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.

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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 - 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

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

Top Ten Sales - Boulder/Broomfield Counties - Sept 19-25, 2010

Our area's real estate market is still somewhat flat (yes, even in Boulder/Broomfield) but homeowners are bombarded by conflicting national news reports and statistics that make it difficult to discern what is really happening in OUR area. 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.

To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the prior week. What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what's going on in OUR local area.

For the week of September 19-25, 2010 here are the numbers:

•63 properties sold (up from from 58 properties 2 weeks ago)
•Price range of properties sold during this period: $46,000 - $1,019,000
•Median price: $310,000 (down from $290,000)
•Average price: $348,849 (down from $364,332)
•$0-199k = 15 sold this week
•$200-299K = 16 sold
•$300-399k = 11 sold
•$400-499k = 10 sold (up from 5 last period)
•$500-599k = 2 sold
•$600-699k = 5 sold (up from 2 last period)
•$700-799k = 1 sold
•$800-899k = 1 sold
•$900-999k = 1 sold
•$1.0-1.9M = 1 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

This week's statistics illustrate a depressing fact - today's selling prices have reverted to 2000-2001 levels in many cases.  And homeowners who purchased later than 2006 may not break even selling in today's market.  With transaction costs and seller concessions, this means that some sellers may even have to bring a check to the closing table - ugh! Activity in the upper echelon of the market has slowed down, after a fairly decent summer of sales in the $1.0-1.9 million range.  And as reported last time, if your home is priced in the $700-999k range, be prepared for a tough go. Homes in this "move up" price range are a difficult sell.  Consumers concerned about unemployment may not be willing to risk a leap now, despite the lowest interest rates in history.

The statistics illustrate the glaringly obvious fact that overpricing your home can be a devastating financial mistake.  The three properties above with the highest days on market are also the ones with the most drastic price reductions.  The property on today's list that was on the market for over 1900 days sold for 43% of the original list price.

Pricing is THE only way to compete in this market.  Sellers should consult no fewer than three real estate professionals for price opinions ... and list with the one who tells the hard, honest truth.  This is not a time to let anyone blow sunshine in your face about the price of your home.  Sorry Gordon Gecko, but in this market greed is NOT good.  The only explanation for 1900 days of market time is greed and a very poor pricing strategy.

Here's your takeaway for the week - price positioning.  Set a market price for your home and it will sell.  Case in point - the second property on the above list.  The seller knew they were not going to be able to sell for the price they purchased the property for in 2007, so they didn't even try.  They priced it to sell, and it did ... in 5 days.  Be that seller - realistic, brave, and smart.

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

Top Ten Sales - Boulder/Broomfield Counties - Sept 5-11, 2010

There is volatility in the real estate market right now (yes, even in Boulder/Broomfield), and an abundance of conflicting news reports and statistics that maare potentially confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.


To that end, about every other week we will give you detailed information about the prior week's real estate actvity in Boulder and Broomfield Counties.  What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what's going on in OUR area.

For the week of September 5-11, 2010 here are the numbers:

•58 properties sold (down from 81 properties 2 weeks ago)
•Price range of properties sold during this period: $114,900 - $1,500,000
•Median price: $265,000 (down from $290,000)
•Average price: $364,332 (down from $432,480)
•$0-199k = 13 sold this week
•$200-299K = 18 sold
•$300-399k = 10 sold
•$400-499k = 5 sold
•$500-599k = 5 sold
•$600-699k = 2 sold
•$700-799k = 2 sold
•$800-899k = 0 sold
•$900-999k = 1 sold
•$1.0-1.9M = 2 sold
•$2.0M+ = 0 sold

Top Ten Listings Sold during this period:
Information obtained from MLS and public record.

Looking over the last two reports of Top Ten on this blog, there are a couple of obvious conclusions. One, if you have priced your home in the $700-999k range, be prepared for a tough go.  If you are in the $800's it is especially rough.  Homes in this price range are difficult to sell right now.  For the Boulder area this is typically a "move up" price range.  It has historically been a tough price point to sell anyway, but with consumers concerned about unemployment it's even tougher for buyers to make that leap to "movin' on up" now.

