Record land sales took place in 1996, when the dollar volume topped $200 million.
The Banning Lewis Ranch, which was the largest single property sold by the Resolution Trust Corp., accounted for more than a third of the total land sales volume in the Springs this year.
"Fewer land sales occurred in 2001 compared to the previous few years, as a consequence of a slowing economy, adequate developer inventories of entitled property and a diminishing supply of easily developable land," Grubb & Ellis notes.
Land prices will soften next year, especially for commercial, office and industrial property, where there are greater inventories, the report notes.
The best bet will be for "overlooked infill parcels located in established commercial areas," the report says.
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