When to sell a Boulder condo?

Asked by Jim S, San Jose, CA Sat Feb 28, 2009

Greetings, I noticed the values in Boulder were up a little last summer and then came down this winter. I know that is in part due to the economy and likely the winter months. I am an investor from California and have rentals in various states. I have a PM managing the rental that does not buy and sell. Do we in Boulder believe the values may come back a little this summer or even spring?

I'm open to solicitations but I am looking for an agent that specifically knows how to sell a rental with a tenant in it that is not trying to sell it far below the competition for a quick sale. Keep in mind if you respond soliciting the listing that I have been buying and selling remotely and in different markets for years. My inquiry here is more based upon the market timing vs engaging. I know what I'm doing when it comes to qualifying a RE professional. If you wish to take the time with responding for the listing, I will read your feedback closely but not promising anything.

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Leah Thomas, , Denver, CO
Wed Dec 9, 2009
As a real estate broker, I think Jennifer Egbert had the best answer. She seems to know the Boulder condo market best.
1 vote
Jennifer Egb…, Agent, Boulder, CO
Wed Jun 24, 2009
Hi Jim,

All of my listings near CU have gone under contract at full price recently. CU attracts student that pay an out of state tuition of $45,000/yr and that isn't including lifestyle. Usually CU over populates their freshman class so we see a few "rushes". Anywhere up until May 31, Parent's Weekend, right before winter break and graduation weekend. There are some great places. Also I love the Holiday area for low to mid price point rentals. If you have questions, you can give me a call at 303-619-3373.

Kindest Regards,
1 vote
Barb Silverm…, , Boulder, CO
Sun Mar 1, 2009
Hello Jim,

I am a RE Broker in a Boulder. Our office has a property management company that manages over 150 income properties and are very active in the buy / sell for income, small commercial and residential properties. I also personally own several income property and I am well versed with the Tenant/Broker relationship. With a design background I have the resources to help with any property condition issues to present the property in the most competitve light.

We are recommending to our selling property owners to list in the next month, April. Listing prices have been stable with low sales volume but pent up demand for properties in Boulder is increasing. We have a whole new group of first time home buyers coming into the market with the stimulus tax credit , these buyers, as well as investors, will be buying income property for themselves and with the lower interest rates, I expect this to be a catalyst for better selling prices this season.
Getting ready for the season....Barb
1 vote
Suz A, Agent, Longmont, CO
Mon Mar 3, 2014
Call me about pocket listings. I have several ranging up to $335,000. These are investment properties with tenants in them. Suz: 720-810-0683.
0 votes
Ryan & Sondra…, Agent, Boulder, CO
Wed Feb 26, 2014
Hello Jim

Right now we are experiencing a 27 year low in inventory! If you want to sell with very little competition now is the time. As long as your tenant is not trying to burn the place down, swearing at people as they go through, or acting like a monkey and flinging poo at them you should be able to command a higher than normal list price. The summer you will have more people listing there homes and have more competition.

I have several listings in Boulder right now one the tenant just move out and we timed everything just right and it was under contract in 3 days in the 600k range. The other one has a tenant in there right now and i am holding it as a pocket listing and am marketing it to my group of investors who would want to keep the tenant and i am marketing it to my website sign ups which I get about 200 new email s per month of people looking to buy in Boulder. If it is still available after that I will put it on the MLS and all the other marketing channels around mid march when the tenants lease will be up in end of April up. So the timing should be perfect.
0 votes
Bob Gordon, Agent, Boulder, CO
Tue Feb 25, 2014
Jim S - Did you buy? Boulder -- and Denver - have been on a huge upswing since you posted your question in 2009. In 2013, values were up 11%. When you look at sales data for the Denver metro area, that market has exceeded prices from before the recession. So I'm curious - as I bet most of the agents on this question are - where did you buy? Who did you select to assist you? What are you renting the property for these days? And most of all -- now that the market is up, are you interested in selling?
0 votes
Jay Kalinski, Agent, Boulder, CO
Mon Sep 23, 2013

If you're still considering the Boulder market as a place to invest, there are a number of reasons why the next six months or more is an excellent time. First, property values have begun to rise again after the last several years of stagnation and look to continue their rising trend. Second, interest rates are still relatively low compared to historical averages. Finally, Boulder has high rental prices created by the constant demand for rental housing created by the presence of the university, vibrant start-up community, and strong business base (both government and private). There is also the fact that the city is nearly built-out, making the existing rental units all the more valuable.

