Fraser chosen for Revitalizing Main Street funding

Screen Shot 2021-06-19 at 5.31.50 PM.png

Fraser has been awarded an almost $100,000 Revitalizing Main Street grant to construct a community park in downtown.

The Revitalizing Main Street program chose Fraser to be one of three recipients of funding this round, along with New Castle and Buena Vista. Fraser received $96,749 to install seating, shade structures and bike infrastructure at the Fraser Mural Park.

“We feel the additions will improve the feel of the downtown area and provide a space for the local community and tourists to gather, take a break from hiking and biking the surrounding trails or enjoy a bite to eat from one of the surrounding restaurants,” said Sarah Wieck, Fraser’s marketing and communications manager.

Previously, the mural park was empty, until the coronavirus pandemic pushed the town to utilize it for the Fraser Mural Festival and then later as an outdoor community space, which will now be more permanent.

Wieck said the project will not only beautify a previously empty lot, but also allow it to be utilized for more town events while the Public Arts Committee raises funds for the future arts center.

Fraser received the second highest grant in the round, with Colorado Department of Transportation Director Shoshana Lew saying the project illustrated the goal of the program, which is to improve safety and offer long-term transportation benefits.

“These projects will positively impact each community into the future,” Lew said.

Work in Fraser is expected to begin in August with a goal of early fall completion.

Subscribe to SkyHi News for more news like this.


If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

More than half of homes sold above asking price in May

 
timothy-buck-psrloDbaZc8-unsplash.jpg
 

Median home-sale prices hit yet another record high in May — up to $377,200, a 26% increase year over year. And 54% of homes sold above their asking price in May — another record high, up from 26% a year ago, according to a new report from Redfin.

The report also shows the housing market also set new records for home-selling speeds and competition, although seasonally adjusted home sales and new listings flattened from April. Leading indicators of housing market activity are also declining into June, signaling that the pace of the market may be slowing, according to Taylor Marr, Redfin lead economist.

“May marked the likely peak of the blazing hot pandemic housing market, as many buyers and sellers are vaccinated and returning to pre-pandemic spending patterns,” Marr said. “Sellers are still squarely in the drivers’ seat, but buyers have hit a limit on their willingness to pay. The affordability boost from low mortgage rates has been offset by high home price growth.”

The number of homes sold in May was up 46% from a year earlier, but was down 0.7% from April. The typical home sold in just 16 days — a record low — and down from 38 days in May 2020. The average sale-to-list ratio, a measure of how close homes are selling to their asking prices, hit a record high of 102.2%.

“In other words, the average home sold for 2.2% above its asking price,” Marr said.

Roughly 1.33 million homes were listed for sale in May, and 615,800 homes were sold.

Median sale prices also increased from a year earlier in all of the 85 largest metro areas Redfin tracks — partly due to a shift in the mix of homes that are selling toward larger, higher-end properties, Marr said.

The smallest increase was in San Francisco, where prices were up 2.8% from a year ago. The largest price increases were in Austin, (+42%), Phoenix, (+33%) and Detroit (+32%).

“To put Austin’s price increases in context, consider that the sale price of a typical 3 bedroom, 2 bathroom suburban Austin home has increased from around $330,000 in May 2020 to $470,000 in May of 2021,” Marr said.

Austin is still the nation’s hottest housing market, as tech workers continue to flock to the Lone Star State’s capital. In 2021 alone, 1,440 Austin homes have sold for between $100,000 and $299,999 above asking price, and 72 have already sold for $300,000 or more above asking price. At this time last year, only two homes had been sold in Austin for more than $300,000 above asking price.

More than 4,500 homes in Austin have sold for between $25,000 and $99,999 above asking price. Homes are staying on the market in Austin for an average of only 24 days.

Seasonally adjusted active listings — the count of all homes that were for sale at any time during the month — fell 27% year over year to their lowest level on record, and only seven of the 85 largest metros tracked by Redfin posted a year-over-year increase in the number of seasonally adjusted active listings of homes for sale. Philadelphia (+14%), New York (+13%) and San Francisco (+12%) experienced the biggest gains.

