Housing News Digest, January 10

Urban Land Conservancy Closes Deal, Transitional Housing Services Continue Near Future East Rail Line

DENVER, Jan. 6, 2012 /PRNewswire via COMTEX/ -- As part of an innovative real estate preservation model, Colorado Coalition for the Homeless (CCH) purchased from the Urban Land Conservancy (ULC) 1.7 acres near 40th and Colorado Boulevard for $1.425 million. The former Budget Motel referred to as Gateway, was purchased by ULC in 2006 at the request of CCH in order to provide transitional housing services to Denver's homeless families along high-frequency bus routes and the future East Rail Commuter Line of FasTracks.

White House wants to convert foreclosed houses to rentals
The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, are very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.

There are currently about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and millions more are coming.

Apartment boom continues with Briargate proposal
Yet another apartment complex is being proposed for Colorado Springs, this one in the Briargate area on the city’s far northeast side by an Indiana development company.

It would be the seventh apartment project planned or started over the last several months, as falling vacancy rates, record-high rents and a lack of construction in recent years — among other factors — have combined to trigger a flurry of multi-family development in the Pikes Peak region.

Realtors get real about market, get out of game
Lori Garrison was not destined to be an aggressive salesperson.

She didn’t mind the hard work of being a real estate agent. But once the Grand Junction real estate market began a tailspin in late 2008, the work got harder. The rising number of short sales and foreclosures required a lot of paperwork, and both sides of the transaction rarely were satisfied with a home-price offer.

Besides being more difficult to make, the sales were spaced further and further apart as the number of buyers and sellers trailed off in the poor economy. Garrison left Bray Real Estate and went on a referral-only basis a year ago, then she deactivated her real estate license in October. She now works for the Colorado Department of Revenue.

Developer MacMillan leaves CSU to join Bohemian
Longtime Fort Collins developer Stuart MacMillan has left CSU's Research Foundation to become director of real estate at Pat Stryker's Bohemian Cos.

MacMillan spent much of his career at Everitt-MacMillan Development helping to develop some of the city's most notable buildings, including the Bohemian Cos.' Mitchell Building in Old Town.