WAIT FOR IT:
SUPPLY CHAIN ISSUES TESTING PATIENCE – AND POCKETBOOKS
Some things we’re used to waiting for, like getting in to see the doctor, or scoring a table for six on Saturday night.
If you’re a homeowner or would-be homebuyer, you need to be aware of some other challenges that will test your patience or your pocketbook in the coming weeks or months – if they haven’t already.
Shortages of key manufacturing parts and supplies are causing delays across the home ownership spectrum. Among the stories making the rounds, for instance, include kitchen appliances ordered in February that didn’t arrive until July, or home builders forced to hold up construction because they can’t get their hands on bathroom faucets.
If “social distancing” was the phrase of the year in 2020, the phrase for 2021 might be “back order.” What’s the impact?
If you’re a homeowner who is thinking of remodeling, a home seller looking for the final touches to get your property ready to list, or a homebuyer looking to line up a builder for a new home, here are some words of wisdom:
If you already know that you want to make over your kitchen next spring, start talking to a remodeler today.
First, plan ahead. If you already know that you want to make over your kitchen next spring, start talking to a remodeler today, and go ahead and pick out your new dishwasher while you’re at it. Long lead times for taking delivery on major appliances are not expected to change anytime soon – and the demand for home renovations has contractors backed up.
Second, prepare for higher prices. Tight supplies have pushed lumber prices up dramatically, spiking as much as 250 percent between May 2020 and May 2021. Costs of other building materials, as well as labor, are also pressuring contractors to raise prices.
Finally, get good advice. If you’re a seller or a buyer, a trusted real estate advisor can help you find answers to navigate the construction or remodeling processes.
REPORT: FORT COLLINS AMONG TOP TOWNS FOR REMOTE WORKERS
If you live in Fort Collins and you’re working at home – whether by choice or by necessity – you’ve got it good.
So says the research department at Apartment List, a rental housing listing website. In a recent report titled “Best Cities for Remote Workers 2021,” Apartment List ranked Fort Collins No. 2 nationally, topped only by Provo, Utah.
Four key factors in the ranking include the “remote friendliness” of the community, housing affordability, and access to natural amenities and urban amenities. In determining “remote friendliness,” the study looked at residents’ satisfaction with their remote jobs, and the community’s “historical ability to attract and retain remote workers.” By the way, the report found that 10 percent of Fort Collins workers were already working from home in 2019 (before the pandemic).
If the reputation for a good remote working environment becomes one more reason that people want to move to Northern Colorado, at least the internet service should be ready for the rush.
Fort Collins is one of several Front Range cities that have adopted, or are planning for, municipal broadband service for its citizens.
PEOPLE WHO ARE RELOCATING ARE LOOKING FOR MORE SPACE, LESS COST
Anyone tempted to move to the Front Range to find a better location for remote working (see story above), is most likely looking to a find a larger place to live.
That’s the conclusion from Zillow, after looking over 2020 data from a major U.S. moving company.
According to the report, households that moved to a new state bought homes in zip codes with 33 square feet more, on average, than where they came from. At the same time, they were buying in zip codes with home values roughly $27,000 cheaper, on average, than where they came from.
Zillow believes the differences in size and price are rooted in the fact that people were able to sell homes in higher-end markets before moving to lower-cost communities. That assumption is backed up by another part of the Zillow report: the five metro markets with the most outbound movers in 2020 were notoriously high-priced cities, including Los Angeles, San Diego, San Francisco, Chicago and New York.
REAL ESTATE BY NUMBERS
- $187 million. Sale price for the Redtail energy site in northeast Weld County. Whiting Petroleum Corp. sold the 67,278-acre production site to Fundare Resources Co. LLC.
- 40,000. Square footage of a proposed new health club in Fort Collins. Franchisees for the Crunch fitness company plan to take over the former Miramont Lifestyle Fitness Central gym at 2211 S. College Ave.
- $9.95 million. Price that the owners of McDonald Automotive Group paid for the Ehrlich Toyota of Greeley property, 4732 W. 26th Street in west Greeley.
- $190 million. Price paid by Beacon Capital Partner for the 485,000-square-foot Pearl East Business Park campus in Boulder.
- $23.5 million. Total price paid by California-based investors for two apartment complexes in Northern Colorado, including the 82-unit Centennial Place Apartments in Greeley and the 63-unit Foothills Apartments in Loveland.
- 133. Acreage acquired by Encore HoldCo LLC for future housing development in Johnstown. The land, located near the intersection of U.S. Highway 34 and I-25, cost $5.8 million.
- $42 million. Price paid by California investors to buy the 182-unit Heritage Park Apartments, 1742 Heritage Circle in west Fort Collins.
- 622,000. Building square footage that AGC Biologics Inc., a pharmaceutical manufacturing company, recently purchased in Longmont. Formerly a Novartis pharmaceutical plant, the complex includes six buildings.
- $10.1 million. Total price paid by investors for three different retail centers in Northern Colorado, including the Oakridge Shopping Center in Fort Collins, and The Shops at Westwood and Windsor Town Center II, both in Windsor. Combined, the three centers span 60,233 square feet.
- 43,280. Building square footage that Hexo Corp., a Canadian cannabis company, recently bought in north Fort Collins. Hexo paid nearly $6.4 million for the industrial facility, located at 1331 Red Cedar Circle.
- $1.45 million. Price paid by a Denver-based investor for the former Steak ‘n Shake restaurant building at 4214 Centerplace Drive in Greeley. As planned, the site will be re-developed to be a dental office.