Denver, CO
What’s Working: More than half of Denver-area homes sold last month offered a concession
Now that the election is over, the Colorado housing market seems primed for buyers this winter. And with two interest rate cuts since September, that would seem to make sense.
But traditional 30-year mortgage rates was 7.05% on Friday, up from a week ago’s 6.98% after the Federal Reserve cut interest rates. And even though more houses were for sale — and sold — last month, house hunters may continue to sit out as median sales prices sit at more than a half-million dollars. Colorado’s median sales price inched up 2.3% to $583,000 while the Denver metro stayed put, up just $10 — yes, $10! — to $625,000 from a year ago.
“Affordability is a challenge and is at its highest level of concern in the past couple of decades,” said Cooper Thayer, a Denver-area Realtor at The Thayer Group. “One of my specific concerns is the condo market, which has really struggled.”
Higher condo fees have discouraged buyers looking for something more affordable than a single family house. In Denver, median condo sale prices dropped 6.5% to $402,000 while the number of sales fell 12.9%. Statewide, condo prices fell 4.5% and sales dropped 5.1%.
But what doesn’t show up in Denver County’s numbers could be a good sign for house hunters who’ve been priced out. The county had a 37.6% increase in home sales in October and 55% of the closed transactions had some sort of seller concession, Thayer said. The average was $8,760, which can be anything from a rate buydown or the seller covering closing costs or the cost to fix items after an inspection. Concessions don’t always affect the sale price and don’t show up in the monthly data.
“Being that half of the transactions had a concession,” Thayer said, “when you reframe how you’re thinking about pricing and put it into a net number, it may actually be a little bit lower than the prices that are being reported.”
In the Denver metro area, which includes adjacent counties, sellers were also getting just 98.5% of their asking price. Back in the pandemic heyday, as buyers competed for houses and outbid one another, the average sale price was 105.5% above the asking price in May 2021, according to data from the Colorado Association of Realtors. Statewide, houses were selling for 98.3% of the asking price.
Other agents reported similar trends pointing to a buyer’s market, the latest Colorado Association of Realtors report said. Sellers were negotiating “and dropping their prices to get their places sold before the snow flies,” according to Dana Cottrell, a Realtor in Summit County. Inventory for Summit, Park and Lake counties was up 30% while median prices were down 13%. But affordability is relative in Cottrell’s area — the median sales price in Summit and Park counties was more than $1 million.
Jay Gupta, a Colorado Springs Realtor, noted that 44.2% of active homes for sale reduced the price in El Paso County last month, while Teller County saw 30.7% cut prices.
“Buyers currently have excellent opportunities due to high inventory levels, motivated sellers, and dropping interest rates,” Gupta said in a news release.
But affordability is still one of the biggest issues in the area, said Patrick Muldoon, head of Muldoon Associates in Colorado Springs. In El Paso County, the median sales price increased 2.1% in a year to $475,000, while condo and townhouse prices fell 1.9% to $330,000.
“On my side, it is crickets. Part of it may be the mental side of the election. But I believe it is still affordability and the economy. Buyers have checked out,” Muldoon said in an email, adding that showings have slowed as a result. “I don’t think I have ever seen stagnation in the housing market like this. Nothing happening.”
There was a large jump in homes sold last month compared with a year ago. There are two reasons for that, Thayer said. October 2023 was brutal. The number of homes sold in the Denver metro area fell 17.4% from a year earlier to 2,784 sales. So the 22.1% uptick last month to 3,467 sales gets activity closer to where it was two years ago.
Some pre-approved buyers jumped in last month as mortgage rates hit a low-to-mid 6%. Some lenders offer to “float” the rate for 30 days so the buyer can lock in a rate within the month if rates should drop.
“What happened in that period was we had some houses under contract, and lenders were floating the rate, and then all of a sudden it went down for a week, and everybody locked in,” Thayer said. “Those weekly movements can have some impact on the market (but) don’t really affect the overall trend.”
