Colorado Springs Real Estate

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Archive for August, 2008

Nosh in Colorado Springs… small plates offer artistic fun

Nosh RestaurantTry Nosh for some fun dining located next to The Fine Arts Center in The Plaza of the Rockies.  If the weather is nice, sit outside on the patio, though you might have to hold on to the umbrella as it is usually very windy.  The inside is quite colorful sitting under pieces of modern art surrounding a huge bar.

Nosh provides many small plates of gorgeous and interesting flavors.  Expect to order several of them and part of the fun is sharing with your dining partner.  Read the rest of this entry »

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The crown jewel of Colorado Springs Parks, Garden of the Gods

Garden of the Gods in Colorado Springs

 Garden of the Gods 

For a Free Colorado Springs relocation Guide, Contact Kathy Torline at KTorline@msn.com

The Park is a giant rock garden composed of red sandstone formations and is located on the west side  of  town in the 80904 Zip Code.   It is minutes from neighborhoods on the Northwest and West side of  Colorado Springs including Mountain Shadows, Cedar Heights, Pleasant ValleyRockrimmon, Old Colorado City and Manitou Springs.

 About Garden of the Gods:
• It’s a Colorado Springs city park, public, Read the rest of this entry »

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Hidden Gems in Colorado Springs Parks, #1 The Gardens at Monument Valley Park

In the heart of Central Colorado Springs

are the Gardens at Monument Valley Parkmonumet-valley-bee-12-percent-soft-edges.jpg

For a Free Colorado Springs relocation Guide, Contact Kathy Torline at KTorline@msn.com 

Flowers in Monument Valley Park Colorado Springs

One of the top reasons people love living in the Pikes Peak Region is because of the open spaces and mountains.    It’s paradise for a nature lover!

If you’ve recently moved to the area, and want to learn about what grows well in the high arid climate of the Pikes Peak region, this is a perfect place for you to visit.   It’s one of the hidden gems of the city. 

The gardens are located in Read the rest of this entry »

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Names for Colorado Springs Streets

         

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
  
An early history of Colorado Springs, part 2 

We now have a new town named Colorado Springs: however, it was just a dusty landscape with little water and no homes.  It would need more than Palmers vision to become a reality.

In 1870, Palmer finally got his Denver and Rio Grande Railway started.  It was the north/south route he so dreamed of.  He started the Mountain Base Investment Fund to build and develop the other products to go along with his railroad (ranches, lots, towns, mines etc). Read the rest of this entry »

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Colorado Springs Short Sale Primer, an explanation of debt forgiveness

Colorado Springs Short Sale Primer on Deb

When lenders accept less than what it is owed, they have 3 options:

  • They can do nothing
  • They can go after the deficiency   
  • They can send a 1099, which mean they forgive the debt and send out a 1099 form for the deficiency,

As an example:
Property is worth $220,000
Balanced owed is $240,000
Net received by the lender after the short sale is $190,000
The lender incurred a deficiency of $ $50,000

Why would a lender send a 1099 for the Deficiency?

The lender lost $80,000 of their income and they forgave the borrower’s debt.   Per IRS regulations Read the rest of this entry »

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2008 Parade of Homes at Banning Lewis Ranch in Colorado Springs

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The 2008 Parade of Homes at Banning Lewis Ranch presented some great opportunities for photos.

Enjoy!

Classic Home

The Classic Homes at Banning Lewis had great curb appeal

Read the rest of this entry »

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Top 7 Appraisal Myths for Homes in Colorado Springs

Appraisals
Get a Free Market Analysis on your Home, Email KTorline@msn.com  or call 719-287-1049

Home in Fountain Colorado(1) Do you know how foreclosures affect the value of appraisals in a neighborhood?

If a foreclosure is the exception in a neighborhood, an appraiser doesn’t typically include it in their comparative properties.

(2) Did you know that the appraisal is owned by the person or business that orders it, not the person who pays for it?

As an example, if the bank orders the appraisal they actually own it.

(3) Did you know that the appraisal is Read the rest of this entry »

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32nd Balloon Classic comes to Colorado Springs Labor Day Weekend 2008

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

Not sure what to do over Labor Day weekend?  Well, come over to Memorial Park and help the city celebrate its 32nd annual Balloon Classic.  For three days these colorful balloons will be lifting off, giving the city a very colorful sky-scrape as they dot the Pikes Peak sky.  During the evening come on down and watch the night come to light during Colorado Springs Balloon Festivalthe Balloon Glo and while you’re there, wander into downtown Colorado Springs and enjoy one of the fine local restaurants or come to one of the free concerts that will be offered on Saturday and Sunday evening.

