Wednesday, November 30, 2011

Housing News Digest, November 30

New home market picking up

A housing report released Tuesday afternoon provides the latest sign that the worst may be over for the Denver-area home building market, the hardest-hit sector of the local and national economies.

Home builders in the metro area – from Boulder to Castle Rock, Erie to Englewood – pulled 2,959permits in the first 10 months of the year for single-family detached houses, 2 percent more than the 2,896 during the same period in 2010, according to the report by the HBA of Metro Denver.

Vail Resorts to narrow focus of lodging division
Vail Resorts Inc. on Wednesday announced a “strategic shift” for its lodging division, saying it plans to focus on adding properties at its ski resorts and Grand Teton National Park rather than elsewhere, and anticipates staff cuts in the division.

Ethics Watch files complaint against public trustee association over contributions

An ethics watchdog group filed a complaint today charging the Pubic Trustees Association of Colorado with wrongly accepting contributions from companies and individuals they did business with, then using the funds to pay convention expenses at a Black Hawk casino.

MIG Real Estate Acquires Denver Rosemont Ridge Multi-Family Community for $29.7 Million
NEWPORT BEACH, Calif. & DENVER, Nov 29, 2011 (BUSINESS WIRE) -- MIG Real Estate, LLC, a Newport Beach, Calif.-based real estate investment company, has acquired Rosemont Ridge at Lowry, an amenity-rich multi-family housing community in Denver, Colorado. The 240-unit community includes 242,562 square feet of rentable space and is located near the master-planned communities of Lowry and Stapleton in a highly desirable, infill area of Denver. The transaction reflects MIG's investment strategy, which focuses on real estate opportunities in the western states with upside potential.

Housing Recovery Hinges on Household-Formation Gain, Case Says
Nov. 29 (Bloomberg) -- U.S. home prices won’t recover until the economy improves enough to boost the number of households and clear an oversupply of properties, said economist Karl Case, co-founder of the S&P/Case-Shiller home price index.

“Normally, the way we’ve cleared the market is we’ve had more household formation,” Case, a retired Wellesley College professor, said in an interview today with Tom Keene and Ken Prewitt on Bloomberg Radio’s “Surveillance.” Lackluster economic growth has encouraged people to move in with friends or family, meaning “demand is not going anywhere,” he said.