➔ Around the state: Here’s what Realtors around Colorado are saying about October activity. >> Read CAR blog post
Sun economy stories you may have missed
➔ US Forest Service won’t hire seasonal workers next year, will rely on Colorado volunteer groups to “fill gaps” With an unclear budget for 2025, the Forest Service is not planning to hire seasonal workers next year and warns volunteer groups not to expect big projects >> Read story
➔ The second Trump presidency could mean big changes for health insurance in Colorado. Repealing or substantially rewriting the Affordable Care Act could upend a number of policies in the state, while changes to Medicaid could also be far-reaching >> Read story
➔ A century-old practice allows people to use more than their normal share of Colorado River water. Researchers say it should stop. >> Read story
➔ Denver Broncos on verge of giving fans faster internet at Mile High stadium. Who uses mobile phones at football games? More Broncos fans than ever, as Empower Field at Mile High upgrades wireless technology. >> Read story
➔ UCHealth agrees to $23 million settlement with the feds over false billing accusations. The Colorado U.S. Attorney’s Office alleged that the health system overbilled for some emergency care. UCHealth denies the claims. >> Read story
➔ Denver heat pump incentive targets multifamily, commercial buildings for more efficient heating and cooling. Stores, offices and apartment buildings are in line for $7.5 million in help to cut monthly energy bills by installing new systems >> Read story
Other working bits
➔ Pueblo cannabis company to pay state $225,000 for false claims and lying. The Bee’s Knees CBDs and its owner Joseph Leyba have settled with the Colorado Attorney General’s Office after an investigation found that the Pueblo cannabis company called some of its products “organic” that weren’t, didn’t verify shoppers’ ages online and lied about supporting conservation groups. Bee’s Knees must pay $225,000 in civil penalties that could more than double if the company fails to completely comply. >> View settlement
➔ Got towed? More than 5,000 consumers are getting checks in the mail after being identified as victims of an illegal fee collection by Wyatts Towing, which was acquired this week. The state Attorney General’s Office announced the $1 million settlement late last year and announced this month that the checks are now on the way. >> The FAQ
➔ Larger loans for underserved smaller businesses now available. As a recipient of a $60 million New Markets Tax Credit award from the U.S. Department of Treasury, the Colorado Enterprise Fund will be able to finance larger projects than its usual capacity of $10,000 to $1 million. CEF is a community development financial institution, which manages market-rate loans backed by federal and philanthropic grants or investors. The loans serve lower-income or underserved communities and small businesses that may not qualify for a traditional bank loan. A recent $7 million donation for CEF came from philanthropist MacKenzie Scott. >> Details, inquire
➔ Fort Lupton college gets funding to train 38 truck drivers. Two programs at Aims Community College in Fort Lupton provide training to new truck drivers who need a commercial driver’s license to land decent jobs. A $137,560 grant from the U.S. Department of Transportation will cover driver safety training for 38 students to get their CDL. A second program is aimed at non-native English speakers looking for an opportunity as a professional truck driver. >> Apply
Got some economic news or business bits Coloradans should know? Tell us: cosun.co/heyww
This year has sped by. Thanks to readers who continue to check out this weekly economic update and special thanks to those who support our work at The Colorado Sun. We’re currently getting a match for any donations that come in through the end of the year. Donate and your support is doubled at coloradosun.com/donate! Thanks in advance! ~ tamara
Miss a column? Catch up:
What’s Working is a Colorado Sun column about surviving in today’s economy. Email tamara@coloradosun.com with stories, tips or questions. Read the archive, ask a question at cosun.co/heyww and don’t miss the next one by signing up at coloradosun.com/getww.
Support this free newsletter and become a Colorado Sun member: coloradosun.com/join
Corrections & Clarifications
Notice something wrong? The Colorado Sun has an ethical responsibility to fix all factual errors. Request a correction by emailing corrections@coloradosun.com.