New listings fell from a year ago in 18 of the 85 largest metro areas, with the biggest declines in Baton Rouge, Louisiana (-47%) and St. Louis (43%).

Read more.

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Why people left Colorado during the pandemic

 
devonshire-1K-rIfCj7CY-unsplash.jpg
 

The COVID-19 outbreak led to a small increase in departures from Colorado, a new study shows.

Why it matters: The numbers suggest the pandemic tempered the state's recent growth trends.

What they did: Researchers analyzed 100,000 moves in the last year to find:

  • The top reason people moved out of Colorado was the cost of living.

  • The main driver for arrivals is a desire for a lifestyle-related change.

  • Colorado saw more wealthy people — those making over $100,000 — arrive than depart, part of a broader national trend away from the coasts.

The intrigue: The young people who flocked to Colorado in recent years and made Denver a millennial hub so far have stayed put during the pandemic.

 
Screen Shot 2021-06-17 at 9.50.54 PM.png
 

For more info, visit AXIOS.

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Rents for single-family homes just saw the largest gains in nearly 15 years

 
minh-pham-OtXADkUh3-I-unsplash (2).jpg
 

Even as the coronavirus pandemic ebbs and Americans get back to work and play, they still want more space at home. But with home prices hitting record highs, demand for single-family rental homes is soaring – and so are the rents. 

Single-family rents were up 5.3% year over year in April, rising from a 2.4% increase in April 2020, according to CoreLogic. That is the largest gain in nearly 15 years.

Rents for single-family detached homes (not townhomes), were up an even stronger 7.9% compared with a year ago, as millennials in particular seek more outdoor space. Nearly half of millennials surveyed by Corelogic, and 64% of baby boomers, said they, “strongly prefer” to live in a single, stand-alone home.

“Single-family rent growth showed a strong rebound in April 2021 with all price tiers back above their pre-pandemic rent growth rate,” said Molly Boesel, principal economist at CoreLogic. “While rent growth slowed last April at the start of the pandemic, the rate of rent growth this April was running above pre-pandemic levels even when compared with 2019 and shows no signs of diminishing.”

The rent gains are across all price categories, even low end, which exceeded pre-pandemic rent increases for the first time. By category, the gains are as follows:

·       Lower priced (75% or less than the regional median): 3.9%, up from 3.2% in April 2020

·       Lower-middle priced (75% to 100% of the regional median): 4.8%, up from 2.5% in April 2020

·       Higher-middle priced (100% to 125% of the regional median): 5.1%, up from 2.3% in April 2020

·       Higher priced (125% or more than the regional median): 6.1%, up from 2.2% in April 2020

Regionally, by top 20 metropolitan markets, rent gains were highest in Phoenix, where single-family rents were 12.2% higher than a year ago. Next, Tucson, Arizona, with a gain of 10.6%. That was followed by Las Vegas at 9.3%. Atlanta, which had the lowest unemployment rate of the 20 metros, came in fourth at 9.1%.

On the flip side, Boston saw an annual decline of 5.9% in rent prices and has experienced the largest decrease of the 20 metropolitan market rent prices for nine straight months. Chicago was the only other decliner, at 2.6%.

With home prices continuing to gain at a double-digit pace, and more potential buyers being priced out, demand for single-family rentals is unlikely to cool anytime soon.

“The inflation that is currently here is slowing the most interest rate sensitive part of the economy, that being housing,” said Peter Boockvar, chief investment officer at the Bleakley Advisory Group.

Read more on CNBC.

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

The Pandemic Pool Frenzy Continues

 
dim-hou-h8wLc3lbDuA-unsplash.jpg
 

Inground swimming pools are in high demand, causing longer waits and higher prices for homeowners on a quest to create a staycation oasis.

These days, the hottest home outdoor amenity is a backyard pool. The COVID-19 pandemic has brought a huge wave of interest and increased desirability for stay-at-home entertainment, but home shoppers should be prepared to pay a premium for a house with a pool or to have one installed.

“We’re seeing homes with pools sell for $50,000 to $100,000 more than those without, though every house is selling now for a higher price due to the pandemic,” says real estate salesperson Debbie Marie, with Wavecrest Real Estate in Irvine, Calif.

