2015: A Banner Year for CLR!

2015 was a banner year for luxury real estate at Colorado Landmark, Realtors!

Our agents closed on both the highest residential sale and the highest price per square foot sale in Boulder, proving that we are true “market makers”.

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Our clients appreciate Colorado Landmark’s one-on-one approach, designed to market each unique property skillfully for a seamless experience from beginning to end. That’s what luxury service is all about: establishing trust, matching qualified buyers with sellers, and removing the barriers to a successful transaction.

We are proud to be members of Leading Real Estate Companies of the World and Luxury Portfolio International, and look forward to another successful year in 2016 representing the best clients and most distinctive properties in Boulder.

Best wishes to all for a fantastic 2016!

LuxeTrends by Luxury Portfolio

We LOVE everything that has to do with the home – especially when it comes to the latest real estate trends, design concepts, luxury destinations and more. If you are anything like us, you’ll fall in love LuxeTrends, a gorgeous and wonderful 1luxury lifestyle e-newsletter created by Luxury Portfolio. Every 6 weeks, receive a FREE LuxeTrends newsletter right to your inbox. Learn about some of the best luxury products on the market, high-end fashion trends, interior design ideas and so much more! Interested? Sign-up to receive this free luxury e-newsletter by clicking HERE or give us a call so we can sign you up. We would love to connect you! With our affiliation with Luxury Portfolio, Leading RE’s beautiful luxury marketing division, our firm has access to its award-winning website, LuxuryPortfolio.com as well as a robust menu of marketing services, tools, advertising and partnerships all designed to showcase the luxury properties of all their member brokerages.

Take a look below to get a glimpse of the most recent LuxeTrends newsletter. Color of the year? MARSALA.

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Colorado Landmark Quarterly: 4th Quarter Update

We are excited to announce that the 4th Quarter issue of the Colorado Landmark Quarterly Newsletter has finally been released!

Check out what is happening in the Boulder Real Estate Market, along with upcoming events across Boulder County and a special note from Joel Ripmaster.  Make sure to check back on our blog for the newest  Colorado Landmark Quarterly issue. Click here to download your own copy of the newsletter!
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How Will the Boulder Flood Impact our Real Estate Market?

 

Today’s post is by our superstar top producing agent, Steve Remmert.  Below Steve shares his thoughts about the Boulder Flood and how he thinks property values will be affected.

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It has been over a month since the flood of September 12th hit Boulder, and though we are now dry there are many who are still struggling to reassemble their lives. Many clients have asked me how I thought the real estate market would be impacted as a result of the floods.  I thought that I would take a moment and share my expectations.

I have done some research into how natural disasters affect real estate. The closest relevant comparisons are hurricane Sandy or, more locally, the 2010 Four Mile Canyon fire. With regards to the Four Mile Fire, prior to the floods, the mountain market, outside of the “burn zone”, was on its way to a recovery with much of the lost equity returned. We did see a notable decline in sales immediately following the fire but over time, sales volume increased and property values stabilized.

I site hurricane Sandy because much of the impacted areas were roughly the same socioeconomic background and housing price points as the Boulder market. As in New York, within the designated floodplains, the cost of homeownership is likely to slightly increase. This is due to the potential increase in the cost of flood and other related insurance premiums. It is also likely that until prospective buyer’s memory of the recent events fade, the perceived value of those impacted homes will decrease as the demand weakens.  In the wake of hurricane Sandy the immediate effect was a dramatic decline in home sales, but by the end of the Q2 of this year 2013 the effects of Sandy had decreased and the market had also begun to stabilize. Property values have not returned to their previous high but as they re-build and as time elapses, I expect that most or all of the lost equity will return to the market.

As a result of the floods, I think we have all re-evaluated the potential consequences of living in a flood prone area. Consequently, I expect to see a decrease in sales and a decline in value within the designated floodplains. I expect this to last for about 18 months depending on the severity of the impacted area. Inversely, we should see a slight increase in sales of homes outside of the designated floodplain. Any buyer should have confidence that if a home withstood the impact of last month’s rains, it is a pretty safe bet and that flooding is not a concern.

