ResalesBoulder, Colorado Loosens Tight Housing Market
"Boulder is ranked amoung the best places to live by numerous publications," says Realtor/attorney Susan Soklin. "It is expected that Boulder County"s population will increase by 15 percent with a significant increase in the age 60+ group. Yet, Boulder County and its residents remain ever youthful and fit due to a very active lifestyle. In the winter, we ski at Eldora ski area, less than 30 minutes from Boulder, in the spring, we run the Boulder Bolder, and in the summer, we hike and camp in the mountains. Come to Boulder County to learn and play."
Explains Soklin, "The market continues to benefit buyers as interest rates remain low and inventory high. Fixed rate loans are about 6 percent and adjustable rates are in the low 5 percent range. Last year at this time rates were around 7 percent for a fixed rate mortgage.
While it may be taking longer for homes to sell, some owners aren"t dropping prices much. Coldwell Banker released its monthly report on market conditions for the metro area at the end of November. The report states that closings fell 7 percent from October-November, but the average price of a single family home jumped. Ken Hotard of the Boulder Area Board of Realtors states that home sales in the Boulder area are pretty steady. I note that there are some great deals in the higher priced market. For example, a home in my neighborhood was reduced about $100,000 to $549,000, whereupon it sold to a lucky buyer. In the lower end market, I just found a 2 BR condo with loft priced about $35,000 below the most recent sale of a similar unit. I quickly sold that unit to one of my clients by working late Friday evening to complete the sale.
Vacancies are rising. Around the university (Boulder) vacancy rates were at 6 percent for the 3rd quarter; the rest of the City shot up to 14 percent. At the same point in 2001, those rates were 2 percent and 4 percent respectively. One reason for the increase is the availability of newer units outside Boulder, such as Saddlebrook in Superior."
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