by Neil Kearney | Nov 3, 2014 | Boulder County Housing Trends, Statistics
I have just completed The Kearney Report for the 3rd quarter. The Kearney Report is a comprehensive, quarterly presentation of the real estate statistics in Boulder County. I then break it down into smaller areas so that we can identify differences within the Boulder area real estate market.
Through the first three quarters, total sales in Boulder County are down 6% from last year but up 6% from 2012. However, the sales volume is down just 2% YTD. This means that the average price for each home sold has increased. This increase has come in two forms. First, the median home price increased by 8% from the third quarter of 2013 and secondly, more high priced homes have sold this year. Last year 24% of all sales in Boulder County sold for $500,000 or more. This year it’s 29% above that threshold.
So far this year there have been 1,557 sales in Boulder County. Here is where those sales have taken place:
City of Boulder – 43% (478 sales)
City of Longmont – 39% (432 sales)
Unincorporated Plains (including Gunbarrel and Erie) – 21% (231 sales)
City of Lafayette – 16% (177 sales)
City of Louisville – 8% (92 sales)
Unincorporated Mountains – 8% (84 sales)
Town of Superior – 6% (63 sales)
Prices have been rising and it’s interesting to see the erosion of the lower end of price spectrum and the expansion of the higher end of the market. The chart below shows that in the third quarter of 2012 79% of the home sales in Boulder County closed for $500,000 or below. This most recent quarter 72% sold for under $500,000, an erosion of 7%.
To view and/or download the entire Kearney Report for the 3rd Quarter of 2014 which includes 15 pages of detailed charts and analysis click here.
by Neil Kearney | Oct 14, 2014 | Boulder County Housing Trends, Statistics
The real estate market in Boulder County has had a nice surge of activity this fall. There is a small uptick in new listings, a strong increase in under contract percentage and the title companies were very busy at the end of September. Sales for the year are still down 6% from last year. The presentation below shows the most recent month compared to each month over the past five years in number of sales, inventory of listings and under contract percentage. Also presented are the number of homes that have gone under contract on a weekly basis, new listings on a weekly basis and sales on a weekly basis over the past four years.
by Neil Kearney | Sep 29, 2014 | Boulder County Housing Trends, Boulder Real Estate
If you have been driving around Boulder lately you undoubtedly have noticed the building boom happening. Commercial buildings are going up, the University of Colorado is working on some big projects, there are hotels being built and most notably to me there are a bunch of new residential apartment complexes going up.
A full half of all residential housing units in Boulder are for rent. Many of those apartments and townhomes were built in the 1960 – 1980 era and frankly many need a facelift. A few bold developers have recognized this over the past few years and have come to the market with a new housing product to Boulder; luxury apartment communities. These apartments work off of the premise that people will pay higher prices for really high end places with amenities. After the first project like this worked, a flood of similar projects raced to be second. In this article I will give a few examples of some of the notable new high end apartments in the Boulder area.
Boulder
TWO NINE NORTH – www.twoninenorth.com
Two Nine North is located at the North East boundary of the Twenty Ninth Street Mall. It is a high end apartment complex that is well located. Prices for a one bedroom unit start around $1900 and the largest two bedroom units (~1350 sq. ft.) go for around $2800. The community amenities include: Underground Garage Parking, Outdoor Pool, Cats and Dogs Accepted, ClubHouse, Smoke free, Fitness Center, Business Center, Onsite pet park. The apartments themselves are well appointed and the website lists these features: Plank wood flooring, Faux Stainless Appliances, Central Heat, Roman-style tub, microwave, Private Balcony, Electric Range, Ice maker, Garbage Disposal, Key fob entry,Fireplace – electric, Energy efficient appliances, Walk-In Closet, Ceiling Fan, In-unit W&D,Granite Countertops, Central Air Conditioning, Dishwasher.
