The country’s urban centers are increasing in population and leading the way to housing recovery, said Cisneros, former secretary of the U.S. Department of Housing and Urban Development under President Bill Clinton and now executive chairman of CityView, an institutional investment firm focused on urban real estate, in-city housing and metropolitan infrastructure.

Former HUD Secretary Henry Cisneros, shown in 2005, now works for an investment firm focused on urban real estate. (Associated Press file photo )

“I see Denver as the prototype of the new urban setting we’re expecting to spread across the country,” said Cisneros, who was in Denver on Tuesday. “Denver is in a class of cities that’s setting the pace of new urbanism.”

Cisneros said one reason for plummeting sales is the expiration of the federal first-time-buyer tax credit that pushed people to buy homes sooner than they otherwise would have.

“Now we have to keep interest rates low so families are encouraged,” he said. “We can’t see economic recovery without housing recovery.”

To bolster the housing market, it’s critical to keep families in their homes so the stock of foreclosed properties does not increase, Cisneros said. Selling homes that already have been foreclosed on before they fall into disrepair is crucial to keeping values in hard-hit neighborhoods up and homebuilders working.

“The truth is, builders are sitting on the sidelines because foreclosed homes out there are 60 cents on the dollar competing with newly built homes,” Cisneros said.

And while mortgage giants Fannie Mae and Freddie Mac have been widely criticized for the role they played in the collapse of the housing market, Cisneros said the 30-year mortgages they provide are the “bedrock of the middle-class family.”

“Those who would abolish Fannie and Freddie need to understand that we still have to have that function performed,” he said. “Every time we’ve allowed the private sector to do it, prices go up. They (Fannie and Freddie) have to be there for the basics. Take them out of the mix, and we play havoc with the American housing market.”

The fate of Freddie Mac and Fannie Mae were the focus of last week’s housing summit, where Treasury Secretary Timothy Geithner said the government-sponsored entities need an overhaul.

Fannie and Freddie were bailed out by taxpayers in 2008 after suffering massive losses as the housing market plummeted.

Margaret Jackson: 303-954-1473 or mjackson@denverpost.com

Colorado’s housing market will continue to face challenges, but the worst appears to be over, according to national housing expert Henry Cisneros, a former Cabinet secretary who was in Denver on Tuesday.

“I think the bleeding has stopped in Colorado,” Cisneros said of the state’s housing market. “There are no huge drops in price here, no large inventories.”

Cisneros, former secretary of the U.S. Department of Housing and Urban Development under President Bill Clinton and now executive chairman of CityView, was in Denver discussing the U.S. Treasury Department’s recent Housing Finance Summit. Cisneros also is an advocate for equal opportunity in homeownership.

CityView, a real estate investment company based in Los Angeles, is an investor in The Peloton condo project in Boulder.

A major top of discussion at the summit was the fate of Freddie Mac (OTCBB: FMCKN.OB) and Fannie Mae (OTCBB: FNMA.OB), two government-sponsored enterprises that buy mortgages on the secondary market, pool them and sell them as mortgage-backed securities to investors. The entities have been partly blamed for the recent U.S. housing crisis, and were taken over by U.S. regulators in the fall of 2008, as high loan delinquencies and property foreclosures brought them close to collapse.

U.S. lawmakers have been considering what to do about Freddie and Fannie, including possibly disbanding the entities, splitting them into separate pieces or replacing them with a new entity.

“I think it’s playing with fire to abolish Freddie and Fannie,” Cisneros said. “I think there will be a restructuring of them, but I don’t know what it will look like yet.”

Cisneros explained that, despite their recent problems, Fannie and Freddie contribute greatly to many Americans’ ability to buy a home. If what they do were fully privatized, mortgage costs likely would go up.

“Freddie and Fannie are essential to the homeownership process,” he said.

Cisneros believes Colorado’s housing market, particularly in Denver and the rest of the Front Range area, is coming out of its doldrums because this area’s housing market started having trouble earlier than other areas. What’s more, as economic development experts also have said, the state’s relatively strong economy — based in part on future growth industries such as technology, bioscience, sustainable energy, etc., and which attract workers from other states — is helping its housing market.

