Tuesday, July 20, 2010

New Light-Rail Tracks are set!

RTD's FasTracks is one of the largest transit expansion programs in the country. This $6.5 billion regional transportation expansion program made up of nine rapid transit corridors, 31 new park-n-Rides, the redevelopment and reconfiguration of Denver Union Station (DUS) into a truly multimodal transit-oriented development, and the enhancement of the bus network and transit hubs across RTD’s district. The FasTracks program will include 122 miles of new light rail and commuter rail, 18 miles of bus rapid transit (BRT), 21,000 new parking spaces at rail and bus stations and enhanced bus service across the District.

Check out the map for an idea as to FasTracks’ reach.

Colorado #3 Top State for Business

For the second year in a row, Colorado ranks No. 3 on CNBC's latest list of "America's Top States for Business." Colorado placed in the top 10 in three of the categories among the 50 states: quality of life (No. 2), business friendliness (No. 4) and workforce (No. 10). It also ranks above the 50-state average in technology & innovation (No. 12) and access to capital (No. 15).

Denver Market Stats: June 2010 vs. June 2009

As a quick recap, June 2010 combined MLS Residential Statistics had the following changes compared to June of 2009.

  • Slight decrease in the Number of Closed Sales to 3,227 (down 3%)
  • Average Days on Market reduced 19.8% to 81 days
  • Number of Active Listings increased 9.8% to 17,337
  • Absorption Rate increased to 5.1 months (up 7.5%%)
  • Average Sold Price remains strong (up 5.7% from $283,312 to $299,375) compared to June, 2009.

Tuesday, July 13, 2010

Denver area’s apartment market continues improvement in 2nd Quarter

Metro Denver’s apartment market continued to improve in the second quarter, as the vacancy rate dropped and average rental rate increased, according to a Grubb & Ellis Co.report released Monday.

“Good news for the apartment sector keeps coming, despite a lack of significant job growth in the Denver region,” said the “Multi-Housing Trends Report,” produced by Grubb & Ellis’ Denver office. Apartments also are called multifamily housing and multi-housing.

In the second quarter, the metro area’s apartment vacancy rate dropped for the fourth quarter in a row — to 6 percent from 8.5 percent for the same quarter of 2009. “[That’s] the most prolonged positive growth for any Denver real estate sector,” the report said.

More than two-thirds of the area’s submarkets experienced a drop in vacancy.

As more vacant apartment units filled up, average rent rose to $862 per month from about $850 in last year’s second quarter. “The average rental rate of $862 per unit is now only 1.5 percent below the peak high set in mid-2008,” the report said.

Read more:

Million-dollar homes show life; most sales still below $300,000

The market for million-dollar plus homes in the Denver area perked up in June, with closings rising 19% and price discounts falling. However, during the first half of the year, the “sweet spot’ for home sales remains homes priced from $100,000 to $300,000, which accounted for 61% of all sale in the eight-county area. “In 2008 to 2009, we were in markets that reflected the large number of foreclosures on the market,” Bauer said. “After people started gobbling up the homes in the lower-price ranges as fast as they could, we started getting a better handle on the foreclosure situation. Now, we are seeing more activity in the $200,000 and $300,000 ranges.”