September Real Estate News

September Real Estate News

September Real Estate News
It is hard to believe that September is almost gone and fall enters tomorrow with the Autumnal Equinox. With all of the heavy rains we incurred in May and June, it almost feels like we were robbed of our typical summer. Though it was a nice change to see Boulder green all summer. We truly hope you enjoyed your summer and now are settling into the school year. 

Although summer is over, that does not mean the fun stops in Boulder. In fact, fall is one of the most popular seasons in our town. Whether it's taking in a hike, grabbing food with friends on Pearl Street, cheering for the Buffs, or seeing a show at Red Rocks, the front range is second to none for fun in fall. In this month's edition, we decided to write a blog on the top 10 places to mountain bike. Please check that out and if there are any good rides that we missed, please reach out and we will be sure to add them.

In local (and national) news, the Colorado Buffalos seem to be the biggest story in sports. Not only has Coach Prime turned our team around in a short timeframe, but the "Prime Effect" has had a huge bonus for our area financially. Apparently the Nebraska game alone brought in $18M in extra revenues to the Boulder economy. Nationally the Buffs are a hit as well. For those who watched the exciting double overtime victory against CSU last weekend, you were not alone. According to ESPN, it was the most-watched late-night college football game ever! With all of the attention on Boulder right now, it's hard to believe that demand for homes and investments won't also have the same "Prime Effect"!

In Real Estate news, things seem to be finally cooling on a macro level. In a highly anticipated move, the Federal Reserve announced Wednesday that they will NOT be raising rates. The inflationary figures (CPI index and jobs report) were all favorable and rates are slated to stay put for a while. Many analysts are predicting the Fed to start cutting rates by Q2 of 2024 and maybe even sooner. What this means for investors in Real Estate is stability and hopefully lower interest rates.

While this is great news for Buyer's and Seller's alike, can we expect to see interest rates where they were during the pandemic? The answer is, probably not. Does this mean that people will not be buying and selling? The answer is, no. In fact the demand for inventory is still high and we are still seeing bidding wars for desirable and well-priced homes. The reality of the situation is this, the economy is robust and is growing, the labor market is strong and the demand for homes is still high while the inventory levels will likely remain low. We are in an environment where 1/4 of homeowners have a conventional interest rate under 3%, and 92% have one under 6%. This means that supply will continue to be low and therefore hold prices constant and potentially increase once rates decline. 

Please contact us today if you have questions or think it's time for a move or investment purchase. Regardless of timing, now is more important than ever to have a seasoned and knowledgeable agency putting your goals first. 
Boulder County Metrics:
Boulder prices have remained stable for the year. Despite falling prices nationally, the average sales price in Boulder is down almost nothing at half a percent and 4% on the median! What does this mean, basically Boulder is historically a strong market and in the longterm horizon, a safe and fruitful place to invest your money.

Taking a look at this month's stats, you can see that Month's Supply is up to 2.9 and almost a full month higher than last year at this time. That is the closest to a balanced market we have seen in years (3 months signals a balanced market). According to the Market Action Index prices have stabilized and we are still in a "slight" sellers market. GREAT NEWS for everyone. 

At SRE, we are predicting prices will continue to rise as rates drop. We are seeing a high demand and very low inventory (New Listings and Sold Listings are down 11.4% and 17% respectively for the year). 

If you are a Seller, now is an amazing time to try to list your home before the holidays to see if there are any sellers trying to take advantage of the market. Similarly, if you are a buyer, now is an amazing time if you can afford the higher rate and lock in a low price prior to refinancing in a couple years (the increase in your home's price over the interim should more than offset the premium you pay in financing).

For those with available cash, now is an excellent time to invest. For those without cash and equity in your current property, please look into a HELOC as a potential source for a purchase or downpayment or you can try buying with a contingency. Also, SBA Loans could be an option if you are looking for real estate for your business. Basically, there are a number of financing options available.

