Zillow

U.S. Real Estate News Recap: October 2021

Here’s a quick digest of what happened in U.S. real estate last month:

+ Nationwide this year, the typical home buyer submitted two offers before one was accepted — double the amount from 2020.

+ Zillow began offloading 7,000 of their iBuyer homes in October and have just announced that they are shutting down Zillow Offers and laying off 25% of their workforce. Zillow CEO Rich Barton stated, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”

+ More home sellers are cutting their list price. Four experts weigh in on what they think will happen to home prices through the end of the year.

 


 

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A look back at 2019: Big multifamily sales, “opportunity zones,” and lots of development

Source: Andrew Dodson of the Denver Business Journal

A lot happened in 2019 for the Denver real estate market. Here are a few highlights.

Opportunity Zone Projects

Investors and developers invested around $1 billion in opportunity zones, a plan known as a “once in a lifetime federal economic development program” that allows investors to defer and possibly eliminate capital gain taxes by investing in underdeveloped neighborhoods.

iBuyers Came to Denver

Zillow and Open-door bought hundreds of homes, allowing sellers to close in as little as week. Although we saw more of this is 2019, it actually represented only 1% of the housing market. As convenient as it may sound, ask one of us to tell you about the downfalls (hello 8-10% fees!)

Apartment-community Sales Galore

What happens when you mix low interest rates with increased rental rates? Apartment deals. New construction and old apartment buildings were traded frequently in 2019, including trading Union Denver to Daydream Apartments (with plans to utilize Airbnb ahead) and the iconic Poets Row on Cap Hill to a buyer that made contemporary updates to the vintage sites.

Broadway, Alameda Station Development

South Broadway is about to get a major addition. This 10-acre development will have 887 residential units, 380,000 square feet of office space and 180,000 square feet of retail/restaurant space across the five building layout! As for Alameda Station, 75 acres of land with 1.25 million square feet of retail/residential space will get an addition 8+ million square feet of development. Talk about big changes.

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