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 certified hotel
Residential prices are quickly rising back to
their pre-real estate bubble prices. This is brought about by a lot of competing
buyers and a because of the low supply of available homes. According to Metrolist Inc. statistics is
showing an upward trend. Single-family
homes have been sold for a median price of $250,000, which is almost the same
price back in 2006 before the economy started tanking. The prices of these single-family homes
already shot up by 8.8% in October compared to last year’s prices. According to Metrolist Inc., so far that’s
the highest rate of increase seen for detached homes since the early 2000s.
But experts are giving everyone a word of
caution, not all communities in the area are experiencing the same upward
With a housing market that continues to slump combined with constant news coverage of a foreclosure tidal wave, many buyers are looking to get in on the action. REALTORS® across the nation have reported a trend in buyers hunting for that great deal on a foreclosed home. Although the current housing market provides some amazing homes at a great value, buying a foreclosed home can still be a risky venture. It is important to know the pros and cons of purchasing a foreclosure.
First off there are different types of properties that are generally referred to as foreclosures. A home that is in danger of falling into foreclosure but is still owned by the homeowner is known as a “pre-foreclosure”. One of the pros to buying a pre-foreclosure is that oftentimes…
Foreclosure filings in the Denver metro area declined nearly 46 percent in the first three months of 2009 from the same period a year ago, Denver Business Journal reported. The data is based on figures released by RealtyTrac, Inc. in its “Metropolitan Foreclosure Market Report.” The company is an Irvine, California-based marketer of foreclosure properties.
Among the 203 large U.S. urban areas listed by RealtyTrac, the Denver-Aurora area ranked 60th in foreclosure filings in the first quarter of 2009. One in every 144 households in the area (7,250 properties) was in some stage of the foreclosure process in the first three months of the year, according to RealtyTrac. The total is down more than 22 percent from fourth quarter 2008 and down almost 46 percent…
Borrowing money for home loans is now at its lowest level in almost four decades according to today's Denver Business Journal report.
Freddie Mac says the average 30-year fixed-rate mortgage fell to 4.78 percent this week. This is a full 1 percent lower than a year ago and the lowest 30 year rate since Freddie Mac started track rates in 1971. Also, the average one year adjustable rate mortgage hit 4.75 percent this week.
Frank Nothaft, Freddie Mac's chief economist, said “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth. The final estimate of economic growth in the fourth quarter was revised lower and personal incomes fell 0.2 percent in February, below market consensus.”
The Federal Reserve Bank of Kansas City released a study on March 4, 2009 that indicates the foreclosure situation in Denver is not as bleak as it is often portrayed, reports the Denver Business Journal.
Findings in the Federal Reserve’s study show:
Although up to 46 percent of the adjustable-rate mortgage loans in the Denver area have yet to reset, the recent decline in short-term interest rates should make readjusted rates less painful for those borrowers. For example, the London Interbank Offered Rate [LIBOR] has declined to below 3 percent, which means a reset of around 8.8 percent.
More than 60 percent of Denver-area subprime loans are current.
Although more than 78 percent of Denver-area subprime loans have adjustable rates (compared to 65
Although more Coloradans fell behind on their mortgages in the fourth quarter of 2008, the state fared better than most, according to the Mortgage Bankers Association.
Colorado’s delinquency rate ranked 42nd nationwide in the fourth quarter, with first being the highest rate and 50th the lowest. California, Florida, Nevada, Arizona and Michigan continue to dominate the delinquency numbers.
In 2008, foreclosure activity fell in Colorado for the first time since the state began keeping records in 2003, according to the Colorado Division of Housing. In January, the state ranked 25th nationwide in foreclosures started.
Thirty-five counties representing about 20 percent of U.S. households accounted for more than 50 percent of last year’s foreclosures, reports USA Today writer Brad Heath. And about 25 percent of them took place in eight counties in Arizona, California, Florida and Nevada.
Spread over a dozen states, the 35 counties had more than 1.5 million foreclosure actions last year. That number is more than the foreclosures recorded in the entire country in 2006.
In contrast, in more than 650 other counties – about a fifth of the nation – the number of foreclosure actions has actually dropped in the last two years.
Most of the counties leading in foreclosures are clustered in areas, such as Southern California and South Florida, where home values rose dramatically in…