by Laura Lieff

The existence of Fillmore Plaza is once again under debate and a battle between
the residents of the Cherry Creek North area and two developers/landowners
on either side of Fillmore Plaza may be brewing. The developers — Western Development Group(headed by Christian Anschutz, son of Colorado business mogul Phil Anschutz) and The Sturm Group (headed by billionaire Donald Sturm) — again have approached the City of Denver about creating a street through Fillmore Plaza or allowing vehicular access onto Fillmore Plaza. This same proposal was defeated in 2006 due to the overwhelming opposition from Cherry Creek North residents  and many business owners, and a design retaining the plaza approved.

“Fillmore Plaza should be part of the parks and open space issue,” said Cherry Creek North Neighborhood Association President Wayne New. “It should be looked at from a larger community perspective rather than just as another street in Cherry Creek North.”

He continued, “The original diagram of the site was approved and everyone loved it. Then Sturm and Anschutz decided to take a look at the Plaza again because they want to turn it into a street. Doing that would only benefit them; it would not benefit the community at all.”

New said that he has not seen the revised drawing but explains that “no matter how it looks it boils down to whether it is a street or a plaza.”

New also said that if the Business Improvement District (BID) decides to consider the second drawing then there will be more meetings.

“This is not a new issue and the whole thing is very frustrating for us,” he added.

The Other Side

President of Western Development Group David Steel has a different take on the situation. Western Development recently opened NorthCreek, a mixed use residential and retail project on Fillmore Plaza costing over $100 million with 50 very high end residences.

Both Steel and Sturm are on the BID Board as well as the Capital Improvements Committee and Steel explained that the committee recently realized that they were going to spend close to $2 million on Fillmore Plaza and nothing was going to change.

According to Steel, while the cap end retail space on Fillmore Plaza does “OK,” the “in-line retail has suffered for the 21 years since the street was converted into a pedestrian plaza.”

Although there continues to be interest in leasing on Fillmore Plaza, Steel notes, “Once we take them out on the Plaza, they quickly lose interest in leasing as there is no foot traffic nor vehicular exposure…Fillmore Plaza is essentially a physically dead zone.”

He continued, “Retail 101 is all about exposure to shoppers and providing them east of access. This doesn’t happen on Fillmore.”

Steel indicated that both The Sturm group and Western Development offered to pay for a hybrid street design concept as an alternative to the approved pedestrian plan and that both the Capital Improvements Committee and the BID Board unanimously approved studying the option.

“The BID is all about business improvement as the name implies and it’s our mission to promote and improve the business aspects of the district, “Steel said. “Between the Cherry Creek Shopping Center and the Cherry Creek North BID, we generate over four percent of the sales tax revenues for the City and County of Denver.”

The historically high level of vacancies in retail space in Cherry Creek North has resulted in increasing criticism of embattled BID head Julie Bender. She, however, did not return telephone calls to discuss the Fillmore Plaza issue.

BACKGROUND

Fillmore Plaza was created in 1989, in preparation for the upcoming opening of the Cherry Creek Shopping Center. For many years the Plaza featured a skating rink, which ceased operation in 2005.

On January 11, 2006, a public meeting was held to discuss the future of the Plaza.  Over 350 Cherry Creek North residents and business owners listed to the variety of architectural options concerning  the idea of a Fillmore Plaza street, voiced their opposition to the plans and stressed their desire to preserve Fillmore Plaza as a pedestrian-oriented open space for the entire Cherry Creek North business and retail community.  At a February 22, 2006, meeting the stakeholders agreed and on March 9, 2006, the Cherry Creek North Neighborhood Association approved a “Resolution to Retain Fillmore Plaza as Open Space.”

In 2008 and 2009, the Cherry Creek North Project Advisory Group reviewed plans for the upgrade of Fillmore Plaza, which indicated improved pedestrian amenities, tree and lawn space, sidewalk cafe opportunities and a general makeover in order to be the attractive “gateway” to Cherry Creek North.

In November of 2009, however, the developers – Western Development and Sturm – notified the Cherry Creek North Neighborhood Association that they would again pursue a street through or access for cars onto Fillmore Plaza before the BID can begin its capital improvement project.

IDEAS FOR CHANGE

The Cherry Creek North Neighborhood Association is clearly against Fillmore Plaza turning into a street and they aren’t the only ones.

Thirty-year Denver resident Peter Liggett, who lives in the Congress Park area, has spend a lot of time at Fillmore Plaza with his four children for the last 15 years. Liggett and his family have participated in activities that take place there including ice skating, seeing movies and the juggling club.

“I play Frisbee every weekend with my kids at Fillmore Plaza,” said Liggett. “It’s a nice open place where you don’t have to worry about kids and cars and they can run around with a minimal amount of supervision because it’s a safe area.”