The Colorado Balloon Classic (a division of Colorado Springs Balloon Classic, Inc.) was organized in 1977 and has grown to be the largest and the longest continuously running hot air balloon festival in the Rocky Mountain Region as well as the State of Colorado. The Colorado Balloon Classic is an annual family event – admission is free.

The event is held in Memorial Park off Pikes Peak Avenue between Hancock Ave. and Union Blvd near the shores of Prospect Lake.  Mass ascensions with over 100 balloons are scheduled for Saturday, Sunday and Monday mornings with a Balloon Glo® scheduled for Saturday and Sunday evenings. Read the rest of this entry »

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Schools in the Colorado Springs Area

  Colorado Springs School Districts

 For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

With school starting, I thought it’d be a good time to provide you with the links to the local Colorado Springs school districts.  While driving, don’t forget to watch out for all our little citizens as they make their way back to their local school after their summer vacations.

One of the most important things to look at when moving to a new area, is to research the schools and the school systems.  The following is a list of the School Districts in the Colorado Springs area.School In Fountain Colorado

District 2:  –  Harrison (South side of Colorado Springs)

District 3:  — Widefield (South east side of Colorado Springs)

District 11: – Largest school district in the city (Central Colorado Springs) Read the rest of this entry »

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It’s all about the home warranty

Include a Home Warranty with your house — it will help it sell faster!

Everything you ever wanted to know about Home Warranties

Get a Free Market Analysis on your Home, Email KTorline@msn.com  or call 719-287-1049

What is a home Warranty?

It is typically a one-year service contract that protects a resale homebuyer or current homeowner against the cost of View down Cascade Avenue in Colorado Springsunexpected repairs or replacement of major systems and appliances that break down due to normal usage. Coverage can also be available to home sellers during the listing and escrow period.

How does it work?

For an annual fee of $250 to $600, the warranties cover repair or replacement of basic home systems such as plumbing and heating, plus major appliances. Air conditioning, pools, spas, wells and sometimes roofs can typically be added to the basic policy for an extra fee.

The warranty company contracts with Read the rest of this entry »

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8 biggest mistakes made by home buyers

Colorado Springs

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Biggest mistakes that home buyers make

Must Read Posts:

(1) Home Buyers don’t think about resale before they buy.  Every house will be resold at some time in the future.

(2)  Home Buyers base their decisions on what they hear in the national news. They need to remember that real estate is local; not national.  Read the local Colorado Springs newspaper and watch the local news, hire a local Realtor.

(3) Home Buyers only talk to one lender. They need to shop for a loan, just like they shop for a house.   Ask your Colorado Springs Realtor for some referrals.

(4) Home Buyers don’t understand the benefits of using a Buyer’s Agent. They should interview an agent who represents them, and make sure they specialize in buyer representation.

(5) Home Buyers don’t read and Read the rest of this entry »

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Tips for selling your home in Colorado Springs, outdoors does matter

Your home is most inviting
when your property appears well groomed and uncluttered from the outside

Get a Free Market Analysis on your Home, Email KTorline@msn.com  or call 719-287-1049

We suggest following these important guidelines when trying to sell your home in Colorado Springs.House in Old North End in Colorado Springs

  • The lawn should be fertilized and watered until its green (we know this is tough in drought conditions but it will make difference)
  •  The lawn should be trimmed and edged
  •  Flower beds should be cultivated and free of weeds
  •  Trees and bushes should be trimmed and leaves raked Read the rest of this entry »

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33 unique things to do in Colorado Springs — #2

Could this be the new light rail in Colorado Springs? 
Come to the Roswell Trolley Museum

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Previous Posts: 

The Light Rail is a sign of the future so say proponents of the system.  With the rising price of fuel, greenhouse emissions and Trolley Museum Colorado Springsrush hour gridlock, many people are trying to find a better way.  But is it new?  One only has to take a trip to The Roswell Trolley Museum to realize history really does repeat itself. 

