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Archive for October, 2008
Pre-Qualification or Pre-Approval, which do you need to buy a home?
Pre-approval or Pre-qual?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Colorado Springs home buyers should be pre-approved (or at least pre-qualified) for a home loan BEFORE looking at homes for sale.
Not only is it good for you, as you know how much you can afford according to the lender; but, its good for the seller as the buyer can include the “pre-qual” or “pre-approval” letter in with the contract which shows the seller that the buyer is serious enough to obtain the first steps in the lending process.
A Pre-Qualification for a loan is the 1st step toward home buying. It means that a lender has looked briefly at your credit score and income and determined that you have the potential to be approved for a loan. Read the rest of this entry »
Colorado Springs Homes, Average Sales Price Comparison
Colorado Springs Homes — Average Sales Price Comparison
Search for Homes in Colorado Springs
The Colorado Springs Area continues to be a a BUYER’s market for single family homes in almost all communities. But it’s important to remember that real estate is regional, and varies on a neighborhood by neighborhood basis. Prices have continued to move downward, and the current prices are similar to where they were in 2004 and 2005.
Date Ave. Sales Price
Sep-08 ……. $242,939
Jun-08 ……. $249,722 Read the rest of this entry »
Homes in Colorado Springs, Market Report for North End Sept. 2008
Colorado Springs Real Estate – Market Report for North End
Search for Homes in Colorado Springs
Single Family Homes Single Family Homes in North End were 
primarily built in the 1900’s to 1920’s. The majority of the houses are ranches and 2-storys, with 3 to 5 bedrooms, 2- 3 baths, and 1 – 2 car garages. The average home has appx. 1500 to 2500 square footage. The absorption rate of 1.22 houses per month shows that there is a 10 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“.
North End is Read the rest of this entry »
Adam’s Mountain Cafe in Manitou Springs, a MUST for any visit to Manitou
Search for Homes in Manitou Springs
The other day, Kathy and I decided to go to Manitou Springs for some much needed R & R. While we were soaking in the scenery and taking pictures of the building and mineral water locations, we decided to stop in at Adam’s 
Mountain Cafe, located in the historic spa building, for lunch. Four mineral springs are within 50 yards of the café include the Cheyenne, the Navajo, the Wheeler and the soon to be operating Soda Spring.
Located in the heart of Manitou Springs, its definitely a favorite of the locals in both Colorado Springs and Manitou Springs. Its quirky decor of eclectic tables and chairs around floor to ceiling windows offers an unbelievable view. Its menu is Read the rest of this entry »
Nightmare for new home owners — liens filed against property
Liens are everywhere
Get a Free Market Analysis on your Home, Email KTorline@msn.com or call 719-287-1049
I came across an article this morning published by KOAA that quickly caught my attention. The article 
states that homeowners in Southeast Colorado Springs received a notice of intent to file a lien from the contractor, Avalon Building. The lien claims that the developer, Lorson Ranch, owes money for building streets and installing utilities in the neighborhoods. The article goes on to state ”We’re not liening the homeowner, we’re liening the property and it’s the only way we have to protect our rights to get paid, said Avalon President Dan Herman. In a statement, attorneys for Lorson Ranch say Avalon Building, …has not completed its work on the project and has failed to honor its financial obligations to its subcontractors. The statement goes on to say, “Avalon will not be paid for incomplete or unperformed work.”
Lorson Ranch is a 1400 acre master planned community east of Marksheffel Road at Fontaine Boulevard in Widefield. It was also the location of where ABC’s Read the rest of this entry »
Old Colorado City Homes, Market Report for September 2008
Old Colorado City – Includes Crown Hill Mesa, Gold Hill, Mesa Heights
Search for Homes in Colorado Springs
Old Colorado City Homes are:
- District 11 schools
- 15 minutes from Fort Carson
- 15 minutes from Pikes Peak Community College
- 20 Minutes Read the rest of this entry »
Palmer Lake Homes, market report for September
Single Family Homes in Palmer Lake
Search for Homes in Colorado Springs
The absorption rate of 1.8 houses per month shows that there is a 9 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.
Palmer Lake is located North of Colorado Springs and in District 38 schools
Recap of September Activity in Palmer Lake
- Homes Sold in the last month: 2
- 3512 Alpine (2251 sq. feet) $180,000
- 3612 Alpine (2650 sq. feet) $180,000
Recap of 1-1-08 to 9-30-08 Activity in Palmer Lake
- Homes Sold in the last nine months: 17 Read the rest of this entry »
Are streetcars going to become a reality in Colorado Springs?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
I recently wrote a post on the Trolley Museum and how the volunteers are working so hard to bring back the trolley system that once ran in downtown Colorado Springs.
