Snapshot of state’s housing market shows strength

July 7, 2013 by John Marcotte

Snapshot of state’s housing market shows strength

Buyers in Colorado purchased 18,343 single-family detached homes, condominium and townhomes in the state in the first quarter, a 16 percent increase from sales in the first quarter of 2012, according to a report released today by the Colorado Association of Realtors.

The Quarterly Market Statistical Reports also showed that new listings dropped slightly more than seven percent statewide, primarily due to drops in the Denver metro region and the mountain region.

Meanwhile, the median sales price rose nearly 15 percent to $225,000 compared to the first quarter 2012. Days on the market continued downward, dropping 22 percent to 90 days on average.

The statewide number of active listings for the first quarter was at 30,114, representing a 4.1-month inventory supply.

“These figures are quite similar to what we reported last quarter and demonstrate consistent patterns that speak to a steadily recovering market in Colorado,” said CAR spokesperson, Michael Welk.

“We are seeing more sales, increasing median pricing and fewer days on the market consistently over the last three quarters compared to previous years,” Welk said.

“In many areas of the state sellers are receiving as much as 98 percent of asking price on average and seeing their homes sell very quickly,” he continued.

“Similarly, buyers continue to face significant competition in most areas.”

The Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple Listing Services in Colorado. The reports represent approximately 90 percent of all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction.

Sales of lender-mediated properties (properties owned by banks and other mortgage lenders) declined in all areas of the state, ranging from a drop of three percent in the Southeast to 44 percent in the Northwest area. Overall, such sales represented about 22 percent of all transactions in the first quarter 2013. The median sales price for lender-mediated properties increased 10 percent statewide compare to the same period in 2012.

The CAR Housing Affordability Index, a new statistical measure for Colorado’s housing market, dropped about seven percent to 163 for the state as a whole, declining in each area of the state except the Northwest. An index of 120 means the median household income in that area was 120 percent of what is necessary to qualify for the median-priced home under prevailinginterest rates.

A higher number usually is interpreted as greater housing affordability. Higher values generally benefit buyers whereas lower values help sellers.

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John Marcotte

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Sales soar, inventory rises in June

July 6, 2013 by John Marcotte

Sales soar, inventory rises in June

Home sales soared in the Denver in June, while close to 1,000 homes were added to the inventory, according to reports released today.

Last month, there were 7,420 homes placed under contract, a record for any June, while 973 homes were added to the inventory from May, according to a report released by independent broker Gary Bauer.Metrolist also released its own report.

The inventory of homes listed by Realtors in the metro area rose 11.8 percent to 9,187, compared with 8,214 in May.

The number of unsold homes on the market was still down 15.9 percent from June 2012, when buyers could choose from 10,925 homes.

“The big things is that we have almost another 1,000 homes on the market,” Bauer said.

“That is really good news,” said Bauer, who bases his report on Metrolist data.

“The Denver housing market is finally seeing some relief from our long-term undersupplied conditions,” said Kirby Slunaker, the CEO and president of Metrolist.

Peter Niederman, CEO of Kentwood Real Estate, said the increase in inventory may slow the number of bidding wars for some homes in some neighborhoods.

The average price of a single-family home sold in June was $349,339, compared with $335,776 and $324,497 in May and June 2012, respectively.

“Buyer demand continues to be strong and pricing is up a little bit,” Bauer said.

Slunaker agreed.

“We’re still seeing strong sales figures, which were coupled with another jump in sales prices—it’s clear buyer and seller confidence remains high,” Slunaker said.

Niederman said the 38.5 percent increase in under contracts from June 2012, “is pretty staggering.” Most of those homes will close in the next 30 to 60 days, he said.

Homes also are selling at a faster clip.

“The speed of the market also continues to pick up, with average days on market at 43,” Bauer said a 40 percent drop from the 72 average days on market in June 2012.

The monthly supply of inventory is at 2.18 months.

“Despite only a 2-month supply, our inventory level is much closer to where it was a year ago, compared to where we were earlier this year,” when the supply on unsold homes hit an all-time low.

“We are much closer to being a balanced market,” Bauer said.

Niederman agreed.

“A balanced market is a typically thought of with one with a four-to-six month supply,” Niederman said. “With only two months of a supply, it is still a pretty brisk market. We can use more homes, but is moving in the right direction.”

In the first half of the year, buyers paid $6.8 billion for single-family detached homes and $7.8 billion for all homes, both records for the first six months of a year.