Even in the colder Northeast, real estate salesperson Stephanie Mallios with Compass RE, Team Mallios, in Short Hills, N.J., started to see a surge start last summer when people couldn’t go to public pools due to pandemic closures. And now, despite many getting vaccinations, some public and private pools require a reservation to keep numbers down, so interest in home pools continues.

“Homeowners may have to wait since many pool contractors are booked until next year,” Mallios says.

Besides waiting, they’ll also have to pay more since prices have skyrocketed, often tripling, says landscape designer Michael Glassman of Michael Glassman & Associates in Sacramento, Calif.

One new trend that may help meet demand is installing a pool made from a recycled shipping container, which cuts the timetable and cost. According to Modpools, a Canadian company that offers various models and ships them by flatbed truck to U.S. sites. Its pools can be up and running the day they arrive, with a homeowner being able to control temperature, lights, and jets from a smartphone.

If your clients are considering installing an inground pool, here are some points they should consider.

Size. Size varies depending on use and budget, but a typical pool averages 15 feet wide by 30 to 35 feet long, says Glassman. For those who primarily want a pool for laps, its width may be narrowed to 10 feet and length extended to 50 feet or so, he says.

Depth of water. This typically varies depending on use, which may mean 3½ feet at each end and 5½ to 6 feet deep at center, Glassman says. Other pools may have a shallow depth throughout since fewer people use pools for diving.

Style. Long gone are the kidney-shaped pools of years past. What’s in now is a classic, elegant rectangle.

Materials. Many in-ground pools are now designed to last longer and be sustainable because they’re built of gunite with the interior plastered a shade of gray, which looks like a Tahoe blue once water is added, Glassman says. A decorative rim of tile is added at the top. Some prefer fiberglass pools because of the material’s lower price, but it has a tendency to break down, crack, and peel faster, Glassman says. Today’s coping or pool surround is usually some type of stone, such as travertine or concrete, both of which won’t get hot in warm weather. One current “in” look is to install big squares with space left between for faux grass to be interspersed. “Hot weather and lack of water won’t kill it,” Glassman says.

Heated or not. Due to the cost of heating a pool, many homeowners are using solar, says Marie. Solar panels are usually installed on the roof of the residence, guest house, or pool house. A homeowner can then install an electric heater that operates on the solar energy panels on the roof to heat the pool.

Saltwater vs. chlorine. A few years back, having a saltwater pool became popular to avoid chemicals that irritate skin, eyes, and hair, but now some homeowners are finding that saltwater can damage the valve actuators used to open and close the pool pump. As a result, people are again asking for chlorinated pools, says Glassman.

But there is a third option: Companies like Chester, N.J.–based BioNova Natural Pools have gained a following because they offer a natural, chemical-free option. Founder, CEO, and President James Robyn’s original concept was to install two pools—one for swimming and the other for “regenerating” with a biological filter of aquatic plants or beneficial microbes to control algae and clean the water. More recently, Robyn developed a “biofilm” filter that eliminates the need for the second pool, so the cost is lower and the space needed is smaller. The price usually is comparable to chemical pools—around $100,000, Robyn says.

Bells and whistles. Though simple in shape, more luxurious pools still include extras, such as steps that are wide and long to accommodate a chaise for sitting or lying in the water, known as a “Baja shelf.” They may also feature a space for an umbrella to shade swimmers, Glassman says. Many also include an attached spa or are embellished with a cluster of boulders and a recirculating waterfall for a natural look.

Others even include a fire bowl or several bowls since fire and water are a favorite pairing, with some in-pool and exterior lights for night use that add drama and ambiance.

Safety. To keep young children safe, an alarm that senses movement in the water can be installed in the pool. Many homeowners are also forgoing a diving board, opting for a design with a slide instead.

Retrofitting or removing a pool. Remodeling a pool costs much less than starting from scratch—often $35,000 to $40,000 versus $75,000 to $80,000 and up, says Glassman. Costs vary according to labor and the bells and whistles. Removing a pool will run at least $20,000, he says.

Keep reading.

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma