NoCo Newsletter | January 25, 2024

NoCo Newsletter | January 25, 2024

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.

REAL ESTATE & BUSINESS NEWS

• Loveland City Council Faces Second Lawsuit Over Centerra South Reversal
  • “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)
• Colorado Woman Sues Real Estate Giant Greystar Over Apartment “Junk Fees” Charged by Landlord
  • “…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 Were the Lowest in Almost 30 Years in 2023
  • “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)
• Housing Dominates Gov. Jared Polis’ Priorities as He Lays Out Vision: “There is a sense of hopelessness and despair”
  • “Housing, housing, and more housing will dominate Colorado Gov. Jared Polis’ agenda this legislative session as state leaders aim to encourage more building across the state.” (The Denver Post)
• Affordable Housing Planned for Denver’s 13th Avenue and Colorado Boulevard
  • “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)

ECONOMIC & EMPLOYMENT NEWS

• Wholesale Prices Unexpectedly Fall 0.1% in December in Positive Inflation Sign
  • “Excluding food and energy, core PPI was flat against the estimate for a 0.2% increase Excluding food, energy and trade services, PPI also was up 0.2%, in line with the estimate.” (CNBC)
• Economic Forecast Sees Less Talk of Recession (feat. Jake Hallauer, CCIM, President of NAI Affinity)
  • “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)
• Economists: Colorado Economy Resilient in Face of Headwinds
  • “The Colorado Business Economic Outlook, released annually by CU for the past 59 years, projects that the state will add 41,900 jobs in 2024, a 1.4% increase over the 2023 worker total.” (BizWest)
• Feds Give Colorado State University, Boulder County Millions for EV Infrastructure
  • “Boulder County and Colorado State University will receive a combined $13.8 million in federal infrastructure funding to build electric-vehicle charging stations.” (BizWest) 
• CSU Researchers Secure Advanced-Industries Grants
  • “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)

COMMUNITY & OTHER INDUSTRY NEWS

• Client Testimonials
• Most Peaceful Place to Live? Fort Collins Tops the List With Outdoor Recreation, Low Noise
• Here Are 15 Road Projects at the Top of Fort Collins’ List for the Next 10 Years.
• North I-25 Express Lanes Project Nears Completion
• Fort Collins Area Chamber of Commerce: Northern Colorado Economic Overview
• Northern Colorado Boasts Nine of Top 20 Fastest-Growing Communities in State
• 2 Colorado Cities in Top 4 ‘Best Places to Live Rankings
• Denver International Airport Ranked No. 3 Busiest in the World
• Support Your Local Bold Voice of Business by Contributing to the 13th Annual Moving Fort Collins Forward! Campaign

FEATURED LISTING

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.

See previous newsletters here.

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