Denver, CO
Victor Marx wins GOP primary for Colorado governor, defeating veteran lawmaker after unorthodox campaign
Victor Marx, a first-time candidate and nonprofit leader with a controversial personal history that’s drawn intense scrutiny, has edged out his more establishment opponent and will be Colorado Republicans’ gubernatorial nominee in November.
The Associated Press called the race for Marx late Thursday afternoon, nearly nine days after polls closed. He led the runner-up, state Sen. Barb Kirkmeyer, 39.9% to 39.4%, with 99% of ballots counted, according to the AP.
Marx had taken his first narrow lead over Kirkmeyer the day after the June 30 primary, and though the race remained close, he never lost the advantage. While outstanding deficient and overseas ballots helped delay a final call on the race, those votes only served to expand Marx’s margin. He led by 2,524 votes at 5:30 p.m. Thursday, out of about 522,000 ballots cast.
State Rep. Scott Bottoms was a distant third, with 20.8% of the vote.
A veteran lawmaker and former Weld County commissioner, Kirkmeyer had jumped to an early advantage on the strength of early ballot returns. But as votes returned on Election Day began to filter in, her lead thinned and collapsed. Within 48 hours of polls closing, and with few ballots left to count in Kirkmeyer’s Front Range strongholds, her path to retake the lead had all but vanished.
Marx will next face Democratic Attorney General Phil Weiser in November. No Republican has been elected to the governor’s office in more than 20 years. Four months out, Weiser appears to be heavily favored to continue Democrats’ electoral dominance.
In an email to supporters after the race was called, Marx said he was humbled to be the nominee and that the victory was “the starting line.”
“My team and I have put together this special message that I want every Coloradan to hear — Republicans, independents, unaffiliated voters, and Democrats who are open to a better way,” he said. “Because what we’re building now is bigger than a primary victory.”
In a video, he appealed to Coloradans who are frustrated with the status quo and don’t think things can change — citing his victory as proof they can.
“Now Phil Weiser, he’s a smart fella — but he represents the current system, because he is part of it,” Marx said. “And that current system has made Colorado more expensive, less safe and harder for regular families to trust government.”
In a separate statement, Kirkmeyer said she was proud of the race that she had run and the “clear vision” she had laid out for the Republican Party here.
“While we came up short in what appears to be the closest Republican gubernatorial primary in Colorado history, I’m grateful for every voter who placed their trust in us,” she wrote.
Echoing the pledge she’d made before Election Day, she pointedly did not endorse Marx. She said only that she hoped voters “choose the path that is best for Colorado” in November.
Kirkmeyer also threw a final jab at Marx, who declined in late May to tell 9News how many people he’d killed as an adult.
Kirkmeyer wrote that, “for the record, I still haven’t killed anyone.”
First-time candidate shrugged off questions
Marx’s primary win is a remarkable result for the embattled Colorado GOP and for Marx, a former Marine, martial arts instructor and nonprofit leader whose extensive and much-scrutinized personal history had drawn national headlines. It’s also attracted sharp criticism from other Republicans.
In his video, Marx appealed to Republican primary voters, saying there was room in his campaign for those who supported his opponents.
Marx had entered the fray last fall with no political profile and no experience as a political candidate. But by the time voters began receiving ballots last month, he’d ridden an atypical — if thoroughly modern — campaign to fundraising dominance and front-runner status.
Kirkmeyer’s support largely flowed from northern Front Range counties, nudging her ahead initially. But Marx picked up bigger margins among Election Day voters — meaning those more conservative voters skeptical of mail-in balloting.
He also won ruby-red El Paso County while racking up smaller wins in rural counties and grabbing enough in the Front Range to edge Kirkmeyer.
Map: Where did the votes come from in the Colorado primary races for governor?
In a pitch reminiscent of President Donald Trump, the arch-dealmaker, Marx has cast himself as a solutions-focused negotiator disinterested in partisan squabbles. In 2003, he founded All Things Possible Ministries, a Christian nonprofit that has provided stuffed animals and trauma support to people. It has also done work in conflict areas in Syria and Iraq, where Marx primarily worked away from the front lines as a funder and facilitator.
