Indian Peaks March 2017 Real Estate Update

 Indian Peaks March 2017 Real Estate Update

This month throughout Indian Peaks we have seen the average price jump due to a higher priced sale in Eagle’s Nest. The median price is hovering around $569,000 which is a 5% increase since the beginning of the year.

For the past two months the average price per square foot has been at $225 in February and $218 in March. This is very strong compared to the dip that was taken throughout the fall and winter months when from July through December the average was only $184. We had been discussing the effect that the election had on prices through those months and now we can see that the Buyers are back with the spring time.

It’s interesting to note that the market through the fall months was at 0.98, meaning it would take less than one month for market demand to absorb all inventory if market conditions stayed the same and no more inventory came to the market. Since the beginning of the year the absorption rate has dipped a bit to 0.8 months of inventory, which is very similar but shows the increased demand (like the price per square foot) but in a different format.

For specific details about what your home is worth in this market, please contact me directly at 720-465-7005 or email me using the contact form on this page. Even if you are not thinking of selling for a year or two but would appreciate a market snapshot specific to your home, I’m available with no obligation. Looking forward to your call!

Leanne

March 2017 HOMES SOLD

Single Family Homes

TypePriceSqFtAddress$ per SqFt% SALES to LISTDays On MarketDays Till ContractBeds BathCommunity
RES$504,0001883518 Hoyt Ln$268104%664/4Indian Peaks South
RES$505,0002170573 Hoyt Ln$23398%994/4Indian Peaks
RES$530,00023652310 Waneka Lake Trl$22493%38164/4Indian Peaks Waneka
RES$539,9002796339 Lodgewood Pt$193100%5323/3Indian Peaks East Village Green
RES$645,00029492954 Shoshone Trl$219103%6364/4Indian Peaks West
RES$561,0003004133 High Country Trl$18799%5073/4Indian Peaks Waneka
RES$920,0004477769 Snowbird Ln$205101%3226/5Indian Peaks East Eagle Nest
AVERAGE$600,700  $218100%367  

Now Under Contract 

TypePriceSqFtAddressBeds/ BathCommunity
RES$1,150,00055822086 Navajo Trl6/6Indian Peaks East
RES$1,297,00059041284 Lost Creek Ln6/6Indian Peaks East
RES$1,390,0006526789 Niwot Ridge Ln4/5Indian Peaks East
RES$815,0003884793 Snowbird Ln3/3Indian Peaks East Eagle Nest
RES$639,00026272725 Meadow Mountain Trl4/4Indian Peaks West
RES$1,500,00069802424 Bitterroot Cir6/6Indian Peaks East

Now Active

TypePriceSqFtAddressBeds/ BathCommunity
RES$865,0004306543 Sawtooth Pt6/4Indian Peaks East
RES$1,150,00055162431 Targhee Pt5/6Indian Peaks East
RES$1,250,0006460794 Niwot Ridge Ln5/5Indian Peaks East
RES$629,00033322561 Lexington St4/4Indian Peaks East Lexington
RES$544,9002512170 High Country Dr5/4Indian Peaks Waneka
RES$1,149,00046732829 Shoshone Trl6/4Indian Peaks West Custom
RES$1,370,00053532854 Shoshone Trl5/5Indian Peaks West Custom
RES$1,000,00057072830 Shoshone Trl6/5Indian Peaks West Custom
leanne goff

Leanne Goff

Click to learn about Leanne Goff. She has been a Boulder County REALTOR since 2007. Her priority is to help Sellers achieve the highest return on their investments in a timely manner.  

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Indian Peaks Neighborhood Lafayette

The Indian Peaks Neighborhood of Lafayette CO is known for being one of the exclusive communities to live in throughout Boulder County. Click to read more. 

Blue Heron March 2017 Real Estate Update

Blue Heron March 2017 Real Estate Update

More great activity in Blue Heron – two homes quickly came on the market and found buyers quickly.  2528 Cowley was listed last fall and didn’t find a buyer but this spring, listed at $809,950 ($154/sf), a buyer snatched up this 6 bedroom, 4 bath home quickly at full price.  The other under contract home is 2527 Columbine Circle, listed for $899,000 ($177/sf) and had 3 offers within the first few days on the market.  However, this is a fickle market and many deals have fall apart, often due to the urgency buyers feel to new listings.  After a month on the market, this lovely home on a half acre lot, is under contract and set to close soon.

