Homes slated for Aspen-area ranch
An Aspen developer wants to place a handful of luxury homes on part of one of Pitkin County’s remaining cattle ranches. Tom Waldeck touted his plan before 40 members of the Emma Caucus, saying his plan to redevelop two existing homes and scatter five more on the sprawling ranch was better than the alternative of suburban-style developments. Pat and Bill Fender have been on the ranch for 45 years and for the past seven years had their 1,167-acre ranch for sale for $10.5 million. Waldeck has an option to buy 567 of those acres.
Fenders will stay on it, somebody else will come along,” Waldeck said, suggesting his plan was to preserve irrigated pastures and much of the feel of the land. Some residents expressed concern.
“I hate to say it, but I think we might have the wrong buyer,” said grocer Tom Clark, a longtime resident.
Betting on project
In a powerful reminder that big-name architects have become big business, the casino operator MGM Mirage has enlisted a celebrity roster – Rafael Vinoly, Norman Foster, James KM Cheng, Cesar Pelli, Kohn Pedersen Fox Associates – to design various parts of a $5 billion, 66-acre development in the heart of Las Vegas. Called Project CityCenter, the complex of hotels, casinos, retail and residential space is to be built by November 2009 on a site between the Monte Carlo and Bellagio hotels on the city’s famous strip. The project will be 18 million square feet.
All units sold in Thornton project
Cardinal Communications Inc., a provider of voice, video and high-speed broadband communications services, said its Sovereign Homes division has completed and sold all 216 units in its Heritage Condominium development in Thornton. The company says the project has served as a showcase for delivering high-quality, affordable housing along with state- of-the-art voice, video and data services delivered by its Cardinal Broadband division. The project is said to be the first major development in Thornton to offer high-quality patio homes and condos with attached garages and a full suite of communications services as preconfigured options.
30-year mortgage rates rise slightly nationwide
National rates on 30-year mortgages rose for the first time in five weeks as investors awaited word from last week’s meeting of the Federal Reserve on the future direction of mortgage rates. Mortgage giant Freddie Mac reported Thursday that the nationwide average for rates on 30-year, fixed-rate mortgages rose slightly last week to 5.74 percent, up from 5.71 percent the week before. Below are average mortgage rates in Denver, Adams and Arapahoe counties as of Thursday and the previous 52 weeks. The one-year Treasury bill average reported by the Federal Reserve Bank is 3.76 percent. The Cost of Funds Index for July from the Federal Home Loan Bank (11th District) was 2.757 percent.
