Boulder Named #1 Area with the Highest Well-Being

Residents of Boulder, Colorado are used to hearing great press about the wonderful place we live. Over the years we have consistently been ranked in lists such as "Top 10 Places to Live", "Best Cities for Recession Recovery", "Top 25 Best Cities for Gen Y's", and Forbes' "America's Top 25 Towns to Live Well".

Just recently Boulder was voted the #2 College Town by Parents & Colleges.com, and Portfolio.com rated Boulder "America's Smartest City".

But in perhaps the most satisfying ranking to date, Boulder was recently named the metropolitan area with the highest well-being and featured in this clip on CBS Sunday Morning,




Would you like more information about Boulder, CO and the surrounding areas?

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Press Release: Colorado Landmark, Realtors Wins International Marketing Contest

Boulder, CO – Colorado Landmark, Realtors is proud to announce it is the recipient of a Leading Real Estate Companies of the World® Marketing Contest Award. The award was presented March 10 at the 2011 Leading Real Estate Companies of the World® Conference at The Cosmopolitan of Las Vegas, an event that attracted 800 real estate brokers, managers, relocation professionals, sponsors and guests from across the U.S. and eight countries worldwide.

The award-winning entry in the Business Cards and Letterhead category was chosen based on creativity, quality and overall presentation and effectiveness. 

“We are delighted to recognize the member real estate firms that have showcased outstanding marketing, branding and promotional activities,” said Robin LaSure, LeadingRE vice president of corporate marketing. “Winning companies have distinguished themselves by providing useful information to home buyers in sellers in compelling and memorable ways.”

“We work hard to make sure our advertising and marketing materials represent what our company stands for – integrity, quality, excellence, expertise and service to our clients and community. We have been the Boulder area’s most powerful resource for distinctive properties since 1977,” states Pam Metzger, Director of Business Development for Colorado Landmark.

Colorado Landmark also received recognition for being a Peak Producer (sending one of the highest quantity of outgoing revenue-generating closings), the Million Dollar Club (for multiple referrals with an actual sales price of $1 million or greater) and the Momentum Club (for improving our company's Outgoing Referral Fee Split by at least two split levels from 2009 to 2010).


Colorado Landmark, Realtors is the local representative of Leading Real Estate Companies of the World®, the largest network of 600 premier locally-branded firms producing $250 billion in annual home sales. LeadingRE provides a broad range of brokerage services to its affiliates, including lead generation, branding support, luxury marketing through Luxury Portfolio International, web exposure and technology systems, and state of the art learning and credentialing.

For more information on Colorado Landmark, Realtors visit http://www.coloradolandmark.com/ or call 800-737-MOVE.

###

About Leading Real Estate Companies of the World®
Leading Real Estate Companies of the World®  is the largest network of top independent local and regional brand-name brokerage firms in the residential sector of real estate. The 600 firms affiliated with Leading Real Estate Companies of the World® are represented by 5,000 offices and 150,000 associates in more than 30 countries worldwide. The organization's leadership is demonstrated by the fact that its affiliates comprise six of the top 10 real estate companies in the country. Collectively, LeadingRE affiliates produced nearly 1 million home sales valued at $250 billion in the U.S. in 2009. In addition, LeadingRE affiliates hold the Number One position in terms of sales or volume in more of the top markets than any other organization.

Top Ten Sales - Boulder/Broomfield Counties - February 15-28, 2011

At the recent Vectra Bank Business For Breakfast the Colorado economy was the prime topic.  One of the state's leading economists, Dr. Phylis Resnick from the Center for Colorado's Economic Future, says that we can expect to experience a "new normal" for the time being.  This translates to slower growth in most economic variables and slightly higher long-term unemployment rates. The good news is that Americans are saving again, with personal savings rates returning to levels not seen since the 1908's. Colorado real per capita personal income dipped a little in 2009-2010 but is forecast to see a slow but steady upward climb.  The bad news is that there will be a continued gap between Expenditures and Revenues for the State of Colorado with no end in sight.  This means our local communities will continue to be challenged to maintain the amenities and services we have been so accustomed to.