The other obvious conclusion is that sellers still haven't gotten the message about overpricing their homes.  You can hire the best realtor in the area, with affluent connections, the most innovative and comprehensive marketing, and biggest web presence.  You can stage your house beautifully, keep it spotlessly clean for showings and open houses, and make it look like an HGTV showcase home.  But all that means nothing if you insist on overpricing it!  You don't need to give your home away, but you DO need to be realistic and toss both your ego and emotional attachments aside.

I am going to sound like a real broken record here, but again ... it doesn't take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 21.8% all the way up to 62.3% off original list price.  Hellooooo ..... anyone listening?

Here's your takeaway for the week - It's time for tough love.  Instead of beating your realtor up about why your home hasn't sold, get their honest opinion (or one from their managing broker) about what it will take to price your home to sell in the next 90 days.  Listen, bite down on that leather strap, and just do it.

Pam Metzger
Director of Relocation and Busienss Development
Colorado Landmark, Realtors
800-737-MOVE
www.coloradolandmark.com
www.facebook.com/COLandmark
www.facebook.com/365ThingsBoulder

Boulder Four-Mile Fire Information and Resources

Here is a list of some websites that have good information on the Boulder Four-Mile Fire:

Boulder Office of Emergency Management - main page for emergency status, updated throughout the day
American Red Cross Disaster Update - day-by-day update of services that are being offered and what to do and what NOT to do in terms of volunteering, dropping off donation items, etc...
Boulder County Government Update Page - daily update of general affected areas, resources, map
Radio Frequencies for Emergency Services -  professional rescuer and amatuer listener radio frequencies used in Boulder County and surrounding areas are provided here.  Law enforcement frequencies are NOT provided.   Also on Radio Reference.
Updated Map of the burn area - provided by Boulder County
Updated List of Homes Damaged or Destroyed - provided by Boulder County
Official Drop Off Site for Donations - provided by Boulder County, plus list of items needed and what items will NOT be accepted
Public Information Resources - provided by Boulder County, information on services offered at the victim assistance center, numbers to call for evacuees, volunteers, etc ...
Information on Air Quality in Boulder County - health information for area residents on air quality issues as a result of the fires
Boulder Daily Camera Fire Coverage - links to all news stories from Boulder's local newspaper, links to live audio feeds, photos, photo submissions, #Boulderfire twitter feed, map
News Report on Fire - story on the fire, with list of links down the left hand side of the article to other other articles, resources, photos, etc...
Photos of Fire Area - Fox News Photo Gallery
Full Fire Coverage - Colorado Daily's coverage page, links to stories, photo galleries, videos, maps

For Evacuees and Victims:
Victim Assistance Center - provided  by Boulder County.  Address and list of services offered
Safe and Well website - site provided by the Red Cross to register yourself, search for family and friends
YMCA of Boulder Valley - page on the shelter set up at the Mapleton YMCA
Offers of Help - posed on the Daily Camera website, many people are offering housing, pet help, etc...
Boulder Humane Society - offering assistance for those with displaced pets - this is their page dedicated to info about that
Longmont Humane Society - also offering assistance for those with displaced pets, main page
How to Get Help - comprehensive list from Daily Camera
Forum for People Needing/Offering Help - from Sparkplace.com, a clearinghouse of offerings


Facebook Pages
Boulder County
Red Cross Mile High Chapter
Boulder Office of Emergency Management

Twitter Links - also check for posts using the hashtag #Boulderfire
Boulder County
Red Cross Denver
Boulder Office of Emergency Management
Colorado Division of Emergency Management
EPIC Colorado - CU research effort in emergency information
Boulder Police Department

How to help/donate:
Call 211 - this will connect you to the United Way's central clearinghouse for donations.  United Way is supporting the American Red Cross and the Salvation Army.  Most likely they will take down your name, contact info and details about what you would like to donate rather than give you specific instructions. 
Salvation Army - currently providing meals to the firefighters via a mobile kitchen and cold truck

American Red Cross - currently helping evacuees and victims by providing shelter, meals, needed items.  They are currently stating on their Twitter page that people should bring donation items to 3111 28th Street in Boulder, NOT the Mapleton YMCA.

