Top 10 business stories of 2013 in Boulder and Broomfield counties – Boulder Daily Camera
After years of economic malaise stifling business activity, a slew of new developments moved forward in Boulder County in 2013, but, by the fall, historic flooding would have devastating effects on residents and communities.
Below is the Daily Camera’s annual look back at the most significant business-related news events in Boulder and Broomfield counties during the past 12 months.
Next week’s Business Plus will highlight some companies and business-related storylines to watch in the coming year.
For now, we’ll look back at 2013.
1.) Housing highs and lows: Real estate rebounds, historic flood takes its toll
When 2012 came to a close, key indicators started to signal that the local housing market was in recovery mode. Gains in home sales became steady, foreclosures found a bottom, rental markets tightened and new construction projects commenced.
The indicators proved true, and the combination of historically low interest rates, population influx, economic growth, low inventory and pent-up demand brewed a “perfect storm” in Boulder County’s residential real estate industry. Multiple offers and fast, auction-like sales were commonplace in the sellers’ market with some cities in the county posting double-digit increases.
Activity picked up across all spectrums of the market, including the high-end. About 40 homes sold for more than $2 million, effectively doubling the luxury sales recorded in 2012.
This year also saw a wealth of new construction and proposed developments, including various multifamily projects in Boulder and a slew of residential projects in Erie.
Come September, Boulder County homes and livelihoods were drastically affected by the historic rainfall and subsequent flooding that ensued.
The flood destroyed 337 structures totaling $41 million in market value, according to the Boulder County Assessor’s Office. Thousands more residences were damaged, with some residents having to take on the brunt of the economic losses.