News

Check out market updates

Woodland Park/Teller County Market Update – August 2018

Commercial Real Estate sales volume of $19M with 18 transactions YTD in 2018 is up 55% compared to sales Jan-July 2017 with 34 transactions worth $19.8M. Residential Real Estate sales for $328M YTD in 2018 are up by 9% compared to sales Jan-July 2017 of $302M. Sales Taxes are up 8% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Natural Grocers that is under construction and opening December 2018, Paradox Brewing expanding their current location in Fall 2018, Charis Bible College to complete 3,200 seat auditorium in Fall 2018, 300 Storage Unit to begin construction in Fall 2018, 50 unit tiny home village to begin construction in Spring 2019 and 18 unit townhome development to begin construction in Spring 2019.

Woodland Park/Teller County Market Update

Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – TCTA )

Commercial Sales Volume
$5,800,000
$19,000,000
55%
Commercial Transactions
18
18
0%
SALES TAX INDICATORS (Source – Town/City of Woodland Park)

All Sales Taxes
$2,100,000
$2,200,000
8.0%
Lodging Taxes
$35,000
$37,000
7.0%
VACANCY RATES

Office
15.0%
12.0%
-20.0%
Retail
15.0%
15.0%
0%
Industrial
12.0%
5.0%
-58.0%
CAP RATES

Office
7.0-9.0%
Retail
6.5-8.0%
Industrial
7.5%-9.0%
LAND PRICES

Commercial
$4.00-8.00/SF
Residential
$40,000-250,000/lot
RESIDENTIAL REAL ESTATE

Residential Average Price
$302,000
$328,000
9.0%
Days on Market
70
46
-34.0%
Sales Price Per SF
$195
$225
15.0%
Rental Price Per SF
$1.18
$1.25
6.0%
PUBLIC POLICY CHANGES
  • El Paso County has passed a zoning change to all for Tiny Homes on R-1 Residential Zoning
DEVELOPMENTS
  • Natural Grocers Under Construction – Opening December 2018.
  • Paradox Brewing – Expanding Current Location in Fall 2018
  • Charis Bible College – Completing 3,200 seat auditorium in Fall 2018
  • 300 unit Storage Unit Project – Begins Construction Fall 2018
  • 50 Unit Tiny Home Village – Begins Construction Spring 2019
  • 18 Unit Townhome Development – Begins Construction Spring 2019

Signup for FREE Market Report

About The Author

Mark Weaver, Ascent Commercial Group

Mark Weaver based in Woodland Park has been a Commercial Real Estate Consultant and Developer involved with commercial real estate brokerage, leasing, management and development since 1985. He’s been a broker, a Tenant/Buyer rep, director of a corporate real estate department, property developer and commercial real estate consulting.