Friday, July 22, 2011

Housing News Digest, July 22

San Diego’s Affordable Housing
The $44 million apartment project will cost an average of $477,743 per unit, 90 percent of which will be paid by taxpayers. That’s twice what private developers say they’re spending to develop high-end apartments in the city today.

Local real estate market showing signs of growth
The boom times aren’t back yet, but some realtors say they are seeing signs of improvement in the local housing market. More people seem willing to look at houses lately than they did a year ago at this time.

Pamela Kenton is a broker/agent with Southern Colorado Realty who said she has sold several houses in recent months. Sale prices on those homes varied widely, between $45,000 and $300,000.

“We have had a better spring and summer this year than we did last year,” Kenton said.

The average list price for a home in Trinidad was $164,000 as of the week ending July 12, according to figures available on the website

Denver median home inventory lowest in U.S.

The median age of Denver’s house inventory was the lowest of 146 metropolitan statistical areas tracked by in June, the third consecutive Denver could be described as the fastest selling housing market in the nation, using this measure.

While the median age of inventory is not a frequently cited metric, in recent months it has been used as a proxy for the sales velocity of homes by some real estate observers and analysts, which have anointed Denver as the fastest selli home market in the country, based on Denver’s No. 1 ranking using this calculation. However, the age of inventory should not be confused with the more common method of tracking how long it takes to sell a home, the average number of days on the market.

NAI Shames Makovsky adds division
Colorado commercial real estate firm NAI Shames Makovsky added a third-party property management division, the company announced.

Construction permits issued for Kent Place

Englewood has issued permits needed in order for construction to begin on roads, utilities and grading for the Kent Place project.

“The developer plans to begin on- and off-site road and utility work by mid-August,” Rick Kahm, public works director, told the city council at the July 18 meeting. “The off-site road work on University and Hampen required approval from the Colorado Department of Transportation and from Arapahoe County respectively. The city would not issue permits until those agencies approved the road work. Since we have now received written approval from each of the agencies, the contractors received their permits earlier today.”