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YOUR RESIDENTIAL PROPERTY MANAGEMENT EXPERTS
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| Whenever you see words that are underlined in blue, be sure to click on them as they are hyperlinks to the rest of an article or report. |
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We're officially migrating to a seasonal newsletter model, targeting communication in the middle of every season. I always strive to include a regional quarterly wrap up on our real estate market, as I feel it's very important to insure you're updated and educated as to our market conditions and forces acting upon it.
I'll also be updating you on any changes here at Phoenix Realty and Property Management regarding new systems and tools we adopt to improve our business and marketing efforts. Michelle, Aaron, and I are proud to work with you and to be of service to you for all your property management and real estate needs. Thank you!
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State of the Market-City Review
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In Boulder County right now we are still experiencing very low inventory of homes on the market. With many home owners sitting on mortgages below current rates, an owner has to be very motivated to make a change right now. The owners willing to make a change often hold off due to the fact that they cannot find any suitable replacement properties, so while they'd like to sell and buy a replacement property there aren't enough replacement properties available. This is GREAT news for our owners and investors who own rental property and would like to sell, as they don't have to worry about moving into a new primary residence and can likely realize a rapid sale with a positive return on investment.
One other aspect of our lack of inventory is the number of newly constructed homes entering the market. During our economic downturn, new home builders slowed production down to a trickle; but they're now starting to ramp up construction now that demand has returned with strength. In Boulder County however, how many new construction single family homes are there left to be built, is the end near? With our location set up against the Foothills, Boulder County is somewhat limited with the amount of buildable flat land we have. Due to the will of County residents, we've taken a good portion of that land and have turned it into unbuildable Open Space; which adds beauty and recreational functionality while also protecting real estate values. So when the land use people at most of the municipalities in Boulder County are asked what's left for the construction of future single family homes, the answer is for many, not much.
City of Boulder. There really aren't any large scale single family plots of land left to be developed under the current comp plan. There are some small 2-8 home plots of land left to be developed. The largest single family parcel of land is the Trailhead project next to the old Mapleton Hospital, which contains 22 home sites, of which about a third are already spoken for. The old Mapleton Hospital site itself could be redeveloped for some amount of single family sites, Boulder is pretty much built out for new single family development at this point.
City of Louisville. For single family homes, the end is at hand. The only large scale project left is Phases Two and Three of the North End project being built by Markel. There are around 50 single family home sites in Phase Two and an undetermined amount for Phase Three. One large unknown is the former Storagetek site. Planners and city council want commercial development there, or perhaps residential in a long shot. There are a few other small 2-6 home plots of land left in old town, but Louisville is pretty much built out for new single family development at this point as well.
City of Lafayette. Lafayette currently has 300 platted lots for homes to be built on, most of these in Silver Creek, the final filing of Indian Peaks, and the Coal Creek Village area. There are some other parcels around town that could be built on, but nothing has been planned yet. Lafayette still has some potential inventory, but the end is not far off. Lafayette is recognizing demand from Buyers being driven from Boulder and Louisville's high priced markets.
Town of Superior. There is a 53 home site parcel called Coal Creek Crossing south of Target. The large Superior Town Center development will have some single family component, but how many is unknown at this point. There are various other small parcels, but in Superior the end is not far off either.
City of Longmont. The SW & NE corners of town still have a good amount of single family development left, maybe on the order of 1,000 or so single family homes left to be built. There are scattered smaller infill projects in town as well, Longmont will be one of the centers of new home supply for the future.
Town of Erie. The largest concentration of single family development left in Boulder county resides in the Town of Erie. According to planners there, around 7,000 single family homes are left to be built in Erie. Most of these are in Weld County, but around 2,500 are in Boulder County. Erie will likely be the last place in Boulder County to have new construction single family home supply in the future, and like Lafayette is recognizing demand from high priced Boulder and Louisville.
Interested in Boulder County's single family home, condo and townhome latest stats? Click on the March 2014 link to review the latest statistics just released by the Boulder Area Realtor Association. There are also Year-over-Year figures as well represented in the report. The good news is that Average Days to Contract for both Homes and Condo's/Townhome's continue to decrease year over year, while median sales price continues to increase year over year.
BARA The Review | May 2014
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Metro Denver Home Values Skyrocket
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The Denver Post just printed an article titled: Home values at or near high in 29 metro communities; rents zoom too. As many of you reside outside of Denver and naturally don't receive the Denver Post, make sure to click on the Denver Post link to catch up with news in the city and state.