Rest assured, that with the exception of some truly devastated areas, the real estate market will not be dramatically impacted and it will shortly return to its normal pace. In the short term, it may feel worse than it is because we are also moving into our slowest time of the market. A typical seasonal slowdown is already expected but after the holidays, we should be back to our previous sales levels.  Boulder is still one of the greatest places to live and that will never change.

I also want to point out that I see a notable distinction between homes that were damaged by flood waters and those damaged by oversaturation of the soils surrounding the homes. Yes, they both got wet and they are both considered flood damage, but the damage as a result of oversaturation of the soil is largely preventable and will not deter many buyers from buying that house in the future. That being said, for both categories, I suggest taking measures to protect against a recurrence. The potential remedies can be as simple as proper gutter systems and site grading to move moisture away from the foundation. Also I strongly suggest that if your house was impacted, document all damage and all communication with insurance and the various contractors (include pictures). A future buyer is going to want to know the source of the water problem and how it was repaired. Your repair and documentation will be critical to their becoming comfortable with purchasing your property.

For those whose insurance is not covering losses, my accountant informed me that house repairs due to natural disaster damage are tax deductible. There are certain limitations, as with all deductibles, but if you have had damage that is more than 10% of your annual income than it is likely then you will receive a deduction from the IRS. Here is a link detailing how to compute the deductions. http://www.irs.gov/pub/irs-pdf/p547.pdf. Though it appears simple, I still recommend going over this with your accountant before submitting your taxes.

 

My heart goes out to those of you that have been impacted and I hope for a quick recovery. If there is anything I can do or advice I can provide, please let me know.

 

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Steve Remmert

Colorado Landmark, Realtors

(720) 339-5033

steve@steveremmert.com

www.steveremmert.com

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Flatirons Photo Credit:  Bob Carmichael Productions

Top Ten Sales – Boulder and Broomfield Counties – June 2012

<a href=”/u/staticpages/2012/07/June-20121.jpg”><img class=”size-medium wp-image-544″ title=”June 2012 Top Ten Sales” src=”/u/staticpages/2012/07/June-20121-300×228.jpg” alt=”” wid

th=”300″ height=”228″ /></a> Boulder and Broomfield Counties
<h1>Colorado Landmark, Realtors is back to tracking the top sales in Boulder and Broomfield Counties!</h1>
We will try to post these reports on a monthly basis.  This past month, June 2012, saw quite a few sales over the $1M mark – 25 properties out of 613 total sold.  This accounted for 12.5% of the sales volume and 3.9% of the # of homes sold.  A trend noticed in prior top ten lists from last year that is absent from this year is a large number of loss-on-sale situations.  Only the property at 2110 Norwood Ave. appears to be sold at a loss.  (This does not account for any remodel or improvement costs that could be added to the basis of any of the other above homes sold.)
<h2>Other Boulder and Broomfield County Market Statistics.</h2>
For June 2012 the highest # of homes sold was in the $200-299k price range (148) followed by 125 sold in the $300-399k range.

Of all of the areas covered, 237 were sold in Boulder and 149 in Longmont.  These two areas accounted for 65.1% of the total sales volume for both counties which was $252,929,578 for June 2012.
<h3>Average Days on Market (DOM) for homes sold in  Boulder and Broomfield Counties during this period is about 90 days.</h3>

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America’s Happiest City: Boulder, Colorado

Boulder Flatirons - Colorado Landmark, Realtors

Once again, our beautiful city of Boulder, Colorado has been named the “Happiest City in America“!

National Geographic surveyed people across the nation and found that residents of Boulder said they are happier on a scale of  one to ten than any other respondents.

Many factors contribute to this overall happiness, including quality of life, climate, access to the outdoors, and balanced lives.

Of course, this is no surprise to us, but if you are contemplating a move to Boulder or the surrounding areas, contact us!  We are here to help.

 

Colorado Landmark, Realtors
2350 Broadway
Boulder, CO 80304

(303) 443-3377

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Boulder Named #1 Area with the Highest Well-Being

Spring tulips on the Pearl Street Mall in Boulder, Colorado Residents of Boulder, Colorado are used to hearing great press about the wonderful place we live. Over the years we have consistently been ranked in lists such as “Top 10 Places to Live”, “Best Cities for Recession Recovery”, “Top 25 Best Cities for Gen Y’s”, and Forbes’ “America’s Top 25 Towns to Live Well”.

