The metro Denver home market can’t decide what it wants to be.
For homes priced under $300,000, sellers are getting multiple offers, fewer days on the market and list-to-sales prices nearing 100 percent or higher, experts say.
But things are slower for the luxury market, homes of $1 million or higher. That market, while showing improvement, still has depressed prices and under-contract activity nowhere near the level of lesser markets.
Lower-priced inventory usually has started the recovery from past down markets. But experts aren’t so sure that’s the case this time.
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Saturday, March 31, 2012
Friday, March 30, 2012
Denver Investor Forecloses on Comerica Bank Tower
A Denver real estate investor said Wednesday that it has foreclosed on part of the debt on one of Dallas’ biggest office towers.
Dividend Capital Total Realty Trust said that it has foreclosed on a $20 million loan it held on the 60-story Comerica Bank Tower at 1717 Main St.
The primary mortgage on the 1.5 million-square-foot skyscraper has been handled by special debt servicers since last spring.
Dividend Capital said that it is the 100 percent owner of the titleholder of the office tower since it foreclosed on its nonperforming mezzanine loan.
“We intend to engage the mortgage note lender in negotiations to modify the terms of the senior loan agreement,” Dividend Capital said in filings with the U.S. Securities and Exchange Commission. “The results of such negotiations with the senior lender will materially impact our ability to own and operate Comerica Bank Tower.”
That $180 million mortgage is set to come due in 2017.
Officials with Dividend Capital did not respond Thursday to requests for more information about their foreclosure on the Dallas building.
Since 2006, New York-based Metropolitan Real Estate Investors LLC has owned the Comerica Bank Tower. Metropolitan Real Estate Investors had previously requested modifications of the debt with bondholders.
Dividend Capital Total Realty Trust said that it has foreclosed on a $20 million loan it held on the 60-story Comerica Bank Tower at 1717 Main St.
The primary mortgage on the 1.5 million-square-foot skyscraper has been handled by special debt servicers since last spring.
Dividend Capital said that it is the 100 percent owner of the titleholder of the office tower since it foreclosed on its nonperforming mezzanine loan.
“We intend to engage the mortgage note lender in negotiations to modify the terms of the senior loan agreement,” Dividend Capital said in filings with the U.S. Securities and Exchange Commission. “The results of such negotiations with the senior lender will materially impact our ability to own and operate Comerica Bank Tower.”
That $180 million mortgage is set to come due in 2017.
Officials with Dividend Capital did not respond Thursday to requests for more information about their foreclosure on the Dallas building.
Since 2006, New York-based Metropolitan Real Estate Investors LLC has owned the Comerica Bank Tower. Metropolitan Real Estate Investors had previously requested modifications of the debt with bondholders.
Monday, July 5, 2010
Denver Real Estate: Luxury Home Purchases On The Rise
The sale of Denver-area luxury homes experienced a dramatic increase of 61.8% last month, according to Coldwell Banker Residential Brokerage's May Report. Of these homes, priced at $1 million or more, fifty-five sold in the Denver metro area, including 18 homes in Denver and 11 homes in Boulder.
This upturn is likely a result of low mortgage rates, but also coincides with encouraging reports on the economic recovery in the Denver/Boulder area. The median price for the homes was $1.28 million and the homes on average sold for 93% of their asking price, up 10% from last year.
The priciest metro-area sale last month was a four-bedroom, seven-bathroom, 8,000-square-foot Boulder home that sold for $4.45 million. Nestled in the foothills, this luxury home includes an outdoor kitchen and direct access to several South Boulder Creek hiking trails.
This upturn is likely a result of low mortgage rates, but also coincides with encouraging reports on the economic recovery in the Denver/Boulder area. The median price for the homes was $1.28 million and the homes on average sold for 93% of their asking price, up 10% from last year.
The priciest metro-area sale last month was a four-bedroom, seven-bathroom, 8,000-square-foot Boulder home that sold for $4.45 million. Nestled in the foothills, this luxury home includes an outdoor kitchen and direct access to several South Boulder Creek hiking trails.
Friday, September 5, 2008
Real estate companies merge to create 215-member team
The merger between Keller Williams of Northern Colorado and Fort Collins Real Estate creates a 215-broker team that includes a new commercial division, KW Commercial, which was launched last week.
Fort Collins Real Estate owner Mike Jensen, who specializes in commercial, investment and residential real estate in Old Town and the North College Avenue corridor, will lead KW Commercial.
"I'm most excited for the KW Commercial brand and the enhancement that it will afford our agents," Jensen said. "We will maintain a strong downtown niche and together we will be a force to be reckoned with."
The combined company will have more than 215 agents in Northern Colorado, with more than $300 million in annual sales.
The Group Inc., the largest residential brokerage in Northern Colorado, has about 210 agents and $1.3 billion in sales. It spun off its commercial group into Sperry Van Ness/The Group Commercial LLC in November when the commercial brokerage firm expanded to Fort Collins.
Sharianne Daily, president of The Group, said the merger between Fort Collins Real Estate and Keller Williams "brings the strength of the two companies together and national recognition with Keller Williams and the local recognition with Fort Collins Real Estate especially with the downtown market."
In Colorado, Keller Williams has 28 locations and more than 2,800 agents.
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