Shortage of affordable lots developing
The trend is most pronounced in the inventory of lots with price tags that allow homes to be priced in the low-$200,000s, according to Don Marostica of Loveland Commercial.
His company typically purchases lots under $20,000 in order to sell its homes at prices between $190,000 and $225,000, Marostica said.
Loveland Commercial has about 60 lots left in its possession, and is building between four and six homes per month. In other words, it'll run out of lots in about a year.
Low-priced lots are also becoming harder to find in Fort Collins, Marostica said, though Greeley still has plenty of lots at that price.
Marostica considers the homes his company builds to be "affordable," but worries that it won't be able to continue doing so for much longer, at least not west of Interstate 25.
"(Selling homes at) $300,000 to $400,000 is not what we do," he said. "But maybe that is the new affordable."
In all of Loveland, 820 lots were permit-ready as of Feb. 17, according to the city's tracking reports.
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