The Silver Fern

Boulder: Council Election Results 2009 [Politics as Usual]

2009-11-04T08:31:00.003-07:00

The election is over and the results are in. All three incumbents were relected. Suzy Ageton had the broadest base of support, receiving +23% votes over the next nearest candidate. George K. and KC Becker round out the field.

Here's a chart with the unofficial tally:

One thing is clear. If you are serious about getting elected, it pays to be involved. I hope to see the candidates serve on committees and boards. It will certainly help their campaigns if they decide to run for Council in the future.

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Silver Fern Homes can help you make a smarter real estate decision. To learn how, call us at 303.746.6896.
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Riding a Cruiser Bicycle Across America [video]

2009-11-02T09:45:00.002-07:00

What's it like to ride a bicycle across the country? Would you do it for a worthy cause? Would you do it on a heavy 3 speed cruiser?

In the summer of 2009, Boulder resident Ryan Van Duzer rode a 3 speed cruiser from Oceanside, CA to Washington, DC. The idea was to promote bicycling as a practical mode of transportation while raising money for Community Cycles. Sponsored by New Belgium Brewery and Elephant Journal, Duzer filmed his adventures crossing the country.

At every Boulder Real Estate Meetup we have a wildcard presentation. For October, Ryan joined us to talk about Duzer Across America.

Here's the video

Note: If you're receiving this via email or RSS feed reader and can't see a video above, click the link at the top to take you directly to the blog post.

Happy Halloween!

2009-10-31T09:27:00.001-06:00

We wish everyone a happy and haunted Halloween! Stay safe out there kiddies.

Bankruptcy and Real Estate in Colorado [Video]

2009-10-30T10:21:00.001-06:00

When bills piling up and layoffs continuing, bankruptcy is a difficult reality that some end up facing. Owning real estate adds additional complexity and often foreclosure is involved. To help us better understand the issues here in Colorado, I invited legal eagle Ellen Cadette to the Boulder Real Estate Meetup.

In the video below, she discussed the following topics:

- The basic process (with example)

- Homestead Exemptions (including when multiple states are involved)

- Automatic Stays (plus why you have to keep paying the mortgage)

The Q/A covered the following areas:

- What's the Bankruptcy Bible?

- Do bankruptcies run with foreclosures? How common is it to do both?

- Is the rate of filings dropping with the improving economy?

- Is there an advantage to filing with a foreclosure?

- What's the impact to 2nd Mortgages vs 1st Mortgages?

- Are people getting savvy about using bankruptcies to forestall foreclosure?

- Are there more higher value bankruptcies now ?

Here's the video of Ellen Cadette discussing issues in real estate and bankruptcy:

Note: If you're seeking the services of a bankruptcy attorney, you can contact Ellen Cadette directly HERE.

Boulder's Bikeways [video]

2009-10-29T09:30:00.006-06:00

At the last Boulder Real Estate Meetup, we were joined by Cris Jones, transit planner for the City of Boulder. In his talk, he discussed the city's efforts to get people out of their cars and how new green ways often become community assets.

He also talked about several upcoming projects designed to improve bicycle infrastructure in areas that are automobile dominated. Those projects include several improvements to 30th Street (new bike lanes, an underpass, and connections to Goose Creek path) and new bike lanes along Arapahoe Ave.

As usual, the Q&A often take us to unexpected places. Questions included - should Segways or electric cycles be allowed on bike paths? How about an underpass to 29th street from Scott Carpenter Park? Is Boulder anti-car? What about long distance bike paths - i.e. regional trips?

The video :

note: If you're viewing this message in an email or via an RSS feed reader, the movie may not be available. Please click the direct link to the webpage (above).

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The Boulder Real Estate Meetup is a community event. Learn more HERE. You can also view our video archive HERE.
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Senate Moves Home Buyer Tax Extension Forward

2009-10-29T08:45:00.002-06:00

Now that the Senate has reached agreement on an extension of the first time home buyer tax credit, it's much more likely to move forward. Details are still fuzzy and likely to change, but here's where it stands.

