As the housing industry booms in Colorado Springs, many local banks have been experiencing the same strong growth in lending which comes as a great surprise to residents after years of minimal growth. And if that does not make Colorado residents happy enough, the additional growth seems to be reaching rental properties as well. According to an article, homes and rentals in the Colorado Springs area are rapidly becoming a hot commodity for new residents.
For nearly a year now, rentals like condos and apartments have been in high demand in the Colorado Springs area. Now most recently an incredible demand in housing has led to somewhat of a shortage in homes for sale. In many cases, homes in the Colorado Springs area are being sold for thousands over asking price. Although commercial real estate remains brisk in the Colorado Springs area, the new burst of home purchases and rental leases is an even greater indication of growth.
This new boom of residents comes as a relief to many Colorado Springs natives who have, for years, experienced the rapid transition in the population of the area’s military residents. Now with so many new settlers, the area has seen the lowest level of single-family homes for sale in more than two decades.
The increase in demand is now leading to a shortage of homes for sale, which may spur more builders to look at undeveloped areas of the Colorado Springs community for residential development. And while it is not yet known which type of housing will dominate the Colorado Springs landscape, one thing that we can assume is that a timely and well-executed response to this demand may make for a very successful development. To properly plan for commercial and residential real estate transactions developers may benefit by speaking to an attorney.
Source: The Gazette, “Soon, many more will enjoy Colorado Springs living,” Ted Rayburn, Feb. 21, 2016