Thursday, December 27, 2012

Housing News Digest, December 27

Home sales up heading into slow, winter season Rising sales and an available-home-supply decline caused U.S. home prices to rise in most major cities during October compared to a year ago Higher prices show the housing market is improving even as it moves into the slow winter-sales period.

  Local family at odds with Housing Authority over smoking COLORADO SPRINGS - Outside of the Colorado Springs Housing Authority board meeting Thursday, 79-year-old Rose Reed and her daughter Elizabeth wear signs of protest and wave to cars passing by on S. Nevada Avenue. Rose says the smoke from her neighbors apartments at the Senior Heritage Plaza are damaging her health. Senior Heritage is a rent controlled housing unit subsided with federal funds from the Housing and Urban Development Department and managed by CSHA. The Reeds would like the Housing Authority to completely ban smoking in the building, or at least move the smokers to another room.

  Mountain Law: Commission on real estate deals not always clear cut When is a real estate broker entitled to a commission? The traditional rule and Colorado's version: The traditional rule is that brokers earn a commission when they bring to the seller a buyer who is ready, willing and able to buy the property on the terms set out in a listing agreement. Most states require the seller to pay a commission even if the closing does not occur through no fault of the seller (such as the buyer being unable to obtain financing or the title being defective). However, Colorado law excuses a seller from paying a commission so long as the failure of closing is not the seller's fault.

  ‘More of the same’ in commercial real estate The excitement and hope commercial real estate brokers put on display at the start of 2012 was mostly gone by the time they started trying to predict what will happen in 2013. “I think we all just wanted it to be behind us,” said Greg Phaneuf, a principal at Cushman & Wakefield Colorado Springs Commercial. “We still want it to be behind us.”

  Loveland developer McWhinney's latest apartment complex under way in Fort Collins FORT COLLINS -- Loveland-based developer McWhinney, demonstrating its faith in the multifamily housing market, has broken ground on a 314-unit apartment complex in Fort Collins. The Trails at Timberline, an upscale "lifestyle community," will feature 12 three-story apartment buildings and a welcome center/clubhouse at the northwest corner of Drake and Timberline roads in east-central Fort Collins.

  Del Mar Firm Buys Colorado Apartment Complex for $36M The community, known as Prana, was built in 2010 in Lafayette, Colo., according to a statement from the privately held company. Stratford Partners, founded in 2011 by Andy Crews and Jesse Wilson, acquires and develops multifamily properties primarily in the western United States. The company has acquired nearly $100 million in assets, with another $350 million in investments planned over the next two years.