Colorado Springs Vintage Homes Blog
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Archive for February, 2009
Colorado Springs Luxury Homes, Foreclosures in Monument
Luxury Foreclosures
Neighborhoods: Homes in Woodmoor, Kings Deer, Palmer Lake, Walden Reserve, Jackson Creek
Search for Homes in Monument
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Active homes for sale:
- Short sales: 31 (6.7%) Read the rest of this entry »
New FHA limits increased again for 2009 in El Paso County
FHA has new loan limits
One of our favorite guest writers, Harry Venick sent me an email yesterday stating that the FHA has increased the loan limits for El Paso County!
According to Harry, “FHA loan limits have been increased for 2009 again: El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
Harry Venick is a Sr. Loan Officer with Adams Mortgage, LLC. He can be reached at (719) 955-3674 or his cell is: (719) 338-3879.
If you’ve been holding off because you haven’t been able to get a large enough loan with the FHA, it might be a great time to revisit Read the rest of this entry »
Finding diamonds in the rough
Colorado Springs Foreclosures
Search for Foreclosed Homes in Colorado Springs
I have several buyers who are looking at buying Bank Owned Properties in Colorado Springs, and yesterday I went and previewed some of them in the higher-end luxury foreclosure market
I don’t think the pictures will do justice to what I saw; but there were some interesting properties. My favorite was a 
property in a wonderful section of town back behind the Broadmoor Hotel. The home is located on an amazing lot, with great views of the city, an abundance of local wildlife, but …………………… property definitely needs some help.
The outside wasn’t bad; had some shake shingles that need updating, and new windows that were put in but the installation wasn’t finished. Stucco on the outside would make it look much better. Fantastic decks all over the place; and a wonderful unique floor plan with around 5000 square feet, with 4000 finished. It’s definitely a diamond in the rough.
Comparable properties that are updated and in good shape in the same Broadmoor Heights neighborhood in Colorado Springs are listed for around $650,000; this one is listed under $400,000, and it sold back in 1998 for $950,000. I’m not a contractor; but I would guess that for $150,000 to $200,000 you could make this into an amazing property; then a new owner would have $150,000 in built-in equity. And for 5 bedrooms, 5 baths, 4 fireplaces on .8 of an acre, with expansive windows; it’s definitely a diamond in the rough. The property has been foreclosed on at least twice, maybe it’s just waiting for the right owner to see it’s potential?
The doors leading into the property Read the rest of this entry »
After fierce competition Colorado Springs finally lands the Air Force Academy
Air Force Academy History
Search for Homes in near the AFA in Colorado Springs
Must Read Posts:
After WWII, the Air Force decided that they needed their own military school. A board was formed in 1950 that recommended the Air Force Academy be established without delay and 
also proposed that no less than 40% of their officers be academy graduates
But where to put it? Many cities and towns were lobbying for it, as it would bring an economic boom to whomever finally was able to call it their own. Colorado Springs really wanted it. After the war, with the soldiers all leaving Ft. Carson, the Springs was noticing a decline in population which meant apartments, homes and stores were vacant. Colorado Springs formed a chamber of commerce committee. The committee was led by John Love (later a three term governor). It also included Thayer Tutt, Read the rest of this entry »
Tax credit Part II
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part II of Tax Stimulus Explanation
Is it a tax credit?
Part I of the article explained they called it a “tax credit” because you get the tax credit money upfront, but it really was an “interest-free” loan which is paid back for the next 15 years or upon the sale of the home (within 3 years of purchase). The “payback” is based upon the balance owed and not the entire tax credit received.
The next set of rules applies if a home is purchased between January 1 and December 1, 2009. It is a true tax credit and does not have to be repaid. However, if the home is sold within 3 years of the purchase date, the entire tax credit has to be paid back.
How the Dollar Amount of Tax Credit is Figured
Simply calculation here: 10% of the home’s purchase price or a maximum of $8000. A tax credit can be claimed regardless if they obtain a mortgage, a tax-revenue mortgage or the buyer paid cash when purchasing the home.
Potpourri
For home buyers who do not want to wait until the end of the year to claim their tax credit, they should consider filing a W-4 form with their employer, decreasing the amount withheld for federal taxes. They may not get a check at the end of the year, but it will increase the dollar amount of their paycheck.
Another option for FTHB’s is to borrower the dollar amount of the expected tax credit from a relative (usually a parent) and pay it back when the tax credit is received. It could be used towards down payment and closing costs and FHA and VA will allow it. Be sure to check with the lender and the documentation required.
This is more complicated than it seems on the surface. Always, always, always, refer to your tax advisor!
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Other posts by Bryan Yaninek:
- 5 things you need to know about FHA Mortgages
- What the current lending market means to you as a home buyer or a seller
- Tax Credit — Who is a first time home buyer?
Bryan Yaninek is affiliated with Castle & Cooke Mortgage, LLC, a Licensed Mortgage Broker in the state of CO Department of Real Estate.
