There’s real estate, and then there’s incomparable and one-of-a-kind Colorado terra firma. In a move to preserve some of the city’s prime land for open space and parks, the El Paso County Board of Commissioners has approved a zoning change that clears the way for the City of Colorado Springs to acquire 42.5 acres of [...]
Continue reading …Brokers finding it more difficult to close deals on luxury homes This year’s headlines pretty well summarize the state of the national luxury home market: “Market for new million-dollar homes drying up” — Las Vegas Sun, April 2009 “Higher-end home sales are slipping” — San Diego Union-Tribune, Feb 2009 “California million-dollar home sales hit 5-year [...]
Continue reading …Sales of high-end second homes not expected to rebound quickly Seasonal buyers looking for a second home will account for only 15 percent to 20 percent of the total luxury home market during 2009. That’s a stark contrast to four years ago, when The Broadmoor sold two-thirds of its $1 million to $2.5 million Brownstones [...]
Continue reading …Commercial real estate has begun to spin through its own recessionary spiral.
As a result, a new category – distressed commercial real estate – has become an increasingly attractive commodity to some investors.
Corporate Office Properties Trust, Colorado Springs’ largest commercial real estate investor, has purchased the 61,504-square-foot R.T. Logic building and 5 acres of adjacent land for $12.5 million. The facility at 12515 Academy Ridge View was built during 2005. R.T. Logic, a wholly owned subsidiary of Integral Systems, Inc. has occupied the building since it opened. [...]
Continue reading …As the distressed commercial property drumbeat escalates, companies like Griffis Blessing G.B. Value Partners and A10 Capital have entered the local market. The Front Range — including Colorado Springs — is clearly in play. Alan Welty, A10 Capital’s Denver-based executive vice president, said he’s looking for owner/users, commercial brokers or banks in need of a [...]
Continue reading …Nationally, the distressed commercial real estate trend began months — even years — ago as Wall Street and savvy lenders watched the real estate bubble begin to burst. The Wall Street Journal, CNNMoney.com, the Wharton School of Business’ Knowledge@Wharton.com and Bloomberg.com have trumpeted the promising opportunities emerging from recession-clobbered shopping centers, multifamily, office and industrial [...]
Continue reading …The national news has a way of trickling down to local markets — and sometimes the news appears better closer to home. For example, while U.S. home sales grew by 11 percent, year over year, based on Commerce Department and Census Bureau data released this week, industry experts cited lower home prices for the improvement. [...]
Continue reading …Sisyphus, the mythological Greek figure who was condemned to repeat forever the same meaningless task of pushing a rock up a mountain, could symbolize the plight of today’s commercial landlords. Their situation might not be quite that impossible, but during a recession in which consumers dramatically cut spending, they are facing their own version of [...]
Continue reading …The 2009 Celebration Home, 4305 Cavern Ridge Road, will be open from 6:30 to 9 p.m. July 30 for a special cocktail buffet, wine tasting and tours to benefit Pikes Peak United Way. Red Noland Auto Group, Vintage’s Wine & Spirits and Cravings Catering are event sponsors, donating valet service, beverages and a cocktail buffet. [...]
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