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4602 16th Street, Boulder, CO — $525,000

4602 16th Street, Boulder, CO — $525,000

Neil just listed this great townhome style condo in North Boulder.  This unit has so many great features! It’s a three-story end unit that is filled with light, tons of windows. You’ll find high end finishes which include: quartz countertops, real hardwood floors, stainless steel appliances, upgraded cabinets, nice tile backsplashes and flooring, 2 en suite bedrooms upstairs, unfinished basement-great for storage or ready for you to finish, upgraded window coverings, detached garage right out the back door, cute covered front porch. Great North Boulder location. This one really shines, check it out! Finished Sq. Ft. = 976 Total Sq. Ft. 1,464 2 bedrooms 3 bathrooms Detached one car garage Unfinished basement      ...
The Kearney Report – 4th Quarter 2017

The Kearney Report – 4th Quarter 2017

The Kearney Report – 4th Quarter 2017 I have just finished up The Kearney Report for the 4th Quarter 2017.  This report gives an in depth view of the real estate market in Boulder County as well as in the sub-areas of; City of Boulder, City of Longmont and East County (Louisville, Lafayette, Superior, Erie).  To download and view the report click this link The Kearney Report 4th Quarter 2017  I always provide my reports to you free of charge and without the need to sign up for a list.  You can also view it online below. We saw a big drop in sales and activity during the 3rd quarter.  During the 4th quarter the market stabilized.  Sales in Boulder County were roughly equal to where they were during the 4th quarter of 2016. Here are a few highlights for the quarter (mostly compared with 4th quarter 2016): Boulder County: The median price for the quarter was $480,000. This represents a 14% increase from the same quarter last year. It took 5 days longer to sell a home during the 4th quarter. There were 3.5% fewer homes on the market at the end of the year. At the end of the year there were 3.34 months of inventory on the market.  Still a seller’s market. City of Boulder: Sales during the quarter increased by 8.5%. Median price of $686,300 (for both condos and single family homes) up 12.5%. It took 7 days longer on average to get a home in Boulder under contract. Now 29 days. 3.65 months of inventory at the end of the quarter.  Just a bit higher...
Boulder Real Estate Statistics for December 2017

Boulder Real Estate Statistics for December 2017

The Boulder real estate market ended on a strong note in December of 2017.  Sales for the month were up 3.5% compared to December of 2016.  This good activity is also translating into a strong start for 2018. The slideshow below gives a good overview of the market in 8 quick slides. Sales for 2017 in its entirety were down 5.4%; prices were up approximately 6% with much of that appreciation occurring in the first half of the year.   Boulder County Real Estate – December 2017 Statistics from Neil...
4697 Tally Ho Ct., Boulder, CO 80301 — $729,000

4697 Tally Ho Ct., Boulder, CO 80301 — $729,000

4697 Tally Ho Ct. Boulder, CO 80301 – $729,000 For all of the photos and more information on this listing go to www.4697TallyHo.com I’ve just listed this beautifully updated home! Everywhere you turn you will find quality touches & finishes. Some of the outstanding features include: maple cabinetry throughout, four upgraded baths, extensive hardwood floors, beautiful kitchen with granite, stainless appliances & maple cabinetry, high quality windows, etc. Enjoy the wonderful back range views from the master bedroom; great yard with raised beds & a great deck. Wonderful neighborhood with a pool and easy access to Twin Lakes Open Space. 2,329 Square Feet 3 Bedrooms 4 Bathrooms Beautiful Finishes Throughout Neighborhood Pool Five Miles to Downtown Boulder                  ...
Boulder Real Estate Market – 2017 Year in Review

Boulder Real Estate Market – 2017 Year in Review

2017 Year In Review Half-way through 2017 we saw a shift in the Boulder area real estate market.  The first half of the year was a continuation of the very hot market we experienced in 2014-2016 with rapid price appreciation, low inventory and a strong sellers’ market.  During the second half of the year we experienced a softer market characterized by homes staying on the market longer, more price reductions and more balanced negotiations. Here are some of the key statistics in Boulder County from 2017: Total sales were down 5% to 4,680 sales. The median price for all sales in 2017 was $480,000 which is up 6% from 2016. There were 490 sales that exceeded $1 million during the year which is 64 more than a year ago, 124 more than two years ago and 301 more than five years ago. At the end of December there were just 777 residential properties on the market in Boulder County and 331 of these were already under contract. This represents a low mark since I have been keeping track. Over the past 10 years, owning real estate in Boulder County has been a great investment.  Cumulative appreciation since 2007 has exceeded 60% with most of that occurring during the last five years. What’s Been Driving The Market? The United States is 8 ½ years into an expansion. This represents the 3rd longest consecutive expansion period since the Great Depression.[1]Colorado and especially Boulder County have benefitted from the strong economy. Colorado added approximately 60,000 new residents from migration and 56,300 new jobs in 2017. The unemployment rate in Colorado is 2.5%...
In 2017, Boulder Real Estate Negotiation Tipped Toward Buyers

