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Chaffee County Market Update – January 2020

Posted on March 4, 2020 by Jeff Post, First Colorado Land Office in Market Updates

Commercial Real Estate sales volume for Chaffee County of $14.2M YTD in 2019 with 27 transactions is down 26.22% compared to sales in 2018 with 29 transactions worth 19.2M. Residential Real Estate sales of 184.1M in 2019 is up 10% compared to sales in 2018 of $167.3M. Sales Taxes for the City of Salida are up 11.9% in 2019 compared to taxes collected in 2018. The Rockies Regional Medical Center has been approved to build a 10,000 square foot, $5.6 million expansion and remodeling of their Buena Vista Health Center and Buena Vista School District has broken ground on $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings. Fading West Development is under contract to purchase 7 acres in Buena Vista to build a modular home factory that will employ 60 people.

CHAFFEE COUNTY MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$19.2M
$14.2M
-26.2%
Item:
2018:
2019:
% +/- :
Commercial Transactions
29
27
-6.9%
SALES TAX INDICATORS:
Item:
2018:
2019:
% +/- :
All Sales Taxes
$7.3M
$8.2M
11.9%
Item:
2018:
2019:
% +/- :
Retail Taxes
$1.85M
$1.9M
5.2%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
$756K
$783K
3.6%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$326K
$391K
19.8%
Item:
2018:
2019:
% +/- :
Weedtail Sales
$165K
$167K
1%
Item:
2018:
2019:
% +/- :
Automobile Taxes
$321K
$300K
-6.4%
Item:
2018:
2019:
% +/- :
Liquor Store Taxes
$157K
$176K
11.7%
Item:
2018:
2019:
% +/- :
Construction & Home Improvement Taxes
$309K
$349K
12.8%
Item:
2018:
2019:
% +/- :
Grocery Store Taxes
$466K
$605K
30%
Item:
2018:
2019:
% +/- :
All Other Taxes
$1.25M
$1.5M
19.9%
VACANCY RATE
2018:
2019:
% +/- :
VACANCY RATE
1%
1%
0%
CAP RATES
2018:
2019:
% +/- :
CAP RATES
4% – 6%
6%
RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$167.3M
$184.1M
10%
Item:
2018:
2019:
% +/- :
Residential Average Price
$501,164
$506,668
1.1%
Item:
2018:
2019:
% +/- :
Residential Days On Market
80
71
-11.3%
Item:
2018:
2019:
% +/- :
Residential Listed for Sale
470
490
4.3%
DEVELOPMENTS
  • The Rockies Regional Medical Center has approved a 10,000 square foot, $5.6 million expansion and remodeling of their Buena Vista Health Center
  • Buena Vista School District has broken ground on $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings
  • Fading West Development is under contract to purchase 7 acres in Buena Vista to build a modular home factory that will employ 60 people in the area.
  • There are 10 housing projects in various stages of development and completion in Poncha Springs worth a total of 500 housing units with 70% of units being affordable housing.

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About The Author

Jeff Post, First Colorado Land Office

A top-producing realtor since 2000 and owner of First Colorado Land Office since 2006, Jeff Post is a highly respected community leader with a deep commitment toward making a difference. A proud fifth-generation resident of Salida, Colorado, Jeff combines his knowledge and experience in commercial real estate to help Chaffee County attract new business and enhance growth opportunities for existing businesses.