The Next Boulder?
Fort Collins Real Estate vs. Boulder Real Estate | The hottest question we get in Northern Colorado is this “do you think Fort Collins is the next Boulder?”
Let’s look closely at that question and start with what is similar. They are both beautiful college towns nestled against the foothills. They both have affordability issues which push real estate buyers to satellite communities (what is happening is Wellington is not unlike what happened in Louisville).
Yet there are differences at a fundamental level that will forever keep these two places very different from each other. For example the average Household Income in Boulder is 60% higher than Fort Collins. Here is another big deal, Boulder is only half the size of Fort Collins (25 square miles versus 57 square miles). And get this, the City of Boulder owns 71 square miles of open space in and around the City.
Essentially Boulder is a small island surrounded by an ocean of open space inhabited by very high income-earners. That is why the average price of a single family home in Boulder is now over $1 million.
We put together a short video which shows you more detail about this hot question. You can watch it here:
Last week Windermere’s Chief Economist Matthew Gardner joined us for our annual Market Forecast events in Northern Colorado.
Here are some of the big takeaways that we shared:
- Interest rates will increase to 4.6% by the end of the year
- First-time buyers are back and will make up 47% of all buyers in 2017
- Inventory will remain at record lows and will continue to drive up prices
- Appreciation is expected to be between 9% and 7% accross our Front Range markets
- Home builders will get creative in order to hit lower price points – we will see more “tiny homes” and more homes without basements
Click HERE to see Matthew Gardner’s infographic on the 2017 Forecast.