Thursday, May 16, 2013

News Digest, May 16

Fort Collins rental market eases, but not enough for many home seekers McGinnis and others face an unbearably tight rental market with few available units, pricier rents and more stringent qualifications. A new quarterly survey on multifamily housing vacancies and rents shows Fort Collins’ vacancy rate loosened from 2.5 percent for the fourth quarter last year to 5.5 percent while the average rent climbed to $1,037. The increased vacancy rate, caused by new units coming on line, belies the reality of higher rents and fewer units. The difficulty compounds itself the closer you get to the Colorado State University campus, where vacancy rates are at 0.3 percent in the northwest part of town and 0.7 percent in the northeast, both areas around CSU.

  Colorado foreclosure filings plummet 41 percent in the first quarter Foreclosure filings plummeted 41.3 percent during the first quarter of 2013 compared to the same period of 2012, the Colorado Division of Housing said Thursday. There were 4,571 foreclosure filings reported during the first quarter of 2013, compared to 7,785 reported during the first quarter of 2012. Foreclosure auction sales, or completed foreclosures, also fell significantly, dropping 30.5 percent from the 2012's first-quarter total of 4,221 to this year's first-quarter total of 2,935, according to the report.

  192 acres purchased at I-25 and Prospect Road FORT COLLINS - A Colorado Springs investment group has purchased 192 acres of undeveloped land at the northwest corner of the intersection of Interstate 25 and Prospect Road. The owner, a limited liability company called Fort Collins/I-25 Interchange Corner, plans to develop the property in accordance with its current zoning. Twenty-one acres are zoned for urban estate, 68.6 acres are zoned for low-density mixed-use, 60.9 acres for employment and 26.9 acres for commercial uses.

 Luxury home sales soar Luxury home sales skyrocketed in April, with sales of homes priced at $1 million or more rising almost 142 percent from April 2012, according to a report released today by independent broker Gary Bauer. “It was a record for luxury sales in April,” Bauer said. This 5,311-square-foot home in Cherry Hills Village sold for $2.78 million in April. Bauer also released two other reports for higher-end homes priced below $1 million, and found strong sales from homes priced from $500,000.

  More stores coming to First & Main Town Center in Colorado Springs Colorado Springs' biggest retail complex is getting even bigger. A nearly 12,000-square-foot, single-story retail building is under construction at the First & Main Town Center on the city's east side, with completion expected by Thanksgiving, said Fred Veitch, a vice president with Nor'wood Development Group of Colorado Springs, the center's developer.