The 20,970 single-family homes sold and 26,198 closed in the first half of the year, also were records.

The year-to-date average and median prices for the first half of the year also were records.

There were 5,566 home closings in June, 13.5 percent higher than the 4,904 in June 2012, but down 1.7 percent from the 5,665 in May. Closings reflect homes that many homes that were placed under contract in prior months.

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John Marcotte

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Filed Under: Real Estate Topics Tagged With: Boulder Colorado Real Estate, Boulder homes for sale, Colorado real estate, John Marcotte Realtor, June home sales

Just Listed! 1851 22nd St #6, Boulder CO 80302

July 5, 2013 by John Marcotte

Just Listed! 1851 22nd St #6, Boulder CO 80302

$325,000 2 bedrooms, 1 bath, 941 sq ft

Fabulous Contemporary Condo in the Heart of Downtown Boulder, blocks away from Pearl Street and CU! Bright, light & open floor plan featuring bamboo flooring, maple cabinetry, Newer carpet/paint (interior & exterior), and new energy efficient washer/dryer! The sunny south facing deck offers a wonderful extension of a private living/entertaining space. There are only 7 units in this building, so don’t miss this rare opportunity! 1 carport & 1 assigned parking. This is a must see! FHA approved.

MORE PHOTOS HERE of 1851 22nd St #6

John Marcotte

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Colorado hemp flag to fly above the nation’s Capitol dome on the 4th

July 4, 2013 by John Marcotte

Colorado hemp flag to fly above the nation’s Capitol dome on the 4th

WASHINGTON — A Colorado-made Old Glory created from hemp will fly high above the nation’s Capitol on the most patriotic day of the year thanks to an Eastern Plains farmer who is more than passionate about getting the industrial stuff legalized nationally.

The flag gets one day of air above the Capitol dome before another flag, meaningful to someone else, replaces it the next day.

But the Fourth of July, when hundreds of thousands throng to the National Mall to see fireworks and listen to a free concert, is arguably goodreal estateto promote the cause.

“I thought it was a great act of symbolism,” said Michael Bowman, who grows corn in drought-ravaged Wray and wants to replace some of his fields with industrial hemp to save water.

Rep. Jared Polis, D-Boulder, a fierce advocate of pushing marijuana decriminalization at the federal level, held the flag on the U.S. House of Representatives floor a few weeks ago during a debate on an amendment to legalize industrial hemp.

Though the amendment passed, with bipartisan support from most of the Colorado delegation, it ultimately did not get sent to the Senate because the House killed the farm bill.

Three states have industrial hemp laws on the books: Colorado, Vermont and Kentucky.

Bowman plans to take his hemp stars and stripes to fly above the state capitols in those three states as a tribute to the crop, which he’s quick to point out has no THC and could not make anyone high.

He was unsure when he would be able to bring the flag back to Colorado and get it atop Denver’s golden dome.

“George Washington and Thomas Jefferson grew hemp,” Polis said. “The first American flag was made of hemp. The U.S. Department of Agriculture produced a “Hemp for Victory” video in 1942.”

John Marcotte

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Filed Under: Area recreation, Real Estate Topics, Things to Do Tagged With: Boulder Real estate, Independance day 2013, Jamestown Colorado, July 4th

Boulder Neighborhood Guide – Chautauqua

July 3, 2013 by John Marcotte

By Tara Calihman YOUR Boulder

Chautaqua neighborhood in Boulder, CO

Chautauqua is much more than just the iconic park at the base of Boulder’s most famous rock structures. It’s also the gorgeous sprawling neighborhood surrounding the historic park. Chautaqua is one of the oldest neighborhoods in town, provides ample views of the Flatirons, and is within walking distance of all of the amenities of the Colorado Chautauqua Association.

History: The Colorado Chautauqua was started in 1898 as a type ofsummer enrichment program for Texas schoolteachers. It’s been continuously running since, presenting outdoor lectures, concerts and film screenings for the public. In addition to the Auditorium, there is also a Dining Hall, rental cabins and an informative Ranger’s Center. Chautauqua park was designated a National Historic Landmark in 2006.
Housing: Chautauqua is a small neighborhood made up of a dozen streets and mostly single family homes. There are many spacious Victorians to be found mixed in with the updated modern house designs, sharing large lots and many trees. Most houses sell in the million or two million dollar range. With this neighborhood’s close proximity to CU, it make sense that you’ll also find some condos and townhouses, mainly used for student housing and rental properties.