Liggett explained that if something was done that made the area more appealing rather than turning it into a street both the community and the developers would be happy because the open space would remain while attracting a larger number of people to the area.

“Instead of putting a street through Fillmore Plaza they could be more imaginative to get to their goal (which is to increase traffic) such as building a playground for kids or adding something that would draw people to the area,” he noted.

He added, “I ride through Fillmore Plaza every day and they do need more business but there has to be a better way than making it into a street.”

Jamie Johnson, another area resident who regularly uses the Plaza asserted, “what do they want – all streets and national chain stores. If you kill Fillmore Plaza, with all the green and trees that are supposed to go in under the adopted plan, Cherry Creek North will become nothing more than a half-assed open mall, but with poor parking.

LOCAL’S SPACE

According ot the Cherry Creek North Neighborhood Association Web site, since Fillmore Plaza is the only designated open space in Cherry Creek North for pedestrian use as well as a venue for events for the general public it is no surprise that local neighbors want to keep the Plaza as is. Wayne New pointed out that the Neighborhood Association is most concerned with Fillmore Plaza’s authenticity and the sense of “where the locals are” and the Plaza as a center of activity.

“If they put a street through Fillmore Plaza, open space will be gone forever in Cherry Creek North,” New added.

While New and the Cherry Creek North Neighborhood Association want the Plaza to remain in its present condition, Steel sees it another way.

“The Homeowners Association to the north is contending that if Fillmore is converted into a hybrid street that they will be losing their open space and the events that were held there, ” Steel explained.  “First off, it’s not theirs, as Fillmore is still technically a street in that it was never formally vacated.  Looking back on the usage of Fillmore, it’s rarely exceeded 15 event days per year which means that for the other 350 days it’s dormant.”

According to Steel, having events at Fillmore Plaza doesn’t bring in enough revenue to justify the cost of hosting them.

“Granted we used to have the skating rink on the Plaza for a few years, but that cost the BID a huge amount of money and generated very little retail sales,” he explained. ” As a result, it was dropped. The hybrid street concept would allow for two-way vehicular travel and a limited amount of on-street parking. For event days, it would be closed, much like they do at Larimer Square.  The hybrid concept would allow for Fillmore to become the signature gateway street into CCN. Right now, we really don’t have one.”

Steel added, “The BID currently manages, programs and maintains Fillmore. It’s intended that this will also be the case going forward.”

TOUGH VOTE AT CITY COUNCIL

The BID will decide its recommendation considering the possible elimination of the Plaza at its March 10th BID Board meeting (no information regarding this meeting was available as of this posting). However, that would not be the end of the issue. The Denver City Council would then have to take up the question. It would have to vote whether to vacate the Fillmore Plaza portion of Fillmore Street and thereby turn the property over to the landowners on either side of the street (Western Development and Sturm) who could then do whatever they wished with the land.

That decision would place Councilwoman Jeanne Robb in a very difficult position. The City Council as a whole would look to her for guidance. She would potentially greatly anger either the residents of Cherry Creek North or its two most important developers by her vote to, in effect, retain or get rid of Fillmore Plaza.

For more information visit www.ccnneighbors.com or call Wayne New at 303-333-3243. to contact the Cherry Creek North BID call 303-394-2904. To contact Councilwoman Jeanne Robb call 303-377-1807.

Mary Rae gave Dee Chirafisi her start in real estate. Now, Mary Rae works for Dee’s company, Kentwood City Properties.

Watch Dee and Mary Rae: Dee and Mary Rae Video

When Dee Chirafisi  decided she would dip her toe into the world of real estate in 1993, she interviewed with a number of brokerage companies.

During her interview with Mary Rae, who already had more than 20 years in the business and was one of the top Realtors in the Denver area, Mary asked her the date of her birthday.

“March 28th,” Dee answered.

“That’s my birthday, too,” Mary Rae responded.

“I think that is why she hired me,” Dee, who was last year’s top broker and is the co-owner of Kentwood City Properties, said, while the two met at a $799,000 condo at 1411 Wynkoop St., which Dee is listing. In fact, Dee said that if someone like her – with a freshly minted real estate license, and a plan to work part-time  - came to her for a job today, she wouldn’t hire her. (For the record, Dee only worked part time for one month, before she realized it was a full-time calling.)

After selling her namesake firm, Mary Rae joined Kentwood City Properties about a dozen years ago.

Mary Rae, Dee back together

It’s never been awkward working for her former employee.

“I just revel in Dee’s successes,” said Mary Rae.

And they share more than a birthday, separated by 20 years. (Dee turns 50, while Mary Rae is turning 70.)