Boulder County Volunteer Connection - volunteer information and referral center for Boulder County

Fight the Boulder Fire - central site for volunteer and donation information, plus live Twitter feed on everyone posting about #Boulderfire

Daily Camera posting site - post what help you can offer here in the comments section of this article

Citizen Action Team Relief Database - list of many organizations collecting donations, items, drop off sites, items needed

How to Help - comprehensive list from Boulder Daily Camera on ways to assist

Forum for People Needing/Offering Help - from Sparkplace.com, a clearinghouse of offerings

This is only the tip of the iceburg for resources and information.  As soon as we identify and additional set of resources we will post and update.

Top Ten Sales - Boulder/Broomfield Counties - Aug 22-28, 2010

There is volatility in the real estate market right now, and an abundance of conflicting news reports and statistics that may be confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, periodically we are highlighting the week's real estate actvity in Boulder and Broomfield Counties, to let you know what is selling, at what prices, and how long these properties are taking to sell.

For the week of August 22-28, 2010 here are the numbers:

• 81 properties sold
• Price range of properties sold during this period: $89,500 - $2,495,000
• Median price: $290,000
• Average price: $432,480
• $0-199k = 19 sold this week
• $200-299K = 21 sold
• $300-399k = 12 sold
• $40-499k = 9 sold
• $500-599k = 5 sold
• $600-699k = 5 sold
• $700-799k = 1 sold
• $800-899k = 0 sold
• $900-999k = 2 sold
• $1.0-1.9M = 4 sold
• $2.0M+ = 2 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.





The message this week is pretty obvious - if your home is priced over $1 million and not priced correctly for the market, it is going to take a REALLY long time to sell!  The average days on market (DOM) for homes in this category for this week is 596 days, with 565 days to offer.  That is astounding in itself, but what is even more astounding are the drastic price reductions off of original list price.

It doesn't take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 30% all the way up to 61% off original list price.  If that is not a call to action for sellers, I don't know what is!!

There is only one way to make sure that your luxury home doesn't take 600 days to sell and that is by employing what is called Price Positioning.  Take a look at other relevant active listings and price your home competitively as close to the bottom of that range as you can tolerate.  This plainly is not the time to be greedy.  Be the first home that a buyer in your home's category wants to look at.  If your price is compelling the buyer won't want to leave the house without making an offer for fear that someone else will buy it first.  Here's your takeaway for the week - Be THAT seller.

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
303-443-3377
@pmcolorado
www.facebook.com/COLandmark

Why would I want to be a homeowner?

There has been a lot of tough news coming out this week about the real estate market and overall economy in general. Everywhere you look you see dismal statistics and talk about things like depreciation, record housing inventory levels, foreclosures, shadow inventory, and many experts questioning if buying a house is still a good investment.

Unfortunately, the recent real estate boom (and resulting bust) has skewed our perception about what owning a home really means. Sure - we would all love it if we could continue to experience huge appreciation and growing equity just by paying our mortgage each month. But what about the less tangible benefits of homeownership?

An August 2010 report by the National Association of Realtors discussed the Social Benefits of Housing. Some of the findings include statistics that show that family units in houses with homeowners (versus houses with renters) experience:

- A higher rate of teens staying in school
- A lower rate of teen pregnancy
- Higher educational achievement (and higher earnings as a result)
- Higher civic participation in the local community

Of course there is an even more personal side to our homes. In our homes we build our lives with our partners, raise our children, play with our pets. We celebrate holidays, birthdays, anniversaries, and all those major life milestones. We cook, garden, entertain, decorate, and relax. Our homes are our sanctuary - the place we can go to feel safety, security, and unconditional love. We make memories in those little moments of our everyday lives: in the meals and laundry and homework.

So maybe you aren't going to experience double-digit appreciation on your home in the future. Maybe you won't be able to refinance and take out a new loan that is 105% of the value to buy a shiny new car or take a a European vacation. But that doesn't mean that we should all give up on homeownership. Let's not forget all the other benefits that we experience as homeowners every single day.

