October 16, 2014 FREE SPECIAL SECTION
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Housing market cools off for fall Condos, townhomes highly sought after By Amy Woodward awoodward@colorado communitymedia.com September housing numbers show a slowing market as cooler temperatures set in with the number of available homes down seven percent, according to Metrolist, Colorado’s largest home search provider.
The number of new listings was also down 14 percent, but President and CEO of Metrolist, Kirby Slunaker, said the dip in housing numbers was typical for this time of the year. “There is always a peak season,” Slunaker said. “September numbers showed customary seasonal cooling following Labor Day.” There are currently 8,959 active listings on the market showing a very tight inventory market, Slunaker reported. During the peak season, condos and townhomes were active with 13,994 new condo and townhouse listings coming to
the market, a 26 percent increase compared to 2013. “There are several trends that are impacting the condo and townhome market,” Sluanker said, which includes a boom in out-of-state residents who are looking to rent before purchasing a home. Some instate residents are still recovering from the economic downturn and working to mend their credit, as politicians work on fixing the construction defect laws in the state, he said. The law allows for litigation in defects that may reduce the value of a home that is recoverable by a homeowner of homeown-
er association. But many economic development and housing affordability groups, as well construction companies and many real estate associations, have joined forces to push back on HOA’s. Opponents say the law makes it too easy to file a lawsuit, and has decreased condo construction. In 2013, only 216 of the 6,721 residential housing starts were condos, representing a mere 3 percent of new constructions, compared to historical percentages as high as 20 percent, according to Metrostudy Denver.
Discussing fate of Armory Community meetings focus on city’s values By Amy Woodward awoodward@colorado communitymedia.com Community meetings involving the future use of the historical Armory building are drawing to a close with board members from the newly formed nonprofit,
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Golden Community Commons, eager to move forward after the end of October. “At this time, nothing has been decided, or will be decided, until the board feels they have given adequate time and opportunity for the community to share their thoughts,” said Bethany Thomas, pastor at Calvary Episcopal Church. There may be a couple more chances for public input before the end of the month, said Thomas, but dates have not been set. Less than a dozen residents showed for the second public meeting on Tuesday evening but previous meetings have resulted in higher turnouts, said Dan Thoemke, director of community faith in action and Golden Community Commons board member. Tuesday’s meeting did not center on specific ideas on how the Armory building could be used, but instead focused on values. Golden Community Commons embraced the city’s priorities outlined in the Golden Vision 2030 producing broad questions for residents to meditate on after being split into focus groups. “What we’re really trying to delve into is the values,” Thoemke said. “What are the values that are already present in this community and what are the values that need to be enhanced that this space could really make a difference in?” Questions presented to residents included: What do we already see happening in Golden that could be enhanced through the use of the Armory space? What do you think are the two most important things that need to happen in the future for us to continue to nurture and build community? Answers given during breakout discussion groups will be presented to the Golden Community
ARMORY FUNDING October 2014 Priority I: $300,000 loan from the Golden Civic Foundation The Golden Civic Foundation generously extended a $300,000 loan toward the down payment of $525,000 on the Armory property. The remaining $225,000 was provided by friends and parishioners at Calvary. The loan from the Foundation is at 2 percent interest rate and is due in full March 1, 2015. To date, $55,030 has been given toward the obligation. Priority II: $525,000 loan from a private lender 4.25 percent, 20 year amortization rate, 5 year balloon. The monthly payment is $3,250 or $39,000/year. Priority III: $1,050,000 loan from Wells Fargo 4.25-percent, 20 year amortization rate, 5 year balloon. The monthly payment for this loan is $6,542 or $78,504/year. Gifts to meet these priorities are full tax deductible and can be made out to: Golden Community Commons 1320 Arapahoe St. Golden, CO 80401
Commons board who will then discern the community’s ideas. On July 9, 2014, Calvary Episcopal Church purchased the building and property for $2.1 million generating speculation and rumors regarding its future use. Since then, pastors at Calvary Church have openly said that community input would be guiding the building’s use. “People need something to gather around, a common interest, a common goal,” said Daniel Coffey, Golden resident and Calvary Church member during the focus group discussion. Preserving the building’s historical infrastructure was a shared value produced from the two focus groups, as well as continuing to make Golden a welcoming place and using the site
The historical armory building, also known as the Colorado National Armory, was recently purchased by Calvary Episcopal Church in early July for $2.1 million. Photo by Amy Woodward as a human services center. The property is located in an enterprise zone which requires that 25 percent of the space be used for commercial purposes. Several businesses, including a coffee shop and real estate office, occupy a part of the first floor to satisfy that zoning. Tenants who occupy the second floor of the building, which includes CSM students and nonstudents, will be able to stay for the remainder of their lease. Be-
yond that time however, the second floor could be transformed into community use depending on the demand. “In the future, if and when we have discretionary funds available, some of the space on the upper two floors could be converted for alternative use,” Thomas said. “However, at this point, the financial reality is that we are totally dependent on the income from the leases to meet the monthly mortgage payments.”
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Dear reader: Each October, we ask our loyal readers to make a voluntary contribution to help offset the cost of bringing you your hometown newspaper. It takes a large team of highly skilled journalists, editors, printers, designers, carriers and administrative staff to bring you this newspaper, and your voluntary contribution goes a long way toward helping us maintain this staff. In 2014, we have won numerous awards and greatly expanded
our websites. We also have significantly increased the use of full color, eliminating black-andwhite pages, making our pages more interesting and vibrant. Next year, we plan on expanding our news coverage to have more local people mentioned each week while still keeping you updated on government, entertainment, sports, events and more. If you enjoy what we deliver, then we invite you to make a voluntary contribution. We are requesting $25 (48 cents per
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