Denver Among America's Greenest, Most Livable and Most Popular Cities

When it comes to green living, Boulder gets five stars for its commitment and ingenuity as I discussed in my last post. But it should be noted that as far as major metropolitan areas go, Denver ranks among the most environmentally friendly cities in the nation (as well as one of the most desirable to call home).

The Environmental Protection Agency recently released results of a study that sought to determine America's greenest skylines as reported Monday on Forbes.com. A city's ranking was determined by the number of Energy Star-certified commercial buildings and manufacturing plants.

Denver ranked as having the 7th greenest U.S. skyline with 109 Energy Star-certified buildings including the signature "cash-register looking" building that is the Wells Fargo Center.

According to the EPA, a total of 6,200 buildings have been awarded the Energy Star designation nationwide for an annual utility savings $1.7 billion for those buildings.

In the past week, Denver also has garnered attention in two other notable categories on Forbes.com's real estate section:

• On April 1, Denver was named No. 11 in Forbes' list of America's Most Livable Cities
  
  
• On March 30, Denver was ranked No. 10 in Forbes' list for Cities Where Americans Are Relocating.
  

That's good news for Denver's real estate market!

It's Green Year-Round In Boulder, Colorado

Even on those rare days when the Flatirons are socked in by clouds and the ground from Pearl Street to Chautauqua Park is covered in a blanket of snow, green is everywhere in Boulder, Colorado. By 'green' I mean eco-friendly ... a badge that Boulder has proudly worn even when "being green" wasn't a coast-to-coast corporate mantra. For example...

• Did you know that the Boulder Community Foothills Hospital is the first LEED-certified hospital in the country?


• Did you know that Boulder's 29th Street shopping district has designated preferred parking for hybrid vehicles?


• Did you know that CU-Boulder's Folsom Field is the country's first zero-waste collegiate football stadium?


• Did you know you can take a self-guided telephone tour of Boulder's commitment to green living?

I discovered these facts in a 16-page guide produced by Boulder's CVB. It's called "City of Boulder and Boulder County: Leading the Way in Green from Science to Sustainability" and is worth reading if you ever doubted Boulder's status as a 'green goddess'. Most relevant to the Boulder real estate industry is page 4 of the guide that discusses critical initiatives affecting property owners and builders...height restrictions, Boulder's mandatory 'Green Points Building' program and Boulder's approach to growth as its quality of life attracts droves of outsiders.

It's interesting reading no matter which side of the fence you're on when it comes to Boulder's bold approach to being green!

Legendary Home Auction Offers Innovative Alternative to Buying/Selling Luxury in Denver & Boulder

In today's luxury housing market, ingenuity and innovation are critical in bringing together buyers and sellers for a succesful real estate transaction. That is why I am extremely excited to announce something I have spent more than a year developing and refining in anticipation of a Spring 2009 launch...

The Legendary Marketing Group at the Sotheby's International Realty office in Boulder, Colorado, is taking the buy-sell experience to a new level with the Legendary Home Auction. With an unprecedented online auction forum that cost close to $800,000 to build and 18 months to launch, the Legendary Home Auction will expose some of Denver and Boulder's finest luxury homes and estates to qualified buyers around the world.

As proud Sotheby's International Realty affiliate brokers, the partners in Legendary Marketing Group will provide connoisseurs of luxury real estate an auction opportunity similar to the auction methods used for hundreds of years by the renowned Sotheby's Auction House. By providing a professional forum for motivated sellers and qualified buyers, we are accelerating the marketing process that successfully achieves fair market value for properties within a determined timeframe and on a non-contingent basis.

Stay posted!! We have sought out and pre-screened some of the Front Range's most elite residences that fit the profile of a luxury auction property. For more information on the homes slated for the Spring Auction or to get information on how to add your home to the auction, please register at http://legendaryhomeauction.com/. You may also email us at info@legendaryhomeauction.com.