Just recently Boulder was voted the #2 College Town by Parents & Colleges.com, and Portfolio.com rated Boulder “America’s Smartest City”.

But in perhaps the most satisfying ranking to date, Boulder was recently named the metropolitan area with the highest well-being and featured in this clip on CBS Sunday Morning,Would you like more information about Boulder, CO and the surrounding areas?

Connect with us!

Colorado Landmark, Realtors
(303) 443-3377
www.coloradolandmark.com
Colorado Landmark on Facebook
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Top Ten Sales – Boulder/Broomfield Counties – February 15-28, 2011

At the recent Vectra Bank Business For Breakfast the Colorado economy was the prime topic.  One of the state’s leading economists, Dr. Phylis Resnick from the Center for Colorado’s Economic Future, says that we can expect to experience a “new normal” for the time being.  This translates to slower growth in most economic variables and slightly higher long-term unemployment rates. The good news is that Americans are saving again, with personal savings rates returning to levels not seen since the 1908’s. Colorado real per capita personal income dipped a little in 2009-2010 but is forecast to see a slow but steady upward climb.  The bad news is that there will be a continued gap between Expenditures and Revenues for the State of Colorado with no end in sight.  This means our local communities will continue to be challenged to maintain the amenities and services we have been so accustomed to.

Approximately every other week Colorado Landmark provides detailed information on the real estate activity in Boulder and Broomfield Counties from the past two weeks. Hopefully our analysis will help reveal what properties are selling, at what prices, how long they are are taking to sell, and other relevant information about what’s going on in OUR local area – Boulder County and Broomfield County.

For the two week period from February 15 through February 28, 2011 here are the numbers:

•148 properties sold (compared to 197 for same period in 2010)
•Price range of properties sold during this period: $60,000 – $2,500,000
•Median price: $287,000
•Average price: $389,586 (down from $420,907 for last period examined)
•$0-199k = 34 sold this period
•$200-299K = 41 sold
•$300-399k = 24 sold
•$400-499k = 17 sold
•$500-599k = 10 sold
•$600-699k = 9 sold
•$700-799k = 1 sold
•$800-899k = 5 sold
•$900-999k = 2 sold
•$1.0-1.9M = 4 sold
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

Each period’s Top Ten numbers continue to point to the potentially fatal ramifications of over-pricing.  This period the glass-half-full view is that 5 of the top 10 properties examined sold for 90% or more of their original asking price.  The flip side of that is that the remaining five sold for 77.5% or LESS than their original asking prices.  The property on Bellevue Dr. sold for a dismal 56.8% of it’s original 2007 asking price.  The key here is the 2007 … it took 1000 days for this property to sell.  Now we expect that properties of this caliber can take a year or more to sell, but almost 3 years?  That’s a total miss on the pricing mark from the get-go.  2539 Briarwood sold for 77.5% of it’s asking price after a ridiculous 1334 days on the market.

The other part of the glass-half-full is that only NONE of the above properties sold for less than what the owners paid for it.  That is great news!  It is impossible to tell if these owners put in any improvements that would have increased their basis significantly, but if not then all of these lucky folks did a little better than break-even.  As I said last time, homeowners can’t assume that their housing is going to be a big money-making investment – key word = housing, when it comes down to it that is what your home is.  Homeowners also should not be surprised if they encounter a few more realtors out there that are willing to turn down the opportunity to list their house.  You know a good realtor when they turn down your listing because you can’t agree with them on price.  No amount of marketing and internet exposure can make up for pricing too far beyond what the market can bear.

Your takeaway here is the following advice on Selecting a Listing Agent:

  • If you are considering listing your home, interview at least 3 realtors.  Ask each about their experience selling homes in YOUR SPECIFIC neighborhood.  If they don’t have it, show them the door.  What different skill sets do they bring to the table? How will they alter their marketing strategy if your home doesn’t sell quickly?
  • Ask each for an opinion of likely sale price and therefore best list price.  IMMEDIATELY throw out the high one.  Seriously! Don’t get sucked in to overpricing your home by a realtor that just wants another listing in their inventory and will tell you what you want to hear.  If you hear what you want to hear, consider that a big red flag.
  • Don’t necessarily choose the realtor that you “like” best.  The goal here isn’t to make a life-long friend, it is to sell your house, for the highest price, as quickly as possible so that it is the least inconvenience to you.

