Boulder Co Real Estate Blog and Homes For Sale

Short Sale In Boulder Area and Northern Colorado

2008-07-14T21:48:00.002-06:00

There are many ways homeowners can lose a home, but signing away ownership from foreclosure or bankruptcy can strip an owner of dignity and their nest egg. The option of a "short sale" or "discounted payoffs" may make more sense for the homeowner; however, there are some issues relating to these kinds of real estate transactions. The first issue, other than the Mortgage Forgiveness Debt Relief Act of 2007, the home owner should be aware the I.R.S. could consider such an act of debt forgiveness as income. There are no guarantees that a lender who accepts a "short sale" will not legally pursue a borrower for the difference between the amount owed and the amount paid. In a few states, the amount is known as a deficiency. The second issue is, even if the property does qualify, not all lenders will agree to do a short sale or discounted payoffs. S o when going though the varying requirements remember the following: When calling the lender do not speak with the "real estate short sale" or "work out" department(s); rather, get the supervisor's name, the name of the individual capable of making a decision. You will receive better cooperation if you prepare a "Letter of Authorization" to the lender (giving the lender permission to speak with third parties). The letter should include the following:
- Property Owners Name
- Property Address
- Loan Reference Number
- The Date- Agent's Name
- Agent's Contact InfoSome of the other documents needed to have a successful short sale are:
•Preliminary Net Sheet
•Hardship Letter
•Proof of Income and Assets
•Copies of Bank Statements
•Comparative Market Analysis
•Purchase Agreement & Listing Agreement

Executive Mountain Home Near Boulder

2008-06-08T17:46:00.005-06:00

Executive mountain retreat located off Peak-to-Peak highway, minutes from Blackhawk/Central City and 45 minutes from Denver & Boulder. Rustic contemporary home built in 2002 is nestled among massive spruce and aspen groves. Home has a large living room area with river rock fireplace and cedar beam and log accents, main floor master bedroom with walk-in closet/office area and bath area with jetted tub and steamshower, spacious country kitchen area with top of the line appliances, forest green distressed kitchen cabinets with granite counter tops. The inclusion of a spacious family room on the main floor and spacious out-door deck areas makes this the perfect home for entertaining. The second floor has two additional bedrooms and a full bath. Wide-plank pine flooring, vaulted ceilings and rock, log and cedar beams makes this the perfect mountain home for the discriminating buyer. Property For Sale = Denver MLS#: 635723 495,000- Single Family Home - 3 Bed2.5 Bath 3,040 Sq. Ft. Built 2002 Dory Lakes 193 South Dory Lakes Drive Golden, CO 80403 For a privat showing of this wonderful home call Gregg @ RE?MAX of Boulder, Inc. 303-875-4907

Big Cat Tracked Down in Boulder Neighborhood

2008-05-15T21:30:00.008-06:00

We've had a rash of Mountain Lion sitings in the City of Boulder recently. Most of the sitings have been in the University Hill area of Boulder. Today a lion was hiding under the deck of a house near 9th and Aurora in Boulder. The lion was tranquilized and taken back to the pine forests in Boulder County. This is becoming common place in Boulder this year. This is the 2nd lion that has had to relocated this year. We share our land with wildlife in and around Boulder and Colorado. There are many resources available to learn about living with wildlife. Here are a few photos of the capture. No one was injured and the mountain lion is headed back to nature. Don't you just love Boulder. It's as unpredictable as Colorado weather. Keep your dogs close especially in the evenings

Now Is A Great Time to Buy in the Boulder Valley

2008-04-23T07:53:00.006-06:00

I'm sure that you are aware that ConocoPhillips has purchased the former Storage Technology Corporation campus consisting of 1.7 million square feet of office space and sitting on 432 acres in Louisville Colorado. This absorption of office space and creation of new job growth will contribute to a continued surge in the commercial market that is already seeing a steep demand for both small and large office space. There have been several other significant transactions in Louisville, Broomfield and Westminster that all are having a positive effect on housing.

The Boulder Valley is often recognized for its contrary viewpoints and we seem to move differently than the rest of the state and nation with our business cycles too. Our local economy is moving upward while the nation faces a period of stagnant growth. Richard Wobbekind, director of the Leeds School of Business Research Division at CU Boulder, States that, "the Boulder County Leading Economic Indicator projects that the Boulder Valley economy will continue to edge forward in the second quarter 2008. It moved upward from 111,8 in the third quarter 2007 to 114.2 in the fourth quarter. This suggests that the local economy will experience continued growth during the upcoming quarter at a time that the nation is experiencing stagnant growth or recession.."

