March brings month-over-month increases in sales, inventory

Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor Association, says he expects spring to bring more buyers and homes to the market.

“March responded as we expected,” he says of the latest sales statistics for the Boulder area. “We saw moderate increases in sales activity (compared with February) and moderate gains in inventory. We are seeing deals close but we’re still behind where we were last year and the year before.”

The average sales price in four Boulder-area markets – Boulder, Broomfield, Erie and Superior – saw increases while the median sale price improved in Broomfield, Erie, Lafayette and Superior. The total number of homes sold dropped compared with a year ago in every community, but increased compared with February in most of the Boulder-area markets. Hotard says he expects sales and inventory to increase moderately through the second quarter of 2009.

Hotard also identified two “drags” on the market. Tje first is the lack of sales in the high-end market, which tends to skew the numbers. However, properties in the mid-range are not seeing significant decline in sales prices. With average house price drops of 10.9 percent and 9.8 percent respectively, Longmont and Lafayette are the exceptions to the rule.

Secondly, “weaknesses in the financial markets are definitely affecting people’s access to credit,” Hotard says. “Lending is still an issue, although it’s improving.”

From an anecdotal standpoint, more people are looking for a home to buy, he says, and that will equate to a modest increase in sales and a good inventory through the spring.

Hotard stressed that folks should look for modest improvements. “Nothing is signaling a big run at this point. There’s lots of uncertainly at this point, and a clear picture is difficult to draw here.”

But he is encouraged by buyer activity in which he has seen instances of multiple offers on some properties and sellers drawing better than their asking price – a common occurrence in past housing markets that is now the exception to the rule in the current situation.

“It’s important for people to pay more attention to the long-term data more than the short-term movements,” Hotard notes. “If you compare a month this year with a month last year, you’ll see extreme volatility. But if you look at year over year, you’ll see much more stability and get a better picture of market out there. It has not changed much in the last 12-18 months.

“This is a great time to buy for investors and people with access to credit,” he says. “Those waiting for interest rates to fall more should be looking now so when the time comes, they are prepared and have done their homework.”

Dorje Designs - Boulder

Although Dorje Designs owner Anna Holland has been creating ethnic and tribal jewelry for only four years, her designs have already made it into the headlines of the Boulder Daily Camera, a "Look to local designers" article in 5280 magazine and onto the necks of the supermodels in the most recent issue of Sports Illustrated Swimsuit. Anna designs and crafts each piece in her new home at The Peloton condominium complex, where RE/MAX of Boulder helped her and her husband find the perfect condo for a combined home and studio.

Anna's unique creations combine antique and ancient beads and amulets from around the world into one-of-a-kind necklaces, earrings and bracelets. She has a global customer base, and her work has been displayed in galleries in the U.S., Buenos Aires, Brussels, Madrid and Rome. A number of her pieces are currently on display in Boulder at Nomad Design on Pearl Street.

If you want that perfect piece of jewelry that won't be seen anywhere else, visit Anna's Web site at www.dorjedesigns.com. For those who would personally like to experience the incredible energy of these beads and artifacts, Anna also welcomes visitors to her home with advance notice. Reach her at info@dorjedesigns.com or (303) 494-0184. She is also a proud member of the FindItBoulder.com small business referral community.

Home on the market: free to someone with land, cash to move

When economic times are tough, most people are happy just to get their asking price when they sell their homes. But, in this case, a Loveland developer is trying to give away a house.

And, like most “freebies,” there’s a catch: the recipient has to pay to move the 2,100-square-foot house (which also means that person has to have the land to which to move it).

Developer John Giuliano and his father reportedly bought the property near U.S. 287 and 45^th Street, in north Loveland 15 years ago with plans to develop the land. But when he recently applied for demolition for the house, now 93 years old, the city of Loveland stepped in, citing historical value. Giuliano agreed to forego the home’s demolition 90 days while someone or some organization is found to move it and renovate it to its former glory. The home had occupants up until about six months ago, so it is in decent condition, says Tangier Barnes, city historic preservation intern.

It will likely cost between $20,000 and $30,000 to move the house locally, which the city’s Historical Preservation Commission prefers, according to Barnes.

She says since the free home became news, the city has received “a ton of interest,” though preference will go to someone who will keep the home in Loveland.

