Condos, Townhome Construction Activity Strong

DENVER-Developers pulled 1,504 building permits for condominiums, townhomes and duplexes in the first five months of the year, shows the latest report by the Home Builders Association of Metropolitan Denver. The category, which the HBA classifies as “attached” is the strongest of the three categories it tracks.

The HBA also tracks detached, single-family homes and apartment building permit activity. Building permits measures future building activity.

The attached category rose by 10.42% from the same period a year ago, the only of the three categories to show an improvement.

The city and county of Denver, which includes LoDo activity as well as Stapleton, had the lion’s share of the permits, with 461. However, that was down from the 656 it posted during the same period a year ago.

Mike Rinner of the Genesis Group, which tracks housing in the Denver area, says that for the most part, condominiums and townhomes provide a less expensive alternative to buyers than single-family homes.

“Builders and developers know they can sell the lower-priced units to first-time buyers, many of whom were apartment renters,” Rinner tells GlobeSt.com.