Boulder Real Estate Faces Housing Size Dilemma

There's a hot button issue in the Boulder real estate and housing worlds. Locals know it as the "pop-and-scrape" topic. It's a common site in Boulder's old single-family neighborhoods such as the Newlands: Original homes are being bought for the land they sit on then torn down or massively rennovated sometimes leaving the neighboring old homes in their shadow. The challenge for Boulder City Council is to address the mounting concern by area residents without infringing on personal property rights.

Boulder City Council agreed on Wednesday on a set of regulations that may force builders to adhere to new limits on the percentage of a city lot that’s covered by finished square footage of a new home and to limit the length and height of outer walls.

So what about those who have already spent thousands of dollars and hours of energy coming up with architectural plans for their Boulder dream home? What if their plans match the regulations set forth at the time they commissioned an architect to draw the plans but now suddenly their house is too big for the proposed regulations? Boulder Planning board discussed a "hardship" exemption for these cases but then expressed fear that builders would use this as a loophole and the initial problem will rage on.

It's an issue that will continue to evolve as Boulder implements new programs aimed at managing growth and preserving the authenticity of its older neighborhoods. The City of Boulder has created a website explaining the housing size limitation issue. If you follow Boulder real estate, it's a great resource for understanding what the future of Boulder housing may or may not look like.

Denver's Real Estate Market Fairing Better Than Most U.S. Cities

Is Colorado's real estate glass half full or half empty? While homeowners from Boulder to Denver and up and down Colorado's Front Range are hurting along with the rest of the nation, it's true that we're in a much better spot than those around the country. As reported last week in the Denver Business Journal, Denver's 2008 housing price decline was the smallest of all 20 major U.S. cities tracked by Standard & Poors. According to the S & P report, which is available online, Denver's average price of existing homes fell 4 percent between December 2007 and December 2008. This was less than the other 19 cities in the study including Phoenix (which suffered the greatest with a 34% price decline), Las Vegas, Dallas, San Francisco and Boston.

The report also looked at monthly price declines from November 2008 to December 2008. Denver's 1.5% decline was second only to Boston's 1.3% decline.

So while I consistently caution sellers not to expect the returns we saw in years passed (Denver's housing prices peaked in 2006), I think we're fortunate to be in or near a major city that demonstrates some resilience even in the toughest of times. We're not bullet proof by any means, but we're certainly standing up to tumultuous conditions better than most.

Another bright spot for area residents as we kick off the month of March: Today in Boulder it's 68 degrees, sunny and dry. [Don't tell that to those from New England to Atlanta who are expecting up to a foot of new snow in the next 24 hours!]

Legendary Home Collection Unveils Spectacular New Estate in Niwot/Boulder County

I'll get back to examining sales stats later this week but today I have to share a new listing that I have been very anxious to introduce to the market. Just completed and one of the last new homes in Niwot's Somerset Estates (and certainly one of the finest), 6470 Cherry Court is an extraordinary luxury residence with incredible finishes, a functional layout and phenomenal outdoor spaces that capture unobstructed views of Boulder's Flatirons, Rocky Mountain peaks and Boulder County's lush open space corridor that encircles Somerset Estates and backs to this property's 1.2-acre site.

Built by Boulder-based LELA Design & Construction, this home boasts nearly 10,000 square feet on three levels and unites superior state-of-the-art construction with an authentic and tasteful Old World elegance. It represents a perfect balance of everyday living spaces and more formal entertaining areas...like the lower level's rich cherry wood bar topped with Green Rainforest slab marble, the home theater or the large wine cellar with insulated cherry door and stone flooring. Level by level, I walked through this home in awe of the attention to detail and the level of custom finish work gracing its every room, every window, every ceiling and even its sprawling outdoor spaces.

I have listed and sold several homes by LELA Design & Construction and am consistently impressed with their company's ability to merge the architecture, the home site, the finishes and the home techonlogy into one seamless masterpiece that is as timeless as it is modern.

Priced at $3,950,000, I would encourage any luxury buyer who is in the market for a true one-of-a-kind estate in the Boulder area to consider 6470 Cherry Court. It's an awe-inspiring property from the inside out and is just minutes from Boulder.

