The city of Boulder is among America’s Best Healthy Places to Retire, according to U.S. News.
The newsweekly cited amenities such as the Rocky Mountains, walking trails, farmers’ market, and city-staffed senior services and programs at two recreation centers that make Boulder attractive for seniors looking to live long and well. The abundance of active college students spur the seniors to stay young and healthy themselves through exercise and shopping at the many local natural-food shops.
The downside to retiring in Boulder is its cost of living, but golf isn’t so expensive, according to retirees interviewed for the article. And, with plenty of walking and bike trails to help them get around, they can at least save on gas or, as one interviewee said, they can stay home – they’re retired.
Other cities that made the list were:
• Bella Vista, Arkansas
• Green Valley, Arizona
• Issaquah, Washington
• Longmeadow, Massachusetts
• Portland, Maine
• Punta Gorda, Florida
• Reston, Virginia
• Walnut Creek, California
Boulder named one of healthiest places to retire
Declining real estate market still offers pockets of opportunity
First glance at the November real estate statistics for Boulder County indicates the local market is following the downhill trend much of the nation has been on for a while. After all, sales have dropped by double digits year-over-year for all but two market areas, and many communities saw a reduction in both average and median sales price.
But Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor Association, says that while the picture will probably grow worse before it gets better, Boulder continues to show strength that will allow it to sustain the stormy weather still to come.
“I’ve been telling you for some time that things are going to get worst, and they have,” Hotard says. “It’s not going to be fun over the next 12 months, but we’ll get through it.
The communities suffering the most from the current market conditions include Lafayette, which saw an 18.8 percent drop in sales from January through November 2007 compared with January through November 2008; the plains, which had a 28.8 percent drop in sales; and Superior, with a 29.1 percent reduction in sales for year over year. In the city of Boulder, 17.5 percent fewer homes sold from January through November compared with the same period last year.
“Those are troubling numbers,” Hotard says.
However, the inventory of single-family homes on the market has remained steady in some markets and shrinking in others. In the city of Boulder, the inventory had decreased by 11 percent from October, while it dropped 5 percent in Longmont and 13.7 percent in the mountains.
“That ought to keep people positioned to move toward a more balanced market as we get into probably the second quarter of next year,” Hotard says, noting these conditions create sales opportunities, he doesn’t expect to see a significant increase in sales activity during the first half of 2009 and maybe not even before the end of next year.
Four out of nine of the county’s market areas saw decreases in both average and median sales prices for the year, but most of those decreases were still relatively small – the exception being Superior’s 12.3 percent decrease in average sales price – and the remaining five markets actually saw increases in both categories, he points out.
Inaction at the federal level is holding up improvement in the real estate market, Hotard notes. “There’s still some uncertainty of what our federal assistance programs are actually going to look like and do. We’re hearing of more investment of the fed to spur job creation and that will bring a lot of positive movement, but we need to get the credit market freed up and moving again” for significant improvement.
The most recent announcement by the Federal Reserve to reduce the prime interest rate by three-quarters of a point will translate into lower mortgage interest rates, opening doors of opportunity, Hotard says. For example, anyone with an adjustable-rate mortgage should consider refinancing within the next 90 days.
“While all real estate is local, all financing is individual,” he says. “For folks out there with good credit and equity in their homes, it will create an opportunity for increased refinancing. With prices down or steady, there are opportunities for home buyers, investors and those looking to change their lifestyle,” whether it’s moving up, downsizing, changing locations or going from renting to owning.
“In an overall sense, you can’t sugarcoat the current situation,” Hotard says. “What you can do is look for opportunity.”
On that note, Hotard sends to all RE/MAX of Boulder E-zine readers his “best wishes for a joyous holiday season and a prosperous New Year.”
Good Borrowers can Find Loans in Tight Times
BOULDER - Despite a global credit crisis, well-capitalized real estate investors with good credit and good projects can still borrow money, financial experts said during the Boulder Valley Real Estate Conference & Forecast.
The experts said the stabilization of the credit markets will be the first sign of a recovery.
"Don't watch the stock market; the importance here is to watch the credit markets," said Lou Barnes with Boulder West Financial Services.
Barnes said the U.S. government's $700 billion bailout plan is moving in the right direction, working to infuse capital into the credit markets.