Despite the stereotype of women never admitting their ages, neither have any problem about being upfront about how many candles to place on their cake.

“Everyone knows, anyway,” said Dee, an avid runner.

“I only think about my age once a year,” Mary Rae said. “I don’t feel like I’m 70.”

Continue reading at InsideRealEstateNews.com

More Real Estate News from John Rebchook's Inside Real Estate News

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.! Visit John Rebchook's Inside Real Estate News

Video: Chris Mygatt

Mayor John Hickenlooper addresses 900 people attending the Colorado Real Estate & Economic Summit, Wednesday night, March 10.

“I am an optimist.”

That was the message from John Hickenlooper, Denver mayor and Democratic gubernatorial candidate, when he addressed 900 real estate officials on Wednesday night.

And Hickenlooper was not alone.

For the most part, most of the seven heavy weight speakers at the Colorado Real Estate & Economic Summit on Wednesday night, were bullish on the prospect  that Denver and the state will emerge from the current real estate and economic downturn faster than most places, although the markets are not out of the woods yet.

Hickenlooper said that after being laid off as a geologist in 1986, and after deciding to open Denver’s first brewpub, he almost gave up at one point because he was so distressed. He said, as he has often in the past, that even his mother would not invest in what was to be called Wynkoop Brewing in what is now called LoDo.

That is when he received the sage advice that he had worked so hard, “and that he  had gotten over the worst of it,” and if he did not give up now, he would benefit from the experience in all his future endeavors.

That is where the Denver-area and the state economies now stand, Hickenlooper said.  While unemployment is still too high, he said he believes the worst is over. “This is not a depression,” he said.

Hickenlooper did  did not make his speech overtly political, barely mentioning he was running for governor. However, he did receive a round of applause when he said he was going to do his best to make his gubernatorial campaign as free of personal attacks as when he ran for mayor. Hickenlooper’s Republican opponent is likely to be Congressman Scott McInnis of Grand Junction. Hickenlooper did joke that since putting his hat in the ring, he now calls it the “Best Slope,” instead of the “West Slope,” noting that the entire state, made up of different regions, needs to thrive. And the Western Slope, with everything from world-class trout fishing to skiing, makes Colorado special, he said.

Continue reading at InsideRealEstateNews.com

More Real Estate News from John Rebchook's Inside Real Estate News

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.! Visit John Rebchook's Inside Real Estate News

The most significant revisions occurred in natural resources and construction and manufacturing, where 2009 job losses were 2,300 jobs and 3,100 jobs larger than previously estimated, respectively. In percentage terms, the 2009 job loss in natural resources and construction widened from 14.3 percent in the preliminary data to 16.6 percent in the benchmarked series, and losses in manufacturing grew from 6.7 percent to 10.3 percent in the benchmarked series. Overall, 2009 employment in nine of Metro Denver’s 11 industry supersectors was revised down during the benchmarking process.

Benchmarked data suggest the state’s total 2009 job loss reached 106,300, or nearly 17,000 more jobs than preliminary data suggested. With that shift, the state’s 2009 percentage job loss widened from 3.8 percent in the preliminary series to 4.5 percent in the benchmark series. Economists with the Colorado Department of Labor and Employment say the 2009 benchmark revision was more than twice the size of any previous revision since 2004, and the benchmark revision reported at the national level was equally severe. According to the U.S. Bureau of Labor Statistics, the nation’s total 2009 employment was roughly one million jobs lower than preliminary data suggested.

The Monthly Economic Summary provides a snapshot of metro area economic activity, as well as its relationship to national and regional economic trends.

Philip Anschutz retains the top spot among Coloradans on Forbes’ latest ranking of the the world’s billionaires.

The Denver entrepreneur ranks No. 123; Forbes estimates his net worth at $6 billion, up from last year’s $5 billion.

Forbes says Anschutz “has netted billions of dollars selling shares of Qwest Communications in past years.” He has investments in live entertainment, movies, media and sports and is behind the “L.A. Live” real estate project in downtown Los Angeles.

Charlie Ergen of satellite-TV companies Dish Network and EchoStar is the second Coloradan on the list, and No. 148 overall, with riches estimated at $5.2 billion.

[Read more From Anschutz is top Coloradan on Forbes list of world's billionaires - Denver Business Journal:]

Janet Simons

Souvenirs of Colorado’s Olympic victories, half price

Missing the Winter Olympics? Ease the pain with a visit to the USOC Training Center in Colorado Springs, where all Vancouver and Team USA Vancouver merchandise is half price at the USOC Training Center Shop, 1750 E. Boulder St., at the intersection of Boulder Street and Union Boulevard, 719-866-4792. All proceeds help support Team USA, which will make all those snazzy new items feel even better. The shop is open 9 a.m. to 6 p.m. Monday through Saturday, and the Training Center also offers free tours — so make a day of it.

