Top Ten Sales – Boulder/Broomfield Counties – Dec 1 – 15, 2010 – Location, Location, Location

Our Colorado economy is still struggling but there are signs of improvement. The Denver Post reported this week on job growth in Colorado.  “The primary indicator for any state of economic recovery is job growth, and for the first time in three years, we have experienced three straight months of job growth here in Colorado,” Governer Ritter said.  That’s good news for housing, but we haven’t seen that translate to much sales activity in the last month.  Not surprising though given the time of year, the holidays being traditionally slow for home sales in our area.  The true test will be to see if activity picks up in the February-March-April time frame.

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 December 1 through December 15, 2010 here are the numbers:

•132 properties sold
•Price range of properties sold during this period: $72,000 – $2,290,000
•Median price: $320,500
•Average price: $389,800

•$0-199k = 31 sold this period
•$200-299K = 28 sold
•$300-399k = 25 sold
•$400-499k = 24 sold
•$500-599k = 11 sold
•$600-699k = 2 sold
•$700-799k = 3 sold
•$800-899k = 1 sold
•$900-999k = 1 sold
•$1.0-1.9M = 5 sold
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

This period’s Top Ten numbers reinforce a very cliche real estate phrase – “Location, Location, Location”!

When markets are bad, especially at the high end, the attributes of location and condition become even more important to the successful sale of a property, and should be carefully analyzed when it comes to pricing a property for the market. 

Properties in highly desireable locations will hold their value in a down market more so than in other areas.  Two examples of this are the properties on Marine and Highland in this week’s list above, both with terrific downtown Boulder locations. This is not to say that the other areas listed, like White Hawk Ranch, the close-in mountains, and Lafayette are undesireable, far from it; they are just less so to some buyers than others. The home on Marine St. was priced appropriately and went under contract in a mere 32 days and garnered 99% of the asking price.  The property on Highland Ave. took quite a bit longer to sell – 595 days to contract – but the sellers netted 83.3% of their original asking price, which in this market is not bad for any property priced over $2 million. 

Additionally, these two homes have the highest price per square foot at $492/sq ft for Marine and $592/sq ft for Highland, when compared to other homes on the list.  Several of the other homes have argueably more luxury features, larger lots, and are considerably more spacious yet yielded much lower $/sq ft.  Consider the home on Bitterroot Circle for example – same selling price as Marine, but at $227/sq ft.  The luxury home out in White Hawk Ranch sold for a mere $310/sq ft. 
(using finished square feet above grade for comparison purposes) 

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, consider the location of your next purchase much more carefully with an eye on desireability, walkability and popularity.
  • Also, if you have a home priced over $600,000 you can expect the market to continue to be quite slow for a while.  Homes under this threshhold are still selling quite well though!

Happy Holidays everyone! 

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 – Oct 18 – 31, 2010 – Treat Selling Your Home Like Buying Zucchini – GO Local!

Our economy is still struggling.  Employment is not improving at a fast enough pace.  Colorado’s unemployment rate is still hovering at 8.0% for September 2010, down from 8.2% in June 2010 but up from 7.7% in May 2010 per the United States Department of Labor, Bureau of Labor Statistics.  Boulder County stands at 6.2% and Broomfield County is at 7.2% for September 2010.  
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 October 18 through October 31, 2010 here are the numbers:

•193 properties sold (up from 142 properties previous reported period)
•Price range of properties sold during this period: $59,000 – $2,400,000
•Median price: $305,000
•Average price: $385,529

•$0-199k = 44 sold this period (33 last period)
•$200-299K = 49 sold (38 last period)
•$300-399k = 31 sold
•$400-499k =  29 sold (13 last period)
•$500-599k = 10 sold
•$600-699k = 10 sold (4 last period)
•$700-799k = 10 sold (4 last period)
•$800-899k = 1 sold
•$900-999k = 3 sold
•$1.0-1.9M = 5 sold (15 last period)
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

This period’s Top Ten numbers are not very different from previous periods, and reinforce what we have been communicating all along.  Overpricing = BAD!
The four properties with the longest days on market are …. you guessed it … the properties with the lowest ratio of sale to list price.  The home on Neher Lane was listed for over 900 days total and sold for only 39% of its’ original list price.  8828 W. Phillips Road was marketed for almost 2000 days (astounding!), and sold for just over half of its’ original list price.  What was going on with these sellers?  Did they dictate a sales price to their real estate professional, driven by greed, ego, or financial need?  Or did their original listing agent blow sunshine in their face and recommend an inflated list price simply to win the listing?  Shocked?  Don’t be … these things do happen.