A Glipmse into Sales Stats for Boulder County's Outlying Areas

As mentioned in my last blog entry, I have been taking a hard look at Boulder County sales statistics to see how this January's data compared to that of January '08. Last Friday I looked at the sales stats as they relate to single-family residential home sales within the City of Boulder. Today I want to share the same statistics for the area known to Realtors and by the MLS as 'Suburban Plains'. This area includes the outlying/rural areas of Boulder and Longmont (not within the city limits) and includes all of Niwot, a prime luxury residential market...

• Sales volume is down 39%: Last January, 18 homes sold in Boulder County's suburban plains area compared to only 11 this January.


• Average 'days to contract' increased 14.6%: Homes that went under contract in January 2008 waited an average of 82 days before going under contract; this January the average 'days to contract' was 94.


• Available inventory is up 23%: Last January there were 187 active listings in the suburban plains district; this January there were 230.


• Median sales price increased 1.3%: This area's median sales price in January 2008 was $390,000 while in January 2009 it was $395,000.


• Average sales price up 42.2%: The average sales price of the 11 homes that sold in January 2009 was $665,949 compared to January 2008's average of $468,378. The sharp increase in average sales price without a sharp increase in median sales price can be attributed to a few significant high-end sales this January.

I hate to sound repetitive but my advice for homeowners in Boulder's suburban plains is the same as it is for those in the City of Boulder. You must be realistic when selling during a downturn in the market. You should be priced competitively to garner the attention of today's buyers and you should be in the mindset that you likely will have to be negotiable to get your home under contract. Today's buyer is not always looking for the best home but rather the best deal.

Pictured above is a listing I have in Niwot's luxury community of Legend Ridge. This home is priced at $1,595,000, a real value for more than 7,500 square feet and a .8-acre homesite...click here for details on this property.

Boulder Real Estate Sales Statistics: Comparing this January to last

With the first full month of 2009 behind us, we finally have some solid data that we can use to draw some comparisons between the Boulder real estate market today and the Boulder real estate market a year ago. My team and I have spent a lot of time this week analyzing the data and what it means for the sellers and buyers we work with in the Boulder real estate market every day. Here's a brief snapshot of single-family residential sales statistics for the City of Boulder and some generalizations that can be made from this data:

• Sales volume is down 50% despite a 10% increase in available inventory: The total number of single-family residences sold in January 2008 was 40 compared to only 20 in January 2009, and that's not because there are fewer homes on the market. The number of active listings last January was 331 compared to 363 this January...a 10% spike in available inventory.
  


• Homes are taking 41% longer to go under contract: For listings that went under contract in January 2008, the average number of days between the time a property went on the market to the day it went under contract was 93. This January, listings were on the market for an average of 131 days before going under contract...that's 41% longer than last years 'days-to -contract' average.
  


• The median and average sales prices have increased despite market conditions: Despite all the bad news, the Boulder housing market continues to make lemonade out of lemons. The median sales price for homes sold in January 2008 was $585,000 compared to $635,900 for homes sold in January 2009. That's an 8.7% increase. The average sales price jumped 15.8% from $685,002 in January 2008 to $792,946 in January 2009.

The bottom line is that homes are still selling in Boulder and thankfully the Boulder housing market hasn't experienced the horrible depreciation that other luxury markets around the country have seen. But I strongly caution sellers in today's market not to assume Boulder is immune to the nation's economic crisis. Sellers must have realistic expectations and a lot more patience than they're used to having if they've sold homes in Boulder before. I've been in this market long enough to remember the days when I put a sign in a yard and rushed back to the office to respond to messages from serious buyers wanting to see the home. Those days, at least for now, are gone.

There's no magic formula that will make a home sell overnight...it's all about having the best home at the best price. Buyers are out there but they are a sophisticated breed. They are looking to buy because they know there are deals to be had. If you're thinking of selling but aren't willing to deal, my advice is to sit tight. Boulder will fair this storm better than most cities and sellers will again have the upper hand, but that's just not the market we're in right now.

