Are you interested in Boulder real estate for sale but think the market is at the peak? Well, many people have thought that same thing for several years. But, inventory of resale homes is scarce and prices haven’t slipped. In fact, they have continued to escalate. And, there are fewer homes for sale right now than all last year. Its’ a supply and demand thing.
The attraction to Boulder has always been almost hypnotic. The stellar scenery and views are impressive even on the drive into town from Denver. As you crest the top of the hill, the Boulder valley below and mountain backdrop is impressive.
The University of Colorado adds to the cultural and academic flavor of this town. The historic downtown area is charming and was renovated further by the establishment of the popular Peal Street Mall with shopping, restaurants and fabulous “people watching”. White collar employment has been substantial for many decades. IBM and other tech companies put boulder on the employment map since at least 1960’s But, now there is a new player coming to town. And this is a big deal.
Real Estate Demand From Google
The number of homes for sale actually in the town of Boulder is lower today that it was all of last year. That’s an incredible lack of supply to hungry real estate market. While inventory of homes increases in the Spring typically, that’s also when homes sell for the highest prices causing most of annual appreciation. Strangely, overall sales volume dropped 7% in 2015 but prices of single family homes and condos are up 14% overall. That even includes 41% of homes priced over $750,000. That is likely because the amount of inventory was so limited in 2015.
Many folks have heard that Google is coming to town. Whoa, that is a potential game changer in and of itself. It is going to be building a state of the art campus for up to 3,000 new employees in the coming years.
Google is also helping the City of Boulder fund a large affordable housing project in town. They are coming to town for the long term and this could be just the beginning.
Back in November of 2015, Boulder captured attention when data was released showing the average 4 bedroom house in Boulder was then worth one million dollars. In my opinion, once Google’s employees get to town that number is likely to increase substantially. Imagine the home prices of Polo Alto relocated to Boulder along with some top level executives!
Boulder Real Estate For Sale
Boulder Suburbs Are Affordable
So, if you want to live in Boulder but can’t afford a $1M price tag, what can you do? Surrounding towns such as Louisville, Superior, Broomfield and Lafayette are all more affordable options that still feed into the sought after Boulder County School District. Last year that I wrote about Louisville and everything my town has to offer. After all, it’s close enough to Boulder and even closer to our world-class Flatirons shopping mall and downtown Denver.
Broomfield is only 15 minutes commute to Boulder. It has the Flatirons regional fashion mall for shopping. The schools are well rated also. It has become a popular alternative for those who work in Boulder. More affordable housing prices are a big reason why.
Some folks are even considering Erie as an alternative. That’s another northern Denver suburb about 25 minutes away from Boulder. Like Louisville, it has won many awards for it’s lifestyle and quality of life. Home prices there are dramatically lower and the town is still charming and fun.
Remodeling Is An Option
If you’re set on Boulder, but don’t want to pay some of the highest prices in the Denver metro area, I have a lot of experience with home remodels and would be happy to discuss how you can still buy Boulder real estate at the lower end. If you can buy a decent small home, adding space and renovating it to today’s standards can be an option to keep your overall home price below $1m in Boulder itself.
It just involves the hassle remodeling after your purchase. You could be living in sawdust for a while but the savings could also be substantial. This scenario will be a huge benefit in the end with all the equity you will most likely build with a remodel. Like any remodel, you have to “buy it right” and that can involve finding a listing before it comes onto the market. That’s where you need a good Realtor who doesn’t just depend on the MLS listings alone. That’s one of ways I help my clients. when they can buy it right I know they will be pleased with the final result. Ask me any question about remodeling, Boulder suburbs or how to buy it right in Boulder.