Restaurants & Shopping: The Chautauqua Colorado Association runs the Chautauqua Dining Hall, praised for its brunches and special event dinners. You can make reservations to eat there before or after your weekend hike. Additional dining and shopping can be found in the Base-Mar shopping center, located on the SE corner of Broadway and Baseline. There is a Whole Foods, Taj Mahal Indian restaurant and an Egg & I breakfast joint. Chautauqua is an easy bike ride from downtown Boulder and just down the hill from SoBo.

Family and Fitness: You can’t get much more family-friendly and fitness-oriented than Chautauqua park. The Ranger’s Center provides information about trails, local flora and the history of the area. During the summer, there are special children’s programs put on the park, including nature hikes and campfire storytelling sessions. And for the adults, there are concerts atChautauqua Auditorium, picnics in the park and treks up to the Flatirons.
Schools: Flatirons Elementary, Manhattan Middle and Boulder High
Quirks: This neighborhood is filled with unique and curvy roads, many of them leading nowhere and resulting in dead-ends. Of course, at some of these dead-ends, you might just find a hidden trailhead and a secret stash of neighborhood trails. But if you do live in this neighborhood, be prepared for heavy tourist use and possible parking issues. In addition to everyone and their mother coming to Chautauqua during the summer, there are also rental cottages available near the park.
Major street boundaries: Baseline to Chautauqua park and bordering Open Space to the south

With unique houses, tree-lined streets and Open Space so close, it’s no wonder why people are willing to pay the high prices to live in the Chautauqua neighborhood. Having the Flatirons as a backdrop to your house is desirable … and demands the requisite dollars.

Top photo credit: Kara Brugman via Flickr.

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John Marcotte

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Filed Under: Real Estate Topics Tagged With: Boulder CO homes, Boulder Colorado Real Estate Market, Boulder homes for sale, Chautauqua, COlorado homes for sale, John Marcotte

Real Estate Reduced: Tiny House Workshop Coming to Boulder September 7 and 8

July 3, 2013 by John Marcotte

Photo Credit: Tumbleweed Tiny Houses

Have you ever considered…downsizing? I mean, really (really) downsizing. If you’re looking for a way to beat the high price of Boulder real estate, scale down your space, and be — at the same time — location independent, you just might find Tumbleweed Tiny House Company’s upcoming Tiny Houses Workshop here in Boulder just your thing!

We know the event is a bit out (September 7 and 8), but there’s an early birdregistration discount that saves you over $160 off the workshop price if you register by July 1. The 2-day workshop is regularly $399 but if you reserve you space by July 1, you’re in for the sweet deal of $239.

So, what exactly can you hope to learn from this Tiny House Workshop?

Direct from the folks at Tumbleweed, here’s the scoop on what will be covered over the two full workshop days here in Boulder:

How to design and build your home in the most cost effective manner and how to save money during construction.
The 14 tools that you need to build your own tiny home.
How you can build a house on a trailer or standard foundation.
Detailed information on trailers; from flatbeds to utility trailers to car haulers, including standard trailer sizes and weight capacities.
How to select the best materials and which ones to avoid.
How to frame and sheath your home.
Siding techniques: what works best, what materials you can use, their energy efficiency benefits, and how to apply them.
Insulation and venting techniques and why some types of green insulation don’t work in a tiny home.
Guarding against condensation, one of the key issues with small homes.
Roofing techniques that will ensure you properly protect your home.
Appliances. What types of home heaters, water heaters, kitchen appliances and toilets you will need.
Building code restrictions and zoning laws.
Sizing: kitchen cabinetry, door sizes, shower sizes, toilet sizing and how to get more compact choices for your tiny home.
Which jobs you can handle and when you should call in a professional. Ask yourself, will you be able to do a plumbing or water heater repair all by yourself?

Given how committed the Boulder and mountain communities are to lessening their footprints, you just might find that a tiny house — completely mobile and “buildable” by you — is the next step for domestic bliss.

Click here to learn more about Tumbleweed Tiny Houses and their Boulder Workshop.

PS: if the portable lifestyle isn’t for you, they also have designs for cottages that are permanent structures that you can build here in Boulder…or wherever you choose!

