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Home prices likely will continue to rise Millennials get older, interest rates rise, owners balk at selling amid current market BY ANDREW KENNEY AKENNEY@DENVERITE.COM
owner rejected the final financial offer and decided against the sale. Denver City Councilmember Kevin Flynn announced the details in a newsletter emailed to area residents in early May, explaining that Catellus, based in California, failed to reach agreement with the campus’s owner, the Japan-based Teikyo University Group.
Millennials are getting older and mortgages are getting more expensive. For these reasons, the cost of buying a home in Denver is likely to keep rising for at least two more years, according to new projections from CoreLogic. Let’s start with interest. Interest is essentially how much it costs to borrow money. When the interest rate goes up, so does the cost to pay your mortgage — and the rate is definitely going up. “We’ve enjoyed some really low mortgage rates the last couple years,” said Frank Nothaft, chief economist for CoreLogic, at a recent housing summit hosted by the city of Denver’s Office of Economic Development. That increase in borrowing costs, combined with rising home prices, could drive up monthly payments by 20 percent in a single year in some cases, he said.
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The historic administration building at Colorado Heights University in southwest Denver is shown in June of last year. FILE PHOTO
Colorado Heights deal falls apart Former Loretto Heights campus future still undecided BY ELLIS ARNOLD EARNOLD@COLORADOCOMMUNITYMEDIA.COM
After more than a year of meetings held by community members in southwest Denver,
residents still don’t have a clear picture of what the future holds for the former Colorado Heights University campus, a historic property that sits at one of the highest points in the city. The 70-acre campus at 3001 S. Federal Blvd., a once-Catholic college that grew out of an effort by the Sisters of Loretto that dates back to 1891, was expected to be owned by Catellus Development Corporation, but the campus’s
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THE BOTTOM LINE PERIODICAL
“A professional football game is a game, not an occasion of solemnity or a function that generally or specifically pertains to anyone’s vigorous support of the United States.” Craig Marshall Smith, columnist | PAGE 10 INSIDE
CALENDAR: PAGE 8 | VOICES: PAGE 10 | LIFE: PAGE 12 | SPORTS: PAGE 15 VOLUME 91 | ISSUE 31