|
Colorado - Wed. 11/19/25 |
A Free Business Publication from Alpine Bank
|
|
View in Browser
|
|
|
| |
DENVER HOME VALUES DROP 10% FROM PEAK AS 9 IN 10 LOSE EQUITY
|
| |
|
|
| |
|
Metro Denver leads the nation in the share of homes that lost value over the past year, with 91 percent down compared to 53 percent nationally, according to Zillow. Prices peaked in June 2022 at $592,969 and now average $530,699, a decline of $62,270 or 10.5 percent. Nearly all homeowners have seen equity losses, though the average drop matches the U.S. trend. Austin and Phoenix follow with 89.5 percent and 86.9 percent of homes down in value. First-time buyers who purchased near the peak face the greatest risk, especially with small down payments. About 6.3 percent of Denver homes are listed below prior sales prices, higher than the 3.4 percent national rate. Despite paper losses, Zillow’s chief economist predicts most owners will eventually see profits when they sell.
|
| |
|
|
|
| |
HOME DEPOT, LOWE’S EXPECT MODEST SALES GAINS AMID TARIFFS & ECONOMIC UNCERTAINTY
|
| |
|
|
| |
|
Home Depot and Lowe’s are projected to post small increases in comparable sales this week, signaling cautious optimism for the home improvement sector after months of subdued demand. Analysts expect Home Depot’s third-quarter sales to rise 1.5 percent, compared with a 1.3 percent decline last year, while Lowe’s is forecast to gain 1 percent after a 1.1 percent drop. Both chains face higher raw material costs from tariffs, though a temporary pause on China duties may offer relief. The Federal Reserve’s recent rate cuts have boosted hopes for consumer spending, but broader economic uncertainty continues to weigh on larger renovation projects. To offset weaker do-it-yourself demand, both retailers have expanded acquisitions targeting professional contractors. Over the past year, Lowe’s stock fell 16 percent, and Home Depot declined 11 percent, even as the S&P 500 rose 15 percent.
|
| |
|
|
|
| |
COLORADO’S POPULATION FORECAST CUT AS INTERNATIONAL MIGRATION DECLINES
|
| |
|
|
| |
|
Colorado’s population growth has slowed sharply this decade, with state demographers now predicting 120,000 fewer residents by 2029 and 200,000 fewer by 2050 than earlier forecasts. International migration, which accounted for 57 percent of gains last year, is dropping after a surge from countries in turmoil such as Venezuela, Afghanistan, and Ukraine. Metro Denver absorbed more than 50,000 migrants between 2023 and early 2025, but recent declines have shifted projections. The crossover point when deaths exceed births has been moved up to 2048. Without net migration, many counties would see population decline, and housing, schools, and workforce planning will be affected. Economists warn slower inflows could limit labor force growth and housing demand, though tighter markets may boost wages.
|
| |
|
|
|
| |
KLIMT PAINTING SELLS FOR RECORD $236.4 MILLION AT SOTHEBY’S
|
| |
|
|
| |
|
Gustav Klimt’s 1914–1916 “Portrait of Elisabeth Lederer” sold for $236.4 million at Sotheby’s first auction in its new Breuer building headquarters, setting a record as the most expensive modern artwork ever auctioned and the second highest overall after Leonardo da Vinci’s “Salvator Mundi.” The painting, once owned by cosmetics executive Leonard Lauder, drew a 20-minute bidding war among at least six buyers before a telephone bidder prevailed. Sotheby’s had estimated $150 million but exceeded expectations, with Lauder’s estate contributing 24 works that totaled $528 million. The sale also included Jean-Michel Basquiat’s “Crowns (Peso Neto)” at $48.4 million and Maurizio Cattelan’s solid-gold toilet sculpture “America” at $12.1 million. The auction underscored renewed strength in the art market after three sluggish years, with collectors eager for museum-quality works from pedigreed estates.
|
| |
|
|
|
| |
COLORADO BUSINESS LEADERS FORM AEROSPACE & DEFENSE ALLIANCE AFTER SPACE COMMAND LOSS
|
| |
|
|
| |
|
The Colorado Chamber Foundation has launched the Aerospace & Defense Alliance to strengthen the state’s position in national defense and aerospace following the decision to move U.S. Space Command to Alabama. Colorado’s aerospace industry is the nation’s second largest, employing 55,000 directly and another 184,000 indirectly, with nearly $23 billion in federal contracts awarded from July 2023 to June 2024. Leaders say losing Space Command was a red flag, prompting the coalition to advocate more aggressively in Washington, D.C. The alliance, part of the chamber’s “Vision 2033” plan, will work with economists on a comprehensive industry analysis and ensure companies stay and grow in Colorado. It will be led by Christie Lee of United Launch Alliance and Chad Vorthmann of Lockheed Martin Space.