“Colorado has the kind of economy that can come back … and Denver is a prototype for smart growth — sustainable, denser building,” said Cisneros, whose father grew up in Brighton.

CitiView, started in 2000 by Cisneros, has generated more than $2 billion in urban investment in 45 U.S. markets, according to the company.

CityView’s $150 million, 390-unit Peloton project is on Arapahoe Avenue at 33rd Street in Boulder. Its 191-unit first phase has sold more than 70 units for $23 million total, since dropping prices in mid-2009. Remaining units are priced at about $250,000 to the low $500,000s.

pmoore@bizjournals.com | 303-803-9232

Pilates Junction, 3601 Arapahoe Ave., Boulder, 303-374-4581, pilatesjunctionboulder.com

Instructor: Jodi Woodruff, 47, of Boulder, has been teaching Pilates for 13 years. She opened the Pilates Junction almost two years ago. Woodruff studied dance at the University of Colorado and has run Pilates teacher-training workshops.

She teaches classical Pilates, just a few generations down from the founder of Pilates.

“My goal is not to dilute it down, to stay true to the form and not deviate because the form works,” she says.

I would soon find out how well it works.

Martina Mason, foreground, and Christine Wilson work out under the direction of Jodi Woodruff during a Pilates circuit class at Pilates Junction in The Peloton. ( MARTY CAIVANO )

What is the workout? The circuit class utilizes two to three different pieces of equipment, giving students an opportunity to work out their whole bodies on various apparatuses. This allows for deep penetration of muscles.

A circuit is more aerobic than other kinds of Pilates classes, because Woodruff coordinates all moves into a constantly challenging flow.

What does it cost? A one-time drop-in is $25.

Who does it? My class was three people, but class could hold six participants.

When: The 55-minute class is at noon on Monday, 8 a.m. Thursday and 7:30 a.m. Saturday.

Level: The circuits class is offered on three levels, beginner, intermediate and advanced. Woodruff said the class I took was intermediate. I can only dream of being tough enough to take the advanced class. This was probably the most challenging Pilates class I’ve taken — at least an eight on a 10-point scale. It’s worth noting I am still recovering from a complicated pregnancy, so my core — the cornerstone of this class — was pushed hard.

“I have a way of getting in there, really making sure people are working truly, honestly from their core, so they do walk away and say, ‘I felt that. I seriously felt that,’” Woodruff says. “But you shouldn’t be in bed for three days after.”

She says the class should be appropriate for a healthy person new to Pilates with no big body challenges.

Newbies: I would recommend trying the beginner’s class first.

Format: Pilates follows a standard sequence of exercises, and Woodruff organizes the class by piecing together various sequences on the different pieces of equipment.

My class moved from the reformer to the low chair. Class followed a warm up, peak and cool down, all using different Pilates moves. We started with footwork, lengthening and breathing. Once we were warm, the real challenge hit.

Equipment: My class included the Pilates reformer and the low chair. Other classes might include the tower system or mat.

What to wear: Comfortable clothes (but avoid short shorts), no shoes.

Muscles worked: Full body, with an emphasis on the right alignment of the core.

One new move: The low chair upside down push-up. (That’s a mouthful.) With your feet on the pedal of the low chair, place hands on the seat, grabbing the edges of the chair. Now the task is to get the pedal to move up into a sort of headstand, with your abs suspended in the air while the head drops toward the floor. You have to shift your weight and use your breath to do it. It took me a few experimental attempts before I could get the pedal to move.

What’s different: Woodruff’s class has a strong emphasis on how breath connects with movements. The intimate circuit class is faster paced than other Pilates classes I have done and highly effective. Every move, every breath, was precise and intentional.

What I loved: You can tell Pilates is Woodruff’s passion. Every sentence she spoke with conviction; she never lost focus or control of the class, not even for a blink. Very rarely do you meet people who you know are fully present while they interact with you like this, and that translated into one of the highest quality strength-training experiences of my life. Woodruff knows what she is doing. She is patient, as a teacher, but no softie.

