ADUs now allowed in Englewood
The City of Englewood just passed a new ordinance allowing for auxiliary dwelling units (ADUs) to be built on lots that meet certain criteria. This will give homeowners the flexibility to add a cottage in the back yard in order to house their adult children, aging parent (or Airbnb guest, wink wink). The City of Arvada already passed a similar ordinance in 2007. It costs about $95k-150k to build an ADU, so run your numbers carefully and factor in a long timeline if you decide to build.
Recession is coming….some day
This time of year, economists do their best to predict what to expect given the data available. I attended an update for Realtors last week where 4 economist spoke about the current strength of the market, and the uncertainty of the future. Consumer confidence is high, people are taking cruises, going to Las Vegas and buying RVs. However, as the positive impact of last year’s tax reform becomes the “new normal”, GDP is expected to fall to a normal 2%. Some economists predict a recession in 1-3 years because that is usually what happens after a period of growth. Yet, no one really knows how soon it will be. The one thing they do agree on is that this looming recession will likely be mild and that a strong period of growth will follow.
QUOTE OF THE WEEK
“A study of economics usually reveals that the best time to buy anything is last year.“
See you soon,