So what’s the antidote for overprice-itus?  Two simple things.

#1) Get several professional opinions about what your house is worth from local realtors that have been recommended by someone you trust.  The stress is on the word local here.  No one can do it all.  The Boulder-Denver Metro area is huge.  A real estate professional who lives in Denver and is d in Cherry Creek can’t possibly be completely clued into what the Boulder-Broomfield market is doing.  Pick an agent that not only lists homes in your specific neighborhood, but actually sells them.  Ask for proof of their sales records, and testimonials or recommendations from past clients.  Many of you shop at the Boulder Farmer’s Market for produce because you feel good about “buying local”.  Don’t you think using a local professional to help you sell your most important asset is just as important as buying a locally grown zucchini?

#2) Don’t dictate a selling price to your realtor.  Please don’t take offense to this but don’t think that just because you have a Masters in Engineering, MBA or PhD, or are a high ranking executive at a great company that you know how to price your house.  We know Boulder and Broomfield are full of wonderful highly educated people – what a pleasure for us to work with you!  Just let us do our jobs.  A true real estate professional is on top of the market data, community trends and current inventory and they will know how to price your house appropriately.  Trust their expertise and experience!

This week’s takeway – find a good local professional, and trust them to do their job.

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

Boulder-Denver Economy, OUR Nation and YOUR Real Estate – Part II

Any good real estate agent or relocation professional should stay on top of their local economic news as well as the news at the national level, and at Colorado Landmark, Realtors that’s just what we try to do every week.  As I said in my previous post, last week I had the privelege of attending the Rocky Mountain Relocation Council’s Fall Conference held at the Arvada Center.  My previous post was about national economic news conveyed to us by an economist from Wells Fargo Bank.

The second speaker of the morning was Cheryl Meyn from Denver’s The Genesis Group.  Cheryl has an extensive background in Denver area real estate and spoke to us about economy in Colorado and specifically the 7-County Denver Metro Area.  Here are a few highlights from her presentation:

  • Real estate overall:  If you look at the statistics, theoretically the Denver area real estate market bottomed out last year in 2009. 
  • Unemployment:  Hovering around 8%, Colorado’s unemployment rate is one of the lower rates in the nation.  We are experiencing a lessening of job losses which is giving the area economy some stability, but unfortunately not much in the way of job growth yet.  We have lost a net 45,000 jobs in this recession (at one point it was as high as 52,000) and it could take 3 years to recover from that.  Our area unemployment rate is not expected to go under 7% until late 2011.
  • Mortgages and foreclosures:  18-20% of Coloradans are underwater on their mortgages, compared to 25-30% nationally, however foreclosure activity for 2010 is 10% below 2009 levels.  70% of all of the area’s foreclosure activity is in Adams, Arapahoe and Denver counties.
  • Housing inventory:  We have 3 years inventory of properties over $1M.  Local home builders have shown incredible restraint and we have little to no new construction inventory which has helped our resale market significantly
  • Home Prices:  We have actually experienced a 3.6% increase in price activity in the last year.
  • Housing Demand:  Pent up demand in our area is growing as we are seeing our population and # of households grow.  From 2005-2010 it was predicted that we would see a growth in households of 75,459 but the actual figure is 80,909.  From 2010 to 2015 we will see 80,952 additional households in our area.  Owner occupancy has declined from 66.7% in 2005 to 60.9% today and we have the lowest vacancy rates since 1994. 

So, what’s in Colorado’s future?  Housing will stay flat in 2010 and might improve somewhat in 2011.  Resales, which were down 8% in 2010 will see a rebound in 2011.  There are signs of improvement on the foreclosure front, and in-migration continues to be strong, with people still moving to Colorado.   All you have to do is check in with the national news media once in a while to hear various Colorado communities earning accolades for one thing or another, so it’s no wonder people want to relocate here!