It’s nearly spring! Let’s fling!

Check out the Spring Fling Artisan Market, brought to you annually by Sam Robinson, formerly of Manorisms, noon to 5 p.m. Saturday, March 13, and 11 a.m. to 4 p.m. Sunday, March 14, at Phipps Tennis Pavilion, 3400 Belcaro Drive, www.springflingdenver.com. You’ll find folk art, antiques, hand-knit items, jewelry, Easter items, vintage linens, children’s clothing, flowers, pottery, papier mache, original artwork, handbags, belts and more from 35 carefully selected artisans, plus homemade goodies to keep you fortified. The Phipps Tennis Pavilion is just south of Knight Fundamental Academy, midway between South University and South Colorado boulevards on East Exposition Avenue.

Steer your Caravan to Silk Road

Speaking of handmade, 98 percent of the merchandise at Silk Road, 1065 S. Gaylord, 303-734-0582, www.shopsilkroad.com, is handmade by artisans in 40 different nations and by at least a dozen right here in Colorado. Until it’s gone, much of this wonderful stuff is on clearance. Bargains range from a 24-karat gold-plated, Swarovski crystal inlaid decanter and wine glass set from Turkey, originally $600, now $300, to tiny origami gift boxes, originally $7, now $3.50. Somewhere in between you’ll find earrings handmade by Israeli artisans Ayala Bar and Laly marked down by 30 percent and select baby and toddler items with labels including Zutano and Bunnies by the Bay reduced by 50 percent.

Time to freshen up those undies

The annual winter clearance starts Saturday, March 13, and runs through Saturday, March 20, at SOL … Store of Lingerie, 248 Detroit St., 303-394-1060, www.SOLlingerie.com. Everything in the store is 15 percent off, and discounts can run as high as 80 percent on selected merchandise. Designers include Marie Jo, Prima Donna, Lise Charmel, Aubade, Natori and Eberjey.

Lisa, Lisa awaits the fall of the House of Tamarac

The owners of Tamarac Square Mall, 7777 E. Hampden Ave., plan to fire up the bulldozers come summer, and the lease for Lisa Lisa boutique, 303-671-0353, expired at the end of January. But storeowner Lisa Linkenheil plans to keep offering bargains until she hears the ground rumbling beneath her.

“We’re one of the last ones left inside the mall, and we’re on a month-to-month lease,” she said. “I just received a note that they could kick me out with 30 days notice.”

But she’s not giving up yet. She has accepted all the merchandise she ordered for spring, and even picked up some “great” handbags, jewelry, hats and other accessories at a recent trade show.

Newly acquired items and collectibles (including Betty Boop) are discounted by 25 percent. The rest, about 90 percent of the shop’s clothing, is half price. That includes crystal-embellished Christine Alexander denim jackets and Tianello Tencel women’s separates, originally priced at $50 to $180, now $25 to $85.

Buy some books…

All fiction books – including mysteries — are 50 cents apiece at the Bookstacks March Sale, 9 a.m. to 1 p.m. Tuesday, Wednesday, Thursday and Saturday through March 31 at the Bookstacks, Mary Reed Building, University of Denver campus, 2199 S. University Blvd., 303-871-2665, http://library.du.edu/. Proceeds support the University of Denver’s Penrose Library.

Then settle down to read them

Through March 31, recliners and Morris-style chairs are discounted 30 percent and all lighting is discounted by 20 percent at Modern Bungalow, 2594 S. Colorado Blvd., 303-300-3332, www.ModernBungalow.com. Discounts apply to in-stock and special-order chairs and lamps and fixtures from Arroyo Craftsmen, Mica Lamp Company, Quoizel, Meyda Tiffany and more.

Great deals, great cause, part 1

The good people who operate the Assistance League Thrift Shop, 1331 E. Colfax Ave., 303-861-2122, are preparing for their annual spring changeover on March 27. That means that through March 25 (the store is closed for the changeover on March 26) they’re trying to clear out all remaining winter goods — and we’re talking cheap. Nothing’s more than $5, and that would be for top-quality designer clothing. All the rest of the clothing is either $2, $1 or 50 cents, and all housewares, jewelry, home accessories, furniture and appliances are half-price. Your money will help the League provide free “rental” of adaptive medical equipment (wheelchairs, reachers, shower chairs, etc.) for people who really need it. The Assistance League also provides a total brand-new wardrobe – underwear to outerwear – for more than 2,400 Denver Public schoolchildren each year. Store hours are 10 p.m. to 3 p.m., Monday through Saturday.

