JEFFERSON
Total small income property sales in Jefferson County retreated from 125 to 101 in 2007. 80% of the drop came from the duplex to fourplex market. There were 20 less sales of the 2-4 unit properties.
The average Price per Square Foot and Average Sales Price held up well considering the overall market. Both dropped but only by about 5%. The 2-4 unit Average Sales Price range has been very consistent between $300,000 and $305,000 since 2003.
Inaccurate pricing, market sentiment and a rise in interest rates caused the average time it took to sell a small income property to climb to over 4 months or 132 days in 2007.
Jefferson will be poised to make some gains at some point in the future. With RTD Light Rail construction about to begin, the opening of the west leg will affect some properties along the route the same as it did in Denver.
St. Anthony Central Hospital has begun work on its new facility in the Federal Center. It is expected to create more than 2400 new jobs for Lakewood and generate over $500,000,000 in economic activity. That's a lot of zeros!
The push for alternative energy is also going to help benefit Jeffco. The National Renewal Energy Laboratory in Golden is hiring 100 highly paid scientists and support staff. There is also over $155M for expansion of its existing operation and building of a new research center. The businesses that spring up around these investments generally are good for the tenant pool and property appreciation.
As mentioned in the Adams County review, Northern Jefferson could also benefit from the Storage Tech campus deal to a mystery buyer and new office construction along the U.S. 36 corridor. There are supposedly over 100 companies looking to move into new space in the Northwest region. These employers and any new businesses that follow whoever the Storage Tech buyer turns out to be, will need to house there employees somewhere. With Boulder and Broomfield recording some of lowest vacancy rates in the area, Northern Jefferson and Western Adams should benefit.
JEFFERSON COUNTY 2007 2-4 SALES
- RE/MAX 100 INC.
- Independently Owned & Operated
- 710 Kipling St., Suite 110
- Lakewood, CO 80215
- 303-232-4444 office 1-800-537-0002
- 303-202-2221 direct 303-232-6919 fax