Longmont`s roots come alive in old neighborhood

DISTINCTIVE
HOMES
OF THE BOULDER VALLEY
Westside
charm
Longmont’s roots come
alive in old neighborhood
PAGE 3
APRIL 2015 | BIZWEST | THE BUSINESS JOURNAL OF THE BOULDER VALLEY AND NORTHERN COLORADO
Distinction, Achieved.
NIWOT | 6470 CHERRY COURT
Elegant European style describes this custom handcrafted
home. Tuscan stone columns & ornate railings are a few
of the details in this phenomenal home.
6 BR * 8 BA * 9748 TSF
(754108) * $2,998,000
BOULDER | 9410 OWL LANE
This estate home at The Farm In Boulder Valley backs to
Boulder County open space with uninterrupted views of
the mountains.
5 BR * 7 BA * 7861 TSF
(755298) * $2,247,000
NIWOT | 6533 PRIMROSE LANE
Rare opportunity to own an architectural gem in coveted
Bellevue Heights near Chautauqua Park & nestled below
the majestic Flatirons.
5 BR * 3 BA * 3849 TSF
(759323) * $1,550,000
BOULDER | 3731 19TH STREET
LONGMONT | 6950 RABBIT MOUNTAIN ROAD
NEDERLAND | 7500 MAGNOLIA DRIVE
BOULDER | 7400 SUNSHINE CANYON DRIVE
BOULDER | 1584 OLD TALE ROAD
BOULDER | 1505 SUNSET BOULEVARD
BOULDER | 1440 BELLEVUE DRIVE
Splendid in every way! Exceptional views from the rooms
you live in most. Perfect floor plan for entertaining.
Impeccably & tastefully decorated.
5 BR * 6 BA * 6392 TSF
(757702) * $1,675,000
Stunning custom home! Luxury abounds in this
Colorado Mountain-style custom home on a
beautiful orchard-like 3/4 acre lot.
5 BR * 5 BA * 5628 TSF
(756646) * $1,497,700
This property is at the high point of prestigious Sunset
Blvd with main level views of Flatirons to the Southwest,
foothills to the Northwest.
4 BR * 3 BA * 3738 TSF
(758928) * $1,450,000
BOULDER | 1070 JUNIPER AVENUE
Private 1/2 acre estate. Casual, private warmth and
comfort. Fabulous indoor & outdoor living spaces.
Amazing yard.
5 BR * 5 BA * 5323 TSF
(756121) * $2,379,000
Exquisite home on one-half acre with tall
trees & rose gardens. Gourmet kitchen has
top-of-the-line appliances.
5 BR * 6 BA * 5021 TSF
(758178) * $1,495,000
Very sunny & private estate on 40 acres with expansive
mountain & valley views. Beautifully finished with
cathedral ceilings, oak & tile floors & more.
3 BR * 3 BA * 3479 TSF
(756767) * $1,385,000
2425 CANYON #110 | 1320 PEARL
303.449.7000 | WWW.BOULDERCO.COM
Equestrian estate in a private lush meadow setting.
Boulder County at its finest. Custom home with beautiful
mature landscaping.
3 BR * 5 BA * 4628 TSF
(756976) * $1,495,000
Superb style & quality! Dramatic views! Stylistically,
Mediterranean with sophisticated finishes set on 5
private acres!
4 BR * 5 BA * 4618 TSF
(757398) * $1,300,000
3
COVER STORY
JONATHAN CASTNER/FOR BIZWEST
A stroll past a historic home’s white picket fence elicits a feeling of small-town days gone by on Longmont’s Westside.
287
Longs Peak Ave.
Main St.
3rd Ave.
Sunset St.
Historic
Westside
LONGMONT
S Pratt Parkway
Boston Ave.
Di
ag
on
al
Hw
y.
119
BY HEATHER McWILLIAMS
Wide streets edged by towering trees
ring late Victorian-era brick and woodframed homes in Longmont’s historic
Westside.
Bathed in small-town charm and
steeped in city history, the neighborhood
offers a distinctive lifestyle with a wave
of modern growth and development
sweeping through that’s capturing interest among new folks.
“I get buyers that come here from
APRIL 2015
Westside
charm
LONGMONT’S ROOTS COME ALIVE
IN OLD NEIGHBORHOOD
California and Florida and other parts of
the country, and they feel like they are
transported 50 years back in time,” said
Cory Dudley, broker and owner of Old
Town Real Estate Co. “This slower pace
of life and great community really speaks
to them.”
Westside rests along and near Third
Avenue west of Terry Street in Longmont,
beginning just blocks from downtown.
