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What’s Working: More than half of Denver-area homes sold last month offered a concession

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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.”

A sign showing a house for sale in Colorado Springs
Homes and townhomes that start in the mid $300,000s sit opposite the Banning Lewis Ranch sales center in Colorado Springs on Oct. 12, 2024. The Oakwood Homes community includes new homes constructed by other builders, including Richmond American Homes and Covington Homes. (Tamara Chuang, The Colorado Sun)

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.”

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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.

chart visualization

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.”

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Colorado housing prices for Oct. 2024, according to the Colorado Association of Realtors.

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


A trail crew member from the Colorado Fourteener Initiative maintains a trail on the DeCaliBron loop on July 12, 2022, near Alma. (Hugh Carey, The Colorado Sun)

➔ 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

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Denver Broncos executive Russ Trainor shows where the public Wi-Fi access points are. Do you see it? (Andy Colwell, Special to The Colorado Sun)

➔ 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

➔ 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

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➔ 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

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Notice something wrong? The Colorado Sun has an ethical responsibility to fix all factual errors. Request a correction by emailing corrections@coloradosun.com.

Type of Story: News

Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources.



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Denver, CO

The Broncos haven’t chased a WR for Bo Nix in NFL free agency. Here’s why.

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The Broncos haven’t chased a WR for Bo Nix in NFL free agency. Here’s why.


Two hours after the deadline swept past the Broncos’ building in Dove Valley, their then-22-year-old receiver at the center of the fanbase’s buzz sat at his locker, coolly pulling on his gear. Nobody was coming for Troy Franklin’s job, it turned out. Nobody was coming for his targets.

Sean Payton had told the locker room as much, as Denver sat on its laurels despite being connected to several receivers in potential trades.

“I just go off of Sean’s word,” Franklin told The Post then in November, at his locker. “He told us we got everything we need in this building, and pretty much all that, ‘the Broncos need other receivers,’ (is) outside speculation. So, it’s really not coming from the building.”

Payton’s word, indeed, has held for three years in Denver, when it comes to his wideouts. In public. In private. The largest in-season trade or free-agent signing the Broncos have made at receiver since February 2023 is … Josh Reynolds, who Denver signed to a two-year deal in the offseason of 2024 and then cut after he played a total of five games. The Broncos have held onto Courtland Sutton as their WR1, invested heavily in youth at the position, and tacked on supplemental rotational names each season. The approach has never changed.

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It certainly hasn’t changed, either, two days into 2026’s free agency. Payton said multiple times around the season’s end that Denver had too many drops in the passing game, but the Broncos haven’t shelled out in an inflated receiver market to fix that. They had some interest in former Giants star Wan’Dale Robinson, as a source said last week; Robinson agreed to terms with the Titans on Monday for four years and $78 million. Denver reached out this week, too, on steady former Green Bay target Romeo Doubs; they never made him an offer, though, as Doubs agreed to terms with the Patriots Tuesday for four years and $70 million.

Denver had some interest, too, in former Vikings wideout Jalen Nailor, but he signed for nearly $12 million a year with the Raiders. As of Tuesday, the Broncos hadn’t reached out to veteran free agents Keenan Allen, Sterling Shepard or Marques Valdez-Scantling, sources told The Post. Every puzzle piece across the past couple of days — and the whole last year, really — has pointed to the same reality: Payton likes the Broncos’ current receiver room as-is.

“The thing with the draft, we’ve invested,” Payton said at his end-of-year presser in late January. “We’ve got different — we’ve got speed, we’ve got size, we’ve got all the things I’m used to that you’d want to have in a good offense.”

In that moment, he launched into a strangely detailed explanation of how to catch a football.

Marvin Mims Jr. (19) of the Denver Broncos beats Christian Gonzalez (0) of the New England Patriots for a deep reception during the first quarter at Empower Field at Mile High in Denver, Colorado on Sunday, Jan. 25, 2026. (Photo by AAron Ontiveroz/The Denver Post)

“Most of the times, it’s with your thumbs together, not the other way around,” Payton said then. “The other way around – I’m serious – only exists when the ball’s below your belly button. Even the deep balls should be caught with your thumbs together. So we gotta be better at that.”

