Monday, February 11, 2008

Rough Waters

by Osman Parvez
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Looks like the Camera is finally reporting what I told readers about a month ago...

From Rough Waters:

Nationally, 2007 was a disastrous year in the residential real estate market, with new home sales plunging 26.4 percent, median sales prices barely gaining and foreclosures skyrocketing 75 percent. While it was rough in Boulder and Broomfield counties, as well, things weren't nearly as bad locally as on the national scene.

In Boulder County last year, sales of new and existing homes dropped nearly 7 percent and foreclosures jumped 28 percent to hit a record high. Home sales were much better in Broomfield, where a 0.5 percent increase was logged over 2006 -- but foreclosures still spiked by 31.3 percent.

And though median sales prices did climb in some areas, they did so at a much lower rate than they did from 2005 to 2006.Of course, what really matters is the market relative to your unique situation. If you have a 3 bedroom Martin Acres ranch, the market for $1MM+ condos downtown is irrelevant. If you want to buy a historic home on Mapleton, do you care what the market is like in South Boulder? Of course not. This is why I publish the House Einstein Home Index and the Luxury Home index index. Meanwhile, if you're serious about buying or selling, talk to you agent and ask them for an opinion of value.



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1 comment:

  1. I was laughing out loud when I saw that article - I don't remember the Daily Camera saying we were in trouble in 2007 and then they had the gall to say we were pulling out of it now in Boulder! Nice that they gloss over the downturn all year and then annouce the good news that we are pulling out. Unbeleivable. And totally untrustworthy. Then again, all you have to do is look at who the Daily Camera's advertisers are in the Monday section (mostly brokers) and it's easy to see that they are not printing unbiased real estate market news - I wonder if home buyers will sue them for that when they look back and see that they published false information to prop up the market well into the down turn.

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