Boulder Real Estate: January 2011

Selling a Boulder home: Are you commited or just dedicated?  Selling a home in any market today requires, in many cases, some sobering doses of reality.  I'm writing this post in honor of my college football coach, Lou Holtz, who is famous for many things - one of them being for his motivational quotes.  You can Google "Lou Holtz quotes" and read about many of them.  I've heard them all many times and have commited many of them to memory.

This one in particular relates pretty well to real estate, and specifically to the mindset necessary to sell a home in today's market.  As college football players at the University of Arkansas in the early 1980's, we were asked this question as it relates to winning.  The Lou Holtz version centered around the well-known breakfast menu of ham and eggs, and he would ask us if we believed we were dedicated to winning?  Believing we were, we answered in the affirmative (as if "no" was an option).  Coach Holtz would then ask, "OK, but are you commited?"  That's way too deep of a concept for 18-year-olds, so he goes on to explain the difference using the breakfast analogy:

"You see, men, make no mistake - the chicken is dedicated.  It takes a lot of dedication to do what they do, day in and day out.  But the pig . . . he's commited!"  That story always got a big laugh - more from freshmen than from seniors who had heard it dozens of times - but it drove home his point to us and I've never forgotten it.

Regardless of where you live, in today's real estate market it takes an extra level of commitment to be successful selling your home.  The "dedicated" sellers might say things like, "We'd like to sell", or "We want to sell, but don't have to", or maybe even, "We're in no hurry to sell . . ."  The "commited" sellers, however, take it to the next level and make it clear that they're prepared to listen and perform whatever task(s) are required, as well as price their home competitively in order to get it sold.  The former usually end up chasing the market down the hill; the latter usually sell and move on.

If you're thinking about selling a Boulder home, I hope this will help you make a solid commitment to the home-selling process and enable you to be successful in the face of what may seem like long odds.  For more information about Boulder real estate or more Lou Holtz stories, feel free to contact me.

Boulder Real Estate: Are we there yet?  If you've ever traveled with children, you've probably heard the "Are we there yet?" question more than once.  It's their sense of anticipation and lack of patience that tends to make them ask it over and over . . . and over.  A lot of home buyers in Boulder Valley seem to be asking a similar question these days, albeit in a slightly different way.  Their underlying question boils down to this: Is it the right time to buy a home in the Boulder real estate market?  For a lot of reasons, we think the short answer is, "Yes".  Let's look at some residential re-sale statistics from IRES for the City of Boulder over the last 12 months.  The first chart reflects the median price of a sold listing and of homes listed for sale; the second reflects the number of units over the same time period:

We have to remember that these are broad residential re-sale statistics and that results can vary if we break these numbers down by price range, but what these overall 2010 results reflect is that Boulder home prices have increased slightly over the past year, with the median price of a sold listing up about 2.5% to $549,450 in December.  It's also very interesting that the median price of active listings has decreased by almost 5% over the year, as sellers have tempered their asking prices.  So if median sale prices are up and asking prices are down, are buyers and sellers in Boulder getting closer together?  The data suggests that they may be - and that's a good sign.

In addition, the number of units sold over the period was up about 10%, but the number of units for sale - or the inventory number - increased by 29%.  It's easy to spot the seasonality that is built into our local market here in Boulder, but the increase in the number of Boulder homes for sale also contributed to the modest decrease in overall list prices.

In general, home prices tend to be a lagging indicator, meaning that they tend to react after sales volume - both up and down.  When we see increases in both prices and the number of homes sold (volume), it can be an indicator that it's a good time to buy.  When you couple this with the historically low interest rates we have right now, the indication becomes even stronger.

If you're considering buying or selling a Boulder home, contact us and we'll be glad to dig a little deeper into specific area(s) and price range(s) that you're most interested in and come up with a plan that is right for you.  Feel free to browse the Boulder MLS and read more about Boulder, CO at www.BoulderHomeResource.com.

Spanish Towers condos for sale in Boulder, CO (MLS# 645496):  We just listed a beautifully-remodeled Penthouse unit in Spanish Towers, right across from the University of Colorado campus!  This is a rare 3-bedroom 2-bath, two-story floorplan with a main-floor master bedroom, that rents very well and is very neat and clean.  Located on the top of the south tower on the 5th floor, this unit features a stunning contemporary kitchen with upgraded cabinets, stainless steel appliances, and sleek slab granite - very easy to maintain.  The kitchen opens to a large living room with a brick fireplace and access to the balcony.  New carpet, new paint, and remodeled (full) bathrooms are also outstanding features, and it has a rare in-unit washer and dryer that keeps residents from having to use to the main-floor laundry facility.  Finally, there's a large, private balcony that offers nice outdoor living space, and a beautiful mountain view.

Spanish Towers is conveniently located near the University, shopping, and the bus line, and also features a security entrance and elevator access.  Residents enjoy the private use of a year-round pool, fitness center, and clubhouse.  There's also a private courtyard and on-site parking.

If you're looking for a really nice, clean Boulder condo that's near CU and is move-in ready, you have to see this new listing!  Feel free to browse all Boulder condos for sale at www.BoulderCondosOnline.com, or see just Spanish Towers condos for sale.  For more information or a private tour, please contact us at 303-441-5647.