Colorado Springs Vintage Homes Blog
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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 were amazing; almost felt like I was walking into a guarded castle. They were big heavy wooden doors. I’m sure in it’s prime this property was something to behold.
As I opened the door to go inside, the fun started with water dripping from the ceiling into buckets on the floor (yes, there was no doubt there is some water damage in the house.) Most of the carpet was gone; or should be gone.
The kitchen was totally gutted, at least I think this was where the kitchen should have been …
Property definitely needed some updating.
This is a picture of the “Jetson style” toilet and one of the flower light fixtures in the bathroom.
Previewing this property certainly reminded me that the perception that foreclosures are only in low-end homes is completely wrong.
Even in affluent neighborhoods which have been able to stave off foreclosures longer, the effects of once-popular loans, such as adjustable-rate and interest-only mortgages, are beginning to take their toll
In the $ 300,000 and higher foreclosure price range, there are 3 homes on the market in the Southwest part of the Colorado Springs that are bank-owned properties; and 3 more in this same price range are listed as short sales. (It will be interesting to see if the short sale properties turn into bank owned property in the next couple of months.)
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Kathy (719-287-1049) KTorline@msn.com