For Boulder County, the employment numbers are quite optimistic.  The most current numbers from the Bureau of Labor Statistics (for August 2010) put the Boulder Metropolitan area’s unemployment at 6.4%.  Broomfield County recorded a 7.1% unemployment level for August 2010, so closer to the state level of 8.0% recorded for September 2010.

On the other hand, foreclosure activity is definitely catching up with our area.  According to RealtyTrac foreclosure filings in Boulder County were up in Sept 2010 with 234 filings, the highest number in 12 months.  The highest numbers were in Louisville (75) and Longmont (67).  Month-over-month price appreciation levelled out at 0.0%.  Only 29 foreclosure properties actually SOLD in Sept 2010 though.  Foreclosure activity is expected to rise, while the # of pre-foreclosure properties rose significantly last month from the single digits to over 60 properties.  The majority of the foreclosures are in the $100-300k range.  The foreclosures in our area don’t necessarily translate to huge price savings for buyers –  10% in most of the county, with 20% in Longmont.

Broomfield County saw 52 new foreclosures in Sept 2010 and actiity is also expected to rise there.  Only 10 foreclosure properties actually SOLD in Sept 2010 though.  As in Boulder County, month-over-month price appreciation levelled out at 0.0%.  The majority of the foreclosures are also in the $100-300k range.

Pam Metzger
Director of Relocation, Business Development and Finance
Colorado Landmark, Realtors
www.facebook.com/COLandmark
www.twitter.com/COLandmark 
www.facebook.com/365ThingsBoulder

The Boulder-Denver Economy, OUR Nation and YOUR Real Estate – Part I

Any good real estate agent or relocation professional should stay on top of national economic news as well as news at their local area, and at Colorado Landmark, Realtors that’s just what we try to do every week.  Last week I had the privelege of attending the Rocky Mountain Relocation Council’s Fall Conference held at the Arvada Center

The first guest speaker was Dr. Scott Anderson PhD, Senior Economist at Wells Fargo Bank, d in Minneapolis.  His words about the state of our nation’s economy and what that means for real estate on a national level didn’t exactly bring smiles and fist-pumping enthusiasm to the room of about 75 real estate, mortgage, and mobility professionals.  A few brief highlights from his speech:

  • The housing market will continue to underwhelm in the foreseeable future
  • We are enduring one of the worst recessions since the Great Depression
  • Overall loss of wealth during this 2.5 year period is $17 trillion, representing 20 years worth of savings
  • 14% of mortgage holders are not making their payments
  • The Chicago Mercantile Exchange is predicting national declines of 5% in housing prices
  • The pipeline of foreclosure properties is still filling
  • We currently have the highest federal deficit since World War II
  • A national sales tax could be coming, as well as cut backs in Social Security

And that was the good news … just kidding!  There really WAS some good news, but the question is, is that news good enough to sustain our economy going forward?  That remains to be seen.  Some positive notes from his speech:

  • Corporate profits always lead job growth … and they are now above pre-recession levels
  • In Q2 2010 business spending grew 25%, which is not sustainable, but some measure of double-digit growth IS
  • 1.5-2.5% growth in the national economy is predicted for 2011; when this number goes over 3% it will be enough to have a meaningful impact unemployment

Stay tuned – later today or tomorrow we’ll post some notes from the other conference speaker, Cheryl Meyn from Denver’s The Genesis Group who gave detailed economic info on our 7-county Denver Metro Area.

Pam Metzger Director of Relocation, Business Development and Finance
Colorado Landmark, Realtors
www.facebook.com/COLandmark
www.twitter.com/COLandmark 
www.facebook.com/365ThingsBoulder

Top Ten Sales – Boulder/Broomfield Counties – Sept 26-Oct 9, 2010

Wow, all kinds of crazy real estate and mortgage news out there!  Are you confused?  If so we don’t blame you but there are two good places to turn for answers.  On a national level, one of the best real estate experts who is masterful at consolidating all of the national media and statistics is Steve Harney and Keeping Current Matters.  Check out their blog or KCM Crew Facebook page for lots of great analysis.  On a local level, if you are reading this blog then you are in the right place!  At Colorado Landmark, Realtors we are committed to knowing the local market and giving our clients and friends the most up-to-date and accurate information possible.  Find it here, or on our Colorado Landmark Facebook page as well!