Dudley has two listings in the neigh-
ON THE COVER
Cory Dudley, broker and owner of Old Town Real
Estate Co. in Longmont, displays a home for sale
at 327 Terry St. on Longmont’s historic Westside.
JONATHAN CASTNER/FOR BIZWEST
See Westside, 4
DISTINCTIVE HOMES
BIZWEST.COM
4
COVER STORY
JONATHAN CASTNER/FOR BIZWEST
The Callahan House, built in 1892, was presented to the city of Longmont in 1938 by the Callahan Family, who intended it to be used as a meeting place and
social center for the community.
Westside from 3
borhood – at 333 and 327 Terry St. The
homes list at $368,000 and $389,000
respectively, and boast the character and
detail of a time gone by. The 327 Terry St.
property was built around 1874, Dudley
said. At nearly 2,700 square feet, it’s large
for its era.
Called the McFarland House, the home
was purchased in 1971 by Beulah Morton
and her husband Lt. Col. Langdon L. Morton, Jr. after he retired from the Army. They
operated a reservations-only luncheon room
serving guests for several years in the days
before any sort of Longmont restaurant scene
unfurled. They called it Candlelight House.
“It sure was a good way to get acquainted
with a new town,” said Beulah Morton.
The house sports coal-chute fireplaces
with carved wooden mantels. An original
mahogany banister borders a curved staircase to the upper-floor bedrooms and a
Mansard-roofed tower once topped by a
widow’s watch. Detailed tin ceilings cap the
old-fashioned appeal in some rooms.
“I was so proud of the metal ceilings,”
APRIL 2015
Morton said. “It’s so distinctive and ... it has
depth and you wouldn’t find it in homes
very often.”
She made the decision to sell the property after her husband’s death in November.
The Mortons bought the adjacent property at 333 Terry St. soon after. It has similar
personality. Langdon Morton sold artwork
featuring local artists and antiques there for
years, calling it Candlelight Gallery.
Such charming buildings lace the Westside neighborhood, but that’s not Westside’s
only asset.
“It’s a small-town feel and very friendly,”
Morton said.
That feel fuels people’s desire to join the
area, Dudley said.
“The historic Westside is very sought
after and very desirable not only for homes
and schools but the sense of community,”
he said. “These are the types of people who
want to have neighbors and a front-porch
lifestyle.”
Bike nights, walkability to restaurants,
breweries and coffee shops, dozens of family-friendly events and parades all create a
crescendo of community in Westside – not
to mention the quickly expanding down-
DISTINCTIVE HOMES
town art scene, Dudley said.
That art scene further magnetized the
Terry Street region. The Longmont Downtown Development Authority planted an
arts renaissance four years ago, said Kimberlee McKee, director of the DDA. It’s been
blossoming ever since.
“In the last four years we’ve seen a lot of
new business come in; more creative-based
employers, more arts and entertainment,
music, restaurants and brewers all in the
downtown footprint,” McKee said.
The downtown area was officially designated a Colorado Certified Creative District
last year, said McKee, and Westside residents can select from a buffet of interactive
arts galleries, classes, lessons or live music
venues including the Dickens Opera House.
“I think along with all that, retaining our
authenticity and the historic nature of the
district is very important and valued down
here,” McKee said. Downtown’s solid stock
of historic buildings echoes the Westside
neighborhood character.
Another Westside staple sits on Terry
Street. The city-owned Callahan House,
built in 1892, anchors the neighborhood
with its russet brick, two-story frame. More
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PHOTOS BY JONATHAN CASTNER/FOR BIZWEST
Tree-shaded sidewalks, distinctive architecture, timeless décor and public artwork are all part of Longmont’s Westside neighborhood. The slower pace and
sense of community appeals to homebuyers and visitors alike.
than a century ago, the Callahans owned
Longmont’s thriving mercantile, the Golden
Rule, said Kathy Korpela, the Callahan
House manager. Golden Rule stores notably
employed James Cash Penney, who eventually opened the J.C. Penney departmentstore chain.
The Callahans settled on Terry Street
in part for its walkability to the Golden
Rule’s downtown location, and valued the
Longmont community so much that they
donated the house to the city in 1938. It
now opens to the public and school groups
for tours, hosts weddings and events, and
offers bridge clubs on a regular basis, Korpela said.
Houses with similar character pepper the
Westside. While younger, affluent people
often snap up sales, they don’t typically
pop-and-scrape.
“People are just appreciating their roots
rather than destroying them and creating
something new, restoring instead of knocking it down and starting over,” Korpela said.