Key Components:

$8,000 for first time buyers
$6,500 for trade up buyers who have not purchased a new home in 5 years
Maximum purchase price of $800,000
Adjusted gross income of less than $125,000 ($225 for married couples)
Property must be under contract by 4/30/2010, closed by 6/30/2010.

Additional Resources:

CNN: $8,000 Home Credit Still in Play

USA Today: Senators Agree to Extend Home-Buyer Tax Credit

CNBC: Senate Nears Deal on Keeping Tax Credit for Home Buyers

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Silver Fern Homes can help you make a smarter real estate decision. To learn how, call us at 303.746.6896.
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Coffee Talk with KC Becker

2009-10-28T10:00:00.001-06:00

Yesterday morning, I had coffee with KC Becker. Unlike my other meetings with candidates for Boulder City Council, there was no video camera. This was just a chat.

In general, I found myself agreeing with much of what KC had to say. She has a nice blend of experience which helps her reach common ground with many different types of people. Having environmental and business experience helps. She's worked with organizations like the Sierra Club, as an environmental attorney, in sustainable real estate development, and currently serves on Boulder's Planning Board. It's important to speak the language if you want to understand the concerns of parties on all sides of issue.

We need people with strong environmental convictions in positions where they can direct and influence business activities, not just protest against them.

My talk with KC covered a lot of topics. We discussed our backgrounds, compatible development, and politics in Boulder. We even touched on the somewhat similar experiences that led to each of us making Boulder our homes.

The terrorist attacks of 9/11 gave many people pause to reflect on what they were doing with their lives. For me, it meant leaving New York and Wall Street, searching for ways to do more meaningful work. For KC, it meant leaving Washington DC and her legal efforts on behalf of the National Park Service. At points, we both found ourselves in real estate development - for her, green building including Sustainable Village and Stapleton. For me, helping to restore a Vanderbuilt mansion for a new community organization before venturing into advising people on real estate.

One point we agreed on: more people with experience in sustainability and environmental issues should get involved in business, including real estate and development. The idea that working in these industries somehow taints you is short sighted and ridiculous. We need people with strong environmental convictions in positions where they can direct and influence business activities, not just protest against them.

KC Becker also represents a demographic that is missing on City Council and often ignored in the debate; young families. Perhaps it's symbolic that Boulder schools like Washington and Mapleton are being replaced by housing for seniors. In this election cycle, there are several candidates like KC who represent the younger generation of Boulder's citizenry. Their election can potentially restore some generational balance to our local government. They're worth your consideration.

As with my interviews with Candidates Matt Appelbaum and Jyotsna Raj, this isn't a public endorsement. I share my experience with KC in the hope it adds valuable insight to the information that you're considering when making a decision in the current election.

And please, don't forget to vote!
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

It's Called Gazumping [Negotiation]

2009-10-26T08:59:00.005-06:00

After going under contract, a negotiated breakup fee allows British house sellers to continue marketing their property to other potential buyers.

Why don't we do this here? In some cases, we should.

From HBS's Working Knowledge, The New Deal: Negotiauctions -

Take buying a house, which for many people is the most important transaction in their lives. In the United States, a house purchase is a very "tight" deal—once the seller commits to a particular buyer, the seller can't (legally) sell the house to someone else, even if the person offers a substantially higher price. In many cases, that's the right deal structure, because the buyer needs certainty in order to arrange the financing, prepare for the move, etc. But in some cases both the buyer and the seller might prefer a "looser" deal—for example, a deal in which the seller can back out at any time between the signing and the closing by paying the buyer a "breakup fee," which might compensate the buyer for out-of-pocket expenses. The seller gets the ability to shop around. The buyer might not mind renting for another year, or buying the house down the street instead, particularly if he gets a big breakup fee out of it.

