The Lafayette, CO City Council has voted to place a moratorium on new-home construction permits - at least for the next few months of 2013. This is an effort on their part to deal with voter-approved changes to the city's overall growth plan, and changes previously-agreed upon limits of 200 permits per year for the next six years.
So, does this mean that all new residential construction will abruptly come to a halt in Lafayette? Not really, as existing developments under construction and those that have approved allocations will not be affected by this new position, according to the article in the BCBR. As of today in IRES, there are 80 Lafayette homes for sale within a price range from $109,800 to $2,100,000, 25 of which are under contract. According to IRES stats for December of 2012, Lafayette single-family sales are up year over year by 25.8%, and reflect average and median sales prices of $470,570 and $411,500, respectively.
At the end of the day, this temporary "pause" in the issuance of new residential building permits in Lafayette, CO will likely be a good thing for the Lafayette real estate market. With the City Council taking some time to effectively manage their growth going forward, the plan will likely avoid some of the problems seen in other parts of Boulder County a few years ago.
If you're interested in a Lafayette, CO home, please feel free to contact us or click below to see all Lafayette homes listed for sale.
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