Lofts in Downtown Boulder Move Quickly
New buildings featuring mixed uses on the downtown Boulder landscape have become a common occurance. First it was Boulder One Plaza, then the St. Julien, then 1505 Pearl and 1155 Canyon. Construction on The Walnut at 1655 Walnut Street is slated to begin this month, and numerous other projects are in the planning process. This upscale market – which includes a reported appreciation rate of as much as 50 percent, immediate access to Pearl Street Mall’s restaurants and shops, and proximity to hiking trails, all mixed with a new found hint of big-city life – is attracting more Boulder residents and vacationers. The developing urban environment, which still encompasses the hometown feel and sense of community Boulder is known for, presents a compelling argument for buyers to explore the options downtown living offers.
With an extremely limited supply and a huge demand, these condos are selling fast: nine of 34 units of The Walnut are already under contract. Prices of units in the building range from $500,000 to
$3.5 million. The inventory of lofts at 1155 Canyon, priced between $400,000 and $5 million, sold out within a week. Purchasers in this market range from young professionals to “downsizers” and vacation-property owners. With high rental rates and excellent appreciation, downtown condominiums offer great investment potential, as well. Because of the discrepancy between supply and demand, this area of the market is insulated from the rest of Boulder and has remained strong even while new construction everywhere else has slowed. Things here are only getting better: the developers are striving to create a higher-quality product, incorporating green building practices, and bringing in acclaimed architects such as Mark Harbick from Huntsman Architectural group in San Francisco to design The Walnut. 
The trend in Boulder is moving toward that of a vacation destination with limited prime real estate available, so now is the time to buy. Do not miss the chance to own a piece of truly luxury living in downtown Boulder before it’s too late. It is an exciting time to buy downtown Boulder real estate. Contact us to assist you in exploring the benefits of downtown luxury condominium living today!
By RE/MAX of Boulder, Inc.
Boulder Lofts
Mortgage Crisis?
Local Lenders Provide Insight on Mortgage Crisis
The mortgage lending waters have been a little unpredictable predict lately, to say the least.
Lou Barnes, a mortgage banker and an owner of Boulder West Financial Services Inc., described the mortgage crisis phenomenon as “a panic on the far side of Wall Street among investors who were buying loans that were far too risky and have now decided not to buy at all.”
The virtual shutdown happened so quickly and so completely that it’s starving the marketplace of needed credit, he said, leaving companies such as American Homes bankrupt and Countrywide Financial treading water just to stay in business.
“This is a dangerous thing,” Barnes said. “It’s one of those rare financial events that is a sign of
trouble in the financial system and a cause of trouble in the financial system.”
However, the crisis hasn’t cut off all mortgage loans. What it has done is virtually wiped out subprime loans, made to those with poor credit, and increased rates for “jumbo” loans more than $417,000 that government programs such as Fannie Mae and Freddie Mac will not purchase.
“All of the traditional products are unchanged,” he said. “They’re just as available as they ever were.”
Stated-income and no-documentation loans are difficult to find, and the safest interest rate lock comes from banks or bank-affiliated mortgage brokers, Barnes said.
“We haven’t had to draw back near to the extent other funding sources have,” agreed Karen Woolhiser, sales manager for Wells Fargo Home Mortgage in Boulder. “We’ve been known as a conservative lender, and it’s the right way to do business.”
Wells Fargo still offers 100 percent financing, interest-only and stated-income loans, but the interest rate on those products are higher than traditional loans, Woolhiser said.
And the bank has enough in assets to make jumbo loans at a reasonable rate and maintain them until pricing improves and the bank can sell them, she said.
Woolhiser said the lending market has also changed in that it no longer is advantageous to get an adjustable-rate mortgage, as rates on those are as high – if not higher – than those on a 30-year fixed-rate mortgage.
Although the crisis is cleansing the industry of unqualified borrowers and lenders, it is an overcorrection of overgenerous lending practices that will have a profound effect on the economy and market, Barnes said.
“The credit pendulum has been on too easy for nearly 10 years,” he said. “It was swinging gently toward sensible swing until (the second week of August, when it) went as far as it possibly could to oth-er side. The housing market has become conditioned to availability, and to take them away all at once is unquestionably a shock.
“We’re too far away to predict” the impact the crisis will have, Barnes added. “We need to see whether or not and what kind of recession we’ll have. … I think the psychological damage is worse than the financial damage. If you were bombarded everyday about foreclosures and mortgage meltdowns, it tends to make you want to avoid the subject. One symptom would be backing away from the market and doing something else.”
