Wednesday, August 24, 2011

Housing News Digest, August 25

Condemned apartment hid in plain sight from code inspectors

A condemned downtown apartment building has been able to mask dangerous electrical problems that put its residents on the street by flaunting a hole in Colorado Springs’ enforcement of building codes.

The Colorado Springs Fire Department, Colorado Springs Utilities, Colorado Springs Code Enforcement and the Pikes Peak Regional Building Department all said Tuesday that it was not their responsibility to ensure that the wiring is safe at the Beverly Apartments.

Longmont knocks down affordable housing requirements
LONGMONT -- In a series of 4-3 votes, the Longmont City Council eliminated its affordable housing requirement for several developments Tuesday and promised to remove those restrictions on the troubled Blue Vista development if requested.

The move releases 17 developments from having to either offer 10 percent of their homes as "affordable" or make an equivalent cash payment into the city's affordable housing program.

Denver renters eat up single-family homes, duplexes
Thursday, August 25th, 2011, 10:47 am

Single-family homes, for-rent condos and duplexes are gaining traction in the Denver area, with the vacancy rate on rentals in these categories falling to 2.6% in the second quarter, compared to 3.8% last year, the Colorado Division of Housing said.

The trend is in line with predictions that rentals will pave the way to a housing recovery.

Single-family rental vacancies fall to 2.6 percent
The vacancy rate for for-rent condos, single-family homes, and other small properties in metro Denver fell from the second quarter of 2010 to a new second quarter low of 2.6 percent during 2011, the Colorado Division of Housing reported today.

The vacancy rate was 3.8 percent during the second quarter of 2010 and was 1.4 percent in the first quarter of 2011.

According to the report, the vacancy rate varied among types of property.

Vacancy rates fall for rental residences
Vacancy rates continue to fall for metro Denver rental condos and single-family homes while average number of days on the market plummeted to an all-time low, according to a report from the Colorado Division of Housing released Thursday.

The vacancy rate for the second quarter dropped to 2.6 percent, down from 3.8 percent from the same quarter last year.