 

To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeksthis is a change up as previously we were only reporting 1 week at a time. 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 of Boulder County and Broomfield County.

 

For the two week period from September 26 through October 9, 2010 here are the numbers:

 

•142 properties sold
•Price range of properties sold during this period: $41,000 – $1,995,000
•Median price: $298,000
•Average price: $369,133
•$0-199k = 33 sold this period
•$200-299K = 38 sold
•$300-399k = 30 sold
•$400-499k = 13 sold
•$500-599k = 11 sold
•$600-699k = 4 sold
•$700-799k = 4 sold
•$800-899k = 3 sold
•$900-999k = 1 sold
•$1.0-1.9M = 15 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:

 

 

 

 

 

 

 

 

 

 

Information obtained from MLS and public record.

 

This week’s statistics tell us several things:

  • New construction is being priced to sell.  Three of the five properties in this group with the shortest days on market (DOM) are new construction.  Builders know they are facing the fall-winter real estate doldrums and have priced some things to sell.  Hard to believe that condos in downtown Boulder at $877 and $915 per square foot are “priced to sell”, I know … but 2-3 years ago these prices would have been well up over $1000 per square foot.  There are deals to be had with builders now, although the word “deal” is certainly relative!
  • The glaringly obvious continues to be … glaringly obvious.  Overpricing your home is a devastating financial mistake.  The three properties above with the highest days on market are also properties with very drastic price reductions.  The bank-owned property on Mooring sold for 34% of it’s original owner list price.  Yes, you read that right – 34%!!!  When the bank got hold of it and priced it where it should have been from the beginning, it still only sold for 75% of the list price.  That’s the stigma of a bank-owned for you right there.
  • People are still shopping in the $1M+ price range!  That is the price range where the biggest deals can be found right  now, and buyers on solid financial footing are taking notice and they are shopping.  I expect this price range might just hold steady through the fall-winter.
Here’s your takeaway for the week – stay informed.  Whether or not you are in the market to buy or sell right now, your employment or financial situation could change unexpectedly, for better or worse, on a moment’s notice.  Know where you are with your home in today’s market, and you will be able to make an informed decision if your situation changes.  Read up on the national and local real estate news, talk to a local real estate professional about your short and long term goals, and be ready to act if an opportunity or challenge pops up.

 

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

Top Ten Sales – Boulder/Broomfield Counties – Sept 19-25, 2010

Our area’s real estate market is still somewhat flat (yes, even in Boulder/Broomfield) but homeowners are bombarded by conflicting national news reports and statistics that make it difficult to discern what is really happening in OUR area. At Colorado Landmark, Realtors we are committed to knowing the local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the prior week. What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what’s going on in OUR local area.

For the week of September 19-25, 2010 here are the numbers:

•63 properties sold (up from from 58 properties 2 weeks ago)
•Price range of properties sold during this period: $46,000 – $1,019,000
•Median price: $310,000 (down from $290,000)
•Average price: $348,849 (down from $364,332)
•$0-199k = 15 sold this week
•$200-299K = 16 sold
•$300-399k = 11 sold
•$400-499k = 10 sold (up from 5 last period)
•$500-599k = 2 sold
•$600-699k = 5 sold (up from 2 last period)
•$700-799k = 1 sold
•$800-899k = 1 sold
•$900-999k = 1 sold
•$1.0-1.9M = 1 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

This week’s statistics illustrate a depressing fact – today’s selling prices have reverted to 2000-2001 levels in many cases.  And homeowners who purchased later than 2006 may not break even selling in today’s market.  With transaction costs and seller concessions, this means that some sellers may even have to bring a check to the closing table – ugh! Activity in the upper echelon of the market has slowed down, after a fairly decent summer of sales in the $1.0-1.9 million range.  And as reported last time, if your home is priced in the $700-999k range, be prepared for a tough go. Homes in this “move up” price range are a difficult sell.  Consumers concerned about unemployment may not be willing to risk a leap now, despite the lowest interest rates in history.