Owned by The Pikes Peak Historical Street Railway Foundation, The Roswell Trolley Museum is like stepping back in time.  Volunteers work on restoring these electric streetcars and have opened the site as a museum with the idea of one Read the rest of this entry »

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Increase your Curb Appeal by painting your house

Tips to Sell Your Colorado Springs Home

 For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

Must Read Articles

Potential home buyers WILL decide whether or not to look inside a house or take it seriously based on its curb appeal.   They’ll make a decision if they even want to see it, from how it looks on the outside.House in Fountain Valley   I have had many buyers make a decision not to go inside a house as they look at the house from their car.

One of the most important things you can do to enhance curb appeal is to make the outside sure the paint looks good and is appealing.

When deciding on what colors to paint your house, keep the following in mind:

 

Neighborhood Context

  • Make sure that your colors are compatible with the houses next door

Existing Colors  

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15 steps to get your home ready to show and sell in Colorado Springs

Inside your Colorado Springs Home
 work towards it being clean, comfortable and neutral 

Get a Free Market Analysis on your Home, Email KTorline@msn.com  or call 719-287-1049

Must Read Articles

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Here’s some tips to make the inside so inviting that buyers can’t resist the urge of imagining themselves of living there.

  1. Are all walls clean and in good repair.
  2. If you paint, make sure its a neutral color.
  3. Carpets should be steam-cleaned.
  4. All floors should be clean and waxed if necessary.
  5. All window treatments should be clean and in good repair.
  6. Clean and straighten out Read the rest of this entry »

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Springs Old North End, Pictures, Pictures, and More Pictures

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Since I’m an avid photographer, I’m always looking for excuses to take photos; and the Old North End has no shortage of wonderful things to capture.  Hope you enjoy the shots!

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Read the rest of this entry »

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Marigolds Cafe and Bakery

A Colorado Springs Institution 

For an elegant meal or a pastry and coffee, Marigolds is a great place to meet.

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Marigold Restaurant in Colorado Springs

Think you can’t find elegant dining in Colorado Springs?  Then come to Marigolds Cafe and Bakery located in a strip mall off of Garden of the Gods and Centennial in Northwest Colorado Springs.  Its been in operation for over 15 years and has become an institution here in Colorado Springs.

Enter this charming bistro and be intoxicated by the aromas of all the home-made pastries, including breads, cookies, pies, fresh fruit tarts and my personal favorite, Neapolitans. 

They’re open for Read the rest of this entry »

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Steele Elementary School in The Old North End of Colorado Springs

One of the first schools built in Colorado Springs

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During the Gold Rush of the 1890’s many people were coming to Colorado Springs and building their homes in the Old North End. This created a problem due to a lack of schools; so in 1896 the school board bought several lots on the northwest corner of Del Norte and Weber.  A building that had been used as an annex for Garfield School was Historic Steele School in Colorado Springs in the Old North Endmoved onto the property and the school was called the Del Norte School.  It started as a 2 room building where 43 students in first, second and third grade attended.

In 1901, due to the area’s explosive growth, bonds were issued and a eight room, 2-story brick building was built.  The name was changed in memory of Benjamin Steele, the first editor of the Daily Gazette.  It opened on January 28, 1901 and dedicated on February 22, 1901. Read the rest of this entry »

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Tea and crumpets in Colorado Springs

How Colorado Springs and her homeowners became known as Little London 

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Dr. William Bell (Palmer’s prodigy), became Colorado Springs main press agent in 1874.  He promoted how wonderful briargate.jpgColorado Springs was to the Europeans (especially the English, Welsh, Irish and Scots). He originally haled from that area and eventually would return there in the 1890’s, but not before building his home, Briarhurst Manor  in Manitou Springs. Why did this western United States town become know as “Little London”?  Evidently, tea and crumpets were the norm at 5pm everyday.

Besides that, Dr. Bell actually took ads out in the local European newspapers on how the Pikes Peak region was superior for raising sheep and cattle….you might be saying, huh (?) to yourselves, but it was true.  Read the rest of this entry »

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4 Steps to Find the Perfect Neighborhood in Colorado Springs

Relocating ? Follow these 4 steps

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com 

Must Read Articles

1.  Check out the school district

2.  Find out if the neighborhood is safe

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Palmer Lake Homes, July Market Report

 Search for Homes in Palmer Lake

The absorption rate of 1.71 houses per month shows that there is a 15.75 month supply of houses on the market; the housing market is currently a BUYERS MARKET in Palmer Lake.Scenic Palmer Lake

Palmer Lake is located Northwest of Colorado Springs and is in District 38 schools