What I didn’t like: I was so sweaty. It was disgusting. I felt sorry for Woodruff when she had to touch me. She probably needed a decontamination tent after I left.

Inspiration for class: Woodruff wanted to create a 55-minute session exploring all of the equipment and tying it together in a complimentary way.

How I felt after the class: Uh oh. I knew I was going to be sore.

How I felt later: I think this might be a record-breaking deepest full-body soreness in history, especially in my stomach and obliques. No, I wasn’t stuck in bed. But I honestly felt the effects for a week.

If I could afford it, I would do this class once a week. I think it’d be the quickest way to reclaim my pre-baby body.

– Reported by Aimee Heckel.

Check out workout.pmpblogs.com to browse more of our featured workouts.

By Margaret Jackson
The Denver Post
Posted: 07/30/2010 01:00:00 AM MDT

The Peloton condominium project in Boulder is seeing success that many developments haven’t enjoyed over the past year, grossing almost $23.5 million in sales.

Of the 744 condos sold in Boulder over the past year, 70 of them were in the Peloton’s 190-unit first phase, including 41 in 2010.

Peloton resident John Wilkins works out at the development’s gym. Seventy units have sold in the past year at the Peloton, where prices range from $249,900 to $539,900.(Photos by Helen H. Richardson, The Denver Post)

Cindy Gonzales, director of marketing for the Peloton, chalks up the project’s success to price.

“We’re not located downtown, but we have the right price point for people who want urban living,” Gonzales said.

Prices range from $249,900 for a loft to $539,900 for a two-bedroom unit with a den.

Located on Arapahoe Avenue between 33rd and 38th streets, the Peloton is within walking distance of the 29th Street entertainment district and just minutes from the University of Colorado campus and Pearl Street.

Tom and Bonnie Geier sold their 3,200-square-foot home in Boulder and moved into a two-bedroom unit at the Peloton about two years ago.

Tom and Bonnie Geier like living in the Peloton condo development in Boulder after downsizing from a 3,200-square-foot home. The condos are close to hiking/biking paths, the 29th Street entertainment district and the University of Colorado campus.

“We were looking for a different kind of environment than a home with a yard,” Tom Geier said. “We’re both retired, and we didn’t need four bedrooms and four baths and an unfinished basement. We’re both very active. My wife likes to run, and I like to bike, and we’re close to the paths.”

Gonzales said she expects the first phase to sell out by next spring, and then construction of another 190 units will begin.

Boulder’s condo market has fared better over the past year than its single-family homes. In June, 24 condos sold in Boulder, a 20 percent increase from the same month a year ago, according to an analysis of Metrolist data by independent real-estate consultant Gary Bauer.

The average price for a condo in Boulder rose 7 percent to $249,245 in June from $232,884 in June 2009.

And while the number of single-family homes sold in June rose 10.5 percent to 21 last month, the average sales price dropped 35 percent to $556,637.

Still, there are several factors that set up the Boulder market for a quick recovery, Bauer said.

“Boulder was the first entity where they had controlled growth,” he said. “They limited the number of new residents and major modifications. And Boulder is the place to be. If you want to be at the ‘in’ spot, it’s Boulder.”

Margaret Jackson: 303-954-1473 or mjackson@denverpost.com

It’s The Peloton, located between 33rd and 38th streets on Arapahoe Avenue.

The Peloton has had 70 sales in the past year and 41 sales in 2010 alone.

POOL WITH A VIEW — The Peloton offers Boulder’s only heated rooftop swimming pool, which includes wonderful views of the Flatirons.

The Peloton is the spot for outdoor enthusiasts, athletes, tech savvy entrepreneurs, successful business professionals and world travelers. The growing community draws a full range of homebuyers looking for an active, affordable and maintenance-free lifestyle. Available lofts and two-bedroom homes start as low as $249,900. Eligible buyers can purchase with just 3.5 percent down through FHA financing.

