Denver Colorado apartment vacancies fall in 3rd quarter
Colorado mortgage rate at 4.82%; loan applications rise:
Mortgage applications rose for the first time in four weeks as the average interest rate in Colorado and nationwide fell below 5 percent, according to the Mortgage Bankers Association.
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Denver-area apartment vacancies fall in 3rd quarter:
Falling for the first time in 21 months, apartment vacancy rates fell in the Denver Metro to 7.4 percent during the third quarter. Vacancy rates hit 9 percent during the second quarter, the culmination of six quarters of consecutive rate increases, according to a report released late Tuesday by the Apartment Association of Metro Denver and the Department of Local Affairs Division of Housing. That is a 17.7 percent quarter-to-quarter drop. It also is the largest drop in vacancy rates from the second to third quarter since at least 2001. Vacancy rates are now at the lowest rate since the third quarter of last year, when they stood at 6.5 percent. In other words, vacancy rates are still 13.85 percent higher than they were a year ago.
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Developer surrenders in theft case.:
Colorado real-estate developer Erik Osborn surrendered to authorities last week after being indicted for theft, the Denver district attorney’s office said. Osborn surrendered and was arrested Oct. 27, said Lynn Kimbrough, spokeswoman for the Denver district attorney’s office. He is scheduled to be arraigned Dec. 7. A Denver grand jury indicted Osborn, charging him with one count of theft in connection with a downtown condo project. The indictment, issued Oct. 21, alleges that Osborn diverted money from a development project at 1800 Glenarm Place controlled by capital-funds manager Michelle Brokaw.
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Watts to lead CU Real Estate Center:
Susan Watts has been named executive director of the University of Colorado Real Estate Center at CU Boulder’s Leeds School of Business. Watts succeeds Byron Koste, founder of the 12-year-old center, which offers an academic real-estate program from undergraduate and graduate business students.
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