Market Conditions 
There are currently 75 blog entries related to this category.
Aurora to Purchase a $77,000-worth of Property for $2.75M
Monday, February 4th, 2013 at 7:55pm. 242 Views, 0 Comments.
One of the most curious real estate transactions of the year is reported to be on the verge of completion in the city of Aurora, according to local media reports. The deal will see the sale of a run-down, 10 acre, mixed use property valued at just $77,000 changing hands for a whopping $2.75 million!
Unused for 28 years, the 10-acre property site was once a thriving shopping establishment in the center of Aurora.
For years, city officials and neighbors have debated about what to do with the property, yet repeated discussions consistently came to nothing. Now however, it’s being reported that a deal has all but been agreed, and a contract to buy the land is scheduled to be finalized by the Aurora Urban Renewal Authority.
According to the contract agreed…
Landmark Preservation Changes Approved by Denver City Council
Monday, February 4th, 2013 at 9:21am. 221 Views, 0 Comments.
Denver City Council approved some changes regarding the demolition and historic designation of sections of the city ordinance regarding landmark preservation.
Denver's Community Planning & Development Department proposed the changes with the aim of balance the interests of landowners, the wider community, and preservationists, while eliminating the unnecessary stages from the demolition and historic designation review measures.
What follows are the key changes:
• Designation applications that are non-owner-initiated must be filed by at least three residents of Denver, or property owners, or city council members, or a CPD manager for the purpose of raising the community support level and involvement.
• Review of Landmark Preservation must be…
City Council of Denver Receives $30.45M Windfall for its 2013 Budget
Friday, February 1st, 2013 at 6:05pm. 329 Views, 0 Comments.
Denver is getting $30.5M extra revenue that will be included by the government in its budget for the year 2013.
This means that 92,000 students from Denver Public Schools will be provided free access to local recreation centers and pools around the city. City employees need not take days off from work, and libraries will be made available 48 hours every week.
On Monday, the City Council said that it had approved the primary procedural step to allow the extra money to flow into Denver’s coffers. The council initially approved a bill amending the city budget for 2013, which had already been passed.
In November, a 74% approval vote from residents of the city made it possible for authorities to retain its tax revenues from properties and remove Denver from…
Rebound Seen in Sales of Denver Homes
Friday, February 1st, 2013 at 10:21am. 177 Views, 0 Comments.
Denver’s residential market is gearing up for better times ahead.
Last September, home prices rose to their highest in nearly five years as indicated by the most recent S&P/Case-Shiller Home Prices Index. This is backed up by figures from a well known multiple listing service, which shows that this year, single-family homes have been sold for a median price of $250k, at the same level as 2006, just before the bust in residential real estate took place.
Meanwhile, Denver is also fast recovering from the foreclosure nightmare, with its housing inventory falling to just half of what it was the prior year, something which has led to the re-emergence of bidding wars in the area for the first time in years.
In October, 4,095 properties within Denver were…
Lavish Homes in Denver Increase in Sales Beginning of Last Quarter
Tuesday, January 29th, 2013 at 9:34am. 220 Views, 0 Comments.
Strong recovery for Denver’s lavish homes is felt during the last quarter of 2012, especially in the month of October where residential estate sales doubled compared to last year. Homebuyers grabbed up to 73 homes that has a value of $1 million or even higher during this month. During the same month last year, only 37 residential properties were sold that had an average price of $1.31million.
Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in an interview that high-priced homes are still going strong in the market. Now, the existing challenge in the marketplace is increasing the supply of these types of homes to keep up with the rising demand.
Records show that a 3.9% month-over-month decline is seen after 4.8% dip…
Denver Luxury Home Sales Up in November
Monday, January 28th, 2013 at 4:54pm. 159 Views, 0 Comments.
Sales of luxury homes and residences starting at $1 million and above rose on a yearly basis in the Denver area this November, somehow compensating for the seasonal slowdown that finally hit the metro’s residential real estate market.
Based on MLS (multiple listing system) realtors’ data, fifty-nine luxury homes and condo units were sold in Denver this November, a robust 37 percent gain from a year ago, but representing a 16 percent decline from the sixty-nine resales achieved in October 2012. Total dollar value of closed sales for luxury properties this November amounted to $91.2 million, a 42 percent jump from the $52.7 million total in November 2011.
The slight drop from the month before was to be expected, and just shows that the seasonal downturn has…
The Risky House Flipping in Colorado
Monday, January 28th, 2013 at 10:16am. 255 Views, 0 Comments.
University of Denver student, Robert Hatch III, does it and so does broker Larry Simpson with Denver’s Fuller Sotherby’s. Results of both efforts are different however the methods used as similar. Both are house flippers.
Colorado and the whole nation have seen the comeback of house flipping with the improvement of the real estate market. Flipping is the simple process of buying a house, which could be a foreclosure or one that needs repair, and repairing it so it could be re-sold within months to earn profit.
According to the report from RealtyTrac, there are about 100,000 homes in the US that were flipped during the first two quarters of 2012, a 25% increase compared to the same period of the prior year.
The Leading Urban Neighborhoods in Denver
Tuesday, January 15th, 2013 at 10:17am. 186 Views, 0 Comments.
Nowadays, homeowners pick a neighborhood, which features cool lofts, condos, and buildings that reflects their unique personality. They refuse to have one of those cookie cutter homes lining the streets that are seen in the neighborhoods they grew up from. In the Denver area, finding a home can be a bit daunting.
Denver has several urban neighborhoods. The neighborhoods feature excellent lofts, condos, and buildings with their own charm and uniqueness. These neighborhoods are also situated near bars, restaurants, museums, shops, and several hotspots. In Denver, there are five leading urban areas and these include the following:
- Lodo: Lodo or lower downtown is synonymous with Denver’s nightlife. The area has…
IBC Holdings Acquires Large Building in Westminster
Monday, January 14th, 2013 at 10:03am. 243 Views, 0 Comments.
IBC Holdings LLC from Denver has purchased a 1.2M-sq.ft. industrial building in Westminster, which used to be home to 5,000 tech employees.
The building was purchased as a joint undertaking with Boston-based Long Wharf Real Estate Partners LLC. The building is home to Avaya, a research & development facility built by Western Electric in 1970.
Jason Addlesperger, Dave Lee, and Frank Frederick of Newmark Knight represented both the buyers and sellers.
According to Brian Mott, Managing Director of IBC, the building will offer state-of-the-art facilities to office and industrial users. The addition of a multifamily component and industrial buildings facing Huron and Pecos streets are also being considered.
A $75M Investment for Adoba Eco Hotel & Suites
Wednesday, January 9th, 2013 at 10:27am. 262 Views, 0 Comments.
Denver’s Adoba Eco Hotel & Suites, a local hotel developer, recently gained financial boost after it received a $75M investment from Delaware’s M1T Partners LP for its expansion.
An SEC Registered Investment Advisory, M1T uses funds to invest in underfunded opportunistic projects, developmental projects, as well as special situations, as mentioned in a news release.
Adoba President and CEO, Jim Henderson stated that the company is able to create LEED-certified hotels through the construction of new buildings or by renovating existing ones, enabling the creation of green jobs and for the next five years, which will revolutionize the hospitality sector.
Adoba calls itself the hotel sector’s first self-sustaining LEED…
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