Solana 3100 Pearl is located within 2 blocks of Two Nine North. This project is recently completed and is going through its initial leasing. When complete there will be 319 units for rent. It’s located at the Boulder Junction which will eventually be a mass transportation hub just east of 30th Street on Pearl. The availability at Solana ranges from a studio 573 sq. ft. studio for $1450 to an 1,183 square foot two bed, two bath for just under $2500 per month. I toured this project and found that the community areas reminded me of a new four star hotel. Big booths and tables in which to socialize and work on your laptop, a well equipped fitness room a spinning room and outside courtyards with comfortable seating a gas firepits. The infinity pool will be open soon. From their website:
“Solana 3100 Pearl is a brand-new community that offers contemporary living in an unbeatable location with upscale apartments in Boulder, CO. The environmentally conscious amenities combined with the thoughtfully appointed floor plans ensure that residents are continually satisfied with their living experience. This LEED Silver Certified apartment community offers studio, one and two bedroom apartments with luxurious layouts, and all of the homes are pet friendly with few restrictions.This exceptional community offers a wide variety of features for the conscious resident. There are plenty of exercise options with the community’s fitness center, which features a spinning room and a yoga studio. Active residents will appreciate the community’s commitment to alternate methods of commuting, which include an electric car charging station, over three hundred bike parking spaces and a bike repair station. Residents who love to mingle often take advantage of the clubroom and social room, and the community’s rooftop is home to a luxurious lounge that has an inspiring view. Our drought tolerant landscaping guarantees a beautiful looking community year round.
The homes are as luxuriously appointed as the community is. Each apartment comes with standard slab doors, wood flooring and sizable bedrooms. Select homes even include upgrades such as carpeting in the bedrooms, side-by-side refrigerators and garden bathtubs. Each one of these premiere homes was carefully designed with space, comfort and eco-consciousness in mind.”
The Lofts at Peloton – www.theloftsatpeloton.com/
The Peloton is a large project that was initially slated to be sold as condos. Halfway through the sales effort the developers decided that the rental market was better than the sales market and turned half of the complex into rental units. The community center is really outstanding, best of the bunch, and features a health club quality workout center, a beautiful roof top pool and hot tub, a club room and a movie room. From their website it appears that they have 1, 2 and 3 bedroom units. One bedrooms start around $1900 and two bedrooms are just under $3,000.
The photo to the left is of the rooftop pool at The Peloton. Here are the amenities from the website.
*Rooftop pavilion with year-round pool, 2 hot tubs, fire pit & bbq grills * Private 6,000 sq ft fitness center with spa & yoga studio * Game room with billiards, shuffleboard, flat screen TVs & movie theater with stadium seating for 22 * Fully wired & networked meeting/conference room * Inviting outdoor gathering places & fountain * Gated, subterranean parking * Bike & individual storage lockers * Fenced dog park, with doggie drinking fountain * Convenient, ground-floor retail shops * Cable/Satellite TV * On the RTD public transportation route * Bathroom Window * Shaker-style Cabinetry * Central HVAC * Corner Unit * Covered Parking * Deluxe Mtn View * Dogs/Cats Allowed * Dual Vanity Sinks in Bath * Elevator Service * Extra Storage * Fireplace * Full-sized Appliances * Gas Stove * Glass Shower * Hardwood Floors Living/ Dining * Hardwood Flooring Kitchen * Kitchen Island * Oversize Balcony * Loft / Studio Style * Microwave * Mtn Views * Pantry * Quartz Countertops * Reserved Parking * Sliding Doors * Stackable WD * Upgraded Stainless Appliances * Stand Up Shower with Seat * Technology Center * Tile Floors Laundry * Walk-in Closet in Master * Side-by-Side WD * Wood-style Blinds * Wood-Style Flooring * Quartz counter tops * Shaker style cabinetry with self closing drawers * Gas fireplaces (select apartment homes) * Stainless steel, Whirlpool appliances including a gas stove & microwave * Washer and Dryer Provided * Spacious, walk-in closets * Designer fixtures & hardware throughout * Private decks and patios, with gas hook-ups for grills *
Gunbarrel
Boulder View Apartments – www.boulderviewapartments.com
If you don’t mind driving a bit to get to town you can look out in Gunbarrel. Gunbarrel isn’t technically a town it’s an area of Boulder that was annexed back in the 1970’s to allow for IBM to move to the area and have an Boulder address. Downtown Boulder is roughly 7 miles away and right across the street is a neighborhood shopping center with a supermarket, restaurants, coffee shops etc. These apartments are brand new and as of the end of September they were just about 100% leased. There are less than 70 units and I found that their common amenities were not as nice as the properties in Boulder, just some chairs around some outside fire pits and two over sized hot tubs built into a deck.. Rents range from $1100 for a studio to a listed price of $1860, although the onsite leasing agent said that for certain locations the rents are more, not all units have a garage.