Jennifer Fly

Colorado Landmark, Realtors
303-443-3377
jenniferfly@coloradolandmark.com
Twitter: @jenflycolorado

Top Ten Sales - Boulder/Broomfield Counties - Aug 9-15, 2010

There is volatility in the real estate market right now, and an abundance of conflicting news reports and statistics that may be confusing to buyers and sellers.  At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.

To that end, periodically we will highlight the week's real estate actvity in Boulder and Broomfield Counties, and let you know what is selling, at what prices, and how long these properties are taking to sell.

For the week of August 9-15, 2010 here are the numbers:

• 83 properties sold
• Price range of properties sold during this period: $110,000 - $875,000
• Median price: $360,000
• Average price: $386,986

 Top Ten Listings Sold during this period:

  

Information obtained from MLS and public record.

Clearly the high end of the market is taking a beating.  Bad news for sellers, but great news for qualified buyers looking for bargains.  

Takeaway for this Week - DON'T overprice your home!  Of course neither you or your realtor want to leave money on the table, but the Kelly Road property is a perfect example of what happens when you make the mistake of overpricing.  Your property sits and sits, and gets stigmatized.  When and IF it finally sells, it will sell FAR below what it might have if it was priced correctly to begin with.  My guess on this one is that it might have sold in the high $700's or even low $800's if priced appropriately in 2008.

Action Items, Do's and Don'ts -  Sellers: interview several listing agents, and tell them to give you the honest truth about what your property is worth.  And DON'T make them feel bad for being honest!  If you need to sell now, you can't afford to have someone blowing cherry smoke in your face.  DON'T list with the realtor who tells you what you hoped to hear (i.e. the highest price); instead DO list with the realtor who gives you the most concrete set of facts, has the most effective marketing plan, and sets realistic expectations.  Agree with your realtor to price position your property to obtain a sale in 90 days or less.

Pam Metzger
Director of Business Development and Relocation
Colorado Landmark, Realtors
@pmcolorado
@COLandmark
@365Boulder
www.facebook.com/COLandmark
www.facebook.com/365ThingsBoulder

Check out 365 Things to Do in Boulder on Facebook, Twitter

Colorado Landmark, Realtors is proud to sponsor a new resource for anyone interested in all things Boulder.

365 Things to Do in Boulder can now be found on Facebook and Twitter!

Every day we will update the Facebook page and Twitter stream to add a new "Thing" to do in the Boulder area.  Some "Things" will be free, some may cost you a few coins, but all are guaranteed to be fun, interesting and quintessentially Boulder.  We live in a wonderful community full of rich opportunities - cultural, educational, outdoors, family-oriented, political, epicurean, spiritual, alternative, musical, etc... we could go on and on and on. 

We look forward to celebrating our community with you in this way.  Subscribe to the Twitter feed, and "Like" the Facebook page - you won't be disappointed!

If you have suggestions for "Things" please let us know.  We are more than happy to support local businesses, organizations and events!

10 Home Maintenance Tips for Spring

Spring has sprung in Boulder! The sun is shining and the flowers are blooming. Is your home ready for the heat of the summer?

After months of freezing temperatures, bitter wind, and snow that hung around a lot longer than we are all used to, chances are that your home could use a little attention.

Here are some tips to keep your home in top shape as we move in to the warm, beautiful Colorado months.

1. Replace the filters in your furnace, humidifier, and air purifiers

2. Clean gutters and downspouts and make sure they are draining properly away from the house

3. Have your fireplace cleaned and chimney swept and inspected by a licensed professional

4. Consider having your ducts cleaned, this will improve the air quality in your home and make your furnace and A/C run more efficiently

5. Check your roof for any damage that may have occurred over the winter and repair/replace any shingles as needed

6. Have a qualified heating and cooling professional service your air conditioner or evaporative cooler

7. Inspect and seal cracks in your concrete or asphalt driveways

8. Check and clean the clothes dryer vent and stove hood

9. Check all windows and doors, make sure they open and close properly and well-sealed.

10. Change the batteries in your smoke and carbon monoxide detectors.

Taking these steps now will ensure that your home is ready for the coming summer months, and will eliminate the need for costly repairs and maintenance in the future.

If you have any questions, real estate related or otherwise, please feel free to contact a Colorado Landmark, Realtors professional. We are here to help!

