303.818.4055 Neil@KearneyRealty.com

Video Sewer Line Inspections for Real Estate

by | Jun 27, 2007 | For Buyers, For Sellers

Video Sewer Line Inspections

 

Purchasing a home is a huge undertaking and is most likely your largest investment. It is therefore wise to do everything in your power to minimize your risks. The first step is to hire a competent Realtor, that is where I come in. Your Realtor can then lead you through the process of intelligent due dilligence. Some common items to consider: Is the asking price justified for comperable sales? How does the homes condition compare to others on the market? Are there any obvious flaws? What is the potential resale potential of the home? If the property is part of an HOA, can I live with the rules and the assessments? Can I live with the neighbors? etc…

 

 

Once these basic questions are answered a buyer usually then looks at the home more in depth. In our area a general home inspector is hired to look at plumbing, roof, electrical, appliances, foundation, drainage, furnace, etc. If there are any “red flags” he recommends that the buyer bring in a specialist to assess the situation and possibly bring in a bid. Another usual inspection in our area is a radon test. Usually the inspector administers the test for an added fee and provides the results of a 48 hour test.

 

 

Another inspection that is seldom used but very useful in older homes is the sewer line inspection. Some plumbers have a special camera that video tapes the sewer line as it exits the house, runs under the yard and enters the city line. The cost is usually around $300 but if it is an older home or one with a bunch of trees in the front yard it can be well worth the cost. At the conclusion of the rest the buyer ends up with a video of their sewer line with any breaks in the line marked in the yard. Costs to re-do a sewer line are usually above $4,000 so this is something that is best found out before closing.
The image above actually shows roots growing into a sewer line.

 

Million Dollar Price Trends in Boulder County

by | Jun 21, 2007 | Statistics

Million Dollar Price Trends in Boulder County

 

The overall trends prevalent in Boulder County are fewer sales and higher prices. In the past I have noted that the average and median prices in Boulder especially have been influenced by the increased number of high end houses selling. Today I’d like to explore the market for $ million homes in Boulder County.

 

Currently there are 296 homes in the county listed for $1 Million or more of those approximately 10% are under contract. There are 26 homes listed for $3 Million or more and the most expensive listing is $7,995,000. Currently none of the homes listed for more than $3 Million are under contract. Given the sales rate over the past twelve months, there is currently a 17 month supply of homes listed over $1 Million.

 

During the first 5+ months there have been 105 sales over the $Million mark. To show you how this compares with past years I have prepared a chart that shows the number of sales in this price range since 1997. It is obvious that we are headed up and if the sales rate keeps up, this year may be a record year.

As the number of sales increase it is interesting to see that the median price during the last 10 years is largely unchanged. During 1997 when there were only 6 sales the median price was $1,171,129. During 2006 there were185 sales with a median price of $1,340,000 an increase of only 14%. During that same time frame the high price for the year increased over 200% to over $4 Million. The chart below shows the prices of closed homes over $1 Million since 1997. Very interesting data for a highly competitive market.

 

National Appreciation Home Appreciation -Where Do We Stack Up?

by | Jun 12, 2007 | Statistics

National Appreciation
Where Do We Stack Up?

Last week the Office of Federal Housing Enterprise Oversight released their home value report for the 1st quarter of 2007. According to the report, nationwide home price appreciation is slow, but on average, remains positive. As a nation, prices were 4.3% higher this year than they were 1st quarter last year. Seven states (mostly in the west) showed double digit appreciation and seven states showed home price depreciation during the first quarter.

Colorado had appreciation of 3.3% for the past year. This ranked 38th among states. During the 4th quarter of 2006 we had annual appreciation of 3.32% and ranked 43rd. We seem to be holding ground while other parts of the country are declining.

Locally, Boulder/Longmont had 1.55% appreciation during the past year and -.28% during the 1st quarter. This ranked us 223rd among 272 MSA’s (Metropolitan Statistical Areas). During the 4th quarter of 2006 we showed annual appreciaiton of 1.68 which ranked us 223rd.

Here are the top performing States:

  • Utah 17.01%
  • Idaho 12.27%
  • Montana 11.68%
  • Wyoming 11.67
  • Washington 11.63%
  • New Mexico 11.21%
  • Oregon 10.77%

Here are the worst performing States:

  • Michigan -.66%
  • Massachusetts -.56%
  • Nevada .60%
  • Ohio .84%
  • New Hampshire 1.07%
  • California 1.19%

 

May Statistics Median Prices Increase Number of Sales Down (slightly)

by | Jun 6, 2007 | Statistics

May Statistics

Median Prices Increase
Number of Sales Down (slightly)

 

The statistics for May are in and the trend we have been watching all year long is still holding true; a modest increase in median price and a decline in the number of sales.

 

The median prices for single family homes in Boulder County was up 2.7% from last May. The median price is now $385,000. During May of 2004 the median sales price was $324,000. Many areas have not seen any appreciation during the proceeding three years. So why are the prices up, you ask. In my opinion, it is due to a few reasons. First are the many remodels and scape offs that have characterized the high end market. As more high end homes are sold the median price rises even if the actual values do not increase. Second is the spotty nature of market. There are pockets that have seen good appreciation and those that have not seen any. The graph below shows the median prices over time.

 

The number of sales during May is down just 4% from last year. I say “just”, because last month there were 18% lower than 2006. We are still down 13% for the year so far but I have the feeling that we are closing some ground. I have been very busy the past month or so (sorry so few posts) and get the feeling that many of my colleagues are as well. Here are the numbers.

 

Flooding in Bouder?

by | Jun 1, 2007 | For Buyers, For Sellers

 

Floods in Boulder?

“If you live, work or play in Boulder you are at risk. The city of Boulder has the greatest potential for loss of life from flash flood of any community in Colorado.”
This direct quote from the City of Boulder website gives us a reason to pause and think about our surroundings when the clouds turn dark and the mountains disappear in the rain. Canyon Blvd. is also known as Water Street. This is not a coincidence. The attached photo shows high water in Boulder in 1906. The statisticians and insurance agents talk about the 100 year flood, my calculations tell me that we are just about due.
Obviously flood water affects real estate, but in Boulder many homes that thought they were out of the floodplain may soon be in it. The City of Boulder recently studied the floodplain of South Boulder Creek and have voted to send their new findings on to FEMA. If the new flood maps are accepted by FEMA 734 homes will be placed into the 100 year flood plain! These homes are mostly in East Boulder and are seemingly a long way from South Boulder Creek. The impacts on these homeowners when enacted by FEMA, would be the requirement for flood insurance. Apparently it takes about a year for the flood maps to be revised and in the meantime potential buyers would need to do their own research through the City of Boulder in order to assess whether flood insurance will be required in the future.
If you are interested in seeing if your property may be included in the designated area you can go to http://www.southbouldercreek.com and click on ArcIMS. You can also view the entire study when you are there.