Inventory shortage raising real estate prices

The real estate industry in the Boulder Valley is experiencing an inventory shortage, driving lease rates up in the commercial sector and creating bidding wars for homes. “Longmont is as strong as we’ve ever seen it,” said W. Cotton Burden, president and CEO of Burden Inc. Burden’s recently completed 115-unit luxury apartment and mixed-use project on Main Street in Longmont, Roosevelt Park Apartments, has exceeded expectations. He said the retail space is 100 percent leased, and the apartments are “nearly full.”
Read article – Boulder County Business Report

Standard Pacific starts on residential project in Erie

Standard Pacific Homes has begun work on clearing land for Compass, a 487-unit residential development at the northwest corner of Arapahoe Road and County Line Road in Erie. The community will consist of about 350 single-family homes and 130 attached units that could be duplexes or condos. The project is one of several residential projects under way in Erie, including Colliers Hill (formerly called Daybreak), 2,800 units; Erie Highlands, 922 residential units; and Flatirons Meadows, 875 single-family homes.
Read article – Northern Colorado Business Report

Pent Up Demand Overshadowed by Fear and Mortgage Misperceptions

Fear they will not qualify for a mortgage has stopped nearly half (46%) of today’s potential home buyers from pursuing the financing they need to buy a home, according to a new national consumer survey from loanDepot, the nation’s third largest private, independent retail home loan lender.  While strong pent up demand to buy a home exists among a broad national cross section of the population, very few prospective buyers have actually taken any steps to see if they’ll qualify for a home loan.
Read article – Sys-Con Media

Mortgage Availability Hits 3-Year High

Access to mortgage credit is at its highest level in at least three years, and credit standards are expected to loosen even more this year, according to a newly-released index by the Mortgage Bankers Association.  MBA’s index, which tracks mortgage credit availability, shows that in March the gauge rose to 114 – the highest reading in the gauge’s three-year history.
Read article – Realtor Magazine

791-home neighborhood to be built at Centerra

McWhinney is partnering with four home builders to bring 791 homes to a new 300-acre neighborhood, The Lakes at Centerra.  The Lakes at Centerra will include townhomes, single-family homes and patio homes.  Boulder Creek Neighborhoods will build ranch-style patio homes and townhomes; TRI Point Homes will build ranch and two-story homes; Village Homes will build “spacious” energy-efficient, single-family homes; and Wonderland Homes will build luxury single-family homes and patio homes.
Read article – Coloradoan

Home listings up slightly from February to March

The area housing market experienced a boost in the number of single-family detached home listings from February to March but is still down significantly from the same month a year ago in most communities.  Greeley/Evans continued to be the only local area of the five communities where the number of year-to-date sales has outpaced 2013.  In Greeley, the median sale price in March was $184,000 – up significantly from $164,500 a year ago.
Read article – Northern Colorado Business Report

Apartment complex in Fort Collins sells for $39 million

Boulder County couple Jeff and Mindy Sanders this month paid $39 million to purchase the 240-unit Terra Vida apartment complex in southeast Fort Collins.  The deal came a little more than a month after the pair sold 116 apartments at the Uptown Broadway development in Boulder for $26.9 million.  The Sanders’ entity, Mountain View Terra Vida LLC, bought Terra Vida from Denver-based Milestone Development Group LLC and partner Les Kaplan, a Fort Collins developer.
Read article – Northern Colorado Business Report