Page 10B—
COLORADO REAL ESTATE JOURNAL
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September 2-September 15, 2015
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T
he El Paso County
land market continued
its upward momentum
from 2014 through the end
of second-quarter 2015. The
Colorado Springs real estate
market is becoming one of
the best values in the state, as
Denver and Northern Colorado
are considered two of the best
real estate markets in the U.S.
With the recent announcement
of minimum cutbacks in the
local area’s military, the outlook
for El Paso County remains
positive.
Colorado Springs is a stable
apartment market with vacancy
dropping to 4.6 percent,
and there is little chance of
oversupplying the market with
new apartment projects. A
number of market studies show
a need for 400 to 600 units per
year. Construction is underway
on over 1,800 new apartment
units, nearly all of which are
located north of Woodmen
Road and will enter the rental
market in mid-2015 and
2016. Additionally, there has
been a recent surge in activity
from out-of-state and Denver
apartment developers for land
positions for large (150-plus
units) and small (50 units or
less) future apartment projects.
The majority of the activity
continues to be in north El Paso
County with the exception of
the area around the University
of Colorado Colorado Springs,
which continues to expand
quickly.
Single-family permits
surpassed 2014 year-to-date
numbers by 2.3 percent through
second-quarter 2015. The
majority of homebuilders and
developers seem optimistic that
the number of single-family
permits will exceed 2,439 from
2014, with the possibility of
at least a 10 percent increase
this year. However, this may
be difficult to achieve as the
finished lot inventory was
reduced due to development
delays involving contractor
and labor shortages, and the
unprecedented volume of rain
since late April.
The residential lot and land
market continues to be most
active north of Woodmen Road
to Highway 105 in Monument
because of the availability of
approved projects, existing
infrastructure and emergence
of Denver-employed consumers
considering living in northern
El Paso County. The market
area south of Platt Avenue
toward the city of Fountain
continues to struggle. This
trend is expected to continue at
least through this year because
of the desirability and stability
of the northern Springs markets
and the southern market’s
limited land opportunities for
affordable housing and high
municipality permitting fees.
Sales of entitled undeveloped
land for single-family lot
development continues to pick
up momentum since last year,
as homebuilders aggressively
secure land positions to provide
lot inventory for late 2015 as
well as 2016 and 2017. There
is less than a 12-month supply
of finished lots throughout El
Paso County in the desirable
Jack Mason
Senior broker, land,
Quantum Commercial Group,
Colorado Springs