For more information, please call 719-457-2200.
Kathy (719-287-1049) KTorline@msn.com
Moving to Colorado Springs, check out Zip Skinny
Looking at moving to a new neighborhood, make sure and check out ZIPskinny
For someone like me who loves statistics, this web site provides everything you ever wanted to know about a neighborhood
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
According to the info on the site, it was created as a Web development “hobby” project using Census 2000 data obtained from the Census 
website.
You start with putting in your zip code on the upper right side of the page. After you click “get it“, it comes up with a web page with 7 different tabs, all in different colors so it is easy to distinguish between them.
One of the tabs include charts (for those us that like pictures), another includes info on schools, and yet another includes basic information on the zip code. If you want a a map of the zip code area, no problem.
One of the best tools is the zip code comparison tab. If you are trying to decide between two neighborhoods, one in Southwest Colorado Springs (80906) and one in Northwest Colorado Springs (80919); you can look at the population density, household income, occupation comparison between both areas.
There is also another web site, zipwho.com. It seems to give the same info as ZIPskinny, just presents it in a different format.
As an example ….. Did you know that in the 80919 zip code in Colorado Springs, the average home has Read the rest of this entry »
Buyers have a great selection of foreclosed properties to choose from
Homes in Central Colorado Springs Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Active as of 2-20-09: 497
- Single Family Homes: 377 (76%)
- Condos/Townhomes/Patio Homes: 120 (24%)
Active homes for sale:
- Short sales: 55 (11.1%) Read the rest of this entry »
Tax Credit — Who is a first time home buyer?
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part I of Tax Credit Explanation
Who is Considered a First-Time Home Buyer?
There are other scenarios to consider! This one is easy; anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor.
- For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit.
- However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents Read the rest of this entry »
Foreclosed homes for sale in West Colorado Springs
West – Market breakdown for Active Homes as of 2-20-09
Neighborhoods: Homes in Kissing Camels, Cedar Heights, Mesa, Chelsea Glen, Pleasant Valley, Holland Park
Active as of 2-20-09: 195
- Single Family Homes: 137 (70%)
- Condos/Townhomes/Patio Homes: 58 (30%)
Active homes for sale:
- Short sales: 20 (10.3%) Read the rest of this entry »
Charles Tutt, one of Colorado Springs Pioneers
Search for Historic Homes in Colorado Springs
I came across an article that stated the original Marion House Soup Kitchen located at 14 W. Bijou, once belonged to Charles and Josephine Tutt. The home was a three story victorian built about 1890. The Tutt’s and their heirs were pioneers here in Colorado Springs and I’ve often 
heard how important they were, but who exactly was Charles Tutt Senior, friend and business partner to Spencer Penrose?
Charles Leaming Tutt was born in Philadelphia and was a school friend of Spencer Penrose. His father died when he was twelve and he had to leave school to earn a living. He was always on the sickly side and therefore, decided to locate to Colorado Springs in 1884. He actually had a ranch in Black Forest until he met and married Josephine Thayer in 1887. She refused to live in the country, so Charles sold his ranch and moved into Colorado Springs and started a real estate and insurance business and occasionally trying to get rich in the gold mines. His offices were located at 14 E. Pikes Peak, which is now unimproved land. Apparently, at some point there was a building there which is now gone.
Tutt had purchased the COD mine in Cripple Creekbut until Spencer Penrose showed up to get it Read the rest of this entry »
Stay away from these intersections
Colorado Springs Traffic
The City of Colorado Springs has released it’s annual statistics about the city’s worst intersections for traffic accidents
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Colorado Springs ranks the most accident-prone intersections based on traffic volume, the number of accidents and accident severity. The higher the score, the worse the intersection.
Last year’s top 10 top accident-prone intersections were:
1.) Briargate Parkway and Powers Boulevard
2.) Palmer Park Boulevard and Space Center Drive
3.) Rangewood and Vickers drives
4.) Nevada Avenue and Southgate Road
5.) Lake Avenue and Venetucci Boulevard
6.) N. Powers Boulevard and Research Parkway Read the rest of this entry »
Plenty of Foreclosures for sale in Southwest Colorado Springs
Southwest Neighborhoods: Homes in Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Search for Homes in Southwest Colorado Springs
Active as of 2-14-09: 417
- Single Family Homes: 302 (72%)
- Condos/Townhomes/Patio Homes: 115 (28%)
Active homes for sale as of 2-14-09
- Short sales: 27 (6.5%)
- VA Owned: 1 (.2%) Read the rest of this entry »
Resources for building a Green Home
Green Homes
Search for Homes in Colorado Springs
Are you considering building the home of your dreams this year? The newest trend is to build green by using materials that are environmentally friendly, designing your space to use energy 
more efficiently, furnishing your home with Energy Star rated appliances, avoiding waste and using natural resources as much as possible.
There’s also the advantage of doing your bit to help the environment while cutting back on your own utility bills.