The Mortons’ Terry Street properties,
currently flanked by parking lots, once
were bordered by homes. History may
soon repeat itself with a building project
APRIL 2015
at the former parking lot at the northwest
corner of Fourth Avenue and Terry Street,
diagonally across from the former TimesCall building. Construction has just begun
on a batch of brownstone townhomes, and
Dudley said several of the units already are
under contract.
“The Brownstones are starting at over
$400,000 each. That could bring in a bunch
of these younger hipsters and millennials,”
Dudley said, describing them as typical clients attracted to the area’s family-friendly,
community atmosphere.
He suspects future building will replace
other parking lots soon. Additionally, the
Times-Call building at 350 Terry St. will
soon house a business incubator and commercial space.
Korpela sees the changes and notes the
unique brew simmering in the small-town
haven.
“I think it’s becoming more commercial
with the addition of so many businesses,”
Korpela said, “but with the Callahan House
on one end (of the block) and the future of
Longmont business on the other, it’s really
an interesting juxtaposition of the past and
the future.”
DISTINCTIVE HOMES
“THE HISTORIC WESTSIDE
IS VERY SOUGHT AFTER
AND VERY DESIRABLE NOT
ONLY FOR HOMES AND
SCHOOLS BUT THE SENSE
OF COMMUNITY,” HE SAID.
“THESE ARE THE TYPES OF
PEOPLE WHO WANT TO HAVE
NEIGHBORS AND A FRONTPORCH LIFESTYLE.”
Cory Dudley, broker and owner,
Old Town Real Estate Co.
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Stainless steel hardware
on cabinets and faucets is
leading the way, according to Melton Design Build
in Boulder, with an eye
toward matching the look
with light fixtures.
COURTESY STUDIO Q PHOTOGRAPHY
APRIL 2015
DISTINCTIVE HOMES
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LUXURY
Remodels that cook
KITCHEN UPDATES FOCUS ON COLOR, SLEEK DESIGN AND CONVENIENCE
BY ELIZABETH GOLD
Like moths attracted to light, people tend
to be drawn to the kitchen. More than merely
a functional room, the kitchen often serves as
the social hub where everyone gathers.
It’s no wonder, therefore, that homeowners target kitchens as one of the more popular
rooms to remodel. They’re prime spots to
show your flare and likely to be seen by more
family and friends than, say, the closet in your
guest room.
With so many options and choices, though,
where to start?
Like-minded people in the area kick off a
kitchen remodel by considering the top three
categories – colors, finishes and technology,
according to Renée Urbanowicz, senior interior designer at Melton Design Build in Boulder.
And if you’re looking for current trends,
consider what other homeowners are looking for – easy maintenance, sleek design and
convenience.
“The forecasted color for 2015 is guilford
green,” Urbanowicz said. “Benjamin Moore
releases a new palette every year, and this is
the one for 2015.”
Muted blues and greens stretch the look,
and pops of bold colors – such as painting one
cabinet or one wall differently from the rest
– are in style.
In terms of finishes, stainless steel hardware on cabinets and faucets is leading the way
with an eye toward matching the look with
light fixtures. “We’re also seeing some warmer
tones of brass and bronze,” Urbanowicz said.
Nate Burger, Eco Handyman owner and
licensed general contractor, sees an interest
in the sleek and modern look over extensive
ornamentation for things such as cabinet
doors and knobs. Unembellished, flat cabinet
doors and long horizontal bars for handles fill
the bill.
Urbanowicz described the look as clean
and streamlined, modern and contemporary,
and simple.
“People are also interested in making things
more accessible so they don’t have to do crazy
maneuvers to get something,” Burger said.
An example is choosing drawers that slide
open rather than using traditional cabinets
that often require an on-the-knees position
and stretch to reach a cooking pot.
Both Urbanowicz and Burger see homeowners moving to quartz over granite for
countertops.
“Even though granite is beautiful – a piece
of artwork, really – quartz is extremely durable, easy to clean and doesn’t require much
maintenance,” Urbanowicz said.
“Plus, granite needs to be sealed yearly, and
quartz does not,” Burger said.
In terms of technology, homeowners are
interested in touchless faucets that enable
cooks to bump them with an elbow when
their hands are full.
“There’s also a big trend toward smart
APRIL 2015
COURTESY FOTO IMAGERY
Melton Design Build is seeing a trend toward warm hardware tones such as bronze and pops of color in
today’s high-end kitchen remodels.
Eco Handyman sees
an interest in the
sleek and modern
look over extensive
ornamentation
for things such as
cabinet doors and
knobs.