Recap of July Activity in Palmer Lake

  • Homes Sold in the last month:  3

Recap of 1-1-08 to 7-31-08 Activity in Palmer Lake

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The Young Years of Colorado Springs

       1870’s in Colorado Springs

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For other information on the General check out these articles:

In October, 1871 Queen Palmer arrived in Colorado Springs at was to be her new home.  What she found was a dusty  wilderness and her new home (Glen Eyrie) was not yet finished.  She never adapted very well, but she did try.  She preferred indoor activities and dancing while the rest of the women that were there enjoyed hiking andGlen Eyrie in Colorado Springs roughing it.  She noticed that there was no school in the little town and decided to start one.  In November of that year she started a day school for the children in the area.  She lasted five weeks and realized that she wasn’t cut out to handle the everyday problems.  After the Christmas break, she hired a schoolteacher at her own expense to continue the tiny school.  In March of 1872, Queen Palmer would leave the area and never live there again, though she did make visits.  There is even a school today named after her.  She died in 1894 at age 44 in England.  Her body would eventually be buried in Evergreen cemetery.

1872 also marked the first hotel in Colorado Springs.  Yes, it was called the Colorado Springs Hotel and built by Read the rest of this entry »

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Downtown Colorado Springs Homes, July Market Report

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Single Family Homes in Downtown Colorado Springs were built from 1900 to the 1940’s.  The majority of the houses are ranches and 2-stories, with 2 to 3 bedrooms, 1 -25 baths, and 1 – 2 car garages.   The adowntown-cos-1-15-percent.jpgaverage home has approx. 1000 to 1750 square footage.  The absorption rate of .85 houses per month shows that there is a 11.71 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.

Central Downtown area neighborhood is located in District 11 Schools

Central Downtown homes are:

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Broadmoor Homes, July Market Report

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Single Family Homes in Broadmoor were built from 1900 to the 2000’s.  The majority of the houses are ranches and 2-stories, with 4 to 6 bedrooms, 3 – 5 baths, and 2-4 car garages.   The average home has approx. 3000 to 5000 squBroadmoor Brownstones in Colorado Springsare footage.  The absorption rate of 2 houses per month shows that there is a 28 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.

Broadmoor neighborhood is located in the Southwest area of Colorado Springs and in District 12 schools

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Is my Home in Colorado Springs ready to Show and Sell?

 Top tips for Home Sellers in Colorado Springs

 Get a Free Market Analysis on your Home, Email KTorline@msn.com  or call 719-287-1049

Must Read Articles

Some tips that will help entice the home buyer and show off the beauty of your home in Colorado Springs.  Finishing touches are really important if you’re having an open house or know its going to be shown to prospective buyers.

  • Ask your family to keep it neat when you’re expecting a showing1519-tejon-12-percent.jpg
  • Try not to be present during showings or Open Houses (it’ll make potential buyers uncomfortable), if you can’t leave, wait in the backyard or take a walk during that time

  • Let the Realtor show off your home…that’s why you hired one

  • Open drapes, turn on lights and if weather permits, open some windows

  • Fresh Read the rest of this entry »

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Front Range Barberque in Old Colorado City

 A Smokehouse Bar and Grill

in Old Colorado City

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Part of what makes this restaurant so special is that its located smack dab in the middle of Old Colorado City on Colorado Blvd  on the west side of Colorado Springs.

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The Old Colorado City Neighborhood  was incorporated in the 1850’s (and was originally called Colorado City); the older homes we see today where built starting around 1890 as the original buildings were mostly shacks.  Residents and visitors alike love to walk the streets of  Old Colorado City and enjoy its many delightful restaurants, shops, and art galleries.

Love bar-b-q?  Love live music?  Then come to the Front Range Barbecue located at 2330 W. Colorado in Old Colorado City.

This delightful, locally owned place opened in Read the rest of this entry »

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33 Unique things to do in Colorado Springs…#3

        The Olympic Training Center  in Colorado Springs 

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Previous Posts: 

With the Beijing Summer Olympics in full force, now might be a great time to discuss one of Colorado SpringsOlympic Training Center Colorado Springs gems.  The city is home to The Olympic Training Center.  You can take a tour and visit the site where many of our athletes live and train.  Its had quite a history.  Here’s a few highlights:

  • 1976-President Gerald Ford’s commission on Olympic Sports allows the USOC to find a new home

Read the rest of this entry »

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Colorado Springs Old North End, Market Report for July