If all this sounds too crazy to work, it's actually the default in the British system. In the United Kingdom, the seller has the right to sell the house to someone else up to the moment of closing. So it's an incredibly "loose" deal, in which the buyer engages in a mad dash from signing to closing in order to avoid getting "jumped." The British even have a term when someone else jumps your deal—it's called "gazumping." You can even buy gazumping insurance against getting gazumped.

In Colorado, the standard Real Estate Commission approved contract is slanted towards protecting the buyer. Yet there's nothing preventing a seller from offering a a breakup fee in exchange for loosening the terms of those protections. For sellers who are considering accepting a price lower than they believe is fair value, or are actively negotiating with more than one potential buyer, a Gazump clause is something to consider.

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A Boulder Bike Story [video]

2009-10-25T12:33:00.004-06:00

One reason I love living in Boulder is how easy it is to get around on a bicycle. For most trips, hoping on my bike is faster than taking the car. Not only is it efficient, it's fun and it's healthy.

If you're in Boulder, you also know that you live in a community of like minded people. From protests to celebrations, a lot of things happen on a bicycle.

How did it get this way? Not by accident.

Check out the following video, "Boulder Bike Story" (put together by Bikes Belong). This is the story of how any town can become bike friendly.

hat tip: Jose

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Silver Fern Homes can help you make a smarter real estate decision. To learn how, call us at 303.746.6896.
---
Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Interview with Matt Appelbaum, Mayor of Boulder [Video]

2009-10-23T15:30:00.016-06:00

If you want to know what's happening in Boulder, it helps to ask the right person. In many ways, that person is our Mayor, Matt Appelbaum. Earlier this week, we sat down for an interview.

In his living room with the camera rolling, we covered topics ranging from politics to downtown development. The interview lasted well over an hour. To make it more viewer friendly, I've broken the full length video into five segments.

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1. INTRODUCTION

How Matt originally got involved in Boulder government and how local politics have changed over the last 3 decades.

2. SUSTAINBLE STREETS AND CENTERS

Designed to make Boulder's streets more walkable and bike friendly, this initiative could bring into play new planning tools (i.e. rules) for development along major transportation arteries. It also has the potential to stir controversy. Depending on the outcome of the elections, it might be the next big thing for City Council.

3. TRANSIT VILLAGE AND FASTRACKS

The city describes its vision for Transit Village as a vibrant and sustainable center in Boulder. The hope is that it will be a catalyst for revitalization and redevelopment with a new transit center, new neighborhoods, improved business and industrial districts, transportation improvements, and public spaces. Meanwhile, funding to complete FasTracks is derailed. How will it all come together?

4. THE CITY BUDGET AND AFFORDABLE HOUSING

a. The city is currently facing revenue shortfalls. How will the budget gap be closed? Will there be new sources of revenue (taxes) and where will cuts to the city's budget be made?

b. Our economic vitality is dependent on keeping existing employers and encouraging new ones to consider Boulder. How is the city encouraging businesses to make their home here?

c. Density and affordable housing in the city. What does the future look like?

5: CONTROVERSY

In a fast paced wrap-up, we covered a variety of controversial topics.

a. City Council has been criticized for fostering a bad relationship with CU. Most recently, CU's plans for Grand View Terrace have been a source of tension.

b. The owners of 1580 Canyon (formerly Robb's music) had plans to build a four-story structure with 14 condos and 3,000 square feet of retail space. Planning Board approval was granted in late 2008, but then City Council voted 6-3 against the proposal. The plans conformed with existing zoning - did City Council overstep its bounds?

c. One idea being tossed around is developing a conference center to attract more visitors to Boulder. Is there a need and how would the city benefit from having one?

The COMPLETE INTERVIEW (SEGMENTS 1 -5)

This is the full 1hr 20 minute interview.