The Peloton has been a shining gem in the Boulder/Denver real estate market, despite lackluster sales elsewhere. Since July 2009, the community has averaged 5.8 sales per month, grossing almost $23.5 million in closings this past year.

According to Peloton homeowners, the benefits of community living are what set it apart from the competition. Offering the total package, from an ideal location to unmatched amenities, The Peloton attracts buyers not only looking for a home, but a new urban lifestyle.

Central location

The community’s central location places homeowners just blocks from some of Boulder’s most popular shopping, dining and recreation spots. The Peloton is within walking distance of the 29th Street Entertainment district, just minutes from the University of Colorado Main Campus and Pearl Street, and a short drive to the beautiful Flatirons.

Those who wish not to drive everywhere they go will be glad to know the RTD bus system and an interconnected bike path system also allow for effortless travel around Boulder, Denver and the surrounding mountain communities. Homeowners also receive a free EcoPass in their HOA, which provides unlimited usage of RTD services.

Homes at The Peloton offer spacious bedrooms, luxurious bathrooms, walk-in closets, and in many cases additional amenities like fireplaces and storage closets. Every floor plan includes a patio or balcony with many having spectacular views of the mountains.

Perks

One of the greatest perks of community living is access to abundant space beyond the four walls of a home. Homeowners can work, dine, play, exercise and socialize within steps of their front door thanks to The Peloton’s expansive common areas and retail plaza. The 22,000 square-foot Community Center includes a 6,000-square-foot fitness club, a private 22-seat movie theater with stadium seating, Great Room and, to top it off, Boulder’s only heated rooftop swimming pool and hot tubs surrounded by views of the Flatirons.

With interest rates at historic lows, now is a great time to buy at The Peloton. Buyers looking for a home to fit their active lifestyle and health-conscious habits should act now while homes are still available.

For a limited time only, The Peloton is offering a Summer Stimulus Sales Spectacular, valued at $10,000 for Loft+ homes and $20,000 for two-bedroom homes. The package will be awarded to the next 12 homes that close escrow by Sept. 15.

For a personal tour, call 303-457-5230. Or, stop by the sales center at 3601 Arapahoe Ave., Ste. 177, in Boulder, open every day except Wednesday from 11 a.m. to 5 p.m. More information about the community, lifestyle and homes can be found online at www.thepeloton.com.

Kelly Whitaker

The beds were a local effort; Whitaker worked with a group called Colorado Backyard Farms, which specializes in building urban gardens in small spaces. For the produce, the chef turned to Abbondanza Farms to provide the seeds for the project.

Whitaker says the garden won’t provide much this summer – maybe a month’s worth of the vegetables planted – but he hopes to expand next summer, possibly adding beds on the patio. But just having the garden has had an effect on his staff.

“It’s really boosted morale in the kitchen, too,” says Whitaker. “It’s nice to look out and see vegetables growing.”

Get full details here.

You can find out more about his move here.

Pedal Power Enthusiast, Pedelty, Pedals his way to The Peloton

Boulder, CO (June 2, 2010)–The Peloton’s newest homeowner, Jeff Pedelty, won’t be needing a moving truck for his move on Sunday, June 6th. Instead, this bike enthusiast has chosen to move all of his belongings to his new home…by bike.

Pedelty will be loading up his possessions, including a television, bed and even some cabinets, on Sunday, June 6th starting around 7:30 a.m. at 860 W. Moorhead Circle, #1K in Boulder. From there, he will ride, along with 20 other bike riders, with items in tow to The Peloton where he is expected to arrive between 12:00 p.m. and 1:00 p.m. The Sustainability Committee for The Peloton will be there to greet and show support for their fellow homeowner. (See Google Map http://bit.ly/armqej)

Quite fittingly, Pedal to Properties, a unique Boulder Real Estate firm that tours properties & homes via cruiser bike, is Pedelty’s realty company. The group has decided to hire a videographer to create a documentary about Pedelty’s move to The Peloton. To complete this journey, Pedal to Properties will be showing this documentary at the Boulder Film Festival, on the official Bike to Work Day, June 23rd held at University of Colorado.

