Continue reading »]]> Last night I decided to take my camera for a walk in Downtown Boulder.  I didn’t really have a destination I just wanted to see what was up on a quiet, cool, February night.  The slideshow shows a few images you would recognize like the Boulder Public Library, Macky Auditorium and the bridge at Varsity Pond on the CU campus.  I also found some quirky images like a lighted fence made of bottles on Dewey Avenue at 7th Street and an old car stuck in the snow up on Mapleton Hill.

Walking and exploring is one of my favorite things to do when I’m out of town, but I rarely have the time to stop and smell the roses in my own city. Boulder is a safe place to walk at night and it was fun to look at the city from a different perspective.  Since it was President’s Day, I added one extra photo I took on a night walk in Washington D.C.   I hope you enjoy the photos.

Continue reading »]]> The Boulder County real estate market is humming along.  But it seems we are running a bit lean in one cylinder.  It takes both buyers and sellers to make a market and right now buyers are out in force but sellers are still in winter hibernation mode.

If you are thinking about selling your home in 2012 there may be no better time than right NOW.  Currently in the City of Boulder 29% of all listings are under contract.  In Louisville and Lafayette nearly 40% of listed homes have already found a buyer.  These are really high numbers and not surprisingly there are multiple offers happening.  Buyers are problably wondering what the heck is happening.

Homer: “Marge I thought this was a buyers market.  Do you still think we can buy this house for a 40% discount?”

Marge: “I don’t know Homie, we have missed out on three homes already.”

Lisa: “Mom and Dad, wake up and get with the program or we will never buy a house.”

This situation doesn’t mean that the market is back.  We still have some recovering to do and one big piece of the puzzle is for sellers to show confidence in the market by listing their homes.

The video below gives a complete update of the market throughout Boulder County.

Continue reading »]]> What makes one house sell while another one lingers on the market?  What causes one house to get multiple offers and another to seem to repel buyers?  Is it the location?  Is it the condition?  Is it the marketing?  The truth is that it is a complicated mix of these and other factors.

When you decide to sell you want your home to be noticed for the right reasons.  When it is you will attract buyers and offers early in the process rather than adjusting and chasing in the long run.  Here are my five top tips to maximize your selling price in today’s real estate market.

PRICE YOUR HOME COMPETITIVELY:   The listing price of homes is how buyers keep score when they are looking at homes.  Sure they compare features, floor plans and location but they always bring it back to price.  Properties that are realistically priced for the current market conditions sell more quickly and for more money than those properties that try to “push” the market just in case there is the “right” (read as stupid) buyer out there just waiting for their home.  Pricing your home competitively means looking at what similar properties have sold for as well as comparing your home to what is currently on the market.  It’s hard to be objective so this is where you rely on a good Realtor with experience and knowledge in the market.  Buyers are looking for a fair deal and when they see one they know it.
PROFESSIONAL MARKETING:  Your first showing to a buyer is always online.  Buyers and Realtors scroll through photos like blackjack dealers deal cards.  If your home has bad photos or just one exterior photo your home will be passed by time and time again.  The buyers first impression is from photos on the computer and from those photos they will decide whether it’s even worth it to drive out to your home.  If there are very few photos, the message is clear, “this house needs work!” .  When that is a buyers first impression you can bet that they have already discounted the price in their mind.  When you list with an agent who doesn’t take the time to market your home professionally and carefully you are leaving money on the table.  I take way to many photos and then enhance those photos to make sure that they make they look great.  I also create a website for my listings with home videos, slideshows, neighborhood profiles, home details, etc.  My philosophy is that I am marketing to the buyers parents who need to be sold on the home but will never see it in person before the closing.

CURB APPEAL:  Once you have created the desire to see home through good marketing, the next step is to start impressing the buyers in small ways.  The homes curb appeal will set the stage for the rest of the showing.  If the curb appeal is really good buyers will forgive other not so perfect things in the home.  In other words, when a homes first impression is positive buyers go in with a yes mindset.  When the curb appeal is poor, the buyer looks at the home with clouded glasses (the opposite of rose colored).  My advice is to start small and work your way up.  First clean up the yard, power wash the deck, touch-up the paint, replace the broken basketball hoop.  Next ask your Realtor if larger projects like painting or a new front door are needed.

