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Denver metro apartment rents up, vacancy rates down
By Howard Pankratz
Apartment rents in metro Denver have hit an all-time high, according to a report released Monday by the Apartment Association of Metro Denver and the Colorado Division of Housing.
The report said that as the apartment vacancy rate has continued to decline, the area’s average rent increased to the highest level recorded in any quarter.
In the first quarter of 2013, the average rent in metro Denver rose to $992, increasing 4.2 percent, or $40, from 2012′s first-quarter average of $952.
“The significance of it is really in the fact that here we are in the first quarter, which tends not to be the most active quarter for rents,” said Ryan McMaken, an economist for the Division of Housing. “It wouldn’t be totally unusual to see a first-quarter rent down below what you’d see a couple of quarters earlier.”
According to the report, the apartment vacancy rate in the metro area fell to 4.6 percent in the first quarter, the second-lowest since the first quarter of 2001.
People in the industry say it is simply a case of supply and demand.
Lauren Brockman, a principal at Anbrock, which has 700 units under construction in the Denver area, said that for about five years no apartments were built, which created pent-up demand.
As a result, said Brockman, “we are in a market so tight there is going to be rent inflation.” It’s primarily caused by a lack of apartments and by “echo boomers” — children of baby boomers who rent by choice and move to Colorado, he said.
Nationally, he said, there is expected to be a shortfall of 984,000 apartment units through 2015.
But he said Denver is doing much better as far as apartment construction, with 13,000 units currently in the pipeline.
“We are ahead of other cities in the country. That will moderate these rents,” said Brockman.
Within the next 18 to 24 months, the vacancy rate should rise to 6 to 7 percent, he said.
“When you get there, you will still see some rent inflation, but you won’t see as much,” said Brockman.
Mary Wessler, regional vice president for ConAm Colorado Inc., which has about 3,200 apartment units in metro Denver, said the low vacancy rate is caused by the number of people moving to Colorado and a limited number of new apartments.
She said apartment owners are “certainly in a better situation than we have been in. Our rates are better than they have been in a while.
“Carol Luinstra, owner of Apartment Finders International in Denver, said it has become much harder for people to find apartments because they can’t find apartments in the $500-to-$700 range and because apartment owners are becoming more selective in whom they accept as tenants.
Howard Pankratz: 303-954-1939, hpankratz@ denverpost.com or twitter.com/howardpankratz
via Denver metro apartment rents rise to all-time high in Q1 2013 – The Denver Post.
Feng shui your tiny apartment
Living in a tiny space doesn’t necessarily have to mean sacrificing design, or in this case, feng shui. Here are some basic guidelines for maintaining good flow, however small your space may be.
Establish the command position
In feng shui, the command position, or power spot, is the point of the room where you feel safest and most in command. In this case, it is often the spot located directly opposite the door. You can easily see the entryway, thus giving you the best control both visually and physically of your space. If you’re living in a studio apartment, this will mean that you’ll have to decorate and rearrange furniture around your bed. Try using room dividers to make your space feel more like a larger apartment.
Declutter your life
This is an important standard not just in feng shui but in all aspects of life. Physical clutter translates into emotional turmoil and can leave you feeling unnecessarily stressed. As always, you can use self-storage to take care of any excess furniture you can’t part with quite yet. If you find yourself pressed for space but unwilling to invest in self-storage, storing vertically can be a lifesaver and will offer some unique and practical wall decorations.
Incorporate mirrors
The No. 1 problem with small spaces is that they’re too small for your big world. Mirrors are the key to bypassing this conundrum. Not only will they give your apartment the impression of being more spacious than it actually is, but they’ll easily place you in the command position, as they enable you to see what’s going on behind you at all times.Additionally, keep visible knickknacks as decorations to a minimum. If you do have too many decorative objects, try to organize them together as a group. Overall, your objects and furniture should accompany and complement one another, not compete for attention.
Keep your entryway clear
In feng shui, the three most important spaces are the kitchen, the entryway and the bedroom. If you live in a tiny apartment or studio, then most likely these are your only spaces. The important thing is to make sure that your entryway is clear. Avoid cluttering your pathways as well so that good energy can flow throughout your apartment easily.
Personalize to make yourself feel ‘at home’
It can be difficult to feel “at home” and truly personalize your apartment if you know that you’ll only be staying there for a short amount of time. Even so, good feng shui means truly feeling comfortable and in tune with your living space. Surround yourself with artwork or decorations that are inspirational to you to encourage good energy. If you’re thinking about painting the walls, make sure you unify the color and theme with the room at large, accommodating the existing color of your furniture or making changes accordingly to fit your new color template.
via How to feng shui your tiny apartment | Fox News.
Denver home prices rebound to 2007 levels
DENVER – A new report shows Denver home prices have rebounded to their 2007 levels.
Denver’s S&P Case-Shiller home price index for December was 134.14, meaning that local home resale prices averaged 34.14 percent higher than they were in the benchmark month of January 2000.
The last time Denver topped that price level was in October 2007, when the Case-Shiller index stood at 136.09.
The peak index reading for Denver was the summer of 2006 when it hit 140.26 in July and 140.28 in August.
The S&P/Case-Shiller Denver Home Price Index measures the average change in value of residential real estate in Denver given a constant level of quality.
