Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of "housing, housing, and more housing", lawsuit woes, positive economic outlooks, and more.
“The new lawsuit, which was filed by Loveland attorney Russell Sinnett, seeks a declaratory judgment prior to Feb. 29 to "prevent a finding of liability against the city and consequently, damages awarded against them (in the McWhinney lawsuit) which could be as high as tens of millions of dollars at a time when the city's budget restraints cannot afford it." It also seeks a court ruling that Marsh, Black, Light-Kovacs, Krenning and Mallo violated the city's charter, which would make them ineligible to serve on council.” (Coloradoan)
"...hope to join forces with other Greystar renters statewide in a class-action case challenging the fees and other billing charges tucked within its leases," and this comes after, "Last week, Colorado Attorney General Phil Weiser announced a $1 million settlement with Boulder-based Four Star Realty over illegally billing of tenants across the Front Range for routine apartment services." (The Denver Post)
"Home sales last year dropped to the lowest level in nearly three decades, after elevated mortgage rates and a lack of homes for sale shut out buyers. Existing-home sales slid 19% in 2023 from the prior year to 4.09 million, the National Association of Realtors said Friday. That total was lower than during the subprime crisis and the lowest full-year level since 1995. But the housing market is showing some signs of life as mortgage rates ease, and it’s possible that last year represented a bottom for sales activity." (WSJ)
"A nonprofit is planning to construct a 60-unit apartment building at the corner of 13th Avenue and Colorado Blvd in Denver's Hale neighborhood. The developer says the building will be 75% affordable housing and the other 25% will be earmarked for people with disabilities, those living with mental illness and those experiencing homelessness who are transitioning off the streets and into stable housing." (CBS)
"Hallauer said the “investment market has slowed dramatically” but that there is “still a lot of interest and demand in the commercial real estate investment market. There’s not a lot of good assets to buy. Demand is basically outweighing supply." (BizWest)
"CSU Strata, the technology-transfer arm of Colorado State University, has announced nine recipients of a total of $780,000 in state grants to commercialize innovations....Grantees were selected for their innovative ideas with a high potential to advance various industries including aerospace; advanced manufacturing; bioscience; electronics; energy and natural resources; infrastructure engineering; and technology and information." (BizWest)
NAI Affinity is pleased to present this prime residential development site for sale located near the NEC of the intersection 10th Street (U.S. Highway 34) and 71st Avenue in west Greeley. This opportunity is part of a 135 acre mixed-use community which includes: single family, townhomes, multifamily, as well as many retail and commercial uses. The site is surrounded by nearby amenities, recreation, services, health care and is within approximately 1/2 mile to the King Soopers grocery anchored retail center to the south on 10th Street (Highway 34 Business Route). Click here to learn more about this opportunity.