The weather is a bit more rainy than we are used to here in sunny Colorado but there is a big silver lining. We live in a semi-arid climate and we don’t get that much moisture. We need rain in the spring time to soak the soil, fill the lakes and replenish the aquifers. The rain also helps with the flowers. The slideshow (click on the image to begin the show) above shows some flower photos I have taken over the years.
So far in 2011, there have been 39 sales of residential real estate in Boulder County with prices greater than $1,000,000. We are
just three sales behind last year at the same point and in many ways I feel more optimistic about the rest of the year than I did a year ago. There are still challenges in the luxury market in the Boulder area and over the past decade the luxury market has matured, boomed and now it is ultra competitive. Here are a few facts that will be helpful in explaining the situation.
What’s good about the luxury market right now: Luxury real estate is purchased by people with assets and assets (as measured by the stock market) have increased recently making potential buyers feel more wealthy. We are coming into the summer months which is traditionally a strong time for luxury sales in Boulder. Many people come to visit and fall in love.
What’s tough about the luxury market right now: Buyers are in a strong negotiating position, average negotiations for the sales that have successfully closed so far this year have averaged 7.22% off of list price. This is nearly double the overall average. Too many listings, not enough buyers. Selling any home is a competitive process right now, that is especially true for luxury listings. In order to sell a home needs to be well priced, well staged, in good condition, well located and have a little luck thrown in for good measure.
We have some wonderful listings that fall into this category. Check out:
A Gallup poll on overall well being has named Boulder as the number 1 city in the United States! The index is based on the polling of 365,000 US citizens a year since 2008. The video above is a CBS Sunday Morning feature on Boulder, the number 1 town for overall happiness and Huntington West Virginia which came in last in the index. The video features a true local and an old friend Dave Query.
The index includes health statistics and hard to measure happiness or optimism statistics. The overall score for Boulder was 73.7 a full point above Lincoln Nebraska and Ft. Collins Colorado. It’s hard to say what is so special about Boulder but this starts to quantify it. Ready to move here? There is room for a few more. Give me a call and we can get started.
Click on the presentation above to see graphically the statistics for Boulder County real estate for April 2011. On first glance it will appear that the market is struggling. Afterall, sales are down 19% year to date when compared to last year. But remember that last year our market was heavily influenced by the tax credit. Our early sales were very strong but it ended up that we borrowed sales from later in the year. I like to compare this year to 2009. In 2009 we had similar market conditions. Sales so far in 2011 are up 8% from 2009. Inventory is creeping up to healthy levels and market activity as measured by the number of homes under contract remains very strong.
It finally feels like spring has arrived here in Boulder. The temperatures are rising, the nights are not nearly as cool and the grass is changing from brown to green. There is no greater way to appreciate the beauty than to get out in it and take a hike. A hike in Boulder doesn’t mean that you need to hire a guide or know what you are doing. There are lots of great trailheads in neighborhoods. This photo was taken 100 yards from the trailhead in upper Table Mesa where Lehigh Street meets Shanahan Ridge. Click here for a list of trail maps. Have fun!
Broker/Owner
Kearney Realty Co.
303.818.4055