Boulder – Community Honors
We enjoy the opportunity to feature different areas of Colorado and this week we offer information on one of the most unique, eclectic communities nearby Denver Metro. Boulder, CO has long held the reputation of one of the best places to be in Colorado for many reasons. First and foremost is that it is home to University of Colorado – Boulder, (22% of its resident population), and this feature alone carries influence into many lifestyle areas including shopping, transportation and restaurants and many other city amenities. Many may not be aware of other noteworthy Boulder designations, for instance, the fact that it has been dubbed the least obese Metro area in the US, (Gallup Poll – April, 2013). Boulder also picked up these additional 2013 community honors: Dynamic Locales for Walkable Living, (Where To Retire – April, 2013); Tree City USA for the 29th consecutive year, (National Arbor Day Foundation – April, 2013); Top 10 Metros for Female Executives, (#1 slot), (Avalanche Consulting – Feb, 2013); The 20 Most Innovative Cities in the US, (#5 slot), (Business Insider – Feb, 2013) and renown (Milken Institute designation Best Performing Cities, (#15 slot) – January 2013).
And the year is yet young, as many honors received in 2012 came later in the year. To be certain, Boulder offers a diverse, robust economy and lifestyle for all ages with education as a key focus within the community, a very attractive feature for families with school-aged children, especially those preparing for high school with college programs in their near future. Boulder is considered host to one of the most educated populations in the United States.
Boulder – Community Amenities
Recreation both inside and just outside Boulder is a huge feature for the area, with over 45,000 acres of open space and 150 miles of biking and hiking trails and over 300 days of sunshine. Boulder offers excellent opportunities for art, cultural, dining, entertainment and shopping. In addition, Boulder as very high-quality healthcare and sustainable environmental policies. Conveniently located to Denver, it’s only 30 minutes from downtown and 45 minutes from Denver International Airport.
Boulder is host to significant industry presence featuring aerospace, bioscience, data storage, light manufacturing, natural and organic products, outdoor recreation, photonics, professional and scientific services, renewable energy and energy research, software, and, of course, tourism.
To be certain, when compared with many metro areas across the United States, Boulder is definitely a city that is thought of as “having it all”, offering big city features and amenities within a small town atmosphere. As a result, the projected growth rate of Boulder is approximately 20% from now looking forward to 2035. No doubt, median property values will respond to increased housing demands and other valuation pressures during that time period, making right now the best time to consider entering the market.
Colorado is considered one of the top destinations in the United States real estate market for ranch property and acreage and still has a great supply of these wide open spaces. There are a couple of strong drivers in the marketplace right now – investor’s and second home and luxury real estate purchases. This trend will continue in the market until it is completely depleted of inventory, according to many real estate news sources. So where is there still ‘real estate gold’ left? Land – wide open space still for sale, and by all accounts, plenty of it in many parts of Colorado. Land is an excellent investment and compared to other types of investments, seems to be the preferred investment of choice for many for a couple of reasons. The 2013 is still seeing lower than average market prices for acreages.
Top considerations for purchases of acreages are pointing towards location when evaluating homesites in master planned communities. Next in preferences were views from the homesite – (waterfront, mountain, golf & wooded), amenities, price and actual size of home site.
The Value and Benefits of Acreage Compared to Other or Traditional Investments
Acreage is considered a safe, stable long term investment nationwide, according to and informal survey by landthink.com. This is really no surprise, as the economy is not considered either stable or certain and both are premier considerations in evaluating paper investments such as stocks. One of the biggest advantages to purchasing land is not just the investment, but the recreational enjoyment of the land during ownership. Those in the city or suburbs in communities with average size lots enjoy the opportunity to escape the city heat and congestion by taking family time weekends to the high county in more secluded, scenic mountain lands.
Enjoy Your Acreage Now As You Grow Your Investment
Acreages offer unspoiled opportunities to get close to nature, enjoy the views and the wildlife that aren’t readily available in the city. There aren’t too many camping experiences that can top taking a drive to your own land and pitching up a tent for the family and enjoying that type of fellowship over the weekend.
There are a great number of incentives for acreage purchase – desire to own forested land, to hunt and fish, to ride ATV’s – Colorado acreage offers it all! Searches across the state show an excellent selection of properties that may be used for various purposes, can be built upon in many cases, nearby to utility services, and in all types of shapes, sizes and locations.
Let your qualified buyers agent identify what you find most attractive in a piece of land and consider buying while land prices are still at all time lows in many areas.
List of Top Ten Affordable Cities
The second home market is heating up along with other sectors of real estate that have been sluggish or in the trough since the market crash this past decade. While the luxury markets are seeing spritely increases, the affordable second home market still boasts modest median house prices as well as a good selection and affordable financing with interest rates still at record lows.
