Median rent dropped 5 percent in Denver from October to November, Zumper finds

Rents in the Denver-Metro area have been climbing higher in recent years.  But as Denverite reports, that trend may be starting to shift toward the opposite direction:

 

“The online real estate company Zumper has found the median rent for a one-bedroom in Denver dropped 5 percent from October to November to $1,520, among the sharpest decreases in the top 25 rental markets.

In its year-end rental report, Zumper noted that this is a slow-moving season and that rents across the country either dipped or stayed flat. Of the 25 priciest markets Zumper surveyed, only three saw drops of 5 percent or more: Denver at No. 16 on the top 25 list; Minneapolis at No. 24 with a median rent of $1,320; and Nashville at No. 25 with a median rent of $1,420.

Read more from Denverite here.

Housing regains balance after a lengthy sellers’ market

For nearly a decade, Northern Colorado’s housing market has largely been a seller’s market.  But as BizWest reports, the market appears to be shifting into a healthier balance between sellers and buyers:

 

We hear it said many times: balance is the key to life. It also pretty helpful in real estate. And after leaning toward sellers for the better part of the past decade, we can say that Northern Colorado’s housing market appears to be returning to a state of balance.

It’s no secret that our market has largely favored sellers since the end of the Great Recession — a condition characterized by sharply rising prices and even chaotic bidding wars between buyers. By comparison, a balanced market means buyers get choices and don’t need to rush to decisions. At the same time, sellers who price their home right and prepare their property to sell will likely be successful.

That’s what makes the third quarter real estate statistics encouraging. While we continue to see strong demand, housing inventory — very tight here for several years — is showing signs of catching up. Meanwhile, the pace of price growth is more in line the historical average of about 5.3 percent per year over the past 40 years. And while prices are still climbing at a faster clip than wage growth, the gap between those two factors is closing.”

Read more from BizWest here.

Lakewood project repurposes blighted property

With affordable housing an important issue in the Denver-Metro area, it’s a good thing when more affordable housing units become available.  A vacant, blighted office tower and retail strip mall have been replaced with 152 affordable housing family units. Colorado Real Estate Journal reports:

 

““I am not sure there is any greater impact on a community and on personal lives than taking a blighted, contaminated, vacant, unattractive building and turning it into a vibrant, beautiful space that meets one of the greatest challenges our community, our state, is facing – affordable housing,” Tami Fischer, executive director of Metro West Housing Solutions, proudly declared when asked about the community impact of this affordable housing development. “We took the ‘ugliest building’ in Lakewood and turned it into safe, classy and permanently affordable housing community!”

You can see, hear and feel the excitement and pride of the MWHS staff when discussing and showing off Fifty Eight Hundred.

Fifty Eight Hundred, located logically enough at 5800 W. Alameda Ave. in Lakewood, is the end product of the transformation of a vacant, blighted office tower and former retail strip mall into 152 affordable housing family units. Fifty Eight Hundred is a community with amazing views, walkable shopping nearby, close bus lines and art installations throughout the buildings. Near Lakewood’s Belmar shopping and entertainment district, it is home to studios, one-, two- and three-bedroom apartments serving individuals and families from 30% area median income to 60% AMI.”

Read more from CREJ here.

Construction Begins on Affordable Housing in Colorado’s Vail Valley

Financing for a new affordable housing complex – called Spring Creek Apartments – has been closed on in the Vail Valley. Affordable Housing Finance reports:

 

Developers have secured key financing to develop 150 units of affordable housing in Gypsum, Colo.

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, recently announced the financial closing of a $20.6 million Fannie Mae loan to create the first phase of Spring Creek Apartments.”

Read more from Affordable Housing Finance here.

How these 5 very different Colorado cities are managing the state’s unprecedented growth

The secret is out: Colorado is a great place to live! And cities and towns across the state are growing, with each one taking a different approach. KUSA 9News covered how five different cities are managing growth this week in a very interesting series.