Recent data from the Office of Federal Housing Enterprise Oversight show that housing prices in Boulder County have increased by 2.9 percent in the last year. I believe that one of the reason we are going counter to the national trend is that we saw a decrease in new home construction beginning back in 2006 in this area and that has meant that we do not have the bulging inventory that other parts of the country are experiencing. The County has one of the lowest per capita foreclosure rates in the state and the unemployment level remains well below the state rate. The recent economic developments in the area show that we continue to be an attractive place to work and live.

Boulder Outraged Over Proposed Size Limits

2008-04-01T20:24:00.003-06:00

Dear Planning Board Members:

I am writing to express my concern with Agenda Item #5A on the April 3, 2008 Public Meeting: "Public hearing and recommendation to City Council on approaches to interim regulations that may provide additional limitations in single family zoning districts aimed to protect neighborhood character."

I am opposed to any interim regulations for a number of reasons. As an initial matter, I am concerned that this proposal has been placed on a fast track for approval with little to no input from the citizens of the City of Boulder. The economic impact of any interim regulations on Floor Area Ratio (FAR) is not addressed in any of the materials submitted for this agenda item. It is very difficult to find a home in Boulder and most affordable homes are in need of serious repair and upgrades. It is hard for me to understand why the City would consider this proposal at a time when the economy is not good.

I have lived in downtown Boulder for over 20 years. I purchased my home several years ago in order to be able to live close to work. My wife and I plan on raising a family in our home, but we will need to remodel the current 2 bedrooms and 1 small bath in order to do so. The current zoning and permit process is very expensive and limits what can be done. My property is zoned RMX-1 and I have spent a lot of time and effort figuring out what we can and can't afford to do. I am concerned that the FAR proposal will add considerable time and expense to our plans. If this proposal is passed, my wife and I may have to join the exodus to Louisville, Lafayette or Longmont in order to find a sufficient home to raise a family. That is counter to the City's expressed goals of encouraging families to live and work downtown and having children attend neighborhood schools. If you pass this ill-conceived FAR proposal it will impact many people economically and cause property values to decline.

My big question is WHY is this such an emergency? The City spent a considerable amount of money on a Community Survey in 2007 and released the results in January, 2008. The Survey results are available on the City's website. The Boulder Community Survey included several questions about "Pops and Scrapes" (the alleged basis for the emergent nature of this FAR proposal). The Survey concluded that: "[T]he expansion or replacement of existing homes with larger homes ("pops and scrapes") is an issue about which Boulderites are ambiguous." Report of Results (2008-01-02), p. 35. Interestingly, a substantial majority found that "pops and scrapes" were good for the community because they: update the housing; beautify neighborhoods and the community by replacing or renovating run-down housing; benefit the neighborhoods by increasing property values; are necessary to match the quality of the housing to the cost of the land on which the house sits; and benefit neighborhoods by increasing the variety in housing design. Report of Results (2008-01-02), p. 35, Figure 23. These results are also interesting because 52% of respondents were property owners in the City. Report of Results (2008-01-02), p. 73, Table 51.

I am asking that you NOT recommend any interim regulations that may provide additional limitations in single family zoning districts to the City Council. Please stop this rush to find a solution to a problem that has not even been identified with any clarity. There are some very serious concerns that most property owners have that are not, and have not been, addressed. The .35 FAR number appears to have been snatched out of the air. I could find no basis for how this was determined or why it should be used. Is it really appropriate to use a "one size fits all" approach? Why are you now trying to include additional zoning classifications when the issue was supposedly aimed at RL-1? At a minimum, before this goes any further, an economic impact statement should be ordered to determine what effect the FAR proposal will have on property values, mortgages, property taxes, the local economy and the business community (builders, suppliers, realtors, etc.). I hope that you are hearing from a lot of property owners on this issue. Everyone I have talked to is extremely upset with the proposal. Thank you for the opportunity to provide my input.

Sincerely,

Andrew and Kristin Macdonald
2003 Pine Street
Boulder, CO 80302

Showings Are Strong in Boulder for Condos Near Campus

2008-03-17T10:59:00.006-06:00

I listed a 2 bedroom Boulder condominium last week in the Wimbledon complex at 30th and Colorado Avenue. The asking price is $182,900. I've had 7 showings in the first 4 days and a couple of the agents are coming back for 2nd showings. There are a few other similar condos on the market, but they are not nearly as nice as this one. Start with the granite countertops and stainless steel sinks in the kitchen and upstairs bathroom. This unit has 2 bedrooms on the 2nd floor with a full bathroom and a 1/2 bath on the main. This is another example of the Boulder real estate market behaving just the opposite of most markets nationally. Don't believe everything you hear from the media. MLS #162190 Listed by Gregg Ashburn of RE/MAX of Boulder, Inc. 303-875-4907 See this listing here!