The prices are for resales of stand-alone single-family homes only, not for new construction or condominiums, and are meant to reflect price changes for comparable home inventory. Case-Shiller does not report actual home sales prices, according to the Denver Business Journal.
See the Denver report: http://us.spindices.com/indices/real-estate/sp-case-shiller-co-denver-home-price-index
via 7NEWS – Denver home prices rebound to 2007 levels – Local Story.
It’s a Great Time to Buy or Sell
You may have been hearing that it’s a Seller’s Market, or it’s a Buyer’s Market. Actually it’s both. Here’s why:
Buyers: The housing prices haven’t really started spiking up yet and the interest rates are still astronomically low. Right now the housing prices are strengthening for the sellers, so more people are willing to put their homes on the market, which adds to the inventory which makes competition for the sellers and that is great for buyers. I am certain we can find you a great home for a fair price if we are diligent.
Sellers: There are a lot of pent up buyers out there looking for a Great Place To Live. Right now the housing prices are strengthening for the sellers, and inventory is low. (Inventory=the number of houses for sale right now.)
It’s a very unusual market in that it’s a nice balance for both sides.
I don’t anticipate this lasting forever. Now is a great time for buying or selling — advantage of the market!!
2012 in review
Status
The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.
Here’s an excerpt:
600 people reached the top of Mt. Everest in 2012. This blog got about 2,100 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 4 years to get that many views.
Color trends for 2013 decreed
Unlike psychic readings at the county fair, color forecasters’ predictions really do come true — partly because they ordain them. See, when the Color Marketing Group, an international association of color design experts, speaks out each year, manufacturers listen, then create product lines — from pillows to pitchers, from blouses to bicycles — in the new trend colors.
via Homeowners, start your paintbrushes: Color trends for 2013 decreed – The Denver Post.
If you’re looking to add new color to your New Year, here are more shades on the rise for 2013, according to the Color Marketing Group and Sherwin-Williams
1. Back-to-basic simple. “Don’t expect any far-fetched colors in the New Year,” said color group member Hilde Francq of Belgium. “Because of the economic uncertainty, people need pure, natural colors, and that’s exactly what they’ll get.” Beyond ReBlue, you’ll see more grass green, true yellow, flag red and sand brown — the colors of children’s blocks. “People are hungry for something they can count on, and these colors say dependable.”
2. Retro glamour. The Sherwin-Williams palette that contains Aloe also includes shades Jordan calls “pastels kicked up a notch.” Think of the soft-but-clear uncomplicated colors of semi-precious gems: citrine, peridot and amethyst. Of the four 2013 palettes, Sherwin-Williams color marketer Jackie Jordan predicts this one, called Vintage Moxie, will dominate. Check it out at http://bit.ly/12dPwhI
3. Mineral hues. Look for the chalky, matte hues represented in mineral deposits, sea-buffed stones and weathered shutters. “Picture a marriage between time and nature,” she said.
4. Midnight mystery. Think Sherlock Holmes and Prohibition, dark shadows and secret meetings. The colors are moody, the vibe is masculine. Jordan’s favorite in this palette is “Plum Brown,” a dark, almost-black plum with brown undertones.
5. High voltage. Plug the influences of pop-rock and digital technology into one outlet and you’ll get this blast of look-at-me colors. Designed to bring out the Lady-Gaga-goes-to-Vegas side of consumers, this not-shy palette includes such vivid bold neons as “Electric Lime” and “Gladiola.”
6. Always in vogue. Feeling change-averse? Black and white are eternal, says Francq. “For an interior, it’s always safe to pick white (in all its facets), soft browns and taupes.” You can cheer these up with a vase in a new trend color. Or, said Jordan, “Keep what you have, but change the color of one wall, or a few pillows, and you will instantly make the space feel current.”
Six Colo. firms ranked among the biggest job creators in the U.S. – The Denver Post
Denver-based Smashburger created the ninth-most new jobs in the nation since 2008 among privately owned companies, according to an Inc. magazine survey.
Five other Colorado firms ranked among the top 100 job creators.
via Six Colo. firms ranked among the biggest job creators in the U.S. – The Denver Post.
Camera building sold to Nichols Partnership
“Developing urban infill sites, such as Clayton Lane in the Cherry Creek area of Denver, gives us a solid background for the Camera redevelopment,” said Randy Nichols, President of the Nichols Partnership, in a prepared statement. “We work well with active communities to create buildings that enhance their neighborhoods. We recognize the long term impact our activities have on a city and strive to develop great buildings that will contribute to their communities for many generations. The 11th and Pearl site fits this profile exactly.”
“It has been a pleasure for the design team to work with Karlin to secure approvals for this important downtown project,” stated Chris Shears, Principal of Shears Adkins Rockmore, in a news release. “Having worked with Randy Nichols for 15 years, we believe that there is no better developer in Colorado to complete Karlin’s plan as originally designed and approved.”
via Former Daily Camera building sold to Denver’s Nichols Partnership for $13.5M – Boulder Daily Camera.
Holiday lights: Drive-through farm among highlights
View an interactive map of 100 decorated homes in Northern Colorado
via Holiday lights: Drive-through farm among Boulder County highlights – Boulder Daily Camera.
