Monday, May 16, 2011

Housing News Digest, May 16

Commercial real estate poisoning small banks
NEW YORK (CNNMoney) -- The troubled commercial real estate is slowly killing off the nation's small and regional banks, and industry experts fear the worst is yet to come.

Denver apartment deal largest in U.S.
CB Richard Ellis today confirmed it has been retained to sell the Carmel Cos. apartment portfolio in Colorado, which it describes as the “largest multifamily offering in the nation.”

The sale was first reported by InsideRealEstateNews on Wednesday.

CBRE is the exclusive adviser regarding the sale of the portfolio, which it said consists of more than 8,000 units in 24 properties developed between 1980 and 2000.

The Grove housing plan draws praise and protest
Student housing developer Campus Crest has invested more than $100 million into student housing across the country, creating its brand called "The Grove."

Next month, a project development plan and overall development plan will go before the Fort Collins Planning & Zoning Board for The Grove Fort Collins, a project that has raised the ire of many local residents.

Construction industry remains stagnant
Builders in Boulder County are facing a stagnant market this year, although one expert in the home construction industry says the Denver metro region appears poised to break out of its doldrums in 2012.
Boulder issued about 290 building permits from Jan. 1 through March 31, which would put the city on pace to issue 1,160 permits this year, down slightly from 1,286 granted last year, according to figures from the city`s Planning and Development Services Department.

Boulder's latest affordable housing project nearly done
The latest in Boulder's permanently affordable housing, True Corners, is nearing completion of its first phase, a collection of eight one- and two-bedroom units, each between 750 and 1,000 square feet.

The condos' bold colors and Energy Star ratings have caught the eyes of qualifying homebuyers, as well as the attention of Home and Garden Television, which was scheduled to visit the housing development last weekend to film an episode of its hit show "House Hunters."

Apartment Vacancies Declining In Grand Junction - VIDEO
GRAND JUNCTION, Colo. -- Grand Junction apartments seem to be filling up. In a recently released report sponsored by the Colorado Division of Housing, researchers found the vacancy rate decreased to 6.3% for the first quarter of this year.