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Woodland Park/Teller County Market Update – January 2019

Commercial Real Estate sales volume of $27.5M with 36 transactions in 2018 is up significantly 101% compared to sales in 2017 with 38 transactions worth $13.7M. Sales Taxes are up 6% in 2018 compared to taxes collected in 2017. New commercial real estate development projects include Charis Bible College new 3,200 seat auditorium now open, a new 50 Unit “Small Home Village” is set to begin construction 2nd Quarter 2019, Sturman Industries commercial property is under contract – 350 Acres/66,000 SF Office Building listed for $8M, Country Lodge Motel with 64 Rooms is to open before the end of the year, new Natural Grocers store is now open. There were over $20M for 4 transactions in 2018 – 2 Casino Deals, Hospital Sale and Safeway Grocery Store

Woodland Park/Teller County Market Update

 

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – TCTA )
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$13.7M
$27.5M
101%
Item:
2017:
2018:
% +/- :
Commercial Transactions
38
36
-5%
SALES TAX INDICATORS (Source – City of Woodland Park)
Item:
2017:
2018:
% +/- :
All Sales Taxes
$625K
$660K
6%
Item:
2017:
2018:
% +/- :
Lodging Taxes
10K
9.5K
-5%
VACANCY RATES
Item:
2017:
2018:
% +/- :
Office
15%
10%
-33%
Item:
2017:
2018:
% +/- :
Retail
15%
10%
-33%
Item:
2017:
2018:
% +/- :
Industrial
12%
5%
-58%
CAP RATES
Item:
2017:
2018:
% +/- :
Office
9-10%
8-9.5%
Item:
2017:
2018:
% +/- :
Retail
6.5-9%
6.5-8%
Item:
2017:
2018:
% +/- :
Industrial
8-10%
8-9%
RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Home Average Price – Teller County
$272,000
$305,900
12%
Item:
2017:
2018:
% +/- :
Residential Average Price – Woodland Park
$308,000
$345,100
9%
Item :
2017:
2018:
% +/- :
Residential Days on Market – Teller County
103
72
-30%
Item :
2017:
2018:
% +/- :
Residential Days on Market- Woodland Park
79
63
-20%
DEVELOPMENTS
  • Charis Bible College New 3,200 Seat Auditorium Now Open
  • New 50 Unit “Small Home Village” Set to Begin Construction 2nd Quarter 2019
  • Sturman Industries Commercial Property Under Contract – 350 Acres/66,000 SF Office Building Listed for $8M
  • Country Lodge Motel – 64 Rooms to Open Before the End of the Year
  • New Natural Grocers Store Now Open
  • Over $20M for 4 Transactions in 2018 – 2 Casino Deals, Hospital Sale and Safeway Grocery Store

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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.