The statistics illustrate the glaringly obvious fact that overpricing your home can be a devastating financial mistake.  The three properties above with the highest days on market are also the ones with the most drastic price reductions.  The property on today’s list that was on the market for over 1900 days sold for 43% of the original list price.

Pricing is THE only way to compete in this market.  Sellers should consult no fewer than three real estate professionals for price opinions … and list with the one who tells the hard, honest truth.  This is not a time to let anyone blow sunshine in your face about the price of your home.  Sorry Gordon Gecko, but in this market greed is NOT good.  The only explanation for 1900 days of market time is greed and a very poor pricing strategy.

Here’s your takeaway for the week – price positioning.  Set a market price for your home and it will sell.  Case in point – the second property on the above list.  The seller knew they were not going to be able to sell for the price they purchased the property for in 2007, so they didn’t even try.  They priced it to sell, and it did … in 5 days.  Be that seller – realistic, brave, and smart.

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

Top Ten Sales – Boulder/Broomfield Counties – Sept 5-11, 2010

There is volatility in the real estate market right now (yes, even in Boulder/Broomfield), and an abundance of conflicting news reports and statistics that maare potentially confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, about every other week we will give you detailed information about the prior week’s real estate actvity in Boulder and Broomfield Counties.  What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what’s going on in OUR area.

For the week of September 5-11, 2010 here are the numbers:

•58 properties sold (down from 81 properties 2 weeks ago)
•Price range of properties sold during this period: $114,900 – $1,500,000
•Median price: $265,000 (down from $290,000)
•Average price: $364,332 (down from $432,480)
•$0-199k = 13 sold this week
•$200-299K = 18 sold
•$300-399k = 10 sold
•$400-499k = 5 sold
•$500-599k = 5 sold
•$600-699k = 2 sold
•$700-799k = 2 sold
•$800-899k = 0 sold
•$900-999k = 1 sold
•$1.0-1.9M = 2 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:
Information obtained from MLS and public record.

Looking over the last two reports of Top Ten on this blog, there are a couple of obvious conclusions. One, if you have priced your home in the $700-999k range, be prepared for a tough go.  If you are in the $800’s it is especially rough.  Homes in this price range are difficult to sell right now.  For the Boulder area this is typically a “move up” price range.  It has historically been a tough price point to sell anyway, but with consumers concerned about unemployment it’s even tougher for buyers to make that leap to “movin’ on up” now.

The other obvious conclusion is that sellers still haven’t gotten the message about overpricing their homes.  You can hire the best realtor in the area, with affluent connections, the most innovative and comprehensive marketing, and biggest web presence.  You can stage your house beautifully, keep it spotlessly clean for showings and open houses, and make it look like an HGTV showcase home.  But all that means nothing if you insist on overpricing it!  You don’t need to give your home away, but you DO need to be realistic and toss both your ego and emotional attachments aside.

I am going to sound like a real broken record here, but again … it doesn’t take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 21.8% all the way up to 62.3% off original list price.  Hellooooo ….. anyone listening?

Here’s your takeaway for the week – It’s time for tough love.  Instead of beating your realtor up about why your home hasn’t sold, get their honest opinion (or one from their managing broker) about what it will take to price your home to sell in the next 90 days.  Listen, bite down on that leather strap, and just do it.

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

Top Ten Sales – Boulder/Broomfield Counties – Aug 22-28, 2010

There is volatility in the real estate market right now, and an abundance of conflicting news reports and statistics that may be confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, periodically we are highlighting the week’s real estate actvity in Boulder and Broomfield Counties, to let you know what is selling, at what prices, and how long these properties are taking to sell.

