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  #2141  
Old Posted Dec 14, 2014, 7:55 PM
Dogpatch Dogpatch is offline
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That last picture of Denver is a great angle! Not sure I've ever seen a photo from there. It really makes the city look dense.
     
     
  #2142  
Old Posted Dec 14, 2014, 8:21 PM
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Denver Post's latest on housing costs: Housing costs outstrip incomes, putting Colorado economy at risk

Quote:
The northern Front Range boasts one of the country's best performing economies. But that success carries a darker side — a shrinking supply of homes and apartments affordable to low and even middle-income families.

. . .

While high costs and the lack of housing are deeply personal struggles for many families, they also carry a danger for the larger economy.

If not addressed, the shortfall could slow future job gains and erode the sales tax revenues so vital to state and local governments, according to a report released last week by Housing Colorado, which represents the state's affordable housing industry.

"What you have now is an affordability problem," said economist Elliot Eisenberg, in a presentation to state legislators and others Monday. "You are not building enough houses."

. . .

Colorado ranks among the top five states when it comes to creating jobs and attracting new residents. But construction, for a variety of reasons, hasn't kept pace. Home prices and rents are rising sharply, while the incomes needed to pay them are stagnant.

"We are really supply-constrained in this market," said Jeff Handlin, president of Oread Capital & Development, speaking at the University of Colorado Boulder's 2015 Business Economic Outlook.

Handlin, a residential developer, notes that single-family permits are running at only two-thirds their historical average, despite a record tight inventory of existing homes available for sale and higher prices.

And while multifamily permits, especially along the Front Range, have surged to levels not seen since 2002, the new supply hasn't prevented some of the steepest rent increases in the country.

Rents were up 9.2 percent on an annual basis in metro Denver and Boulder in the third quarter, 8.8 percent in Fort Collins and Loveland and 13.5 percent in Greeley. The 18-year average is closer to 3.7 percent statewide.

A study on Thursday from Zillow showed that a renter now needs to make $35 an hour to afford the median-priced rental in metro Denver, or almost 4½ times Colorado's minimum wage.

Many of the apartments being built target the higher end of the market, and low vacancy rates have spurred investors to buy up older complexes, rehabilitate them and boost rents.
And a graphic to summarize the article:

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  #2143  
Old Posted Dec 14, 2014, 9:52 PM
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New mixed use development at 35th and Larimer In RiNo/ Five Points. Ground floor retail and apartment above.
Image source here
     
     
  #2144  
Old Posted Dec 14, 2014, 10:09 PM
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This was a pretty good article...not too bleeding heart, and had some good facts...what amazes me is that they did not LATCH ON to the supply constraint issue and explore even a SINGLE solution to this. Some comments below (yes these are cherry-picked...but i've kept it in context of the whole article):


Quote:
The question Resnick raises is whether cities wouldn't do better to get involved on the front end, incentivizing the development of lower-cost housing options rather than providing social assistance on the back end.
YES! but then this issue of using zoning as a carrot, rather then stick, was barely explored (see below on lot-splitting etc.)...still encouraging to see this inserted. Also, this article had ZERO mention of the HDL (housing defect liability) problem in CO....why are TX and NC able to be popular, gain jobs, and keep housing affordable? They have fixed this issue...CO must continue dropping the protectionism stance.



Quote:
Right now, many government officials still don't fully grasp the connection between housing availability and affordability and economic development, Eisenberg said. Economic developers will push hard to land jobs, while neglecting where those workers might live.
Really? If so, this is sad, or they are playing dumb, or really really need to be replaced. If everybody wants more housing, and more affordability, without a ton of gov't intervention it's really not that difficult to conceive (tougher to work through the system and deal with NIMBYs). The problem is we simply give them too much of a voice.


