by Neil Kearney | Mar 13, 2015 | Boulder County Housing Trends, Statistics
The home market in Boulder County is red hot. Buyers are swarming new listings and competing in multiple offer situations across the county. Being a seller of real estate is a great place to be but on the other hand being a buyer is a tough situation. Decisions need to be made quickly, and competition is fierce.
Through February sales of residential homes and condos in Boulder County are up 15% from last year. In February sales were up 21%. However, homes are going on the market at the same pace as last year. This is causing a spike in the percentage of homes that are under contract. Buyers who are out looking are finding that over half of the homes that are showing as active on most websites are already under contract.
Here is a chart showing the under contract percentage by month over the past five years.
View the slideshow below to view all of statistics for the month and the real estate trends over time.
Theses overriding themes persist: low inventory, high buyer demand, rising prices.
by Neil Kearney | Mar 6, 2015 | Colorado Lifestyle, For Buyers
One of the great things about living in Colorado is the excellent golf courses available to the public. We are blessed with good weather and most years golf can be played year around. January golf is not for the fair weathered golfer but I’m just saying that it is possible. Here is a list of the golf courses in Boulder County. Since this is a real estate site I thought I would highlight the available homes available in the areas surrounding the courses. If you are looking to buy or sell a home in a golf course community in Boulder County give me a call.
Public Courses:
COAL CREEK GOLF COURSE
585 W. Dillon Road, Louisville, 303-666-7888 website $35 – $43
Eighteen-hole, 7,028-yard championship course with driving range and putting and chipping greens.
Here are the current listings in the Coal Creek Neighborhood.
[optima_express_gallery_slider id=223875 rows=1 columns=3 effect=slide auto=false maxResults=50]
FLATIRONS GOLF COURSE
5706 Arapahoe Road, 303-442-7851 website $34
Eighteen-hole, 6,782-yard course with driving range, color-coded distance system, target greens and putting and chipping greens.
There are not many homes on the golf course but here are the homes in the general area.
[optima_express_gallery_slider id=224761 rows=1 columns=3 effect=slide auto=false maxResults=25]
HAYSTACK MOUNTAIN GOLF COURSE
5877 Niwot Road, 303-530-1400 website $26 – $30
Nine-hole, 2,153-yard walking course including lighted driving range with grass tee and putting and chipping greens. Family friendly.
There are not many homes on the golf course but here are the homes in the general area.
[optima_express_gallery_slider id=224764 rows=1 columns=3 effect=slide auto=false maxResults=25]
INDIAN PEAKS GOLF COURSE
2300 Indian Peaks Trail, Lafayette, 303-666-4706 website $40- $47
Eighteen-hole, 7,083-yard championship Hale Irwin signature course with driving range and putting and chipping greens. www.indianpeaksgolf.com
Here are all of the current listings in the Indian Peaks Neighborhood.
[optima_express_gallery_slider id=224753 rows=1 columns=3 effect=slide auto=false maxResults=50]
SUNSET MUNICIPAL GOLF COURSE
1900 Longs Peak Ave., Longmont, 303-651-8466 website $23 – $24
Nine-hole, 2,876-yard course with putting and chipping greens.
Sunset Golf Course is located in an older area of homes on the west side of Longmont. Here are the home listings in that area.
[optima_express_gallery_slider id=224767 rows=1 columns=3 effect=slide auto=false maxResults=25]
TWIN PEAKS MUNICIPAL GOLF COURSE
1200 Cornell Drive, Longmont, 303-651-8401 website $32 – $34
Eighteen-hole, 6,810-yard course with grass driving range and putting and chipping greens.
Here are all of the current listings in the area surrounding Twin Peaks Golf Course.
[optima_express_gallery_slider id=224769 rows=1 columns=3 effect=slide auto=false maxResults=25]
UTE CREEK AT SPRING VALLEY GOLF COURSE
2000 Ute Creek Drive, Longmont, 303-774-4342 website $39 – $44
Eighteen-hole, 7,200-yard championship Robert Trent Jones II course with driving range and putting and chipping greens.
Ute Creek is one of the newer golf courses in Boulder County and there are newer homes around the course. Here are the current listings in the neighborhood.
[optima_express_gallery_slider id=224772 rows=1 columns=3 effect=slide auto=false maxResults=50]
Private Courses:
BOULDER COUNTRY CLUB
7350 Clubhouse Road Boulder, 303-530-2226 website
Eighteen-hole, 7,002-yard championship course with all facilites expected at a nice private country club. This course has plenty of trees that can alter your shots. The greens are fast, undulating, and well maintained. An excellent view of the mountains can be seen in the backdrop, plus water hazards (two streams and four lakes) come into play on a number of the holes.
