Friday, February 1, 2013

Housing News Digest, Feb 1

Upbeat outlook offered for local housing market The recovery that took hold last year in the Colorado Springs-area housing market should continue to gain steam in 2013. “We’re going in the right direction,” said Bruce Betts, broker owner of Re/Max Advantage in Colorado Springs. Betts’ upbeat look was one of four assessments of the local real estate market and economy presented Thursday at the 22nd annual forecast breakfast sponsored by the Southern Colorado chapter of the Institute of Real Estate Management. About 250 people attended the event at the DoubleTree Hotel Colorado Springs.

  Nate Orr and Other Experts Predict Colorado Construction Will Rise Sharply in 2013 “Colorado will benefit from the continuing housing recovery and 2013 will be stronger than expected,” says Nate Orr, a Colorado-native who has worked in the construction industry for over 24 years. According to a Jan. 16 report from the Denver Metro Chamber of Commerce, Fidelity Investments, Visa, and Redwood Trust announced a total of over 1400 new jobs and Forbes named Colorado as the fifth-best state in the country to do business. A pro-growth agenda and favorable economic conditions are contributing to a growing optimism among real estate experts, construction companies and others.

  Real estate is bouncing back It's all good. Real estate in Teller County is roaring back after a crushing four years of the Great Recession. How good is it? “Who would think that January 2013 would get off to the strong start it has already,” said Joe Tanis, Realtor with the Tanis Team at Remax Performance in Woodland Park.

  Report: Foreclosures drop in Colorado Springs Foreclosure rates in Colorado Springs fell year-over-year in November, according to data from real estate analysis firm CoreLogic. Among outstanding mortgages in the city, 1.11 percent were in some state of foreclosure in November. That’s down from 1.47 percent a year ago, according to the report.

  Denver-area apartment market remains tight(DBJ) Renters trying to find apartments in metro Denver still face an uphill battle, as the vacancy rate dropped to its lowest fourth-quarter average in 12 years, according to a Vacancy and Rent Survey released Thursday by the Apartment Association of Metro Denver.

  Apartment scene: high rents, few empty(BCBR) The fourth-quarter the vacancy rate in the combined Boulder-Broomfield market was 3.7 percent, according to the report, and the average monthly rent was $1,103.61. The vacancy rate remained unchanged from the third quarter, but bucked the seasonal trend that typically sees more vacancies in the last three months of the year, according to a Division of Housing press release. Rents rose during the quarter, and Boulder/Broomfield is the metropolitan area's most expensive market based on rent per square foot, which is $1.28. Only in Douglas County is the average monthly rent higher, at $1,186.

  Available metro Denver apartments scarce, while rents soar (Den Post) Available metro Denver apartments remain scarce, with the apartment vacancy rate in the area falling to 4.9 percent in the fourth quarter of 2012 compared with 5.4 percent in the same quarter of 2011. According to a report released Thursday by the Apartment Association of Metro Denver and the Colorado Division of Housing, 2012's fourth-quarter vacancy rate was the lowest reported during the fourth quarter of any year since it reached 4.7 percent in 2000.