Building homes on increase
Sharon Dunn
Last year was a record year for the northern Colorado real estate game, but it's by no means over.
In fact, growth will continue with low interest rates, incredible projects and a whole new population surge, says Larry Kindle, president and chief executive officer of The Group Inc. Real Estate.
Kindle addressed a crowd of about 3,000 Monday night at the Budweiser Events Center in Loveland in the company's sixth Real Estate Forecast for northern Colorado.
Last year, northern Colorado built a record number of new homes at 10,802, topping the previous record of 10,600 in 2002. This year, Kendall said, expect the number of new homes to reach 11,550.
"It will be a year of opportunity for investors because there's plenty of inventory, interest rates will still be low and the economy will improve," Kendall said. "It'll be a great market, but very competitive. Bring your 'A' game because if you're sloppy, you'll have a tough time."
He outlined several trends to watch out for. One is that people will want to live, shop and work in closer proximities in what is being dubbed "pedestrian lifestyles."
Northern Colorado will become a hub for health care, and that will suit an influx of senior citizens moving into the area. Also, he said, look for an increasing number of wealthy people buying luxury homes. Buyers will look for customizing homes to their needs.
"We're now seeing that in housing. Everyone wants it their way -- customized," Kendall said. Instead of neighborhoods, people will want to live in resorts or "niche" areas that cater to a certain type of homeowner, such as horse lovers.
The market will become increasingly difficult on resale homes, Kendall said.
He outlined growth areas to watch, including Timnath and the Harmony Road area east to Eaton, the U.S. 85 corridor from E-470 to Ault, and U.S. 34 west to Greeley, and of course, the whole "Main Street" concept that has encompassed the Interstate 25 corridor from Wellington to Colo. 66.
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