Quote:
One key hurdle to overcome is the perception that new construction subtracts more than it adds to a community, and the tendency of those secure in their housing to resist changes needed to make new units more affordable — such as the subdivision of older lots, higher density construction and smaller-sized units.
YES! Again, nice they included ths in the article...density, smaller units, and lot-splitting-made-easy would really help this issue. It would probably drive up the $/SF, but we cannot have everything we want at all times as consumers. Density cures so many issues for Denver, but people will have to "deal" with more crowds, more walking, and tighter parking. I like to think that most people can deal with this in exchange for an inventory of condos / moderately priced stock. People simply cannot have everything they want.


Quote:
The problem is that metro Denver, unlike most higher-priced markets, isn't land-constrained. It should be able to grow its housing stock alongside its population, and at costs that line up with the spectrum of wages being paid.
Good point...even though it kinda supports endless sprawl...would have been nice if the author had connected this issue to our transportation system and the VAST amounts of land available within a half-mile of our future train stations.

Last edited by bcp; Dec 14, 2014 at 10:28 PM.
     
     
  #2145  
Old Posted Dec 14, 2014, 10:09 PM
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  #2146  
Old Posted Dec 14, 2014, 10:30 PM
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It's cool to see the 28th and Vallejo project getting started at the same time as the Mile High United Way project next to Prost Brewery. The Richman project is saying 272 units, and the United Way site is huge, so that will probably be a big one too. Additionally, Studio Lohi looks like it is nearing completion and that is 114 units. That should be well over 500 new units in Lohi just on those projects, plus all the units in Union Station. My wife and I walk down into Union Station and Lodo all the time and I think the same is true for people coming up into Lohi for the restaurant scene. From a seat of the pants observation, there is far more "people on the street" than when we moved in 3.5 years ago.

It's weird because I had previously ridden my bike several times around Jefferson Park this fall and been astounded at all the townhome developments (I like biking or walking because in a car you just go too fast and miss too much). Yesterday, with the nice weather, I spent the morning biking around Lohi, and I was surprised at not just the large projects, but many townhome projects and SFH projects that have broken ground that I was not even aware of. There is definitely a frenzy of development activity, and that probably applies to many other "core" neighborhoods.

The one thing I was a little disappointed was a really nice victorian was torn down, but it was on a lot zoned MX-5 so it was admittedly a gross underuse of the lot. Therein lies the difference between Lower Highland and Highland Square.
     
     
  #2147  
Old Posted Dec 14, 2014, 10:35 PM
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Quote:
Originally Posted by Stonemans_rowJ View Post
That should be well over 500 new units in Lohi just on those projects ... I had previously ridden my bike several times around Jefferson Park this fall and been astounded at all the townhome developments
Jefferson Park? Do you mean the JePa neighborhood?
     
     
  #2148  
Old Posted Dec 14, 2014, 10:56 PM
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Quote:
Originally Posted by ramanboy33 View Post
Jefferson Park? Do you mean the JePa neighborhood?
I've heard Jeff Park (which I think is stupid and my name is Jeff) but never JePa.

I like Lohi because from a marketing standpoint it is brilliant, but you can only have a few like that and we already have Rino (also cool), Lohi, and Lodo. I still use Lower Highland more often than not just to be different!
     
     
  #2149  
Old Posted Dec 14, 2014, 11:19 PM
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Quote:
Originally Posted by bcp View Post
Good point...even though it kinda supports endless sprawl...would have been nice if the author had connected this issue to our transportation system and the VAST amounts of land available within a half-mile of our future train stations.
Kind of, the winds seems to be these days in regards that people would like to live closer to where they work, and reduce the time they spend in traffic. I think people are much more willing these days to forgo the giant lots for more affordability and the ability to live a lot closer to work.

I completely agree that the light rail is a game changer in this regards because we are creating nodes to develop around, rather just pure unadulterated sprawl (except in some instances like the recent proposal near Watkins).
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  #2150  
Old Posted Dec 14, 2014, 11:54 PM
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You forgot about LaLi! (La Alma/ Lincoln Heights ... which is really long to say)
     
     
  #2151  
Old Posted Dec 14, 2014, 11:56 PM
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^ agreed...denver will start to see people that are "X liners"...living and working within walking distance of one route...nobody likes transferring.

