Colorado Springs Vintage Homes Blog
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Archive for June, 2009
Colorado Springs in ratings for Best Places to Start Over
Starting Over?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Colorado Springs was recently rated one of the Top 10 Best Places to Start Over, according to Business Week 
Magazine!
The list was based on cities where companies were hiring and the quality of life is high. No. #1 on the list was Anchorage, Alaska, followed by Provo, Utah.
Colorado Springs ranked #8 in the list of 20. Here’s what the article stated about Colorado Springs: Read the rest of this entry »
150 year Anniversary Celebration of Pikes Peak or Bust Gold Rush
1859 Gold Rush
This Saturday, June 27th, is the 150th Anniversary Celebration of the Pikes Peak or Bust Gold Rush at Helen 
Hunt Falls Visitor Center in Cheyenne Canon from 10:00 am to 4;00 pm. Enjoy some local gold mining history in the area and at the same time learn from the prospectors who will be on hand to help teach gold panning techniques; participation will be encouraged!
A little slice of Pikes Peak area history
The Pikes Peak Gold Rush began in 1858 and lasted until 1861. It was considered to be THE largest gold rush in American history. An estimated 100,000 gold seekers participated in the gold rush, and they were often known as the fifty-niners. They used the motto Pike’s Peak or Bust. The phrase was painted on wagons by prospectors to show they were on their way across the prairie to find gold in Colorado.
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Related Articles:
- Cripple Creek Gold Rush and what it meant to Colorado Springs
- Winifred Scott Stratton…why Colorado Springs loves him
- Old Colorado City Commercial district…fun to visit and lots of history
- Old Colorado City Springs to Life with a Vigilante System of Government
- The Founder of Colorado Springs, William Jackson Palmer
To find out more information about buying a home in Colorado Springs, call ….
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Kathy (719-287-1049) KTorline@msn.com
What can I expect to pay?
WHAT CAN I EXPECT TO PAY?
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
I am consistently asked by buyers how much they can expect to pay for Colorado Springs foreclosures. My research shows that short sales and foreclosure sell for right around 95% to 99% of the list price. If you think you will get a Colorado Springs foreclosure or a Colorado Springs short 
sale for 50% off, you are wrong and wasting your time. These homes are already priced aggressively and ready to move.
Colorado Springs Foreclosures May 2009
- 153 Foreclosures Sold (16% of the total sales for the month)
- $157,454 Average Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 72
Colorado Springs Short Sales May 2009
- 53 Short Sales Sold (6% of the total sales for the month)
- $176,960 Average Short Sales Price
- 98% Sold for Price vs. List Price
- Average days on market: 167 Read the rest of this entry »
84% of Colorado Springs foreclosed homes went under contract in a week
Sunday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of June 15, 2009
During the last 7 days, 51 bank-owned properties came on the market; 36 of them are already under contract or pending. 84% of these new listings went under contract in a week.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Why do I have to pay mortgage insurance?
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC in Colorado Springs
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
- Marriage and Mortgages FAQ’s
- How do I get a down payment for Homes in Colorado Springs?
Why Pay Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn’t have otherwise. On January 1st, 2007, legislation went into effect making Read the rest of this entry »
Housing market in West Colorado Springs staying strong
Colorado Spring Real Estate – West Area
Market Report – Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
Search for Homes in West Colorado Springs
The West housing market continues to be a BUYERS Market, as there is currently an 9.25 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales units are ONLY down 1% from 2008 to 2007, but pricing is down more than16% from 2008 to 2007. 120 Single family homes have been sold in 2009 vs. 124 for the same period in 2008; a decline of 3%.
Current Report Read the rest of this entry »
Colorado Springs townhome and condo sales continue to be slow, down 28% for the year
Colorado Springs Townhomes and Condos
Must Read Article: Townhome bargains in Colorado Springs
Search for Townhomes and condos in Colorado Springs
The Colorado Springs townhome and condo market continue to be a BUYERS Market, as there is currently a 11.6 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. 427 townhomes/condos have been sold in 2009 vs. 579 for the same period in 2008; a decline of 28%.
