Gazette: CO Springs Area Unemployment Falls to 9.3 Percent

Published by The Gazette | Oct 30 2012 | Written by Wayne Heilman

The unemployment rate in the Colorado Springs area fell in September from the previous month by the largest amount in more than a decade, but only because nearly 1,500 people left the job market, according to data released Tuesday by the U.S. Bureau of Labor Statistics.

The local unemployment declined to 9.3 percent last month from 9.6 percent in August, the second consecutive month-to-month drop, but remained above the 9.1 percent rate in September 2011. The number of people working or actively looking for work fell to the lowest point in more than seven years, while the number holding jobs dropped to the lowest point in eight years. The area's jobless rate has remained between 8.9 percent and 9.9 percent since April 2009.

Tom Binnings, a senior partner with Summit Economics LLC, speculated that the declining number of people working and seeking employment may reflect older baby boomers retiring.

Read more: http://www.gazette.com/articles/percent-146598-rate-month.html#ixzz2AtuZpoj0

InsideRealEstateNews: Denver Area Apartment Vacancy Rate Falls to 4.3%

Published in InsideRealEstateNews.com | October 29, 2012

The apartment vacancy rate in the Denver metro area fell to 4.3 percent in the third quarter,  dropping to the lowest vacancy rate recorded in any quarter in a dozen years, according to a report released today by the Apartment Association of Metro Denver and the Colorado Division of Realty.

The last time the vacancy rate was lower was in the third quarter of 2000, when it stood at 3.7 percent. At that time, the average monthly rental rate was $722, or about $970 in inflation-adjusted dollars, which is not much higher than today’s average rental rate of $986.

The apartment vacancy rate was down from 2011’s third-quarter rate of 4.9 percent, and was also down from this year’s second quarter rate of 4.8 percent.

For the past 12 quarters, the vacancy rate has fallen when compared to the same quarter one year earlier. The last time the quarterly vacancy rate rose year over year was during the third quarter of 2009.

From the third quarter of 2011 to the same period of 2012, the vacancy rate dropped in Adams, Arapahoe, and Jefferson counties, and in the Boulder/Broomfield area. The vacancy rate rose in Douglas County and was flat in Denver County during the same period.

“Considering that we were already under five-percent vacancy, this additional drop is significant,” said Ron Throupe, professor of Real Estate at the Burns School of Real Estate and Construction Management at the University of Denver, the report’s author. “Rent growth hit an 11-year high during the second quarter, but there is still enough demand out there to keep filling up units.”

As vacancy rates moved down, the area’s average rent increased. During the third quarter of 2012, the average monthly rent of $986  in metro Denver is up  5.2 percent, or $49, from last year’s third-quarter average rent of $936.

The average rent rose in all counties measured except Adams County, with the largest increases found in Arapahoe County in the Boulder/Broomfield area where the average rents grew year over year by 7.1 percent and 8.1 percent, respectively. The county areas with the highest average rents were Douglas County and the Boulder/Broomfield area where the average rents were $1,140 and $1,115, respectively. Adams County reported the lowest average rent at $893.

“The average rent has grown year over year in every quarter for the past two and a half years, and it has recently begun to accelerate,” said Ryan McMaken a spokesman for the Colorado Division of Housing. “The rent growth we’re now seeing is starting to look like what we experienced in the days of the dot-com boom.”

Read more: http://insiderealestatenews.com/2012/10/apartment-vacancy-rate-hits-12-year-low/

CSBJ: Apartment Market Returning to "Normal" in 2012

Published by The Colorado Springs Business Journal | October 26 2012 | Written by Amanda Miller

Many older apartment communities are now
being bought and flipped for resale.

Colorado Springs’ apartment sales market seems like it’s hot right now, but the numbers suggest it’s just getting back to “normal” after a sleepy few years.

There have been announcements about big sales, institutional investors and properties selling here and selling there. Vacancy has dropped to 5.8 percent in the third quarter of this year, and rents have climbed 3 percent from 2011 highs to an average $757 a month.

Developers are even building again.

To look at it from the outside in, it seems like the apartment market is on fire. And maybe it will get there, said Doug Carter, an apartment broker with Sperry Van Ness and author of the quarterly Apartment Insights report.

But, so far, 2012 is shaping up to be an average year for apartment sales. There have been 21 sales so far adding up to $130 million. That’s ahead of 2011 year-to-date when there were 16 sales in the first nine months of the year totaling $55 million. Last year ended with 22 total sales.

But through most of the past decade, there has been an average of about two sales a month — 19 to 26 sales a year, Carter said.

In 2008, the last “normal” year for apartment sales in Colorado Springs, there were 18 closings in the first three quarters totaling $155 million. The average sale was $8.6 million for a 120-unit complex. This year the average is $6.1 million for a 120-unit building.

