Jude's Real Estate Rumblings

Denver-area home resales up 20% in May from 2009 - May completed sales of houses and condominiums increased more than 20% in the metro area, to 4,365, from the same month of 2009.  However, homes put under contract dropped roughly 27% to 3,883 year over year, partly because of the credits’ expiration.  “May really reflects a good month for resales,” said independent broker Gary Bauer, who’s also a Metrolist analyst.  “I like to use word normalizing to describe it, because that’s what our housing market is doing; it’s normalizing.”  Read full article:
http://www.bizjournals.com/denver/stories/2010/06/07/daily23.html?s=industry&i=resi_real_estate

Toronto’s North American Development enters Denver retail market - North American Development Group of Toronto has purchased its first retail center in the metro Denver market, with its recent acquisition of Commerce City Plaza for $4.5 million.  The shopping center includes 83,775 square feet, and is located at East 62nd Avenue and U.S. 85 in Commerce City.  It’s anchored by a King Soopers grocery store.  Read full article:
http://www.bizjournals.com/denver/stories/2010/05/31/daily41.html?s=industry&i=commercial_real_estate

Long- and Short-Term Rates Nearly Unchanged From Last Week - The 30-year fixed-rate mortgage averaged 4.79% with an average 0.8 point for the week ending June 3, 2010, according to Freddie Mac's Primary Mortgage Market Survey.  Last week, it averaged 4.78%, and a year ago it averaged 5.29%.  "The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, mortgage rates held at historic levels this week."
http://realtytimes.com/rtpages/20100604_rates.htm

Hearing on Landmark ownership is June 10 - A hearing is scheduled for June 10 on Hypo Real Estate Capital Corp.’s taking ownership of the high-profile Landmark condo project in Greenwood Village.  Landmark developer Zack Davidson of 7677 East Berry Avenue Associates LP, who filed for bankruptcy protection last year, currently owns the property as debtor-in-possession.  Davidson failed to sell $10 million in condos by May 20, as required by an agreement with the bankruptcy court, and stated that “it’s in the best interests” of parties involved in the bankruptcy for Hypo to take control of the Landmark.  Read full article:
http://www.bizjournals.com/denver/stories/2010/05/31/daily30.html

Surge in Pending Home Sales Continues - Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.  The Pending Home Sales Index, a forward-looking indicator, rose 6.0% to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4% higher than April 2009 when it was 90.6.  That follows gains of 7.1% in March and 8.3% in February.  Read full article:
http://www.realtor.org/rmodaily.nsf/pages/News2010060201

Keep FasTracks on Track - Join the Campaign Launch on 6/3 - Help Transit Alliance, CEC, FRESC and CoPIRG keep FasTracks on Track.  These groups will be rallying for support across Denver on 6/3 - focusing on the locations that are in danger of not being completed before the end of the decade without additional public support.  Interested in participating?  Contact Aurita Apodaca, FRESC Organizer at 303-477-6111 ext. 15 or email aapodaca@fresc.org. 

New development to bring amenities to Anschutz Medical Campus - Today, city leaders and developers will break ground on Fitzsimons Village, a new $80 million hotel and office project across from the Anschutz Medical Campus.  Business leaders say the project is a positive sign that financing is returning to commercial development following the recession.  In its first phase, Fitzsimons Village will have a 160,000 square-foot office facility that includes 16,000 square-feet of retail space; a 153-room SpringHill Suite by Marriott; and a regional banking branch.  In the second phase, a seven-story, 208,000 square-foot office building and a full service hotel and conference center will be built.  Read full article:
http://www.9news.com/news/article.aspx?storyid=139236&catid=339