Please contact contact us today for creative and easy ways to finance your next purchase. We also have an extensive list of providers if you would like a recommendation--we just purchased our new home this year, so we are very familiar with rates and what to expect in this current climate!
Colorado Association of Realtor's Market Summary - Boulder
Colorado Association of Realtor's Market Summary - Denver Metro

Top 10 Rides in Boulder, CO

Boulder is a paradise for outdoor enthusiasts, and its mountain biking trails are no exception. With its stunning natural beauty and a thriving cycling community, Boulder offers an array of trails that cater to mountain bikers of all skill levels. Whether you're a seasoned rider or a beginner looking to explore the world of mountain biking, Boulder has something to offer. Here is our ten top places to mountain bike:

  1. Betasso Preserve: Located just a short drive from downtown Boulder, Betasso Preserve offers an excellent introduction to mountain biking in the area. The Canyon Loop is a popular trail here, featuring a mix of smooth singletrack and challenging climbs. Riders can also connect to other trails in the nearby area for longer adventures.

  2. Marshall Mesa: This network of trails south of Boulder offers a variety of routes, including easy and moderate options. The area is known for its wide-open spaces, making it perfect for beginners and families. The Doudy Draw Trail provides stunning views of the Flatirons and is a local favorite.

  3. Hall Ranch: For intermediate and advanced riders seeking a more challenging experience, Hall Ranch in Lyons is a must-visit. The infamous Bitterbrush Trail is known for its technical features and exhilarating descents. Be prepared for steep climbs and breathtaking vistas of the Rocky Mountains.

  4. Walker Ranch: Another gem in the foothills and our personal favorite, Walker Ranch offers a mix of technical sections and scenic beauty. The trail features rugged terrain and switchbacks, making it ideal for riders looking for an exciting challenge.

  5. Heil Valley Ranch: Situated just north of Boulder, Heil Valley Ranch boasts a variety of trails suitable for riders of all levels. The Wapiti Trail is a popular choice for intermediate riders, offering a thrilling downhill experience.

  6. Picture Rock Trail: Located near Lyons, the Picture Rock Trail is a relatively new addition to Boulder County's trail system. It's a moderate ride with a gradual ascent and fun descents, all set against picturesque views of the Front Range.

  7. Switzerland Trail: For a historical adventure, try the Switzerland Trail, which follows an old railroad route. This trail offers a mix of terrain, including gravel paths, doubletrack, and more technical singletrack. It's an excellent choice for longer rides and exploration.

  8. West Magnolia Trail System: Located just a short drive from Boulder, the West Magnolia Trail System offers over 40 miles of trails through dense pine forests. This area is especially popular for fat biking in the winter, but it's equally enjoyable in the summer. It can be challenging to navigate and might be best to tag along with someone who knows the system the first time you go. 

  9. Sugarloaf Mountain: Sugarloaf Mountain provides a challenging climb and rewarding descent with sweeping views of the surrounding valleys. This is a hidden gem that's perfect for riders looking for a secluded experience.

  10. Rabbit Mountain: Rabbit Mountain offers a mix of trails for riders of all levels. From leisurely family rides to technical challenges, this area provides a diverse range of options. The Eagle Wind Trail, in particular, offers stunning panoramic views of the plains and mountains.

    We are fortunate to have an abundance of mountain biking opportunities, from gentle cruises through scenic landscapes to heart-pounding descents and technical challenges.  Don't forget to respect the trails and fellow riders, and always wear appropriate safety gear for a memorable and safe biking experience.

Featured Properties:
SOLD: 2591 Ginny Way, Layette 80026

Congrats to our buyers who moved out of their starter home into this amazing Blue Heron property. Originally beat to the punch to have our offer accepted, we put in a back up offer and won! This is an example of where, "what's meant to be, will be". It warms our hearts to see this growing family play on the trampoline and littles swinging in the front yard.

Property Description:
This beautiful home situated in the gated Blue Heron Estates has been renovated from top to bottom, boasting remarkable features that will leave you in awe. The kitchen has been expanded to provide ample space, while the walk-in pantry is spacious enough to accommodate all your storage needs. Upstairs, you can indulge in the luxury of three spacious bedrooms and a 5-piece primary bathroom with winter Flatiron views, which is sure to leave you feeling relaxed and rejuvenated. The basement features a media room, exercise room, guest bedroom, and home office, all designed with your comfort and convenience in mind. The charming backyard has a deck & pergola and the yard is adorned with mature trees, peonies, and ample space for sports and entertainment. The Blue Heron community amenities include a pool, playground, tennis court, and a 4-acre park, making it the perfect place to unwind and enjoy life to the fullest.
SOLD: 1714 Pine St, Boulder 80302

We were so happy for our Buyer from back east. The property is right downtown and has a high level of charm and elegance (to say the "vibe" is amazing is an understatement). Because the property is a duplex, our owner is able to both live at the property and also rent it out as an investment.

