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Woodland Park/Teller County Market Update – November 2018

Commercial Real Estate sales volume of $28.5M with 24 transactions YTD in 2018 is up significantly 391% compared to sales January-October 2017 with 18 transactions worth $5.8M. Residential Real Estate sales for $334K YTD in 2018 are up by 9% compared to sales January-October 2017 of $308K. Sales Taxes are up 6.2% YTD compared to taxes collected January-October 2017. New commercial real estate development projects include Charis Bible College new 3,200 seat auditorium which is one of the 3 largest venues in Colorado Springs area had a grand opening on November 7th, new 100 unit patio home development has been approved with construction to start Summer 2019, 64 new rooms at the Country Lodge Motel to open December 2018 and new Natural Grocers to open December 2018.

Woodland Park/Teller County Market Update

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – TCTA )
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$5,800,000
$28,500,000
391%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
18
24
33%
SALES TAX INDICATORS (Source – City of Woodland Park)
Item :
2017 YTD :
2018 YTD :
% +/- :
All Sales Taxes
6.2%
Item :
2017 YTD :
2018 YTD :
% +/- :
Lodging Taxes
0%
VACANCY RATES
Item :
2017 YTD :
2018 YTD :
% +/- :
Office
15%
10%
-33%
Item :
2017 YTD :
2018 YTD :
% +/- :
Retail
15%
12%
-20%
Item :
2017 YTD :
2018 YTD :
% +/- :
Industrial
12%
5%
-58%
CAP RATES
Item :
2017 YTD :
2018 YTD :
% +/- :
Office
8-9.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Retail
6.5-8%
Item :
2017 YTD :
2018 YTD :
% +/- :
Industrial
8-9%
RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$308,000
$334,000
9%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
83
57
-31%
DEVELOPMENTS
  • Charis Bible College New 3,200 Seat Auditorium (One of the 3 Largest Venues in Colorado Springs Area) – Grand Opening was November 7th
  • New 100 Unit Patio Home Development Approved – Construction Starts Summer 2019
  • Sturman Industries Commercial Property Under Contract – 350 Acres/66,000 SF Office Building Listed for $8,000,000
  • Country Lodge Motel – 64 Rooms to Open December 2018
  • New Natural Grocers Store to Open by Christmast 2018

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About The Author

Mark Weaver

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.