Great deals, great cause, part 2

All fall merchandise is at least half-price, select designer pieces are reduced by 75 percent, and many items are just a buck during Dollar Days through March 20 at the Junior League’s Second Time Shop, 5042 E. Hampden Ave., 303-789-4055, www.jld.org. And, starting Thursday, March 11, a huge selection of spring shoes, purses and jewelry (gently used by members of the Junior League) debuts on the store’s shelves. It all culminates on Saturday, March 20, when store manager Ann Schnell will conduct the “Let’s Make a Deal” Backroom Bonanza. All proceeds help the Junior League of Denver do its work on behalf of children and others in need.

Shop around for produce, not gasoline

Do you drive out of your way seeking a station where gasoline is 10 cents a gallon cheaper than it is at the nearest pump? If you save 10 cents a gallon on a 20-gallon fill up, you’ve saved $2 – and that doesn’t take your time and effort into account.

The recent freeze in the East is raising the price of produce here, so we decided to figure out how much we’d save by shopping around for produce. We tried three stores – the King Soopers and the Whole Foods across the street from each other on the 800 block of South Colorado Boulevard and Pete’s Fruits and Vegetables, an independent family-owned shop at 5606 E. Cedar Ave.

Differences in packaging and presentation made it difficult to make direct comparisons, so we limited ourselves to comparing conventionally grown red bell peppers and mushrooms.

This is what we found, in descending order of cost, on March 4.

At King Soopers, red bell peppers, were $1.99 apiece. We weighed the peppers at all three stores and found that three peppers consistently weighed in at almost exactly one pound, so a pound of red bell peppers came to $5.97. Mushrooms were $3.99 a pound.

Cost of one pound of red bell peppers and one pound of mushrooms at Kings: $9.96.

At Whole Foods, three red bell peppers were packaged together for $3.99, making them $3.99 a pound. Mushrooms were $3.99 for a shrink-wrapped one-pound container.

Cost of 1 pound of red bell peppers and one pound of mushrooms at Whole Foods: $7.98.

At Pete’s, red bell peppers were 99 cents a pound and mushrooms were $2.99 a pound.

Cost of 1 pound of red bell peppers and 1 pound of mushrooms at Pete’s: $3.98.

That’s a significant price difference on two items shoppers generally don’t think about much. Granted, it’s not a big sample, and prices are going to fluctuate. But the lesson seems clear: Pay attention to the cost of produce.

Got kids?

* Amy Michelle, www.amymichelle.com, a Denver-based diaper-bag maker is offering regular customers and locals a limited number of its extremely popular Pink Tulip messenger bags, usually $135, for just $40, and that includes free shipping anywhere in the continental United States. These roomy bags are versatile enough to serve as computer cases and/or airline carryons. This deal is good only for purchases made through the Web site. Just paste http://www.amymichelle.com/classic/tulip-messenger-bags.htm into your browser. Although all sales are final, there’s a one-year warranty against manufacturers’ defects.

* Just Between Friends Denver Kids’ Gear and Clothing and Maternity Consignment Sale, 10 a.m. to 7 p.m., Friday, March 12; 9 a.m. to 5 p.m. Saturday, March 13; 10 a.m. to 3 p.m. Sunday, March 14 (half-price sale), National Western Complex, I-70 and Brighton Blvd., 303-884-9198, www.jbfsale.com/denver. Parking is owned by the City and County of Denver. Parking for the JBF sale is $5, which includes admission and free return parking all three days.

* MOMS Semi-Annual Children’s Everything Sale, 10:30 a.m. to 2:30 p.m. Saturday, March 13, Douglas County Events Center, Douglas County Fairgrounds, one mile east of I-25 off Exit 181, admission $1, mothersof multiples.com.

* Spring Sip and Shop, 4 to 7 p.m., Thursday, March 11, Petite Patoot children’s consignment, 1238 S. Broadway, 303-733-3337, www.petitepatoot.com. All spring and summer clothing and shoes, 20 percent off; fall and winter clearance reduced by 50 percent to 60 percent. The first 20 shoppers through the door receive a free reusable tote.

Prom dresses, $10 to $20

It’s prime season for prom dress shopping, and if you know any families who will have to strain the budget to buy a prom dress, please tell them about these sales. The need is particularly great this year, so please help spread the word by printing out a few copies of this item and posting it on bulletin boards wherever high school girls or their families might see it.

*At the Prom Dress Exchange, more than 3,000 gorgeous, gently used and freshly cleaned prom dresses will be available between 10:30 a.m. and 2:30 p.m., on Saturday, March 20, and Sunday, March 21, at Copper Fields Events Chateau, 4901 Marshall St., Wheat Ridge, 720-898-8388. No one will insist, but a $10 donation to defray the cost of cleaning would be appreciated.