Jennifer Fly

Colorado Landmark, Realtors

(303) 443-3377

http://www.coloradolandmark.com/

jenniferfly@coloradolandmark.com

Twitter: @jenflycolorado

Musings on Pricing, Sellers and Housing – Boulder and Beyond, Part II

In Part I of my musings I talked about real estate as housing, but a discussion about real estate is not complete without some reference to home prices.

Recently IRES (our local area MLS) had a True-False question on the home screen. Bank-owned homes sell at market prices. True or False? Surprisingly over 60% of respondents (who are realtors by the way ...) chose False. Serious hmmmm. Where is the logic in that? When a home sells for a price, that price reflects what a buyer in the market is willing to pay for that home. Isn’t the price a buyer is willing to pay in essence the “market price”? True! Bank-owned homes DO sell at market prices, and one could even say that they set the trend for prices in a given area. Bank-owned homes and the much dreaded “shadow inventory” will likely set market prices in virtually all areas of the country, and certainly in Boulder County, for at least the next 12-24 months. Sellers, are you listening??

The first time home buyer and move-up home buyer tax credits will expire shortly, and will most likely not be extended. The time to act is NOW, for both buyers and sellers. Buyers, get off your fences. You have between today and April 30th to get under contract on a home purchase. You must close before July 1st. Sellers, slash your prices or gird your loins for the upcoming storm. You have between now and April 30th to get your home under contract before one or all of the following things happen: tax credits expire, interest rates jack up, scores of bank-owned homes hit the market greatly affecting pricing (NOT to your benefit), mortgage markets tighten up again, and home prices in our neck of the woods take a much feared double dip. All of these things could happen, making it a “perfect storm” of trouble for home sellers, even in Boulder and Broomfield Counties.  We are not immune here, despite what some would like to think.

Colorado Landmark, Realtors is committed to matching home buyers and sellers at market prices. To this end on April 10th and 11th we are participating in the Nationwide Open House Weekend and having a “Tax Break Home Sale”. We are working with many of our home sellers and have successfully reduced asking prices on some of our existing inventory by 3% or more! Just in time to get a home under contract before the April 30th tax credit deadline. These discounted homes will be held open Saturday and/or Sunday, April 10th and 11th.

Colorado Landmark, Realtors is at the cutting edge, setting the market in Boulder and Broomfield Counties, and beyond. Check out our Open House schedule at http://www.landmarkopenhouse.com/ on RELO Homesearch, at our company website Open House page, and in the Boulder Daily Camera real estate section both April 10th and 11th.

Hope to see you at one of our open homes!  Please contact me if you have thoughts or questions about the tax incentives for 1st time and move up buyers.  I welcome your feedback.

Pam Metzger
Director of Business Development and Relocation
Colorado Landmark, Realtors
twitter = @pmcolorado
pam@coloradolandmark.com

Musings on Pricing, Sellers and Housing – Boulder and Beyond, Part I

Back in the early 1990’s my husband and I tried to buy our first home in Southern California. That market was experiencing some challenges at the time, and we thought we would be able to swoop in, and snap up a great house with no money down using our VA loan. We made at least 4 low-ball offers without success. One home was offered at $215,000, we offered $185,000 and the seller countered back at … $215,000. His rationale? That was the price he “had” to get in order to make any money on the deal. Ultimately we weren’t successful in purchasing a home in SoCal. Good thing! Within a couple months my husband’s company offered him a transfer to Boulder, CO and we have happily been here ever since, and have indeed been homeowners.

But a few things from that time in our lives have stuck with me. One was an article I saw in the LA Times back then that lambasted sellers who have what they called a “gotta get” mentality. “I have to get $300k for my home, or I can’t buy my replacement home.” Or “I’ve got to get $450k for my home because, if I don’t, after my mortgage and transaction fees I won’t break even.” Or “I have got to get $275k for my home because that is what I paid for it 6 years ago.” Guess what sellers – WHO CARES??? As a buyer I could CARE LESS about your situation, what you owe, what you paid, and what YOU think your home is worth. As the home’s current owner, yours is the most biased opinion possible! What matters to me are MY housing needs, MY budget, and what your home is worth to ME.