How About A Mountain Condo - Here's One In Keystone Colorado

2008-03-14T10:57:00.006-06:00

Enjoy the beautiful views from your 1281 square foot condo. Located on the shuttle route to Keystone Ski area. Indoor heated pool, sauna and hot tub. Hi-speed internet. Located near the golf course and cross-country ski trails. Enjoy the wood burning fireplace while taking in the awesome mountain views. For more information contact Gregg Ashburn RE/MAX Realtor, Boulder Co.

· View of the Mountains
· View of the Golf Course
· Indoor pool, hot tub, sauna
· Located next to clubhouse
· Two master bedrooms

21640 Hwy 6, Unit 2136Keystone, CO 80435
MLS# S359612
Price $405,000

RE/MAX of Boulder Named #1 in the United States

2008-03-12T11:25:00.006-06:00

This is unbelievable. My office, RE/MAX of Boulder, was the Top Office in Total Sales Volume in the United States. Re/MAX of Boulder has dominated the local real estate market for years and has been recognized by RE/MAX International for Excellence in the Rocky Mountain Region. Now we are number one in the US. Wow! This says a lot about the quality of agents in our office and the ownership and managing broker. Tom Kalinski is the owner of RE/MAX of Boulder, Inc. and D.B. Wilson is our managing Broker. Need a real estate consultant in the Boulder area. Please call anytime - Gregg Ashburn 303-875-4907 Realtor RE/MAX of Boulder, Inc.

Colorado Foreclosure Laws and Websites Promoting Foreclosure Information

2008-03-03T17:12:00.005-07:00

It’s a little tough to explain in an e-mail how the foreclosure laws, deadlines and bank owned homes are listed. For the most part a home that is going to be foreclosed on by the bank is listed in the MLS prior to public auction. After the bank takes back the property the bank then lists it with a Realtor for sale. We should see everything in the MLS prior to the foreclosure or just after. The foreclosure rules/laws changed in 2008. There is no longer a redemption period after foreclosure. People used to be able to sell their home after foreclosure and payoff the bank. No more. This makes “Realty Trac “ irrelevant in Colorado. That’s where you are seeing these homes. They used to be somewhat useful before the new laws. They have always had out of date information. Realty Trac entices people with these addresses and prices so they subscribe to their lists. (rip off)

It never hurts to look everywhere we can for homes. If you see something interesting send it to me and I can look into it. Gregg Ashburn - Realtor @ RE/MAX of Boulder, Inc. 303.875.4907

More Research in Boulder County - Conoco Phillips Comes to Town

2008-02-26T16:09:00.004-07:00

Horrified was first reaction by some hard core Boulderites to the announcement that Conoco Phillips bought the 432 acres in Louisville, once owned by Storage Tek. The truth is that this is going to be a educational facility as well as a hub for renewable energy research. The National Renewable Energy Laboratories is only miles away in Golden Colorado. The new jobs created will surely in the thousands. There will most likely be ongoing cooperative research with the University of Colorado and the School of Mines. It's not going to be another Commerce City as some of the bloggers in the area fear. I think we can look forward to a fantastic neighbor and a source of reliable employment for years to come. Of course this will be another reason to invest in Boulder County real estate. Our local market is stable. Provided by Gregg Ashburn "The Boulder Realtor for Boulder People" RE/MAX of Boulder, Inc. 2425 Canyon Blvd #110, Boulder, CO 80302

Interest Rate Report and Boulder County Homes Prices

2008-02-14T10:10:00.002-07:00

Rates are up slightly but I expect rates to drop back into the mid to low 5’s in the not too distant future. I will elaborate on why later in this newsletter but I would like to initially discuss the President’s Emergency Economic Stimulus Package. President Bush signed the Stimulus package and as part of the package the Conforming Loan Limits will be increased to 125% of the median price for Boulder County. Based on the numbers provided thus far the number for Boulder will be $459,375. This number appears low but if you will recall on the last increase to $417,000 the number was adjusted upward after the initial release. HUD has 30 days to come up with the “official” amount for Boulder. I would assume that that means that the new limits will go into affect in 30 days. We have not heard any official word as to when we can start using the new limits. The impact on the increase will not be as large as we had hoped because we had hoped for a number in the vicinity of $623,000 - $723,000. What the number does mean is that a person buying a home for $575,000 and putting down 20% can get a conforming rate. I will keep you posted on any and all developments as they occur. A major reason for rates creeping up is that Warren Buffet has stepped in and offered a second level of insurance for municipal bonds. Buffet’s move has created a false sense of security for the troubled credit markets as the municipal bonds are the “low risk” bonds and not the mortgage related bonds. As one expert stated Buffet’s actions are like an ambulance coming to the scene of an accident and transporting the uninjured victims and leaving the injured at the scene to fend for themselves. The crisis in the credit markets is far from over and as Wall Street realizes this fact it will impact the mortgage markets further.