* All prom dresses are either $10 or $20 at the prom dress sale being run by students at Aurora’s Smoky Hill High School with the help of radio station HOT 107.1 and under the leadership of  senior Kaylee Inhulsen. The sale is 10 a.m. to 3 p.m. Saturday, March 27 at the Piney Creek Clubhouse, 5800 S. Joplin Way, Centennial. For more information, go to www.hot1071denver.com/events.

INDenverTimes publishes Janet Simons’ weekly Best Colorado Deals column usually on Mondays. Simons is author of the Colorado Smart Shopper and a veteran Rocky Mountain News shopping columnist. Be sure to catch Janet’s deals, highlighted each Friday on the 4 p.m. newscast at 9News.

Tell Janet about the wonderful stores, fantastic deals and amazing shopkeepers you know about by sending an e-mail to Janet@bestcoloradodeals.com, and subscribe to her e-mail list at BestColoradoDeals.com.

Overall, Colorado ranked No. 11 nationwide, shows the report by Irvine, Calif.-based RealtyTrac. A few years ago, Colorado was typically ranked in the top three. Even last year, Colorado consistently was in the top 10, as far as its foreclosure rate. But Colorado’s ranking has slipped, while the foreclosure rate has climbed in other parts of the country, especially California, Nevada and Florida.

“The latest report seems to be continuing the trend in which Colorado ranks near the national average in its foreclosure rate,” said Ryan McMaken, spokesman for the Colorado Division of Housing, who uses a different methodology to track foreclosures in Colorado.

Colorado’s foreclosure rate in February rose by 22.2 percent from February 2009, while the overall national increase was 6.22 percent, according to RealtyTrac. And from January, Colorado’s foreclosure rate rose 2.49 percent, while the nation as a whole saw a month-to-month decline of 2.28 percent. RealtyTrac tracks every aspect of foreclosures, from the first notice to delinquent homeowners until the property becomes a REO and is in the hands of the lender.

Colorado 39th in delinquent loans

But McMaken said that RealyTrac’s numbers do not tell the entire story.

“As usual, the Realtytrac state rankings should be checked against the mortgage bankers data which shows Colorado at 39th in the nation for the number of loans that are seriously delinquent,” McMaken said. “The fact that Colorado is falling much more quickly in delinquency rankings than in Realtytrac rankings would lead me to conclude that Colorado is very slowly dealing with its accumulated inventory of foreclosing properties, but that the rate at which new properties are defaulting in Colorado is slowing at a much faster rate.

“This all only tells us what’s going on in Colorado relative to other states, of course. Colorado is clearly improving compared to other states, but still has its own set of challenges, and is improving only very slowly over past annual activity”

McMaken also said that the 22 percent year-over-year comparison is misleading, although he said a state report, that likely will be released next week, also will show an increase.

“However, it is important to keep in mind that there was very little activity in February 2009 due to moratoria put on foreclosures by major servicers and investors,” McMaken said. “This means a year-over-year comparison will show a large increase in foreclosure, but it does not mean that the real estate markets have deteriorated in that time to the same extent.”

More Real Estate News from John Rebchook's Inside Real Estate News

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.! Visit John Rebchook's Inside Real Estate News

Brian Chappelle addresses about 200 people at Universal Land’s annual meeting on Tuesday, March 9, at the Cable Center.

It was not your typical annual meeting.

Before the lights came on in the auditorium of the Cable Center on the University of Denver campus, voices rang out to tune of the Black Eyed Peas hit “I Gotta Feelin,” but with sly references to the mortgage industry and nods to host Universal Lending, which is celebrating its 39th year in business, and held its annual meeting on Tuesday. (Universal Lending also is a sponsor of InsideRealEstateNews.com.)

Lotta Change

The lone woman singer of the trio, performed with the stage name “Lotta Change;” Brian Chappelle, the keynote speaker, noted several times that “lotta change” nails exactly what is happening in the mortgage and real estate industries.

“Washington thinks the mortgage system is broken,” Chappelle, a partner of Potomac Partners in Washington, D.C., told about 200 people in the audience at one point. And Congress, he said, “Wants its pound of flesh,” from the industry.

Draconian measures unlikely

Yet, overall, Chappelle said that he is much more optimistic about new regulations and changes that Congress is likely going to enact. For the most part, he does not feel Congress is going to implement “Draconian” measures feared by many industry observers.

For example, he does not think that Congress will pass new “risk-retention” legislation, which would require lenders to put aside 5 percent to 10 percent of the amount of loans sold into secondary markets. (For an earlier blog on this subject, please visit this link.)

“This is probably the most critical issue facing the mortgage industry,” Chappelle told InsideRealEstateNews, before he gave his keynote speech. “It sounds good. Have lenders have some “skin-in-the-game” so they won’t give the consumers the horrible products that started the housing collapse.”

