Cushman & Wakefield Commercial Real Estate’s Travis Ackerman reflects on first quarter reporting from North Colorado’s land market.
Encompassing Larimer and Weld Counties, North Colorado’s land market recorded a record low of just upwards of 600 acres of transactions during the first quarter of this year, according to Travis Ackerman. A director for Cushman & Wakefield Commercial Real Estate, Ackerman takes a closer look back on first quarter figures for the region’s land market.
“With just 606 acres of transactions recorded during the first quarter of 2019, North Colorado’s land market witnessed disappointing performance on an acreage basis,” suggests Ackerman, “down from a particularly impressive 7,500 acres in the fourth quarter of 2018.”
“However,” he continues, “at approximately $89,000 per acre, the same period saw a historical high, price-wise, up by more than 700 percent.”
Indeed, at the equivalent of $2.04 per square foot, when compared to the previous quarter’s price of just $0.24, the price per square foot increase was equal to some 750 percent, according to Travis Ackerman. “Total sales volume still remained down,” he adds, “at just shy of $45 million, around half of the dollar value transacted in the fourth quarter of 2018, and flat compared to the same period last year.”
For the period ending in March 2019, the largest transaction recorded in terms of sales price was the 28-acre residential land deal completed at Clarence Drive & Bell View Drive, reports show, worth approximately $11 million.
In terms of acreage, a 240-acre residential land sale worth $1.1 million was the region’s biggest, meanwhile. “From a purely commercial perspective, a land sale of 1.85 acres on Lady Moon Drive, worth over $4 million, was the period’s most notable,” points out Ackerman.
Despite a fluctuating market, demand for land in North Colorado remains strong, according to the expert.
So-called master planned developments, including RainDance in Windsor, set to cover more than 1,500 acres, and Huron Lakes, which has already experienced strong presale activity, together demonstrate high demand for luxury housing in North Colorado, Ackerman suggests.
“As the national economy grows at pace, on target to meet the longest expansion period in history, expect the land market here in North Colorado to continue to thrive as we move forward,” he adds, wrapping up.
Travis Ackerman is a director for Cushman & Wakefield Commercial Real Estate specializing in the sale and lease of land and industrial, retail, and office space in North Colorado. Since 2007, Colorado State University graduate Ackerman has been involved in a total of more than 500 transactions worth in excess of $200 million. Known in the North Colorado real estate community for his integrity and work ethic, realtor and Colorado native Travis Ackerman has elevated himself to a position whereby which he now represents one of the top commercial brokers in the region.