Tuesday, November 15, 2011

Housing News Digest, November 15

City buying, fixing up foreclosed houses
Englewood is nearing its neighborhood stabilization program goal of buying 20 foreclosed houses and almost halfway to the program goal of repairing, renovating and selling all 20 of those homes.

“We are closing on the purchase of our 18th house, and we are looking at two more houses that may soon become available,” said Janet Grimmett, city housing finance specialist. “If we are able to buy those two houses, it will complete our housing purchases.”

Two local real estate projects fall into foreclosure

Two prominent commercial real estate projects have been hit with eight-figure foreclosure notices, the third and fourth largest foreclosures of the year in El Paso County and more signs that the area’s commercial market has a ways to go before it fully recovers.

A $16.4 million notice was filed this week against Compass Capital Group, an Arizona limited liability company that owns the Powers Office Park southeast of Powers Boulevard and Briargate Parkway on Colorado Springs’ northeast side, according to El Paso County Public Trustee records.

Out-of-state investors are eying Colorado Springs’ rapidly improving apartment market.

The average rent in Colorado Springs hit a record high during the third quarter of this year as vacancy rates dropped to their second-lowest in a decade, according to a report from the Colorado Division of Housing.

The Colorado Springs market was depressed longer and is now coming back stronger and more aggressively than any other market in the state, said division spokesman Ryan McMaken. And that dramatic comeback after a decade of stagnate rents and double-digit vacancy rates has interested out-of-state investors in our apartment market.

Boulder among nation’s costliest college towns for homes
Boulder is the nation’s fifth most expensive college town in which to buy a home, according to a report Tuesday from Coldwell Banker Real Estate LLC.

U.S. farmland prices hit record highs on crop demand

The average cost of a three-bedroom, two-bathroom home in Boulder, home of the University of Colorado Boulder, is $731,617, the report states.
(Reuters) - U.S. farmland prices in the third quarter saw their biggest surge in over three decades in an accelerating agricultural boom that has so far defied fears of a bubble about to burst.

Prices hit record highs in the U.S. Plains, where wheat and cattle dominate production, and jumped 25 percent in the Midwest Corn Belt where bumper grain crops and recovering livestock markets put more money in farmers' wallets and enticed investors to bid up for the fertile ground, according to two Federal Reserve bank surveys issued on Tuesday