COURTESY NATE BURGER /
ECO HANDYMAN
appliances,” Urbanowicz said. In addition to
other household equipment being controlled
by smart phones, kitchen appliances are putting homeowners more in charge whether
they’re home or not.
The option allows you to preheat the oven
on your commute home, having it ready to
slide the chicken in when you walk in the front
door. Some refrigerators can let you know
when it’s time to start grocery shopping for
holiday meals or let you scan grocery recipes
to keep track of what’s running low.
Top-line refrigerators can let you know
when one of its contents is about to expire or
recommend recipes based on what’s inside.
“We put USB ports into outlets in kitchen
remodels so homeowners can have a charging
station handy rather than having to go to a
desk or the bedroom,” Urbanowicz said.
Other trends include knocking down walls
and adding LED lighting, according to Burger.
“Generally, people want to open the space
of their kitchens and flow from the inside to
the outside as well as into the living room,” he
DISTINCTIVE HOMES
said.
Adding LED light strips under upper cabinets increases energy efficiency by illuminating the task at hand, such as cutting vegetables.
“In Boulder, people try to use natural materials,” Burger said. “It mixes a slick, modern
look with the warmth of nature.”
That can mean adding natural flagstone or
natural wood.
“I put a sliding barn door in my own kitchen, for example,” Burger said.
Like most everything, costs depend on
budgets. Remodels on which Melton Design
Build has worked range from about $60,000
to $125,000, according to Josh Fiester, sales
manager.
Eco Handyman has completed small kitchen changes such as moving sinks over or putting in islands. The company also brings in the
architect and designer it works with when the
job calls for more.
“We’re open to smaller projects,” Burger
said. “If someone doesn’t have $50,000, we
can implement smaller, more usable designs.”
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RESIDENTIAL SPOTLIGHT
PHOTOS COURTESY ROCKIN’ MEDIA
The property in downtown Niwot includes the house and a three-car garage on a 0.66-acre rectangular lot.
The kitchen has top-of-the-line appliances and a farm sink.
Warm summer days and nights can be enjoyed on the spacious front porch.
Timeless style
on Neva Road
Location: 7923 Neva Road, Niwot
Price: $1.45 million
Size: 4,479 square feet
Overview: Built in 1918 and remodeled in 2008, this
charming four-bedroom, five-bath house in downtown
Niwot has the look of a period home but with modern
conveniences. Features include wainscoting, crown
molding and custom display cabinets.
Cool features: A 400-square-foot studio provides
private quarters for visits by friends and family. The full
lower level has a 1,000-bottle wine cellar, bar and wired
media room.
The home boasts three fireplaces and hardwood floors.
APRIL 2015
Use your tablet or
mobile device to
access more details
about this property.
Listing agent: Karen Bernardi, The Bernardi Group,
303-402-6000.
DISTINCTIVE HOMES
BIZWEST.COM
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The house has vaulted ceilings, a separate dining area and wet bar.
A 6-foot cedar fence and steel gates surround the property.
Close-in
country home
Location: 4415 47th St., Boulder
Price: $2.2 million
Size: 5,497 square feet
Overview: Energy efficient and green features adorn
this four-bedroom, four-bath home minutes from
downtown Boulder. The functional floor plan and
bright open spaces are complemented by a wholehouse water filter, electric solar system, ultraviolet/
infrared air purifiers, high-efficiency on-demand hot
water unit and more.
PHOTO COURTESY GOODACRE AND CO. REAL ESTATE
The home’s master bathroom includes a jetted tub and dressing table.
Use your tablet or
mobile device to
access more details
about this property.
Cool features: Situated on almost an acre of professionally landscaped ground, the property has a well
that is used for irrigation. Outdoor living space off decks and balconies boasts
great views.
Listing agent: Tim Goodacre, Goodacre and Co. Real Estate, 303-817-9300.
The property has a balcony, carriage house, deck, lawn sprinkler system, oversized garage and patio with RV or boat parking.
APRIL 2015
DISTINCTIVE HOMES
BIZWEST.COM
10
WHAT YOU GET FOR $750,000
Louisville’s
allure puts
pressure
on prices
JONATHAN CASTNER/FOR BIZWEST
Stephanie Iannone, owner-broker of Housing Helpers-Boulder, shows off the entry to a home for sale for
$750,000 at 540 Coventry Lane in Boulder.
BY ELIZABETH GOLD
The Colorado housing market isn’t slowing
down and continues to entice more potential
house buyers than house sellers.