Woolhiser said she has observed that the local market is slowing, but since it usually does as summer ends, it’s hard to say if it is a result of the crisis or just “that time of year.”
Barnes predicted that Colorado should survive the “meltdown” better than other states, but “the sales data takes time; we won’t really know the impact even nationally until October, when we get September’s sales data.”
By RE/MAX of Boulder, Inc.
Boulder Green Points
City of Boulder looks to update Green Points Program
The city of Boulder was one of the first jurisdictions in the nation to impose a residential “green” building code. Now it’s looking to raise the green bar even higher.
The city’s Green Points Building Program for residential construction, which encourages homeowners to include cost-effective and sustainable remodeling and building methods that protect the environment, hasn’t been updated since 2001. The program applies to all new residential construction and additions and remodels larger than 500 square feet.
Elizabeth Vasatka, environmental coordinator for City of Boulder’s Office of Environmental Affairs, said staff is proposing the city:
· Adopt the 2006 International Energy Conservation Code and require new homes be 50 percent more efficient than the code’s standard.
· Require homeowners remodeling or adding to their house get a home-energy audit before they get a building permit. The audit, remodeling or adding to their house to get a home-energy audit before they get a building permit. The audit, which can be subsidized through the city-sponsored Residential Energy Audit Program, will educate homeowners about
energy-saving opportunities they can incorporate into their project. City staff is proposing to make some of those opportunities mandatory.
· Require remodeling or addition projects to meet standard building codes and earn Green Points to receive a building permit.
· Require contractors donate, reuse or recycle a minimum of 65 percent of an existing structure and 50 percent of construction waste by weight on a new job site.
“We’re somewhat helping folks future-proof themselves for the next 20 to 30 years,” Vasatka said.
Staff is recommending the city help market homes that have met or exceeded the requirements of the program by assisting homeowners in obtaining the federal tax credit; providing a certificate indicating Green Points required and achieved; and serving as a liaison to the Boulder County MLS real estate listing agency to implement Green Points or green building features into the database to assist in marketing properties, Vasatka said.
The city council will vote on the changes in mid-November. If passed, the new requirements will likely become effective in January.
For Mary Lou Robles, an architect and sustainability consultant with Studio Points in Boulder, it’s about time the city upgrades the Green Points Program.
“It’s not a choice anymore,” she said. “There have been enough shifts in the environmental climate that it’s up to us to rethink what and how we build. It’s only logical that the jurisdictions rethink their role and the requirements they place on building.
“There (are) benefits to be had by doing the right thing. (The requirements are) all completely doable and they’re all within economical reach.”
But Kim Calomino, director of Built Green Colorado, Boulder city officials do not know what the 2006 energy code can accomplish, so they shouldn’t try to raise the bar and instead should wait for more green-friendly standards now being worked into the national building code.
The market – not government regulations – should drive green building, Calomino said.
“There’s a fine balance between setting requirements that are cost effective, keeping homes affordable at point of purchase and over the long haul, and requiring homes to be built in such a way that it knocks them out of reach for a lot of folks,” she said.
By RE/MAX of Boulder, Inc.
Boulder Market - still something to offer
Boulder Market has Home-buying and Investment Opportunities 
The national real estate market has received a fair amount of negative attention lately. Consequently, it is understandable that Boulder County property owners are wondering how all of this negativity affects our local market. Buyers are reportedly taking their time to decide and are in no hurry to make purchases, while some sellers are generally out of touch with what is going on in this market. Although the national real estate market has been negatively impacted, Boulder is unique and doesn’t fit the traditional mold of a city or of other real estate markets across the country.
Although Boulder is seeing the effects of a market slowdown, agents at RE/MAX of Boulder believe now is the time to buy. Fewer people are looking to buy homes than in the past, but more sellers in the market means buyers have a better inventory of homes from which to
choose. As a result, prices have softened and sellers have even dropped the price of their homes to sell them. In some cases homes can sit on the market for six to nine months, especially higher-priced homes. Agents are recommending sellers pay to stage their homes, as experience has shown that homes that “shine” and are priced competitively will sell faster.
