the trend is continuing. According to the local news paper The Gazette’s article Major growth is coming for East Woodmen Road in Colorado Springs. “Woodmen Road, the east-west highway that runs along the length of Colorado Springs’ north side, is one of the city’s busier residential and commercial corridors.
Now, growth along a roughly 7-mile stretch of Woodmen, extending east from Powers Boulevard to the Falcon area in unincorporated El Paso County, is poised to accelerate like the thousands of cars that travel the road daily.
Among projects completed, underway or on the drawing board that would fill in several undeveloped parcels along and near Woodmen’s eastern stretch: an 800-acre northerly expansion of the Banning Lewis Ranch; a new King Soopers-anchored shopping center; retail development at Marksheffel Road; apartment complexes; and new neighborhoods teeming with thousands of rooftops. ……
But the city’s population continues to rise, and so does the desire for housing. Last year, more than 16,000 homes were bought and sold around the Pikes Peak region, the second-highest total on record, according to Pikes Peak Association of Realtors data.
Builders took out more than 3,500 permits in 2019 to construct single-family homes, the second highest total in 14 years.
Apartments also are in demand. The Springs-area apartment vacancy rate was below 6% in the fourth quarter of last year; 10 to 15 years ago, the rate was often in double digits.
The first Banning Lewis homes started popping up in 2008 southeast of Woodmen and Marksheffel roads, and significant residential development finally began around 2012, when Oakwood Homes of Denver took control of about 2,600 acres on the ranch’s north side.
Today, roughly 2,000 homes have been built southeast of Woodmen and Marksheffel in the initial phases of Banning Lewis Ranch development.
Despite the several thousand homes along or near Woodmen, more are on the way.
Nor’wood Development Group of Colorado Springs, which owns 18,000 acres of the Banning Lewis Ranch a few miles south of Woodmen, has proposed the 800-acre Banning Lewis Ranch North.”
Not a bad idea to buy or sell at this point with such low inventory, that’s for sure.