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 February 15 through February 28, 2011 here are the numbers:

•148 properties sold (compared to 197 for same period in 2010)
•Price range of properties sold during this period: $60,000 - $2,500,000
•Median price: $287,000
•Average price: $389,586 (down from $420,907 for last period examined)
•$0-199k = 34 sold this period
•$200-299K = 41 sold
•$300-399k = 24 sold
•$400-499k = 17 sold
•$500-599k = 10 sold
•$600-699k = 9 sold
•$700-799k = 1 sold
•$800-899k = 5 sold
•$900-999k = 2 sold
•$1.0-1.9M = 4 sold
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

Each period's Top Ten numbers continue to point to the potentially fatal ramifications of over-pricing.  This period the glass-half-full view is that 5 of the top 10 properties examined sold for 90% or more of their original asking price.  The flip side of that is that the remaining five sold for 77.5% or LESS than their original asking prices.  The property on Bellevue Dr. sold for a dismal 56.8% of it's original 2007 asking price.  The key here is the 2007 ... it took 1000 days for this property to sell.  Now we expect that properties of this caliber can take a year or more to sell, but almost 3 years?  That's a total miss on the pricing mark from the get-go.  2539 Briarwood sold for 77.5% of it's asking price after a ridiculous 1334 days on the market.

The other part of the glass-half-full is that only NONE of the above properties sold for less than what the owners paid for it.  That is great news!  It is impossible to tell if these owners put in any improvements that would have increased their basis significantly, but if not then all of these lucky folks did a little better than break-even.  As I said last time, homeowners can't assume that their housing is going to be a big money-making investment - key word = housing, when it comes down to it that is what your home is.  Homeowners also should not be surprised if they encounter a few more realtors out there that are willing to turn down the opportunity to list their house.  You know a good realtor when they turn down your listing because you can't agree with them on price.  No amount of marketing and internet exposure can make up for pricing too far beyond what the market can bear.

Your takeaway here is the following advice on Selecting a Listing Agent: 

• If you are considering listing your home, interview at least 3 realtors.  Ask each about their experience selling homes in YOUR SPECIFIC neighborhood.  If they don't have it, show them the door.  What different skill sets do they bring to the table? How will they alter their marketing strategy if your home doesn't sell quickly?
• Ask each for an opinion of likely sale price and therefore best list price.  IMMEDIATELY throw out the high one.  Seriously!  Don't get sucked in to overpricing your home by a realtor that just wants another listing in their inventory and will tell you what you want to hear.  If you hear what you want to hear, consider that a big red flag. 
• Don't necessarily choose the realtor that you "like" best.  The goal here isn't to make a life-long friend, it is to sell your house, for the highest price, as quickly as possible so that it is the least inconvenience to you.

Until next time ...

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

Credit Scores - What it Means, Why it is what it is, How to Change it!

The broker associates and staff at Colorado Landmark were fortunate to have Kevin Teel (303-920-1052 office) from ABC Financing come and speak on the topic of credit scores.  In his capacity as a mortgage lender Kevin is often faced with having to help clients decipher their credit scores, and as such has become somewhat of a local expert on the topic!  Here is a summary of some of the things he spoke to us about ...

What IS a Credit Score? 
It is a number between 350 and 850 that represents what tradeline organizations (credit cards, lines of credit, store accounts, lenders, etc ....) think your credit and transaction history represents.  The higher the score, the less risk it will be for them to extend you further credit.  "Perfect credit" right now would be a score of 740.  The highest score Kevin has ever seen was an 823!

Who are the Credit Reporting Agencies, and Who Uses their Info?
There are 3 agencies that track your credit - Equifax, Transunion and Experian and each of them has a file on anyone who has ever been given credit. Each organization has their own secret formula for calculating your score.  A mortgage lender will get an overall picture of your credit worthiness by pulling scores from all three agencies.