Here are the current listings near the Boulder Country Club.
[optima_express_gallery_slider id=224776 rows=1 columns=3 effect=slide auto=false maxResults=50]
LAKE VALLEY GOLF CLUB
4400 Lake Valley Drive, Niwot 303-444-2114 website
Eighteen-hole, 6,725-yard championship course. Rural feeling, more wide open than many other front range courses. Nice golf only facility.
Lake Valley is located north of Boulder. Here are the home listings in the Lake Valley neighborhood.
[optima_express_gallery_slider id=224779 rows=1 columns=3 effect=slide auto=false maxResults=50]
Here is a map of some other selected golf courses in the Denver area.
by Neil Kearney | Mar 3, 2015 | Boulder County Housing Trends, Statistics
The latest Home Price Index put out by FHFA.gov shows that Boulder County is in the top 12% of areas in the United States for home appreciation. The report shows that homes in Boulder County appreciated 1.67% during the 4th quarter and 9.27% during 2014. This ranks 34th best out of the 275 areas in the survey. The United States as a whole had home appreciation of 4.91% during the year. FHFA is the government agency that is charged with oversight of the housing sector.
The first graph below shows Boulder’s home price appreciation compared to the United States. Each bar shows the home value change for the previous four quarters. During 2009 – 2011 our area had less extreme losses in value. In 2012 the U.S. as a whole bounced back more quickly than we did. In 2013 our returns were similar to the nations average. But in 2014 our market has been much stronger than the United States as a whole. Over the past five years the cumulative appreciation in home prices in Boulder County has been 19.39%. For the United States it was 11.59%.
The chart below shows our national ranking. Currently it’s 34th out of 275. The lower number the better our market is performing compared to the average home in the United States.
The way things are going so far this year, I would expect that our ranking would stay strong if not improve. We are seeing multiple offers on homes and condos in Boulder right now. Having over 10 offers is not unusual and properties are routinely going for more than 5% over asking price.
by Neil Kearney | Mar 2, 2015 | Listings
2453 Gorce Court Erie, CO 80516 – $850,000 SOLD for $830,000
All of the detailed information and photos can be found at www.2453Gorce.com
This beautifully designed and appointed custom home takes full advantage of the panoramic back range views. From the moment you walk through the front door you will be impressed by the expansive sense of light and the connection with the outdoors. The basic description reports the home to have six bedrooms and five bathrooms but it’s so much more.
This open and functional home features many wonderful spaces that create a beautiful sense of home. The main floor features a large master suite with a balcony, a private study, a large dining room and a kitchen that opens to the living room and breakfast area. The wall of windows and sliding door leads to the large raised deck, which has a wonderful view of Longs Peak. The upper level consists of a three bedrooms surrounding a cozy landing that is perfect for a reading or homework area. Two of these bedrooms share a jack and jill bath and the other has a private bath. The custom finished walkout basement has 9 foot ceilings, has been tastefully finished and like the rest of the home is very light. The basement features two additional bedrooms a beautiful bathroom with a steam shower, a built-in entertainment center, a full bar and plenty of space for game tables or play areas.
Outside you will enjoy the professionally landscaped .54 acre lot. The mountain views enjoyed from inside the home are especially spectacular from the deck. The home boasts over 800 square feet of deck space which is perfect for those spring and summer gatherings with family and friends.
In total the home is over 4,964 square feet, but one gets the feel of quality and coziness rather than big and cavernous as is so prevalent in some other homes in this category. Even when you start from scratch you will find it hard to replicate the quality and sense of space that this home offers. Enjoy!
[optima_express_featured sortBy=pd header=false includeMap=false]
by Neil Kearney | Feb 24, 2015 | Boulder County Housing Trends, For Buyers, For Sellers, General Real Estate Advice, Real Estate 101
In a recent article in Forbes Magazine by Mary Meehan titled “The Baby Boomer Housing Bust“, the author makes the case that in the coming years the Baby Boomers may have a hard time selling their homes to the Millenials. She states that many Baby Boomers (people born between 1946 and 1964) will need to sell their large suburban homes to finance their retirement and that the younger buyers may not be interested in buying those homes.
It’s an interesting article, especially since in the Boulder area we are seeing a strong sellers market with strong demand for any property listed. But since real estate markets change and many people are talking about how the changing demographics in America will affect housing, I thought I would explore the connection between Baby Boomers, Millenials and real estate. Here are the topics I’d like to touch on:
- Baby Boomers need to sell homes to fund retirement.
- Younger buyers, including Millennials have different attitudes regarding home ownership.
- There will be an unmatched demand for the supply of homes on the market.