University of Colorado Art Museum (Colorado Collection)

2008-02-13T16:07:00.007-07:00

The Colorado Collection, the permanent art collection for the CU Art Museum, University of Colorado at Boulder, contains over 5,000 works of art. The collection was started in 1939 to be used as a teaching tool for students. It has grown into a comprehensive art collection that enriches the educational experience of students, faculty, and the broader campus community, as well as the Colorado public, through exposure to original works of art and by furthering exposure to art history, museum studies, contemporary art practice, and other social and cultural issues that can be addressed through original works of art.The Colorado Collection’s mission is to collect, preserve, exhibit, interpret, and contextualize original works of art within a pluralistic research and teaching context. The Colorado Collection focuses on modern and contemporary works of art, as well as works from a diversity of cultural and artistic heritages and histories that range from ancient art traditions through the present. The Colorado Collection is the only public resource of its kind for the state of Colorado and is the only public art collection in Boulder. The collection has grown over the years through the generosity of many donors and modest acquisitions funds. The collection includes works from numerous time periods and cultures, including Old Master works on paper, Southwestern and South American Santos, Southeast Asian pottery, African sculpture, British 18th century prints, American prints of the 1930s and 1940s, Japanese ukiyo-e prints, 19th century photography, Pop art, Minimalist works on paper, and contemporary sculpture, prints, photographs, and paintings. Major gifts by Polly and Mark Addison beginning in the early 1990’s significantly expanded the representation of modern and contemporary art in the collection.

Horie Nekozane [Horie and Nekozane]Utagawa Ichiyusai Hiroshige, Japanese (1797-1858) # 96, from the series "One Hundred Views ofFamous Places in Edo" 1856 woodcut 13 1/4" x 8 1/2"Helen Baker Jones Collection--in memory of her father James H. Baker, former president of CU

Log Jam (Backwaters Up Millinocket Way No. 3) Marsden Hartley, American (1877-1943) 1939-40 oil on masonite 22" x 28" Purchased from Raul Rosenberg & Co., New York

Snake Cup, 1984 Elizabeth Murray (1940- 2007) Lithography 32 x 25 inches GIft of Polly and Mark Addison to the Polly and Mark Addison COllection, Colorado Collection, CU Art Museum, University of Colorado at Boulder

Boulder Colorado is Smartest City

2008-02-10T14:17:00.000-07:00

It's no surprise to me that Boulder has been named by "Forbes Magazine" as the smartest city in the United States. I've lived in Boulder for 28 years and have been fortunate enough to meet the the best and brightest that Boulder has to offer. As a realtor you meet them moving to Boulder, leaving Boulder and moving around the city. I think the statistics were actually taken from Boulder County not just the city of Boulder as the Daily Camera reported. It's not just a great place to live, it's a town that helps you live and learn from others.

University of Colorado's Golden Buffaloes Land The #1 Running Back in The Country

2008-02-06T14:51:00.000-07:00

CU fans can celibrate the signing of the hands down number one tail back in the country. Darrell Scott chose Colorado over Texas. One of the key factors for Scott choosing CU is that his uncle attends CU and is a football player at Colorado.

A great football team has an impact on all of Boulder, including real estate. The football dollars run downhill into the City of Boulder's coffers. The University of Colorado has a significant impact upon the, already healthy, real estate market in Boulder. There is a steady turnover of condos and homes that are purchased and sold by the parents of CU students. If you'd like to learn about investing during your student's college years please contact Gregg Ashburn at RE/MAX of Boulder, Inc. 2425 Canyon Blvd, Boulder CO 80302 Gregg's cell phone number is 303-875-4907.