In my next few blogs I'm going to look at these same sales statistics for areas outside of Boulder....Longmont, Niwot and the mountain areas in Boulder County. It's amazing how just a few miles from the city of Boulder can have completely different sales statistics...more on that to come!

Boulder Valley Schools Help Strengthen Boulder Real Estate Market

How do Boulder schools stack up to those in other Colorado communities? That's an important question for those considering a move to the Boulder area. The Boulder Valley School District is home to 55 public schools that collectively service roughly 30,000 students grades K through 12. While the factors that constitute a "quality" school are rather subjective and vary from family to family, Colorado's measuring stick for school performance is the CSAP test (Colorado Student Assessment Program). In 2008 CSAP tests, Boulder Valley School District students outperformed Colorado as a whole in math, reading and writing no matter the grade level. These charts show how Boulder Valley School District test scores compared to Colorado scores in grades 3, 7 and 10. [Boulder's scores are marked in BLUE while Colorado's scores are in PURPLE].

There also are a number of highly regarded private schools in the Boulder area for parents to consider. Boulder Country Day School and Dawson School are both highly regarded as some of the best private institutions in the Northern Colorado area and even the state. In fact, Dawson School was recently named by Business Week Magazine and GreatSchools.net the No. 1 Independent School in Colorado in the Parents' Choice category.

Wineglass Ranch Offers a Rare Opportunity to Build in Boulder

As I discussed in my last blog entry, vacant buildable land in Boulder, Colorado, is scarce due to the city's growth limitations and Boulder's aggressive open space programs. The very thing that makes Boulder such a great place to live also makes it a more difficult place to get established if your dream is to build from the ground up.

There are a few exceptions in and around Boulder, however. I recently listed three amazing Boulder home sites collectively known as "Wineglass Ranch." Sited in north Boulder just southwest of where Broadway meets Hwy 36, these lots are rarities in terms of their size, view corridors and quick access to downtown Boulder. Two of the three lots are roughly 7 acres while the remaining lot is +/- 5 acres. The views are spectacular. From Boulder's Flatirons to the south to the craggy rock formations toward Lyons, Colorado, to the north and even Boulder Reservoir, these sites offer a true feast for eyes. And they are a trailblazer's delight with easy access to the veins of public trails that traverse across Boulder's northern foothills.

Another distinction that makes these lots so prime is their access. Each site has paved driveways off of Lee Hill Road (also paved), and each lot is serviced by city utilities. The lots range in price from $960,000 to $1.39 million each and can be purchased individually or together. They certainly are a blank and marvelous canvas for someone seeking to create their Boulder masterpiece.

Happy Birthday to Boulder, Colorado...150 Years and Thriving

Boulder, Colorado, officially turns 150 years old this Tuesday, February 10th. If you're in Boulder for the celebration of its sesquicentennial, you'll hear bells ringing (150 times) from Macky Auditorium on the University of Colorado campus to some of Boulder's most historic churches in all corners of the city. It's another milestone for Boulder, which 100 years ago was home to only 9,000 residents.

Today Boulder (population 103,000+) shines as a progressive and thriving city that has claimed some remarkable 'firsts' in U.S. history. One 'first' that has helped preserve the communal beauty and quality of life for Boulder residents (and in turn help preserve Boulder real estate values), was when Boulder became the first U.S. city to have a publicly funded open space program. In 1967, Boulder voters made history by approving 4/10 of a cent sales tax specifically to buy and maintain open space. It was the first time citizens in any U.S. city had voted to tax themselves specifically for open space. That was just the beginning of a community-wide commitment to preserving Boulder, which today has 45,000 acres of open space and mountain parks in and around the city.

The high percentage of open space in Boulder means fewer opportunities for developers, and the limited supply and high demand of vacant buildable parcels means the prices are at a premium. Buyers can rest assured, however, that even when you pay a premium, the value of the land is directly tied to a very finite supply and always be. Thus, Boulder land values are likely to hold steady or climb for years to come.