CLEAN and STAGE:  Once inside the home, the buyer is not only looking closely at the home, they are trying to picture themselves living there.  In order to sell your home for the most money in the least amount of time, a seller must minimize the distractions.  This means that the personal clutter that most of us live with needs to be removed.  The home must be super clean.  Make sure that this includes the elimination of all odors as well as not leaving any strong detergent smells.  Besides clean and de-cluttered, your house must maximize the floor plan by having the right amount of furniture.  Often this requires the removal of unneeded items.  When the market is competitive your house needs to shine in order to get top dollar.  I also think it’s important to mention here that all minor maintenance items should be done in advance of putting your home on the market.  This includes clean caulking in the kitchen and bathrooms, paint touch-up, window repair, etc.

SMART UPGRADES:  When you are about to sell your home the last thing you want to do is to spend a bunch of money on improvements that you won’t enjoy.  But in many cases, in order to maximize your profit, you need spend money to make money.  If you look at any remodeling magazine you will see that most home projects return less than what they cost.  It would then seem counter intuitive to make any improvements just before you sell if you are trying to maximize price and profit.  It’s true that some projects will not pay off at the time of sale, windows and insulation are a few examples of projects that buyers take for granted.  But some strategically spent money can payoff in certainly a quicker sale and in many cases buyers will try to negotiate less when the house is “move-in ready”.  I’m always happy to give you my professional opinion of what needs to be done in well in advance of your target listing date.

HIRE A GOOD REALTOR:  All real estate agents are not created equal.  First of all not all agents are Realtors.  Realtors are members of the National Association of Realtors and adhere to a strict code of ethics which is aimed at protecting the public.  I take this very seriously and currently am the Chairman of the Ethics Committee at my local Realtor association.  Secondly, make sure you have an agent who has the experience, knowledge and professionalism to walk you through the process of getting your home properly marketed.  It takes consistent marketing to get your home exposed to many potential buyers.  Studies show that it takes 1,000 online impressions to potential buyers to create one in person showing.  A good Realtor is one who will follow through consistently, not just until you sign the listing papers.  Find an agent who you like, who will have your best interests in mind, has the tools to properly market your home and has a track record of success.  The money spent on a good Realtor will pay off most often in the form of shorter marketing time, higher price and less overall hassle.

You may also be interested in reading :

How To Sell A House That Has Been On The Market For Over Six Months

Cost vs. Value – Will Your Remodeling Project Pay Off?

The Price Value Continuum in Selling a Home

Continue reading »]]> Loan delinquency rate is a canary in the mine shaft, a harbinger of things to come. And in Boulder it is good news! Loan delinquency is the first step toward foreclosure. In a recent ranking of the lowest delinquency rates released by CoreLogic, Boulder ranked number one.  The list below shows the ten markets nationwide which have the lowest rate of delinquency.  The list is shown alphabetically but if you look at the numbers, Boulder has the lowest rate at 2.02%.

Click here for a related post about the percentage of foreclosures in different areas throughout Boulder County.

Continue reading »]]> 2012 has started in many ways just like it has over the past two years.  This year it seems that there is a lot of early activity in the market.  In fact, at the end of January, 21.5% of all listings were under contract.  This represents a 7% increase from the same time period a year ago.  Closed sales during January were just about equal to last year.  The number of homes that went under contract during the month were within a few properties as well.

So does this mean that we are primed to have a similar year in the Boulder real estate market?  My prediction is that sales will increase this year.  Not a huge jump but an increase nonetheless.  There have been many people thinking about making a move and this year is a great year to take advantage of low interest rates while they last.  If you have a home to sell, the good news is that there is activity in the market.  The bad news is that buyers are as picky as ever and will only buy homes that are in good shape and are perceived as a good value.

This slideshow highlights 4 years of sales data and shows many of the long term trends we have been seeing in the Boulder County real estate market.  I welcome your questions and comments.

Continue reading »]]> Before you move to the Boulder area you will need to visit.  Here are some selected lodging choices to consider when you are planning your trip to Boulder.

Hotel Boulderado – ~$200 http://www.boulderado.com/  The Hotel Boulderado is located right in Downtown Boulder, one block from the Pearl Street Mall.  Staying at the Boulderado will give you a great sense of what Boulder is all about.  If you have never been to Boulder this is a great place to stay.  It was built in 1909 as a joint project to attract tourists.  It is still attracting crowds.