Although the market is not as strong as in years past right now, some positive signs show an upward trend may be on the horizon. Statistics from IRES LLC show that prices have softened, but Boulder real estate has continued to appreciate over the last two years while surrounding areas have suffered. There is a growing trend of people transferring here for new jobs, which means more buyers in the marketplace. Sellers are taking homes off the market and renting them out to take advantage of a strong rental market. With homes coming off the market, the amount of inventory will start to decline. All of these factors demonstrate why our market is unique and emphasize the point – even though the press has been reporting that nationally values will continue to drop, our market will hold its own.
Under these market conditions RE/MAX agents see opportunities for both buyers and investors alike. The rental market is strong; there are quality tenants and rising rental rates. Thus smart investors are buying income properties while the market is slow and it is still difficult for buyers to get financing. Some agents predict buyers will find good deals through the first of January and the market will make a comeback in 2008 for a stronger year. Remember, they advise, Boulder remains a desirable place to live and an excellent place to own real estate. With its proximity to the mountains, temperate climate, high quality of life, abundant open space and limited future development potential, Boulder County will always have a greater demand than supply for homes. Therefore the values should continue to rise in the long term. Don’t miss this opportunity to buy; contact your RE/MAX agent today!
By RE/MAX of Boulder, Inc.
Bankrate's - Increase the value of your home
Value of home upgrades?
When trying to decide what upgrades to make to a home before putting it on the market, consider Bankrate.com’s list of 20 changes – 10 for the better and 10 to the detriment – that can alter the value of a home:
Increase home's value
3) A well-appointed master suite
5) Curb appeal
6) A light, airy, spacious feel
7) Good windows
8) Landscaping
10) Basement
1) A pool
2) No garage or small garage
4) Outmoded appliances or systems5) Stale or overly personal decor
6) A bad roof7) Bad location
8) Poor maintenance10) A long list of needed home improvements
Rock Creek - Home & Community
Find a Home and a Community in Rock Creek
Are you looking for a home in Boulder County but having trouble finding one that meets all of your needs? Rock Creek, the master-planned community located in Superior and adjacent to Flatiron Crossing Mall, may be the diamond in this rough market for which you have been looking. This community has a wide variety of options for single-family homes ranging in price from $299,000 to $1.2 million. Other options, such as condos and townhomes, also exist; this wonderfully designed community has something for everyone. With the location, amenities, and recent market slowdown, this is the perfect time to explore all of the potential deals within Rock Creek. RE/MAX of Boulder is very familiar with this subdivision and your agent would be happy to help you explore the opportunities available you within it.
Rock Creek’s location and amenities make it one of the most desirable places to live in Boulder County. The neighborhood is situated just minutes east of Boulder off of U.S. 36 and is within half of an hour of downtown Denver, as well. One of the benefits of the Boulder County address is access to Boulder Valley School District schools. With two excellent schools in the community, Superior Elementary and Eldorado K-8, it is an ideal place to raise a family. Residents of Rock Creek report feeling a strong sense of community because of the homes’ proximity to the schools and a variety of other
activities, such as concerts, parades and pool parties sponsored by the active HOA within Rock Creek. Amenities include two pools, an extensive trail system, pocket parks, and a community park with baseball fields and a newly completed turf field. Flatiron Crossing Mall, dining, shopping, and movie theatres are all within walking distance of Rock Creek. With the great location and array of amenities, it is easy to see why people who buy in Rock Creek typically stay in Rock Creek.
What does this mean for you? Whether you are a buyer or an investor, you can find potential deals within Rock Creek. This subdivision provides access to the benefits of luxury living with a Boulder County address at a discounted price. Although a fair amount of inventory is on the market, the demand for homes in Rock Creek is strong, with the most activity directed toward homes priced at less than $350,000. Although sales are slower for homes in the $500,000-plus range, homes that are priced well and on nice lots are still selling. With a good rental market, increasing rental rates, decreasing availability of single-family homes at reasonable prices in Boulder, and the sense of community as well as access to amenities in Rock Creek, it is the time for you to explore the many options available in this subdivision. Contact your RE/MAX of Boulder Realtor today.
RE/MAX of Boulder, Inc. offers some advice to buyers and sellers: Although this is a buyer’s market, sellers don’t have to give their homes away. Houses that are priced well are still selling between 60 and 90 days in most instances. People who have lived in Rock Creek have had the opportunity to experience how great living in this community really is. A demand for housing in great communities with a plenty of amenities and excellent schools will always exist. Rock Creek is that community and plenty of buyers are actively looking now.
By RE/MAX of Boulder, Inc.
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