K Purple = $800K to $2MM
    • Higher end property tends to be on or near open space, forming a wall of purple on the western edge.
    • The mid range fills mostly north and central boulder, with noted exceptions in Table Mesa.
    • The majority of property under $500K is in the southeast.
    Price Range Analysis
  • 11. Notable Sales On the Hill for Under 600K 969 10 th Street Key Statistics: 5 Bed, 3 Bath 3,295 SQFT Sold: 10/29/10 Days On Market: 303 Sold: $595,000 % of Original Asking : 82% Nice finishes and plenty of charm, but no real master bedroom and an unusual layout. A few student rentals were nearby as well. Nail in coffin : The seller wasted the peak season with a wishful thinking asking price of $725K. Flood Zone, Cheapie 2248 Edgewood Drive Key Statistics: 3 Bed, 1 Bath 1,008 SQFT Sold: 10/18/10 Days on Market: 153 Sold: $287,000 (w. concessions) % of Original Asking : 87% Property in the 100 year flood zone costs more to insure, no doubt pushing down the price of this basic ranch well below $300,000 (despite the central location). Underpriced Lightning Sale 440 Arapahoe Avenue Key Statistics: 4 Bed, 2 Bath 1,905 SQFT Sold: 10/20/10 Days on Market: 17 Sold: $575,000 % of Original Asking : 100% A+ location, large lot, and historic. Sold for full asking at lightning speed for cash. This transaction supports the thesis that even in the softest market, attractive, well priced property will sell very quickly.
  • 12. City of Boulder Town Homes and Condos (attached dwellings)
  • 13. Town Home & Condo Inventory Still Low
    • Inventory remains continues to track below the long term average (shaded purple area).
    • 421 units were on market in October, about the same as last year.
    • As of December 1 st , there were 352 attached dwellings available for purchase and 39 units under contract.
  • 14. Town Home & Condo Sales Volume Struggling
    • 32 units sold in October, down 22% from last year.
    • Over the past six months, 301 units sold, 21% less than the same period a year ago.
    • Sales have remained relatively flat since July of this year.
    • Our short-term forecast has not changed; we anticipate sales will remain flat until at least February or March of 2011.
  • 15. Town Home & Condo Absorption
    • The absorption rate was 7.4% in October, down slightly from last month and the preceding year.
    • Potential sellers should note that on average, absorption picks up in March and peaks in September.
    • This suggests that market analysis and staging should be done by January and your property should be on market by February.
  • 16. Inventory by Price Range
    • This map shows the relationship between price and location within the city.
    • Green = Under $200K Yellow = $200K to $300K Orange = $300K to $400K Red = $400K to $600K Purple =$600K to $1MM
    • Downtown is a locus of higher end listings
    • Pockets of higher value exist in the Holiday Neighborhood, Newlands, Shanahan Ridge etc).
    • Northeast Boulder and the Foothills Highway corridor have select areas of lower value (entry level) properties
    Price Range Analysis
  • 17. Notable Sales The High End Is Alive 1077 Canyon - Unit 210 Key Statistics: 2 Bed, 2 Bath 2,181 SQFT Sold: 10/07/10 Days On Market: 193 Sold: $1,995,000 % of Original Asking : 100% This two bedroom, plus study, was built without sparing any expenses. Southwest facing, unobstructed views, and as downtown as it gets. One of two sales at The Arete last month. Beats A Guest Bedroom 1237 Elder Ave – #10 Key Statistics: 1 Bed, 1 Bath 390 SQFT Sold: 10/05/10 Days on Market: 141 Sold: $124,000 % of Original Asking : 71% There aren’t many people who can live inside 400SQFT. Perhaps the buyer of this historic unit will use it as a guest house and/or occasional vacation rental. New Urbanism Prices Slip 1659 Zamia Ave Key Statistics: 3 Bed, 3 Bath 1,683 SQFT Sold: 10/29/10 Days on Market: 229 Sold: $455,000 % of Original Asking : 87% The owner of this Holiday townhome purchased it for $478,000 in 2007. Three years later, it was sold for $455,000, representing a 5% decrease in value. This establishes a solid comparable for other units in the area.
  • 18. Lessons from the Trenches
    • On Negotiation:
    • Buyers and sellers need to understand the market for their specific property in order to negotiate effectively. This is why a key part of our negotiation process is educating both parties to market conditions.
    • Good faith is a prerequisite to a successful transaction. A loss of trust is the price that sellers pay for not disclosing obvious defects in the mandatory Seller’s Property Disclosure.
    • On Due Diligence:
    • Phases of due diligence should be timed to coincide with the deadlines in the purchase agreement. The checklist we provide to our buyers has now grown to twenty areas of investigation.
  • 19. Get A Great Deal
    • Buying or selling a home is one of life’s largest financial decisions. Shouldn’t you have a professional adviser?
    • We believe Realtors should add value and earn their commission. The sooner we get started, the more we can help.
    • Give us a call. The Realtors at Silver Fern are real estate experts. We can advise you on current market conditions, help you find the right home, and negotiate the best possible deal.
    • We work with buyers and sellers throughout Boulder County and beyond, including international relocations.