Chautauqua Cottages – ~$200 (Varies with cottage)  http://www.chautauqua.com These cottages are especially popular in the summer but are available year around.  If you have hiking and relaxation on the schedule this would be a great option.  Located right at Chautauqua Park.

Briar Rose Bed and Breakfast – $165 – $205 http://www.briarrosebb.com/  A bed and breakfast conveniently located near downtown Boulder and the University of Colorado.  Great option if you are looking for something different than a normal hotel.

The Bradley – ~$175 – $275 http://www.thebradleyboulder.com/ The Bradley is a small boutique hotel right in Downtown Boulder.  Quiet rooms, nicely decorated.  This would be a great escape from the everyday lodging choices.

St. Julian Hotel – ~$260 http://www.stjulien.com/ This is one of the newest and probably the fanciest hotel in town.  Located right downtown with easy access to all that downtown Boulder has to offer.  If you really want to do it up request a room with a view of the Flatirons.  Spa on site.

Boulder Marriott – ~$210  http://www.marriott.com/hotels/travel/denbo-boulder-marriott/  A nice full service hotel located near everything.  Close to CU, 29th Street Mall.

Courtyard by Marriott – ~$170 http://www.marriott.com/hotels/travel/denbd-courtyard-boulder/  This hotel’s location is an easy drive to anywhere in town but there are no restaurants within walking distance.

Millenium Harvest House – ~$145 http://www.millenniumhotels.com/millenniumboulder/index.html  Located right on the Boulder Creek Path and located next to CU.  There are 15 tennis courts on site.  This is where I have played tennis since I was a kid.  Close to restaurants and shopping.

Homewood Suites – ~$143 http://bit.ly/wQ9soD This hotel is located near Foothills Parkway and Baseline Road.

Holiday Inn Express – ~$126 http://bit.ly/xR41o9  The Holiday Inn Express is located on North Broadway.  There are some good coffee shops and restaurants within an easy walk.

Best Western Boulder Inn – ~100 http://www.Boulderinn.com The Best Western is located directly across from the CU campus.  Blues club on site.

Twin Lakes Inn – ~$92 http://www.twinlakesinnboulder.com/ This small hotel is located in a residential neighborhood in Gunbarrel about 5 miles from downtown Boulder.

Americas Best Value Hotel – ~64 http://bit.ly/ADW0gj This one is a value hotel located across from the CU campus.

There are other options out there but this gives a good cross-section of what is available.  The prices listed may vary depending upon time of year etc.

Continue reading »]]> 4523 Canterbury Drive – Boulder, CO 80301 – $319,000

For more information on this house go to www.4523Canterbury.com

This is a great home! From the well landscaped yard to the cool interior finishes this home rises above the competition. Outstanding features include, Mexican tile on the main floor, stainless steel appliances, central air, vinyl windows and an awesome stamped concrete back patio with a pergola overlooking the large yard. The house has four bedrooms and two full baths. Located on a small cul-de-sac just a few steps away from open space and Heatherwood Elementary School.

Great for entertaining! The open floorplan offers good indoor/outdoor spaces that are great for hanging out with friends. The family room has a wood burning fireplace and the ample windows keep everything light and bright.

If you have children and your dream is to walk them to school every day. Well, this is the place. The house is located a very short walk from Heatherwood Elementary School. The Heatherwood neighborhood is located in the Gunbarrel area which is in the NE corner of Boulder Colorado. It has more of a rural feel than the rest of Boulder and this neighborhood in particular is surrounded by open space. There are ample opportunities to enjoy the nearby trails by taking a bike ride or a walk. There is a sledding hill at the end of the block.

Continue reading »]]> I define the luxury market in Boulder County to be homes over $1 million.  Luxury homes make up approximately 3.5% of the total market in Boulder County (based on 2011 sales).

The number of sales of all homes in Boulder County was down 2.6% during 2011 while the sales of properties over $1,000,000 was up 6%.  This is an unexpected statistic for many because the assumption is when sales are down luxury sales will reflect a compounded decline.  This post will give you the information you need to interpret the luxury home segment in Boulder County.

