Showing posts with label Colorado Springs Business Journal. Show all posts
Showing posts with label Colorado Springs Business Journal. Show all posts

Thursday, May 15, 2014

CSBJ Best of Business 2014 - Voting Ends Today!


The CSBJ Best of Business voting has begun.   Of course, we'd love for you to show your support for us again!  We are entered in the following areas:
  • Best Property Management Residential: All Seasons LLC
There are some rules to the voting, but it is worth the few minutes it will take you to do it! Here are the steps, rules, and some recommendations.
  1. Go to: http://csbj.com/2014-best-of-business/
  2. Click on the image to begin voting.
  3. Register/Login - complete simple login information
  4. Start with the Non-Book of List Categories and the website will guide you through the entire list of categories.
It's that simple, but heads up! You must vote in at least 25 categories for your votes to count. You can vote for your favorites in any of the other categories. Happy Voting!

Tuesday, April 1, 2014

Report: Year-Over-Year Foreclosure Down in January


from Colorado Springs Business Journal | by Cameron Moix | March 31, 2014
While increasing from the month prior, Colorado Springs foreclosure rates decreased year-over-year in January, according to a report by real estate research firm CoreLogic.
CoreLogic reported foreclosures in the Colorado Springs area dropped from more than 1 percent in January 2013 to .77 percent in January 2014.
To read the rest of the article click here.

Wednesday, March 19, 2014

Average rent continues to rise in Springs

from Colorado Springs Business Journal | by Cameron Moix | February 28, 2014


Average apartment rent rose in the Colorado Springs metro for the 16th consecutive quarter (year over year) at the close of 2013, according to a report released Friday by the Colorado Division of Housing and the Apartment Association of Southern Colorado.
The report indicated that the average rent for Springs residents rose $9 (or 1 percent) to $799 compared to the same quarter of 2012. Although the year-over-year rate has increased for 16 straight quarters, the report specified that average rent is down from $830 during the third quarter of 2013.
To read the rest of the article at the Colorado Springs Business Journal click here.

Thursday, February 20, 2014

Paid-off Home Loans Decline Over Last Quarter

from Colorado Springs Business Journal | by Marija B. Vader | February 20, 2014


The number of home loans paid off in Colorado was down 28.2 percent from the fourth quarter of 2012 to the fourth quarter of 2013, but comparing the full year of 2013 to 2012, the total was up 13 percent.
According to a report released Wednesday by the Colorado Division of Housing, public trustees in Colorado released a total of 62,312 deeds of trust during the fourth quarter of 2013, compared to 86,816 released during the fourth quarter of 2012.
To read the rest of the story click here.

Friday, January 3, 2014

Year in Review: Real Estate

from The Colorado Springs Business Journal | December 27, 2013 | by Marija B. Vader


If someone put a home on the market in Colorado Springs, chances are good it sold within two months.
As of the end of June, single-family homes spent an average of 62 days on the market, the lowest number since June 2006, when the Pikes Peak Association of Realtors started keeping records.
The total number of active listings was extremely low at 3,450, said Fred Crowley, associate director of the Southern Colorado Economic Forum. He compared that number with around 6,000 active listings in June 2010.
“The available homes for sale decreased 40 percent over three years ago,” Crowley said. “These numbers are just mind-boggling.”
To read the rest of the year in review click here.

Thursday, November 14, 2013

Springs Listed as #4 U.S. Military Boomtown



Published in The Colorado Springs Business Journal | November 20, 2013 | by Cameron Moix

Colorado Springs came in at No. 4 among America’s top 10 military boomtowns, according to a list compiled using U.S. Bureau of Statistics data from 2009 to 2011.
The list, compiled by Texas-based tech startup SpareFoot Inc., showed that Colorado Springs has seen average annual population growth of 2.3 percent and an annual per-capita income growth of 1.6 percent. The metropolitan area average annual growth in per-capita military gross domestic product is 7.9 percent, while the same growth for non-military is only .4 percent, according to the list.
“Military spending contributes billions of dollars to the U.S. economy, and nowhere is that spending felt more than in American communities that host military bases,” SpareFoot said in a news release. “Some of these communities are booming — enjoying growth in population, per-capita personal income and gross domestic product, a key indicator of an area’s economic health.”
Colorado Springs — with five major military installations — places behind Hinesville, Ga., El Paso, Texas and Elizabethtown, Ky., as one of most rapidly expanding military communities.
To read the rest of the article click here.

Tuesday, July 9, 2013

Colorado Springs Homes Appreciate 8.2%

from the Colorado Springs Business Journal | posted by Amanda Miller | June 4, 2013


Colorado Springs home prices climbed 8.2 percent year-over-year in April, according to analysis firm CoreLogic .
They rose 2.1 percent from March to April. Excluding the distressed sales, short sales and bank-owned properties, sales prices climbed 7.1 percent year-over-year.

