Thursday, July 12, 2012

Housing News Digest, July 12

Developer Rallies in Colorado Ski Town New York real-estate developer Related Cos. is back on the ski slopes in Snowmass Village, Colo., having struck a deal to reclaim part of a project that had suffered a financial wipeout during the recession.

 Snapshot of commercial activity Many commercial real estate observers had been pointing to June 30 as the day of reckoning in Denver, according to Kevin McCabe. That was because June 30 marked the day that 1801 California would be re-introduced to the Denver market as a multi-tenant office building, explained McCabe, executive vice president of Newmark Knight Frank Frederick Ross, a large commercial real estate brokerage firm in downtown Denver.

Durango rough on renters When it came to finding a new rental, Sabrina Buckley quickly realized she would have to look outside city limits. Every apartment in Durango that was big enough for her and her dog cost half her income, she said. Finally, she found an apartment 12 miles north of the city. Durango’s rental market has been called overly expensive, intensely competitive and generally nightmarish by those who have navigated it, and many signs point to the situation getting worse. Population growth, business expansion and the postrecession economy are expected to put additional strain on the city’s already-tight rental market.

 Living on the edge in Southwest Colorado coalition of regional social-service agencies and volunteers will canvass Southwest Colorado next week to evaluate the scope of area homelessness. For more information The Regional Housing Alliance of La Plata County, Manna Soup Kitchen and Housing Solutions for the Southwest are spearheading the effort in La Plata County, with logistical support from Gov. John Hickenlooper’s office and financial backing from BP and Vectra Bank.

 Real Estate Bright Spot: More Businesses Buying Office Space Las Vegas dentist Chris Cozine wanted to cut costs after the Great Recession. He found an unlikely way: He ditched the office he was renting and bought 6,600 square feet of his own. Besides improving his surroundings — he left the gray walls of the old place in favor of an open layout with modern glass tiles and a mix of colors — Cozine is paying $1,800 a month less on the mortgage than he was paying in rent.