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Nearly 4,500 permits were issued in 2020 for the construction of single-family homes in El Paso County, including this one in Colorado Springs Banning Lewis Ranch development. The construction industry enjoyed a banner year in 2020 despite the COVID-19 pandemic; the estimated dollar value of residential and commercial building permits for new construction totaled a record high $2.9 billion, according to Pikes Peak Regional Building Department figures. RICH LADEN, THE GAZETTE
When Bill Sulzman, 82, noticed people circling his small cottage carrying tape measures, cameras and clipboards last summer and fall, he knew something was up.
He didnât know then, but heâs since found out, that his home for 32 years, for which he pays nominal rent, was sold in October without his knowledge.
That sale and others are part of a plan to liquidate many of Ithaka Land Trustâs roughly two dozen rental properties. Most were built 100 or more years ago and were acquired through donations and purchases financed by nuns and the city.
Over the years, though, Ithakaâs maintenance bills grew while rents barely budged. With limited operating funds, the nonprofit has cooked up a plan to monetize the mostly Westside properties so it can fix up some of its rentals and build a low-income housing project southeast of downtown.
Colorado Springs construction industry hit boom times in 2020, despite pandemic gazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gazette.com Daily Mail and Mail on Sunday newspapers.
Hail, some as large as golf balls, fell in the Broadmoor area during storms. Kelel Nilsen sweeps fallen leaves out of the driveway of his home as a fog lifts from the layer of hail that fell on Wednesday, August 5, 2020. Colorado Springs City Council is temporarily suspending enforcement that could require residents to take frontyard carports down while they rethink carport rules. (Photo by Jerilee Bennett, The Gazette)
JERILEE BENNETT, THE GAZETTE
Homes in Colorado Springs appreciated 11.3 percent in 2020 â ranking No. 5 nationwide in percentage increase in value. CaseyMartin / Shutterstock.com
On Jan. 4, only 341 single family detached homes in all price categories were for sale in El Paso County. Also listed that day were eight patio homes, 34 townhomes and 16 condos.
Harry Salzman, ERA Shields/Salzman Real Estate Services, pulled that data from the Colorado Multiple Listing Service.
In a county with a population currently estimated by the U.S. Census Bureau at more than 720,000, those figures reveal that homes are getting snapped up.
Another way to look at the local home market is months-supply data â the number of months it would take for current inventory on the market to sell, given the current pace.