With an emphasis not just on healthy living, but also a greener more sustainable lifestyle, The Peloton is the perfect match for Mr. Pedelty. It marries the two things he loves most about this community: a healthy lifestyle and a greener more socially conscious way of life. After all isn’t that what Boulder is all about? Its no wonder Boulder was named the happiest city in the world. As people evaluate where they want to live, they are looking for a place where all aspects of a healthy lifestyle come together.

It could be argued that it’s the active, healthy people that make Boulder, not the other way around. But it’s always nice to have a place that supports and encourages those choices. The Peloton community seems to do just that for Boulder residents. Situated close to the Flat Irons, the breathtaking views of the mountains, is a daily reminder just how lucky the residents at The Peloton feel. Plus, did we mention their heated rooftop infinity pool? Now that is happiness.

For a personal tour of The Peloton, call 303-457-5230. Or, stop by the sales center at 3601 Arapahoe Avenue. Suite 177, in Boulder, open Friday through Monday, 11 a.m. to 5 p.m. More information about the community, lifestyle, and homes can be found online at ThePeloton.com.

###

Lu Stasko, President
The Stasko Agency
3216 Tejon St. Denver, CO 80211
(O) 303.477.9902 | (M) 720.404.4507
(W) www.staskoagency.com

Peloton’s rooftop pool deck looks out of a view of the Flatirons, and anchors a $6 million community recreation center that’s one of many gathering spots for residents.

The Peloton, on the Boulder Creek Trail near the Twenty Ninth Street mall, has plowed through 34 sales since January, to buyers arriving from Atlanta, New Jersey, Long Island…as well as metro Denver. “They’re a highly educated, tech-savvy group,” says Peter Cushman, Peloton’s senior vice president. When the market dropped last year, Peloton dropped prices 20%. “We’ve been on a tear here ever since,” he adds.
Most sales have been though special events like the one today: a chance to see the $6 million community center with fitness club, lavish club lounge and 22-seat theater (where on any night you might find a chili cook-off, Oscars party, or the CU-CSU game), and a rooftop pool deck with a stunning view of the Flatirons. “The pool and hot tub are used 365-days-a-year,” Cushman says. Those amenities also spawn a vibrant community life, including a sustainability committee that’s already changed Peloton’s landscape plan and added compost collection and an eco-bus pass to carbon-reducing programs already in place, including community bicycles, bike parking in the 6-acre underground lot, and a bike-to-work plan. Neighbors make friends fast: One ad-hoc group flew off to Munich for Oktoberfest last fall. “I’m a developer,” Cushman says. “I can create a building, but I can’t create that.”

Meanwhile, spacious 2-bedrooms (from $389,900) and studio-lofts (only five left, from $249,900) are steps from Peloton’s Gindi Café and new Pizzeria Basta (Westword rates it Best Gourmet Pizza); where you can not only hang, but enjoy drinks and, some evenings, entertainment. During your visit today, you’ll tour entirely new model homes; Peloton keeps selling off the model. “We don’t want to,” says Cushman…however, a generally left-brain clientele gravitates toward buying finished homes where the use of space is already ‘visualized.’

Today’s event launches at 11; from the Turnpike take Foothills Pkwy north two miles to Arapahoe, west a block to 38th, turn right, then a quick left.
-
If you go…

WHERE: Special event, The Peloton, condo community next to Twenty Ninth Street shopping district, FHA financing, on Boulder Creek Trail. 38th St. at Arapahoe Ave., Boulder; take Foothills Pkwy north from U.S. 36, 2 mi. to Arapahoe, turn left 1 long block to 38th, right on 38th, and left into community

PRICE RANGE: Lofts from $249,900; 2-bedrooms from $389,900
WHEN: Saturday, May 15, 11 a.m. to 5 p.m.; daily 11-5 except Wed.
PHONE: 303-457-5230 WEB: www.thepeloton.com

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