Benet Hill sold for $4.75 million

Filed under: real estate column |

Martha Kasper and Glenn Miller said the purchase took more than two years to finalize.

The board of directors of the Colorado Springs Charter Academy has purchased most of the Benet Hill Monastery at 2555 and 2560 N. Chelton Road for $4.75 million.
The school acquired the two-story school building, the gym, tennis courts and play field. Benet Hill Monastery retained a chapel and several single-family homes.
Glenn Miller, president of the board of directors, said the school had leased the property for almost three years.
About 370 students in kindergarten through eighth grade are enrolled at the school. Martha Kasper, who runs the school, said the facility is not only adequate for present needs, but has room to add more seventh- and eighth-grade classrooms.
Steve Bach of Bach Commercial Partners represented the academy and Chris Cipoletti, represented the monastery.

Market views

While most members of the commercial real estate community agree that the market has softened, a few still have clients who are shopping for 24-karat properties.
Keller Williams commercial broker Dick Liccardi said he has a buyer interested in a good $5 million multifamily property.
Likewise, Andy Oyler of Grubb & Ellis Quantum Commercial Group said that the Centennial Tech building, purchased for $85 per square foot a few years ago, sold this spring for $250 per square foot.
“The market usually slows down before a presidential election. We’ve just got less than three months to go,” Oyler said. “The Las Vegas and Southern California markets are off 20 or 30 percent. We’re better off than that. The key is to buy smart.”
Due diligence and cash flow analysis are vital, he said, and many office and retail users are in a “wait and see mode” that might last into the fourth quarter.

Home price turnaround?

The National Association of Home Builders reported this week that home prices in some regions are now declining at a slower rate. In some metropolitan areas such as Denver, prices rose by 1 percent from April to May.
Among the signs of a turn in the housing market, on a year-over-year basis, the S&P/Case-Shiller 20-City Composite Index was down 15.8 percent during May, but on a month-over-month basis, home prices only fell 0.9 percent, the smallest monthly drop since September 2007.
While on a year-over-year basis all 20 metro areas surveyed reported a decline in home prices, on a month-over-month basis, home prices increased in eight metro areas during April and in seven metro areas during May.
During March, only two metro areas reported prices increasing month-over-month.
NAHB officials also noted that U.S. pending sales contracts signed during June unexpectedly rose across the country to their highest level since October, according to the National Association of Realtors’ Pending Home Sales Index.
Lehman Brothers economist Michelle Meyer said the improvement was based in part on brisk foreclosure sales with a faster turnaround time.
“Foreclosure sales, which have dragged overall home prices down, should help shave off an unwieldy supply of homes for sale,” she said.
Data source: Standard & Poor’s and Fiserv Through May 2008

Fort Carson workshops

Fort Carson is extending an invitation to business and community members to participate in a series of sustainability workshops. Topics will include green building design and materials, and chemicals and cleaning products, said spokesman Adam Ozier.
The workshops are being hosted by Fort Carson’s Center for Sustainable Solutions and are scheduled for Aug. 25-27 in Building 6250.
Future planning discussions and a workshop summary are scheduled for Aug. 28-29, respectively.
For more information send an e-mail to adam.ozier@us.army.mil or call 337-6102 by August 22.
Becky Hurley covers real estate for the Colorado Springs Business Journal.