Additional articles that you may find of interest:
The Aurora City Council on Monday unanimously approved an incentive package worth up to $300 million to cement a deal for a massive entertainment complex near Denver International Airport. Gaylord Entertainment Co. plans to build an $800 million Western-themed hotel and entertainment complex in Aurora. It would include about 1,500 hotel rooms and more than 400,000 square feet of conference space.
The American Realty Advisors of Glendale, Calif., has purchased the building at 1515 Wynkoop from Hines in one of the largest sales in the western U.S. this year. The sale price for the 306,791-square-foot building was not disclosed, but industry insiders put the price at about $120 million, or $391 per square foot .
11 Fastest-Selling Real Estate Markets - Nationally, the median age of inventory of homes on the market shrank slightly in May from April to 92 days, but still marks a 4.55% year-over-year increase. But in some markets homes are selling much faster. For example, the fastest-selling market continues to be Denver, where homes are selling, on average, in just over a month at 39 days.
The U.S. population is projected to grow by 150 million within the next 40 years and "more compact, mixed-use development" is needed to handle the growth and changing demands, Patrick Phillips, CEO for the Urban Land Institute, told an audience at the National Association of Real Estate Editors annual conference this week. One-person households are the fastest-growing type of household, he noted.
Developers are anxiously awaiting the availability of the 18.85 acre site of the former St. Anthony Central Hospital site in Denver. While there have been developers and medical groups interested in re-fitting those buildings, there is also interest in clearing the site and doing a multi-family complex in-fill project .
Fixed mortgages rates changing little despite recent inflation reports, according to Freddie Mac's Primary Mortgage Market Survey. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50%, while the 15-year inched down again to 3.67%.
Mortgage Applications Surge Amid Falling Rates - More people are applying for mortgages: Applications for home mortgages had their largest increase in three months due to falling record-low interest rates, the Mortgage Bankers Association reports. MBA’s seasonally adjusted index of mortgage application activity increased 13% for the week ended June 10. That marks the index’s biggest gain since March.
Both Colorado and Denver saw record visitation and visitor spending in 2010. Luring a bigger slice of the country's travelers, Colorado and its capital broke all kinds of records last year. Denver, flush with revenue from a 2005 voter-approved lodgers tax that fuels tourism marketing, hosted a record 12.7 million visitors who spent $3 billion, yet another record.
Renters are now facing their downside of the real estate market’s correction. Last year, the rental market quietly shifted from a tenants’ market to what is now decidedly a landlord’s market. The supply of properties is tightening and vacancy rates are dropping, so landlords have been emboldened to raise the rent.
Initial foreclosure filings and final foreclosure sales in Colorado’s 12 biggest counties fell for the sixth consecutive month, the state Division of Housing reported Tuesday. “Foreclosure sales at auction are now at a 26-month low, and foreclosure filings have been near 30-month lows for the past three months, although foreclosure totals remain at historic highs,” division spokesman Ryan McMaken said in a release.
Within the next decade, 16 million new housing units will be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report. That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand.
Homes under contract in May in metro Denver increased 23% from a year ago, driven by high rents that have made buying homes more attractive. There were 4,777 homes under contract, compared with 3,883 homes a year ago. "The number of rental units has gone down, and the price of renting has gone up," Bauer said.
Metro Denver home sales rose 9% in May from April, with prices up slightly and the inventory of homes for sale holding steady, according to a monthly update from Metrolist. The time it takes to sell a home or condo, however, is up significantly from a year ago - 43% to 109 days. The median sales price for single-family homes was $230,000, up 4% compared to the prior month, and even with May 2010.
Developer pitches "wilderness city" concept at former Boulder Daily Camera site - The redevelopment of the old Camera site in downtown Boulder could include a rooftop garden, a public plaza, an elevated "wilderness space" that would be akin to a glass treehouse, a fully automated parking lot that would rely on a crane to store cars in underground slots -- and lots and lots of office space.
The Denver Housing Authority on Monday received a $22 million grant to help pay for the redevelopment of South Lincoln Homes near the light-rail stop at West 10th Avenue and Osage Street. DHA plans to demolish an existing 182 units and redevelop the 17.5 acres near the light-rail stop with 457 residences, including 200 public-housing units, 104 workforce units and 147 market-rate units.
The land north of Montview on the Fitzsimons property represents one of the great economic-development opportunities in Colorado, maybe the greatest in the state," said new FRA board member Don Elliman. "The goal is to make that into a biopark." The FRA plans to spend up to $12 million building 30,000 square feet of new office and laboratory space.
Denver 19th for real estate searches at Realtor.com - The Denver area ranked 19th out of 146 markets nationwide in online searches for real estate listings at Realtor.com in both March and April, ahead of New York, Houston and Washington, D.C. The website said the median list price for homes in the Denver market in April was $249,900 - up 4.17% from March but down 0.04% from April 2010.
Denver 19th for real estate searches at Realtor.com | Denver Business Journal
Buyers who have a foreclosure or bankruptcy in their credit past may have a tough time qualifying for financing to buy a new home. That's why some sellers are stepping in to offer seller financing to help seal deals.
One is the loneliest number — but it's popular in Colorado, where nearly 28% of households are occupied by a single person. In Denver, the number is even higher. According to 2010 U.S. census data made public today, 40.6% of the city's households are composed of a person living alone.
www.realtor.org
This year's NAR Member Profile shows a greater focus on training and education. Approximately 35 percent of members hold at least one specialized training certification to help meet clients' needs.
First peek at History Center Colorado highlights ULI ‘insider’ tour of major Civic Center projects June 9 from 2:00-6:30 pm
Learn about a cool billion of new projects in Denver’s heart. The event includes a first peek inside the new History Center Colorado and highlights other projects totaling $800 million in new buildings, park, streetscape, and building renovations funded under the Better Denver Bond Program.
|