Risk Retention

While risk retention might be a good idea for the so-called toxic loans of a few years ago – option ARMs, stated-income loans, the piggyback 80-20 loans that combined first and second mortgages – those products are not offered anymore, he said. Indeed, a national report released last week, showed that consumers were almost three times likely to face default if they have risky loans than if they have safer, more traditional loans. (For more on that report, please visit this link.) Chappelle later told the audience that the greatest percentage increase in loan defaults is occurring in the “prime” loans, which are supposed to have been offered to the best clients.

Six months ago, Chappelle said, he thought there was a strong likelihood that Congress would adopt the new rule, but he said now they increasingly realize that no company, big or small, has the ability to put aside tens of millions – or even hundreds of millions or even billions – in dollars. But he said the political winds seem to have shifted, as legislators have been schooled on the unintended consequences of the rule, which opponents believe could pose a threat to the entire industry.

Mortgage rates to remain low

On another important topic, he said he does not see mortgage rates spiraling out-of-control, as some observers had worried as little as a month ago. There was a feeling earlier this year that Uncle Sam would stop buying securitized mortgages by April 1, which could have caused mortgage rates to rise by 150 basis points or more almost immediately.

“I’m not an economist, but when I listen to people like Treasury Secretary (Timothy) Geithner and Fed Chairman Ben Bernanke, for the foreseeable future they plan to keep their foot on the accelerator to help drive the economy,” Chappelle said. “What that means is that they have to keep interest rates low. They know that the overall economy will not recover, unless the housing market recovers. And the housing market won’t recover unless interest rates remain low.”

He said one economist he has been following since he was with the Mortgage Bankers Association in the 1990s, is Laurence Meyer, a former Federal Reserve Governor and the head of Macroeconomic Advisers in St. Louis. “Laurence says, “Wait until you see the Fed changes its forecast,” before rates start to rise. But Chappelle said with inflation remaining tame, there is no indication that the Fed will be under any pressure to raise rates anytime soon. Also, he said there appears to be little chance that Congress will extend the federal tax credits for qualified first-time home buyers and some existing homeowners. In order to keep the housing market rolling, one of the few tools in its kit will be to keep interest rates at low levels, he said.

Simplicity goal

One thing is certain, is that there will continue to be more disclosures, transparency and responsibility expected from lenders in the future, Chappelle said. The idea will be to simplify all of the charges and expenses to consumers, he said. On one hand, the government wants more disclosure, but on the other hand, there is a feeling by the government that getting a loan is so complicated, that disclosures don’t really work, he said. Ultimately, he said, the government would like all of the information boiled down to one rate, so consumers could more easily compare competing offers from different companies.

And without a doubt, this will mean more forms to fill out, under the guise of simplification, he said. The good news, is that the added complexity will benefit companies, such as Universal Lending and others, he said, that “know how to follow rules.” Some companies, for example, will not want to make FHA-insured loans, which could account for 50 percent of the loans made this year nationwide, because they don’t want to or find it to difficult to follow the maze of rules that exist and will emerge. Companies that can explain what is going on to consumers and Realtors, he said, will prosper.

The government also would eventually like to have mortgage brokers paid the same for any loan, no matter what the size. For example, they might get paid $1,500 for a $100,000 loan and $1,500 for a $400,000 loan. The idea is that there would be no financial incentive for a broker to convince someone to take out a mortgage that they can’t afford. Mortgage companies would still set the amount paid to brokers and it could be adjusted. But Chappelle said there is no chance of that happening this year. And even if it does happen in the next few years, he said that there will be no cap put on what brokers can make, “so you will still be able to make a good living as a mortgage broker.”

And more regulations and proposals are surely going to be floated, discussed and dissected by the industry and Congress.

“There’s going to be a lotta changes, but change makes for opportunities,” Chappelle said.

Contact John Rebchook at JRCHOOK@gmail.com or 303-945-6865.

More Real Estate News from John Rebchook's Inside Real Estate News

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.! Visit John Rebchook's Inside Real Estate News

Year-to-date median prices of Denver-area homes sold each February from 1999 to 2010. Source: Gary Bauer

The Denver-area housing market showed signs of a continued recovery in February, according to reports released today.

“First time home buyers are back in the market, as well as investors,” said Gary Bauer, an independent broker who releases a monthly report based on Metrolist data, which reflects homes sold by Denver-area Realtors.

He added that the “inventory is up, pricing (is) up, mortgage rates (are) steady,” and, perhaps most important, “it’s Denver.”