Keith Dickelman, a commercial banking manager with Bank of the West, said credit standards are tightening, but that creates opportunity for good borrowers.
"With the uncertainty in the real estate industry, now is the perfect time to go out and establish yourself," Dickelman said. "But highly leveraged loans will be tough to get. Cash has always been king, but it's even more important during these times."
John Richert, a principal partner with Terrix Financial Corp., said the economy got caught up in "a perfect storm of leverage."
"Not only were the properties leveraged, and the borrowers were leveraged, but the lenders were leveraged as well," he said.
Brad Blackwell, an executive vice president and retail national sales manager with Wells Fargo Home Mortgage, said many people lost focus about investing in their homes.
"A home is always going to be a good investment," Blackwell said. "But it's a long-term investment and a place to live, it's not an investment to get rich quick."
Blackwell said lenders were also at fault by not following the basic principles of the industry - verifying a borrower's ability to repay the loan, willingness to repay the loan and commitment to repay the loan. No-stated income, subprime, and 0 percent down loans violated all those principles, he said.
Blackwell called for communities to institute financial literacy education into their schools.
BCBR Article By David Clucas December 2, 2008
Boulder Valley Fall Real Estate Conference and Forecast
Nov. 20 found more than 550 real estate agents, attorneys, bankers and other interested people from the Boulder, Denver Metropolitan and Fort Collins area gaining insight into the state of real estate from a panel of industry experts, including: Brad Blackwell, Wells Fargo retail national sales manager, Tracy Harlow, communications director from ConocoPhillips; Lou Barnes, owner of Boulder West Financial Services; and DB Wilson, managing broker of RE/MAX of Boulder, Inc.
According to DB Wilson, real estate prices in the Denver/Boulder area are stable or upward. He pointed out that the real estate prices in the area did not go up dramatically in the last five years, so it was spared of participating in the real estate "bubble." He compared the area's real estate prices to San Diego, where the prices rose dramatically and are now coming back down.
See DB's presentation here
The time is right for owning or buying a home in Boulder
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If you own a house in
“Insofar as our market area is concerned, we really should be counting our blessings that we own property in the
Although the latest market statistics had a couple gloomy areas – such as a drop in the number of sales in every
“Stability in this environment can be a good thing,” Hotard says, noting that the “bad news keeps piling up” – such as Citigroup laying off 53,000 employees – and “announcements like that are probably not at an end yet." If this were an area where many of those primary jobs were lost, the picture would be darker, he says.
The fact that the federal government has yet to determine how to allocate $700 billion in bail-out funds isn’t helping the economy or the real estate market, Hotard says. Banks continue to sit on whatever funds they have, which is limiting its circulation in the economy through mortgages and other credit. “Until we see credit free up, we’re going to rock along month to month pretty much as we do now,” he says. “If it sits, it’s not working. It needs to be moving to create income.”
Hotard agrees with U.S. Treasury Secretary Henry Paulson that bailing out homeowners with upside-down mortgages – they owe more than their homes are worth – should not be the thrust of the bailout. Instead, the government should restore credit to the market. Regardless, Hotard expects no decisive action until the inauguration of the new president in January.
As far as the
“For folks who are looking to get in … this is great time to buy in the
And for those who have to sell, Hotard says, “get yourself a darn good Realtor. Now’s not the time to do it yourself. This is a tough market. This is when Realtors earn their keep, for sure.”
What’s hot and what’s not among today’s home buyers
The real estate market may be struggling, but buyers still know what they like and want in a home – and what they don’t.
According to Elizabeth Weintraub of About.com, buyers don’t want homes built in the 1980s, and they even pass up homes built from 1970 to 1999 in favor of newer or older ones. That means they’re likely to pass over homes with Formica counters, walnut cabinets and baseboards, shag carpet, gold-toned trim or avocado-colored appliances in favor of these more stylish abodes:
• Homes built pre-World War II, which includes homes with any kind of architecture with Ol
• Mid-Century homes, including those built in Cape Cod or Frank Lloyd Wright style and may have flat or shallow-pitched roofs, geometric shapes, cantilevered construction and open floor plans.
• Mediterranean with Spanish or Italian details such as wrought-iron accents, dramatic staircases, archways throughout and rounded wall corners and grand, covered entrances.
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