Thursday, July 26, 2012

Housing News Digest, July 26

Springs vacancy rates fall, rents rise Apartment rental rates in the Colorado Springs area continued to rise in the second quarter, as vacancy rates fell to the lowest level in more than a decade, according to a report released today.
The average rent in the Colorado Springs area rose year-over- year for the 10th quarter in a row, climbing 2.3 percent during the second quarter to $776, shows the  report by the Colorado Division of Housing and the Apartment Association of Southern Colorado,.
The average rent for the region was up from $759 reported during the second quarter of last year. It also was up from 2012’s first-quarter average rent of $754.

Biz: Rent Skyrockets in Metro Denver Rental rates continue to climb to all-time highs in both the Mile High City and in the surrounding suburbs, according to a report released this week by the Colorado Division of Housing and the Apartment Association of Metro Denver. The report paints a picture of a rental market where demand continues to outpace new construction. In fact, the vacancy rate for apartments in metro Denver hasn't risen since 2009, and, specifically in the city of Denver, vacancy rates for apartments haven't been this low since 2001.

Centerline Capital Group Refinances a Multifamily Property in Denver, Colorado Centerline Capital Group ("Centerline"), a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $3.92 million Fannie Mae 10-year loan to refinance Amherst Apartments, a multifamily property located in Denver, Colorado.

 New boost in downtown core business According to Sierra Commercial Real Estate, the downtown retail vacancy rate is 19.6 percent, up 7 percent from this time last year. Part of the reason for the uptick is because the data represents available retail space from Cascade to Nevada, Cimarron all the way to Cache La Poudre. So, when large scale businesses move out like Brian & Scott Jewelers which was over 10,000 square feet it takes about five small scale mom and pop stores to prevent an increase in the vacancy rate.

 Is This What a Housing Bottom Looks Like? Another housing report shows that market activity is up considerably from one year ago but easing off of the levels set by a surge of transactions earlier this year. A report Thursday by the National Association of Realtors showed the index of pending home sales, reflecting deals that have gone into contract but haven’t yet closed, fell in June by 1.4% from May, though activity was still above the level of one year ago by 9.5%.