Read the rest of the article on CSBJ.com: http://csbj.com/2012/10/26/apartment-market-returning-to-normal-in-2012/

CDH: Unemployment Declines in All Colorado Metros but Pueblo

Published by the Colorado Division of Housing | October 23 2012

Total employment growth in Colorado in September continued to show slight growth statewide in the year-over-year comparisons. In September, total employment in Colorado was down 89,000 from the July 2008 peak. Employment trends in various regions of the state differ, however, so this article
looks at which regions of the state have the highest unemployment rates, and which regions have recovered the most in their labor markets.

Regional employment trends can also provide us with some insights into local housing demand since, all things being equal, those areas with the most robust labor demand will also have the strongest demand for housing. This would be reflected in apartment vacancy rates and in median home price and home sales transactions, among other indicators.

The first graph compares unemployment rates in Colorado's metro areas.

The regional unemployment rates (not seasonally adjusted) for September 2012 are:

• Colorado Springs--8.2%
• Denver-Aurora--3.0%
• Fort Collins-Loveland--0.5%
• Grand Junction--8.4%
• Greeley--1.4%
• Pueblo--1.5%
• Statewide--3.4%

Since mid-2009, The Fort Collins-Loveland area has consistently shown one of the lowest unemployment rates while Grand Junction and Pueblo have generally shown the highest rates.during recent months, however, The Colorado Springs are has moved into second place behind Pueblo for the highest unemployment rate while Grand Junction has fallen again. The Greeley area showed a big drop in its unemployment rate from 8.8 percent to 7.9 percent, year over year. 

The unemployment rate decreased in all metro areas except Pueblo where the unemployment rate increased from 9.9 percent to 10.1 percent, year over year. 

To provide some additional context, we can look to see how far below total employment levels are below the most recent peak in employment in each region. The peak time differs in each region. For example, the labor market peaked in mid-2007 in the Colorado Springs area, but it did not peak until late 2008 in the Grand Junction area. 

The following numbers reflect how far below the most recent peak are the September 2012 employment totals: 

• Colorado Springs MSA--8.8%
• Denver-Aurora MSA--3.6%
• Fort Collins-Loveland MSA--2.0%
• Grand Junction MSA--8.4%
• Greeley MSA--1.4%
• Pueblo MSA--3.1%
• Statewide--4.2%

All things being equal, the areas further below the peak have recovered the least from initial job losses. The noticeable exception is Pueblo where total employment is nearly back to peak levels, but the unemployment rate is being kept up by a growing labor force that is unable to find employment. Most other regions are experiencing very little growth in labor force, or even declines. See here for more on Pueblo. 

For the first time since the recession, Colorado Springs is further below peak levels than all other metros, including Grand Junction. We see here also that the Ft. Collins-Loveland area has one of the strongest markets, with Greeley also moving toward peak levels.Northern Colorado continues to show signs of significant job growth. 

(Note: If we include the Boulder-Longmont MSA, we find that the Boulder area has consistently been among the areas with the lowest unemployment rate. In September 2012, the rate in the Boulder-Longmont area was 5.7%.)

Read more on CDH website: http://www.divisionofhousing.com/2012/10/unemployment-declines-in-all-metros-but.html#.UIhMxo7u3yd

CSBJ: Colorado Springs was 55th Most Searched Residential Market in September

Published by The Colorado Springs Business Journal | October 17 2012 | Written by Amanda Miller

 

Click images above to search properties at All Seasons, LLC, CRMC

Colorado Springs was again the 55^th most searched real estate market in the country in September, according to a report from Realtor.com.

Median list prices for homes in Colorado Springs rose to $229,500 in September, a 2.04 percent increase from last year, but down slightly from August’s numbers.

The national median list price in September was $191,500, a .78 percent increase  from September 2010.
Active for sale inventory of homes in Colorado Springs leveled out at 4,158 in September, a 9.73 a decrease for the 12-month period. National inventory counts for September were down 17.77 percent year over year.
The median age of inventory in Colorado Springs in September was 75 days, a 5.63percent increase compared to August.  Nationally, the median age of inventory was 95 days, a 4.4 percent increase from the previous month.

According to Realtor.com, the top 10 most searched real estate markets, identified as MSAs, in the United States in September include:

Chicago, Detroit, Philadelphia, Los Angeles, Atlanta, Dallas, Tampa Fla., Boston, Phoenix, Orlando

The most searched Real Estate markets in Colorado in September were:

Denver --26
Colorado Springs--55
Boulder-Longmont--113
Fort Collins-Loveland--123
Pueblo--139


Read more on the CSBJ website: http://csbj.com/2012/10/17/colorado-springs-was-55th-most-search-residential-market

CSBJ: Colorado Springs Apartment Vacancies Down, Sales Increase

Published by The Colorado Springs Business Journal | October 9 2012 | Written by Amanda Miller

Eight apartment properties sold in Colorado Springs during the third quarter of this year.

Those are big sales figures, said Doug Carter, an apartment broker with Sperry Van Ness and publisher of the quarterly Apartment Insights market analysis.