From their website.
Located in the thriving Gunbarrel area of Boulder, this community offers plenty to do, with open space trails, bike paths and spectacular views. Boulder View offers 68 brand-new apartments with high end finishes, a comfortable feel, and breathtaking views.In select units we offer adaptable storage for bikes and outdoor equipment. Just off the Lobo Trail and bus line, we are easy access from anywhere in Boulder County. The community amenity deck includes a hot tub and swim spa, 2 fire features and an outdoor kitchen with terrace.
Apex 5510 – www.apex5510.com
Apex 5510 is a complex of 261 units also located in Gunbarrel. This complex is still under construction and they plan to have their first move-in’s on October 15th 2014. The prices here a bit higher than at Boulder View (which is within a short walk away) but it seems that they are providing more amenities. Prices range from $1300 for a studio, $1465 for a one bedroom and the prices for a two bedroom range from $1900 – $2300. The amenities include a 24 hour fitness room, a lounge area with big screen TV’s and a paw spa for washing your dog. This area also has some retail space so hopefully that will fill in with something attractive to tenants. It also has a seasonal pool as well as a year round hot tub.
From their website:
Apex 5510 puts you in the heart of it all. Here, you’ll find studio, one- and two-bedroom apartment homes in North Boulder’s
Gunbarrel business district. It’s the perfect blend of inspired design and a healthy, sustainable lifestyle, so of course it’s 100% smoke-free.
You’ll be well within walking distance of some of our premier companies, including IBM, HP and Covidien. In fact, more people walk to work in Boulder than any other city of our size.
There’s direct access to Boulder Reservoir and more than enough protected open space to make sure nothing blocks your view of the front range.
With downtown Boulder, Pearl St. Mall and 60 parks just five miles away, Apex 5510 will remind you every day that this is where you were meant to live all along. And now you do.
Apex 5510. At heart, you’ve always been a Boulderite.
Louisville
North Main Apartments at Steel Ranch – www.steelranchliving.com
As the name suggests, this apartment complex is located where Main Street in Louisville ends at its north end. It is located conveniently next to the new Afalfas Market. It has an impressive amenity list and is similar in many ways to the high-end properties in Boulder. Prices start at $1215 for a one bedroom, top out at $1900 for a two bedroom and range from $2325 to $2574 for a three bedroom. Here is a list of their amenities from their website: Sundeck with Fountain Spa * 25 yard Heated Lap Pool w/pool house * Jacuzzi/Hot Tub * Fitness Center * Business Center * Covered Parking * Some Pets Allowed * Media Room * Garage Parking * Pet Bathing Station * Bicycles * Expansive Clubhouse with WiFi Coffee Bar * Dual Conference Center * Chef Inspired Kitchen in main Clubhouse with complimentary cooking classes * 24 Hour Health and Fitness Club * Fire Pit with BBQ & Picnic areas with access to Pool House * Community Park * Direct Access Garages and Covered Parking Available * Velo Station for Bike Cleaning and Maintenance * Walking Distance to King Soopers, Alfalfas and many coffee shops, restaurants & retail stores in Downtown Louisville * Premium Island Kitchens * Upgraded Appliances * Garbage Disposal * Washer/Dryer in Unit * Balcony, Deck or Patio * Walk-in Closets * Dishwasher * Custom Cabinetry * Granite Countertops * Spacious Patios and Balconies * Unobstructed Mountain Views * Built in Tech Desks * Dual Master suites * 9 ft Ceilings *Faux Wood Flooring * Two Tone Paint with accent color walls * Oversized baseboards throughout home
Other Options
If these prices seem high to you there are other options. There are other, older apartments complexes with fewer, less fancy amenities available and there are many privately owned condos and townhomes for rent that have varying degrees of updates. The privately held units are most readily found by doing a Craigslist search.