Property Description:
Classic simplicity surfaces throughout this turn-of-the-century Whittier duplex home. Endless potential for personalization or rental income is presented w/ a 4-bedroom, 2-bath main home and a rear 1-bedroom, 1-bath apartment. An inviting front porch welcomes residents into the main home flowing w/ handsome hardwood flooring and high ceilings. A light-filled living room flows into an updated kitchen featuring stainless steel appliances and all-white cabinetry. A stackable washer and dryer set is an added convenience. Enjoy relaxing and entertaining outdoors in a large, fenced-in backyard. Retreat to the rear apartment featuring a private entrance and a newer kitchen and bathroom. Additional upgrades include Anderson double-hung replacement windows, a newer Lennox high-efficiency furnace/central A/C, a newer roof and a new Rannai high-efficiency tankless hot water heater. An ideal location just two blocks from Pearl Street affords easy access to restaurants and shops plus nearby trails.
Sold: 1385 Atlantis Ave. Lafayette, CO 80026

Congrats to our Buyers and Seller's (we represented both sides) on this amazing home in Lafayette. For our Buyers, they were looking for a home that would house their relatives and also have income generating potential. Because this has an ADU in the basement, it was a perfect fit and only minutes from their family home. For our Sellers, they did an amazing job preparing their home for sale in such a short time. We decluttered, depersonalized, painted, and moved in under 2 weeks. We priced this home aggressively and ended up selling it $20K over ask in just 10 days!. It was a lovely transaction and it's always nice to cut out the middle person and be able to communicate directly to both parties as what is called a "Transaction Broker".

Property Description:
Centrally located to both downtown Lafayette and Louisville, this impeccably maintained 5 bedroom, 3 bath home boasts an open concept kitchen and newly renovated outdoor space. Entertain guests on the patio and watch football this season (>$70k in outdoor landscaping). Freshly painted exterior, mother-in-law suite downstairs with its own kitchen (the upstairs even has it's own washer/dryer hookup for separate rental/ADU). Close to Waneka Lake trails and blocks from Angevine Middle and Centaurus High Schools.
Get a free home evaluation
SOLD: 1405 Broadway St 101, Boulder, 80302

This was an amazing, quick, frills free transaction. Our investor was so thrilled to find the perfect investment for what is slated to be the low point in the real estate market in Boulder. Get in now before interest rates go down and prices and demand go up!

Property Description:Great investment condo just steps from campus. You can't get any closer to campus without living in the dorms! A block from University Hill. Cute 1 bedroom 1 bathroom condo with maple cabinets, granite countertops, wood burning fireplace, covered parking space, storage closet and washer / dryer in unit! An adorable screened in porch for extra living space or extra storage for skis / bikes etc, The location is great with close access to the covered parking from screened in porch. HOA covers heat, water and trash. Great little unit with tons of potential. Two hotels and conference center being constructed across the street so parents or guardians of a student in this unit can stay right next to the unit! Leased through July 31, 2024 for $1850 / mo.
We are proud of our boutique brokerage and the ability to win contracts and provide exceptional service in this unbelievably competitive market. With almost all of Boulder's brokerages being national and part of a big brand, we are one of the few small, family-owned, local real estate brokerages left. We promise to provide you the highest level of service and complete knowledge of the local market place.

The only way we are able to continue to grow is through our client and friend referrals. Thank you for trusting us, and please keep the referrals coming. We appreciate it more than you know! We want to be the best team we can be for you and will continually focus on creating value and a superior experience for our clients. 

Please contact us any time and, as always, thank you for choosing us as your trusted real estate experts!
Sandrock Real Estate
Real Estate Professionals
Office: 720.704.1769
Mobile: 303.249.5599
[email protected]
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