Grand Foundation purchases workforce housing

The Grand Foundation announced Thursday, Oct. 6, that is has purchased the Black Black Bear Lodge outside of Grand Lake across from the Trail Ridge Marina and will donate it to the Grand County Housing Authority to use as workforce housing, potentially before the end of the year.

For years the foundation has assisted Grand County workers with rental and down payment assistance through their two housing assistance funds, the Winter Park Housing Assistance Fund and the Grand County Housing Assistance Fund.

Since 2017 the two funds have awarded out over a million dollars in grants to more than 2,300 individuals and have impacted over 350 Grand County businesses. Despite these efforts, Grand County still had an affordable housing problem due in large part to a lack of inventory.

It was even more apparent after the East Troublesome Fire destroyed nearly 5% of the housing inventory in 2020. Throughout the last two years, the foundation has been assisting families impacted by the fire with the Grand County Wildfire Emergency Fund, yet there are still families that cannot afford the current available rentals, said the foundation’s executive director Megan Ledin.

Purchasing the Black Bear Lodge was the first step in alleviating that issue. The owners of the lodge, Robert Ricci and Therese McGraw, reached out to the Grand Foundation.

After months of discussions, inspections and appraisals, the foundation purchased the lodge. The foundation’s intent is to donate the lodge to the Grand County Housing Authority for workforce housing. The Grand Foundation has a commitment to help five families impacted by the East Troublesome Fire, thus some of the units in the 18-unit lodge will be earmarked for them. After some alterations, the housing authority will create a plan for the remaining units. 

“We are so pleased to be a part of the solution, being a donation conduit or funder of current inventory and or land is one way the Grand Foundation can help,” said Ledin. “This is a start, even though a small one, to helping the Grand County workforce afford a place to live.”

Although the foundation put in the majority of the funding, other grant donors contributed, including the Grand County Commissioners, Freeport McMoRan and Colorado Housing and Finance Authority.

Keep reading on Sky Hi News.

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Just Listed: Great amenities in The Village at Genesee

Don't miss out on this amazing opportunity to own an updated condo in the desirable Village at Genesee condos conveniently located at the foothills of Golden.

This bright and open floor plan is functional and perfect for entertaining. As you enter in the front door, the updated kitchen is large and has new stainless appliances and cabinetry. At the end of this galley style layout is a designated laundry room that also has plenty of room to also function as a pantry. The living room area has abundant natural light, a gorgeous fireplace with new tile surround, as well as the open staircase up to the bonus loft space with tons of built ins and a wet bar! The primary suite has more than enough room for a king size bed and a stunning en suite five piece bathroom with double vanity and soaking tub. The rest of the main floor features a second bedroom and beautifully updated full guest bathroom with designer tile work and new vanity. This unit has an assigned garage parking space and storage unit, and the HOA includes a private fishing pond, tennis courts, swimming pool and fitness center! All of this and more in a lovely mountain setting amongst the Colorado wildlife.

Listed by Alex Swanson for West + Main Homes. Please contact Alex Swanson for current pricing + availability.

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Four Things That Help Determine Your Mortgage Rate

If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan.

Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically.

If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.

Your Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains:

“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate.”

That’s why it’s important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your real estate advisor, make sure you find out what’s available in your area and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

Your Down Payment

If you’re a current homeowner looking to sell and make a move, you can use the home equity you’ve built over time toward the down payment on your next home. The CFPB explains:

“In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it—you’ll usually get a lower interest rate.”

To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage.

Bottom Line

These are just few factors that can help determine your mortgage rate if you’re buying a home. The best thing you can do is have a team of professionals on your side. Connect with a local real estate professional and a trusted lender so you have the expert advice you need in each step of the process.

Learn more on Keeping Current Matters.

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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.

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How to Sort Through and Get Rid of Your Paper Clutter For Good

It’s time to part ways with your paper clutter!