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Single Family Homes in Old North End were primarily built in the 1900’s to 1920’s.  The majority of the houses are ranches and 2-stories, with 3 to 5 bedrooms, 2- 3 baths, and 1 – 2 car garages.   The average home has approx. 2500 to 3500 square footage.  The absorption rate of 4 house per month shows that there is a 6 month supply of houses on the market; the housing market is Read the rest of this entry »

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Old Colorado City Homes, July Market Report

  Includes Homes in Crown Hill Mesa and Gold Hill Mesa Neighborhoods
Search for Homes in Old Colorado City occ-home-7-percent.jpg

Old Colorado City Homes are:

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Real Estate Dictionary — “D” is for Deed

Knowledge is Power 

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I’m looking at selling my home in the Old North End, and I want to know how long it will take me to sell my house? Your Realtor can do some research and tell you about the Average days on market in your neighborhood.  This will give you a starting point for your expectations.

funky-d-7-percent.jpgWhat is a deed? A deed is a document used to transfer ownership in a property.   There are many types of deeds, but the most common in Colorado is a General Warranty Deed. 

My neighbor is trying to sale their house in a short-sale, and he said he is concerned about a Deficiency Judgement, what is this? The bank or financial institution that holds the mortgage on the property may get a judgment against your neighbor for the loan deficiency, and they call this a Deficiency Judgment.

I’ve been reading about demographics, is this something Read the rest of this entry »

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Real Estate Dictionary — “C” is for CMA

Knowledge is Power 

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Who has capacity to sign a contract? Most adults have capacity to sign a contract, even if they are illiterate. A minor, typically does not have capacity to sign a contract.

I heardfunky-c-7-percent.jpg someone say that I needed to look at the CC & R’s in the subdivision. CC & R’s stand for covenants, conditions and restrictions; which are considered private restrictions on the use of the property. Many new subdivisions in Colorado Springs and Monument have CC & R’s.

What does caveat emptor mean? It is a Latin term that stands for Let the Buyer Beware; the buyer is buying a property “as-is” In Colorado, bank owned properties are often sold “as-is”

Why do I have to wait for the Certificate of Occupancy on my new house? Because Read the rest of this entry »

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Happy Birthday Bon Shopping Center

Located by The Old North End
and Patty Jewett Neighborhoods in Colorado Springs 

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Bon Center is having a birthday party!  Its opened in 1953 as Colorado Springs first strip mall (still located obon-shopping-center-sign-a-small.jpgn Wasatch) and is celebrating its 55th birthday with an open house.  Though most of the “ultra modern” look is gone, the original sign still remains to give us a small glimpse into its past.

When it opened it was Colorado Springs first strip mall and still survives and thrives today even though many of its counterparts are no longer in existence.  How is that possible?  The center was originally planned into the community and its still supported by the residents and of The Old North End and Patty Jewett neighborhoods.  The center’s owners try and keep the rents low enough that the Mom and Pop operations can make a living and be supported by its local homeowners.

Read the rest of this entry »

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Are you trying to sell your home in Colorado Springs?

 Teamwork
Your participation can make or break a sale 
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Like every good team, every member of the team must understand their responsibilities and their roles

The successful sale of a house requires good teamwork and communication between the homeowner and their Realtor.  By following these easy steps, 1700-wood-12-percent.jpgyou can assist with the successful sale of your home:

  • Maintain your home in ready-to-show condition
  • Ensure that your home is easily accessible to real estate professionals (lock box and key)
  • Try to be flexible in the scheduling of showings
  • When you are not at home, let your Colorado Springs Realtor know how you can be reached in case an offer is received
  • If approached directly by a Read the rest of this entry »

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Relocate to an Award Winning City in the Colorado Rockies

  Colorado Springs
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

Awards, Awards, and more Awards ……

  1. #1 by Money Magazine for best big city in the nation to work and live – Money Magazine August 2006city-view-15-percent.jpg
  2. #1 by Forbes for most Pet Friendly city – 2007
  3. #1 Winner of DogTown USA, most dog-friendly city – 2008
  4. #2 in population for percentage of veterans #3 by Forbes for best, fastest, growing, most business friendly metro
  5. #3 by MSNBC for best places to live in U.S.
  6. #4 by Frommer’s for best cities ranked and rated April 2007
  7. #4 Smartest City by BizJournals.com
  8. #5 by Kiplinger’s in “Best Cities to Live, Work and Play”
  9. #6 among top cities in Read the rest of this entry »

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Real Estate Dictionary — “B” is for Building Codes

Knowledge is Power 

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My brother lives in a Brownstone in Philadelphia. What type of house is this? A Brownstone is typically a row house, often times found in larger cities. There are some brownstones in downtown Denver and also some in Colorado Springs around the Broadmoor Hotel.