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Those single few sentences spelled out the end of receivers coach Keary Colbert’s three-year tenure in Denver, and Colbert’s firing was announced mere hours later. The Broncos replaced him with Ronald Curry, a longtime Payton coaching ally who interviewed for the Broncos’ offensive-coordinator job. That single change, it turns out, may be the most impactful move the Broncos make at receiver this offseason.

Denver wouldn’t shell out for a big-money wideout like Alec Pierce, who re-signed with the Colts on a four-year deal worth over $28 million annually, while it’s already paying Sutton $23 million a year on a back-loaded contract. Rising third-year receiver Franklin produced virtually the same numbers in 2025 as Doubs while being at least $15 million a year cheaper. Rising second-year receiver Pat Bryant, when healthy, produced like a bona fide WR3 down the stretch last season.

And Payton, too, continues to pound the drum for more touches for Marvin Mims Jr. (despite being the one who’s ultimately responsible for curtailing his touches).



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Denver, CO

Golden Triangle apartment complex raises bar for incentives to attract tenants

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Golden Triangle apartment complex raises bar for incentives to attract tenants


With so many new apartments hitting the market in recent years, landlords across metro Denver are in an incentives arms race to attract new tenants. A month or two of free rent is almost a given, with more buildings offering three to four months. Fees are being discounted or eliminated, and gift cards for new tenants moving in are a common perk.

But the akin Golden Triangle, a newer 98-unit luxury apartment development at 955 Bannock St. in Denver, has pushed concessions to another level. In a sweepstakes, it recently awarded one tenant a $50,000 cash grand prize and the runner-up a year of free rent.

“We wanted to try something new. What we found, more than we thought we would, is that the sweepstakes brought the residents in these buildings together as a community. Management and staff got to know them,” said Rhys Duggan, president and CEO of Revesco Properties, which developed the building in partnership with Alpine Investments.

Duggan said the Revesco team initially considered providing a $100,000 grand prize, but talked themselves down. The sweepstakes, which started in late October, attracted 364 entries. Compared to heading up to Black Hawk or buying a lotto ticket, the odds of winning were much higher, with no money out of pocket required to enter.

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Resident Claire Scobee, winner of the $50,000 grand prize, said she planned to save most of the money — after splurging on a shopping spree with her niece, according to a news release by Revesco.

“Winning was a complete surprise and feels like a once-in-a-lifetime blessing,” Scobee said. “I’m most excited to treat my family, especially my niece, and spend a fun day together making memories.”

The second prize winner, Lisa Cordova, said winning a year’s worth of free rent would allow her to focus on a project she has long wanted to do but couldn’t while working full-time.

“It gives me the momentum to finally follow through on a creative endeavor I’ve been wanting to do for a long time,” Cordova said.

Duggan said the Golden Triangle and River North submarkets have seen a lot of supply come online in a short amount of time, which has made it hard to fill up new apartment buildings.

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Revesco Properties and Alpine Investments opened the doors on the akin Tennyson at 4560 N. Tennyson a few months before the akin Golden Triangle in early 2025. The akin Tennyson is nearly 90% full, while the akin Golden Triangle building is closer to 60% full, a reflection of how many new units went up in that neighborhood.

The Apartment Association of Metro Denver, which holds a quarterly media briefing to share the latest statistics, reports that concessions in the fourth quarter averaged 9.5% of total rent, which works out to four to five weeks of free rent. For new developments, free rent offers can average closer to three months.



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Denver, CO

Game Thread: Denver Nuggets vs Oklahoma City Thunder. March 9th, 2026. – Denver Stiffs

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Game Thread: Denver Nuggets vs Oklahoma City Thunder. March 9th, 2026. – Denver Stiffs


Community Guidelines

Welcome to Denver Stiffs! We’re glad you’re here.

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These rules extend to our communities everywhere: in our comments, on social media, and in real life.

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Anyone who doesn’t follow these rules when engaging in our communities will at best be removed from the conversation, and at worst will end up banned from that community. These decisions will be made at the discretion of our community managers and other Mile High Sports personnel. Community managers and moderators have final say on interpretation of violating our community guidelines, and on all decisions resulting in a warning, suspension, and/or ban.

If you see any of these things happening in our communities, please flag it and it will be reviewed. You can also reach out via our contact page.



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