Home prices are up well into the double digits from a year earlier – led by a 20% increase in the average price of a condo at $166,206, compared with $138,239 in February 2009. And the median price of a single-family home that closed last month, compared with February 2009, rose almost 15 percent to $220,750 from $192,000. The increase largely reflects  competition from investors and first-time home buyers buyers bidding up low-priced homes, Bauer said.

More Real Estate News from John Rebchook's Inside Real Estate News

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.! Visit John Rebchook's Inside Real Estate News

Originally reported by INDenverTimes.com partner, the Columbine Courier

By Emile Hallez Williams

Another wild weekend at Mr. Biggs has resulted in a temporary halt to the entertainment facility’s liquor sales. Meanwhile, the future of the business remains murky in the wake of a liquor-licensing board hearing that left nearly everyone involved scratching their heads.

A Feb. 27 incident at the business prompted another appearance of owner Art Cormier before the county liquor-licensing board. Cormier then signed over his company’s lease at the property March 2, the same day the Sheriff’s Office requested a summary suspension of the liquor license and the same day the new tenant’s company, Littleton Holdings LLC, was formed. Wayne Merritt, one of Cormier’s employees at Mr. Biggs, signed the new lease agreement as the newly formed business’ manager.

“It’s a little confusing just trying to keep track of what the roles of the parties are,” said assistant county attorney Martin McKinney, who advises the liquor-licensing board. “Even people who were at the hearing were confused. … This is just a very unusual situation.”

The Sheriff’s Office issued a handful of citations late Feb. 27 at Mr. Biggs. Two staff members — manager Larry Crook and server Kari Krumrie — were given summonses for allegedly attempting to provide alcohol to a person under 21, a class 2 misdemeanor.

A brawl also took place after a server apparently cut off four intoxicated customers, one of whom punched her in the face.

“One of the males jumped in and punched the waitress in the face for fighting with his girlfriend,” sheriff’s spokesman Mark Techmeyer said. “It’s pretty much a Mr. Biggs type of deal. … They had alcohol at their facility, and crimes were committed.”

All four of the customers — two men and two women — were cited for disorderly conduct, and one was also cited for third-degree assault. One of the customers was also a minor, Techmeyer said.

A request for summary suspension of Mr. Biggs’ liquor license was added March 2 to the board’s March 4 agenda. The building’s lease changed hands on the same day, with the agreement taking effect at 11:59 p.m. March 2. The articles of organization for the new tenant, Littleton Holdings LLC were filed at 2:51 p.m. March 2 with the Colorado secretary of state.

“Mr. Cormier had signed his interest in the lease over to someone else,” McKinney said.

The change in lease kept the board from suspending Mr. Biggs’ liquor license, which is currently held by one of Cormier’s business entities. A proposed stipulation, however, prevents the location from legally selling alcohol until the license is transferred.

“The license was not revoked, and it was not suspended,” McKinney said, noting that a prior stipulation agreed to at the board’s Feb. 18 meeting would have allowed only a 15-day suspension. The prior stipulation also mandated that no alcohol be served at the location after March 20 with the existing liquor license.

“There was a stipulation that was proposed and agreed to … that as of the moment neither Mr. Cormier or anyone under his direction was to be selling alcohol at that location,” McKinney said. “As of yesterday’s hearing, no one should be serving alcohol there.”

A transfer of ownership of the liquor license could change that, however. The county had not yet received an application for the transfer, and if one is filed, public comment may not be considered in the transfer’s approval.

“Normally we encourage people to coordinate any concerns they have with the sheriff,” McKinney said. Public input, such as whether the community has concerns about a new liquor provider in the area, is not allowed unless it pertains specifically to the moral fitness of the new owner. “It does not apply to a transfer,” he said.

Merritt said he is one of the co-owners of a new business at the location and that he will have a managerial role. Though Mr. Biggs continues to be the name of the business, details of the transaction have yet to be seen.

“Mr. Biggs has gone through some difficult times,” Merritt said. “We did not purchase Art Cormier’s company,” he noted, adding there is “no connection, no role,” for Cormier with the new entity.

“I just want to make sure we get back to the family-friendly environment.”

Concerts and club nights will no longer be held at the business, Merritt said, though he will be pursuing a transfer of the existing liquor license.

Cormier made apparent a supposed desire to relinquish his interest in the business, agreeing to a stipulation Feb. 18 that if he or Crook operated the establishment after March 20, the liquor license would have been immediately suspended.

The event came a matter of days after the collection of white horse statues were taken down from the property.

Cormier and Crook were due in county court March 9 on charges related to alleged nudity at a Dec. 18 fashion show at the business. The Sheriff’s Office found about 45 women, some of whom were allegedly topless and having their bodies painted, behind a curtained-off area at the entertainment center.

[From Columbine Courier News, Sports, Entertainment and information for Littleton, Colorado]