Sales Trends:

As you can see from the graph, million dollar sales in the Boulder area have not always been a big part of the market.  During the 2000′s we saw many new luxury properties built and many existing homes remodeled into the luxury category.  During this time frame we also had a new category of luxury property take hold in Boulder; downtown luxury condominiums.

Price Range Mix:

The graph above shows the luxury home market split up into smaller segments.  Sales for 2010 and 2011 are recorded for each $250,000 segment.  You can see that the majority of the sales in the Boulder County luxury home market take place below $1.5 million.

Negotiation:

The average negotiation off of list price for all homes that closed in 2011 was 4.1%.  So for example if you had your home listed for $400,000 you could reasonably expect your home to sell for $383,600.  These past few years showed an interesting trend; as the price range increased the average negotiation increased as well.  For homes that sold for over $1 million the average negotiation off of the last list price was 7.67%.   For the 24 homes that sold above $2 million last year, the average negotiation was 11.11%.

If you are interested in selling or purchasing a fine home in Boulder County I think you will find that my experience, knowledge and marketing methods are well suited in serving you.

Continue reading »]]> 4340 Monroe Drive #A  List Price = $259,000

I’ve just listed this wonderful 3 bedroom, 2 bath condo with a great location!  The interior has been opened up and upgraded.  It has a bright kitchen with granite counters and light cabinetry.  Dining room opens up to enclosed patio area which backs to open area and bike path. Prime location!!  Unit has carport and storage closet.  HOA has pool and many open park areas. Close to CU and convenient location for commute or public transportation. This is a great price for a rare 3 bedroom unit. HOA website parkeastsquare.org 

Continue reading »]]> Word is getting out through the media on why Colorado is a great place to buy real estate right now.

• People want to live here!!
• We have not had a real estate bust. (See the graph below)
• Low foreclosure rate.  We don’t need to wade through tons of short sales and REO sales in order to start moving forward.
• Strong economy with a young motivated work force who want to stay in Colorado.
• Low inventory – new building started slowing in 2003 not in 2007 or 2008.  There is not a stockpile of homes to sell.

This chart shows median prices in Boulder Colorado from 2000 to 2011.  Small corrections but no collapse.  We have a strong market with very few distressed sales.  We should be one of the first areas to see a full recovery.  For more graphs for communities like Louisville, Superior and Erie see this post.

Continue reading »]]> I just finished my annual analysis of the real estate market in Boulder County.  In addition to the overall sales trends, I look at the real estate market in Boulder, Louisville, Lafayette, Longmont, Erie, Superior, Suburban Plains and Suburban Mountains.  The annotated slide show gives all of the detail for each of these areas.

Here are a few of the important points:

• Total Sales across all categories in Boulder County fell by 2.6%.
• Median Price across all categories in Boulder County fell 1.5%.
• Sales in the City of Boulder were up slightly from last year.
• Sales in Louisville were up 16% from last year.
• Sales in Erie were up 23% over last year!
• Longmont bounced back with 9% more sales in 2011 than in 2010.
• FOR MUCH OF BOULDER COUNTY 2011 WAS A RECOVERY YEAR.

What does 2012 have in store?  Here are a few of my ideas:

• One of the challenges right now is to build the inventory of active listings. Buyers are wishing there was more to choose from.
• Factors that point toward an improving market:
• The local economy is improving.
• Interest rates will continue to be favorable.
• Lending guidelines are expected to loosen in the coming year.
• Nationally, foreclosures need to move through the market in order to see overall improvement. Locally, foreclosures have not been a huge issue.  This will help us to recover even more quickly.

Continue reading »]]> The year ended more slowly than I thought it would.  December sales for all types of real estate were down 9% for the month.  This pulled the year end total 4% behind 2010.

Sales of single family homes were down 13% for the month.  Looking back, the only other December in recent history that had sales under 200 units was 2008.  As I recall the later months of 2008 the optimism was not high.  However, I am excited for the possibilities of 2012.  I expect to have  a great year selling real estate.  Interest rates continue to be favorable and the overall economy is gaining traction.  Locally, business seem to be doing well and people keep moving to town.  If you are considering a move to the Boulder area I would love to show you why buying real estate in this area is a great investment.

Here are the charts showing the monthly sales activity for Boulder County.  Also, included are weekly trends of homes going under contract, total inventory trends and percentage of homes under contract on a monthly basis.  For all of your real estate needs call me, I’d love to help.