Market Conditions

There are currently 98 blog entries related to this category.

"Don't Frack Denver's Water," a coalition of citizens and conservationists, has been organized to muster broad community support for the creation of a Master Leasing Plan (MLP) for the Colorado South Park Basin, which the federal government wants to lease to companies engaged in exploration of gas and oil deposits. The advocates of this movement fear that drilling and fracking within the basin located in Park County will eventually contaminate with potentially cancer-causing chemicals the nearby rivers and reservoirs supplying water to many local communities, including the Denver metro area.

The MLP’s establishment would require the formation of a stakeholders group to address the issues and concerns on the leasing plan. Furthermore, this group would

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Nichols Partnership Inc. has purchased from Los Angeles-based Karlin Real Estate the former Daily Camera building at 11th and Pearl Street in downtown Boulder, Colorado, for a fee believed to be around the $13.5 million mark.

Karlin bought the property in 2010 in a $9-million deal. It worked on plans during the last two years to build almost 160,000 square feet of office and retail spaces, restaurants, and movie theaters in three- to four-floor buildings at the site. It was just months ago that Karlin received approval from city hall to redevelop the property.

Randy Nichols, president of Nichols Partnership, described the property as an irreplaceable asset that is hard to come by in downtown Boulder. The full block that it occupies on Pearl Street is…
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The Colorado Economic Development Commission has approved $13.1 million in state tax credits for three companies as an incentive for them to bring in 1,533 new jobs to the state. Certain conditions are attached to the tax credits, and the amount of incentives received may be reduced if the companies fail to deliver all of the employment expected. Another possibility is that other states may offer better incentives, thus Colorado would risk missing out on significantly boosting its employment level.

One of the companies is Redwood Trust Inc., a California real estate investment trust specializing in commercial and residential mortgages. This company is exploring the possibility of moving its operations to Douglas County, Colorado, and in the process

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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…
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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…
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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…
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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…
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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…
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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

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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. 

Interestingly, locals

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