How to have a GREAT Credit Score!
Make all of your payments on time, and have a good payment history.  Be aware though that if you have a late payment and are assessed a late fee, it is not necessarily reported to the credit bureaus. Have low balance ratios.  Example: if the card limit is $1000, a low balance ratio would mean you owe 33% or less than that, or $333 or less on that card.  Anything over a 65% balance ration will raise a red flag with your lender.  Have a reasonable # of tradelines open - Kevin mentioned that FIVE is a good number.  A mortgage, car loan, student loan, and 2 credit cards is an example of good combination.

What Other Things Affect Your Credit Score?
When you open up a new credit card account, your credit score could take about a 30 point hit initially, until a your payment and usage history can be determined.  When your mortgage lender pulls your credit report you will NOT take a credit hit.  However if you start talking to several lenders and there are more than 3 credit report pulls in less than 2 weeks your score may be reduced by 10 points per pull.  Usage on your debit card does NOT report to your credit score.

If you are taken to collections on something, this will definitely have a negative effect on your score.  If you are able to resolve the issues the creditor does have the ability to call the credit bureaus and have the item removed, you just have to convince them to do it!  The more credit applications you make, the more hits your score will take.  It usually takes 30-60 days for your credit score to be adjusted for these types of things.. 

If you have been involved in a foreclosure on a home mortgage your score likely take about a 200 point hit.  As far as the lender is concerned, being 120 days or more late on your mortgage affects your credit the same as a foreclosure.  Being involved in a short sale affects your score less - check with your lender or financial advisor about the specifics for you.

If you are applying for a mortgage DON'T do anything until your loan closes that will affect your score, like buying a boat, applying for new credit cards, renting a summer home, etc...  These are all things Kevin has seen clients do that ended up affecting their ability to close their loan and/or the rate they got!

Why Worry About Your Credit Score?
More and more orgagnizations we deal with on a regular basis are pulling our credit scores to get an idea of the kind of people we are - employers and prospective employers, insurance companies, car dealers, mortgage lenders, landlords, department stores, etc....  Did you know that a good credit score can make a difference in up to $100/month on insurance premiums?  Your credit score will also determine the interest rate you get on your mortgage, which of course you want to be as low as possible!

How Can You Establish Good Credit, and Help Your Kids Establish Credit NOT Debt?
Get a secured credit card from a bank or credit union.  Credit unions are especially great in working with young people.  Ask the tradeline that you use if they report to the credit bureaus, and if they don't, request that they do.  Gas cards are easy to get.  Put your child on one of your existing credit cards or lines of credit, but make sure the limit is low and they know that it is still your account!  Their credit will get "credit" too for the usage.

Stop applying for credit if you want to improve your score!  Close accounts you do not use, but keep a minimum of 4 lines open even if you don't use them.  Don't close the older more mature accounts as this history really helps you.

Find Out Where YOU Stand!
You have several options here.  You can go to each of the credit bureaus independently and get reports, or you can go to http://www.experian.com/ and order your Personal Three Bureau Credit Report and Score.  There is a fee for this.  To see your report only but not your score for free, go to http://www.annualcreditscore.com/ and get one report per year free.

As a disclaimer we will say that we at Colorado Landmark are NOT credit experts.  Please contact Kevin Teel or your preferred lender, or one of the 3 credit reporting agencies to verify statements made in this post, or to answer any questions you may have on this topic.

Thank you Kevin for the great class!

Energy Efficient Homes and the SAVE Act, by Liz Benson

With permission from the author Colorado Landmark associate Liz Benson please enjoy Liz's recent article/blog post on the Elephant Journal on the SAVE Act and energy efficient homes.