|
| |
|
|
|
| |
INDEPENDENCE PASS CLOSES FOR SEASON AFTER NOVEMBER STORM
|
| |
|
|
| |
|
The Colorado Dept. of Transportation confirmed Independence Pass will remain closed for the season after a safety closure on Nov. 15 was converted to a seasonal closure on Nov. 17. Officials cited several inches of snow accumulation near Lincoln Creek Road and forecasts of additional snowfall and wind as reasons for ending travel. The closure, marked by signage just beyond the Lincoln Creek turnoff, adds hours to drivers’ trips but is necessary to protect public safety and CDOT crews. OpenSnow reported 5 inches of snow early this week, with another 4 inches expected in the coming days. The latest closure date in the past decade was Nov. 17, 2017, making this year’s Nov. 17 shutdown tied for the latest. CDOT emphasized keeping the pass open as long as conditions allow but closing when winter weather dictates.
|
| |
|
|
|
| |
MARCH LEASE SALE COULD OPEN DOOR TO DRILLING HUNDREDS OF WELLS IN REGION
|
| |
|
|
| |
|
The Bureau of Land Management is proposing to offer 103 oil and gas parcels covering 72,848 acres in Colorado during a March lease sale, including nearly 25,900 acres in Garfield County, 6,400 acres in Mesa County, and 7,321 acres in Rio Blanco County. A draft environmental assessment outlines potential development of hundreds of wells: 108–144 in Mesa, 126–168 in Garfield, and 88–104 in Rio Blanco. Smaller parcels in Delta and Gunnison counties could see 10 to 25 wells. Leasing does not authorize drilling, which requires further review, but conservation groups argue existing leases are underutilized. Public comments on the proposal are open until Dec. 12. The BLM also plans a Dec. 9 sale of 51,000 acres in northwest Colorado.
|
| |
|
|
|
| |
HOSPITAL OPENS NEW MEDICAL ONCOLOGY & INFUSION CENTER IN MONTROSE
|
| |
|
|
| |
|
Montrose Regional Health has expanded cancer care by opening the San Juan Cancer Center Medical Oncology Francie Smiles Infusion Center at 816 S. Fifth St., adding 7,500 square feet and increasing capacity to 15 infusion chairs from 10, with four oncologists instead of three, plus a nurse practitioner, onsite lab, and more exam rooms. The move from the main cancer center allows radiation oncology to remain at its original site while medical oncology gains space in the former Cedar Point Health building. The $1 million remodel was supported by $500,000 from the Montrose Regional Health Foundation. Leaders emphasized faster access, aiming to see patients within a week rather than six to seven weeks, and noted the center honors Francie Smiles, a breast cancer advocate. Officials said the expansion is a major step but anticipate future growth needs.
|
| |
|
|
|
| |
ALPACKA RAFT EXPANDS MANCOS FACTORY WITH MADE-TO-ORDER BOATS
|
| |
|
|
| |
|
Alpacka Raft’s 20,000-square-foot factory in Mancos is producing custom packable boats that have tripled output since relocating from Alaska in 2017. Founded by Sheri Tingey in 2000, the company now employs 45 people and offers 11 raft models in 130 variations. Production begins with a computerized cutting machine, followed by radio-frequency welding, sewing, seam sealing, and overnight inflation tests, taking about two weeks per boat. Workers contribute design insights, and specialized seam taping is considered among the most advanced globally. Prices range from $750 to $2,400, with new flat-water boats and sea kayaks planned for next year. CEO Thor Tingey emphasizes domestic manufacturing, noting all materials are U.S.-made and unaffected by tariffs, while copycat competitors abroad face higher costs. The factory spans nearly a block downtown, with solar power and murals celebrating paddlers worldwide.
