Greyhound Track in Commerce City Set for Redevelopment; Contract Signings for Homes Slide in July
- Sep 08, 2011
Commerce City residents haven’t had a day at the greyhound track since 2008, and it looks like they won’t be having one soon. The track is located in the heart of the city and would prove an exceptional location for a redevelopment project. The Mayor has acknowledged its potential value and now wheels have been put in motion for the start of an ample redevelopment process, The Denver Post reports.
The Mile High Greyhound Park sits on a prime 65-acre parcel near 62nd Avenue and Dahlia Street which through redevelopment would complete an area currently made up of residential and retail properties. The parcel was bought by the city for $3.3 million on August 2, and the process will include the active participation of the local community. There will be six public meetings discussing viable possibilities for the redo on the soon to be ex-greyhound track.
In other real estate news, Denver’s housing market hasn’t been doing very well, a National Association of Realtors index confirms. The number of signed contracts for home deals fell by 1.3 percent in July. This decrease brings the index reading to 89.7 with 100 being the number considered healthy. The Post reports that the last time that number was recorded was in April 2010—this was also the last month buyers could qualify for a federal tax credit.
According to NAR, a large number of deals fall through after appraisal results show a large discrepancy between the actual value and the total bid. And, since a home sale only becomes final after the closing of the mortgage, a large number of potential homebuyers opted to exit the deals. Another factor for the decrease is the set of rules lenders now impose for larger home loans. Banks now require 20 percent down payments and strong FICO credit scores to qualify for loans.