In a recent interview with Distinctive Homes, Julie Meko and I were asked to discuss the driving forces behind the red-hot 2014 high-end Boulder Valley condominium market. As many of you know, luxury condos are a very popular topic in our region right now. Colorado is experiencing a staggering influx of out-of-state transplants, the majority of which have landed in the 12 counties surrounding Boulder. The growth in local population combined with an extremely tight inventory of available condominiums has turned every bid into a battle. In the article, titled Come to Boulder Condo Market Ready to Compete, I share my thoughts on how to beat out your competition when fighting for that luxury condo you have your heart set on. Here are my recommendations:
Finding an agent who is well-suited to your particular needs is absolutely essential in today’s housing market. When shopping for high-end condos, buyers should come to the market with a determined agent who is able to write aggressive contracts and is prepared to compete with other potential buyers. I include an escalation cause in all of my clients’ luxury condo offers. By doing this, I give them a competitive advantage in case a bidding war ensues. I also encourage clients to appeal to the seller’s sentimental attachment to the property by including a letter with their offer, outlining favorite features and the reasons for their desire to purchase the home.
The number of high-end condos that have been available since 2012 have been relatively low, but expect to see some interesting developments during the second half of the year. The warmer months are expected to bring a few more options to the Boulder condo market, and I’m excited to see how that will affect the third and fourth quarters. That doesn’t mean that buyers should wait until the end of the year to begin their search, however.
Real estate appreciation is trending higher in Boulder County, so increased time means potential increases in the price you will pay. Prospective buyers should get a head start on the process now and take all necessary steps to put themselves in the best possible position to secure the winning bid. More purchasing opportunities will inevitably lead to a livelier market, and the competition will remain fierce.
Beginning the search for the perfect condo with your mortgage pre-approval already behind you is a fantastic way to win points with sellers. It removes any doubt about the seriousness of your offer, and it also reduces the amount of time between the seller’s acceptance of the contract and closing. For many sellers today, this a top priority. Another way to make a good impression with sellers is to schedule a property inspection prior to going to see the home, which will also make a big impact on the closing timeline.
Boulder’s luxury properties are my specialty, and I enjoy helping my clients get ahead in our increasingly competitive market. Make sure to check out the March 2014 issue of Distinctive Homes, where I’ve shared my experience in the market and offered insight for future contenders in the battle for ownership of luxury condominiums in Boulder.