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Boulder Condo For Sale market statistics

10-01-09
Stuart Dobson
Boulder Condo for sale market statistics

August 2009

According to the leading third party showing service here are some numbers for the Boulder Condos for sale during the month of August.  I was researching this info for a potential client listing and thought others may find it useful as well.

Here are the statistics for August for the 80301 zip code in Boulder.

Average number of showings per week by price range:

$180k to $200k   average 5.8 per week
$200k to $220k   average 3.4 per week

For the entire Boulder condo real estate market in August the average DOM (Days on market) was 56 for condos.  There were 15 condos sold at an average price of $231,802.  This represented 97% of list price.

If we analyze this data bit, we see that, properly priced to sell, a condo should take 8 weeks to sell and have an acceptable offer submitted within the first 15 -20 showings (assuming 30-45 days to close). This is just part of the data I use to see if the marketing of a property is 'on track'.  But it does provide some useful overall information.

Please note, this information can be gathered for almost any residential property in the Denver metro area and should be used along with agent showing feedback data and web analytics to ensure that your property is being marketed correctly.


Stuart Dobson
Bachelors of Science in Finance; Real Estate
Certified International Property Specialist (CIPS)
Transnational Referral Certified (TRC)
 
 
Infinity Real Estate Services LLC
Broker Associate
 
303.919.0309 cell
303.919.0309 txt msg
303.952.9453 fax
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Denver Commercial Retail Market forecast

09-21-09
Stuart Dobson
2010 Forecast for Denver Commercial Retail space

September 22, 2009

The Denver Commercial Retail space market forecast for 2010 and beyond does not look very good. 

According to CB Richard Ellis, the demise of Circuit City and Linens n things has left over 50 big box retail spaces vacant.  Cyberhomes Denver Commercial Market forecast takes a look at both office and retail space in September, 2009 and finds the outlook for sales and leasing to be very slow.  To make matters worse, there is 1.2 million square feet of commercial retail space currently under construction.

Current CoStar statistics

However, according to CoStar analysis of the Denver retail market there is, as of September, 2009, 133 million square feet of retail space in the Denver area with 12.9 million vacant and 15.7 million square feet becoming available.  This implies a vacancy rate of 10% currently with a soon to be available vacancy rate of 12%.  Yet, the forecast from CoStar is for a 2011 vacancy rate dropping to 9.5%.  Considering that the net absorption rate is currently zero, there will have to be a significant recovery in demand to fill that much space and that is not even accounting for the 1.2 million square feet that is under construction. 

One Commercial Broker Opinion

I find it difficult to believe the rosy forecast coming from CoStar, unless landlords suddenly drop their asking lease rates dramatically.  Many of these vacant retail properties will become REO's or go into default and be sold (or have their notes sold by the banks).  These distressed properties will certainly create a downward pressure on lease rates and property sales prices going forward.  As always marketing an REO property is more important than the pricing of the property.  We are not saying that lease rates and price points are unimportant, simply that pricing is secondary to marketing.  Currently the average lease rate in the Metro Denver area for commercial retail space is $16.5 dollars NNN, with a low of $5 and a high or $55.69.
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Real Estate Sales Techniques - Marketing vs. Pricing

07-22-09
Stuart Dobson
Real Estate Sales Techniques - Marketing vs. Price

Most real estate agents will always tell a client that price is the determinate factor for selling a property.  This is not true!  Real Estate Marketing is the most important factor, with price being secondary.

Allow me to explain:

Let's say you have a house for sale that is fairly priced for the market at $400,000.  If the sellers were willing to accept an offer of $1 for the house for a time period of one hour, but you couldn't advertise it, market it in any way, or tell anyone about the house for sale.  In fact the only way it could be sold for that price was if a person happen to knock on the sellers front door and offered them $1 for the house, during the specified one hour time frame. 

The other option;

The house is listed for $1 million dollars, but every single person in the world knows about it.  It is plastered on every car, bus bench, billboard and road sign in the world.  People washing laudry in the rivers in Asia are talking about this house.  With that type of exposure, there just may be some exorbitantly weatlhy and eccentric individual who, despite knowing the fair value of $400,000, wants to own the most expensive house in that neighborhood, or perhaps they want to own the most advertised house in the world, whatever....

The point is that without any marketing, price is irrelevant, because no one will ever know that the property is for sale.  On the other hand, if a property is overpriced, it may be the one in a billion chance that it sells!

Obviously, both of the above scenarios are ridiculous.  But the point is that marketing is more important than price.    Our job as professional, educated, and talented real estate agents, is to market the house better than the seller can, better than our competition can, and attract a price that is more toward the high end of the reasonably possible range of prices that the house will sell for in the quickest time possible.
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Thornton Colorado - New Aquatic Center approved

05-20-09
Stuart Dobson

Thornton Colorado Aquatic Center finally approved.

The long awaited joint venture between the Adams 12 school district and the City of Thornton to build the district's new aquatic facility at the Holly Sports complex in Thornton finally received Thornton City Council approval this week. The Holly Sports Complex is located on the Southwest corner of 136th Avenue and Holly Street and will be known as the Thornton Trailwinds Park and Open space. The joint agreement betweent the city and the school district is a first according to city staff members.
Holly Multi Use fields
The Aquatic Center is scheduled to open in the fall of 2010 and will eventually be attached to the new recreation center the city is also planning for the area. According to the city's agreement with the school district, the pool will be available to city residents up to 40 percent of the time, when not in use by the district. Also, the city is planning a new dog park in the area, which is great news to those of us who love our four legged friends. The overall cost of the new Aquatic Center is projected at $18.8 million dollars.

Finally, the achieve better access to the area, the city recently approved a 2.8 million dollar plan to fund a street widening along 136th Avenue between Cherry and Holly in front of Horizon High School. The current two lane road is slated to become a five lane with a continuous center turn lane. Naturally, in the interests of safety, new traffic signals are planned in front of the high school and for the Aquatic Center entrance.

Stuart Dobson

Infinity Real Estate Services LLC
Thornton, Colorado
Denver Metro Colorado Homes for Sale
303.919.0309
Stuart@StuartDobson.com

Search Denver Area Homes for Sale
Colorado Real Estate and Homes

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Colorado and Denver MLS Search

04-30-09
Stuart Dobson
Searching for Colorado foreclosures or bank owned properties

If you want to search the Colorado MLS listings for Foreclosures or Bank Owned Properties, this simple interactive MLS IDX search will help.  It allows an investor or potential home buyer to search in a number of ways including by the foreclosures in the pre-foreclosure process or once the home or property is already bank owned.

Searching with a map

A 'map' search feature is also built into this Denver MLS search which allows you to select a tab at the top of the search map and even select a terrain map that allows visual detail all the way down to sidewalks and swimming pools!

If you know the city or neighborhood you are searching for a house or land in, you can select the specific page for the neighborhood and the map will automatically show you which homes are available for sale in that neighborhood.  At this point you can sign up to receive email updates as new listings become available and they will be automatically sent to your email account.

Of course there is the option to search by school district, and even by 5% or greater price drops!  As the technology improves, we continue to try to provide you with the latest tools to help you find the land or homes you are looking for on your schedule and in the way you want to view the information.
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