Boulder, Colorado's Neighboring Cities Capture Media Accolades

It's great to see Colorado among the few states that still gets some positive press in real estate reports these days! Denver, which is just 30 minutes from my office in Boulder, Colorado, was recently spotlighted in a Yahoo! News article as the No. 1 big city where Americans would prefer to live. A new survey by the Pew Research Center showed that when Americans were asked which big city would be their choice city to call home, Denver garnered 43% of the votes followed by San Diego and Seattle.

Boulder, with a population of just over 100,000, of course didn't make the 'big city' list. But that is precisely what's makes living in Boulder so great. Those who choose to live in Boulder have the very best that a mid-sized, urban college town could ever offer yet just a short 25-mile trek down Hwy 36 and suddenly the city lights of Denver (America's favorite city) come into view. It's truly the best of both worlds.

I also noticed this week that Longmont, located just 16 miles northeast of Boulder, was ranked by AOL Real Estate as the nation's #7 town for 'best education bargains", meaning the quality of its educational system is very high while its housing market is still quite affordable. Longmont, home to major employers like Amgen and Seagate, has always been much more affordable than Boulder but its outskirts are dotted with some of Boulder County's finest high-end residential pockets and equestrian estates.

Still, the difference in median home price between Boulder and Longmont is quite astonishing, and while Longmont's home prices are fairly stagnant, Boulder's continue to climb. This chart show each city's media home price trend over the last 180 days (Boulder is the black line, Longmont is the orange line):

Boulder Real Estate Market Strong Despite National Trends

Boulder, Colorado, is more than a town. It’s an experience. From the jagged rock formations known as the Flatirons that rise dramatically from the town’s western foothills to the Spanish-tile roofs crowning the timeless architecture of the University of Colorado campus, Boulder is a community that has masterfully merged natural beauty with institutional tradition and artistic expression.

I was born and raised in Boulder and today am proud to have founded the area’s only Sotheby’s International Realty office. I have watched Boulder grow into a fixture on the nation’s “Best of” lists. From ‘smartest city’ (Forbes Magazine) to ‘greenest city’ (multiple awards) to ‘Top 25 Destinations’ (TripAdvisor) to best city for artists, cyclists, farmer’s markets, restaurants…the list goes on and it’s an impressive one. But in my profession, what astonishes me most about Boulder, Colorado, is its real estate market’s resilience to adverse conditions.

The last several months have been trying times for our nation’s real estate market. We’ve watched markets that were on fire in 2006 and 2007 plummet in 2008 and in early ’09. The “Boulder bubble”, however, is far from being burst. Penetrated, yes: our average ‘days on market’ is longer and absorption rates are slower. But Boulder’s average median price in the residential housing sector continues to march upward. This week, according to ALTOS Research, Boulder’s median single-family home price hit an all-time high of $960,000 and those prices are trending upward! Inventory is tightening, which in part means buyers are responding to the historically low interest rates.

If you’ve ever dreamed of owning a piece of Boulder real estate, there’s no time like the present. Pictures tell the story best. Here’s an illustration of Boulder’s median price trend in the last 12 months compared with that of a few “once hot, now not” markets in the U.S. (Scottsdale, AZ; San Diego, CA; and Naples, FL). All I can say is “T.G.I.B”…(Thank God I’m in Boulder!).

Chamber Notes New Evergreen Office

Legendary Properties Sotheby’s International Realty celebrated the grand opening of our newest location in Evergreen by inviting the Chamber of Commerce, along with hundreds of guests, to the official ribbon cutting on May 2, 2007.

Since opening our doors February 22, Legendary Properties Sotheby’s International Realty has acquired more than $70 million in listings and $25 million in sales among our 17 full-time Realtors. Please feel free to stop by and view our office and meet our agents during business hours seven days a week.

The news release for your ribbon cutting that will be published in the Evergreen Chamber's July newsletter and Canyon Courier.

The Evergreen Office Team

Goldbranch Village

Legendary Properties Sotheby's International Realty is proud to partner with Goldbranch Village and Goldbranch Estates.

Goldbranch Village and Goldbranch Estates cater to those who truly enjoy the relaxation and lifestyle of European inspired living.