We all know that energy efficient homes save money for their owners – money they can use to more easily pay their mortgage and maintenance costs. Current mortgage underwriting guidelines, developed in the 1940′s, don’t take this into account. They ignore the potential hundreds of dollars in savings that an energy efficient home can provide, compared to an inefficient home. Better information about the full costs of home ownership should include not only the principal, interest, taxes and insurance, (known as PITI) but also the energy cost. The idea is to revise these outdated credit policy decisions by the federal mortgage programs (Fannie and Freddie Mac) which guarantee more than 90% of all new mortgages. This will allow home buyers to more easily qualify to purchase an energy efficient home, set rules for appraisers to value energy efficient improvements, thereby encouraging builders to include them because they will get paid for any additional up-front costs.


The SAVE Act (Sensible Accounting to Value Energy) is championed by Senator Michael Bennett (D – CO) and supported by home builders as well as energy efficiency advocates. For more


And while you are at it, check out a zero energy home in Frazer Colorado, designed by a friend of elephant, Bryan Bowen.

This article authored by:

Liz Benson, Broker Associate
Colorado Landmark, Realtors
http://www.boulderliz.com/

Top Ten Sales - Boulder/Broomfield Counties - January 1-15, 2011

Modest improvement ... deals but no steals ... new companies sniffing around the Boulder-Longmont-Broomfield corridor ... those are the words on the street.  "Colorado is expected to add 10,100 jobs in 2011, with most sectors showing some growth," according to economist Richard Wobbekind of the University of Colorado.  Most area experts think that Colorado's economy will track with the national economy and show slow, steady growth over the next year.

The holidays are always a slow time for home sales, and this year was no exception.  But there is some pent up demand and we are seeing that start to trickle into 2011. 

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 January 1 through January 15, 2011 here are the numbers:

•85 properties sold (compared to 96 for same period in 2009)
•Price range of properties sold during this period: $43,000 - $2,109,000
•Median price: $300,000
•Average price: $420,907
•$0-199k = 22 sold this period
•$200-299K = 19 sold
•$300-399k = 14 sold
•$400-499k = 8 sold
•$500-599k = 6 sold
•$600-699k = 4 sold
•$700-799k = 4 sold
•$800-899k = 2 sold
•$900-999k = 0 sold
•$1.0-1.9M = 5 sold (none sold during this same period 2010)
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

It never ceases to amaze me that each period's Top Ten numbers reveal an obvious trend or relevant market statistic.  This period the disappointing news is that our area is definitely seeing negative appreciation in the upper price brackets.

All but one of the homes in this period's list sold for over 80% of their original asking price, which in this market actually isn't that bad for these upper bracket price categories.  The home on Old Tale sold for an embarrassing 50% of the original asking price, and it took over 700 days to do it!  My guess is that if this had been priced in the $1.8-2.2M range it would have sold quicker, and the owners would not have left so much money on the table.  Someone really missed the mark on that one!

But the real story here is the negative appreciation.  Six of the ten homes on the list sold for less this month than they did in previous years from 2003 to 2007.  That time period was our boom, when buyers were scrambling to find good properties, willing to pay anything, and realtors were just taking orders.  We live in a "new normal" now as one of our associates said to me the other day.  Homeowners can't assume that their housing is going to be a big money-making investment, and realtors need to provide more analysis and be willing to turn down a listing opportunity if the seller can't be realistic about the pricing.

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, avoid the higher price points and buy something that would be more widely appealing and attainable to a larger population of buyers.
• Also, if you have a home priced over $700,000 you can expect the market to continue to be quite slow for a while and/or you may not recoup your original purchase price in today's market. Some folks might even have to wait until 2014 for that.
• There is still a market for homes over $1M, especially in the $1-1.5M range, so if you can price your luxury home in that zone you might do well!

Finally, some shameless plugs for our company ... Colorado Landmark, Realtors represented buyers and sellers on 4 sides of the above 10 transactions (or 20 sides total) and we were the only company to participate in more than one transaction on this list.  Also, kudos to Colorado Landmark broker associate Michelle Clifford for selling her listing at 6487 Cherry St.  She priced it well and it sold for 86% of the original asking price, not bad for a property over $2M, and it sold in a year, which is to be expected for a property of this caliber and price point.  Congratulations Michelle!