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Leave My Home Alone: What's Next

2009-10-22T06:46:00.001-06:00

At the last Boulder Real Estate Meetup, I invited Leave My Home Alone, a grass roots group organized to protect the property rights of Boulder homeowners, to talk to us about the new house size regulations enacted in Boulder.

In the video below Warren Hultquist, one of the group's organizers, explains where they are coming from and what might be next.

Jyotsna Raj on Compatible Development

2009-10-21T11:20:00.001-06:00

Jyotsna Raj, a candidate for Boulder City Council, presented at last night's Boulder Real Estate Meetup. I specifically asked her to tell us about her position on compatible development because a recent interview suggested she might advocate for "locking down" redevelopment in certain neighborhoods, such as Martin Acres. The video is below.

First, here's a segment of the interview which sparked my concern (from Liberal and Loving It):

As Jyotsna says, if houses in Martin Acres cannot be expanded, then they will remain middle class. I think this is a very interesting approach. She's definitely right that if Martin Acres remodels are locked down, then the area will remain middle class. And legislation could probably be crafted that accomplishes this.

But this opens up the gigantic question of will the voters go for this? Because this will keep a lid on house prices and that means homeowners there will not see their property appreciate as much as it would otherwise. So will Boulder accept Martin Acres homeowners gaining less from their homes in return for keeping Boulder affordable? Which left me wondering if she really wanted to lock down neighborhoods like Martin Acres, simply to keep Boulder more affordable.

If you happen to own a small house in Martin Acres - the idea of preventing any further development is alarming. After all, a portion of the value of these houses, typically purchased at prices above $350,000, is due to their potential. Somehow, I didn't think that Jyotsna wanted to prevent owners from making their houses better, so I asked her to clarify.

Additionally, the question and answer session covered her thoughts on ADUs and making compatible development a ballot issue. Here's the video of Jyotsna Raj at last night's Boulder Real Estate Meetup:

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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Can Restaurants and Coffee Shops Be Good Neighbors?

2009-10-20T11:59:00.003-06:00

Studies show that certain types of retail business can increase the value of your home. If you're thinking about buying, this is something you should consider.

In the following video, Allan Parr discusses how restaurants and coffee shops make good neighbors (from the Boulder Real Estate Meetup).

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Silver Fern Homes can help you make a smarter real estate decision. To learn more, call us at 303.746.6896.
---
Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

ReSource, A Must Visit [Home Improvements]

2009-10-20T05:53:00.004-06:00

Whether you're getting ready to tackle a major remodel or just looking for a little something to spruce up your pad, you should check out Boulder's ReSource.

What is it?

Every year, enormous quantities of potentially useful construction and remodeling material ends up in the landfill. Re-using this stuff instead of buying it new is one of the best ways to move your lifestyle towards sustainability. Not only will you save a bundle of money, you'll be consuming less natural resources and supporting our community.

ReSource is the waste reduction division of the Center for ReSource Conservation. At the yard, you can pick up all sorts of building materials (see below).

From the ReSource website:

We provide the community with a unique opportunity to buy or donate reusable building materials. Our stores make it easy to make smart environmental decisions, save money and find many beautiful, functional and historical items that otherwise would be in a landfill.

We visited there yesterday. Here's a few pictures I took of the building materials you can find at ReSource.

Heavy duty material, including joist hangers and anchors:

Boxes of fasteners, including nails for your nail gun:

Hard wood flooring:

Plenty of windows and doors:

Sheet glass and mirrors:

Lockers for your mudroom:

Switches, outlets, and lots of other electrical supplies:

A huge supply of tiles:

Need another reason to visit? Right now, ReSource is running a 30% off sale during the weekend as they prepare to move to their new location on Recycling Row.

The October Boulder Real Estate Meetup

2009-10-19T10:11:00.005-06:00

The next Boulder Real Estate Meetup is tomorrow, October 20th. You can find out more and RSVP for the meetup HERE.

