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Denver Business Journal
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
Denver mayor fills last cabinet role
Denver Mayor Mike Johnston has made his final pick for his cabinet approximately 10 months after his inauguration. <\p> On Thursday, Karin McGowan was announced as his nominee to lead the Denver Department of Public Health & Environment. <\p>
Anheuser-Busch investing millions in its Colorado brewery
Anheuser-Busch InBev (NYSE: BUD) is investing $15.5 million in its large brewery in Fort Collins, the company said Wednesday.<\p> The money will fund upgrading its bottling lines from packed to bulk glass, which the brewer said would allow the facility to streamline production and strengthen its supply chain. The enhanced bottling lines are to be fully operational by summer, A-B said.<\p>
Boulder’s first new hotel opens after 6-year dry spell
A new hotel opened in Boulder on Thursday, something the city hasn’t had since 2018. <\p> Moxy Boulder is located near the University of Colorado Boulder at 1247 Pleasant St. in the University Hill neighborhood. <\p>
Denver tech unicorn lays off hundreds
Denver tech unicorn Guild is making a major reduction in its workforce for the second time in less than a year. <\p> The upskilling company, which recently reported having 1,200 employees, on Wednesday confirmed a cut of 25%, or approximately 300 people, to the Denver Business Journal.<\p>
Denver-area office building sells at major discount
An office building in Greenwood Village has traded hands for half of what it sold for in 2018.<\p> HRE Quebec LLC sold the three-story office building at 5600 S. Quebec St. in Greenwood Village to 5600 S Quebec LLC for $9 million. <\p>
Buyers line up to bid on Denver's best-known bookstore
Several buyers are positioning themselves to become the new owners of Denver's best-known bookstore.<\p> At least eight potential buyers have filed paperwork stating their interest in buying the historic Tattered Cover bookstores, owned and operated by Bended Page, LLC. The interested parties have signed nondisclosure agreements and remain anonymous, according to a May 20 filing with U.S. Bankruptcy Court for the District of Colorado.<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
Hundreds of flights delayed at DIA
More than 700 flights were delayed at Denver International Airport on Tuesday as storms passed through the metro area.<\p> The Federal Aviation Administration reported that DIA was on a ground delay, with an average delay of 51 minutes due to thunderstorms.<\p>
Colorado's dental industry aims to fill its labor gap
Alyssa Aberle saw the writing on the wall for Colorado's dental profession decades ago.<\p> Aberle, now executive director for the Colorado Dental Hygienists’ Association, is a graduate of the University of Colorado's dental hygiene program — a program that today no longer exists. The end of the program further crunched an already limited number of opportunities open to prospective hygienists in Colorado.<\p>
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