Today, identify all the paper piles from around your home and gather them together into one massive pile. If you feel like each area has a big amount already, consider focusing on just one zone. Then, sort it into five main categories:

• Trash and recycling: Throw out used envelopes, inserts, and bulk mail. For any items with sensitive information, use a shredder, scissors, or your hands to tear them up. Recycle items where possible.

• Action items: These are things that require you to do something, such as a bill that needs to be paid. These should be accessible — such as in a bin near your workspace or at the entryway — so you know to address them.

• Short-term: This includes coupons that you want to use but expire in the next few months or something you need to reference soon. Just like the action items, you’ll want to be able to access these items with ease. Consider stashing them in a tray, bin, or paper sorter away from the rest of your paper.

• Long-term: Items that you need for your records that can be filed away. These should be stored in a safe place.

• Leisure reading: Catalogs, magazines, and newsletters should be sorted and placed in an area you like to read in, such as in a magazine holder by the sofa or in the guest bathroom or have it placed on the coffee table.

PRO TIP: Once things are sorted and decluttered, take further action by identifying what can be digitized for the future in order to minimize clutter. Go ahead and cancel those unwanted magazine subscriptions and sign up for e-bills too.

Get more tips like this on Apartment Therapy.

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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.

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Is the Rental Market Beginning To Normalize?

Renters haven’t had much good news lately as landlords have jacked up monthly rents to previously unthinkable amounts across the country.

However, the rental market may be returning to something more seemingly normal. In September, the median monthly rent in the 50 largest U.S. metropolitan areas dropped for a second straight month, to $1,759, according to a recent report from Realtor.com®. That’s $12 lower than last month and a $22 drop from the peak in July.

Rents were still up 7.8% from September of last year. However, it’s the lowest year-over-year price increase since May 2021.

The report looked at apartments, condos, townhomes, and single-family homes advertised for rent in September on Realtor.com in the 50 largest metros. Only studios and one- and two-bedroom units were included. Metros include the main city and surrounding towns, suburbs, and smaller urban areas.

“September provided us consistent evidence of a rental market cooldown,” says Jiayi Xu, an economist at Realtor.com.

Prices typically slow or drop seasonally around this time of year, she explains. “Typically, when we enter fall and winter, the market is kind of slow.”

That small dip in prices is significant, though, as it comes after nearly two years of consistent rental price hikes.

And even with the recent drops, asking rent is still $275, or 22.8%, more a month for a studio apartment and $355, or 22.4%, higher for a two-bedroom unit than in September 2020. Year-over-year growth has slowed from its red-hot peaks, falling into single digits over the past two months.

Chicago rental prices continue to soar

Many of the wildest price increases for homes and rental units have been in the Sun Belt. Southeastern cities saw prices skyrocket as the move to remote work and COVID-19 fears pushed high earners out of their pricey coastal metros and toward warmer places like Florida, Texas, and Arizona. Cities such as Miami saw eye-popping, year-over-year rental growth rates of more than 50%. Many other Florida destinations weren’t far behind.

As that growth rate has cooled, Chicago has posted the largest rent hikes for the last two months running. Median rents rose 23.9% year over year in the Windy City in September, to reach $2,045 a month.

Real estate professionals attribute the rapid growth to a confluence of factors, including Chicago’s relative affordability throughout the pandemic and soaring demand. Many renters would have become homeowners if not for the difficulties they faced in the for-sale market, which included sky-high prices and a severe shortage of properties for sale. Now, rapidly rising mortgage interest rates have effectively pushed homeownership out of financial reach for many of them. That resulted in their renting for longer.

“What it comes down to is a real lack of inventory, so prices are rising. And why is there a lack of inventory? Interest rates,” says Mark Zipperer, a Realtor® and founder of Chicago’s Zip Group. “If you’re not buying, you’re going to go to rent.”

hicago is not alone in its rapid rise. Other Northern metros have also seen high year-over-year price increases. Rents rose 19.9% in Boston,18.2% in New York City, and 16.7% in Providence, RI, in September.

Learn more.

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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.

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