Confirmed Presenters:

Ellen Cadette - Issues in Real Estate and Bankruptcy

Jyotsna Raj - My Position on Real Estate Development

Marni Ratzel - Boulder's Bikeways

Warren Hultquist - What's Next for Leave My Home Alone

Wildcard Presentation:

Ryan Van Duzer - Cycling Across America on a 3 Speed (Duzer Across America)

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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Regional Market Summary [Download]

2009-10-16T07:31:00.005-06:00

The table below shows sales volume, inventory, absorption, and calculated (or implied) months of inventory - as published in the latest Silver Fern Report. On the right, it ranks our local real estate markets by performance.

For those of you not on my distribution, here's a link to download the latest Silver Fern Report (as promised).

Is Real Estate In Boulder Getting Stronger? [Market Update]

2009-10-14T15:52:00.005-06:00

Here's an update on real estate conditions in Boulder. Most of the following charts were published in the latest Silver Fern Report and apply to traditional, single family homes within the City of Boulder.

Sales Volume

49 properties sold in September. That's down 14% from last month and 4% fewer than September of last year. As you can see in the chart, our market is very seasonal with sales volume typically peaking in June or July and bottoming in January.

Over the last twelve months, 535 houses sold in Boulder, a decrease of 30% from the same period a year earlier. Over the last six months, 335 houses sold, a decrease of 26% from the same period a year earlier.

Only 4 properties sold that were priced above $1MM. There are 149 listings in Boulder with asking prices at or above $1MM listed on the MLS today.

Inventory

There were 509 houses on the market last month, a decrease of 10% from last month but up over 25% from the same period a year ago. In September, it dropped to 2006 levels but still remains high. Inventory is quite seasonal as well.

Inventory Distribution

This chart (new!) shows inventory distribution by price (not published in the SF Report). The slope of the line should give you a sense of the volume of inventory at various price points. 33% of September's inventory was priced above $1MM. The median price is $749,000.

Current Conditions Compared to Average

This chart shows inventory and sales volume compared to each month's four year average. As you can see, sales volume has actually been recovering from this Spring's dismal performance. It's still dramatically lower than the four year average, but it's clearly getting better (or less bad, as you Bears say).

In September, sales volume was off about 25% from the 4 year average and inventory was up about 15%.

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For more on the Boulder market, subscribe to The Silver Fern Report. Once a month you'll receive our report showing statistics like Days on Market, Median Price, Absorption, and much much more. It also covers Boulder Attached Dwellings, Broomfield, Erie, Lafayette, Louisville, Longmont, and Superior.

Don't forget - this analysis is just one way we can help you make a smarter real estate decision. We go much further for our buyers and sellers, providing exceptional service, expert negotiation, and straight talk about local real estate. In addition, Silver Fern Homes donates a full 5% of gross commissions to local non profit organizations. If you're thinking about buying or selling real estate, please give us a call at 303.746.6896.

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The next BOULDER REAL ESTATE MEETUP is October 20th. I hope to see you there!
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Meet the Candidates [Impressions]

2009-10-13T06:57:00.001-06:00

Last night, I attended Meet the Candidates - a forum to learn more about those running for Boulder City Council.

My impressions:

First, I'm really glad we live in a community that can generate so many well qualified candidates. Despite a stage accident that came inches from seriously injuring people, the event was a success - allowing the candidates plenty of opportunity to speak to their positions. This was an excellent way to get to know the candidates. Kudos to the organizers - Elephant Journal and New Era Colorado.

The biggest surprise? Finding myself often nodding in agreement with Macon Cowles, a candidate I don't support largely because of his disrespect for private property rights. It's strange to agree with someone so well in principle (on sustainability and environmental issues) but be so opposed to their recent actions. To point - Macon's closing thoughts on a need for less regulation, more efficient government I found very surprising given his advocacy for the very opposite (more regulation).

Go figure.