Boulder Student Housing Rentals and Ownership

2008-02-04T20:19:00.000-07:00

There may be another surge in rental prices in Boulder because of the increased demand this winter. There may be another factor about to impact real estate sales and the rental market not only in boulder , but in Louisville and all of Boulder County and the metro Denver area. If, as rumored, one of the nations high tech giants has purchased the Sun Microsystems property in Louisville Colorado we will see more pressure on local home prices and rental prices. It's still a good idea for the parents of University of Colorado students to buy housing for their children while the kids are in college. Give me a call. I'll tell you how it's done. Written by Gregg Ashburn "Realtor" RE/MAX of Boulder, Inc. 303-875-4907

Anthem Highlands February News (Colorado)

2008-02-01T16:19:00.000-07:00

With the turn of the new year, there are some big changes at Anthem Colorado. Anthem Highlands saw their recreation center begin to “go vertical”, and the beginning stages of the framing process have been amazing to watch. It is exciting to think of all the memories that will be made there in just a few short months. The pools are already in the ground (no water of course!) and the parking lot is down. Just small steps leading up to a big end product! provided by Gregg Ashburn "Realtor" RE/MAX of Boulder, Inc. Boulder, CO

2 Bed - 2 Bath Boulder Condo Near the University of Colorado

2008-01-29T15:23:00.000-07:00

I'll be listing a condo near campus. It's one of the nicest 2 story condos at 3000 Colorado Blvd in Boulder. The owner has upgraded the cabinets and installed granite counter tops in the kitchen and bathroom. The main floor has manufactured wood flooring. This is a great location.

Louisville Colorado Mystery Buyer Closes Commercial Deal

2008-01-26T12:22:00.000-07:00

Well, the Sun Micro Systems property, formerly owned by Storage Tek, in Louisville Colorado has finally closed. We are expecting to hear who the mystery buyer is soon. This sale has everyone buzzing in hopes that the Buyer is one of the larger high tech firms like Google or Yahoo. The word from people on the inside of the negotiations is that it will have a significant impact on Louisville, Boulder and the State of Colorado. Stay tuned.. by Gregg Ashburn RE/MAX of Boulder, Inc. "Boulder Realtor"

Mayor Visits RE/MAX of Boulder, Inc.

2008-01-23T10:45:00.000-07:00

Mayor Chuck Sisk, of Louisville Colorado, spoke at RE/MAX of Boulder's weekly meeting. We were hoping he had some new information about the pending sale of the Storage Tek property, the best kept secret in Colorado. Sun Microsytems is trying to sell the land and the buildings and has stated that there is a Buyer and a pending sale. Everyone is anxiously awaiting to hear the identity of the new owner. Rumor has it that Google, Yahoo or one of many high tech companies is going to relocate to the area. Stay tuned! Written by Gregg Ashburn "Realtor" RE/MAX of Boulder, Inc. Boulder, CO.

Superior, CO Town Center Proposal

2007-12-21T12:59:00.000-07:00

REVISED TOWN CENTER PLAN PROPOSED
The 160-acre property east of Town Hall across McCaslin Blvd. has long been slated for development but has struggled to find a developer and an acceptable plan. Recently a proposal was presented to the Town and was widely panned. A revised plan was introduced in November and discussions got started in early December. The new approach actually increased the amount of housing from 2,378 units to more than 2,500 but moves the high density Row and Townhomes to the northern section of the parcel along U.S. 36 and puts commercial uses on the southern section. More open space and green spaces are planned in the new proposal. Town staff plan to have a formal proposal in front of the Town Board by February 2008. by Ken Hotard - Boulder Area Board of Realtor

Boulder County Housing Market Outlook

2007-11-27T20:31:00.000-07:00

October 19, 2007

by Gregg Ashburn

I thought I'd check in and give you an update on the Boulder market and housing inventory. Our market has slowed down just like much of the country's housing markets. Unlike other markets, our slow down is in part due to the lack of inventory. People are not selling right now. For about the last 17 years it seems as though when there is a market slow down Boulder is very resilient. Our appreciation slows down but it never seems to ultimately result in lower prices. (continue)

Six Things to Do Now to Prepare Your Home for an Early 2008 Sale

2007-10-17T21:02:00.000-06:00

The Boulder-Broomfield residential market has had busy late winter/early spring home sales these past several years. Contrary to popular opinion, early spring is a great time of year to list your home. Inventory tends to be lower than at other points in the year, and there is usually a pent-up buyer demand that survived through the winter months raring to buy something.

If you are considering listing and selling your home in 6 months, there are some things you can be doing between now and then to prepare your home, and yourself, for a successful sale. The statement that “the devil is in the details” certainly applies to preparing your home for this event. If you take the time to plan for and to address the details now, it will pay off later.