Those interested can call Barnes at (970) 962-2745 or Marc Cittone, city planner, at (970) 962-2579.

Scale down your upgrade with these remodeling projects

Many people are choosing to stay in their homes longer than planned, thanks to the recession, but an economic downturn doesn’t necessarily mean they have to put the brakes on remodeling projects.

MSN Real Estate recently published “high-performance, lower-cost” improvements that will make a home more livable now – including improving energy conservation – and increase its value when the homeowner is ready to sell. Here are three suggestions:

A leaner kitchen upgrade – To cut the fat out of a kitchen remodel, stick to cosmetic improvements, such as replacing cabinet faces and hardware and not the boxes, which could save 25 percent of the total cost. Also, stay within the current footprint of the kitchen – giving it a facelift instead of doing a full remodel – and save tens of thousands of dollars by not going all out. Instead of buying everything top-of-the-line, splurge on just one or two elements to give the kitchen a personal touch and save on the overall cost.

A more-affordable bathroom remodel – While gutting and replacing everything in a 5-by-8-foot bathroom could cost $20,000, save $5,000-$6,000 – 25 percent – by refacing existing cabinets with new doors, drawer fronts and hardware; top the counter with stone; don’t replace the window or tub but do replace the tile around them; repaint or wallpaper; install a new toilet, vent fan and mirror lights; put in a new tile floor. On an even tighter budget? Then repaint the cabinets rather than refacing them; install new knobs, towel bars, a stone counter faucet and sink; add a new light and vent fan; and tile the floor but not the tub. Whatever is done, you’ll recoup nearly 80 percent of the investment on average, according to Remodeling.com’s survey.

In-law apartments – If adult children or aging parents have come to roost in your home, adding an apartment to your home can benefit the family now and in the future. Not only will it meet your current needs, but your property will increase in value and become a more attractive option to others who find themselves in your situation in the years to come. Check with zoning and me – an experienced Realtor – before making this improvement. Here are some other tips from MSN Real Estate for adding independent living space:

• Make the transition into your home one that can eventually be closed and locked, with a wide, wheelchair-accessible door and strong casement.
• Build a separate outside entrance with pavement for easy entry.
• Make sure the addition is consistent in every way - from the quality of workmanship and materials to the design - with your existing home. A jarring difference between the house and addition can subtract from its resale value.

For the complete list of tips click here

3 Colorado cities rank among top 10 midsize metros for quality of life

Boulder, Fort Collins-Loveland and Colorado Springs all scored high marks on a recent bizjournals.com study of the nation’s midsize metros, earning them all spots on the top 10 list for quality of life. The study looked at 124 cities with between 250,000 and 1 million people, which means it likely grouped Loveland with Fort Collins. Provo, Utah, took the No. 1 spot.

Based on 2007 statistics, Boulder was the highest-ranked Colorado city, coming in second out of 124. Bizjournals.com noted that nearly 55 percent of Boulder’s adults have bachelor’s degrees, which easily leads all mid-size metros in that category. It also has a healthy entrepreneurial spirit, with 7 percent of its adults self-employed – twice the national average. Boulder’s other strengths include a “decent percentage” of workers living close to home, a “solid concentration” of management jobs and a “sizable percentage” of adults with advanced degrees. Its population has grown 7.6 percent since 2000, and the median household income was $63,257.

Fort Collins-Loveland was recognized for the same strengths, though its 2007 median household income was only $52,046. Its population grew 14.3 percent, and 41.5 percent of its adults have bachelor’s degrees. Colorado Springs’ top strengths were its sizable inventory of large houses, solid corps of young adults and a heavy share of adults with high school diplomas. Its population grew 13.3 percent between 2000 and 2007, its median income two years ago was $55,304 and 33.5 percent of its adults have bachelor’s degrees.

Here is the complete list of bizjournals.com’s top 10 midsize metros:

1. Provo, Utah
2. Boulder, Colo.
3. Madison, Wis.
4. Bridgeport-Stamford, Conn.
5. Ann Arbor, Mich.
6. Ogden, Utah
7. Fort Collins, Colo.
8. Boise, Idaho
9. Colorado Springs, Colo.
10. Des Moines, Iowa