As someone interested in purchasing or selling commercial real estate in Colorado, it’s important to know what the economy is like. In most of the United States, the economy has been going through the recovery process, so people have been able to hold on to their businesses and find ways out of debt.
Reading the news out of Colorado from early this year, it’s been shown that commercial foreclosures in Colorado have been declining. According to a report from Jan. 15, the foreclosures have dropped by approximately 75 percent since 2010. Commercial foreclosures are incredibly costly for companies and the economy in local areas, so finding that more companies are staying afloat is good news for everyone. This is a sign that the commercial market in Colorado Springs in particular is improving and that borrowers are working out deals with lenders that benefit both parties. For those wishing to sell businesses, it can also mean that the real estate is once again worth more in profit.
In 2014, there were around a dozen commercial foreclosure filings of over $1 million in El Paso County. That was a stark difference from the years before when 48 commercial properties had foreclosure actions filed in 2010. Between 2010 and 2014, the mix of businesses and properties falling into foreclosure included apartment complexes, retail properties, warehouses and office buildings, showing that no commercial area was particularly safe from the collapsing economy.
Today, foreclosures are happening less, which is good for business and local economies. If you’re interested in purchasing a foreclosure property, your options may start to be limited, so it’s important to speak to someone about purchasing one you’re interested in as soon as you’re ready.
Source: The Denver Post, “Commercial foreclosures decline in Colorado Springs” Rich Laden, Jan. 15, 2015