The sales price increases are good news for the rebounding real estate industry. While the figures in Colorado Springs are strong, they trail the national average, where home sales prices increased 12.1 percent year-over-year.
Nationally, April saw the biggest year-over-year home price increase since February 2006, according to the report. However, the national home price index is still 22.4 percent below its 2006 peak.
Home prices climbed 3.2 percent nationally from March to April.
For more on this, the full article can be found at the Colorado Springs Business Journal by clicking here.

Monday, December 31, 2012

Developers to Bring on New Lots in 2013 in The Pikes Peak Region


Published by The Colorado Springs Business Journal | December 27 2012 | Written by Amanda Miller

New home construction heated up in 2012 and most in the industry expect that the building will continue into 2013.

The Pikes Peak Regional Building Department issued 2,022 single-family building permits in the first 10 months of the year. There were more single-family permits issued in El Paso County this year than in any other county in the state, according to a report from the Colorado Division of Housing. El Paso and Douglas counties accounted for a third of the 9,261 single-family building permits issued in the state through October.

It was a great year for Colorado Springs homebuilders, said John Bissett, CEO of JM Weston Homes and new president of the Colorado Springs Housing and Building Association.

“It was about 50 percent better than 2011,” Bissett said.

New home construction has been up across the country, he said, and it seems like the increased activity will continue, though 2013 is unlikely to climb another 50 percent ahead of 2012.

“The buying public has been sitting on the sidelines long enough,” Bissett said.

He said there has been pent-up demand and people are now coming out to buy new homes. Bissett said most of the activity has been in the lower and mid-range homes priced less than $300,000. That’s likely to continue, though Bissett said there could be increased interest in higher-priced homes as the market continues to improve.

“What you’ll see in 2013 that you haven’t seen for years will be developers working on bringing more lots online,” Bissett said.

He says it will start with Cordera, a luxury development on the northeast end of town, which is preparing to bring new lots online early in the new year. While developers will be finishing more lots, Bissett said he doesn’t expect to see developers breaking ground on any new communities in 2013.

“Developers are still pretty constrained in terms of obtaining financing,” Bissett said.


Thursday, November 15, 2012

CSBJ: 1st-Floor Retail and Upper-Floor Apartments Planned for Downtown Colo Spgs

Published by The Colorado Springs Business Journal | Nov 15 2012 | Written by Amanda Miller

Apartments are planned at the corner of Cimarron and Costilla

Plans are afoot to replace aging storefronts along the 400-block of South Nevada Avenue with a mixed-use development of apartments and retail.

Bob and Karen Elliott, through their company, Downtown Development Group, bought four lots, 408, 410, 412 and 414 S. Nevada Ave. during the El Paso County Public Trustee’s foreclosure auction Oct. 31.
They paid $335,150.

“I was surprised the bank didn’t bid it up from there,” Bob said. “They were owed more than $800,000.”
Downtown Development Group is best known for building the Two Eight West luxury condominiums along Monument Valley Park at the north end of downtown. That development is still under construction and houses 16 units, all over 2,000 square feet with private garages and priced between $700,000 and $1.4 million.

Bob said his latest plan is to build on Nevada using the new form-based code, retail on the first floor and four stories of apartments above. That would allow for a masonry first floor and wood construction above, which would keep costs down.

The lot is situated so there could also be ground-level parking behind the building so he wouldn’t have to build a parking structure, he said.

He’s been on the lookout for downtown property at a good price for more than a year, he said, because apartments have been a good idea that long.

As discussions about downtown revitalization have hit a fever pitch, the need for residential development has been a common theme.

“I couldn’t be more sincere in saying that I believe residential development is the No. 1 need downtown,” said Hannah Parsons, interim director of the Colorado Springs Downtown Partnership and a Realtor who focuses primarily on downtown properties. “It’s absolutely essential for a downtown renaissance.”

Downtown advocates commissioned the Urban Land Institute to send an advisory panel to review past reports, visit the city and interview more than 100 residents about how they would improve downtown earlier this year. The panel, which visited during the week of the Waldo Canyon fire in June, recently released its final report on a downtown Colorado Springs renaissance. One of its top recommendations was for 300 residential units priced around $1,200 a month. The report said the city could certainly support more residential development than that in the long run, but it would be a good start.

The Downtown Development Group project likely isn’t the only apartment development on the drawing board. Chris Jenkins, president of Nor’Wood Development Group said earlier this year that he hoped to be able to announce apartment projects before next fall. Griffis Blessing also owns property and had plans for a mixed-use development near America the Beautiful Park that it put on hold when the economy sank.
The time has come for some action, Bob said.

“I usually fly under the radar,” he said. “But I wanted to speak publicly about this because I think it gives legitimacy to building downtown.”