 

“COLORADO, USA — Colorado’s population is expected to grow from 5.6 million people as of 2017 to 8.7 million by 2050 — something that demographers say will be driven by an influx of people moving to the state from other parts of the country.

With growth comes opportunity, but also challenges, especially in once-rural communities that are now the site of thousand home developments.

For “Growth Week,” the 9NEWS Mornings team visited five places in Colorado that are experiencing major growth. Keep reading below for a look at the communities and how they are adapting to a changing state.”

Read more from KUSA 9NEWS here.

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JLL arranges $40.27M financing for Denver-area apartments

Multihousing Pro highlights one of the latest real estate transactions in the Denver-Metro area.

 

JLL announced today that it has arranged $40.27 million in financing for Palisade Park, a 216-unit, garden-style apartment community in the north Denver suburb of Broomfield, Colorado.

JLL worked exclusively on behalf of Jeffrey Sanders of Boulder, Colorado-based Mountain View Capital, LLC to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced an existing Freddie Mac loan originated in 2018.”

Read more on Multihousing Pro here.

Apartment industry, residents contribute $39B to Denver

Did you know how big of an impact the apartment industry has on the economies of Denver alone and Colorado altogether?  It may surprise you. Colorado Real Estate Journal discusses the fascinating numbers in an interesting new article.

 

“The apartment industry and its residents contribute $39 billion annually to Denver’s economy, $60.9 billion to Colorado’s and more than $3.4 trillion – or $9.3 billion daily – to the national economy, according to a study commissioned by the National Apartment Association and National Multifamily Housing Council and researched by Hoyt Advisory Services.

Apartments drive local economies by adding employment opportunities and contributing significant revenue. In Denver alone, the apartment industry supports 186,353 jobs. Resident spending contributes $34.2 billion to the local economy, apartment operations add $1.6 billion, new construction contributes $2.5 billion, and renovation and repair of existing apartments add $720 million.”

Read more from CREJ here.

Top 5 Most Livable Mid-Sized Cities Of 2019 Are All In Colorado

CBS4 Denver highlights how Colorado is home to all of the Top 5 most livable mid-sized cities in the country.

 

“(CBS4) – Colorado is home to the top five most livable and affordable mid-sized cities in the U.S., according to personal finance website SmartAsset. The ranking took into consideration several economic factors, including median household income, unemployment rate, average commute time, poverty rate and income inequality.

Personal finance website SmartAsset ranked five mid-sized cities in Colorado as the most livable and affordable in the U.S. (credit: CBS)
Arvada came in first place with a strong job market and livable wages. Centennial came in second with low levels of poverty, unemployment and more people living with healthcare.”

Read more on CBS4 Denver here.

Startup behind Denver’s biggest real estate transaction in 2019 buys in Seattle, LA

BusinessDen highlights the latest real estate transaction in Denver.

 

“The Denver startup behind the city’s biggest real estate transaction this year has since purchased four additional apartment complexes in other cities.

Daydream Apartments, which paid $304 million in April for the Whole Foods-anchored Union Denver complex at 1770 Chestnut Place, has spent approximately $600 million since then on complexes in Seattle and Los Angeles.”

 

Read more on BusinessDen here.

Proof that history and affordability can coincide is in Tammen Hall

Denverite covers affordable housing at Tammen Hall.

 

“Celebrations earlier this month of the completion of Tammen Hall also marked the resurrection of the mural that True completed in 1932 for the former nurse’s residence, built in 1930. Tammen Hall now houses 49 apartments for people 62 or older. Rents are kept to no more than a third of tenants’ incomes and only seniors earning up to 60 percent of the area median income can be residents.

True’s lush, five-panel mural depicting Native American men and women in everyday settings is just one of the painstakingly restored architectural and design elements surrounding residents who might have been priced out of the gentrifying neighborhood. Annie Robb Levinsky, executive director of Historic Denver, called the project proof that history and affordability can coincide. Tammen benefitted from both historic and low-income housing tax credits.”

 

Read more on Denverite here.