1767 Casey Court reduced the price to $1.095M but is now withdrawn from the market.
This leaves one last, beautiful home that is still available.  2544 Cowley Drive is listed for $859,900 ($173/sf) has terrific curb appeal and a main floor master.  The basement is unfinished but could easily be completed to add recreation room or another bedroom and bathroom.  Layout is great with the master on the main level with a 5-piece bathroom and fireplace in the room and then up the stairs leads to a landing that connects to the two large bedrooms that share a jack and jill bathroom.  To see photos or get more information visit www.BlueHeronForSale.com or you can contact Libby Boyd for a private showing.

Now Under Contract 

TypePriceSqFtAddressBeds/ BathCommunity
RES$899,00050902527 Columbine Cir4/5Blue Heron
RES$809,95052722528 Cowley Dr6/4Blue Heron South

 

Now Active

TypePriceSqFtAddressBeds/ BathCommunity
RES$859,90049632544 Cowley Dr4/3Blue Heron South

Contact Libby Boyd

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Libby Boyd

Click to learn about Libby Boyd. She focuses mainly on the “L”s, Lafayette, Longmont and Louisville and specializes in the Blue Heron and Indian Peak neighborhoods.

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Blue Heron Estates

Blue Heron Estates Lafayette is a gated community known for its luxurious and spacious homes on sprawling lots and large, mature trees. Click to read more! 

Boulder County Real Estate Market Update Part 3

 Boulder County Real Estate Market Update Part 3 

boulder county real estate market

In the previous two articles we evaluated the incredible demand in the Boulder County real estate market and what that means to home sellers – green grass! For the second article in our series the perspective of the home buyers was considered, which was much more bleak. The grass from a home buyer’s perspective was shown to be full of brown spots and not much green at all. The reason for such an imbalance between buyer and seller is available inventory. The Denver Post mentioned that during the last housing boom, at the year’s end there were 23,000 homes left for buyers to choose from. Over a 25 year average there were 13,430 homes left at the end of the year throughout Denver for a Buyer to consider. This past year there were only 4,400 homes available at years end, which represents a 67% decrease in available inventory!

This leaves many people asking why inventory is at such record lows. There are many factors at play, but the primary reasons include the inability of new home builders to keep up with demand, the increased population due to net migration as well as homeowners staying in their homes longer than ever. All of those factors play into the lack of available homes to purchase.

The first reason that inventory is so tight includes the lack of new construction. I realize that it feels like everywhere you look people are building new homes. However, it’s important to remember what happened in 2009-2011 when new housing fell with the economy. Builders were going out of business and nothing new was coming to the  market. If builders were going to build enough during the downturn to simply keep up with population increases, they would need to construct $1.5 million annually across the nation. However, they stopped building. From the chart below it is apparent that the builders have come back and are starting to build again, but at this rate they are not even touching where we were in 2005 or where we need to be today.

boulder county real estate market

http://www.census.gov/briefrm/esbr/www/esbr020.html

Considering population increases, there are more people moving to Colorado than almost any other state. The Colorado Department of Local Affairs reports that Colorado is second in the nation for net migration. People think that maybe it’s the marijuana industry. The Colorado Department of Labor & Employment confirms that the largest industries providing new jobs are oil and gas companies first and professional, scientific and technical services second.
According to the data tables below from Colorado’s Department of Local Affairs, population has been increasing in Boulder County due to net migration, or people coming to our area.  On average over 3000 new residents more to Boulder County annually. The first chart below shows the projected population increase into Boulder from 2010-2040. The second chart shows how much is natural population increases such as the birth of children (in orange) and breaks out the net migration to our community (in blue).

boulder county real estate market

https://dola.colorado.gov/demog_webapps/dashboard.jsf?county=13

We are not going to be able to stop these people at the gates! It’s time that we start asking ourselves where everyone is going to live. I’m afraid that if Boulder County doesn’t step up and construct new homes that we will force the new residents to live in places like Brighton, thereby increasing their commute times and the carbon footprint of our community. If we make room by constructing new homes that everyone can afford, we can decrease commute times and the communities’ dependency on fossil fuels. Plus, new residents in our communities adds to the tax base for our cities thereby improving our ability to improve schools and provide services. But that is a discussion for another time!

So far we have reviewed two reasons that inventory is so low including builders not keeping up with demand and the increase in net migration to our state. There is a third reason that is being discovered; homeowners are staying in their residences longer than ever before. According to the National Association of REALTORS (NAR) Chief Economist, Lawrence Yun, PhD. how long homeowners occupy their homes is changing. In the past, NAR found that homeowners stayed in their homes for approximately 6 years before moving onto new residences. However, in 2014 that statistic changed to being 10 years on average. Sellers are staying in their homes longer than ever. Especially in the Boulder real estate market, it would seem that potential sellers are afraid they won’t find another home to move into after their home sells.