According to a National Association of Realtors (NAR) 2014 Generational Trends Survey, Millennials made the most real estate purchases in 2013. Here is the breakdown:
Millennials (1980 – 1995) 31% of purchases
Gen X (1965 – 1979) 30% of purchases
Young Boomers (1955 – 1964) 16% of purchases
Older Boomers (1946 – 1954) 14% of purchases
Silent Generation (1925 – 1945) 9% of purchases
For reference, here are the latest population percentages in the United States and Boulder County: Under 18 25.7% (22.9%); 18-24 9.6% (13.4%); 25-44 30.2% (33.6%); 45-64 22% (22.3%); 65+ 12.4% (7.8%).
My takeaways from this are: The Baby Boom generation is roughly 25% of the population. I always had the perception that the 65+ cohort was a bigger percentage. I know that it’s growing, but it’s in the future, not in the present. And did you notice the low percentage of retirees in Boulder County? Just 7.8% of our local population.
Some facts about the Baby Boomers:
- The youngest of the 78 million Boomers are turning 50 this year.
- 10,000 Boomers a day are turning 65 years old, this will happen every day through 2030.
- Younger Boomers have less savings and a lower homeowner rate than older Baby Boomers.
- Boomers own 32 million single family homes.
- They have had a great run in the real estate market. Owning a home has been a great investment.
- So far, this generation has been net even in the housing market. When they sell one, they buy one. This will change but will the Millenials be ready to buy?
Some Facts about Millennials:
- They are the second largest generation.
- Despite the housing crash in 2008, 2/3 believe that owning a home is essential to living a good life.
- This generation is delaying home buying due to high student debt and a tough job market.
- Despite having a delayed start in the housing market Millenials bought the most homes in 2013 (see above).
- The U.S. housing market saw it’s first sustained downturn during many of the Millenials first buying/owning experience. This has led to a more subdued mindset about housing.
Are The Baby Boomers Ready For Retirement?
In the 2013 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI), workers aged 55 and older said the following about their retirement savings:
- 60% have less than $100,000 in retirement savings
- 43% have saved less than $25,000
- 36% have saved less than $10,000
As a point of reference, of all workers surveyed:
- 76% have less than $100,000 saved
- 57% have less than $25,000 saved
- 46% have less than $10,000 saved
Despite the apparent lack of adequate savings, 70% of all workers surveyed also said they believe they are “doing a good job of preparing for retirement”—even though only 46% of all workers surveyed have a retirement plan!
According to the information above it’s clear that many Baby Boomers are not ready for retirement. Selling their family home and moving to a lower priced home and supplementing their retirement with the difference seems to be a key component to many “plans”.
Are Millenials Interested In Boomers Homes?
During the last fifteen years Baby Boomers have been purchasing upgraded homes and second homes. Generation X who are on the heels of the Boomers, are a smaller generation and after the economic downturn are in recovery mode. Gen X won’t be able to buy all of the homes that Boomers are getting ready to sell. Millenial generation home buyers have been less interested in size and more interested in location. So far, being near the action is more important that having a status symbol. This generation is large but is just getting geared up in the home buying cycle. So far, demand has met the supply of homes but as more and more Boomers sell their large homes the younger generations may not be interested in them. Especially if it’s large and suburban.
Will Supply and Demand Meet?
The latest US Census data suggests that the population in the United States will grow 27% between 2015 and 2060. As a friend of mine says “clearly there will be a set of cheeks for every seat”. In fact for the foreseeable future, home builders will need to stay busy to keep up with demand. So the question in my mind is not a question of scope but of type. There will clearly be enough home buyers to meet the seller demand but will the price range, type and location meet the buyers desires. Those Boomers with McMansions away from urban areas may find decreasing demand for that type of housing in the future.
The Local Spin
According to a recent National Association of Realtors report both Millenials and Baby Boomers see the Denver area as one of the top areas in the country to relocate to. I have found that I’m working with many more experienced home owners who are looking to the Boulder area as a place to retire. College towns are especially popular throughout the country although Boulder is rare in that the home prices prohibit less affluent people from retiring here. Millenials follow lifestyle and jobs and the Front Range of Colorado including Boulder County has plenty of both. So in my mind, as long as the lifestyle and economy stay favorable, we will still have people wanting to live in the Boulder area.
My Conclusions
As more and more Baby Boomers retire, the real estate market will take on a different character. Many Boomers will downsize and while there will be a demand for their homes, price appreciation may stagnate over time. Millenials may not have the exact same taste in homes than do the Boomers, but as the U.S. population grows towards 400 million people in the next 40 years, the demand for housing will expand. And as Will Rogers said “Buy land. They ain’t making any more of the stuff.”
Additional Articles
NAR Field Guide to Millenial Home Buyers
Why Millennials Don’t Trust Ads, Real Estate or Social Security