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

Open House Tips for Sellers

An open house is a great way to showcase your home, and an opportunity for many people to view your home at once.

Here are some tips to get your home "open house ready":

Curb Appeal is Key: The first thing a prospective buyer notices about a home is the front yard. Cut the grass, trim the hedges, rake those leaves, sweep the sidewalks, and power-wash the driveway. If appropriate for the season, include a few potted flowers to brighten up the entryway.

De-Clutter: A cluttered room can appear too small to buyers. Go through each room and divide belongings into two piles: “keep” and “give up.” Items in the “keep” pile will be used to stage the room, while those in the “give up” pile should be stored elsewhere, or better yet given away. You are not selling your things or trying to impress anyone with them. You are selling your space and buyers can’t visualize themselves or their own things there when there is too much of your stuff in the room. Don’t forget about the outdoor spaces too – de-clutter potted plants, kids’ toys, gardening items, outdoor furniture and accessories, etc…as well.

Make your place “Q-Tip clean.” A properly staged home should be immaculate, or “Q-Tip clean,” This could mean using Q-Tips to clean dead flies out of a windowsill or going around the bottom of the toilet on the floor. The purpose of an immaculate house is more than just making it presentable. If a home is messy or dirty, a buyer may wonder what else about this property hasn’t been cared for, like major and minor maintenance items.

Check the temperature. In winter a warm home is always more inviting than one that has people reaching for their coats. On a hot summer day a cool home can be a welcome oasis to weary home buyers. In warmer weather have windows open for fresh air if it’s not hot outside.

Light it up. Open blinds and window coverings, and turn on all the lights. This helps make the spaces feel bigger, and specially placed lighting can showcase special aspects of the home. It may also be appropriate to have fireplaces and candles lit to create a cozy environment.

Say “Yes” to neighbors. Some sellers are against holding open houses as they can be a magnet for “nosy neighbors”. While this may be the case at times, your neighbors are also a great resource to help get your home sold. Make them feel welcome by letting them know ahead of time that the open house is scheduled, and invite them to come check it out. The more eyes that see your house, the better.

For additional information and resources to help get your home sold quickly, feel free to contact us - we are here to help!

Colorado Landmark, Realtors
(303) 443-3377
www.coloradolandmark.com
Facebook: www.facebook.com/COLandmark
Twitter: www.twitter.com/COLandmark

Check out our 356 Things to do in Boulder Page!

Freeze warning tonight - is your house ready?

We wondered if it was going to happen - but finally, we are seeing some real Colorado winter weather. And with the beautiful snow that has been falling comes some FREEZING cold temperatures. Unfortunately, this can lead to frozen pipes and damage to your home.

When the temperature drops, water freezes and expands. Water pipes do not expand causing broken pipes and possible flooding that can lead to hundreds or even thousands of dollars of damage.

Here are some extra precautions you can take today to prevent frozen pipes tonight:

• Set the thermostat in all areas no lower than 60 degrees.

• Open kitchen and bathroom cabinet doors to allow heat to get to uninsulated pipes under sinks and appliances near exterior walls.
  

• Turn on a trickle of water in any areas that you are concerned about, especially any faucets near outside walls. Let the warm water drip overnight.
  

• For future protection, considering adding insulation around pipes in your home's crawl spaces and attic if possible.

If you do suspect a frozen pipe, dont risk it -shut off the main water supply and call a plumber!


Colorado Landmark, Realtors
(303) 443-3377
www.coloradolandmark.com
Facebook: www.facebook.com/COLandmark
Twitter: www.twitter.com/COLandmark

Happy New Year from Colorado Landmark, Realtors!

Wishing everyone a very safe and happy new year.