A coalition the includes the Downtown Partnership, Downtown Development Authority, Mountain Metropolitan Transit (our bus system) and Colorado College are looking for bids to study the feasibility of a streetcar line. This study will be done with Read the rest of this entry »
Buying a Home in Colorado Springs, manage your most valuable asset! Part III
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part III
Anza Goodbar, President of Clearview Mortgage 
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Your Credit and You!
If you’ve been following along with me, you are beginning to see that you have control over your credit score. Let’s continue our journey and look at how the longevity of your open accounts can impact your score.
Longevity of Credit Accounts:
This is a relatively easy category. It has a smaller weight than the other categories we’ve explored. This category basically works by the tracking the length of open credit accounts. The longer time period you keep an account in good standing, the Read the rest of this entry »
Manitou Springs Homes, Market Report
Market Report for Manitou Springs
ONLY Includes Single Family Homes
Manitou Springs Homes are:
- Located in District 14 schools
- 20 – 25 minutes from Fort Carson
- 15 minutes from Pikes Peak Community College
- 20 – 25 Minutes from the Colorado Springs Airport
- 15 – 20 Minutes from Citadel Shopping Mall Read the rest of this entry »
Real Estate Dictionary, “K” is for Kick Plate
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at an old house in Old Colorado City, and the inspector said it has Knob and Tube wiring and 
that we should get an electrical inspector to check it out. What type of wiring is this? It’s a method of wiring in very old buildings where the wires are attached to porcelain knows and tubes as an insulating method. The inspector was correct, you should be a licensed electrical contractor inspect it.
The inspector we hired to look at a house in the Old North End said none of the doors have kick plates Read the rest of this entry »
Homes sold “As Is” in Colorado Springs….what does it mean?
“As Is” – what does it mean
Search for Foreclosed Homes in Colorado Springs
Related Articles:
While looking through some homes recently with a buyer, we came across a home that said “As Is”. Whatever does that mean, asked my buyer. I explained that it means the seller is unwilling or unable to make any kind of repairs to the property to meet the needs of the buyer. This is actually done for a variety of reasons.
#1-The homeowner is trying to do a “short sale” where they are trying to prevent foreclosure. If this is the case, the sellers may not have the finances to do any required repairs.
#2-The owner is a bank (REO) owned property that has already gone through the foreclosure process, Read the rest of this entry »
Avoid Foreclosure, Know Your Options!
Do you own a home in Colorado Springs?
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Ask for help before foreclosure starts — don’t stick your heard in the sand!
Short Sales — Part II of Short Sale Series
When many homeowners are in financial trouble and not making their house payments, they go into denial. They are embarrassed, and they hope that the situation will go away. The problems usually won’t solve themselves. The fact is that the sooner a home owner faces up to the situation the better. There are option out there!
I typically meet pre-foreclosure homeowners after they’ve already missed several payments and they’ve heard something about short-sales. Maybe it’s been from a friend, maybe from the news, or maybe from their lender.
One of the first steps I do is to refer them to some of the local and national hot-lines that are now available to help home owners. I want to make sure they are as educated as possible about their options before they decide to list their home as a short-sale. I also Read the rest of this entry »
Manitou Springs celebrates Emma Crawford with annual coffin races and wake
Coffin Races are one of a kind
Search for Homes in Manitou Springs
Come one, come all!!! Manitou Springs is celebrating one of its most famous residents, Emma Crawford! She 
came to Manitou around the 1880’s suffering from tuberculosis then know as consumption. She was a lovely young woman and was accompanied by her Mother and fiancee. Low and behold, she started to improve in the crisp mountain air and loved to hike on Red Mountain. She was busy with planning her wedding when she took a turn for the worst. Her fiancee promised to bury her atop her favorite mountain and so when she died (1891) he did indeed bury her up there. Over the years, with all the rains, her coffin came to the top of the land and she slid down her mountain. She was then buried in an unmarked grave in the local cemetery, but the townspeople refused to forget about her.
Every year the folks in Manitou Springs hold a festival in her honor. Its held close to Halloween Read the rest of this entry »
What can $1,000,000 buy in Colorado Springs?
Market Report for homes priced over $1,000,000
Search for Luxury Homes in Colorado Springs
Here’s some information about the most expensive home sales in the Colorado Springs Area
Overall, there were 4 sales topping $1 million during September 2008.