Congratulations to Valerie Mitchell for winning the American Idol like competition. I hope her popularity last night translates to more votes in the ballot box.

Many Months of Inventory [Analysis]

2009-10-13T05:04:00.002-06:00

From the latest Silver Fern Report, here's a different look at how local real estate markets are fairing.

The chart above shows months of inventory in Boulder and surrounding areas. It's calculated by taking average sales volume from the last 3 months divided by inventory, the reciprocal of which equals months of inventory. The data set ends in September, so the chart above is essentially painting a picture of the market at the end of the summer/early fall.

As you can see, inventory in Boulder is approaching 10 months. Attached dwellings appear substantially better - about 7 months of inventory, but keep in mind that there's much larger shadow inventory for condos and townhomes (from developments like the Peloton, among others). Broomfield, Erie, Lafayette, and Longmont are all running about 5 to 6 months of inventory -a level considered healthy by experts. Louisville and Superior have about 4 months of inventory, more evidence of the Conoco Philips Effect.

In short, this chart paints a remarkable contrast to a few years ago when Boulder's market competed head-to-head with Louisville for highest levels of absorption. The key question today is how long Boulder's market will remain soft. Stay tuned...

Macon Cowles Strikes Back [Politics As Usual]

2009-10-12T14:55:00.004-06:00

In what is decidedly NOT politics as usual, Macon Cowles is responding directly to criticism on Boulder City Council Watch, a Facebook Group.

It's a thread titled, "Anti-Cowles Group Takes It Up a Notch!!!" (image below was actually posted by Macon Cowles).

Here's an excerpt from the latest thread:

Ignast Bevoleshevski - Macon, you've been milking the taxpayers the past two years, all the while complaining we don't pay you enough! And now you're surprised not everyone loves you as much as your wife/campaign manager does! Shocker . . .

Macon Cowles - Ignast: you have no evidence for your statement. And I have not complained about the pay for Council, though it is less than the CU student executives are paid for their activities. I don't understand the vitriol that your are using. I have always treated you with respect. What is important to you about this City? What do you care about, that you wish others to be concerned about too?

Ignast Bevoleshevski - Which tax increase did you not support? And you HAVE argued that Counci should be paid morel--you did so on the City Hotline several times, and you just did it again. You say you treat us with "respect," but I would have to agree with Steve that it is more of a "strange, disconnected arrogance." Just look at your own post about why you didin't ... Read More

Macon Cowles - I voted to eliminate the Educational Excise. I voted to put a measure on the ballot that will eliminate the residential housing excise tax entirely. I voted not to increase the water fees that were requested by City Staff. I voted to give the City Manager, City Attorney and Muni Judge no pay increase. I challenged merit increases for non-union City staff.

The pay that is received by Council is established be the voters. I have always, and I do now, respect that.

Politics is Funny Business

Looking for a laugh? In a (1 post) blog called Rakin Macon Over the Cowles, the author writes:

People are blaming Macon Cowles for everything under the sun, so what the heck, I'm gonna blame him for all my problems too.
1. It's cold outside, I'm gonna blame Macon Cowles
2. I need to lose weight and haven't, damnit, I blame Macon Cowles
3. My garage is so full of junk that I can't park a car in either one, I blame Macon
Cowles.
I know that I have more issues which I want to alleviate my own responsibility for. I know others have plenty of issues, so feel free to blame Macon.

To which commentors responded with:

ReginaCucina@comcast.net said...
Okay, I'm in, I'm blaming Macon for it getting cold and that there are no more tomatoes in the garden.

Emilia said...
I'm blaming Macon for every bad hair day I've had this year!

Kathryn said...
I blame Andrew's diaper rash, my dirty house and bad SNL skits on Macon.

jmcaron said...
i blame macon for my dog's ear infection, and for how slowly this project at work has been going.

Steve said...
My kitty lost its collar and then threw up on my rug...I'm sure it's Macon's fault.