In terms of timing, we generally see a rising trend in inventory from the start of spring through May/June before things peak and head back down. From January through July of this year, the average sales price of attached units has risen over 5% while the average time on market has fallen by 40%.

My team and I have over 35 years of experience buying, selling and investing in condos. I'd be happy to answer any follow-up questions you may have.
0 votes
Ron Rovtar, Agent, Boulder, CO
Sat Sep 8, 2012
Hi Jim:

This question was asked a long time ago, but, for the benefit of people who are considering the sale of a condo in Boulder County late this year or early 2013, now would be a very good time to list.

Consider this: inventory of "attached dwellings" has risen little above 500 this year, and that figure was (barely) breached just once in April. Yet sales have stayed about normal. During the previous four years, inventory never fell below 500 and hit highs of 800 or more during each year.

Colorado's front range has seen significant inventory reductions in both houses and attached dwellings, which has surprised many. When listings will return to normal levels is hard to predict. But there is no question that reduced numbers helps sellers move their dwellings more quickly. And we are seeing some homes go under contract for good prices even when they have not sold during previous attempts.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
0 votes
Suz A, Agent, Longmont, CO
Tue Jul 10, 2012
||||||||||||||||||| UPDATE July 10, 2012 ||||||||||||||||||||

Two national reports are forecasting Denver-area houses will be among the fastest-appreciating in the U.S. in the coming months, according to Inside Real Estate News, the blog by former Rocky Mountain News reporter John Rebchook.

On a year-over-year basis, the Denver MSA already has gained 10.2 percent, ranking it No. 5, according to Clear Capital, while nationwide, homes lost 0.6 percent.

It anticipates Boulder homes to gain an average of 3.6 percent and Denver-Aurora 3.3 percent, for third place and fifth place, respectively. Colorado was the only state to have two MSAs in the ranking.
0 votes
Suz A, Agent, Longmont, CO
Mon Jul 9, 2012
Prices are up in Boulder County - almost 7 percent in Boulder, 2.5 percent in Longmont, according to Trulia.
0 votes
Suz A, Agent, Longmont, CO
Thu Mar 15, 2012
PML of Longmont is a property management firm. We watch market activity from a number of perspectives and because we regularly communicate with the market (through HOAs, civic involvement, real estate contacts, tenants, landlords etc.) we get signs that are not entirely drawn from the data (which is a plus).

The market is more active this year.

As you know, condos move slower than single-family homes. In better locations and priced aggressively, we see a lot of people looking when we pull up comps. That is a lot compared to last year. If you have been following the real estate story for Denver and Boulder counties, you know that rental vacancies are very tight. We haven't seen anything like this in 10 years here in Boulder County. Meanwhile, inventory for single family homes is tight, too.

If you have a condo to sell, we should talk. We can sell your condo with an occupant. Investors are more impressed when there already is an tenant in the unit. And, for anyone looking for a condo, of course, we get information early on what is coming on the market and what is coming available for rent.

Thanks for your question.

PML of Longmont, CO
720 810 0683

0 votes
Jason Burch, , Boulder County, CO
Mon Mar 9, 2009
I think the market for rentals is fantastic right now. While prices are no soaring they are also not dropping. I would be happy to do a comparative market analysis and speak with you about what the unit might bring. Please feel free to contact me via my website http://www.servingboulderco.com
Thanks for your time.
0 votes
David Janis, Agent, Boulder, CO
Sat Feb 28, 2009
My opinion is that there will be continued weakness in the Boulder condo market but it is dependant on the price point. If the condo cash flows than it will not go down in value as much. There has been a lot of weakness in the higher end 400k plus. Looking at the statistics from Baraonline.com, last month only 11 of 392 units for sale sold and for February we are on track for 27 out 464 listings on the market. I graphed out the number of sales vs inventory over the last two years and it doesn't look good (just got ugly the last two months though).

I can e-mail the graph to you. I think it depends on the price that your condo is worth and the location. First time home buyers have been snapping up the lower priced condos and investors have been shying away. As an investor would you rather buy a 900 sq foot condo in Boulder for $400k or a 3bed 2ba house in Broomfield for $200k? Right now, the next best alternative to Boulder (Denver, Broomfield, Longmont) is more attractive than Boulder because prices have dropped in there but are still high in Boulder. There are a lot of sellers holding their prices high and not selling because they are in denial of the "Recession Proof " Boulder.

This is just my opinion, I like to call it as I see it....
0 votes
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