It’s a sign of Colorado’s economic boom,
according to Stephanie Iannone, owner-broker
of Housing Helpers-Boulder.
Properties in Louisville are in particularly
high demand, she said. Iannone currently is
listing a property at 540 Coventry Lane in
Louisville for $750,000.
“It’s not unusual for homes in Louisville
to have 30 showings in one weekend and 15
offers,” Iannone said. “And most properties
are getting multiple offers.
“It’s a very competitive market here – Louisville continually is ranked among the top
places to live in the country.”
The draw includes good schools, a cozy
community and outdoor activities. Being able
to walk to downtown restaurants and shops
adds appeal.
“Schools are driving factors because the
only way to get into some of them now is to
be in the neighborhood,” she said. “The schools
are full.”
The most common price point sales in
Louisville is in the $500,000 to $700,000
range, according to Iannone. Because of the
low inventory in that range, prices are on the
upswing.
Another result of the limited number of
properties available is a race to seal the deal
before someone beats you to it.
Although bank loans aren’t a problem, Iannone said, a lot of eager buyers for Louisville
properties are showing up with cash in hand
to increase their chance of beating out the
competition.
“We’re occasionally running into appraisal
issues because price increases aren’t keeping
up with sold comps,” she said. Competitive
bidding is causing selling prices to occasionally jump over appraised values of nearby
properties.
Another factor in the rush to buy comes
from the influx of out-of-state people moving
to the area because the local economy is calling
for increased hiring.
“Real estate agents are busy here, and
it’s the lowest level of inventory since I can
remember.”
APRIL 2015
540 COVENTRY LANE,
LOUISVILLE
See http://www.coloproperty.com/listing/
details/1055281
List price: $750,000
Size: 4,075 total square feet; five bedrooms;
three full baths and one three-quarter bath.
Unique features: This two-story, remodeled
contemporary house was built in 1991 and is
in a cul-de-sac corner lot on 0.7 acres in the
Coal Creek Ranch subdivision.
Inside: The house has wood, slate and tile
floors as well as granite in the kitchen and
baths. It includes an eat-in kitchen with an
island, a separate dining room, cathedral ceilings, a fireplace in the family room, an open
floor plan, a pantry, a 90-percent finished
basement, central air conditioning, a ceiling
fan, forced-air heat, wood floors, window coverings, and a gas range. The master suite includes a remodeled bath and a walk-in closet.
The main level office could be a bedroom.
JONATHAN CASTNER/FOR BIZWEST
A cathedral ceiling and fireplace add space and
warmth to the family room.
Outside: There is a three-space garage, a lawn
sprinkler system and views of the golf course.
Common areas include tennis courts, a pool and
a common recreation area.
JONATHAN CASTNER/FOR BIZWEST
A gas range and island highlight the home’s spacious eat-in kitchen.
DISTINCTIVE HOMES
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11
4279 PEBBLE BEACH DRIVE, LONGMONT
See http://www.coloproperty.com/listing/details/1053620
9466 GUNBARREL RIDGE ROAD,
BOULDER
List price: $750,000
See http://www.coloproperty.com/listing/details/1052018
Size: 3,920 total square feet; four bedrooms; 2 full baths, 1 half bath and 1
three-quarter bath
List price: $757,150
Unique features: Built in 1994, this two-story house sits in the Lake Valley
subdivision on 0.36 acres.
Inside: The house includes an eat-in kitchen with an island, a separate
dining room, an open floor plan, central air conditioning, forced-air heating
and solar domestic hot water. The upper floor master bedroom features
a private deck and a Jack and Jill bathroom. The full walk-out basement
includes a media/game room, in-ceiling speakers and a custom granite bar.
There also is a three-space garage.
Outside: The property boasts a lawn sprinkler system, patio, deck, a common recreation area and a backyard that backs up to a golf course.
Size: 6,124 total square feet; four bedrooms; three full baths
Unique features: Built in 1987, this two-story contemporary house sits on
4.96 acres on a corner lot in the Gunbarrel Ridge subdivision. The house
is sold as is and possibly will need a new roof. Also, the septic system will
need to be inspected and brought into compliance with septic smart regulations at the buyer’s expense.
Inside: The house has a separate dining room, cathedral ceilings, an open
floor plan, wood windows and floors, a walk-in closet, an electric range,
fireplaces in the living room, family room and master bedroom, and forcedair heat.
Outside: There is a three-space garage, lawn sprinkler system, deck and
recreational or boat parking. The property is zoned for horses.
