Living Colorado Springs » Homes for Sale

Home Sales Increase Brings Christmas Cheer to Colorado Springs

Rick Van Wieren — Thu, 01 Dec 2011 15:07:06 +0000

November Colorado Springs home sales were up 19.2%, the 5th consecutive month of double digit increases over 2010. Is the housing recession over? Maybe. Interest rates under 4% are sure helping sales, and any major changes in that department could derail things, but so far, so good.
Recent Colorado Springs employment news has been strong, with new commercial construction as well as manufacturing and call center hiring. On top of that, the wind down in Iraq is bringing troops back home to Fort Carson, hopefully to stay, which further fuels the Colorado Springs economy in terms of car sales, furniture, etc.
For more details, housing trend information and more, please visit www.LivingColoradoSprings.com/market-conditions.

Downtown Colorado Springs Is Great For Walking

Rick Van Wieren — Thu, 12 May 2011 14:31:54 +0000

Last week I attended the annual Leadership Prayer Breakfast at the Antlers Hilton hotel in downtown Colorado Springs. It was pretty cool to see such huge room full of people representing so many different perspectives, from real estate agents like myself to police, fire, active duty military, political leaders, presidents of local companies, etc. The speaker was a retired general whose talk I thoroughly enjoyed.
After the event, I decided to update my photo collection with some fresh shots of downtown Colorado Springs. I walked a fairly complete circuit in just under an hour, and covered just the most central portion of the downtown, from roughly Colorado Ave in the south to Monument Ave in the north, Nevada on the east, and Cascade in the west. When you are taking pictures, you tend to slow down and notice things more, and I really enjoyed checking out some of the street sculptures along Pikes Peak Ave. While I didn’t take pictures of every restaurant I came across (there are lots!), I noticed quite a few I would like to come back and try. After 20 years in the city, I still haven’t come close to checking them all out!
I thought some of these came out pretty good, please tell me what you think!

Colorado Springs New Construction Will Stay Slow

Rick Van Wieren — Tue, 26 Apr 2011 14:30:43 +0000

There has been a lot of press these days about how new home construction needs to increase in Colorado Springs. While I personally agree, the reality is that people will start buying new homes more frequently when they no longer can find enough selection of existing homes. For that to happen, more people are going to have to jump back in to the real estate market.
We have not been building many new homes for several years now, and pent up demand for newer homes is increasing. With high unemployment, a general retraction in peoples belief they can afford the real estate they have, etc, it just hasn’t made that much sense. But over time, people graduate from college, get married (or divorced), they have kids (or their kids move out), families grow (or shrink), and the need for newer larger homes (or smaller ones!) will come back. It’s called household creation. Until it does, we probably have just the right amount of new building going on.
In these conditions, when does new construction make sense? When an existing home won’t do the job. With over 4600 homes for sale, it is logical to first see what’s already there, because it is not that likely that a builder can build a new home for less than what an existing home would cost, unless they have gotten an AMAZING deal on the land it sits on (which does happen occasionally). Sometimes there are features that someone wants or needs that just don’t seem to exist in any existing homes. Sometimes the condition of a resale home just can’t match up to what someone feels they need. Some new developments have amenities that were not available when many of our existing homes were built. There are lots of reasons, but they all get back to the economic trade off: are they worth the price.
When the number of buyers increases to the level where the existing inventory no longer is adequate, new construction will pick up again. It won’t be instant, and it won’t happen all over the area, but it will happen. Some of us in the real estate industry can’t wait!

Colorado Springs Homes for Sale Jump in January

Rick Van Wieren — Sat, 15 Jan 2011 16:57:35 +0000

This time of year we always have a new surge in listing activity, and 2011 is no exception. There are 4,392 active single family homes for sale in Colorado Springs as of this morning, which is actually not bad for this time of year. I have added a few myself this week (visit my listings page to see some of the nice ones I have, all with virtual tours!).
The winter months are a good time to look at homes, because with some fresh inventory and not so many relocation buyers yet (they tend to come in the later spring), it makes for pleasant shopping, good selection, and with interest rates in the mid 4′s, an awesome to buy a homein Colorado Springs. We’re in for some mild weather this week again too (upper 40′s – low 50′s), which makes it pleasant to be outside as well!
This is also a good time of year to think about having a new house built. They can take 6 months, which means getting started in January is a perfect time to get the process going for a summer move, and some time to get a new lawn going. Call Rick at 719-331-7675 for a free consultation about getting your home buying process started in 2011!

