As the nation pulls out of one of the worst recessions in history, Colorado boasts one of the healthiest real estate markets, with Boulder spearheading the state.
“The Boulder lifestyle, its Open Space, and its walk-and-bike-ability are equally appealing to age groups from Millennials to empty-nesters,” says RE/MAX of Boulder agent, John McElveen. “Walkability is top-of-the-list for Boulder’s new urban dwelling culture.”
The REALTOR explained new Boulder real estate in an interview with Duane Duggan and ROB Radio. In the interview, McElveen discusses the lack of inventory on the market and how new construction is addressing it.
“During the recession, we were building 300,000 homes each year nationally as opposed to the 1.5 million needed to keep up with demand,” he says.
Boulder has also noticed a higher demand for condominiums and appears to be creating a more urban lifestyle than before, with buyers looking to be within walking distance of amenities.
“We’re seeing the empty-nester demographic purchasing in Boulder more often; they’re looking to settle in Boulder and want to be able to walk places and lock & leave,” says McElveen.
The majority of Boulder’s existing condos were built in the ’70s and ’80s, leaving the market lacking not only modern architecture, but often outdated appliances and amenities. Investors are scouting property to create more urba-style condos, though it’s not a quick process. The projects take 1-2 years from the beginning of the scouting process to the groundbreaking. Because of this, McElveen stresses how important it is to anticipate the market cycle, which may have changed by the time construction starts.
Here are four new construction projects McElveen describes as “modern, efficient, and cool.”
The site of 21 Pearl has sat vacant for years, previously the site of Boulder’s A&W®. The 5 units situated in the East Pearl District have completely sold out in pre-sale and include rooftop decks. The units are a knock-off of the three-story Brownstone condominiums popular in true urban cities but with a modern twist.
Dwell 22 is a unique project in that it rests in a single-family home residential area. The development consists of three, stand-alone condos as well as a remodeled existing farmhouse. The three-story units are in an enclave surrounded by trees and sport multiple decks. Their 3-bed, 3-bath designs tend to attract families more than traditional condos, with two of the three condos already sold.
Cobern built and designed, Nickel Flats sits in the Boulder Junction neighborhood. Set in an urban environment, the three story building houses 16 units with floor plans incorporating 1, 2, and 3-bedroom units. Currently 13 of the 16 units are under contract.
The Treehouses @ Walnut Creek
Phase two of the popular Walnut Creek enclave at 2st & Walnut. Set in the trees 1/2 a block off the street, the three-story condos will enjoy plenty of privacy in the heart of downtown.
Aside for the multiple new condominium projects, Boulder’s newest single family home addition, Trailhead, is almost unheard of. Boulder’s green belt leaves little room for development, part of what makes this city so attractive.
Trailhead’s 23 lots sit at the base of Mt. Sanitas, at the far west end of Mapleton Avenue, and range from 5,000-square-feet to 1/2 an acre. With nine lots already under contract, the development is attracting empty-nesters and Millennials says McElveen. The designs are warmly modern and customizeable and include garages.
Full interview coming soon to www.boulderco.com/blogs