There’s good reason for a surge in apartment property sales, Carter said. The vacancy rate dropped to 5.8 percent in the third quarter. That’s the lowest vacancy rate this year, according to the report. But it’s still higher than last year’s record low of 5.2 percent in the second quarter.

“The low vacancy rates mean rents are going to continue to rise,” Carter said.

The average gross rent increased $10 to $757, which is 3 percent higher than it was in 2011, according to the Apartment Insights report.

Increasing rent is good news for apartment property owners and investors who saw vacancy rates near or above 10 percent for most of the last decade.

“It will allow upgrades and improvements to properties,” Carter said.

Many property owners deferred maintenance through hard times and properties didn’t sell with nearly the frequency they’re now changing hands.

This change in the market means older apartments will likely be spruced up and that there will be a market for some of the new properties currently being built.

Read more on the CSBJ website: http://csbj.com/2012/10/09/apartment-vacancies-down-sales-increase/

Meet Our Staff Series: Carolyn Rogers

Carolyn@All-Seasons.com

Carolyn was born and raised in Penrose, Colorado, a very small town just south of Colorado Springs. She worked in Business Administration for approximately 10 years before taking Real Estate courses at the local university to learn more about her own burgeoning rental properties. Little did she know she would soon be eating, sleeping and breathing Real Estate. 

Realizing that Real Estate was her thing, she obtained her License and dove full time into the Real Estate field in 1978. She graduated from the Real Estate Institute in 1980, and earned the degree of Certified Residential Specialist in 1982. From 1978 to 1985, she was top producer at her brokerage firm.

1610 S. Tejon, Colorado Springs, CO 80905

After many years of successful selling, and dabbling in Property Management, she decided to make the big leap and specialize in Property Management.  In 1986, she opened All Seasons, LLC, CRMC, in the same comfortable building where the company still resides.  

She is involved in the community and with professional organizations in her field. Some of her achievements include: 

• Past President of the local chapter of
NARPM (National Association of Residential Property Managers).

• Holds the
NARPM RMP (Residential Management Professional) designation.

• Holds the 
NARPM MPM (Master Property Manager) designation.

• Served as
Legislative Representative for the local Chapter of NARPM.

• Served on the
National Governmental Affairs Committee.

• Served on the
Long Range Planning Committee for National NARPM.

• Immediate Past
Southwest Regional Director for NARPM.  

Her company has won awards, too. In September of 2008, All Seasons LLC was awarded the prestigious CRMC (Certified Residential Management Company) award, the only company in Southern Colorado to hold this designation.

Most of all, Carolyn cares greatly for her company and the services they provide the community. If an issue comes up with one of her properties, tenants, or owners, she applies her considerable experience and gentle approach to solving the issue quickly. She is involved in the everyday running of her company because she loves what she does, and cares about the people in her community. 

She has created many portals for communication so that a client can always contact her, at any time of day, and she can share important company and community news with her clients. These include but are not limited to: Facebook, Twitter, YouTube, Website Tenant Portal, Website Owners Portal, email, and the Google blog you are reading now. Everyone is welcome to stop by and visit at any time during business hours, and you may call at any time.

(719) 632-3368 or (800) 866-3167

We encourage comments, suggestions, and conversations on all of our pages! Why not leave a comment here today?

Please feel free to email Carolyn Rogers if you are interested in top-notch management of your home, a well-kept rental property, or real estate in the Colorado Springs area. The company's mission statement is:

To offer impeccable service and exceed the expectations of those we encounter

Use the links below to contact the staff at All Seasons, LLC, at any time, or stay up on our current events.

• All Seasons, LLC on Facebook

• All Seasons, LLC on Twitter

• All Seasons, LLC on YouTube

• Website Tenant Portal

• Website Owners Portal

• All Seasons, LLC Google Tenant Blog

• All Seasons, LLC Google Owners Blog

• Carolyn@All-Seasons.com

LivngColoradoSprings.com: Colorado Springs Real Estate Continues Forward Progress

The Colorado Springs real estate market continues to improve. September home sales were up 15% from last year, and the median price was up 3.6%. This is the 7th consecutive month where prices have risen compared to the prior year. The inventory of unsold homes continues to be very low, down 11.3% and just under a 5 month supply at the September sales rate. September building permits for detached single family homes were up 56.5%, as more buyers choose new construction to compensate for fewer homes on the market.

The percentage of homes disclosed as distressed was 18.1%, or 140 homes. This is an increase from both September of 2011 and from July and August of 2012, but it is too soon to say whether this is a trend. It is down significantly from the peak of 36.8% in January of 2009. Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the low to mid 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time.

The unemployment rate in Colorado Springs this summer hit 9.8%, which is not healthy. It remains to be seen whether this high a level of unemployment will allow the housing market to continue to recover, although there have been some recent employment announcements that may cause this number to drop soon. Summer unemployment in the tourist industry in particular was also affected by the Waldo Canyon fire. This effect should not persist going forward. 

For more details, see the Colorado Springs Homes Sales Trend Data