Colorado Springs Real Estate Still Hurting – October Home Sales Down

Rick Van Wieren — Mon, 01 Nov 2010 15:56:30 +0000

Home sales in Colorado Springs dropped again in October by 18.4% from October of 2009. October’s drop was the smallest year to year decline since July. Year to date, sales were down 4.4% through October.

Colorado Springs home prices on the other hand, increased 12.6% on average, the median (1/2 above, 1/2 below) was up 6.4%. This is likely a reflection of the decline in the percentage of homes categorized as distressed. October’s distressed sales (at least those disclosed as such) were only 17% of the total, compared with 22% last year at this time. The higher end seems to be doing ok as well, with the 90th percentile at $402,000.

The record low interest rates are definitely helping things from being worse, interest rates in Colorado Springs going into the Halloween weekend for 30 year fixed were right at 4% for many lenders, and 5 and 7 year adjustables were in the low 3′s.

Click here for more details on Colorado Springs real estate market conditions.

Colorado Springs Real Estate May Be Affected by Banning Lewis Bankrupcy

Rick Van Wieren — Fri, 29 Oct 2010 15:10:43 +0000

The Banning Lewis Ranch, the largest development in the history of Colorado Springs, filed for Chapter 11 bankruptcy yesterday (10/28/10) according to the Colorado Springs Gazette. Chapter 11 is a reorganization, not a liquidation, and it is all of our hope that the company can work out the details in a way that keeps at least the active portion of the development (the northwest corner of the 20,000 acre plus area!) moving ahead.

I won’t bore you with a history of the property, but the place is HUGE, extending from Woodmen Road in the north, to south of the Colorado Springs airport, on the east side of town along Marksheffel Road. Much of the land is still just cattle and pronghorn grazing. The plan was for eventually as many as 75,000 homes, really the size of a decent sized city in its own right. The initial phase looks very nice, and despite the relatively large number of homes for sale in Colorado Springs, it makes for a nice new construction option for our buyers, with new homes starting in the low 200′s (really!). The charter school seems to be doing well, and clubhouse facility and pool are very attractive to new home buyers. This will likely continue, but some builders may get a little nervous about expanding their presence.

My guess (or maybe just hope?) is that some of the southern sections of the ranch will be broken off to appease creditors, so that the core of the northern portion can be kept intact. The concepts behind the development seem sound to me as a Realtor, and its Achille’s heal has always been that the development is just too massive. By breaking off some chunks that may not be built on for 50 years anyway, it seems like a logical way to get to the other side of the problem. This development is one of the main sources of new lots in the city of Colorado Springs for the future, and it does not seem likely that it will be allowed to completely fail.

What if the Banning Lewis development were to completely fail? In the past, when the economy turns up again, the developed lots get picked up for a song by other developers, and new homes that are very inexpensive often get put on them. There may be some property tax implications. There is a Banning Lewis Metropolitan District that collects approximately 40% of the taxes for the area (50 mills). In the past, these special improvement districts have had a hard time staying afloat when the developer goes under, in some cases leaving existing homeowners with massive tax increases needed to continue servicing bonds. It is unclear whether that will at all be the case here, but it is an issue that will bear watching. Here is a document containing more details and contact information for the Banning Lewis Metropolitan District: Banning Lewis Metropolitan District General Disclosures.

You Can Afford More House Than You Think in Colorado Springs

Rick Van Wieren — Mon, 25 Oct 2010 15:56:44 +0000

I showed a house in Colorado Springs to some clients yesterday that was priced at the same level it was sold for, brand new, in 2002. Coupled with interest rates quotes that started at 3% for a 5 year conventional ARM, it struck me how much of a bargain homes are right now. In 2002, a $300,000 mortgage at 6% would have been a bargain (the average was 6.5%), with a PI payment of $1,798.65. With 8 years of landscaping, decorating (and yes, some wear and tear), the 3% rate would be only $1264.81. The same house!
In 2005 we bought a rental property with a 5 year ARM at 5.875%. If someone qualified for a $500,000 property with a $400,000 loan in 2005, their payment would have been $2366.15. In todays market, the same mortgage would be 3% or $1686.42. Or, keeping the payment about the same, they could buy a house for $650,000. Which in 2005 might have been closer to $800,000 or a $1 million!
While not every price range has been affected the same way with price drops, the drop in interest rates makes every house a bargain right now. Now if we could just come up with some more jobs for people so they can qualify

Looking For A Deal in Colorado Springs?

