Tuesday, November 22, 2011

Housing News Digest, November 22

Denver-area rental housing vacancy rate rises
“The small increase in vacancies reflects the fact that we’re continuing to see new inventory come onto the market,” Susan Melton, owner of Assured Management in Lakewood, said in a statement. “We’re still being approached by homeowners who can’t sell their homes, but don’t want to manage rentals themselves, and we also have established investor clients who are adding to the inventory of rental homes they already own.”

Summit County: FIRC offers new foreclosure counseling service
With Summit County ranked as having one of the top 10 foreclosure rates in the state by the Colorado Division of Housing, the Family & Intercultural Resource Center saw the need to offer a free foreclosure counseling service to locals.

“The Summit Combined Housing Authority found earlier this year that more deed-restricted homeowners than in the past were reporting being unemployed and struggling to keep up with their mortgages,” Rob Murphy, FIRC community support manager said. “In addition, market analysis reports from Land Title Guarantee Company show elevated levels of foreclosures in Summit County and over the last three years, FIRC had been seeing an increase in requests for help with past due mortgage payments.”

Mercy Housing Begins Construction on Bluff Lake Apartment Homes in Denver

DENVER, CO – November 21, 2011 – (RealEstateRama) — Award-winning KTGY Group, Inc., Architecture + Planning, is pleased to announce the construction of Bluff Lake Apartment Homes, a new high-quality, eco-friendly residential community for 92 families earning between 30 percent and 50 percent of the area median income. This $11.5 million affordable housing community is the result of extensive collaboration with leading national affordable housing developer Mercy Housing, the City of Denver, and architecture and planning firm KTGY Group in Denver. Bluff Lake Apartment Homes is slated to be completed by spring 2012.

River Edge subdivision gets preliminary nod
GLENWOOD SPRINGS, Colorado — The approvals are not formal or final yet, but for all intents and purposes the county has given the nod to an unincorporated community of 366 homes almost exactly halfway between here and Carbondale.

The Garfield Board of County Commissioners on Monday voted 2-1, Commissioner John Martin dissenting, to approve the River Edge Colorado planned unit development (PUD), which was proposed to be built over seven distinct phases lasting 20 years.

Denver rental vacancies edge higher in third quarter
The rate is up from 2.9% in the second quarter and 2.6% a year earlier.

Triplexes and fourplexes experienced the highest vacancy rate of 4% for three months ended Sept. 30. Meanwhile, the vacancy rate on detached houses hit 2.6%. Vacancies on rental townhomes and condominiums hit 3.3% and 3.8%, respectively.