Thursday, January 2, 2014

Housing News Digest, January 2

Denver-area apartment rents are expected to keep climbing in 2014 Rents in metro Denver are expected to grow 4.9 percent by the end of 2014, despite some 7,400 new market-rate apartments becoming available in the area, according to Hendricks-Berkadia's "Forecast 2014" report. “Construction output will peak [in 2014] as builders add 7,400 market-rate rentals,” the research report states. “Deliveries will fall to an estimated 5,500 units" in 2015.

  New homeless shelter for families set to open in Durango Though the shelter will provide another option for homeless families, Winter Haven initiators and service providers say significant strides are needed in data collection and provisions for Durango’s homeless population, which they say has begun to rise in recent years. “Right now, human-service agencies are saying to me that they have quite a few families who spend nights in their car in the Walmart parking lot or other places,” West said. “That’s how it came to be said that we need a place for them in Durango so that they can be warm and safe.”

  United Van Lines' Annual Migration Study Those are the key findings from United Van Lines' 37th Annual Migration Study, which tracks the states the company's customers move to and from during the course of the year. The study found that Oregon is the top moving destination of 2013, with 61 percent of moves to the state inbound ones. And after 16 consecutive years at or near the top of the outbound list, Michigan appeared in the balanced category for 2013. Michigan had claimed the top outbound spot from 2006-2009. The District of Columbia (57 percent inbound) fell to the number five position on the inbound list after five consecutive years as the top moving destination. New additions to the 2013 top inbound list include South Dakota (57 percent), Texas (56 percent) and Colorado (55 percent).

  Colorado pot laws help Mile-High City's appetite for real estate to grow even higher FORTUNE -- Kelly Brough, president and CEO of Denver Metro Chamber of Commerce, is not happy talking about legal marijuana, the booming industry now nudging its way into the Denver business world. She is quick to point out all the steps made by the chamber to protect existing Denver businesses from any negative effects, real or perceived, of the rapidly expanding marijuana business. "We were not supportive" of legalization efforts, Ms. Brough says. "But when it passed, we wanted to make sure it was done smart and right."

  Mountain Law: Real estate brokers and sellers take note: Seller financing just got harder Those familiar with the standard real estate forms promulgated by the Colorado Real Estate Commission will notice a change on the 2014 contracts. Previously the contracts contained “fill in the blanks” for the buyer and the seller to agree to the terms of seller financing, but no longer. Why the change? In brief, the commission decided that seller financing is getting too complicated for real estate brokers and their clients to handle without legal advice. The reason is something called the “Ability to Repay” (ATR) rule promulgated by the Consumer Financial Protection Bureau (CFPB).