For the week of August 22-28, 2010 here are the numbers:

  • 81 properties sold
  • Price range of properties sold during this period: $89,500 – $2,495,000
  • Median price: $290,000
  • Average price: $432,480
  • $0-199k = 19 sold this week
  • $200-299K = 21 sold
  • $300-399k = 12 sold
  • $40-499k = 9 sold
  • $500-599k = 5 sold
  • $600-699k = 5 sold
  • $700-799k = 1 sold
  • $800-899k = 0 sold
  • $900-999k = 2 sold
  • $1.0-1.9M = 4 sold
  • $2.0M+ = 2 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

The message this week is pretty obvious – if your home is priced over $1 million and not priced correctly for the market, it is going to take a REALLY long time to sell!  The average days on market (DOM) for homes in this category for this week is 596 days, with 565 days to offer.  That is astounding in itself, but what is even more astounding are the drastic price reductions off of original list price.

It doesn’t take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 30% all the way up to 61% off original list price.  If that is not a call to action for sellers, I don’t know what is!!

There is only one way to make sure that your luxury home doesn’t take 600 days to sell and that is by employing what is called Price Positioning.  Take a look at other relevant active listings and price your home competitively as close to the bottom of that range as you can tolerate.  This plainly is not the time to be greedy.  Be the first home that a buyer in your home’s category wants to look at.  If your price is compelling the buyer won’t want to leave the house without making an offer for fear that someone else will buy it first.  Here’s your takeaway for the week – Be THAT seller.

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
303-443-3377
@pmcolorado
www.facebook.com/COLandmark

Top Ten Sales – Boulder/Broomfield Counties – Aug 9-15, 2010

There is volatility in the real estate market right now, and an abundance of conflicting news reports and statistics that may be confusing to buyers and sellers.  At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, periodically we will highlight the week’s real estate actvity in Boulder and Broomfield Counties, and let you know what is selling, at what prices, and how long these properties are taking to sell.

For the week of August 9-15, 2010 here are the numbers:

  • 83 properties sold
  • Price range of properties sold during this period: $110,000 – $875,000
  • Median price: $360,000
  • Average price: $386,986

 Top Ten Listings Sold during this period:

  

Information obtained from MLS and public record.

Clearly the high end of the market is taking a beating.  Bad news for sellers, but great news for qualified buyers looking for bargains.  

Takeaway for this Week – DON’T overprice your home!  Of course neither you or your realtor want to leave money on the table, but the Kelly Road property is a perfect example of what happens when you make the mistake of overpricing.  Your property sits and sits, and gets stigmatized.  When and IF it finally sells, it will sell FAR below what it might have if it was priced correctly to begin with.  My guess on this one is that it might have sold in the high $700’s or even low $800’s if priced appropriately in 2008.

Action Items, Do’s and Don’ts –  Sellers: interview several listing agents, and tell them to give you the honest truth about what your property is worth.  And DON’T make them feel bad for being honest!  If you need to sell now, you can’t afford to have someone blowing cherry smoke in your face.  DON’T list with the realtor who tells you what you hoped to hear (i.e. the highest price); instead DO list with the realtor who gives you the most concrete set of facts, has the most effective marketing plan, and sets realistic expectations.  Agree with your realtor to price position your property to obtain a sale in 90 days or less.

Pam Metzger
Director of Business Development and Relocation
Colorado Landmark, Realtors
@pmcolorado
@COLandmark
@365Boulder
www.facebook.com/COLandmark
www.facebook.com/365ThingsBoulder

Boulder – one of the best places to live in 2010

This week, RelocateAmerica released their 2010 Breakout Lists for the Best Places to Live in 2010. It’s no suprise to us that Boulder made not one, but FOUR of the lists including:
  • Top 10 Overall Cities
  • Top 10 Earth-Friendly Cities
  • Top 10 Recovery Cities
  • Top 10 Recreation Cities – #1 on this list!
According to RelocateAmerica’s website, Boulder was chosen because of the “unique quality of life” that Boulder residents enjoy. This includes the stunning natural beauty of the Colorado front range, access to parks and mountain trails, performing arts, fantastic restaurants, the University of Colorado and innovative economic and technological development. Of course our beautiful climate with close to 300 days of sunshine a year doesn’t hurt either.

We are lucky to live and work in such an amazing place. If you are thinking of relocating to the Boulder/Broomfield area and would like to receive some relocation information, or if you have any questions about this wonderful place we live, please contact a Colorado Landmark Realtor or our relocation deparment at info@coloradolandmark.com.

Jennifer Fly
Colorado Landmark, Realtors
(303) 443-3377