September’s MOST EXPENSIVE SALES
Single Family Detached Homes:
772 Long Timber Lane in Monument
- 6165 square feet
- Sold on 9/30/08
- $1,000,000
- Days on Market: 155
According to the description in the MLS: SPECTACULAR, TRULY MAGNIFICENT HOME! AWARD WINNING Read the rest of this entry »
Colorado Springs Homes, Market Report for Old North End
Colorado Springs Real Estate
Market Report for Old North End Neighborhood – Single Family Homes
Search for Homes in Colorado Springs
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-storys, with 3 to 5 bedrooms, 2- 3 baths, and 1 – 2 car garages. The average home has appx. 2500 to 3500 square footage. The absorption rate of 3.67 houses per month shows that there is a 6.54 month supply of houses on the market; the housing market is currently a NEUTRAL -BUYERS MARKET in this area. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”
Old North End is located in the Central Part of Colorado Springs and in District 11 Schools
Old North End homes are:
- Close to and the Olympic Training Center
- Close to Colorado College
- Great views of Pikes Peak
- Close To Penrose/St. Francis Hopsital
- 10-15 minutes Read the rest of this entry »
Colorado Springs Homes, 4 things to know about a short sale
Short Sales — Part I of Series
Search for Homes in Colorado Springs
This is the first in a series of blogs about short sales in Colorado; and specifically about hom
es in the Colorado Springs area. As I started to outline what I wanted to write about on Short Sales, I realized this could be a never-ending series; as I already have 9 different topics; and came up with 2 more this morning. This first post starts off with the basics of a short-sale.
Even though our real estate market in Colorado Springs has not been hit as hard as some states like California, Florida, and Arizona; the home values in the Front Range have decreased in the last 18 months. Depending on the area, prices have decreased anywhere from 5% to 20%. (See Recent Blog Posts on Market Conditions: Colorado Springs Homes, August Market Report for Condo/TownHomes and Colorado Springs Homes, August Market Report for Single Family Homes)
Before you start pursuing a short sale on your home in Colorado Springs, here’s a short description and explanation about short sales.
(1) What is a “short sale?”
It is a sale in which the lender authorizes the property to be sold for less than what is owed on it, and it occurs before foreclosure. Essentially the buyer purchases the property Read the rest of this entry »
Broadmoor Homes, Market Report for September
Colorado Springs Real Estate
Market Report for Broadmoor – Single Family Homes
Search for Homes in the Broadmoor in Colorado Springs
Must Read Posts:
- It’s against the law
- Who is Representing YOU?
- Shop for a Lender like you shop for a house
- Research who you are working with
- 8 biggest mistakes made by home buyers
- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
Single Family Homes in the Broadmoor area were built from 1900 to the 2000’s. The majority of the houses are ranches and 2-storys, with 4 to 6 bedrooms, 3 – 5 baths, and 2-4 car garages. The average home has appx. 3000 to 5000 square footage. The absorption rate of 2 houses per month shows that there is a 24 month supply of houses on the market; the housing market is currently a BUYERS MARKET in this area.
Broadmoor homes are located in the Read the rest of this entry »
Help Our Veterans And Their Families During The Holidays!
The holidays are just around the corner and I got to thinking about all of our Soldiers and Airmen who will 
not be home to celebrate the season with their friends and families. It wasn’t too long ago, that I too was facing another holiday without my son, when he was deployed to Iraq in 2003 and 2005. If you know of someone who’s child, spouse or parent is deployed, give them a hug today and thank them for their strength. If they’re alone, invite them over for dinner or to attend a movie or sporting event to show them how much you care. I always like to have extra people over during Thanksgiving that wouldn’t normally have a holiday to share. You may find out how much fun it is to spend some time with someone new and not be fighting with Uncle Charlie about the game….
As for our men and women deployed, there’s a wonderful website that you can go to and make some donations. Some are long-term commitments, while others are as easy as a little time. You can make sure a wounded veteran gets to a medical appointment or send some home-baked goodies. The site is: http://soldiersangels.org/ and here’s some of the things that you can do: 
Read the rest of this entry »
Manage your most valuable asset! Part II
Colorado Springs Vintage Homes is happy to feature a great article
on Managing Your Credit Score – Part II
Anza Goodbar, President of Clearview Mortgage
Your Credit and You!
Now that you have an idea of the factors that impact your credit, let’s take a look at the next category.
Amount Owed:
The amount of money you owe also factors into the information your lender evaluates. It is important to demonstrate you know how to use credit wisely and you are not credit dependent. It is never wise to have balances on revolving accounts that exceed 70% of your allowable limit. It is best to not exceed 50%.
