Timnath takes prize for pricey new properties

By Dan MacArthur
Fossil Creek Current

The number of permits issued for single-family homes in Timnath increased more than four-fold in 2007, and the average construction value was almost double that of a Fort Collins home.

The town last year issued 89 permits for single-family homes with a construction value of $35.9 million, or an average of more than $403,000.

That average, explained Timnath Town Manager Becky Davidson, was boosted in large part by the million-dollar homes built in the exclusive Harmony subdivision.

"We've been very pleased about the number of homes being built," she said. "We did very well. That's a nice average number."

Meanwhile the number of single-family building permits issued in Fort Collins plummeted to the lowest level in 30 years.

In 2007, the city issued 363 single-family housing permits with an estimated total construction cost of just over $79.4 million, or an average of almost $219,000. In each case estimates represent construction costs only and do not include the value of land and infrastructure.

In addition to the usual suspect of a weak housing market, Fort Collins Neighborhood and Building Services Director Felix Lee attributed the decline in part to the city's more mature market.

"We're seeing a shift from the '90s and early 2000s," he said. "We're not seeing that big-tract development."

Instead, Lee said, the city is seeing more infill and denser development, such as the mixed-use projects comprised of lofts, offices and retail particularly along the Poudre River just north of his office. "I've seen the transformation looking out my window," he said.

Wellington issued 65 permits valued at almost $13 million, or an average of nearly $200,000. Town Administrator Larry Lorentzen said that average was about $20,000 greater than the previous year because developers are building larger homes in the newer subdivisions.

Wellington permits peaked in 2004 at 296.