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

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

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

Environmental Landmark in Boulder Real Estate SOLD by ... Colorado Landmark!

Joel Ripmaster, President and Owner of Colorado Landmark, Realtors, has successfully closed on the Next West Home, at 429 Spruce Street in Boulder, CO for a sales price of $2.2 million.

The home garnered local and national attention for its LEED Platinum certification and "Net Zero Carbon" status - one of the first homes in America to hold such a title. Built by the Zero Carbon initiative, the home is a mixture of luxury features and sustainable building techniques, employing technology such as solar panels, geothermal heating and cooling, gray water and direct plumbing systems. Materials included 100-year old recycled brick, FSC certified wood, LED lighting, energy star appliances, and a garage pre-wired for an electric car.

"With this house we are really building for the future," says Ripmaster. "The quality and workmanship, the ability for the house to take care of itself off the grid, appropriate size and livability, the Next West House is truly a look into the future. In 50-100 years people will look back at this house as the beginning of a new age of building, and as evidence that our generation finally 'got it'."

The buyer was represented by Laura Whittaker-Morningstar, also with Colorado Landmark, Realtors. For more information on this unique home visit http://www.429spruce.com/ .

This remarkable home was also featured on the Luxury Portfolio Fine Property Collection website and blog. Luxury Portfolio is the world's most exciting and innovative luxury home marketing program. Colorado Landmark, Realtors is the only real estate company in the entire Boulder-Denver area to hold the distinction of membership in the Luxury Portfolio Fine Property Collection program. To see all of Colorado Landmark's luxury listings on this fascinating website click here.

What's in a Sign? Choosing the Right Listing Agent to Sell your Home.

The spring selling season is well upon us, but perhaps you are still in the process of putting your house on the market for sale and wondering how to choose a listing agent. Today’s consumers have almost unlimited options when it comes to selecting a real estate firm for the sale of their property. The purchase or sale of a home is about the experience of the transaction and performance of the real estate professional as much as it is about the property itself. As such the selection of the right real estate professional is of the utmost importance. Colorado Landmark, Realtors recommends that anyone looking to select a real estate firm consider the following five important criteria.

1. Have the right network connections.
2. Demonstrate a proven track record.
3. Have a property marketing program.
4. Be invested in resources.
5. Specialize in luxury (IF your home qualifies as a luxury property)

The Right Network Connections
It is important to evaluate what the individual realtor's or company's name or connection actually represents with regard to local sales statistics as well as strength on a global basis. For example, Colorado Landmark is a member of Leading Real Estate Companies of the World®, as well as two global luxury marketing programs, The Luxury Portfolio Fine Property Collection™ and Christie’s Great Estates®.

• Leading Real Estate Companies of the World® is a major real estate network comprised of the best locally and regionally branded residential firms selling nearly $370 billion in homes annually, more than any national franchise brand.


• The Luxury Portfolio Fine Property Collection™ , the luxury marketing program of Leading Real Estate Companies of the World®, sells more $1M+ homes each year, has more top sales associates, and has more of the top listings in the country than any other real estate organization.


• Christie's Great Estates®, a wholly owned subsidiary of Christie's, the world's oldest fine art auction house, was established in 1995 and is the largest network of real estate brokers dedicated to the marketing and sale of important properties.

Demonstrate a Proven Track Record
Choose a firm that has a proven track record in dealing with properties in your specific neighborhood and price category – a firm that has done this before and has existing clients that you can contact for references. You can always see what properties a firm is marketing and make sure that the firm you choose is entrenched in the marketplace, working with other similar buyers and sellers.

Have a Property Marketing Program
All firms can “run an ad” or put a sign in your yard, but the effectiveness of that promotion and the overall marketing program needs to be evaluated. In this challenging market, it’s not about more marketing but marketing differently. The firm that you choose needs to have access to the right buyers – and target their program to reach those buyers. The web is just as selective and effective marketing dictates being on sites that attract the right consumers, not necessarily the masses. Today, the mix of websites should include those attracting local and regional customers on a global basis, as this is the key to finding the right buyer for your home.

Be Invested in Resources
All real estate firms are licensed to sell all properties, but it is important to choose a firm that has invested in the resources it takes to successfully market properties. Every home needs to look its very best, and in this challenging market it is even more critical that the home appears to offer the best value for the money. This means finding a firm that can consult with you to improve the salability of your home. The firm should also assist in the process, recommending efficient solutions to correct any issues through their network of service providers and resources.


Specialize in Luxury (if applicable to your home)
In the Boulder area a luxury property would typically be one priced over $900,000, although there are some homes that would be considered "luxury" in eastern parts of the county in the $800,000 range. Big firms and national franchises are not necessarily better; a boutique marketing organization within a large firm or a local single office firm that specializes in luxury is probably best suited to handle the individual marketing needs of a luxury customer. Every luxury home is unique and individual – typically because it was designed and built for the needs of a very exacting individual with very unique and specific requirements. It takes a educated real estate professional who does not use an “off the shelf” approach, but rather understands the needs and sees the unique features of the home that actually make a difference in the lifestyle of the owner and future buyer.

So ... What to Do?
Just because you see someone's signs in a lot of yards it doesn't mean they will be successful selling YOUR home. Find out if the realtor works independently, with a partner, or with a large team. Decide how much personal attention you want and need from your realtor. Do you mind if you see them at the listing presentation and then never again? Is it okay if your main point of contact is their assistant? Do you want your realtor to check in with you on a weekly basis - hint ... they should! Are they stuck in a rut of newspaper ads, or have they migrated to a multi-faceted marketing approach that includes heavy internet presence?

Boulder has one of the highest numbers of realtors per capita than anywhere else in the country! Everyone in town seems to know at least 2-3 realtors! Decide if you are comfortable sharing your personal and financial information with a friend, or if you prefer to work with someone less closely connected to your circle. There are pros and cons to both scenarios, although many people swear by the tenet "business and friendship don't mix". Go with your instincts and prior experience and do what feels comfortable to you. A good friend will have your best interests at heart and should understand if you choose another realtor. If you decide not to work with a friend, then let them refer you to a colleague that they know and respect.

Ultimately your home selling experience should be as stress-free as possible. Sure ... it IS stressful to keep your house clean and ready for showings at a moment's notice. However, if you are confident that your listing agent will successfully guide you through the process from preparation and staging, to a multi-faceted marketing campaign, to contract negotiations, and finally to closing the transaction, your home selling experience can be a good one.


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