So when someone outside of the Boulder real estate market looks in thinking that the grass is greener and everything is coming up daisies, it’s probably because they are already an existing homeowner. From the eyes of a real estate professional the market was brutal in 2008 because there were no home buyers. Now in 2016 there are no home sellers. REALTORS throughout Boulder County are working harder than ever to help their homebuyers achieve the goal of homeownership. Hopeful homeowners who are trying to purchase in our area are being forced to bid for homes like its eBay, which is a scarey feeling. Then when the bidding is up there are always plenty of buyers who didn’t win, which is the most heartbreaking feeling of all. So the perceived green grassy meadow in the real estate market is less of a walk in the park and more like a warzone.  

In our next article we will discuss the tribulations of the seller in this market. It’s true that the sellers are even seeing their share of trials as the buyers enter the transaction to buy a house with cold feet. I’m saying that even for sellers, whose grass is green and lush, there are still brown spots that they should prepare for.

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Lafayette, Colorado 80026
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Title Insurance

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Home Staging Tips

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Boulder County Real Estate Market Update Part 2

Boulder County Real Estate Market Update Part 2

boulder county real estate market

In the previous article we discussed how green the grass is for a home seller in the Boulder real estate market. That is because there is such an increase in the number of people moving to our area and not a lot of homes for the new residents to purchase, which is driving up the prices while decreasing the amount of time it takes to sell a property throughout our county.

All of this seems great if you are already a homeowner in this market! However, if you are on the other side of the fence trying to buy a home, the grass isn’t so green. In the previous article I promised that I would tell you about a couple who is moving to Colorado for a job in South Boulder. This couple hopes to purchase their first home so that they can establish themselves in Boulder County and start a family. This home purchase will be their first ever, so you can imagine how excited they are. Throughout the years they have been excellent savers and have close to $200,000 cash in the bank to put down on a new home. That downpayment is well more than 20% for most homes that they would consider. It is more likely 30-50% of most homes they would hope to buy. As you can see, this couple have been excellent savers and should be very proud indeed of their accomplishment.

The homes this couple are looking for would be close to South Boulder to minimize commute time and be green about getting to the office. The couple would prefer a smaller home that is also energy efficient for cost savings as well as being environmentally conscious. They realize that inventory is low and competition is high so they would also consider the neighboring communities of Lafayette and Louisville in addition to many areas within the City of Boulder. However, there is nothing on the market for them to buy!

This couple has been looking since December at anything that is listed for sale. We have written multiple offers for the couple which are optimized to both make their offer attractive, while also protecting their interests. Of course that means going above ask price; sometimes by tens of thousands of dollars. In addition, they are willing to waive the appraisal, but they are hoping not to waive the inspection as well.

Waiving the appraisal means that the Buyers are willing to come to the table with the difference between contract price and appraised value. This is happening because prices are escalating so quickly in our market and appraised value cannot keep up with demand. In addition, many buyers are coming to the transaction with cash to purchase homes, which does not require an appraisal. Buyers with loans are unlike cash buyers, because lenders can only allow buyers to borrow appraised value. This leaves the buyers paying with cash to cover the difference. That is only something that a good saver like this couple is able to do, and you can imagine how it makes them feel after all the time it took to save that money and now it’s up for grabs. If the buyers were typical first time home buyers they would not have such a large down payment and would not be able to come with this difference, causing them to lose immediately in the bidding process.

However, appraisals are not the only thing being waived by buyers in the contract process. This market is causing buyers to also waive their inspections. That means that the buyers are not going to inspect the home at all. This says that they will buy the home without any inspection no matter what problems the home might have. This is such a risky move that I cannot advise buyers who I represent to take this step. It makes me wonder what would happen if the buyers moved into the home without any idea about the health and safety of the home’s structure and mechanicals. What if  something tragic happens; like they find that the foundation is compromised, the sewer line is collapsed and the furnace is leaking gas? Who would the Buyers sue? Probably their REALTOR who advised them to waive this condition. It’s a terribly unwise practice that I’m seeing used throughout Boulder and the Front Range when competing for homes in this limited inventory market.

For the Buyers that I’m representing who have 30-50% downpayment, they have been making bids on homes, going over ask price, waiving appraisals, making ‘as is’ inspection clauses (which still allow them to inspect) and offering to pay for the title insurance and closing costs. Offer after offer, and they are still waiting to ‘win’ their new home. To them, it feels like they are bidding on Ebay for their first time home purchase, which is a less than satisfying way to be a first time home buyer.

So now we can see why the grass isn’t always green in this market. In the next series we will talk about why we are seeing this lack of inventory, which is the source of the competitive nature in this real estate environment.