We truly appreciate our clients for trusting us with their business during what has in many ways been a very difficult year in real estate. Whatever your needs are in 2011, we are here to help.

Looking forward to continued success with you in 2011!


Connect with us!
303-442-3377
View our website: www.coloradolandmark.com
Facebook: www.facebook.com/COLandmark
Twitter: www.twitter.com/COLandmark

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

Don't Eliminate the Mortgage Interest Deduction, Employ Basic Supply-Demand Principles!

With Shiela Mudd Roberts permission we are including here content from her blog post today about the current momentum in our legislature to eliminate the deduction for mortgage interest for homeowners.  Shiela has some great insights ... read on below or link to her blog for this article and other great local real estate information.

"I have to admit, I heard blimps of this in the news over the past few months but it is so absurd that I didn’t think it would really happen. But then I saw a headline that read “National Association of Realtor’s Defend Mortgage Interest Deduction”. Well, absurd as it is, the current administration is trying to take the change right out of our pockets and, thankfully, NAR has already reacted.

The way it currently works is that if you have a mortgage, you very likely have interest that you pay on said mortgage. Look at your statement, especially for the first say 15-20 years most of your monthly payment is interest. This interest paid is then deducted against your earned income come tax time. If you have rental property or second homes, same thing. What is being proposed is that this annual amount, totaling thousands of dollars, is no longer going to apply for a tax deduction. Things are unclear whether the proposal will protect your primary residence or not. Regardless, just like for home owners, mortgage interest deductions combined with depreciation, is a huge incentive for investors to own rental property.

Instead of taking this away from everyone, limit supply. And let me be clear, if you own your property free and clear (no mortgage) this still effects you because this proposal will affect the housing market overall. Buyers lose incentive along with current home owners and prices will drop, plain and simple. I would think a more logical way to approach this is to limit supply, specifically: new building. Sure the big builders won’t like it, but it has been high time for them to find a new gig anyway. In turn, local governments should put a moratorium on new developments. I mean, really, do we need more track homes? Just look at Boulder. There is a housing cap meaning that the supply is limited. It is no accident that the City of Boulder has consistently held it’s housing values. And, in some price points, continued to appreciate in this National “Housing Crisis.” To hit this home even more, compare Boulder to Longmont (also in Boulder County). Longmont has allowed building virtually on all sides of its city borders. At the same time Longmont’s inventory is higher with decreasing sales prices over the past few years when compared to Boulder.*


What can you do? Contact your local representative to tell them that this is not okay:


https://writerep.house.gov/writerep/welcome.shtml


*Based on IRES, LLC data"

Shiela Mudd Roberts
Broker Associate
Colorado Landmark, Realtors
(720) 628-8454

Top Ten Holiday Showing Tips for Sellers

'Tis the season to hang stockings by the chimney, stuff over-sized trees into family rooms and play the dreidel. However, December is also a season when interested buyers take advantage of vacation time and slower work schedules to attend showings and open houses to gauge the real estate market before the year's end.

As homes tend to be crammed with decorations, baking and packages, and family and friends drop in without notice this time of year, the holiday season can present challenges for sellers who know the importance of keeping their listed property minimally adorned and tidy.

Good news! Selling a home over the holidays doesn't mean that you and your family can't celebrate the season.

Here is a “top ten” list of pointers that will help houses shine in this oft-cluttered holiday season.

1. Festival of lights – Exterior holiday lights can brighten up any house and really increase curb appeal. Less-is-more in this case! Opt for white lights instead of multi-color and/or flashing bulbs to provide a more taste-neutral glow to your home. A few strands of white icicle lights are always tasteful.

2. Fake it – Brightly colored plants and flowers are usually nowhere to be seen in Colorado this time of year, but you can "fake" your garden. Place frost-resistant potted plants, such as flowering kale or miniature trees, in the walkway and garden to brighten up your home's exterior and give buyers a sense of the landscape potential.