By 2024, the nonprofit’s annual revenue had surpassed $7.5 million, and Marx has said the group — from which he has resigned — now primarily works to help law enforcement.
Despite his outsider status, Marx was considered the likely winner in the weeks before Election Day. His narrow victory, then, came as something of a surprise, and, on election night, he speculated that Bottoms — a conservative pastor from Colorado Springs — had pulled votes from him. In El Paso County, Bottoms earned more than 20,000 votes, or 24% of the county’s Republican total.
Though Marx out-raised and out-spent both Kirkmeyer and Bottoms, it was Kirkmeyer who had been perceived as the expected nominee when she entered the race last year. Marx had never run for office before, and the stories he’s told about his life — that he’d killed a man at age 7, been involved in “high-risk humanitarian” operations across the globe and could free people from demonic possession — drew intense scrutiny and national punchlines.
But he repeatedly shrugged off questions about his background and said he stood by all that he had said and written.
Through his personality-heavy, direct-to-voter campaign, he encouraged Colorado Republicans to shrug it off, too. He spent heavily on direct mailers, which provided a boost to both his fundraising and name recognition.
Marx eschewed policy discussions and skipped nearly every debate. When he did participate in one, he spent part of the event leaning on the lectern, with his dog at his feet. Rather than deliver a closing statement, he prayed.
Campaigning his own way
Though he leaned into his outsider status, the aw-shucks appeal belied a careful campaign shaped by Marx’s emergence from a political environment forged by Trump: He skipped one debate after a moderator pressed him about his background, and he held a rally instead; his campaign later highlighted how many more people attended the rally than the debate.
His media operation was led by a former Turning Points USA staffer, and his campaign touted its social media posts’ views at Marx’s watch party last week. He was comfortable as a podcast guest, regularly released videos of himself and repeatedly assured voters that he was no politician.
Though Marx had little backing — or trust — from institutional Republican forces, the PAC that supported his campaign was established by a former senior official from Gov. Bill Owens’ administration. Marx also was endorsed by U.S. Rep. Lauren Boebert, the most nationally visible Colorado Republican.
His approach proved to be enough for Colorado Republicans to back him. But his next task will be far harder.
In November, he will face a surging Weiser, who last week dismantled U.S. Sen. Michael Bennet on his way to the Democratic nomination. Weiser proved an adept fundraiser and campaigner with statewide appeal, and he will look to lead a restless Democratic base that elected progressive candidates up and down the ballot.
In a statement Thursday, Weiser said Marx’s “views and style are far out of step with Coloradans, and his nomination for governor is a threat to our state’s values and our future.”
Republicans’ last statewide win was in a University of Colorado at-large regent’s race in 2016. The state GOP has had four elected party chairs since the last Republican gubernatorial bid in 2022, which ended with a culture war-focused Heidi Ganahl — who had won that at-large regent seat — losing by nearly 20 percentage points to Gov. Jared Polis.
Simultaneously, Marx may also have to contend with an independent candidacy from Greg Lopez, a former Republican congressman and gubernatorial candidate who is gathering signatures to make the fall ballot.
Stay up-to-date with Colorado Politics by signing up for our weekly newsletter, The Spot.
If you use Santa Fe Drive as a part of your daily commute, you will notice full closures this weekend on a popular section, from Florida Avenue to Evans Avenue, for the installation of a pedestrian bridge.
Once the 370-foot pedestrian bridge is completed, it will connect the east and west portions of Denver’s Overland neighborhood. This bridge will be used by pedestrians and bicyclists.
The Denver Department of Transportation and Infrastructure says this closure is needed to keep the traveling public safe. Large cranes will be used to set the two spans in place. Each one weighs about 215,000 pounds and is 180 feet long.
Once the bridge is completed in 2027, it will create a safer connection for pedestrians and bicyclists. It will link neighborhoods to trails, transit, parks, and local businesses without requiring residents to cross heavy traffic.