1. Take exterior photos on sunny fall days. Capture the fall foliage in and around your home to use in marketing materials early next year. Continue to take photos if your property benefits from winter views of the mountains that are normally obscured by foliage in other months.
2. Plant bulbs before the end of October. Bulbs are an inexpensive and easy way to add color to our yards early in the year. Chose deer resistant bloomers if deer are an issue in your own yard. Plant bulbs in showy groups of 12 or more together for larger splashes of color.
3. Clean out the house; “less is more” in showing your home. Identify several charitable organizations that will accept your household and clothing donations. Find out which ones will pick up from your house to eliminate the extra step of dropping things off to the organization. While everyone has their own method, I have been successful with working one room at a time. Make a list of the items you are giving away, obtain written receipts for your donations, and include these donations as deductions to your income at income tax time. Be sure to check with your accountant or on-line with the IRS to familiarize yourself with current rules on non monetary charitable donations.
4. Get a home inspection done, especially if the home has not had an inspection in the past several years. Identify what issues may exist and start addressing them. Look for specials offered throughout the winter months when many trades are slow and are soliciting for business.
5. Create a “honey-do” list, or hire a handyman to address all the small items that need attention, such as that loose front door knob, or the broken latch on the fence gate. Finish items that you have been meaning to “get to” for sometime. Create the list and work your way down it to complete each item over the next 6 months.
6. Conduct maintenance, especially on your furnace, fireplace flue, roof, or gutters. Paint the house exterior now if you think it may be issue when you go to list the house. Waiting to paint the exterior in March may not be a viable option if we have another snowy winter.

A little advance planning and work can help you have more control and sanity when you list your house and your house will show better for all your efforts. If you need help in determining what needs attention and where to start, call your trusted Realtor to help you.

Angela McCormick

Market Intelligence

2007-10-07T13:47:00.000-06:00

Coming to America -- to Buy Homes
Highlights from NAR's Profile of International Home Buying Activity

by Keunwon Chung, Statistical Economist

All real estate is local. But not all buyers are local. During the real estate boom, many home buyers were from countries outside the United States. In some states, foreign buyers accounted for a significant share of REALTOR® business.

To ascertain the extent of international homebuying activity in the U.S. post-real estate boom, NAR surveyed REALTORS® across the nation in mid-2007 to determine the extent to which their business was with foreign home buyers. The results of the survey – published in the 2007 NAR Profile of International Home Buying Activity– show that international home buying activity in the U.S. is still significant. Below are highlights from that report.

REALTORS® and Foreign Home Buyers
Despite the housing slowdown, international clients still accounted for a significant share of REALTORS® business in the U.S from April 2006 to April 2007. Almost one third of REALTORS® reported that they had some business with international clients during that time period. More than half of those international clients actually purchased a home. Eighty-six percent of REALTORS® who sold homes to international clients reported that those home sales accounted for 1-25 percent of their transactions. For seven percent of REALTORS®, over half of their transactions were with foreign buyers. Eighteen percent of all REALTORS® who had international clients had successful home sales transactions with those foreign buyers.

International Home Buyers
Foreign home buyers come from around the world, buy different types of properties at various prices, and plan on using the U.S. property for different reasons.

Home Buyers from Around the World. Buyers of U.S. residential real estate come from many different regions and countries around the world. The majority of foreign buyers – 33 percent – were from Europe. But buyers from Asia and North America (outside the U.S.) were also very active, accounting for 24 and 23 percent of international clients, respectively. Latin America was home to 16 percent of foreign buyers, with Africans and those from Oceania accounting for 2 percent each. Among individual countries, the largest share of foreign buyers – 13 percent – were from Mexico. Next was the United Kingdom, which accounted for 12 percent of foreign buyers. Canada, India and China rounded out the top five countries of origin for foreign home buyers in the U.S.

What They Bought. Detached single-family homes or townhomes are the most popular housing choice among all home buyers in the U.S. The same is true for international home buyers, but foreign buyers show a stronger preference for condominiums/apartments compared to home buyers in general. In 2006, condominium/apartment sales accounted for 12 percent of all existing home sales. Between April 2006 and April 2007, more than one fifth – 22 percent – of homes purchased by foreign buyers were condominiums/ apartments.

Price of Homes Purchased by Foreign Buyers. The median price foreign buyers paid for a home was $299,500 – significantly greater than the national median sales price for all of 2006 which was $221,900. More than a fifth of international buyers purchased a home that cost between $200,001 and $300,000. Fourteen percent of foreign home buyers paid more than $750,000 for their U.S. property.

Financing the Home Purchase. In 2006 more than 90 percent of all home buyers purchased their home using a mortgage loan. The majority of foreign buyers also used a mortgage loan to finance their home purchase, but the percentage was much smaller. Sixty-nine percent of international home buyers used mortgage financing, while 28 percent purchased their home with cash. Three percent of REALTORS® were not sure or did not know how their foreign clients financed their home purchase.

