Denver's land sales volume peaked in 1999 when developers and builders shelled out nearly $300 million. "Based on the slumping economy, it is not surprising that land acquisitions slowed in 2001 as lenders, developers and corporations alike scaled back their plans for future growth," concludes the freshly released report. "In addition, it should also come as no surprise that for the most part land activity is expected to remain light through 2002."

Acquiring land is one of the first steps toward fostering and promoting growth, the company points out. Currently, there's a surplus of everything from single-family homes to class A office properties in the metro area, which "will have a profound impact on the land market over the next few years," researchers say.

Colorado Springs should end 2001 with a shade under $150 million in land sales, whereas the two prior years ended slightly north of that amount. The record was set in 1996 when the dollar volume topped $200 million. The Banning Lewis Ranch, which was the largest single property sold by the now defunct Resolution Trust Corp., accounted for more than a third of the total land sales volume in the Springs this year.