“Our neighborhood is quartered by transportation routes, so having a safe pedestrian bridge that can take people from one side to the other is an amazing development that neighbors have been asking for for years,” Jenn Greiving, President, Overland Park Neighborhood Association, said.
The Santa Fe Drive closure will begin at midnight on Saturday, July 11, and end on Monday, July 13, at 5 a.m. There will be detours in place. This includes:
- Southbound Santa Fe Drive Detour: Traffic will be routed to Platte River Drive to reenter southbound Santa Fe Drive at the West Evans Avenue on-ramp.
- Northbound Santa Fe Drive Detour: Access to northbound Santa Fe Drive will be at Mississippi Avenue via South Broadway Street.
- On-Ramp Closure: The West Evans Avenue on-ramp to northbound Santa Fe Drive will close at noon on Friday, July 10, to prepare for the full weekend closure and will remain closed until 5 a.m. on Monday, July 13. Traffic will be detoured to South Broadway Street to re-enter northbound Santa Fe Drive via Mississippi Avenue.
- Off-Ramp Closure: The southbound Santa Fe Drive off-ramp to West Evans Avenue will close for the full weekend period and remain closed until Friday, Sept. 11, while crews build new sidewalks and perform other concrete work at the southwest corner of the project. Detours will be posted to West Florida Avenue, West Dartmouth Avenue or West Hampden Avenue to bypass the ramp closure
During this closure, DOTI will reopen the underpass on Iowa Avenue. This is a new ADA accessible pathway that will be available between Santa Fe Drive and Acoma Street.
DENVER (KDVR) — Two officers, one now formerly of the Denver Police Department, face multiple charges relating to separate incidents in the past two months.
According to a release, now-former Denver Police Officer Gabriel Lucero was issued a citation for third-degree assault, official misconduct and false reporting, while Officer Javon Leach was cited for reckless driving and eluding.
The incident involving Lucero reportedly occurred on May 22 just before 1 a.m. in the 500 block of 16th Street. According to a release, Lucero was involved in an assault at a business, as he allegedly assaulted a person and walked away as others continued to assault the victim.
Security guards and an off-duty officer escorted him and the group out; however, Lucero reportedly identified himself as a Denver police officer and attempted to re-enter by using his police badge.
Lucero reportedly provided a false name without any other information, and further investigation verified Lucero as the person involved. Lucero was hired in 2025 and, due to his current probationary status, was fired as of Wednesday.
The incident involving Leach occurred around 1:41 a.m. on June 21, when Leach was reportedly pulling out of a parking lot on Larimer Street, attempting to drive against traffic.
Leach reportedly refused commands to stop as he left the area. Officials said he was found just seven minutes later, traveling at high speeds northbound on Park Avenue West.
He reportedly fled a traffic stop and continued to drive away, and officials deemed Leach to be the suspect following an investigation. He was placed in an off-line assignment while the case progresses, as they are considered misdemeanors.
“The Denver Police Department’s administrative review of Leach’s incident will begin once the criminal case is adjudicated, and that process includes the Denver Department of Safety and the Office of the Independent Monitor, a civilian oversight agency,” the release said.
-
Dallas, TX5 minutes agoHow to buy France World Cup semifinal soccer tickets in Dallas
-
Miami, FL12 minutes agoMiami-Dade Schools names six semifinalists for superintendent
-
Boston, MA15 minutes agoLawsuit: ICE detained East Boston father despite legal status
-
Denver, CO20 minutes agoVictor Marx wins GOP primary for Colorado governor, defeating veteran lawmaker after unorthodox campaign
-
Seattle, WA27 minutes agoWidower of pregnant woman who was shot to death in Seattle sues homelessness authority
-
San Diego, CA30 minutes agoTerrifying moment huge sea lions chase tourists off popular California beach
-
Milwaukee, WI42 minutes agoMilwaukee leaders condemn ICE arrests as agency ignores City mask ordinance
-
Atlanta, GA45 minutes agoGeorgia Secretary of State opens investigation into voter registration mailers sent to deceased residents
