Even Boulder Real Estate Buyers Trending Towards Condos

While the local market remains strong for Boulder real estate sales, the condo market is heating up as both local and national trends move towards buyers focusing on condos.

Even though some think that it’s been time to circle the wagons, the Boulder, CO real estate market is very strong and with limited space for new development, the Boulder condo market has been heating up. Projects such as The Peloton, The Walnut and even others, including Northfield Commons, Dakota Ridge Village and several smaller projects, as well as certainly certain pre-owned units around town, are getting visits and contracts from enthusiastic buyers.

The Wall Street Journal had an interesting article a week or two ago stating that the second-home market is in a slump. That’s not what I’m hearing from local sellers in the Boulder area condo market. Even as far away from Boulder as Westminster there are ‘part time resident’ buyers looking at condos.

The WSJ has one thing right: the trend towards condos is in part due to people looking at simplifying their lifestyle. Nationally, condos are showing signs of life for the vacation property market. Even though the National Association of Realtors (NAR) has reported that in 2007 vacation home sales dropped about 30%, sales of condos dropped only a tiny bit.

In addition to the advantages of low maintenance, condos seem to have other benefits. You could consider amenities like pools, clubhouses, and many other things that a single family home just doesn’t bring.

Even in the last couple days I spoke to a guy in Boulder who is married with two young boys and he said they love condo life, especially in Boulder.

Here’s some data on national trends in vacation home purchases in 2007 according to the NAR 2008 Investment and Vacation Home Buyers Survey:

How likely are you to purchase one of these types of properties for a vacation home vs. a primary residence?

Primary / Vacation

80% ……. 59% — Detached Single Family Home

7% ……… 17% — Condo/Duplex in building with 2 to 4 units

4% …….. 12% — Condo/Duplex in building with 5 or more units

5% ……… 7% — Townhouse or row house

3% ……… 5% — Other

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