A corporation recently acquired by the worldâs biggest real estate investor has snapped up 108 houses in the frenzied Colorado Springs market since October, and in some cases paid over the asking price.
HPA US1 LLC paid nearly $41 million for the homes, which are scattered across El Paso County, from just west of Interstate 25 to Peyton, and from Northgate to Fountain.
Corporations buying single-family homes and then renting them is nothing new, but HPAâs activities document that a corporate buyer has been a player in the local real estate scene.
HPA, however, doesnât simply assemble a stable of properties to rent; rather, it offers an opportunity to buy to its renters who otherwise might have difficulty qualifying for a mortgage.
Real estate giant snaps up dozens of local properties within months csindy.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from csindy.com Daily Mail and Mail on Sunday newspapers.
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Thunderstorms early, then partly cloudy after midnight. Low 61F. Winds NNW at 5 to 10 mph. Chance of rain 90%. Updated: July 21, 2021 @ 10:30 pm
Incentives coming for affordable housing, new growth in Colorado Springs 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.
A row of new homes still under construction in Colorado Springs, May 24, 2021.
Colorado Springs housing prices set records for the fifth month in a row in June. The median price of a single family home still sits nearly $100,000 less than in metro Denver. Still, Donna Major with Colorado Peak Realty in the Springs says the city is increasingly pricing people out.
“That’s heartbreaking because obviously I want to see everyone be able to buy a home and live in something that they own and build equity,” Major said.
The median home price in the Springs rose to $450,000 in June, up from $432,000 a month earlier. Houses are also staying on the market for an average of nine days, half the time of a year ago, according to data from the Pikes Peak Association of Realtors.