West Boulder Market is HOT! Spring 2012 Sales Data Encouraging

The weather heated up early this year in Boulder and so did the real estate market in my home neighborhood -- the greater Flatirons area (University Hill, Rose Hill, Chautauqua). Spring sales show that the pent-up demand we’ve been hearing about during the recession is becoming “un-pent.” See table below for 2012 sales through mid-May. Confidence has returned and motivated buyers are coming out of the woodwork – from CU parents to investors and homebuyers. The problem is that there are not enough quality homes on the market for them to buy. In mid-May there were 43 active listings under $2 million in this area, of which 19 were already under contract!

SOLD! My listing at 990 Lincoln Place went under contract in two weeks.

Chautauqua, Rose Hill - West of 9th, South of Canyon
Closed	Address	List Price	Sold Price	Discount	Beds	Bath	Gar.	DOM	Total SF	$/ SF	Fin. SF	$/fin
3/30/12	474 Marine	$499,000	$450,000	9.82%	2	2	1	79	1,740	$259	1,200	$375
4/18/12	924 8th	$525,000	$485,000	7.62%	2	2	1	170	1,121	$433	1,121	$433
4/6/12	623 Marine	$585,000	$551,400	5.74%	3	3	2	81	2,592	$213	2,592	$213
4/23/12	834 7th	$599,000	$599,500	-0.08%	2	2	2	46	1,679	$357	1,492	$402
1/3/12	627 Marine	$674,900	$640,000	5.17%	3	2	2	100	2,110	$303	1,724	$371
1/31/12	835 Grant	$849,000	$774,553	8.77%	4	3	0	185	3,284	$236	3,100	$250
3/20/12	470 College	$1,295,000	$1,220,000	5.79%	5	3	0	75	2,916	$418	2,750	$444
3/30/12	445 Christmas Tr.	AUCTION	$1,650,000	0.00%	4	4	2	51	5,804	$284	5,804	$284
3/30/12	900 6th	$1,975,000	$1,980,000	-0.25%	4	3	2	54	3,360	$589	3,360	$589
	AVERAGES	$875,238	$927,828	4.73%	3	3	1	93	2,734	$344	2,571	$373

The Hill - East of 9th, between Canyon and Baseline
5/3/12	965 10th	$405,000	$385,000	4.94%	3	2	1	109	1,406	$274	1,406	$274
2/17/12	896 17th	$499,900	$485,000	2.98%	3	2	0	19	1,849	$262	1,849	$262
5/11/12	833 Lincoln	$549,000	$550,000	-0.18%	3	2	1	32	1,508	$365	1,248	$441
4/12/12	1260 Cascade	$589,900	$565,000	4.22%	3	2	2	58	1,359	$416	1,359	$416
1/26/12	1315 9th	$575,000	$575,000	0.00%	4	2	2	12	1,824	$315	1,824	$315
3/30/12	932 Marine	$639,000	$600,000	6.10%	5	4	0	43	2,172	$276	2,172	$276
4/24/12	811 15th	$750,000	$720,000	4.00%	3	2	2	76	2,058	$350	1,966	$366
2/29/12	1035 10th	$799,000	$725,000	9.26%	6	4	4	93	3,043	$238	3,043	$238
3/30/12	990 Lincoln	$799,000	$764,000	4.38%	4	2	0	15	3,335	$229	2,389	$320
3/29/12	1026 Lincoln	$835,000	$800,000	4.19%	4	3	0	242	2,841	$282	2,561	$312
3/28/12	904 15th	$839,000	$820,000	2.26%	5	4	2	109	2,712	$302	2,642	$310
2/29/12	1139 12th	$868,400	$825,000	5.00%	7	4	0	365	3,898	$212	2,660	$310
4/26/12	766 16th	$995,000	$950,000	4.52%	4	4	3	107	3,402	$279	3,402	$279
3/29/12	842 13th	$1,195,000	$1,100,000	7.95%	3	3	3	312	2,620	$420	2,620	$420
	AVERAGES	$738,443	$704,571	4.26%	4	3	1	114	2,431	$301	2,224	$324

Discount = Percentage off of list price; DOM = Days on the Market;  /SF = Price per square foot (total) $/fin = Price per finished square foot

Source: IRES MLS. Information deemed reliable, but not guaranteed.

Homes Are Selling on the Hill! University Place Market Report

Homes are selling on the Hill! I've compared a list of single-family home sales for 2011 through October 31, 2011, in the University Place subdivision (my home neighborhood).

Compared with the same period of time last year, we see an increase in sales activity -- more homes sold this year (21 versus 17 last year) for closer to list price (3.9% discount versus 4.9% discount last year). However, both average sales price and price per square foot declined slightly this year, from $741,000 to $723,000 and from $268 to $257, respectively.

If you're curious about what your home is worth, please contact me for a custom market analysis. No fee and no obligation. Here are the stats on sales so far this year:

So, You Want to Be a Landlord? Investment Properties in Boulder

Whether you're thinking of renting out your home temporarily or if you're considering investing in rentals in the City of Boulder there are a number of quirky regulations you should know about.

• A Rental License is REQUIRED. Unless you meet specific circumstances, like roommate situations or short-term, temporary rentals of your primary residence, you are required to apply for a rental license.
• A new program called SmartRegs requires landlords to make certain energy efficiency updates to their properties by January of 2019. These can mean significant costs, so do the math before you buy.
• Occupancy limits are enforced. In most zoning districts, a family plus two other people or a total of three unrelated people can live together in a single-family house. If your property is an apartment, condo or townhouse, the city regulations generally allow occupancy of a family plus two other people or four unrelated people. Properties such as legal non-conforming units, group homes, rooming houses, fraternities and sororities have specific occupancies for each building.

The City also has some handy resources for landlords and tenants:

• The Landlord-Tenant Handbook spells out the responsibilties of both sides.
• The City of Boulder has endorsed the "Boulder Model Lease" which is recommended but not mandatory. Copies of the model lease are available from the Community Mediation Service, 2160 Spruce Street, Boulder, Colorado, 80302 or on the link above.

As a landlord for five years and a property manager for two years prior, I know from personal experience that being a landlord is not always fun. But by putting some time in on the front end, you can avoid a lot of hassles and costs later on. I highly recommend careful screening of tenant prospects, including credit checks.

It's also a good idea to put together a list of repair people you trust -- a handyman, electrician, plumber, HVAC repair, pest control contractor -- BEFORE you need them. That way, you're not scrambling when your tenant calls in February to say their furnace isn't working.

Contact me at monique@moniquecole.com if you would like a few names of my trusted vendors or if you have any other questions about being a landlord in Boulder.