Here are a few websites that offer help while you’re in the planning stages of building green: Read the rest of this entry »
Trees make a neighborhood special
Did you know that if you’ve recently purchased a home that’s ten years or newer in Colorado Springs, you can get a free tree from the city?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
The City of Colorado Springs has a New Home Tree Certificate Program is a wonderful program where you can get a $100.00 tree certificate.
Here’s some of the facts about the Tree Certificate Program
Then and Now Read the rest of this entry »
Foreclosure Assistance, help is available
I have published this article before, but I came across MANY new resources that I wanted to add
f you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049.
When many Colorado Springs home owners 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 options out there!
One of the first steps I do is to refer Colorado Springs home owners 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 encourage them to talk to a lawyer and/or a tax accountant. A short sale may not be the right step for them; I want them to understand all of their options and pick the one that’s best for their situation.
Colorado Foreclosure Resources
One of the best resources around is the Foreclosure Hot-Line at 877-601-HOPE. There is also a local organization called The Pikes Peak Foreclosure Partnership at 719-444-8833.
National Foreclosure Resources
There is another national organization called Hope Now at 888-995-HOPE; and one of the great feature of this web site is links to many mortgage companies web sites. If you have a VA loan, the phone # is (719) or (303) 914-5650. If you have a HUD/FHA loan, the phone # is (303) 672-5216
The goal of Read the rest of this entry »
Foreclosures for sale in Northwest Colorado Springs
Northwest – Market breakdown for Active Homes as of 2-14-09
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Must Read posts:
Neighborhoods: Pinecliff, Mountain Shadows, Rockrimmon, Oak Valley, Centennial Glen
Active as of 2-14-09: 264
- Single Family Homes: 187 (71%)
- Condos/Townhomes/Patio Homes: 77 (29%)
Active homes for sale as of 2-14-09 Read the rest of this entry »
Economic Stimulus Plan will help the Colorado Springs housing market
Economic Stimulus Plan
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Many potential Colorado Springs home buyers are on the sidelines; waiting to see what happens with the economy. The stimulus plan certainly provides a good incentive for first time home buyers in Colorado. Add that to lower prices and low interest rates, it all equates to a great time to buy.
Also, According to an article in the Denver Post , “President Obama will come to Denver to sign the landmark economic-stimulus bill. The bill-signing, an unusual event outside of Washington, will be Tuesday at the Denver Museum of Nature & Science in City Park. The president also will give a speech about the economy. ”
To summarize, here are the key points of the Stimulus Plan:
- The first time home buyer tax credit is now $8000. It is a true credit. A first time home buyer is classified as “may not have owned a principal residence in 3 years previous to purchase”.
- It eliminates the repayment requirement of earlier legislation in of the tax credit passed last summer.
- When you sell the house with less than 3 years of ownership, you will have to repay the credit.
- The bill has over $50 billion in it for foreclosure mitigation.
- The full credit is available to those making $ 75,000 or less ($150,000 for joint filers).
Kathy (719-287-1049) KTorline@msn.com
A tech savvy realtor can help sell your home
Technology and Real Estate
Search for Homes in Colorado Springs
In today’s real estate market, it has become more important than ever for sellers and buyers to hire a real estate agent who understands how to market their home on the Internet.
The day has past for Realtors who only use old-fashioned sales methods in 
real estate; putting a sign in the yard, putting the property in the Multiple-Listing Service (MLS) and sitting back waiting for the phone to ring.
This method might have worked at one time, but no more. Consider these facts:
- In every age group, newspaper readership is down. This trend will only continue. Have you tried to get a teenager to read a book lately? Many are too busy using their text message.
- According to a recent study published on Realtor.org “Nine out of 10 home buyers use Internet in the search process…”
So when you are interviewing a real estate agent to sell your Colorado Springs home: Read the rest of this entry »
HUD homes available for $100.00 downpayment
Attention Buyers! Excellent Foreclosure Opportunity!
Are you Interested in buying a foreclosed home in Colorado Springs?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
There is new limited time program for purchasing HUD foreclosures for only $100.00 down. There are currently over 50 homes listed on the site for the upcoming bid period ending on 2-15-09.
Here are some of the requirements
- FHA Loan
- Primary Home
- Buyer must make full price offer Read the rest of this entry »
Fun stuff for Valentine’s Day in Colorado Springs
Valentine’s Day
With Valentines Day just around the corner, I thought you might like to know of some fun things to do or buy for the special someone in your life.
Want to have a special dinner and maybe a stay overnight? How about a night at The Broadmoor and then stay for one of their wonderful Sunday Brunches the next morning. What could be better than that? They even add chocolate and champagne at bedtime. Yummy!
Want a romantic dinner? How about trying the Briarhurst Manor where they are offering romantic dinners all week with a six course prix fix meal. They definitely spoil you there, so give them a call.
If dinner isn’t in your plans, don’t forget the flowers! We have one of the best floral shops around Read the rest of this entry »
