News Briefs: Northern Colorado

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Northern Colorado News Briefs

Loveland “Best Place to Live 2009”
Loveland made another Top 10 List in early June as the city was selected as one of the 10 “Best Places to Live 2009.” The U.S. News & World Report selects 10 cities each year based on the strength of the local economy, living costs and recreational opportunities. Loveland aced the evaluation in all three areas. The city was recognized for their mixture of natural and man-made beauty. There are 27 public parks, 16 miles of recreation trails and over 200 pieces of sculpture and two-dimensional works on display in the community. With the average 2008 median home price at $186,000, Loveland is also an affordable place to live.

The Top 10 "Best Places to Live 2009"
1. Albuquerque, New Mexico
2. Auburn, Alabama
3. Austin, Texas
4. Boise, Idaho
5. Durham, North Carolina
6. La Crosse, Wisconsin
7. Loveland, Colorado
8. San Luis Obispo, California
9. St. Augustine, Florida
10. Upper St. Clair, Pennsylvania

Source: U.S. News & World Report, “Best Places to Live 2009,” by Luke Mullins, 6/8/2009
http://www.usnews.com/articles/business/real-estate/2009/06/08/best-places-to-live-2009.html?PageNr=1

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Northern Colorado a Top 10 Housing Market for Next 10
The U.S. News & World Report recently identified the top 10 housing markets for the next 10 years, and Northern Colorado made the list. The rankings were based on Moody’s Economy.com data that was analyzed with regard to geographic and industry trends to generate 10- year home price projections for each of the nation’s 384 distinct metropolitan statistical areas. In addition to the natural beauty of the Rocky Mountain region, Northern Colorado was touted for the quality of university research, local support and private investment in traditional and renewable energy. According to the report, home prices in the Fort Collins/Loveland area will rise an average of 4.1% annually over the next 10 years.

The Top 10 Housing Markets for the Next 10 Years
1. Anchorage, Alaska
2. Corvallis, Oregon
3. Decatur, Illinois
4. Bremerton & Silverdale, Washington
5. Duluth, Minnesota
6. Fort Collins and Loveland, Colorado
7. Glens Falls, New York
8. Pittsfield, Massachusetts
9. Sandusky, Ohio
10. Santa Fe, New Mexico

Source: U.S. News & World Report, “The Top 10 Housing Markets for the Next 10 Years” by Luke Mullins, 6/4/2009
http://www.usnews.com/articles/business/real-estate/2009/06/04/the-top-10-housing-markets-for-the-next-10-years.html

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Weld to Lead State in Growth
According to American City Business Journals Inc., Weld County’s projected population growth for the next 15 years ranks as 17th-fastest in the nation. More specifically, the Greeley metro area is projected to grow 60.61% by 2025. That translates to 226,354 residents in 2005 to 363,539 in 2025. The journal used U.S. Census Bureau population data and existing rates of growth to predict growth rates in 250 U.S. metropolitan areas over the next 15 years. Nationally, Denver ranked 78th, Fort Collins 106th, Colorado Springs 122nd and Boulder 172nd.

Source: The Greeley Tribune, "Study: Weld to lead state in growth pace," by Chris Casey, 6/4/2009
http://www.greeleytribune.com/article/20090604/NEWS/906049994/1001

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Preliminary Approval for Berthoud Net-Zero Development
The Berthoud Town Board has approved preliminary plans for the Prairie Star Development, a 190-acre development that would be located near Larimer County Road 17 and U.S. Highway 287. Project developers have already met with staff at the Governor’s Energy Office to discuss the inclusion of a large-scale solar farm on the property. In addition, the development would include a pedestrian-friendly mix of high-density residential, office, retail, public areas and open space. The developers have been praised for this “net zero energy consumption” approach, as the solar farm could support the energy needs of the entire development. Source: The Berthoud Recorder, “Prairie Star Development Ahead of the Curve” by Shari Phiel, 5/14/09

