Friday, March 7, 2014

Housing News Digest, March 7

Cover story: Will metro Denver's apartment boom bring rents down? Metro Denver in 2014 is on track to set a record for the most new apartment units in a year. The question is: Will it be enough to bring down record-high rents? Developers furiously building new multifamily projects across the metro area expect to deliver 10,000 units by year’s end, with more than half of the new units opening in downtown Denver, according to ARA Colorado (formerly Apartment Realty Advisors).

  Colorado Springs-area home construction declines again in February The recent slowdown in local homebuilding continued last month, as permits issued for the construction of single-family homes tumbled by nearly one-fourth when compared with a year earlier, according to a Pikes Peak Regional Building Department report released Monday.

  Colorado construction defects bill is on its way, but details remain unknown A bill seeking to jump-start the Denver area’s promising condominium construction sector will be introduced this session, but its sponsor said he remains unsure what types of legal reform will be a part of it.

  Colorado in a building boom despite lagging commercial starts Residential and public-works construction projects are leading a Colorado building boom, with the value of starts nearly doubling from 2009 to $14.2 billion in 2013, according to McGraw Hill Construction. Commercial construction continues to lag, however. The "nonresidential building sector is showing growth, but its pace of expansion so far has been modest, relative to the other two sectors," McGraw Hill chief economist Robert Murray said in an interview. "I think it is a similar picture across the country in that this has been a very slow-to-get-going recovery for construction."

  Working-class families look for housing affordability in surrounding towns Fort Collins’ housing market is squeezing out its working class. Retail and service workers, young professionals and others whose wages fall below Larimer County’s median household income of $75,800 are choosing to leave the Choice City in search of affordable housing. Chris Smith grew up in Fort Collins and has considered this home for most of his 46 years. But he and his wife just closed on a house in Severance.

  Homeowners left paying on damaged homes WELD COUNTY - For homeowner's affected by September's floods, the past few months have been anything but easy. Heather owns a home in Weld County; she asked that we not use her last name. "It has been a nightmare," she said. Her house sits on a property that had a low to moderate risk of flooding-- a risk that turned into a certainty six months ago