Becky said...
My students aren't writing compelling essays. They're also tired and cranky. I just know all this is Macon's fault.

Only in Boulder can a race for City Council get this heated.

p.s. The debate at the Fox Theater tonight promised to allow the audience to vote candidates off the stage, American Idol style. I bet it sells out.

The Conoco Phillips Effect [Trends]

2009-10-12T10:54:00.003-06:00

Since Conoco Phillips (COP) announced the purchase of the former StorageTek facility, there's been a lot of buzz about how the local housing market will be impacted.

Generally, a new large employer is a catalyst - driving up prices for property within short commuting distance. Given the green/alternative energy/sustainability angle to this employer's intentions, the effect may be particularly enhanced in places like Superior and Broomfield (i.e. biking distance).

You've seen many charts on the blog about Boulder's elevated inventory. Now take a look at Broomfield (as published in the latest Silver Fern Report):

Notice a trend?

Developers, such as Pulte have also scaled back their ambitions in Broomfield. As fewer new homes are constructed, this is also contributing to the decrease in inventory on the MLS.

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The Next Boulder Real Estate Meetup is October 20th. You're invited! Details are HERE

October 2009 Silver Fern Report [Analysis]

2009-10-12T10:34:00.004-06:00

The latest Silver Fern Report was distributed to clients and friends over the weekend. This monthly report shows real estate conditions for Boulder, Boulder Attached Dwellings, Broomfield, Lafayette, Longmont, Louisville, Superior, and Erie. It contains over 50 charts and tables showing key metrics like inventory levels, sales volume, prices, and absorption.

If you're on our distribution list, please check your email for the report.

As always - I'll publish select charts and commentary from the report here on the blog over the next few days. If you'd like a copy of the current report, you can subscribe by contacting us HERE. Those on our distribution list get a link each month to download the report directly. Clients also receive additional, more detailed research (such as our luxury and basic home indices).

We believe it's important that good market information is made available to the public. That's why we make each month's report available to blog readers about a week or so after distributing it to our clients and friends. If you'd like to see last month's report before subscribing, you can download it here.

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The next Boulder Real Estate Meetup is October 20th and you're invited. Details are HERE
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Boulder Market Strength Myth Perpetuated [Politics as Usual]

2009-10-08T15:22:00.005-06:00

At a meet the candidates event today, I was stunned to hear a City Council Member applaud the current strength of Boulder's real estate market. The Council Member (who is running for re-election) cited a "national survey."

It's amazing how an article published in the Main Stream Media can become like a virus. Returning to my office, here's the email I fired off to City Council.

Dear City Council Members:

I just returned from the Boulder Area Rental Housing Association meeting which featured a forum for City Council candidates. During the meeting, Matt Appelbaum stated something to the effect that a national study recognized Boulder as having the best housing market in the country. I'm concerned that this misperception exists among other council members and I'm writing to offer you better information.

The "study" that Matt referred to was likely the feature article in Business Week, printed August 11, 2009. Here's a link to the article.

At the surface, the BW article sounds like good news, but if you dig just a little deeper, you'll find that the underlying data is unreliable. The article relies on Zillow's estimate ("Zestimate") of market value. While Zillow protects the actual formula for Zestimates, the core component is median sale price. It's not an indicator of market value, it's an indicator of what sold. In a small market like Boulder, median prices show tremendous volatility. It's a function of sample size.

In short, the Business Week article is erroneous. What's REALLY happening in Boulder's market is that inventory levels are high (supply) and sales volume is low (demand). Specifically, as of August inventory was up over 30% for single family homes, year over year while sales volume was down 30.8% and 31.8%, over the past six and twelve months, respectively Low demand and high supply is a formula for falling prices. And indeed, this is what is happening at the mid and high end of Boulder's market. The entry level of the market remains strong (for now).