The top suggested cities in the US that have gleaned consumer interest and have shown increased equity growth over a 5 year period include:
Beaufort, SC – Myrtle Beach, SC – Asheville, NC – Ashland, OR – Daytona Beach, FL – Park City, UT – Port Townsend, WA – South Lake Tahoe, CA – Sunriver, OR and Charlevoix, MI
According to RealtyTimes, April 11, 2013 edition, at least half of the cities mentioned have a median price below the $162,000 national average price for a second home. The towns collectively have seen an average increase of value of 10% or more for several years but still have a affordable inventories.
Incentives to Buy A Second Home
For many, the purchase of a second home may be the way to evidence additional income in pre-retirement years through rental revenue. The interest in buying a second or third piece of property in today’s market may be spurred by restructuring retirement portfolios to include more tangible assets, with real estate as the winner for long-term performance. During the first six months of 2013, the stock market indices tumbled by 20 to 30% or more as real estate prices slowly edged up by more than 7.5%.
The criteria for potential second homes has changed right along with the retirement landscape. Money magazine writes of younger seniors, (age 65-79), ….”they may not weigh the pros and cons in terms of days of sunshine or number of golf courses, but rather the number of hiking and biking trails, opportunity for educational enrichment, and the caliber of art and restaurant scene”. Many may still desire to work, so additional market evaluations are made based on local economy grades and job markets. Based on THESE criteria, Denver ranks far above the previous mentioned cities as it recently ranked within the top 10 fittest cities in America. Denver has one of the most active populations in the United States with a high percentage of the population reported to be active 3o minutes or more each day. It also holds 5th place, according to the Buiness Journals who published an article in February singing the praises of Denver for small-business vitality, which directly reflects upon job growth and overall economic health.
Milken, a leader in all types of research including real estate market and analysis observes that there are 80 million baby boomers on their way to senior status. That size population sector will have a dramatic impact on the way future-minded businesses develop emerging opportunities for this huge, growing population.
Summary
Boulder County is seeing an overall increase in home sales over the same quarter of 2012, as is the case with many active real estate markets that have been evidencing significant increased activity.
The Numbers
Specifically, sales were up 13% from last March, according to Neil Kearney of Kearney Realty Company. Kearney also reports that single family home sales were up a whopping 45% from February.
Such activity in a market presents challenges – the biggest of which is inventory, a critical key in sustaining growth in the region. Inventory is actually down 3% compared to last year so there is a concerning shortage of good listings. Properties under contract are at an all time high, reports Kearney.
Inventory Challenges
This type of activity is a key indicator that Boulder’s real estate market is recovering at a robust pace, however, if the number of new listings in the market does not substantially increase in this current quarter, it will be difficult to maintain this level of growth.
The predominant price tier that has seen the most substantial sales are the lower to moderate price ranges in most markets in Colorado. The median home prices in Boulder County exceed those price parameters making the market a more specialized market than other counties in Colorado.
Boulder County enjoyed an increase in home sales throughout 2012 while other markets across the country were just beginning to see evidence of a recovery trends. In fact, Boulder and Broomfield counties closed out the year 2012 with a 24 percent increase in single-family home sales, according to Boulder Area Realtor Association data.
Looking Forward
All leading indicators point to a nearly complete market recovery for Boulder county, with the number one future concern being inventory of existing homes. The past four years saw a 65,000 unit deficit statewide. Unless those numbers decline, it will be difficult to sustain an increase in new household formation. The tightening availability and increased pricing in the rental market has definitely been a key incentive for renters to enter the residential market. Overall, consumer confidence has increased and if inventory stabilizes and mortgage rates stay within about 1% of where there are today, Boulder County will remain a market leader in Colorado.
The weather outside is frightful…
This is only due to the fact that Colorado has not received its typical share of snow this year. Only recently have we gotten some substantial snow, which is beginning to improve the ski conditions.
The Summit count real estate market is still improving.
According to local Summit county broker, Chris, there was a 32% increase in real estate transactions between December of 2011 and December of 2012. That is almost unheard of. It definitely shows the real estate market is recovering in Colorado.
Investors, listen up!
If you have been waiting for that perfect time to buy, you may have already missed your chance. The prices are on the rise. The average single family home asking price increased by a whopping 28% over 2012. It wasn’t only the home prices that went up, vacant land prices also rose by 11%.
Limited choices.
It seems that the inventory is a little more limited these days. Investors are hanging on to their properties while the market begins its rapid recovery. Of course, you can still usually find a great deal on a home. However, the effort and time it takes to find what you are looking for has extended over the past year.
Use a professional.
If you are searching for a single family home, vacant land, vacation property, or investment property make sure you obtain the services of a professional. The real estate market and process of buying and selling can be a confusing mess. A Colorado Exclusive Buyers Agent knows how to navigate the murky waters of finding the perfect home, negotiating a great price, and connecting you with trustworthy local businesses to help with financing, insurance, and inspections. Don’t find a home without them!
Click here to find a local Colorado Exclusive Buyers Agent in your area!
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