By Erica Napoletano of YOUR Boulder

John Marcotte

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The New Rules for MMJ in Colorado

July 2, 2013 by John Marcotte

The New Rules for MMJ in Colorado

boulder colorado recreational marijuana rules
Last year, we came together to become one of the first two states in the nation where recreational sale of marijuana would be legal. Our state has spent the better part of the year coming up with the rules that would govern that landmark decision — and the results are fully baked. Yesterday, Colorado released the rules that will govern over 30 medical marijauna dispensaries in Boulder County.

In case you pulled a wake-and-bake this morning, here are the results in a ~~ziploc bag~~ nutshell.

Age: ID is a must. Buyers will have to show ID to prove they’re 21-years-old.
Labels: Apparently they’re going the tobacco route and products must contain healthwarnings. Like excessive snacking?
Wake-and-Work: There will be limitations on who can work in a dispensary. Maybe it’ll be like working at REI or Anthropology where your whole paycheck goes back to your employer.
Seed Sales and Seed Tracking: Looks like more regulations will be coming if you’re a grower that’s producing for retail sale, you’ll have to track every plant. Interesting concept, given that you’re selling to a customer base that’s going to forget where they put the remote.
Taxes: There’s a proposed 15% excise tax on recreational marijuana (oof). It’s up for vote later this year.

So, while you might have a bit longer to go until you can score pot-on-demand (retail sales don’t begin until January 1, 2014), you at least know the score. While most of the regulations are innocuous, that excise tax is the looming issue for the voters who put recreational pot sales into play in the first place. It’s pretty much a given how Boulder will vote, but let’s see how the rest of the state responds. I don’t anticiapte a problem from the more conservative red regions, as they’ll be happy to get a jab back at the “liberal hippies” who wanted legal pot in the first place. And in all honesty, 15% is a fair price to pay for a vice — we’ve been paying as much on alcohol and tobacco since…forever.

By Erica Napoletano of YOUR Boulder

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John Marcotte

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Filed Under: Area recreation, Real Estate Topics, Things to Do Tagged With: Boulder CO real estate, Boulder homes for sale, Colorado MMJ

Fee for Disposable Grocery Bags Takes Effect in Boulder Today

July 1, 2013 by John Marcotte

Fee for Disposable Grocery Bags Takes Effect in Boulder Today

Heads up, Boulderites — today’s the day to grab that pile ofreusable grocery bags piling up on top of your fridge and move them to your car. Why? Because effective today, grocery stores in Boulder will be charging you 10 cents for every disposable grocery bag in the checkout lanes.

Now, before you get all in a huff that you’re actually going to have to pay for the bags you scoop the litter box and dog poo into, Boulder’s got your back. The City will be doing giveaways throughout the summer at various shopping locations (details below), offering up free reusable shopping bags to the Boulder public. The ones featured in the video below are pretty sweet — I’m personally a fan of the canvas ones over the funky fabric ones.

If you want to score one of those free shopping bags, today just happens to be the day! Here’s a list of times and locations where you can build your ownreusable shopping bag stash all around the Boulder area (information courtesy of the City of Boulder):

11 a.m. to 1:30 p.m.: All Boulder Safeway & King Soopers locations
11:30 to 1:30 p.m.: Alfalfa’s Market, 1651 Broadway (Alfalfa’s resuable bags will be distributed during this time)
4:30 p.m. to 7:30 p.m.: All Boulder Safeway & King Soopers locations
4:30 p.m. to 7:30 p.m.: Ideal Market, 1275 Alpine Ave.
4:30 p.m. to 7:30 p.m.: Alfalfa’s Market, 1651 Broadway

For more information on the fee for disposable bags going into effect today, check out this handy page from the City of Boulder (www.broughtitboulder.com). Happy shopping!

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Filed Under: Local news Tagged With: Boulder homes for sale, Boulder plastic bag fee, Local news

NW Denver apartment tower bought

June 30, 2013 by John Marcotte

NW Denver apartment tower bought

A private developer has purchased the Eden Manor Senior Living high-rise apartment building in northwest Denver, which has served as affordable housing in a “Christian” atmosphere for more than 50 years.

Eden Manor has a new owner and a new name.

Records show that 1620 Grant St. LLC paid $9.313 million to Eden Manor Management Corp. for the 13-story, 117-unit building at 3405 W. 32nd Ave. in West Highland. The building opened in 1962, according to records. It has been renamed as Julian32 at Highland Square.

Mark Nealon, principal of the group that purchased it, on Friday afternoon said that it is his goal to transition it to a market-rate building, while still providing housing to the existing residents.