In 2017, Boulder Real Estate Negotiation Tipped Toward Buyers

In 2017 in Boulder County, the average negotiation off of list price for all sales was 1.3%.  In 2016 it was .36%.  However, when you look at it more closely both over time and across price ranges there are some good market insights.  The chart below shows the sales in each of the last four quarters separated into three categories; those that sold for below the list price (blue), those that sold for exactly list price (orange), and those that sold for above list price (grey). As an example, let’s look at the second quarter of 2016 which is the second group from the left.  During that quarter Boulder County was ranked #1 in the nation for appreciation by FHFA.gov.  During the quarter, 30% of the sales went for less than the asking price, 20% went for exactly the list price and 50% of the sales sold for a price in excess of the asking price.  This past quarter 56% sold for less than list price, 23% went for exactly asking price and 21% went for above the list price. The overall take away is that buyers have gained some traction in negotiations.  There are two trend lines that intersect.  The upward trending blue line represents the trend of properties selling below the asking price.  The downward trending grey line shows the trend for homes selling at a premium.  With the information above we can conclude that the overall market is trending away from a strong sellers market.  But in real estate broad generalities are not always accurate.  When we look at individual price ranges we find that the...
The Tax Bill and Its Effect on Real Estate

The Tax Bill and Its Effect on Real Estate

The recently passed federal tax bill will definitely have an impact on real estate.  In general markets with high taxes and high values will be most affected.  Despite the recent increase in local property taxes, Boulder County is considered a low property tax area compared to other parts of the country.  However, we are a high value market.  Here is a summary of the main points of the tax bill that affect real estate. Also, if your selling your property or house, we buy houses at a good price. Mortgage Interest Cap – This is in regards to how much of the interest paid for mortgages can be used as a deduction.  For those whose mortgages balances are less than $750,000 this will not affect anything.  Previously the cap was $1 million and it has now been reduced to $750,000.  Not many people have loans in excess of $750,000, but in our area where the luxury home market is very robust, we may see fewer buyers able to make those purchases. The interest on the first $750,000 is still deductible.  This may dissuade some luxury home purchasers to buy a less expensive home, thereby reducing the demand for the very high end. Local and State Tax Deduction – The Boulder County Treasurer was inundated before the new year with property owners pre-paying their property tax bill in advance.  This was in response to the section of the tax bill which caps the deduction for state and local taxes at $10,000. Previously, homeowners were able to deduct from their federal tax return the amounts paid for state income tax, various ownership...
Boulder County – November Real Estate Statistics

Boulder County – November Real Estate Statistics

Boulder real estate statistics. The numbers are in.  Sales during November 2017 were down 4% when compared to a year ago and are down 6% for the year.  Inventory is just below where we were a year ago.  We have had some good recent activity so I expect that sales in December will be relatively strong. At the end of November 46% of the listings on the market were already under contract. Please see the embedded slideshow for all of the details. All data is taken from IRES MLS.   Boulder County Real Estate Statistics November 2017 from Neil...
Boulder County Appreciation Goes Negative In the 3rd Quarter

Boulder County Appreciation Goes Negative In the 3rd Quarter

I began reporting in June that the market had shifted around Memorial Day.  Since then, sales have declined when comparing same month closings.  FHFA.gov recently released their quarterly “U.S. House Price Index” which reports on price appreciation in the 253 metropolitan areas in the United States.  Looking at yearly appreciation, Boulder (the Boulder MSA includes all of Boulder County) shows an annual increase of 8.57% which is 57th best in the nation.  Boulder County has been ranked in the top 20 each quarter since the 2nd quarter of 2015 so this recent ranking is a bit of a fall from the lofty perch we have recently been inhabiting.  However, nearly 9% annual appreciation is still impressive and certainly above our historical average. What was more concerning in the report was the appreciation rate for the 2nd quarter.  The average home appreciation in Boulder County between July 1 and September 30th was a negative .59%.  This is the first negative quarterly reading since 2nd quarter 2012, just before our market took off.  This quarterly appreciation rakes us 12th from the bottom of the 253 markets.  One quarter does not a trend make but it is something to watch and confirms the shift in the market.  The first chart below shows the four quarter trailing annual appreciation for Boulder County and the United States.  Over the past five years the cumulative appreciation has been 58.29%. The second chart below shows the ranking since 2006 (lower numbers show a better ranking). Here are some other related articles that may give you some added context: http://www.neilkearney.com/2017/09/05/summer-wrap-whats-next-boulder-real-estate-market/  http://www.neilkearney.com/2017/06/05/tracking-boulders-home-appreciation-time/ http://www.neilkearney.com/2017/12/05/the-real-estate-cycle-where-are-we-now/...
The Real Estate Cycle – Where Are We Now?

The Real Estate Cycle – Where Are We Now?

The Real Estate Cycle Approximately 2500 years ago Heraclitus of Ephesus said “The only thing that is constant is change”.  In the moment we sometimes forget that forces larger than we can see are slowly moving culture, markets and people.  Everything we see is changing, however the rate of change makes a difference. We notice more readily the melting of an ice cream cone than the erosion of a mountain.  It’s normal to only take note of what we can readily see.  However, there is wisdom in taking a longer view. Real estate is cyclical.  There are many factors involved, but the peaks and valleys of the real estate demand and value have been shown to have a relatively consistent cycle of approximately 18 years.  Economist Homer Hoyt made a detailed study of the Chicago real estate market and the broader United States real estate market and found that it has run its course in a steady 18 year rhythm since 1800.  There have been exceptions that have disrupted the normal cycle such as The Great Depression, World War II and the post war boom but on average, the business cycle and the real estate cycle have been very consistent including the 18 year cycle than ended in 2008.   The infographic above shows the four phases of the real estate cycle.  Here is more information on each of the stages of the cycle.  Most studies present Recovery as the first phase of the cycle, but since the last recession was so memorable I think it makes a good starting point. Recession  Think back to what was in the news...