|
| |
|
|
|
| |
LA PLATA COUNTY APPROVES 100-HOME PLAN AT PURGATORY RESORT
|
| |
|
|
| |
|
La Plata County commissioners have approved the conceptual plan for Grayrock Village, a 34.6-acre residential project at Purgatory Resort north of Durango. The development, proposed by Purgatory Village Holdings, includes 66 single-family homes and 34 multi-family units, to be built in four phases. County staff flagged issues requiring further review, including impacts to wetlands, wildlife habitat, and steep slopes, which will need permits from the U.S. Army Corps of Engineers and mitigation measures. The Colorado Dept. of Transportation must also grant an access permit for Skier Place. Emergency service needs, hydrant locations, and water flow capacities will be refined later. Utilities will be provided by the Purgatory Metropolitan District, with formal capacity confirmation due at the preliminary plan stage. No public comments have been submitted, and detailed engineering will follow in subsequent applications.
|
| |
|
|
|
| |
AMAZON TO BUILD 40,000-SQUARE-FOOT WAREHOUSE IN HAYDEN
|
| |
|
|
| |
|
Amazon plans a new 40,000 square foot warehouse and distribution “micro-center” at the Northwest Colorado Business Park near Yampa Valley Regional Airport. Town Manager Mathew Mendisco confirmed the project, called “Project Elkhead,” was approved by the Hayden Planning Commission and will serve Craig, Baggs, southwest Wyoming, and Steamboat Springs. Developer Bucknell Industrial is addressing minor concerns before applying for a Routt County building permit, with groundbreaking expected in 2026 and completion by early 2027. The facility will include a 4,450-square-foot van canopy with 13 loading spaces, parking for 55 vans, seven truck doors, three trailer spaces, and 123 employee parking spots. Mendisco said the project will anchor the business park, boost jobs, aid Hayden’s coal transition, and improve regional delivery times.
|
| |
|
|
|
| |
COLORADO TRANSPORTATION OFFICIALS LAUNCH NEW I-70 LANDING PAGE AS ‘ONE-STOP SHOP’ FOR DRIVERS
|
| |
|
|
| |
|
The Colorado Dept. of Transportation has introduced a new landing page to help drivers plan trips along the Interstate 70 mountain corridor, where high elevation and extreme weather make travel challenging. The site, available at CODOT.gov/travel/i70mountain, consolidates information on road conditions, closures, traction laws, winter safety, tunnel metering, and public transit options. It links directly to COTrip.org, Colorado’s official real-time traffic platform, with the corridor preselected to show incidents, construction, and snowplow locations. Users can customize alerts, save favorite routes, and access traffic cameras. Officials emphasize preparing for closures with blankets, food, and water, noting that other mapping services may not provide accurate detour information. The page is designed as a comprehensive resource for winter travel, ensuring drivers stay informed and safe.
|
| |
|
|
|
| |
FIVE COLORADO RESTAURANTS MAKE OPENTABLE’S TOP 100 IN THE U.S.
|
| |
|
|
| |
OpenTable’s 2025 list of the nation’s top 100 restaurants features five Colorado destinations, highlighting the state’s growing reputation for fine dining. Four are in Denver and one in Vail, representing Mexican, Japanese, and steakhouse cuisine.
Colorado restaurants include:
- Alma Fonda Fina (Denver)
- Alteño (Denver)
- Guard and Grace (Denver)
- Kizaki (Denver)
- Matsuhisa Vail (Vail)
Alma Fonda Fina and Alteño showcase elevated Mexican fare from chef Johnny Curiel, while Kizaki offers an omakase counter experience. Guard and Grace, a downtown steakhouse, and Matsuhisa Vail, owned by Nobu Matsuhisa, bring acclaimed Japanese and fusion menus. The Michelin Guide has recognized Alma Fonda Fina and Kizaki with stars, while Alteño and Guard and Grace earned recommendations. Alma Fonda Fina was also a James Beard finalist for best new restaurant this year.
|
| |
|
|
|
|
|
|
| |
|
MARKET UPDATE - 11/18/2025 Close
|
| |
|
(Courtesy of Alpine Bank Wealth Management*)
|
| |
|
Canadian dollar (per U.S. dollar)
|
| |
|
|
|
|
Mexican peso (per U.S. dollar)
|
| |
|
|
|
|
30-year fixed mortgage rate (Freddie Mac 11/13/2025)
|
| |
|
|
|
|
|
*Not FDIC insured. May lose value. Not guaranteed by the bank.
|
| |
|
| |
Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
|
| |
|
|
| |
| Make changes to your subscription or unsubscribe here. |
| © 2025 Alpine Bank. |
| |
|
|