Something else that stuck with me was a conversation we had with a friend of my parents, Dr. Alan Kreditor. At the time he was the Dean of the School Urban Planning and Development at the University of Southern California. Very Smart Guy. His wife Marcia was also the real estate agent assisting us in our home search. At a gathering one night we expressed frustrations about our home search – we were very concerned about resale and not paying too much, exasperated by unreasonable sellers, our inability to find the perfect deal. Time for the tough love. He said some things we will never forget.

Here they are, here are your take-aways from this post ... You can’t always look at a home purchase as a money-making venture. This is housing – this is where you will eat, sleep and dwell, with your family, pets, belongings, etc… When you quit looking for what you THINK is the perfect investment and start looking for a place to LIVE, you will find the right home. When you sell this property in the future maybe you will make money on the deal, maybe you won’t. You have to ask yourself … Did we enjoy living here? Was it affordable for us? Did it compliment our lifestyle? Did we feel safe here? Did we create lasting memories in this home? A profit on the deal is the icing on the cake. This is housing. Period.

Stay tuned for Part II and what my company and I are trying to do to ensure that our buyers housing needs are met, and that our sellers come to terms with current market dynamics.

I whole-heartedly welcome ANY and all comments on my musings! (Because of course that is what they are … MY musings. However Alan Kreditor is a really smart guy so take (my recollection of) his words for what they are worth, which is substantial, IMO.)

Pam Metzger
Director of Business Development and Relocation
@pmcolorado
pam@coloradolandmark.com
303-443-3377

Luxury Home Sales in Boulder May be Tough - Colorado Landmark Still Boulder's Luxury Leader, since 1977

While attending the Leading Real Estate Companies of the World conference in Las Vegas last week, I was asked to speak on a panel about The Luxury Portfolio Fine Property Collection, the Luxury marketing division of LeadingRE. I shared the benefits of being a member of this exclusive group - not every Leading RE member company is also a member of Luxury Portfolio.  In fact, Colorado Landmark, Realtors is the only Luxury Portfolio member company on the entrire Colorado Front Range!  This means that Colorado Landmark currently has exclusive access to all of Luxury Portfolio's myriad of marketing tools and resources for your luxury home.  I don't love public speaking - but it was easy to talk about the benefits of this affiliation that I feel so lucky to be a part of.

What this means for you as a seller is that we have complete and exclusive access to an entire incredible world of luxury real estate marketing resources and tactics at our fingertips. Our Luxury Portfolio affiliation is comprised of a network of individual independent real estate firms whose sales over $1M exceed those of every other luxury franchise in the world, including Christie's, Sotheby's, and Regents.

If you choose to list your luxury home with any of the incredible, experienced agents here at Colorado Landmark, Realtors, you are in effect listing your property with an entire worldwide network of independent luxury brokers. Your luxury listing will be placed on the award-winning and beautiful http://www.luxuryportfolio.com/ website which is viewed by users in over 200 countries per month in nine different languages. Your property listing is also automatically added to the Wall Street Journal’s real estate page on http://www.wsj.com/ and HGTV’s http://www.frontdoor.com/ . 

We have always been known as Boulder’s Luxury leader – for the past 35 years, Colorado Landmark has maintained a significant share of the luxury real estate transactions in Boulder and the surrounding areas.  In fact, in 2009 as a company Colorado Landmark sold over $43M in high end (over $800k) and luxury properties.  When compared to realtors at other local Boulder/Broomfield area companies, broker associates at Colorado Landmark sold more luxury properties per agent than any other brokerage in town! 

Let's be honest - the current economy has made things tough for home sellers, especially those with homes to sell in the upper echelons of the price spectrum.  And the tough times don't appear to be going away, and our area may even see a double dip in housing prices, which aren't expected to recover until perhaps 2013-2014.  So in a tough market why take a chance with selling your most important asset, your home?  If ever there was a time and situation to work with a trusted expert, this is it.  No other real estate company is better positioned than Colorado Landmark with the necessary connections, expertise, resources and experience to sell your luxury home.

Jennifer Fly

Broker Associate

Colorado Landmark, Realtors

(303) 443-3377

jenniferfly@coloradolandmark.com

Twitter: @jenflycolorado