Real Estate Blog
Developer sells Palm Beach mansion to venture capital executive for $13M
Developer Leona Flynn sold a Palm Beach mansion for $12.98 million.
Lewis F. Crippen as trustee of Bloomsday Trust, which has Flynn listed as owner of their homestead property, sold the 8,970-square-foot home at 300 Ridgeview Drive to a trust led by Harvey Cooper Jones Jr. The buyer is the managing partner of San Francisco-based technology investment firm Square Wave Ventures.
The price equated to $1,447 per square foot.
The home, which is not on the water, was built on the 0.45-acre site by Flynn’s…
Look out Denver homebuyers: Higher interest rates will further strain housing affordability
LAS VEGAS — In a local and national housing market already rife with challenges — particularly soaring costs amid low, low supply — another issue is primed to further drag down people’s ability to buy homes: rising interest rates.
The Federal Reserve’s interest rate hike announced Wednesday played out in real time at the National Association of Real Estate Editor’s conference in Las Vegas. Speaker Joseph Nahas, chairman of international real estate advisory group, the Counselors of Real Estate, announced in the morning that the Fed was likely to hike benchmark rates to 2 percent, up from 1.75 percent. A few hours later, Taylor Marr, a senior economist with Seattle-based real estate brokerage Redfin, took the stage to say the new rate had been confirmed. That federal benchmark increase sets the stage for higher mortgage rates across the country.
What does that mean for homebuyers? Nahas’ group, in its annual list of issues facing the national real estate market, ranked interest rates ..
Rents pricing out minimum-wage workers across the U.S., report says
High housing costs in Colorado and across the country have been putting the pinch on renters and prospective home buyers for some time.
Any talk of housing, from government officials to developers to landlords, touches on affordability. A new study released Wednesday by the National Low Income Housing Coalition will only add more urgency to those discussions.
The Washington Post breaks down the report like this: There is nowhere in the country where someone working a full-time, minimum-wage job could afford to rent a modest two-bedroom apartment. And a one-bedroom is available to those low-wage workers in only 22 counties in five states: Colorado, Arizona, California, Oregon and Washington.
The report by the coalition says that in Colorado, a worker needs to earn $23.93 an hour to afford a two-bedroom apartment, while the Fair Market Rent is $1,245 in the state. Fair Market Rent is Housing and Urban Development’s best estimate of what a household seeking a modest rental home in a sh..
Colorado city called its land claim a bid for more open space. It was largely about keeping a King Soopers, a court says
Lafayette acted in “bad faith” when it attempted to condemn land belonging to its neighbor, Erie, for the purpose of turning it into an open space buffer, according to a Colorado Court of Appeals ruling issued Thursday.
The three-judge panel dismissed Lafayette’s attempted eminent domain action, upholding a district court ruling from 2017 that found there was no “public purpose” to justify the condemnation.
The appeals court said in its opinion that Lafayette’s 2016 attempt to lay claim to 22 acres inside Erie at the southeast corner of U.S. 287 and Arapahoe Road, where the Boulder County municipalities share a border, was “made in bad faith and was thus not for a lawful public purpose.”
The court concluded that Lafayette’s open space play, sold by the city as an attempt to create a buffer for residents of its Beacon Hill neighborhood, was in actuality a ploy by the city to derail Erie’s planned commercial development at the site, known as Nine Mile Corner.
“The stated public purpo..
Shamrock Development’s headquarters sold for $4.6 million
Namakan Properties Inc., an entity related to Carpet King President Bill Bailey, has paid more than $4.6 million for the office building housing Shamrock Development's headquarters in Coon Rapids.
A trust in the name of the late Jim Stanton, Shamrock's founder, sold the 40,398-square-foot property at 3200 Main St. NW. on May 29, according to the certificate of real estate value made public on Monday.
Stanton, who died about a year ago at 81 years old, was a prolific Twin Cities developer and the…
Herndon’s high hopes: How the Virginia town is prepping for Metro
The town is preparing for an unprecedented amount of high-density development around the Silver Line’s new Herndon Metro station slated to open in 2020.
Viewpoint: Unions are not the solution to fixing First Source
A recent Guest Comment suggesting that unions are the answer to D.C.’s efforts to get residents employed on the city’s development projects is ludicrous. The primary reason for the failure of the city’s First Source program is an insufficient supply of available skilled construction workers in the District.
This manpower shortage is acute; residents who do have the necessary credentials are in demand and are, most likely, already employed in the industry. In this strong construction climate,…
Kraus-Anderson picked to develop 13 acres on Minnehaha Creek in Hopkins
Kraus-Anderson Cos. could build 465 units of housing along the Minnehaha Creek in Hopkins now that it’s beat out five other developers vying for a master developer contract.
Data shows office demand slowdown despite strong economy
Even thought the economy is strong, office demand is slowing down, according to new data.
Senate takes up call to shift FBI headquarters to Maryland or Virginia
Key story highlights:
Wording in a Senate spending bill urges the federal government to restart its search for a new FBI headquarters in either Maryland or Virginia.
The language mirrors similar legislation introduced in the House raising concerns about the GSA's decision to scrap that search in favor of building a new HQ on the site of the FBI's current one.
The measure is largely symbolic, but signals House and Senate lawmakers share the same concerns about the revised plan.
The Senate appropriations…