March 28, 2009

Tim Leigh’s Weekend Market Report
Hoff & Leigh, Inc.
4445 Northpark Drive, Suite 200
Colorado Springs, CO 80907
March 28, 2009

Attached is our complete listing of all properties for sale in Colorado Springs, based on property type - office, industrial and condo. This is the most complete listing that we are aware of. It’s our goal to provide this information, updated weekly. We develop these lists by basic research and cross-checking data points from the PPCIE, local broker's individual web sites, The Turner Book and any other public information domain we can find.

You are receiving this information because, at some point, you asked or a friend referred your name to be included in our e-mail Insider’s List. If you no longer wish to receive this information, send an e-mail reply to me (tim@hoffleigh.com) and ask to be removed. Alternatively, if you know someone who could benefit from the receipt of this information, forward this e-mail to them, and suggest they contact us, so we can consider adding them to our exclusive list.

All Market Average Office Building Sale Price PSF = $112.58 (UP from $112.47 last week.)
We are currently tracking 109 office buildings for sale.
This is 1,164,213 square feet, which represents a total market value of $131,064,900.

All Market Average Industrial Building Sale Price PSF = $75.80 (DOWN from $75.91 last week.) We are currently tracking 96 industrial buildings for sale.
This is 1,342,305 square feet, which represents a total market value of $101,742,606.

Property we listed for Sale or Lease this week:

219 West Colorado Avenue: It’s an office condo in the Trestle Lofts project located just south of the Colorado Avenue via-duct, along the rail-road tracks. The Trestle building is very well maintained; the COA has a strong financial base; there is ample parking. This is the premiere condo-unit in the building; located just inside the main entry-foyer on the ground floor. It’s currently an attorney's office. The list price is $150 psf ($270,000).

500 West Bijou Street: This is a class "C" office/mixed-use building for sale. Formerly the Lighthouse Baptist Church, it’s currently the home of Boutte’s Photography. The building's almost 12,000 sf on 3 floors; it’s close to downtown; it has 40 on-site parkeing spaces. The Seller is newly motivated & will consider any realistic offer. The current asking price is $675,000, with, shall we say, “some room”. http://www.hoffleigh.com/PropertyDetails.aspx?ID=385

627 East Uintah Street: I’ve wanted to buy this building for several years. Unfortunately, it’s worth more to a user than an investor. The building currently houses some of school district 11’s admin function. It’s located on a hard, lighted corner; it’s 4,700 sf; the price is $575,000 and the Seller will provide financing. http://www.hoffleigh.com/PropertyDetails.aspx?ID=393

1107 North Union Boulevard: This is the former Church of the Holy Spirit; now the home of The Cesar Chavez School. The property encompasses ½ a city block at the corner of Uintah & Union. The main church building is 8,630 sf. We’re priced just a snootch below $950,000. The listing will hit our web site later today; www.hoffleigh.com.

2500 North Circle Drive: I feel like I’m selling my son or daughter. Hoff & Leigh worked from this location for years. It’s now the home of the Lynn Institute who is moving to a Class A medical campus. Their lease runs through the end of December, 2009. There is a very strong current income. The building will need retenanting when the Lynne Institute moves out. I've priced the building at a huge discount and hope to sell it quickly. Somebody is going to get a bargain. Like many other swinging Richards, I need to rasie some cash for another project.
htttp://www.hoffleigh.com/PropertyDetails.aspx?ID=388

805 North Murray Boulevard: This is a 42,994 square foot building on Murray Boulevard, located near Schriever & Peterson. The asking rent rates are $3.00 NNN. This may be one of the best lease/sale deals in the city right now. The building owner is very motivated! The listing will hit our web site later today. www.HoffLeigh.com.


Tim's Market Notes:

It was a chaotic week in the market place. Many "need to sell" Sellers are appearing. This is something I've been predicting for many months. I expect to see more properties hit the market over the summer with a downward momentum in pricing. I met with 2 building owners last week who are essentially, financially "out-of-the-game" business-wise & personally. The financial downturn and the on-going change in technology in their industries has killed their respective business models. They failed to stay aware of and act according to the market and it blew past them. And while I predict a short-term downward pricing pressure on lease rates & sale prices, I also predict a significant inflation that will force prices to rise over the long-term. I expect to see the Obama Dollars impact our markets within 18 - 24 months. That's good news for building owners who are currently "upside-down" and need to sell to "right-their-ship". The government's coming to the rescue; albeit with inflated dollars.

I was taught as a kid, that if I didn't have anything smart to say, don't say anything. I'm short on words this week because I feel like the world's on pause and I'm not sure I add any bright commentary to the conversation. The stock market's acting like a turn-around is in process, but I don't see that with many of the leveraged small businesses I deal with. They continue to struggle to find new contracts, make payroll and cover the overhead.

Focus on Charity:
We’re committed to being active community partners. We endorse & support the following charities & non-profit organizations. In spite of challenging financial times, we hope you’ll remember the financial needs of your favorite charity or non-profit. If you don’t have one, these guys could use your help. They add significant value to our community & quality of life.

The Salvation Army: Feeding 52,000 people every year.
The Red Cross: They provide emergency assistance at every disaster in the Pikes Peak region
The Boy Scouts: Assisting 10,000 kids in the Pikes Peak Region, they nurture young men into responsible adults.
The United Way: Everybody’s partner in funding non-profits.
Chamber of Commerce: The business community’s voice in local politics.
Economic Development Committee: Helping the city grow jobs and employment.

Want to know more? Contact me at Tim@HoffLeigh.com

Have a profitable week!

Sincerely,

TJL
Tim Leigh
719-337-9551
Tim@HoffLeigh.com


To view our Office Matrix List please click below
http://hoffleigh.com/OfficeInsider.aspx

To view our Industrial Matrix List please click below
http://hoffleigh.com/IndustrialInsider.aspx