Bob said he believes he has a reputation in town for following through on plans. Certainty that there will be residential development downtown might be enough for others to take action and announce projects that could spur economic development, he said.

The Elliotts say they aren’t just interested in building apartments. They aim to build community.
They were trying to retire when they moved to Florida in the early 2000s and ended up building a development there. After a lot of good timing, business sense and luck in the Colorado Springs and Florida, they returned to build Two Eight West Monument.

“We wanted to do something more meaningful,” Karen said.

Their interest now is in building something that will create a stronger Colorado Springs, Karen said. With that, comes a desire to include other players in their potential mixed-use project.

“Bob is all about turning it over,” Karen said. “He wants to turn it over to the younger generation. We want to get young people involved wherever we can.”

Because of that, Bob is working closely with Darsey Nicklasson, who owns DHN Planning and Development. She comes from a commercial real estate background and lived and worked for several years in Washington, D.C.

Now, the young mother wants to be a developer. She looks at cities and infrastructure more than the sights when she goes on vacation, she said. And she’s passionate about making downtown Colorado Springs more vibrant. “Across the nation, starting in 2002, there has been a movement of people wanting to get back into an urban environment,” Nicklasson said. “And there is no reason that movement wouldn’t happen here in Colorado Springs.”

She’s been looking for land and investors for a downtown apartment project she could lead for more than a year. That’s how she found the Elliotts. She went to them to learn about their Two Eight West project.
“I’m absolutely excited and completely thrilled to be involved in this with Bob and Karen,” Nicklasson said.
She has gone with Bob to look at the property on South Nevada, which used to belong to Rickie Nelson, with Bob.

There are a lot of unknowns about the property, Bob said. And it will take some time and study to understand what the pitfalls could be. But the lots are well-situated for redevelopment.

Nicklasson said she expects rent for the property could start around $850 and go up from there. It’s hard to say how many units would fit on the 28,000 square foot lot until they plan the project out.
“We’re still very much in the early stages of this,” she said.


Read more on CSBJ.com: http://csbj.com/2012/11/15/apartments-planned-for-south-nevada-ave/

Thursday, November 8, 2012

CSBJ: Denver Investment Company Buys COSprings Apartment Buildings

Published by the Colorado Springs Business Journal | November 8 2012 | Written by Amanda Miller



Denver-based BMC Investments recently bought two Colorado Springs apartment properties.

BMC paid $4.2 million for 148-unit Timberlane Apartments at 3985 E. Bijou St. and $3.175 million for 95-unit Ashelyn Court at 930 N. Murray Blvd.

Both complexes are about 90 percent occupied, according to a release from FirstBank, which financed the purchases.

BMC plans to invest about $500,000 in enhancing curb appeal at Timberlane and completing some deferred maintenance projects. The company will spend another $250,000 improving Ashelyn Court, which company principals hope will add value to the property and allow them to increase rents.

“Our goal is to complete the renovations quickly, stabilize the assets and refinance in 12 months with a long-term loan from Fannie Mae or Freddie Mac,” managing partner of BMC Matt Joblon said in a statement.
BMC purchased the properties from investors who bought the bank notes and foreclosed on the properties, according to the release

FirstBank financed 70 percent of the total capitalization, including purchase price, renovation and closing costs. The first year’s interest, property taxes and insurance also are capitalized into the three-year loan, which is fixed at 4.5 percent. The first year is interest only and then roles into a 25-year amortization period if BMC has not refinanced by then.

Friday, October 26, 2012

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.


Friday, October 19, 2012

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

Search Colorado Springs Rentals | All Seasons LLC
 Search Colorado Springs Real Estate for Sale | All Seasons LLC


Colorado Springs was again the 55th 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


Friday, October 12, 2012

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/


Tuesday, September 25, 2012

CSBJ: Disaster Loan Presentation for Waldo Fire Victims Set for September 28 in Colorado Springs

Published by the Colorado Springs Business Journal | September 20 2012 | Written by Monica Mendoza


Representatives from offices of Sen. Mark Udall, Sen. Michael Bennet and the U.S. Small Business Administration will be in the Springs this month to discuss disaster loans.

The representatives will be in Colorado Springs from 11 a.m. to noon Sept. 28 at the Colorado Springs Together office, 6840 Centennial Blvd.

Business owners, nonprofit organizations and residents affected by this year’s wildfires and related flooding in El Paso, Larimer and 15 adjacent counties are invited to learn more about SBA Disaster Loans, including requirements and eligibility.

The deadline to apply for loans for physical damage is Oct. 9. Homeowners and business owners have until May 7, 2013, to apply for SBA assistance for economic damage. The Colorado Springs Small Business Development Center also will participate in the presentation.

The event is free but there is limited seating. RSVP to Angela_Joslyn@markudall.senate.gov or call 471-3993 for more information.

