Co-Own Company LLC

We have some exciting news! On April 8th, we officially entered a ground lease on the Holly Street property! Raising the funds to tie up the land was no easy task, but we were able to raise the necessary $2.6M in order to get it done.

Since then, we’ve been working on submitting permits with the City of Denver. This can be a time-consuming task, but we have the benefit of working with approved plans for a by-right development. This means that lengthy and contentious rezoning and approval processes are not needed, allowing us to start sooner rather than later. We anticipate permits to be completed in the coming months, with the project finishing construction and ready for owners to move in during 2023. Once we get further along in the process, timelines should become more solidified, and we can begin communicating more concrete dates.

The housing market in the US, and in Denver especially, continues to be highly favorable for missing middle housing. According to a recent New York Times article (https://www.nytimes.com/2022/05/01/upshot/pandemic-housing-market-wealth.html), “economists generally don’t expect [housing] prices to fall. There’s just too much demand for too little housing in America today.”

In a recent Denverite article (https://denverite.com/2022/04/13/denvers-average-house-price-may-hit-1-million-by-memorial-day-says-a-colorado-realtors-group/), the Colorado Association of Realtors projects that “by Memorial Day, the average single-family home price might reach $1 million”, and “for a freestanding home, the average price rose from $810,0914 in February to a staggering $918,850”.

We hope to provide an alternative way for people to get into the housing market and provide a viable alternative to homebuyers that doesn’t have income restrictions or relies on government programs.
#

Check out this new article from the Brookings Institute.

"We are now at a tipping point where our households and our housing inventory have become a round peg struggling to fit in a square hole.

Multigenerational and mixed family households have
become more common, as Americans are increasingly “doubling up” to reduce housing costs.

In predominantly catering to the traditional nuclear family,
the real estate industry is continuing to serve the interests of white
households over Black and brown households, for whom the suburban single-family home is often more a symbol of profound exclusion than something attainable . . . Over 6 million Black and brown millennials would be considered mortgage-ready if there was any attainable product for sale in prime locations."

Modernizing family: America’s demographics are transforming, but our housing supply is not Introduction  Separate and unequal  Modernizing family  Risky (housing) business  The office, reimagined  Retail revolution  The types and distribution of household st…