Until next time …

 

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
800-737-MOVE
http://www.coloradolandmark.com/
www.facebook.com/COLandmark
www.facebook.com/365ThingsBoulder

Top Ten Sales – Boulder/Broomfield Counties – January 1-15, 2011

Modest improvement … deals but no steals … new companies sniffing around the Boulder-Longmont-Broomfield corridor … those are the words on the street.  “Colorado is expected to add 10,100 jobs in 2011, with most sectors showing some growth,” according to economist Richard Wobbekind of the University of Colorado.  Most area experts think that Colorado’s economy will track with the national economy and show slow, steady growth over the next year.

The holidays are always a slow time for home sales, and this year was no exception.  But there is some pent up demand and we are seeing that start to trickle into 2011. 

Approximately every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeks. Hopefully our analysis will help reveal what properties are selling, at what prices, how long they are are taking to sell, and other relevant information about what’s going on in OUR local area – Boulder County and Broomfield County.

For the two week period from January 1 through January 15, 2011 here are the numbers:

•85 properties sold (compared to 96 for same period in 2009)
•Price range of properties sold during this period: $43,000 – $2,109,000
•Median price: $300,000
•Average price: $420,907
•$0-199k = 22 sold this period
•$200-299K = 19 sold
•$300-399k = 14 sold
•$400-499k = 8 sold
•$500-599k = 6 sold
•$600-699k = 4 sold
•$700-799k = 4 sold
•$800-899k = 2 sold
•$900-999k = 0 sold
•$1.0-1.9M = 5 sold (none sold during this same period 2010)
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

It never ceases to amaze me that each period’s Top Ten numbers reveal an obvious trend or relevant market statistic.  This period the disappointing news is that our area is definitely seeing negative appreciation in the upper price brackets.

All but one of the homes in this period’s list sold for over 80% of their original asking price, which in this market actually isn’t that bad for these upper bracket price categories.  The home on Old Tale sold for an embarrassing 50% of the original asking price, and it took over 700 days to do it!  My guess is that if this had been priced in the $1.8-2.2M range it would have sold quicker, and the owners would not have left so much money on the table.  Someone really missed the mark on that one!

But the real story here is the negative appreciation.  Six of the ten homes on the list sold for less this month than they did in previous years from 2003 to 2007.  That time period was our boom, when buyers were scrambling to find good properties, willing to pay anything, and realtors were just taking orders.  We live in a “new normal” now as one of our associates said to me the other day.  Homeowners can’t assume that their housing is going to be a big money-making investment, and realtors need to provide more analysis and be willing to turn down a listing opportunity if the seller can’t be realistic about the pricing.

The takeaways here for me are the following:

  • If you know you will be somewhere for the long haul, then buy what you want, where you want.  But if there is a chance your plans could change in 5 years or less, avoid the higher price points and buy something that would be more widely appealing and attainable to a larger population of buyers.
  • Also, if you have a home priced over $700,000 you can expect the market to continue to be quite slow for a while and/or you may not recoup your original purchase price in today’s market. Some folks might even have to wait until 2014 for that.
  • There is still a market for homes over $1M, especially in the $1-1.5M range, so if you can price your luxury home in that zone you might do well!

Finally, some shameless plugs for our company … Colorado Landmark, Realtors represented buyers and sellers on 4 sides of the above 10 transactions (or 20 sides total) and we were the only company to participate in more than one transaction on this list.  Also, kudos to Colorado Landmark broker associate Michelle Clifford for selling her listing at 6487 Cherry St.  She priced it well and it sold for 86% of the original asking price, not bad for a property over $2M, and it sold in a year, which is to be expected for a property of this caliber and price point.  Congratulations Michelle!

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
800-737-MOVE
http://www.coloradolandmark.com/  
www.facebook.com/COLandmark  
www.facebook.com/365ThingsBoulder