Read this article on CSBJ: http://csbj.com/2012/09/20/disaster-loan-presentation-sept-28/comment-page-1/#comment-69498


Thursday, September 13, 2012

CSBJ: Colorado Springs Hosts 2 Top Universities: USAFA and UCCS

Published by The Colorado Springs Business Journal | September 13, 2012 | Written by Monica Mendoza


Colorado Springs is home to two top colleges, according to U.S. News & World Report’s 2013 Best Colleges rankings.

The U.S. Air Force Academy and the University of Colorado at Colorado Springs both made the list of the best in the country.

The U.S. Air Force Academy tied the U.S. Naval Academy as the No. 4 top undergraduate engineering program in the nation. Several Air Force Academy engineering specialties also received top rankings, including: No. 2 in aerospace/aeronautical/astronautical engineering, for the 12th consecutive year;  No. 5 in civil engineering; No. 5 in computer engineering. The USAFA was tied for No. 6 in electrical engineering, with the U.S. Naval Academy; No. 8 in mechanical engineering; and No. 56 in undergraduate business program, tied with several other universities.

A recent addition to the U.S. News & World Report best college rankings is the category of how high school counselors rank national universities and national liberal arts colleges.  These rankings categorize the Air Force Academy as a liberal arts college, and high school counselors ranked the Air Force Academy in a three-way tie with West Point and Harvey Mudd College as the No. 2 best liberal arts college in the nation.
Each of the rankings are compiled using several weighted factors including undergraduate academic reputation as determined by academic peer assessment, graduation and retention rates, faculty resources, student selectivity, financial resources, graduation rate performance and alumni giving.

The University of Colorado at Colorado Springs also is among the best public regional universities in the Western United States and its College of Engineering and Applied Science is a national leader, according to the magazine.

Read More: http://csbj.com/2012/09/13/usafa-and-uccs-tops-in-the-nation/

Friday, August 24, 2012

CSBJ: Lower Rents Changing Downtown Tenant Mix


Published in Colorado Springs Business Journal | August 10, 2012 | Written by Amanda Miller 


Bryan and Scott Jewelers’ former location is a large space contributing to the commercial vacancy rate downtown.
When Kati Brewer started looking for a downtown storefront for her Pure Nutrition shop earlier this year, she was blown away by the affordability off Tejon Street.

She’s paying $900 a month for her location at 22 E. Bijou St.

“That’s really good for a retail spot,” Brewer said.
And the landlord gave her the first two months free so she could decorate the space and get it ready without rent expenses before opening to customers.

Rents and concessions such as those are common these days, especially downtown, says Mark Useman, a broker with Sierra Commercial Real Estate.

“I think downtown is going through a transition right now,” Useman said.

Lower rents and front-end deals for tenants have invited different retailers into the fold.

Where high-dollar stores like Lulu used to sell $200 jeans, Cottonwood Art Studios sells locally produced pieces. Nearby, at 230 N. Tejon St., Halo Boutique has replaced Ellie K.’s higher-priced women’s clothing with trendy business casual pieces priced between $15 and $60. The Candy Bar, a 1950s style candy shop, has taken the place of longtime luxury retailer Johannes Hunter Jewelers, which moved to University Village Colorado on North Nevada Avenue.

Asking rent downtown is the lowest it has been since 2004, according to Sierra’s records. And the lower rents are changing the makeup of the downtown retail scene, which experts say is not necessarily a bad thing.

Thursday, August 16, 2012

CSBJ: Springs Orleans might expand to both coasts

Published in the Colorado Springs Business Journal | August 16, 2012 | Written by Amanda Miller

Springs Orleans head breakfast chef Joey “Moonfish” Duplessis serves up the dishes that have attracted national attention.
Downtown restaurant Springs Orleans could soon become the flagship of a new national chain.
Owner Perry Sanders said he didn’t go out looking for opportunities to expand to new locations, but when opportunity came knocking, he opened the door.

It started when an investment group from the Atlanta area came courting him a couple months ago. They want a Cajun restaurant for their development in the popular Buckhead area outside downtown Atlanta. They were getting ready to sign papers with a chain based in Louisiana when someone among their ranks who had been to the Colorado Springs restaurant stopped them.

“They were raving about the restaurant,” Sanders said. “And even though it’s in Colorado, the group wanted to check it out.”

He said a representative visited and spent days eating the food.

In the end, Sanders said the culinary scout told him it’s wasn’t even a close call. They wanted Springs Orleans, which is part of Sanders’ Mining Exchange Hotel.

“They said we want to deal with you if you want to deal with us — and I said, ‘Oh yes, I want to,’” Sanders said.

Read more: http://csbj.com/2012/08/16/springs-orleans-might-expand-to-both-coasts/