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Chaffee County Market Update – November 2019

Commercial Real Estate sales volume for Chaffee County of $6.2M YTD in 2019 with 11 transactions is down 32% compared to sales YTD in 2018 with 6 transactions worth 9.1M. Residential Real Estate sales for $60.6M YTD in 2019 is up 1.7% compared to sales YTD in 2018 of $59.6M. Sales Taxes for the City of Salida are up 9.9% YTD in 2019 compared to taxes collected YTD 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. 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.

CHAFFEE COUNTY MARKET UPDATE

Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$9.1M
$6.2M
-32%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
6
11
83%
SALES TAX INDICATORS:
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$3.7M
$4.1M
9.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail Taxes
$1.1M
$1.2M
7.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Restaurant Taxes
$383K
$391K
2.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
$151K
$181K
19.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Weedtail Sales
$82K
$90K
9.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Liquor Store Taxes
$88K
$90K
3.1%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Construction & Home Improvement Taxes
$167K
$173K
2.8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Grocery Store Taxes
$197K
$296K
50.4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Other Taxes
$587K
$643K
9.4%
VACANCY RATE
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
VACANCY RATE
1%
1%
0%
CAP RATES
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
CAP RATES
4% – 6%
6%
RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$59.6M
$60.6M
1.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$516,184
$470,011
-8.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days On Market
68
56
21.4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Listed for Sale
540
550
1.8%
PUBLIC POLICY CHANGES
  • The Salida School District Board of Education voted to place 5A on the ballot for voters to approve the Salida School District to join the Colorado Mountain District.
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.
  • 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.