The proportion of foreign buyers who paid cash for their home was much greater than that for the general home buyer population – 28 percent vs. 8 percent. This could be due to the fact that those international home buyers would be expected to be wealthier households with ready cash on hand. The tax benefits of mortgage interest deductions may not apply – depending on the buyer’s home country’s tax code – which lowers the incentive to take out a mortgage.

Why They Buy. The majority of foreign buyers – because they are not U.S. residents – purchase homes for other reasons than as a permanent residence. Almost half of them – 47 percent – bought a U.S. home to use as a vacation venue for family and friends. Twenty-two percent purchased a home as a rental property for investment. Nearly a third – 31 percent – of foreign buyers purchased a home as both a vacation and rental/investment property.*

U.S. visa rules only allow non-residents (unless under a student or work visa) to remain in the country for six months. Because foreign buyers are non-residents of the U.S., most of them plan to spend less than six months in their U.S. home. A small percentage – 6 percent – spend less than two weeks. Forty-four percent intend on using their U.S. property for one to six months.

Where They Buy. Foreign home buyers purchase U.S. properties everywhere around the country, but two regions and several states dominate the list of locations. The South accounted for the largest proportion of foreign home purchases – 49 percent. The West was also popular, with 31 percent of foreign buyers purchasing homes in that region. The Midwest’s share of foreign home buyers was 11 percent, and that for the Northeast 9 percent.

The number one state for foreign home buyers was Florida-- the state accounted for 26 percent of all international purchasers. California was next at 16 percent followed by Texas at 10 percent. The fact that these states were the top three locations for foreign purchasers should come as no surprise. Each of these states is a major “gateway” for visitors to the U.S. from other countries.

Challenges for Foreign Home Buyers
While 32 percent of REALTORS® report having had international clients between April 2006 and April 2007, not all of those clients were able to successfully purchase a home in the U.S. The survey did ask why international clients did not purchase homes. Almost half of respondents reported that the cost of property was the main reason for an unsuccessful home sale.

But nearly a third indicated that U.S. visa restrictions were barriers to buying a property in the U.S. In a previous survey of international home buying activity focused on the Florida market, U.S. visa rules were a major point of contention among many respondents. They claimed that the six-month stay restriction is insufficient for some potential foreign buyers – particularly among those who are no longer working. A retirement visa of some sort that would permit a longer continuous stay in the U.S. would undoubtedly enlarge the pool of potential international buyers. The national survey results support this contention: 34 percent of REALTORS® responding to our survey expect that foreign retirees could be potential buyers of U.S. real estate.

Conclusion
While U.S. housing markets are no longer performing at record-breaking levels, U.S. real estate is still considered a prime investment opportunity for foreign buyers and a “safe haven” in which to put their money. Whether they use their U.S. home as rental/investment property, as a vacation home or both, non-U.S. residents account for a significant share of home buying activity. It is likely they will continue to do so. With the weakened U.S. dollar against foreign currencies, those currencies buy a lot more than in previous years. For example, the British Pound Sterling was worth $1.44 in 2001; by 2004 it was worth $1.83. As of mid-year 2007, the pound was worth nearly $2.00. The Euro has also increased in value against the U.S. dollar. More purchasing power for foreign buyers means they can afford “more house” – particularly in a stabilizing U.S. housing market.

We live in a global economy where there are virtually no trade borders. The Internet is accessible from nearly all countries around the world. Web sites display information about U.S. real estate to any potential home buyers regardless of where they live. And as more and more people in different nations recognize the value of owning property, the opportunities and challenges for real estate professionals to broker U.S. property to foreign home buyers are numerous.

Notes on the Survey
The survey was conducted in May/June of 2007. Results were based on responses from REALTORS® who had at least one international client during the then recent 12-month time period; thus, information in the 2007 Profile of International Home Buying Activity refers to foreign home buying activity between April 2006 and April 2007. For purposes of this survey of International Home Buying Activity, an international or foreign home buyer is defined as one who principally resides in another country (outside the U.S.) and who is not classified as a foreign-born resident of the U.S. International buyers are not U.S. citizens (either naturalized or native-born and living outside the U.S.), a U.S. immigrant, or a foreign student or worker on a temporary visa.

*The survey offered a third “housing choice” option – time-share. But statistically the share of buyers purchasing a time-share property was zero. This result may indicate that the REALTORS® involved in international sales do not handle time-share transactions for those clients. At the same time, the results do not suggest any trends relating to the time-share market. Rather it is likely that REALTORS® – who generally assist clients in the buying and selling of homes – may not consider time-shares as part of their normal residential brokerage business.