Market Update Part 1

Boulder County Real Estate Market Update Part 1

Click to learn read Part 1 of the Boulder County Real Estate Market Update. 

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2575 Park Lane 110
Lafayette, Colorado 80026
7204657005
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First Time Home Buyers

First-Time-Home-Buyers click here for details on how to begin your home search and the processes you can expect when hiring TrailRidge as your representative.  
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Title Insurance

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Home Buyer Services

Home Buyer Services

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The Home Buying Process

Click to see a step-by-step flowchart detailing the contract procedures when selling your home for sale. 

Boulder County Real Estate Market Update Part 1

Boulder County Real Estate Market Update Part 1

Everyone is talking about how the Boulder County real estate market is going gangbusters. People say to me all the time, “Must be a great time to be in real estate!” Dig below the surface a bit and the grass isn’t always as green as it seems. In this three part series I’m going to evaluate who has the greenest grass in this market, where there are brown spots and why we are seeing the brown spots in the grass growing.

If you are a homeowner in this real estate market who doesn’t plan on moving, then you have a lovely green meadow of grass! When a home lists next door to your house you are excited to see that it usually goes under contract within days. Throughout all of Boulder County we are seeing homes sell within 72 days on average, which is a 14% decrease from this time last year when it took an average of 84 days to sell a home.

When the home ultimately sells, it’s likely that the closing price is more than the home was originally listed for. For the entire Boulder County real estate market we are seeing the percentage of list price to sold price at about 102.5%, which is an increase of about 2% over last year when homes were selling for 100% of list price. So from the home seller’s perspective, the grass is very green indeed!

The major reason behind this activity is because of the lack of inventory in our market. This coupled with the expanding population throughout the Front Range fueled by the strong economic outlook of our area is creating the competitive real estate environment. The US Census Bureau reported that colorado’s population grew 8.5% since April of 2012. Since 2010 our state is the fourth fastest growing in the nation! That is largely due to migration to the are; people moving here from other states for jobs. With new jobs they also need to find homes.

 

boulder county real estate market

http://www.newgeography.com/content/004818-2014-state-population-rise-south-and-west-continues
Unlike the green grassy meadow for home sellers, buyers are struggling in this real estate market. In the next article I will describe the real estate environment from the eyes of a Buyer who is migrating to our area. The story will outline the trials of a newly married couple who is moving to South Boulder for a new job. They hope to buy their first home, and I will let you know how it’s going for them. Here’s a hint, the grass isn’t as green for the Buyer as it is for the Sellers.

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Leanne Goff

Click to learn about Leanne Goff. She has been a Boulder County REALTOR since 2007. Her priority is to help Sellers achieve the highest return on their investments in a timely manner.  

 

 

 

 

 

 

Home Buyer Services

Home Buyer Services

Click to learn about the benefits of having a Buyer’s Agent, as well as the real estate process from TrailRidge REALTORS. 

Home Buying and Selling Services from TrailRidge Realty

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First Time Home Buyers

First-Time-Home-Buyers click here for details on how to begin your home search and the processes you can expect when hiring TrailRidge as your representative.  
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Title Insurance

Click to see an explanation of what title insurance is and how it protects homeowners. 
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Seller Services

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Contract Process

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Boulder Real Estate Market Statistics 2015 Recap

historical-inventory-real-estate-boulder-co-meme

 

Looking back on 2015, the real estate market was defined by historically low inventory and rising prices. When people are wondering why prices are increasing so quickly I tell them to look at the number of homes on the market.

We have had the lowest number of homes available in the history of our market. This June, usually the most active time of the year, we saw only 400 single family homes available in Boulder County. In June of 2014, the year before,  it was 603, a decrease of over 30%.

2016 is going to start out very similar to last year. Currently 60% of the currently listed homes in Boulder county are under contract. Which means there is an incredibly low pool of properties to choose from for the buyer. The Summer usually brings more homes into the market, so we’ll see how the Summer affects our inventory this year.

However! Now is still a good time to buy! Towards the end of last year there was a lot of talk of the Fed raising interest rates. And they did! This did not however, make the interest rate on home mortgages increase.

The average interest rate on a 30 year fixed actually went down! With inventory being so low, the market is still appreciating. Most of Boulder county saw the median sale price increase by double digits over the last year. Wait too long and that property you like might soon be out of your price range!

If you are hesitant about entering the market, think twice. Prices will continue to go up, and interest rates most likely will as well!

Velo Stop – Superior

Velo Stop – Superior

Velo Stop - Superior Velo Stop is a business located in Superior, Colorado. They sell, fix, and rent bikes. Anything related to a bicycle, they have it, including apparel! When I visited Velo Stop, they were in the process of changing the manager and told me to expect...