Source: The Berthoud Recorder, "Prairie Star Development Ahead of the Curve" by Shari Phiel, 5/14/09
http://www.berthoudrecorder.com/News/2009/may/14/news-local/prairie-star-development-

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New Building on Horizon for Technology & Scientific Startup Companies
The Rocky Mountain Innovation Initiative, or RMI2, has been approved for a $5.3 million dollar loan from the city of Fort Collins to construct a 31,000-square-foot, four-story building to house technology and scientific startup companies. The new building will be located on East Vine Drive north of Old Town within the North College urban renewal area. It will have the ability to house a bioscience wet lab and the capacity to serve a large number of startup companies, mainly in the clean energy, bioscience and information technology industries. RMI2 originally started as the Fort Collins Technology Incubator in 1999 and became regional in 2008 as RMI2. The incubator has helped establish 27 companies.

Source: Loveland Reporter-Herald, "RMI2 secures loan from Fort Collins" by Shelley Widhalm, 5/18/09
http://www.reporterherald.com/news_story.asp?ID=23179

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Constant Contact Opens Doors at Centerra
In May, Constant Contact held a grand opening celebration at their new 50,000 square foot facility located at 3675 Precision Drive. The company expects to employ up to 100 employees by year-end. The Massachusetts-based company is a leading provider of email marketing and online surveys for small organizations. Last year the growing company chose Centerra as the place to expand its customer service and direct sales staff. Centerra is a 3,000-acre master-planned community. You can learn more about upcoming events and developments at Centerra on their website: http:// www.CenterraColorado.com.

Source: McWhinney Centerra Update, 5/14/09
www.CenterraColorado.com

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Denver Tops ‘Today’ Rebound List
Denver was named America’s No. 1 city on the verge of recovery from the housing slump in a segment on NBC’s “Today” show. In addition to encouraging real estate trends, the city’s vibrant downtown, solid employment base, educated population and outdoor recreation opportunities contributed to the high ranking.

Source: Denver Business Journal, “Denver tops on ‘Today’ show list of cities poised for real-estate rebound” by Mark Harden, 5/19/09
http://denver.bizjournals.com/denver/stories/2009/05/18/daily31.html

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Fort Collins No. 7 for Quality of Life
BizJournals.com ranked Fort Collins as No. 7 for quality of life in a mid-sized metropolitan area. The ranking was based on comparative data from 124 midsize metros in 20 statistical categories using U.S. Census Bureau data. Healthy economies, light traffic, moderate costs of living, impressive housing stocks and strong educational systems were key factors in the ranking system. Fort Collins and Larimer County were specifically noted for the high percentage of people with college degrees, a healthy entrepreneurial spirit and solid concentration of management jobs. Two other Colorado cities—Boulder and Colorado Springs—also made the top 10 list. The journal concludes that these smaller metro areas are viable alternatives to “life in the big city.”

Source: Coloradoan, “Fort Collins ranks No. 7 for quality of life” by Pat Ferrier, 3/18/09
http://www.coloradoan.com/article/20090318/BUSINESS/903180309/1046

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Greeley Tops U.S. Census Growth List
Census figures released in March show that the Greeley metro area, which includes all of Weld County, is growing at the fourth-fastest rate of any metro area in the nation. The area grew by 38 percent between April 2000 and July 2008, bringing the population to approximately 250,000 people. The Greeley metro area is behind Palm Coast, Fla., which grew 83.1 percent; St. George, Utah; and Provo-Orem, Utah. See the complete list of fastest-growing metro areas in the “Weld County Population Estimates” sidebar.