3. Let it snow – Snow can look beautiful on trees, but driveways and walkways should ALWAYS be cleared as soon as the fluffy stuff falls. Don't forget your back patio or deck and walkways around the sides of the house. Buyers should be able to move freely to all parts of the property. Keep an eye out for icicles on the roof, as they can indicate that your home has inadequate insulation.

4. Toasty and cozy – A warm home is always more inviting than one that has people
reaching for their coats. Be sure to have the heat set at a comfortable temperature for the
entire day. If possible, turn the lights on and have fireplaces and candles lit to create a cozy environment, even during daylight hours, especially for open houses.

5. Sugar and spice – To create an inviting, festive atmosphere, boil a pot of cider with
cinnamon during any open houses or showings.

6. Home sweet home – From fish, to cabbage rolls, to turkey, the holidays can be a fragrant
time of favorite holiday dishes. What appeals to you at dinner may leave an odor in your
home that not everyone will appreciate. Hold off on holiday cooking as much as
possible, especially if you know that a showing or open house is scheduled. Give
yourself permission to take this holiday off from cooking – treat yourself to a meal out at
a restaurant, or dine with family and friends!

7. A home for all seasons – Display several photos of the home's front and back yards,
gardens, and patios in spring and summer to show potential buyers what the house looks
like when it is not buried in snow, and when there are leaves on the trees and green grass.

8. Size matters – Choose a small Christmas tree and dress it minimally with decorations. A
huge tree will make your room look smaller, and busy decorations can appear messy.

9. It’s presence, not presents – It is important to cut back on clutter when listing your
home. Wrapped presents should not be on display, for aesthetic purposes and also to
ensure that they don‟t “grow legs and walk away”.

10. Less is more – When it comes to decorating and selling a home, less is always more.
When in doubt … don't.

Whether you celebrate Christmas, Hanukkah, Kwanza, something else, or nothing at all, this can
be a very stressful time of year, especially if your home is for sale. Keep things simple and
remember that the most important things in life are family and friends. Please call your sales
associate at Colorado Landmark if you need advice or assistance during this holiday season.

Happy Holidays from all of us at Colorado Landmark, Realtors!

Colorado Landmark, Realtors
www.coloradolandmark.com
303-443-3377
Facebook: www.facebook.com/COLandmark
Twitter: @COLandmark

Happy Thanksgiving from Colorado Landmark, Realtors

At Colorado Landmark, Realtors, we are so thankful for the beautiful place we live, and the wonderful people we are privileged to work with on a daily basis.




Wishing everyone a very happy Thanksgiving!

Colorado Landmark, Realtors
(303) 443-3377
www.coloradolandmark.com
Facebook: www.facebook.com/COLandmark
Twitter: @COLandmark

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 based 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

Open Houses this weekend!

Fall is a great time to see what's on the market in your neighborhoods of interest.  Check out the open houses this weekend!

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, based 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

Colorado Landmark Associate and Client Featured on HGTV tonight!

Colorado Landmark, Realtors associate Michelle Clifford and her client are the featured story on tonight's HGTV episode of My First Place!  If you are in the Boulder/Denver area tune in at 6:30pm to Comcast channel 39 or Dish Network channel 112.

In tonight's episode ... Michelle's client Ginny is set on buying her first place in only one Boulder neighborhood, but will her budget get her an updated older first place that's and problem-free? She discovers that with older homes often come bigger problems, which may leave Ginny with more than she bargained for. How much will Ginny compromise to get her first place within her favorite Boulder area zip code?

Michelle Clifford has been a sales associate with Colorado Landmark since 2006.  Her dedication to her clients can be seen in every transaction. She epitomizes professionalism and diligence. Her attention to detail ensures her clients receive the quality of service expected of a Colorado Landmark, Realtors broker.  Michelle's recent acquisition of the designations GRI, ePro, and RECS ensure that she is staying on the forefront of the changing real estate market.  Way to go Michelle!

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 weeks - this 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