Flatirons

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Flatirons
Greetings!   
Happy spring. Here are a few quick thoughts on the market that I hope you'll find useful. Always interested in your feedback and ideas -- contact me any time!
Best, Rich 
The Outlook From Here  Q1 2011 improved over Q1 2010 with the number of sales of single family homes in Boulder County up 3%, and the median price of single family homes up 4%. Condos are a mixed bag compared to last year with the number of sales down 9%, but the median price up 3%. This drop in sales reflects the end of 2010's Federal Tax Credit, which drove sales at the the lower end of the market.

 

The number of showings this year is on par with last year, and the market is very active right now with a large pool of buyers looking but not necessarily making offers. Buyers are feeling very comfortable being patient and choosy. Traditionally, buyers start to make decisions in the spring, and the highest number of sales each year generally occurs in the second quarter (April, May and June). If the current pool of buyers follows suit and starts making decisions soon, this will be a good year for sales. Market conditions support strong sales as well, with interest rates remaining at historic lows. Whether you're buying, selling, or evaluating your options, contact me to discuss how to make the market work for you. I'm here for your friends, family and co-workers too, and appreciate your referrals.

By The Numbers  For the latest statistics through March 2011 of Boulder County home and condo sales, with year-to-year comparisons, days-on-market statistics and more: Market Sales Stats

Colorado Leads in Tech and Science Job Creation

Colorado continues to build and leverage its science and technology resources, according to the Milken Institute's 2010 State Technology and Science Index, in which Colorado ranks #3 behind only Massachusetts and Maryland. The index recognizes states that use investment and long-term planning to grow and leverage their tech and science assets into businesses and high-paying jobs. Colorado has maintained its #3 rank since 2008.

  

That's great news for our market, as businesses and educators in Boulder County lead the way. If you're like me, you believe that innovative, well paying jobs in an entrenched entreprenuerial environment are perhaps the best indicators of long term strength in the real estate market. Another reason to love where we live!   

Tax Assessments   New tax assessments arrive in early May. If you see an increase, keep in mind that the mill levy is up, increasing in Dec. 2010 to 80.824 from 75.469. Also, some major mortgage companies like ING have stopped escrowing for taxes and insurance, so the all-at-once increase can sting. If you think your assessment is inaccurate, here are a few steps to take prior to filing an objection:

 

Consider the mill levy increase. 

Which may raise your taxes even if your assessed value decreased or remained the same. 

 

Make sure the assessor's objective information is accurate.

Particularly on square footage, and the number of bedrooms and bathrooms.

 

Investigate subjective comparables.

It's not uncommon for the assessor to base value on unsuitable comparable properties. If you think this may be the case, let me know if I can help assemble a better set of comps.

Clean for Spring  Many times I meet with clients who are raring to make a change (relocate, downsize, retire to the tropics, invest), but find themselves  hostage to mounds and piles of stuff. When time is of the essence, it can be overwhelming. More than this, living day to day with clutter depletes energy and creativity. Start now and start small, focusing on a project you can launch and finish. Choose an item or two from this elaborate spring cleaning check list by the queen of clean.  

Good Stuff

Duk Payuel School Project

Jean WoodJean Wood is a superstar tri-athlete and an administrator here at RE/MAX of Boulder, but her real calling is her amazing work with the Lost Boys of Sudan. After seeing a special on the Lost Boys on the TV program 60 Minutes, she was deeply moved to help these now "Found Men" succeed in America. Jean is now devoting her time to help build a school in Duk County, South Sudan. She just returned from a successful trip and the school is well underway. Everyone involved in the project is a volunteer, so 100% of any donation goes to the school. If you're interested in making an enormous difference in South Sudan with just a small donation, check out the Duk Payuel site. Fantastic.

APRIL 2011

Rich Gribbon
In This Issue
Market Outlook
Boulder County Stats
Tech & Science Leader
Tax Assessments
Clean for Spring
Good Stuff

Pent Up Buy-Side Demand

in Rental Market

 

Boulder's apartment market continues to improve. The vacancy rate was only 3.69% in Q4 2010, with average rent at $996.22, or $1.16/sq foot, according to the Apartment Association of Metro Denver's Vacancy & Rent Survey. Not surprisingly, Boulder is one of the hottest submarkets in the Denver metro area

 

I'm seeing pent up buy-side demand. I'm working with several parties seeking multi-family properties here. These investors are well qualified and can pay up to $2 million cash.  I'm also working with investors seeking smaller properties.

Let's Collaborate

 
Buying & Selling. 

 

Refinancing. 

 

Leveraging equity to buy investment property.

 

1031 Exchange.

 

Real estate as a retirement strategy. 

 

Using your IRA for real estate investing.

 

Real estate for college savings.  

 

Buying real estate for college-age children to live in while at school.

 

Helping parents relocate or transition to a new housing situation.

 

Purchasing vacation property in ski country, tropics or other resorts.

 

Finding a quality realtor to help with a transaction outside our market.

 

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2425 Canyon Blvd. Suite 110 Boulder, CO 80302
T: 303.441.5685  C: 303.931.6979   F: 303.449.8554
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