“Basically, the Beth Eden (Baptist) church provided housing for congregation and friends and family members and we will continue to provide housing for existing residents during a transition period,” Nealon said.

“We actually worked out an agreement accommodating the current residents living in the building. That was very important to the church and very important to our investors,” he said.

“As they become available, the units will be converted into market rate units.”

The majority of the units are occupied by seniors 55 years or older who have ties to the church.

Cornerstone Apartment Services, which is managing the building, lists only nine units available on its website. Monthly rents start at $875 for a 540-square-foot unit to $1,800 for one 1,032-square-foot units.

“I think most of the units are in the $1,000 to $1,200 range, with an outlier here and there above that,” Nealon said.

Current below-market rents range from $426 to $648 a month, according to Eden Manor’s webpage.

Nealon said he doesn’t know how long it will take for most of the units to be converted into market-rate units.

“It is kind of hard to know that,” he said. “We consider this a long-term investment. We have this long-term investment horizon, so we aren’t giving a lot of thought when it will be completely changing over to market-rate units.”

The building has played a role in the context of the zoning dispute in Denver District Court regarding the nearby properties where RedPeak Properties wants to build three, luxury housing communities, two of which would have five stories and one four-story building.

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Filed Under: Real Estate Topics Tagged With: Boulder CO homes, Boulder CO homes for sale, Boulder CO real estate, Boulder Real estate, BoulderHomes4U, NW apartments

Refis out, resale loans in

June 29, 2013 by John Marcotte

Refis out, resale loans in

There is a sea change occurring in lending circles in the Denver-area and across the U.S., as banks and mortgage bankers increasingly shift to making loans for home purchases, as opposed to refinancing existing loans.

Part of it is due to a recent rise in mortgage rates, which while still unbelievably low by historical standards, are off their record lows.

Rates rising almost a full percentage point in recent weeks to more than 4 percent has hurt the ability of a consumer to buy a home a bit, said Peter Lansing, president of Universal Lending.

For example, a person who could have qualified for a $200,000 mortgage when rates were at an all-time low, could now quality for a $191,400 loan, he said.

“So there is maybe a $8,600 difference in housing cost,” Lansing said.

Lansing recently attended the Mortgage Banker Association’s Chairman’s Conference for top lenders across the country, and he said most of the speakers from Washington, D.C. expect rates to rise to about 4.5 percent “pretty much through 2014.”

Part of the expected increase is at some point the government is expected to slow or stop its monthly bond buying, which has kept interest rates low, as unemployment falls and the economy improves.

“The real impact, though, has to do with the refinance market,” Lansing said. “The refinance market is slowing.”

It is not just because interest rates have been rising, either.

Rates fell so low that some homeowners have already refinanced two or three times and have no need to do so again, he said.

“There is the bell curve,” Lansing said. “A lot of people who could qualify to refinance already have taken advantage of these really low interest rates. You can’t refinance people indefinitely. We’re kind of running out of people to refinance.”

A recent report of the top 50 lenders in the Denver metro area by Land Title Guarantee Co., found that some lenders in April, the most recent numbers available, were still heavily weighted toward refinancing.

Wells Fargo Bank, the biggest lender in the metro area, made 1,574 mortgage loan almost $1.2 billion in April. Of those 218, or 13.8 percent, were for resale purchases, while 1,069, or 67.9 percent, were for refinances. A handful of loans were made for new homes and land.

Other big lenders also were heavily weighted toward refinancing.

At J.P. Morgan Chase Bank, only 10.1 percent of the loans were for reales; at Bank of America, 6.3 percent; US Bank, 6.6 percent; and Quicken Loan, 7.1 percent.

By contrast, at Universal Lending, 65.7 percent of its loans were for resale purchases. Other large, locally owned mortgage bankers showed similar trends. At Megastar Financial Corp., 51 percent of its loans were for resale purchases and at Pinnacle Mortgage Group, 80 percent of its loans were for resales.

Part of the reason that Wells Fargo was making so many refinances as compared to purchases is because of its size and the services it offers, said Tony Julianelle, an area sales manager for Wells Fargo.

“When you look at the top 50 report from Land Title, there are very few national who service their own loans,” Julianelle said.

Provided by Inside Real Estate News

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Filed Under: Real Estate Topics Tagged With: Boulder CO homes, Boulder CO homes for sale, Boulder CO real estate, Boulder homes, Land Title, Wells Fargo