I really wish that denver would ease back from the TIF business and move back into the platting business - add value by installing streets, drainage and fire hydrants in former industrial areas where many of these stations are located. they can certainly tie *initial* affordability requirements to what is built by working with right developers (no, not RTD..they will just build giant park and rides).

(hint, ken - hire me when you are mayor! ...we'll throw some finance work to buntie)
     
     
  #2152  
Old Posted Dec 15, 2014, 2:33 AM
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Quote:
Originally Posted by EngiNerd View Post
Kind of, the winds seems to be these days in regards that people would like to live closer to where they work, and reduce the time they spend in traffic. I think people are much more willing these days to forgo the giant lots for more affordability and the ability to live a lot closer to work.

What people want, what they buy, and where they live may not be the same thing, though. Even then, what many of us millennials want may be overstated.

Quote:
Originally Posted by The Census Bureau
Young adults continue to rely on a car to get to work: about eight in 10 drive to work, which is largely unchanged compared with 1980. Alabama has the highest share (95 percent); New York has the lowest (53 percent)
That's still lower than the 90s, FWIW.
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  #2153  
Old Posted Dec 15, 2014, 3:22 AM
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It is obvious that developers' unwillingness to build condo buildings is really having an impact on housing prices in Denver, both for sale and rental.
     
     
  #2154  
Old Posted Dec 15, 2014, 3:41 AM
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let's not confuse unwillingness with inability...insurance rates (due to the cumulation of defect liability payouts and defense cost for so many lawsuits) are unbelievably high. so much so that condo projects do not pencil out unless they are very high-end...
     
     
  #2155  
Old Posted Dec 15, 2014, 6:38 AM
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Quote:
Originally Posted by Haggai View Post
You forgot about LaLi! (La Alma/ Lincoln Heights ... which is really long to say)
La Alma/Lincoln Park has a split personality requiring twice the syllables.

LaAlLiPa
     
     
  #2156  
Old Posted Dec 15, 2014, 9:52 AM
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Originally Posted by navyweaxguy View Post
Wicked inversion layer. The air looks really bad this winter there. I've noticed a lot of smog in the pics. How has it been?
Yes the air in colorado has been salt lake city disgusting because our governor John frackenlooper is in the pockets of the oil and natural gas industry.

Don't even try to argue that it is the influx of citizens moving to Denver metro... Cafe standards and increased fuel efficiency of automobiles has negated that entirely
     
     
  #2157  
Old Posted Dec 15, 2014, 4:34 PM
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Originally Posted by navyweaxguy View Post
Wicked inversion layer. The air looks really bad this winter there. I've noticed a lot of smog in the pics. How has it been?
I haven't noticed too much. Though it probably has something to do with the unseasonably warm weather that we've had for the last couple of months.
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  #2158  
Old Posted Dec 15, 2014, 5:18 PM
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Yes the air in colorado has been salt lake city disgusting because our governor John frackenlooper is in the pockets of the oil and natural gas industry.
I fail to see the correlation. With that reasoning, Colorado should also have a higher rate of alcoholism because the states is also supporting Colorado's brewing industry...
     
     
  #2159  
Old Posted Dec 15, 2014, 6:01 PM
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Does anyone know the status of this project on Colfax? Is the five-story, new construction portion of the project dead or is it actually making progress behind the scenes?

The retail space in the existing portion of the site has been renovated and sitting vacant for months.
     
     
  #2160  
Old Posted Dec 15, 2014, 9:01 PM
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Quote:
Originally Posted by seventwenty View Post
What people want, what they buy, and where they live may not be the same thing, though. Even then, what many of us millennials want may be overstated.

That's still lower than the 90s, FWIW.
Nice links... though I might have saved time by just enjoying the 1st one.
The WaPo article was good as was the census stuff though I didn't do a deep dive into that.

I think it's the technological/cultural changes which have motivated changes in lifestyle preferences. For one, the cost of what is now a technology necessity causes a financial choices to a degree. The continuing trend towards fast casual restaurants for one's diet is another. This all argues for a more convenient, walkable, denser environment. Not sure how being able to share intimate moments without even being in the same place plays into all this?
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