Rough Waters

by Osman Parvez

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

From Rough Waters:

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

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

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

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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

Please Note

This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.