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What is a building code? Building codes are set up by cities, counties, and states and are used to provide minimum building standards. They also help ensure that the buildings construction is safe. In Colorado Springs and Monument, the building code is enforced by the Pikes Peak Regional Building Department. In Woodland Park, the building code is enforced by the Teller County Building Department

The newspaper said it is a Buyer’s market. What does this mean? The newspaper is referring to a situation where there are more houses on the market than there are buyers, essentially supply exceeds demand. Markets vary neighborhood by neighborhood, consequently there can be both a Buyer’s Market and a Seller’s Market in the same city. Read the rest of this entry »

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Colorado Springs Home Inspectors, worth their weight in gold

 Home Inspection FAQ’s

Knowledge is Power!

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Other Buyer Articles:

What goes Into a Home Inspection:

A home inspection gives the buyer an impartial, physical evaluation of the overall condition of the home and items that need to be repaired or replaced.
  House in Historic Ivywild in Colorado Springs

Finding a Home Inspector:

Home inspectors are not regulated by any federal government agencies and in most states do not require licensing.   Inspectors are not licensed in Colorado, which includes Colorado Springs. It is up to the buyer to ask prospective inspectors questions about their experience and knowledge to make a wise choice on whom to hire. The following are some general guidelines when looking for a home inspector: Read the rest of this entry »

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33 unique things to do in Colorado Springs — #1

  Patsy’s Candies in Colorado Springs 

Search for Homes in Manitou Springs

Wanting something to do in Colorado Springs when the weather won’t cooperate with other activities?  How about a visit to Patsy’s Candies with its intoxicating chocolate aromas?  It’s located at 1540 S. 21st, Colorado Springs, CO patsys-candy-5-percent.jpg 80904.  They even offer tours of the factory and what a glorious place it is.

It all started in 1903 when Patsy Mahenney of Terre Haute, IN decided to bring his confectionery business to Manitou Springs after supposedly losing one of his recipes in a poker game. The winners named their company Cracker Jack and started mass producing this recipe and adding peanuts.

He started his business in front of Read the rest of this entry »

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Colorado Springs Old North End, one of the finest residential areas!

 Historic Homes in Colorado Springs

Colorado College Colorado Springs

 Search for Historic Homes in Colorado Springs

In a letter written to Robert Cameron who was the city’s first city planner, Palmer described one of his main ideas, “it should be made the most attractive place for homes in the West.”  And so, the Old North End became one of the finest residential areas for homes in Colorado Springs

North of downtown Colorado Springs, Palmer set aside land for a college or university (present day Colorado College) the land to the north would eventually become the Old North End though Read the rest of this entry »

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How do I measure the square footage in my home?

How do I measure a home?

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Related Articles

In many areas of the United States, including in Colorado and Colorado Springs square footage size is one of the primary real-estate-5.pngand common measures of value comparison for homes used by agents, buyers and sellers. It offers a way to evaluate and compare homes of similar size, quality and location. Agents and buyers use the square footage in this manner because it is an easy characteristic of a house to understand.

Most Colorado Springs Realtors aren’t experts at measuring a home, and there are numerous ways to measure the square footage of a home. It is definitely not a matter of Read the rest of this entry »

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Should I buy a Short-sale?

Buying a Short Sale property can be a great way for a home buyer

in Colorado Springs to get a good deal
Make sure you understand the facts of a short sale — Knowledge is Power!

Related posts:

What is a Short Sale?

A short sale occurs when a house is worth less than the mortgage, and the seller’s lender accepts less than what is owed on the mortgage.

house-69-lower-resolution.pngAs an example, a seller may have a mortgage of $250,000. The seller is taking a job in a new city and the house is now only worth $220,000. A buyer makes an offer on the house in the amount of $220,000 and the net proceeds to the bank is $205,000 by the time the owner pays the real estate commission and the seller’s closing costs. The buyer and seller sign the contract but the offer is subject to approval by the lender, as the bank than must agree to accept $205,000 vs. $250,000 to pay off the loan.

Some statistics say that a lender typically loses about Read the rest of this entry »

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