A few weeks ago the Boulder, Colorado area experienced the 100 yr flood. Some say it was the once every 500 years flood. Most of saw lots of destruction on the TV news that occurred from the foothills above Boulder to the eastern plains.
Boulder real estate inventory levels of homes for sale were already low prior to the floods. Since the floods, they has decreased another one-third. That’s most likely due to homes that had damage and needed to pull the listing off the market until repairs can be made. I have several friends that have mentioned to me that the damage they received has created a “forced remodel” on their home. Many of these homes still had the original finishes. These “forced remodels” are only going to drive Boulder real estate prices higher over the years. There will be more updated homes demanding a higher price per square foot than ones not remodeled.
Another sector of the market seeing changes from the floods is the Boulder rental market. It was already squeezed to extremely low vacancy rates. After the floods, many families became displaced. They are putting more demand on an already tight rental market. Investors are seeing this as a low risk option that will pay dividends with rising rents and most likely future appreciation.
Take a look at an aerial tour of Lefthand Canyon, just NW of Boulder, after the floods:
Boulder Canyon recently was able to re-open, a main corridor to the towns above Boulder, as well Boulder’s closest ski resort, Eldora. Eldora officials announced today they don’t have any damage from the floods and will be opening on schedule this coming ski season.
Many pick the Boulder area and Boulder real estate due to the proximity of open space trails. The recent floods not only washed out roads and bridges, but all the trails that so many in and around Boulder enjoy as much as possible. Trail repair and maintenance is currently underway and local trails are starting to open again
So, Boulder was definitely hit by the flood. But, life is returning to normal now. As the water has receded, we still a vibrant Boulder real estate market. Whether you’re here for vacation, or getting relocated, please feel free to give me a call. I am happy to sit down with you and discuss this in more detail with you.