by Neil Kearney | Sep 25, 2014 | Boulder County Housing Trends, Statistics
It was clear that prices were rising this spring. There were tons of homes selling for full price or above and it seemed each sale was breaking new territory. Buyers felt it as “that one” deal got away and never came back around. Sellers felt it as they sold for higher than the had imagined just months earlier. But this is all anecdotal. Hard figures were hard to find and month to month numbers are much too volatile to be trusted. I’ve been tracking the FHFA.gov home price statistics quarterly since 2006 and they give a stable platform from which to compare prices. Not only in our market but across the county. Here are the latest home appreciation results from the second quarter of 2014.
For the one year period ending June 30th homes on average increased in value by 9.6%. This is the highest figure since 2006 and ranked us 55th highest out of the largest 276 metropolitan areas. During the second quarter the appreciation rate in our market was 3.81%. This ranked 33rd highest nationally. Since the 2nd quarter of 2008 homes in our market have appreciated on average 13.7%. This is 21st best in the nation. The chart below shows the rolling one year appreciation of Boulder County compared to the United States as a whole over the past five years.
The one year appreciation in the United States as a whole has slowed a bit but at 5.25% is still historically quite strong. However during the second quarter the appreciation was just .81%. Over the last five years the national housing stock has appreciated in value by 8.25%.
The top states for home appreciation right now are; Nevada (14.8%), California (11.38%), District of Columbia (10.74%), North Dakota (8.68%) and Arizona (8.39%). Colorado ranks 8th with 7.76%. The states that rank lowest in home appreciation are Mississippi (-.51%), Connecticut (.29%), Alaska (.34%), Delaware (1.13%), and Virginia (1.24%).
The top Metropolitan Areas for home appreciation are all in California and all showed gains in the 22 – 25% range. These are the same areas that were hit the hardest during the economic and housing crisis but now have recovered and are now positive for the five year period. The areas that have the lowest appreciation (-3.5 to -2%) are located in Ohio, Wisconsin, New Jersey, Illinois, and New Mexico.
by Neil Kearney | Sep 11, 2014 | Boulder County Housing Trends, Statistics
The market slowed during August. Sales were down roughly 15% from last month and 14% from last August. Sales are down 7% year-to-date. These sales numbers reflect the closings during the month so most of the contracts were written in July. The contract activity as measured by the number of homes that went under contract during the month continued to slide in August. The inventory of available homes continues to be low. The fall in activity and the low inventory keep the overall market in the sellers favor.
We usually see a nice surge of activity in September and October before slowing again for the holidays. The slideshow below includes more data and charts regarding the market.
by Neil Kearney | Aug 24, 2014 | Boulder County Housing Trends, Statistics
Through July sales of residential real estate in Boulder County is down roughly 5% from a year ago but it’s the second best year since 2007. The recovery is holding. For the month of July the numbers reflected this larger trend, down 4.5% from July 2013 but higher than any other July dating back to 2005. With low inventory and very little negotiation off of list prices, it has definitely been a sellers market this year. While it’s hard to measure price changes on a monthly basis (due to changes in the mix of sales) prices are definitely heading up. Browse through the slides below to get a visual tour of the market conditions.
I have just completed The Kearney Report for the 3rd quarter. The Kearney Report is a comprehensive, quarterly presentation of the real estate statistics in Boulder County. I then break it down into smaller areas so that we can identify differences within the Boulder area real estate market.