BARA names officers, awards members

2007-10-07T13:21:00.000-06:00

The Boulder Area Realtor Association on Wednesday named its officers for 2007-08 and presented awards to a number of its members.

During the ceremony, Veronica Precella, of ReMax of Boulder, assumed the post of president, and the association installed its new officers: Denise Patryas, Coldwell Banker Residential; Craig Peterson, Wright Kingdom Realtors; Stephanie Iannone, Housing Helpers; David Carner, Coldwell Banker Residential; Christopher Welch, Keller Williams Front Range Properties; and Dan Kingdom, Wright Kingdom Realtors. Newly elected directors include: Mike Bader, Mock Realty; Stephanie Lyon, Trilogy Real Estate; Cindy Maynard, Wright Kingdom Realtors; and Risé Staufer, Staufer Team Real Estate.

Presidential awards were presented to Irene Shaffer, Dan Kingdom, Stephanie Iannone, Clove Berger, Denise Patryas and Barbie Rieger. Honorary memberships were granted to Richard Blumenhein, Kent Bowron, Allene Cash, Bob Travis, Jim Matthews, Don Welch and Betty Zook. Alicia Alpenfels, of Dominion Mortgage Corp., was named as the Affiliate Member of the Year; Paul Dart, of ReMax of Boulder, received the Distinguished Realtor award; and Duane Duggan, of ReMax of Boulder, received the Realtor of the Year Award.

Boulder Daily Camera Press Release

What's the TRUTH about Colorado's Dubious Title as "Foreclosure-Capital" of the US?

2007-07-06T16:14:00.000-06:00

by Cheryl Craig
RE/MAX of Boulder, Inc.

It is true Colorado has seen a 31% rise since 2001 in the number of foreclosures filed against delinquent homeowners. However, consider the following:

* According to a Colorado Division of Housing report, "RealtyTrac (a California provider of foreclosure listings)... counts foreclosure filings as they move through one of three stages in the process, which can result in one case being counted three times. Critics say that overstates the foreclosure rate."
* 12% of these homeowners were able to "catch up" on their delinquent payments and "cured" the foreclosure and kept their homes
* 33% of these foreclosures were "withdrawn" - usually this means that the homeowner was able to sell or refinance the property during the redemption period
Source: The Denver Post, March 7, 2007

Why the unprecedented rise in foreclosures? Most Colorado foreclosures fit the following patterns:

•The home is a low or mid-range priced home
•The owner of the home purchased it with little or no money down (very high risk)
•The owner refinanced the home repeatedly - depleting and spending the equity
•The home may have been refinanced at a loan amount equal to or greater than it's value
•The owner purchased or refinanced the home with an "ARM" adjustable rate mortgage-some
with a very low initial "teaser" interest rate which has steadily gone up
•The home was purchased as a new home directly from a builder who offered 100% financing
and the home has not appreciated in value
•The owner is a first-time homebuyer

The majority of foreclosures are clustered geographically. Adams, Weld and Larimer counties are experiencing explosive growth with hundreds of new homes being built every month. This has created an over-supply of homes in some areas and these are not appreciating or growing in value. Many of the foreclosures are concentrated in new home neighborhoods. Builders are deeply discounting homes to unload their inventories and lower their overhead. This tends to depress values in those areas. On the flip side, counties and towns with prudent zoning and growth permit restrictions are experiencing minimal foreclosures and little to no impact on existing home values.

A Word of Advice About the Foreclosure Process!

You buy a property, take out a mortgage, and promise to pay it back on a schedule of payments. When you don't pay as agreed, you are considered "delinquent" and "in default" on the mortgage. The mortgage lender starts a process called “foreclosure” to force you---the borrower---to either catch up with all money owed OR force the sale of the property (which is the collateral for the mortgage).

If you---or someone you know---find yourself in this place DO NOT STICK YOUR HEAD IN THE SAND AND DO NOTHING!! Many mortgage holders are willing to work with the borrower and will negotiate a "Forbearance" or "Short Pay" agreement. This postpones the foreclosure process and allows the struggling homeowner some breathing room. This is a great time to call me - your trusted real estate advisor!! I can help you explore your options.

There are FREE local foreclosure hotlines which give valuable guidance and assistance. Note: Over 50% of homeowners who call a hotline are able to avoid foreclosure!

877-601-HOPE Colorado Foreclosure Prevention Hotline
888-995-HOPE Homeownership Preservation Foundation Hotline