Posted on 09/19/2007 11:18:42 AM PDT by SaxxonWoods
The overall vacancy rate for-rent single-family homes, condos and other non-apartment unit properties in metro Denver dropped to a six-year low of 4 percent during the second quarter, a state report released today shows.
(Excerpt) Read more at rockymountainnews.com ...
Inventories will start coming down as building has slowed down greatly. Low interest rates will attract more buyers. The housing market rebounds next year.
[Average rents increased to $946.07 for the second quarter of 2007, up from $937.18 in the first quarter and up from $931.53 in the second quarter of 2006. Rents were highest in Douglas County at $1,325.86 and lowest in Denver County at $879.23. Average rents increased the most in Douglas County, increasing from $1,206.87 to $1,325.86. Average rents decreased in Adams and Denver counties.]
Adjusting to increased demand. No Surprise there.
[We’re doomed. /s]
Do you think such arrogant sarcasm will go unnoticed by the folks who will be paying those higher rents as they go to the polls?
Might they conclude that they are not included in the “We” group?
The Democrats can not pay for such good advertising.
Gee: fewer new houses + foreclosure = no house = must rent.
Its not magic.
Of course, when houses were going up as fast as a model T assembly line, that wasn’t magic either.
Hovnanian reduced the prices of homes in New York and sold about 2,000 homes in three days.
People waiting for a collapse don’t want to buy, so they rent. People who want to sell, but aren’t finding buyers are becoming landlords.
It will make their books look better going into the winter, but existing owners have got to be mad. I think it will hurt them in next year by making it harder to sell their new homes in those subdivision with a good profitable margin. The excess inventory will be absorbed by the market. I bet if they knew Ben was going to cut rates by 1/2 point, they might not have made such big price cuts.
Rents have been low and are still afforable. I’m getting no whining here about high rents, and this office has 400 rentals. There is some complaining in the mountains about lack of supply where I have some rentals, but not about rental rates. The last person I rented to said she would have paid more to get the unit she rented.
You can try pandering to people if you like, I’m just telling it like it is.
We’re doomed. /s
Houses didn’t go up fast here in the last national boom. We’ve been in a pretty flat market since 2001. That’s why it would be good if others would post local real estate conditions. There are hundreds of submarkets in the USA, and national figures are meaningless. The Denver residential market is mixed, commerical construction is strong, and the resort areas are hot. Areas just North of Denver are having a tough time, to the South, it’s better. And you are right that it’s not magic, it’s just the cycle, and we’ve been through a lot of cycles here.
I talk to buyers, sellers and renters every day, and no one here is waiting for a collapse. They buy and sell if they have a reason, just like always. They rent due to many factors, individual affordability, mobile lifestyle, poor credit, temporary situations due to divorce, job changes, building a new home, drug lifestyle, gang lifestyle and so on.
“People who want to sell, but aren’t finding buyers are becoming landlords.”
There is a little of that, mostly in the condo market. But the supply of rentals is going down overall. Properly priced homes are selling just fine here. Most upside down sellers are in recently bought condos. That inventory is dropping, so we should see improvement there by next year.
I think the FED can hold off the large downturn that is coming for about 3-4 years. That one will hit most markets in the country.
“That’s why it would be good if others would post local real estate conditions.”
I agree. Many local and regional conditions do determine the housing market, do vary from region to region and can even place some area in a complete counter-trend to the nationwide state of the market. I once had property in an area of southern New Jersey that seemed to be the only growing housing market in the whole state and while the nation was in recession. Of course, by the time the recession ended and housing everywhere else was taking off, that area started to slow down, sales declined and vacancies went up; leaving the builders to quit many earlier plans.
Our family would love to move to Denver but we need to buy and my son and daughter-in-law have been looking for jobs with income that would allow them to do so. Not easy. Do understand that part of your freeway loop around the airport and Golden (?) is now owned by foreign investors. If true, hope this doesn’t ruin the area.
Very likely interest rates will be going up for mortgages.
We have a labor shortage here, but you need the right skills. Engineers are really in demand, among other skills.
Our freeways are owned by the state so perhaps you mean some of the land along the freeways? I wouldn’t worry about that. Also, there is no loop around Golden, Golden won’t approve construction at this time.
[The last person I rented to said she would have paid more to get the unit she rented.]
She’s a fool for telling you so.
[I’m getting no whining here about high rents]
Right. Everyone loves rent increases. Somehow I get the impression that any such complaints would fall on deaf ears if the ears were yours.
How’s the foreclosure situation in Colorado Springs?
When I was there in July, the rental homes were pretty obvious and plentiful in every neighborhood with houses under 200k.
Do you “Fool Around” with real estate there - or is that outside the scope of your ant-farm?
Doubt it, they've been going down for a month and as most people expect future cuts, I can't see why rates on houses (at least conforming) would go up before late 2008.
I’ve slept since I read about the loop but it seems to me like it was a toll road somewhere near the airport? Concerned about it and need to find it again because we go to the mountains at Christmas and when I saw it it seemed like I needed to find a way around it from the airport to the interstate. Seems as though everybody is looking for engineers. grandson is in excellent Baptist school, not public - takes all three of us to pay tuition but public school is not an option. Houses in our neighborhood outside Houston are now on the market for four plus months..
Sounds like the I470 Loop, portions of which are a Toll Road, IIRC.
Do you have any references that document foreign ownership of the 470 Toll Road, Grams A? It wouldn’t surprise me in the least.
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