Colorado ranks number 11 in terms of the highest foreclosure activity among U.S. states as of October, which is good news—it’s the first time since March that the state wasn’t in the top 10, according to the Northern Colorado Business Report. Foreclosures may be down, but that doesn’t mean the housing carnage is over. Even the poshest residences can fall, as is the case with the condos at the Ritz-Carlton downtown.

A redevelopment team led by Charlie Biederman oversaw the $75 million upgrade and grand opening of the luxury condos last year, but only one of the 25 units on the 15th to 19th floors of the hotel at 1881 Curtis St. sold—and that includes in the three years of pre-sales, reports The Denver Post, which notes the property’s Forza Fitness & Performance gym is also in foreclosure. Biederman declines to comment, as the lender, Goldman Sachs, takes the property in an attempt to reposition the condominiums.

Meanwhile, the general contractor and 26 subcontractors who are owed more than $2.3 million for work on the bankrupt Landmark and Meridian condo towers in Greenwood Village are fighting to be paid in court, according to INDenverTimes. And in another ritzy development scandal, Westword reports on the felony charges facing the developer of One Lincoln Place.

It seems downsizing is the trend in housing now—goodbye 4,700-square-feet of living space, private theaters, and super-size foyers, writes The Wall Street Journal.

Posted 11/13/2009 at 1:00 pm by Michael de Yoanna
Business, Economy, Panorama, Real Estate :: Permalink :: Comments

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