3873 CAMPO COURT, BOULDER
2242 MARINER DRIVE, LONGMONT
See http://www.coloproperty.com/listing/details/1058417
See http://www.coloproperty.com/listing/details/1055650
List price: $750,000
List price: $749,700
Size: 4,954 total square feet; five bedrooms; three full baths and one onehalf bath
Size: 2,711 total square feet; four bedrooms; one full bath and two threequarter baths
Unique features: Built in 1986, this completely renovated two-story house
is in the Palo Park subdivision and sits on 0.13 acres.
Inside: The house has a gas fireplace, cathedral ceilings, a walk-in closet,
wood floors, a two-space garage, a ceiling fan, forced-air heat and a twospace garage.
Outside: The house is on a level lot in a cul-de-sac and includes a lawn
sprinkler system, a patio, and a deck.
Unique features: Built in 1996, this totally renovated two-story house sits
on 0.38 acres in the Shores subdivision.
Inside: The house includes an eat-in kitchen with an island, refinished hardwood floors, walk-in closets, a separate dining room, a workshop, a pantry,
skylights, a gas range, and a walk-in closet. The master bath has a freestanding tub and designer tile. There are two fireplaces and ample storage as
well as a 90 percent finished basement, central air conditioning, forced air,
and a ceiling fan.
Outside: There is a three-space heated garage, a lawn sprinkler system and
a patio. The common area includes a pool, tennis court, common recreation
area and access to Macintosh Lake.
APRIL 2015
DISTINCTIVE HOMES
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DISTINCTIVE STATS
High demand, low supply keeps market hot
David W. Scott
The Boulder area real estate market is hot.
The demand for homes below
$800,000 in Boulder and below
$500,000 in the surrounding areas
is unprecedented. It is being driven
by a severe shortage of listings along
with significant interest from buyers, many of whom are moving into
the area. It is not unusual for new
listings to have 10 or more showings
the first day and to receive offers
from five or more buyers. Home
prices are rapidly rising, and the days
on market (DOM) are declining.
Buyers are dropping contingencies
such as inspections, and cash buyers are the most likely to have their
offers accepted.
The average price of a singlefamily home in the city of Boulder is
$939,957, up from $763,632 at this
time last year. The median price is
$746,516, up from $640,000 a year
ago. These are amazing numbers.
Homes in Broomfield, Lafayette and
Longmont have also experienced
significant appreciation in the past
12 months.
The DOM for homes in Boulder
is down to 57 days, 26 percent below
this time last year. The hottest market measured by DOM is Broomfield, where listings are sold in fewer
than 45 days. Louisville’s DOM is
equally impressive at 54 days.
The ultra-luxury market is heating up. Single-family homes in Boulder above $2 million are selling. Six
of these have been sold and eight
others currently are under contract.
This is double the number of ultraluxury transactions from last year at
this time. Active listings are also up
39 percent, so ultra-luxury buyers
have a larger selection from which
to choose. Unfortunately, the ultraluxury market outside of Boulder is
not experiencing the same type of
demand.
Conventional wisdom indicates
that as prices rise, more homes will
be listed for sale. Unfortunately, the
number of homes currently being
listed is not meeting the market
demand, resulting in upward pressure on prices. This bodes well for
sellers. However, it is a very challenging market for buyers. They
need to have a solid plan and be
ready to act when they find the right
home. Waiting until the market
stabilizes may not be a good plan
because by then a lot of prospective buyers may be priced out of the
market.
This is an exceptional time to
sell, and it may also be the best time
to buy if you can find a home that
meets your needs.
David W. Scott heads the Scott
Group at Colorado Landmark Realtors. Contact him at 303-443-5163 or
[email protected].