More importantly click on the Home values link above to read up on how healthy our Real Estate and Rental Markets are, and will continue to be in the near term. Here's some interesting comments from the article, be sure to click on the link above to read it in its entirety:
"Home values in 29 metro Denver communities hit or neared all-time highs in March, pulling average rents right up with them."
"Year over year, home prices are up 7 percent metrowide and rents are up 7.1 percent, compared with a 5.7 percent price increase and 2.7 percent rent hike nationally, Svenja Gudell, Zillow's director of economic research, said Tuesday."
"Average home values for the metro area as a whole hit $245,200 in March, up from the previous high of $237,600, logged in July."
"But even with zooming prices and the threat of rising interest rates, buyers are on aggressive hunt for homes."
Be sure to click on the link in the beginning to access the full article as there's great graphical information on Real Estate and Rental annual change percentages for the Denver Metro region.
Denver Post | Wednesday, April 23, 2014
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Thinking about Selling this Spring/Summer?
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As I mentioned in our last Owner Newsletter, we've been having a very busy Fall and early winter working with our Owners and Investors on reviewing their sales strategies for the upcoming Spring/Summer Sales Season of 2014. And now here we are in May, and I've already assisted a Seller and Buyer close on their respective properties to date, are actively assisting 4 separate Buyer's in locating their new primary residence, have recently listed an outstanding condo in Denver, and am preparing to list 4 additional properties this month. Numerous owners and investors have taken advantage of my offer to provide them with a Comparative Market Analysis (CMA) report. A CMA is a great tool to assist in your financial decision making process, and will assist in identifying next steps for review to reach your real estate goals.
I also provide an Estimated Seller's Net Sheet with my CMA's. This is an extremely important document that estimates and reviews what the Seller may expect to net in their sale if sold at a particular figure. I provide a sheet that can show up to 3 different sales prices, enabling sellers to understand how sales price and dates to close affects the financial bottom line of the transaction. The Mortgage Amortization tool I use provides me the estimated mortgage loan balance if sold on a particular day, that figure naturally is a key data point for the Net Sheet. Aside from understanding the potential Market Value of your property from the CMA, the Estimated Net Sellers Sheet provides a wealth of financial data for your decision making process to decide if selling-and at what figure- is the right decision for you now or in the future.
Another very powerful tool I've adopted is the use of a video tour to enhance our marketing efforts. I have a professional photographer take photo's of the property, then create a video from the images, all accompanied by a narrator and soothing background music. The tour features a Guide with several useful elements and deliverables: property details, an embedded Google map utilizing both satellite and map views that will provide specific driving directions from your location to the property, all of my information and an area to schedule a showing, a generator where several brochures on the property can be created and emailed to people who may be interested in the property, a place where you can text or email the tour to a friend, family member, or other interested party, a Mortgage Calculator with tools to assist potential Buyers on how much they can afford or borrow, a local 5-day weather forecast, local school system names and demographic information, and a place where you can download the tour itself.
This tour appears in all the regional MLS systems so ALL realtors in the Denver Metro and Front Range region can see the property; and from there the listing with the tour is pushed out to Trulia, our website, our Youtube channel, my LinkedIn account, our corporate facebook account and Google+ account, and then it's posted to Craig's List and numerous other websites. Be sure to follow, link, or be friends with me and Phoenix Realty and Property Management by clicking on the previous links to insure you're up to date on all our activities, we enjoy sharing what's new in Real Estate and Property Management through these various sites and Social Media!
If you're interested in establishing your home's market value or thinking about selling, let us know and Kevin Chard will provide you with a Comparative Market Analysis (CMA) and Estimated Net Seller's Sheet for your review and reference. When you decide to move forward with Kevin in selling your home, he'll work with you on recommendations to make your property more appealing to a buyer. He'll introduce and manage vendor relationships, proposed projects & quotes, project manage owner authorized projects, and facilitate all invoicing to work completion.
We'll work together on coordinating and managing this activity with our residents, as we have a high degree of familiarity with this type of sales scenario. When Michelle reaches out to you and checks if you want to renew our tenant lease or explore selling, this is the time to ask Kevin for your real estate reference material....or naturally anytime during the year when those thoughts occur!!
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