Source: Greeley Tribune, “Greeley remains near top of Census growth list” by Andrew Villegas, 3/29/09
http://www.greeleytribune.com/article/20090319/NEWS/903189906/1001&title=Greeley%20remains%20near%20top%20of%20Census%20growth%20list

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Embassy Suites Opens Doors
The much anticipated Embassy Suites Hotel, Spa and Conference Center located south of the Budweiser Events Center on I-25 opened its doors for reservations this April. The $60-million hotel comes in at eight stories high, 263 suites, with 40,000 square feet of conference room space—the largest in the state. The ballroom is 28,000 square feet and can hold 3,600 people. Only three other hotel convention centers from Denver north to Canada have that capacity. The great news is that the hotel has conferences booked through 2012 and based on lease agreements the county could see returns up to $500,000 this year from the development, then up to $2.1 million per year by 2059 when the county’s land lease would be up for renewal.

Source: Source: Coloradoan, “Embassy Suites a new boon for area” by Douglas Crowl, 4/3/09
http://www.coloradoan.com/article/20090403/LOVELAND03/90402044

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Housing Market Shows Signs of Stabilization
All eyes are on the housing market as we head into the second quarter of 2009—for where the housing market goes, so goes the economy. The good news is that there are recent signs of stabilization in the housing market:

• Foreclosure activity in Colorado dropped by a third in the first three months of this year compared with the same period in 2008, according to a recent report from RealtyTrac. Many of the country’s largest mortgage servicers slowed their processing of foreclosures earlier this year as they waited for new federal guidelines on modifying troubled loans. Despite the fact that foreclosure activity rose after the new guidelines were released, the rise wasn’t enough to push the state above levels seen in March 2008.
• A real estate report by First American CoreLogic shows January home prices increasing slightly in Fort Collins and Loveland and slowing their decline in Greeley. The report said home prices in the Fort Collins-Loveland area increased by 0.07 percent in January compared to January 2008 after dropping by 1.72 percent in December compared to one year earlier. In the Greeley area, home prices decreased by only 0.44 percent in January over the same month in 2008 after decreasing 2.2 percent in December 2008 over December 2007.
• The hardest-hit housing markets—Florida’s Gulf Coast, California's Inland Empire, and Las Vegas, among others—experienced a more than 80 percent jump in home sales during the year-over-year period ended in February.
• Builder confidence in April made its most dramatic increase in nearly seven years. The Housing Market Index, a survey-based measurement of sales, as well as sales expectations, rose by more than 50 percent in April, according to the National Association of Home Builders.
• A group of new consumer-sentiment polls came out showing that Americans are feeling better about their economic prospects for the first time in months. A survey of 15,000 adults by Discover Financial Services recorded a significant jump in confidence between February and March. A New York Times/CBS poll of 1,000 consumers found the same.
• Mortgage applications for purchases of resale and new homes were up again -- eight percent for applications using conventional loans, and a remarkable 17 percent gain in applications to buy houses using low-down payment FHA mortgages.
• Mortgage rates remain at near historic lows, though they may be bottoming out. Thirty-year fixed rates rose a tenth of a percent on average last week, according to the Mortgage Bankers Association, to 4.7 percent. Fifteen year rates stayed flat, around four and a half percent.

Sources: The Denver Post, “Colo. foreclosure activity down for the quarter” by Aldo Svaldi, 4/16/09; CNNMoney.com, “Signs of recovery - and perhaps a bottom - emerge in housing market report” by Aaron Smith, 4/15/09; Realty Times, “Real Estate Outlook: A Turnaround May Be In Sight” by Kenneth R. Harney, 4/14/09; Business Week, “Home Sales: Some Welcomed Signs of Life” by Christopher Palmeri, Maria Der Hovanesian, and Gopal Prashant, 04/09/09; Northern Colorado Business Report, “Northern Colorado home prices may be stabilizing” by Staff, 3/26/09
http://www.denverpost.com/business/ci_12152077 http://money.cnn.com/2009/04/15/news/economy/housing_market_index/index.htm?postversion=2009041513 http://realtytimes.com/rtpages/20090414_realestateoutlook.htm http://www.realtor.org/rmodaily.nsf/pages/News2009040901 http://www.ncbr.com/article.asp?id=99305

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