Summary of Market Data — March 2015
n Single family homes
n Attached Dwellings (condos and townhomes)
Sale 2014 vs. 2015:
Sale 2014 vs. 2015:
Sold.....................................................913
Sold................................................375
Under contract..................................654
Under contract .............................332
136 more
sold in 2015
Active............................................. 533
SINGLE FAMILY HOMES 76 more
sold in 2015
Active.............................................103
AVERAGE PRICE
MEDIAN PRICE
AVERAGE PRICE
MEDIAN PRICE
City of Boulder $939,957
$746,516
ATTACHED HOMES
City of Boulder $391,893
$312,500
Boulder (mail)
$867,300
$722,000
Boulder (mail)
$376,377
$303,750
Broomfield $428,911 $383,000
Broomfield $251,306 $239,968
Erie $420,325
$407,500
Erie $186,783
$173,000
Lafayette $477,920 $440,182
Lafayette $222,499 $222,500
Longmont/Niwot $386,255 $307,500
Longmont/Niwot
$225,762 $207,000
Louisville $517,857 $497,500
Louisville $657,493 $322,050
Superior $500,905 $427,700
Superior $200,071
$220,000
Boulder area market analysis
Jan. 1 - March 31, 2015
Price
Type
Boulder
Broomfield
Erie
Lafayette
Longmont & Niwot
Louisville
Superior
Totals
Under
Under
Under
Under
Under
Under
Under
Sold
Active Sold
Active Sold
Active Sold
Active Sold
Active Sold
Active Sold
Active
Contract
Contract
Contract
Contract
Contract
Contract
Contract
0–
299,999
300,000 –
499,999
500,000 –
749,999
750,000 –
1,199,999
1,200,000 –
1,999,999
2,000,000 +
Sub-Total
Sub-Total
Total Sales
SFD
1
AD
83
SFD
29
AD
59
SFD
76
AD
16
SFD
50
AD
11
SFD
27
AD
1
SFD
6
AD
2
SFD
189
AD
172
SFD + AD 361
2
50
9
38
48
14
35
5
20
1
8
1
122
109
231
0
21
6
7
27
8
38
8
38
4
40
3
149
51
200
49
42
76
10
32
0
5
0
0
0
2
0
164
52
216
31
19
55
14
45
0
6
0
0
0
0
0
137
33
170
8
8
25
1
37
0
14
0
4
0
3
0
91
9
100
13
20
87
1
15
0
3
0
1
0
0
0
119
21
140
8
7
53
1
27
0
4
0
1
0
0
0
93
8
101
4
3
33
3
17
0
9
0
4
0
1
0
68
6
74
8
24
34
1
17
0
6
0
0
0
0
0
65
25
90
7
21
29
7
14
0
4
0
2
0
0
0
56
28
84
1
2
6
6
9
0
5
0
5
0
2
0
28
8
36
145
56
118
11
28
2
14
0
7
0
0
0
312
69
381
77
32
79
4
27
2
13
0
8
0
2
0
206
38
244
18
12
51
11
40
2
29
0
31
0
19
0
188
25
213
SFD = Single-family detached homes AD = Attached condo and homes
APRIL 2015
0
11
23
9
17
6
3
0
0
0
0
0
43
26
69
0
1
7
0
13
4
10
0
0
0
0
0
30
5
35
0
1
1
1
4
0
1
0
0
0
0
0
6
2
8
1
7
17
0
8
0
3
0
0
0
0
0
21
10
46
0
2
8
1
7
0
2
0
0
0
0
0
10
5
25
0
0
0
0
4
0
2
0
1
0
0
0
3
2
8
Sold
Under
Contract
217
243
384
91
185
27
84
11
35
1
8
2
913
375
1,288
125
132
240
65
174
22
74
5
31
1
10
1
654
332
986
March
Active
Sold
2013
Sold
2014
Increase/
Decrease
31
47
122
29
134
12
98
8
83
4
65
3
533
103
636
92
80
134
25
62
3
23
1
9
0
6
1
326
110
436
93
85
169
45
82
14
49
10
18
0
5
0
416
154
570
1
5
35
20
20
11
26
9
9
0
-1
-1
90
44
134
Source: IRES MLS
DISTINCTIVE HOMES
BIZWEST.COM
13
TOP DOLLAR
n February: A 7,447-square-foot home (above) at 2300 Iris Ave. in Boulder sold
for $4.9 million in February, according to a report released by Coldwell Banker
Residential Brokerage. That made three consecutive months that the most
expensive home sold in the Denver metro area was in Boulder. Daniel P. Caruso,
co-founder and chief executive of Zayo Group in Boulder, purchased the property from the Hoge Family, according to public records. The two-story home has
12 bedrooms, six baths and sits on 6.4 acres. The home, built in 1959, was listed
for $5.2 million.
n January: The metro area’s most expensive sale in January was a 3,100-squarefoot home in Boulder that sold for $2.375 million. Jay Sude sold the luxury twobedroom, three-bath condominium at 1301 Canyon Blvd., Apt. 302, to Clariot
New Albany LLC in Ohio, according to public records. Sude purchased the condominium for $1.95 million in 2011.
n December: The most expensive home sale in the Denver metro area in
December was a top-floor condominium penthouse in Boulder that sold for
$4.401 million. The David Chamberlain Trust bought the three-bedroom, fourbath, 4,400-square-foot home at 1155 Canyon Blvd., Suite 404, from E. Richard
Polk, according to public records. The penthouse, constructed in 2006, had a list
price of $5.33 million.
