Page 6B—
COLORADO REAL ESTATE JOURNAL
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September 2-September 15, 2015
F
or single-family lots
and multifamily sites,
the recovery from the
Great Recession was swift and
dramatic with prices increasing
almost exponentially from
recession lows. This also
applies to retail land, but only
for the most desirable locations
where prices have reached or
exceeded prerecession values.
Retail growth in second-tier
submarkets has been limited.
The same scenarios apply to
hospitality as well.
Prices for industrial land
have been relatively stable.
In Weld County, demand for
existing buildings having a 10-1
or, even better, a 12-1 land-to-
building ratio was incredible
when oil was $100 per barrel,
but stalled at $50 per barrel.
Interestingly, land prices did
not follow this boom-to-bust
scenario.
Following are indications of
Northern Colorado’s growth.
• Greeley was ranked the No.
8 fastest-growing metro area
in 2014, with a 2.6 percent
population increase from 2013,
according to the U.S. Census
Bureau.
• Fort Collins was ranked the
No. 12 fastest-growing metro
area in 2014, with a 2.4 percent
population increase from 2013,
according to the U.S. Census
Bureau.
• Greeley has an apartment
vacancy rate of 1.1 percent,
Fort Collins is at 1.8 percent
and Loveland is at 2.7 percent.
• The median home sale
price for Greeley is $225,000,
Fort Collins is $342,250
and Loveland is $301,000;
compared with Boulder at
$822,000.
• Colorado State University
students living off campus is at
80 percent.
• The land price for 103
student apartment units in
downtown Fort Collins is $100
per square foot.
• The asking price for
Colorado-Big Thompson
water is $52,000 per acre-foot
(326,000 gallons), according to
BizWest.
The Northern Front Range
is the fastest-growing region
in the state, according to the
Colorado Department of Local
Affairs. It is estimated that
by 2040, Larimer and Weld
counties will see a combined
growth of almost 422,000
people. Assuming 2½ people
per household, another
168,786 dwellings will need
to be produced over the next
35 years, an average of over
4,800 per year. By comparison,
just over 2,700 new residential
units sold in 2014.
Activity Report By Category
Single-family.
The Northern
Front Range is in demand
but has reached the “frenzy”
stage in Fort Collins. Multiple
offers at higher-than-the-asking
price is the norm. Some report
premiums of 10 percent or
more, with days on market
Michael Ehler
Managing broker and partner,
Realtec Commercial Real Estate
Services, Fort Collins
Charts courtesy: Realtec Commercial Real Estate Services
