Acknowledging current “bleak conditions,” Genesis reporter Sue Selle said Colorado Springs is better positioned to improve once the national economy begins to recover. She also cited the area’s declining supply of both new and resale housing.
“Builders are not over-supplying the market…and have been very cautious – often dictated by their lenders – about creating speculative inventory.
The existing home sales market also demonstrated improvement, declining by 6 percent.
Because residential market recovery typically precedes commercial real estate recovery, broker Mary Frances Cowan of Grubb & Ellis said Colorado Springs has already begun to attract prospective residential land and project investors looking for bargains.
“They see our area as stronger than many others,” she said, adding that office and industrial investment will follow – but not in the next 12 months.