Rick Van Wieren — Thu, 09 Sep 2010 21:38:44 +0000

I don’t often promote my own listings in this way, but I have a couple of outstanding values that have come along that I thought I should share.
The first is a listing in Monument that we JUST reduced the price on, to $259,900. This home has outstanding views of Pikes Peak and the Ramparts from the front porch, central air, a fresh exterior paint job, 2 1/2 car garage, and more. This is a lot of house for the money, in a great area! More Details on 253 Talus Rd, Monument

The 2nd is a brand new listing of a townhome in Briargate (school district 20). This unit is only $149,900, and features central air, new roof, newer windows, 2 car attached garage (rare for this price range) and shows very nicely. More details on 2840 Boxwood Place

I always have lots of pictures and virtual tours on my own listings, and have some other great values.

Teller County Is a Different Kind of Suburb

Rick Van Wieren — Thu, 05 Aug 2010 15:13:57 +0000

Most people familiar with Teller County wouldn’t really think of it as a suburb. It is really pretty rural, but the fact is that most of Teller County lives in the shadow of Colorado Springs economically, and as part of our Multiple Listing Service (MLS) area, deserves some coverage of its own from time to time.

Woodland Park is about 20 minutes up the Ute Pass, due west of Colorado Springs, and claims 7600 residents. It is the county seat, and the only real city in Teller County, possessing both a Super Walmart and a MacDonalds (among other shopping and dining opportunities!) . It is the jumping off point for driving trips further west into the mountains. At 8500 ft in elevation, it is cooler climate than Colorado Springs, and can be a nice quick getaway in its own right on a hot day.

Some of the other towns and areas of Teller County include Divide, Florissant, and Cripple Creek. Cripple Creek is an old mining town turned gambling center. Divide and Florissant have a lot of semi-vacation type homes that are pretty much year round residences these days. Divide is home to Mueller State Park, and Florissant has the Florissant Fossil Beds National Monument. The average selling price for homes in Teller County for the 2nd quarter of 2010 was $199,324, the median was $174,900.

What brought Teller County to mind for me was a trip up there yesterday to add a new lock box to a home that I have listed (which is now under contract), in Divide. On the way back, I stopped at The Crags trailhead, a ‘back side’ route up Pikes Peak, and took a little hike. This was a delightful hike, and I look forward to taking it up even further on a day when I have more time and can start earlier. The west side of Pikes Peak, Mueller State Park, Florissant Fossil Beds National Monument, and of course the rest of the Pike National Forest make Teller County a real playground for those of us who live in Colorado Springs and the surrounding areas.

The Crags Trail

Home Sales in Colorado Springs up 4.7% in June

Rick Van Wieren — Thu, 01 Jul 2010 15:54:51 +0000

June Colorado Springs home sales were up 4.7%, compared with June of 2009. This was undoubtedly affected by deadline of the Home Buyers Tax Credit, with June 30 being the last day to close to still be eligible (before the last minute extension of the closing deadline passed by both the house and the senate). The average price was up 7.5% at $242,315, and median was up 5.3% at $205,000.

Less positive was the increase in homes for sale. The inventory of homes for sale in Colorado Springs rose 14.5%, to the highest level since October 2008. Also, the Selling Price to List Price ratio dropped to 96.7%, which is low by local standards.

With interest rates in the 4′s, the remaining summer months should be moderately healthy, and more ‘normal’, with tax credits and other government stimulus actions less of a factor. The things that will turn our market around more quickly than anything will be more jobs in Colorado Springs, and the return of the thousands of troops who are currently deployed to the Middle East, to Ft Carson.

For more details on current housing market conditions, please visit the Market Conditions section of www.LivingColoradoSprings.com