I’m Bob Gordon Berkshire Hathaway HomeServices real estate agent. Thanks for checking out my blog. I’ve been helping clients buy and sell homes since 1995. This post is a quick update of what’s going on around town this week.
Demand For Luxury High End Boulder Homes
Yesterday I had the opportunity to check out the plans for a new development in Boulder. The ambitious project is bringing personal elevators to home buyers, with units ranging from $2.5 Million to the low threes. The project is already over 50% sold out.
Why Boulder Home Prices Are Up (To Stay)
Hosting an open house over the weekend, ran into a former Boulder County commissioner. Had a great conversation. Best take-away: About a decade or so back, Boulder changed its zoning to reduce the amount of planned industrial space and increase the amount of commercial.
We were already seeing a move away from manufacturing stuff to having computer based programming jobs (think Google). Industrial space creates one job for every 1500 square feet or so. Commercial development creates one job for every 150-250 square feet.
By making this small change to the sort of jobs being created in Boulder, we increased the workforce by 44,000 positions. And during the same time frame only increased housing by 8000 units. You can see there is a dramatic disconnect between jobs and housing in Boulder.
Home Mortgage Interest Rates
Rates increased this week. Let me emphasize this. Home mortgage interest rates increased. First time in seven weeks. And yet, home mortgage interest rates are significantly lower today than this same week a year ago. Why? Lots of uncertainty in the world. The trade war, the potential Iran conflict, tariffs, politics.
The weird part is the Fed met and held rates steady and talked about a decrease. And home mortgage rates increased. For home buyers, this is a good time to act. Low rates combined with the summer high inventory makes for a great moment to go find your new home. Need a Realtor to assist you in the process? Pick Me, Pick Me (in my best Eddie Murphy impression from his voice role in Shrek). Seriously, give me a call to discuss your home buying needs.