Colorado Springs Real Estate Briefs Oct. 11, 2002

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Once again, there’s a lot of news to report. From the two large Bethesda office building and Pace Plaza retail center sales reported last week to this week’s leases and transactions, there’s never a dull moment on the Colorado Springs real estate scene. Bill May of Classic Mortgage said last week that commercial mortgage rates are as low as they’ve been in 30 or 40 years. That was interesting news as the residential mortgage rates have been hovering at a 40-year low as well. Based on the state of the overall economy, it’s a good thing.

Expo and Conference Updates

For those interested in increased attention to Fair Housing, the Community Development Division of the city will host a one-day conference entitled “Fair Housing – Bringing it Home” on Wednesday, October 16 at the Doubletree World Arena. According to Timothy Burke from the city’s public communication office, the event includes a full day of information for housing professionals and the general public topics such as predatory lending, universal design and accessibility, civil rights, property management issues, landlord/tenant disputes, credit reporting and more. Cost is $35 per person if you are signing up after October 1. The conference will also feature two guest speakers: John K. Carson, regional director of the U.S. Department of Housing and Urban Development (HUD) will speak at 8:30 a.m. and luncheon speaker, Wendell Pryor, director of the HUD Civil Rights division. Details on registration are available by calling 385-5335.

The Pikes Peak Association of Realtors (PPAR) celebrates its 100th year and according to PPAR spokesperson, Jackie McGee, the association is planning a special ceremony to mark the anniversary on Wednesday, October 23 from 5:30 to 7:00 p.m. at the Broadmoor International Center. Mary Lou Makepeace will proclaim Realtor Month and unveil a sculpture designed to commemorate the event. Richard Mendenhall, the immediate past president of the National Association of Realtors will be the featured speaker. As a former realtor (who let her license expire back in the early 1970s), it’s great to know the local real estate industry is still generating millions of dollars each year for the local economy – in spite of tough times.

SCAREI Founded

In an effort to offer everyday investors alternatives to a discouraging stock market, Al Ondatje, a local personal financing consultant has decided that his clients can benefit from sharing real estate investment information and opportunities. He recently hosted the first meeting of the Southern Colorado Association of Real Estate Investors on September 24 in the Penrose Room at the World Arena. Organizational information on SCAREI along with the Investor Gold S.M. was discussed. The group will focus on helping investors find real estate investment alternatives to retirement IRAs and stock funds.

According to Ondatje, 38 people attended and a second meeting is set for October 16 at the same location, with registration from 6:30 to 7:00 p.m. and program from 7:00 to 9:00 p.m. Bill McAfee of Stewart Title will speak on his experience in foreclosures. Non-members pay $15 to attend. Call 277-9235 for more information on meetings or membership.

Broadmoor Towne Center Transformation

From tired and worn to shiny and new, the transformation of Southgate Shopping Center to Broadmoor Towne Center is now in its second phase. Kevin Kratt, always close-to-the-vest about who his new tenants will be, does say that demolition of the remaining Southgate shops will begin before year-end 2002 – once letters of intent are in place for a bevy of new retail stores. New construction should be complete as soon as August 2003. “The liquor store is moving temporarily, but will be back,” he says, noting the store’s impressive success in spite of low occupancy in surrounding space. “And rents will stay in the mid-$20s.”

The owners, Noddle & Associates, out of Omaha, are very pleased with the progress Kratt has made so far, but “won’t pull the trigger” until every space is full, says Kratt. Plans for the Broadmoor Towne Center extension include three big-box tenants, J.C. Flicks, 24-Hour Fitness and a number of yet-to-be-announced restaurants and shops. “Broadmoor Towne Center has really been a success story for the tenants so far,” Kratt said. “Some have seen returns of more than 20 percent above projections. The International House of Pancakes restaurant is among the top-producers in the country – and several others have seen double-digit increases in the two years they’ve been open.”

Home Sales From Prudential Professional Realtors and PPAR

From January through August 2002, a total of 7,844 single-family and patio homes, townhomes and condominiums were sold. Out of that number, 58 percent were financed conventionally; 18 percent through FHA; 16 percent through VA; and 7 percent were cash transactions.

Prudential’s researchers attribute much of the current MLS listing surplus to the area’s twenty-plus primary job lay-offs (not including last week’s announcement of “employee deployment” at Intel).

Coldwell Banker and NAI Highland Commercial Land Sale

PT Works and PriMed Plus purchased 1.58 acres of land at 1330 Quail Lake Loop for $212,000. Bob Nolette represented the buyers, and John Onstott represented the seller in the transaction.

The Olive Real Estate Group’s Leases

7-11 recently extended their lease on their 2,400-square-foot freestanding building located at Tri Peak Plaza at the southeast corner of South Academy Blvd. and Pikes Peak Avenue. John Winsor represented the building’s owner in the renewal. Meanwhile, Charley Conrad, CCIM also sold a 6,000-square-foot industrial building at 3370 Fillmore Ridge Heights. No sales price was provided, but the new owner is Ornamental Man. Sounds like Lloyd Riphenburg is helping his client, Lee Hing, Inc. grow his business. The Olive Company office/industrial specialist first leased his tenant 7,500 square feet in 2001; a year later the wholesale food distributor is leasing an additional 5,000 square feet at 745 Valley Street. The landlord was represented by the London Group.

Hoff & Leigh Transactions

On September 20, the CSBJ highlighted some of the transactions completed by Hoff & Leigh during August. Due to space constraints, a few of those leases had to be held until this week. Here are the highlights:

Steve Weidner leased 2536 square feet of office space at 606 South Tejon Street from JB Tejon Properties, LLC. Tim Leigh of Hoff & Leigh represented the owner, and Terry Vice of Hoff & Leigh represented the tenant.

Penrad Imaging leased 1,625 square feet of office space at 907 East Fillmore from Point Aerie, Ltd. Buddy Rutherford of Coldwell Banker represented the owner, and Tom Gallagher of Hoff & Leigh represented the tenant.

Wendy Ary leased 806 square feet of office space at 332 West Bijou #107 from 332 Bijou, LLC. Doug Wasson represented the owner, and Chuck Armstrong of Hoff & Leigh represented the tenant. Armstrong also represented the tenant, Stading & Wood Chiropractic, LLC, on the lease of 957 square feet at 635 Southpointe Court #220 from Richard Holland. Lonnie Wagner of Highland Commercial represented the owner.

Hollo Point Design, Inc. leased 750 square feet of retail space at 1661 Jet Wing Drive from Essex Corporation. John Onstott of NAI Highland Commercial represented the owner, and Dick Liccardi of Hoff & Leigh represented the tenant. Liccardi also represented the tenants, Dale Darby and Ray Kessler, on the lease of 691 square feet of office space at 6165 Lehman Drive from Mountain Management. Dana Stanecek of Hoff & Leigh represented the owner.

Western Roofing Supply, LLC leased the retail space at 207 West Rockrimmon, Unit F from Montrose Investment Partners, LLC. Jim Schwerin of Hoff & Leigh facilitated the transaction.

A Tip o’ the Hat…

Barbara Rogers, broker associate with ERA Shields Real Estate, recently received the ERA Shields 10K Award Program’s $10,000 cash prize. According to Bill Hurt, broker/owner of ERA Shields, the company’s listing clients
who participate by making their home a 10K home enjoyed, on average, a 14 percent increase in showing activity and reduced days on the market by 15 percent. That should be attractive to the area’s more than 4,000 residential owners who are currently trying to sell in a slow market. As Hurt points out, “In our current economy, an awards-based program such as 10K provides much needed boosts by providing homeowners an edge in a tough market.”