By Doug Carter - We are thankful to work in the apartment industry during this time of great market adjustment in the other commercial real estate sectors. Apartments remain the investment of choice as both Wall Street and other commercial real estate asset classes fall out of favor.
Sales - Colorado Springs apartment sales in the first quarter 2009 reflected the nation wide real estate “chill” caused by changes with lenders, Wall Street and the economy. One apartment complex sold in Colorado Springs during the first 3 months. It was a 30 unit class “C”, REO sale at $31,700 per unit. We are currently marketing a similar 39 unit building for $25,600 per unit.
Rents - Our March 2009 Apartment Insights report indicates a continued sideways trend in both average rents and occupancies in Colorado Springs. We all look forward to an active rental market this summer with the arrival of new troops at Fort Carson.
We are thankful for the stability in our local economy and housing markets. Many communities would trade our solid market for the declines they are currently experiencing and expected in the future.
It is important for all of us to remember that real estate is and always has been a long term investment. For those who are looking long term, the next couple years will be a time of amazing opportunity.
”Don’t’ wait to buy real estate…buy real estate and wait!” Quoted by Robert Allen
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