Sudden Rise in Home Demand Takes Builders by Surprise
Catherine Rampell examines the ultra low inventory of new homes for sale in her article in the New York Times. "Across the country, the raw number of homes for sale is at its lowest level since 1999, according to the National Association of Realtors...It’s kind of a Catch-22...as long as large numbers of people are hesitant to put their own homes on the market because so few other homes are available, he said, there won’t be many homes available. Read more here...
Denver's Real Estate Market is Strong
In a recent Denver Post article, Denver home prices are back to the highs of 2006. This year has been a good year for real estate. The inventory levels being so low are pushing prices up and days on market down. In October, there were only 9,719 homes on the market, a 31.3% decline from October of 2011. “If the number of available homes continues to stay low and total days on the market remains at historic lows, we’re looking at the potential for a very healthy seller’s market closing out 2012,” said Kirby Slunaker, chief executive of Metrolist. As we close out 2012, there is no end in sight for a strong buyer demand and limited housing. The seller’s market has returned after several years of a strong buyers’ market.
Denver Real Estate Market: 4th in Nation
The Denver-area housing market posted its second consecutive year-over-year improvement in February, according to the closely watched Case-Shiller Index released yesterday. The S&P/Case-Shiller Home Price Indices, showed that Denver gained 0.5 percent in the year ending in February, more than double the year-over-year gain of 0.2 percent in January.
Denver also out-performed the nation by a wide margin in February. The overall drop for the 20 metropolitan statistical areas in the index fell by 3.5 percent, with a number of cities hitting new lows. Denver was the fourth-best performing market in February, only being bested by Phoenix, Detroit and Miami. Last Vegas suffered an 8.5 percent decline in February from February 2011. Only Atlanta, with a 17.3 percent drop, showed a bigger drop.
What does this mean? Denver's certainly doing well - and we're one of the only metropolitan areas with a lack of inventory due to robust sales. Denver's overall growth from January 2000 (a pre-recession market) is +21.81%. When compared to Atlanta's -16.71%, it can be seen that this city of ours is definitely on the right track.
At Home in Riverfront Park: A Young Creative Couple
A young creative couple shows off their style, and their Promenade Lofts residence, on Houzz.com.
A quirky mix of colors, textures, and cupcakes, Caylin Engle and Collin Scott's pad is a refreshing take on the urban loft. High-end pieces from Mitchell Gold and West Elm mingle with more budget-friendly items from IKEA and CB2.
The intimate space is a magnet for their friends, say Engle and Scott. They frequently entertain in their kitchen - which is their favorite room in the whole place. The smaller footprint of a loft is a bit of a space challenge, but the couple has managed to keep clutter totally under control with some clever storage solutions.
The color pops and accessories throughout reference Engle's love of cupcakes; "From the minute you walk into my home you can sense my adoration for cupcakes," she says. "I have accumuluated quite the collection over the years and love displaying them in miscellaneous nooks."
The couple's favorite part about living in Riverfront Park? "We are able to walk to all major sporting events from our location, as well as our favorite restaurtants and bars. We also get to enjoy lots of green space with a park outside our building." Check out Houzz.com for more photos and an interview with the owner, Caylin Engle.
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