The real estate market looks very different these days, a place where fewer brokers seem to be sticking around and big, posh developments go bust. The Colorado Division of Real Estate inactivated 4,560 mortgage-broker licenses—more than half the licenses in the state—because brokers didn’t keep up with their licensing paperwork (via the Denver Business Journal). It’s unclear how many of those brokers remain active, but some may have simply left the business as the economy struggles.

Meanwhile, a major indicator that the real estate market is shaky comes as Everest Holdings, the entity that owns The Landmark and The Meridian condo towers as well as The Village Shops in ritzy Greenwood Village, has filed for Chapter 11 bankruptcy protection, according to INDenverTimes.

“We regret that certain challenges, including financing issues with the project’s senior lender, Hypo Real Estate Capital Corporation, combined with the local and national slowdown of residential home sales, and the inability of our buyers to sell their existing homes and obtain financing for their new homes here at Landmark, have unfortunately impacted our cash flow and made reorganization our only option,” says Zack Davidson, president and chief executive officer of Everest Development Company, the developer of The Landmark.

The company owes $93.8 million to Hypo for a $182 million construction loan, writes the Business Journal.

Posted 9/1/2009 at 12:15 pm by Michael de Yoanna
Economy, Panorama, Real Estate :: Permalink :: Comments

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