You can manage this in a couple of ways. First, pay off the balances on your revolving accounts monthly. Second, know Read the rest of this entry »
Homes in Manitou Springs, September Market Report
Homes in Manitou Springs
Market breakdown for Active Homes as of 10-8-08
Search for Homes in Manitou Springs
Neighborhoods: Crystal Hills, Crystal Park
Active as of 10-8-08: 76
- Single Family Homes: 56 (74%)
- Condos/Townhomes/Patio Homes: 20 (26%)
Breakdown Read the rest of this entry »
Homes in Colorado Springs, September Market Report for Central Area
Homes in Colorado Springs – Central
Market breakdown for Active Homes as of 10-6-08
Neighborhoods: Homes in Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
- Single Family Homes: 420 (76%)
- Condos/Townhomes/Patio Homes: 133 (24%)
Breakdown of Active homes for sale as of 10-6-08:
- Short sales: 32 (5.8%)
- VA Owned: 2 (.4%)
- Bank-owned: 58 (10.5%)
- Regular: 461 (83.4%)
Partial list of Foreclosed Read the rest of this entry »
33 Unique things to do #6 Colorado College Hockey
Tonight the new season starts for CC Hockey and I was given tickets! Yahoo!! I love CC hockey and if you want something fun to do, attend a game and support our TIGERS!!! CC Hockey is actually a Division 1 sport so its a joy to watch with lots of excitement.
The Tigers, who open the season tonight with an exhibition contest at the World Arena against the University of Alberta, climbed from fifth to third in the second USA Today/USA Hockey Magazine rankings of the season.
Colorado College Hockey got its start in Read the rest of this entry »
Old Colorado City Springs to Life with a Vigilante System of Government
Must Read Articles:
- The Founder of Colorado Springs, William Jackson Palmer
- The Young Years of Colorado Springs
- Tea and crumpets in Colorado Springs
- The End of an Era in Colorado Springs
The cry went out! There’s gold in the Colorado Rockies. This started Americans rushing to the gold fields in 1859, hoping to relieve some of the financial stress from the economic panic in 1857. As a result of the thousands of people entering the Pike’s Peak region, several men incorporated themselves into the Colorado City Town Company on August 11, 1859. Since Ute Pass was the best route at the time to the South Park gold fields, the company established Colorado City (later know as Old Colorado City) at the base of Pike’s Peak on Fountain Creek, hoping to become the major mining supply town. On August 12, 1859, the company officially claimed the site of Colorado City. Henry M. Fosdick surveyed and platted the town, one mile wide and two miles long with Fountain Creek running through the southern portion of the town.
The town grew quickly. During the remainder of 1859 and early 1860, Read the rest of this entry »
Real Estate Dictionary — “J” is for Jumbo Loan
Search for Homes in Colorado Springs
Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that Read the rest of this entry »
Hidden Gems in Colorado Springs Parks, #4 Palmer Park
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
One of the top reasons people want to relocate to Colorado Springs and love living in the Pikes Peak Region is because of the open spaces and mountains. It’s paradise for a nature lover!
Palmer Park is a heavily wooded park located in the Central and East side of Colorado Springs, only minutes from homes in Village Seven, Patty Jewett, Divine Redeemer, Old north End, Cragmoor, University Park
Facts about Palmer Park in Colorado Springs:
- It’s a large series of rocky bluffs conveniently located right in the middle of the city.
- It includes two baseball/softball fields, community playground, football/soccer field, horse stables, restrooms.
- It has over 25 miles of trails (hiking, jogging, equestrian) on 730.7 acres.
- It includes two dog parks, one Read the rest of this entry »
Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
How should title be issued when purchasing a Colorado Springs home?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Posts:
- It’s against the law
- Who is Representing YOU?
- Shop for a Lender like you shop for a house
- Research who you are working with
- 8 biggest mistakes made by home buyers
- Colorado Springs Home — Is a Condo or a Townhome right for you?
I recently had a delightful couple that wanted to buy a home. We found the perfect one and when I asked them how they wanted to take title, they didn’t know. I explained that they could take title as joint tenants or tenants-in-common. They told me they didn’t care. I told them they should care as it could have long term consequences.
They had both recently retired and were married with children from previous relationships. I then asked them if they had separate or joint wills. They both said separate as they wanted their money to go to their own children. I asked them if they knew the difference between joint tenancy and tenancy-in-common. They did not.
Joint Tenancy means that the surviving spouse gains title to the entire house and that when the Read the rest of this entry »
5 things to know about buying foreclosures
Do you want to find real estate bargains?
Search for Foreclosed Homes in Colorado Springs
If so, you are probably going to look at vacant properties t
hat have gone through the foreclosure process.
There are a fair amount of homes in the Colorado Springs area that are now REO’s, (bank-owned) and are vacant; they seem to be everywhere. My experience with showing homes in the Colorado Springs area has been that at least 80% of these homes are NOT in good shape; but they are typically priced appropriately for their condition.
Here are some pointers for Homes buyers in Colorado Springs considering buying a home that’s bank-owned and vacant:
- Have your Colorado Springs Realtor seek out information on a home’s former owners. The bank won’t Read the rest of this entry »