For charts, tables, and market research galore - please see the following articles:

Single Family Home Analysis
Single Family Luxury Home Analysis
Attached Dwelling Analysis
Attached Dwelling Price Breakdown (Summer Wrapup)
Regional Analysis

The data for my reports are based on summary reports from the Boulder Area Realtor Association and IRESIS, the MLS for Boulder. This is far better information than Zillow's 20,000 ft analysis.

NOTE: Elephant Journal and New Era Colorado are hosting another Meet the Candidates event at the Fox Theatre on October 12, 7pm (link) These events are a great opportunity to hear from candidates first hand.

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Silver Fern Homes can help you make a smarter real estate decision. To learn how, call us at 303.746.6896.
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Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog are the opinion of the writer and subject to market uncertainties. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.

Boulder: Onerous House Size Rules Pass 4-3

2009-10-07T09:08:00.004-06:00

To no surprise, City Council passed the pops and scrapes regulation last night with a vote of 4-3. Matt Appelbaum, Macon Cowles, Crystal Gray, and Lisa Morzel voted for the measure. Angelique Espinoza, Suzy Ageton, and Ken Wilson were opposed. Susan Osborne was absent.

So ends a process that took nearly two years and cost taxpayers hundreds of thousands of dollars. Boulder homeowners will now have 90 days to pull permits before new rules go into effect.

The city estimates the new rules will add up to $12,000 to remodeling projects. I suspect for some projects, it will cost much more in billable hours of busywork as designs are worked and reworked to comply with the complex rules. Remember, these rules are too complex for voters to understand, says Council Member Macon Cowles (see Cowles: You're Not Smart Enough).

On last night's meeting, the DC reported:

The huge crowds and heated debate that have often accompanied the contentious measure -- since the city first took up reining in house sizes as a priority more than 20 months ago -- largely fizzled out.

There were few people wearing bright yellow shirts, which have come to represent those opposed to the measure, and no yelling over who got to speak first.

Instead, a relative few residents representing opponents and proponents of the plan made one last pitch to the elected officials.

Having sat in that auditorium several times during this long process, it's clear to me the reason the crowds "fizzled." It's not because Council addressed the people's concerns. The crowds gave up because residents recognized Council was largely unmoved by their pleas. There are only so many times a person will be willing to repeat themselves while seeing so little response on the part of their elected officials.

The good news is that elections are around the corner and thirteen candidates are competing for five seats. At least two of these candidates were motivated by City Council's recent actions. Meanwhile there is a newfound awareness of politics in Boulder, now driving organizations like City Council Watch.

Introducing Boulder Council Watch

2009-10-07T05:39:00.002-06:00

Opposition to Boulder City Council is growing and becoming better organized. Boulder Council Watch is a new group whose goal is to create a place to discuss Boulder politics and hold council members more accountable for their actions.

Visit Boulder Council Watch on Facebook.

Here's the email I received announcing the group's formation:

Hi,

I am writing you to let you know about an effort to educate Boulder's citizens about the outrageous actions and statements of the Boulder City Council. Higher taxes and fees, more regulation, less personal freedom, library cuts, wasteful land purchases and higher pay for City Council. Are these your priorities? Well, believe it or not--they have been the priorities of this City Council.

It's time to expose these folks for the people they are. We have started a Facebook page to hold Boulder Council accountable for their actions. We will be using this page to expose the radicalism Boulder Council and to educate you as to how it will impact your life. We cannot just stand by and just watch it happen! It is time to bring accountability to the Boulder City Council. This public Facebook page will serve as the voice of the people of Boulder who wish to weigh in on what the Council is doing and make sure the citizens of Boulder are aware of their elected leaders' statements and actions.

Please join us by first and foremost becoming a fan of our Facebook page and commenting on articles and writing your own. Secondly, if you can help us out by forwarding this email on to friends and family and suggesting our Facebook page via your Facebook profile, that would really help.

If you want any more information or have questions don't hesitate to email us.

Click on this link to be taken to the page.

-Council Watch Boulder