NoCo Newsletter | March 21, 2024

NAI Affinity
• 
March 21, 2024

NoCo Newsletter | March 21, 2024

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of real estate commissions, State priorities, potential rate cuts coming, and more.

REAL ESTATE & BUSINESS NEWS

  • Real Estate Commissions, Unassailable for Decades, Could Crumble After Landmark Settlement
    • "The National Association of Realtors announced Friday that it had reached a legal settlement that upends the traditional model of sellers paying for the buyer’s agent in a home purchase... Starting in July, the game will be played differently. Buyers can no longer count on sellers paying the agents representing them...Listing the buyer agent compensation is now prohibited as part of the settlement. States must require buyers and their agents to enter into written agreements detailing compensation and what services are provided for it, something Colorado already requires." (The Denver Post)
  • Why Colorado’s Push for More High-Density Housing Near Transit Irks Cities — Even Some That Allow It
    • "The Housing in Transit-Oriented Communities legislation that lawmakers introduced on Feb. 20 as the 56-page House Bill 1313 would establish the “State Land Use Criteria for Strategic Growth Act” in Colorado law. It would direct 30 or so Front Range municipalities with populations over 4,000 and at least 75 acres of transit-related area to create maps for high-density housing. Local governments would have to set “housing opportunity goals” to establish how many housing units could be built in their transit-oriented areas, using a formula based on an average density of around 40 units per acre. They would submit progress reports to the Colorado Department of Local Affairs on the housing construction to meet goals." (The Denver Post)
  • Old Town Square Has Changed With the Times but Remains the Heart of Downtown Fort Collins
    • Check out the history of Old Town Square in this article: "Like anyone turning 40, Old Town Square has seen some things: recessions, civil unrest, the loss of old friends, a global pandemic and even a face-lift. The people who know it best say things have changed since 2020, but at its soul, Old Town Square is still the heart of Fort Collins and will continue to be for the next 40 years." (The Coloradoan)
  • Colorado’s First Buc-ee’s Opens its Doors With Texas Brisket, Beaver Nuggets and Super-Clean Restrooms
    • "Outside, there are 116 fuel pumps and 12 charging stations for electric vehicles. The travel centers aren’t truck stops and 18-wheelers aren’t welcome at most of its 48 sites, a practice that has been criticized by truckers. The company has said its travel centers are “optimized for passenger vehicles.” Smith said Buc-ee’s decided to build a store in Colorado because Denver is a major hub with a lot of traffic flowing through it. The company located the store in Johnstown in northern Colorado because of its accessibility and the community’s receptiveness." (The Denver Post)
  • Take a Peek Inside Amazon's New, Ginormous Loveland Robotics Fulfillment Center
    • "Amazon bought the 152 acres at the southwest corner of Larimer County Road 30 and Interstate 25 for $9.4 million in 2022. The site has been under construction for more than two years but won't open until sometime in 2025. The building's shell, parking lot and much of the interior is completed. But no robots (called Kivas) have moved in, no human workers have been hired and no conveyance system to move packages through the cavernous building have been installed." (The Coloradoan)

ECONOMIC & EMPLOYMENT NEWS

  • The Making of a Reservoir: A Look at Chimney Hollow, Larimer County's Newest Water Storage
    • The, "cost of the 90,000-acre-foot reservoir will be $584 million for construction and another $166 million for environmental mitigation, engineering and cost of the property. The $750 million tab will be picked up by the 12 entities that will receive 30,000 acre feet of water when it’s up and running. Broomfield is the largest permitted user of the water followed in order by Platte River Power Authority, Loveland, Greeley, Longmont, Erie, Little Thompson Water District, Superior, Louisville, Fort Lupton, Lafayette and Central Weld County Water District." (Coloradoan)
  • Colorado Economic Forecast Gives Rosy Outlook, but Legislators Will Have to Juggle Priorities in State Budget 
    • "...forecasts expect the state will need to refund billions of dollars in money collected over a cap set by the Taxpayer’s Bill of Rights, or TABOR, in coming years — limiting how much the state can spend." (The Denver Post)
    • "In the broader economy, inflation is still higher than average — and Colorado’s 3.5% inflation rate remains higher than the national average of 3.2% — but the rate is significantly lower than it was in 2022. Housing costs continue to be a driving factor in high inflation, the economists said. The forecasters expect the economy to continue to grow, albeit at a slower pace than the post-pandemic boom." (The Denver Post)
  • Fed Officials Still See Three Interest-Rate Cuts This Year, Buoying Stocks
    • "The stock market rose to new highs Wednesday when a narrow majority of Federal Reserve officials reaffirmed projections to cut interest rates three times this year despite firmer-than-anticipated inflation in recent months. While the latest data hadn’t given officials the confidence they would need to begin rate cuts, Chair Jerome Powell said his outlook for inflation to continue declining hadn’t changed substantially in recent weeks. The projections released Wednesday were little changed from December and showed most of his colleagues expect two or three cuts this year. The central bank held steady its benchmark federal-funds rate in a range between 5.25% and 5.5%, a 23-year high." (WSJ)

COMMUNITY & OTHER INDUSTRY NEWS

FEATURED LISTING

NAI Affinity is pleased to present this infill commercial land development site. The site offers a highly desirable location, as it is situated on a hard corner, providing excellent visibility along Broadway. Its close proximity to Downtown Denver ensures convenient access to the city's vibrant cultural scene, shopping, and employment opportunities. In addition to its prime location, the site benefits from being surrounded by numerous amenities, several new multi-family projects in the immediate area, and is approximately a 10 minute drive to Downtown Denver, Empower Field, Ball Arena, Colorado Convention Center, Union Station and countless restaurants, attractions and amenities. Future building could include a patio, rooftop area with approximately 7 dedicated parking spaces on the Property. The zoning allows for the construction of up to 3 stories high. This provides flexibility for developers to create multi-level structures that can accommodate a variety of uses, such restaurant, retail, office or mixed-use. Seller financing available. Click here to learn more about this opportunity.

image - NoCo Newsletter | March 21, 2024 - NAI Affinity

See previous newsletters here.

👍🏽 Like this content? See more of it.

➡️ Get it in your inbox. Sign up for our newsletter list.

➡️ Follow us on social: LinkedIn | Facebook | Twitter | Instagram

Focus. Expertise. Professionalism.

Get in Touch
© 2024 Affinity Real Estate Partners, Inc. and Affinity Partners, LLC. All rights reserved.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram