News & Insights

NoCo Newsletter | January 30, 2025

Photo: NAI Affinity featured listing – Brookside Weddings and Events.

NoCo Newsletter | Keeping You Informed on Northern Colorado’s Commercial Real Estate Market | January 30, 2025

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of CSU housing redevelopment, frosty residential real estate, conflicting economic indicators, and more.

Thank You | We are deeply grateful for Dana Crawford’s visionary leadership in historic preservation which has left an indelible mark on the built environment. Her ingenuity, passion, and dedication transformed more than 800,000 square feet of historic property in the city of Denver since the 1960s into thriving places, ensuring that her legacy will continue to inspire and enrich generations to come.

REAL ESTATE & BUSINESS NEWS

Colorado’s Housing Market Faced Another Frosty Year in 2024, Especially for Condos
- “The number of single-family homes sold statewide rose a modest 3.1%, from 64,086 in 2023 to 66,098 in 2024. It was a big improvement from the 19.1% sales decline between 2022 and 2023… (but) the townhome and condo market turned frigid as rising association and insurance costs scared would-be buyers away. Buyers purchased 9.6% fewer townhomes and condos last year than in 2023, despite there being a $157,500 cost advantage to going with an attached home statewide and a $215,000 gap in metro Denver….Despite increasing affordability pressures and elevated interest rates, home prices refused to crack. Statewide, the median price for a single-family home was $580,000 in 2024, up 2.7% from $565,000 in 2023 on a year-to-date basis. Condo and townhome prices barely budged, falling from $425,000 in 2023 to $422,500 in 2024, or a 0.6% drop.” (The Denver Post)
CSU to Reimagine Prospect Plaza
- “The plan for Prospect Plaza calls for the demolition of 164 units of CSU student housing in 11 three-story buildings, on the southern edge of CSU’s main campus, as well as another building that houses the popular Panino’s Italian restaurant, and construction of a massive (5-story) building at 304 W. Prospect Road that would include around 225 apartments ranging from studios to five-bedroom units.” Based on the unit mix, the market rate student housing project, “would house up to 785 Colorado State University students.” (BizWest)
Fort Collins Apartment Complex Sells for $64.1M
- Courtney Park, “A 248-unit garden apartment community in southeast Fort Collins has been sold for $64.1 million to (ColRich Multifamily) a private multifamily investment and development firm based in San Diego…which owns properties located throughout the western United States.” (BizWest)
Town of Windsor to Purchase 300 Acres for Open Space Preservation
- “After approval from the Windsor Town Board Monday night, the Town of Windsor has entered a contract to purchase 300 acres of land from a private owner for open space and wildlife habitat preservation. The $20.9 million purchase—located between Colorado Blvd. and N. 15th St., just north of the new middle school and police department—would ensure the land remains undeveloped, preserving agriculture and vital wetland and riparian habitat within Windsor. It would also create opportunities for recreational amenities such as trails, wildlife viewing and more.” (Town of Windsor)
Loveland Planners to Eye Schmer Farm Annexation
- “The Loveland Planning Commission will consider its second development proposal for the city’s eastern edge in five days on Monday when it considers the 122-acre Schmer Farm annexation and zoning application. The tract, on the southwest corner of East Eisenhower Boulevard and Interstate 25, is immediately east of a 150-acre parcel of the Centerra South development….“The Schmer Farm and Centerra South properties may benefit from one another in terms of proposed land use and infrastructure needs,” according to a staff report that planners will consider on Monday.” (BizWest)
The U.S. Government Has a Landlord, and Trump Isn’t a Fan
- “The General Services Administration, the federal agency that owns, manages and leases much of the government’s real estate,…manages a massive portfolio of federal buildings, consisting of 370 million square feet nationwide. But many have been poorly maintained due to lack of funding, and are sitting empty or underused…The Trump administration is considering selling two-thirds of the federal government’s office stock to the private sector, according to people familiar with the transition operations. About three-quarters of the 70 million square feet of office space the GSA leases from private landlords in D.C. is also likely to be canceled…” (WSJ)

ECONOMIC & EMPLOYMENT NEWS

Economists Eyeing Economic Signs With Colorado Jobless Rate Up
- “Colorado’s unemployment rate of 4.4% was up in December, a significant increase compared with prior months and three-tenths of a percentage point higher than the national average. But while state government officials and University of Colorado economists are paying close attention for signs of cracks in the economic foundation, other metrics — the job-growth rate, the number of business-entity renewals and gross domestic product figures, for example — provide reason for continued, albeit perhaps a bit more cautious, optimism.” (BizWest)
Where Did the Most People Move to in the US in 2024? Not Colorado, According to U-Haul
- “Colorado ranked No. 9 in 2023 but fell to No. 40 last year. Southern states continued to have the largest numbers of one-way U-Haul customers in 2024, with South Carolina topping the list for the first time. Texas, North Carolina, Florida and Tennessee round out the top five growth states.” (Coloradoan)
Fed Stands Pat on Rates, Entering New Wait-and-See Phase
- “The decision on Wednesday to leave the benchmark federal-funds rate at its current range around 4.3% followed three consecutive rate cuts beginning in September, when the rate stood around 5.3%. With interest rates now “significantly less restrictive” than they were before last year’s cuts, “we do not need to be in a hurry to adjust our policy stance,” said Fed Chair Jerome Powell at a news conference after the meeting. Those comments suggested the central bank was likely to stay on hold at its next meeting in mid-March.” (WSJ)
U.S. GDP Grew 2.5% in 2024
- “U.S. gross domestic product…grew 2.5% last year, the Commerce Department said Thursday. That was slower than 3.2% in 2023 but still a sturdy pace….The Fed expects the economy to grow 2.1% this year and 1.8% in the longer run. By a separate measure of growth, the nation’s total output for 2024 grew 2.8% last year, down only slightly from 2.9% in 2023.” (WSJ)

COMMUNITY & OTHER INDUSTRY NEWS

FEATURED LISTING

NAI Affinity is pleased to present Brookside Weddings and Events in rural Berthoud, Colorado. Brookside is located between Boulder and Fort Collins in Northern Colorado about an hour north of Denver. It is a picturesque venue that combines rustic charm with modern elegance. The venue’s primary business is hosting and catering for weddings and receptions. Because of its central location in Northern Colorado, Brookside hosts many other types of celebrations and events year-round for businesses, organizations, and families. Amidst the serene vistas of the Rocky Mountains, Brookside is a one of a kind Northern Colorado event venue that is unique in the area.

Click here to learn more about this unique real estate and business opportunity.