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APRIL 2015
DISTINCTIVE HOMES
BIZWEST.COM
14
FINANCE
Jumbo loans:
What went up
finally came down
BY JEFF THOMAS
“LOTS OF PEOPLE ARE DEBTAVERSE SINCE THE CRASH.
GUYS WHO HAVE THE CASH
ARE GETTING IT OUT OF
OTHER INVESTMENTS,
OR THEIR BUSINESS.”
Joel Ripmaster
president,
Landmark Homes, Boulder
“AS THE MARKET WAS TRYING
TO GET USED TO THE NEW
RULES, SOME PLACES WERE
GOING OVERBOARD
WITH THE RULES AS THEY
WERE TRYING TO MAKE
SENSE OF IT ALL.”
Jason Thomas
senior mortgage consultant
Premier Mortgage of Boulder.
APRIL 2015
It might not have been a painless six years
for financing high-priced homes, but to see
rates for jumbo loans drop beneath those for
conventional loans should be some comfort to
real estate brokers dealing in those markets.
“It’s about time. It makes sense,” said Joel
Ripmaster, president of Landmark Homes of
Boulder. “These are the guys who have the
ability to pay off a mortgage, and finally the
market has understood that.”
At least the market finally is in agreement
with companies such as Landmark Homes,
which specializes in high-end real estate,
especially in Boulder. But just as it was a curious set of circumstances that drove jumbo
loan rates so high, it’s still a curious set of
circumstance that drove them low.
Even more curious is the fact that the
low rates don’t appear to be driving hordes
of high-end home shoppers to the mortgage
market. Real estate professional still note that
a lack of movement into higher-end homes in
Boulder and Broomfield counties are helping
to keep inventory low.
Essentially, the rates on jumbo loans,
compared with conventional loans, hit a high
in 2009 when they were almost two full
percentage points above those of conforming loans lower-end home buyers can secure
through Fannie Mae and Freddie Mac. In the
bubble before the crash, home buyers often
were forced out of conventional loans by the
high prices, often taking the same bad deals –
interest only, long amortization – as subprime
mortgage holders.
That was actually a year before the qualification rules were changed by the DoddFrank laws, but about a year after real estate
tanked across the nation, with subprime and
other nonconventional loans leading the way.
Following Dodd-Frank, the rules tightened
on jumbo loans, in preference to standard
qualifications such as the ratio of salary to
loan that actually are more attuned to conventional loans.
Or at least that’s what everyone thought.
“As the market was trying to get used
to the new rules, some places were going
overboard with the rules as they were trying
to make sense of it all,” said Jason Thomas,
a senior mortgage consultant with Premier
DISTINCTIVE HOMES
Mortgage of Boulder.
Historically, jumbo rates have trended
about a quarter of a percentage point above
that of conventional loans. Today most indices have been trending about the same, sometimes ranging an eighth of a percentage above
or below, Thomas said, depending on the day.
For instance, on April 6, some web-based
indices for jumbo loans were as low as 3.75
percent, with conventional loans running
slightly higher – with perfect credit and a 60
percent loan to value ratio, that is.
Obviously something has changed with
the secondary market, the big banks that
buy up all that mortgage paper, Thomas said.
One of the principal reasons that jumbo loans
traditionally have been higher than conventional loans is that there is more risk for the
bank that ends up holding the paper.
Because banks typically want a higher
percentage of a down payment and better
credit scores, much of the risk for jumbo
loans come from the sheer size of the loans.
High-end homes also are more vulnerable to
short-term home market trends and tend to
need a lot more time on the market to sell.
Clearly those circumstances haven’t
changed, but the market could be reacting
to the fact that there is a decided lack of
high-end home buyers looking to take out
mortgages, Ripmaster said.
“Lots of people are debt-averse since the
crash,” he said. “Guys who have the cash are
getting it out of other investments, or their
business – 30 to 40 percent of our deals are
cash. Maybe it’s higher than that.
“But they are better risks, because they
are more qualified and they are easier to deal
with,” Ripmaster said. “This is not their first
rodeo; it’s their second, third or fourth home,
and they know what they are doing.”
Mortgage professionals, of course, only
see people who need to borrow money, but
Thomas agreed there was a time when the
market clearly was not catering to the jumbo
loan.
“You heard stories when the market was
tight about people who just didn’t want to go
through the pain of bringing in every single
document people were asking for,” he said.
“And if that money is not risky it deserves
the same price or better than conventional
loans made by Freddie Mac and Fannie Mae.”
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