Tuesday, June 7, 2011

Housing News Digest, June 7

Colorado house prices continued to fall in first quarter

The data show year-over-year decreases in the House Price Index ranging from 1.4 percent in the Fort Collins-Loveland metro area to 10.6 percent in Grand Junction.

In Greeley, the HPI dropped 3.3 percent from the first quarter of 2010 to the first quarter of 2011.

An analysis of the data by the Colorado Division of Housing reveals that the changes in the HPI have been generally negative since the economic meltdown of 2008. Greeley hasn't seen a year-over-year increase since 2006.

Colorado Construction Sector Trying To Recover

Related industries are hurting too. There were about 2,000 mortgage brokers in Colorado in 2009, down from about 5,300 in 2003. The number fell amid the recession and increased regulatory scrutiny.
The Home Builders Association of Metro Denver said metro-area housing permits -- now at a fifth of 2005 levels -- probably won't start to climb until 2012.

Neglected shopping center to get some TLC
A Colorado Springs real estate investor and developer plans to give a 35-year-old north-side shopping center new life by spending at least $150,000 to clean up and remodel the long-neglected property.

Jim Schwerin, owner of Windy Creek Cos., said the company acquired the Redstone Shopping Center, 402-440 W. Fillmore St., last month through a subsidiary for $750,000 because of its “very good” location and bargain price. He hopes to snag a dollar store or other high-traffic retailer to attract customers to the center, which is a quarter-mile east of the Fillmore Street exit on Interstate 25.

Colorado: Powderhorn ski area to be sold at auction
SUMMIT COUNTY — It’s not every day that a ski area goes up for sale, but Powderhorn, a small family oriented area on the Grand Mesa, near Grand Junction, is heading to the auction block August 4.

New county proposed for Longmont, southern Weld cities
LONGMONT — A Longmont man wants to gauge interest in carving a new St. Vrain County out of northeast Boulder and southwest Weld counties.

Wes Whiteley told the Longmont Times-Call the new county, which would become the state’s 65th, would loosely follow the boundaries of the St. Vrain Valley School District if it’s approved first by local voters and then on a statewide ballot. The school district includes all or parts of Dacono, Erie, Firestone, Frederick, Hygiene, Longmont, Lyons and Niwot.

Weld County Commissioner Doug Rademacher said efforts to craft a new county in that area aren’t new, and he doesn’t think this effort will have much more luck than others.