Current Market Read the rest of this entry »
Quick Explanation of Zoning in Colorado Springs and surrounding cities
Colorado Springs Zoning
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I recently had a client ask me about what R-1 Zoning in Colorado Springs. If one person wants to know, maybe more of you do? Here’s the most commonly used codes that I see as a Colorado Springs Realtor specializing in residential real estate.
| PUD | Planned Unit Development | Colorado Springs | COS |
| R | Estate Single-family Residential | Colorado Springs | COS |
| R-1 6000 | Single-family Residential | Colorado Springs | COS |
| R-1 9000 | Single-family Residential | Colorado Springs | COS |
| R-2 | Two-family Residential | Colorado Springs | COS |
| R-4 | Multi-family Residential | Colorado Springs | COS |
| R-5 | Multi-family Residential | Colorado Springs | COS |
If you are looking for even more information about Colorado Springs Zoning, the Colorado Springs web page gives a very comprehensive descriptions of each category, and here’s a sampling of the explanations.
R (Estate Residential): Intended for single‑family dwellings with a minimum lot size of 20,000 square feet.
- Maximum Lot Coverage: 20%
- Minimum Lot Width: 100′
- Minimum Front Yard Setback: 25′
- Minimum Side Yard Setback: 10′
- Minimum Rear Yard Setback: 35′
- Maximum Building Height: 30′
Appraisals and Inspections, 2 important steps for home buyers
The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.
For a FREE Buyer’s Guide, Email KTorline@msn.com
11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer 
price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.
12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.
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Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)
13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.
5 reasons lack of building permits cause big problems
Building Permits are Important
I recently attended an inspection at a home in Colorado Springs for a client who lives out of state; and one of the first things the inspector said to me is that he noticed the basement had been finished without a building permit. These are not words that any Realtor wants to hear, it can definitely cause some problems and discussions with a potential buyer. Hence, I thought I’d type up my top 5 reasons that additions and basement finishes without permits can cause problems:
- There is no way for a buyer to know if an additions and basement finishes were built/refinished in accordance with local building codes when a permit wasn’t pulled; which brings up a whole host of other questions. One of the reasons the building code was enacted was to insure a minimum standard for construction, electrical, and mechanical work. When permits aren’t pulled, safety and quality of workmanship can definitely be a concern.
- The lack of building permits can often impede the sale of a property; buyer’s don’t want to purchase a property that doesn’t have permits.
- The lack of building permits can and will come up during an inspection for a potential buyer. In today’s real estate market, which is a Buyer’s Market in Colorado Springs, there are many properties for Buyer’s to choose from. The lack of permits can cause a buyer to walk away from a property they want to purchase. Read the rest of this entry »
63 bank-owned properties came on the market last week
Sunday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of June 8, 2009
During the last 7 days, 63 bank-owned properties came on the market; 39 of them are already under contract or pending. 61% of these new listings went under contract in a week.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Deed in leiu is one alternative to foreclosures
Deed In Lieu
With all this talk about short sales and foreclosures in Colorado Springs there are many consumers as well as REALTORS who are uncertain about what a Deed in Lieu is.
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.
A deed in lieu of foreclosure occurs when an owner voluntarily gives a deed to the property to the lender in order to avoid the foreclosure process. It is commonly called a deed in lieu.
The benefit to the lender is it saves the time and expense of the foreclosure. The lender will typically only accept a 
deed in lieu if there are no other liens on the property as they will want a clean title. Also, most lenders will want to know that all other options have been exhausted. HUD has a very comprehensive explanation on their web site.
The major advantages to the homeowner:
** Immediately releases the owner from most or all of the personal indebtedness associated with the defaulted loan.
** The homeowner may receive more generous terms than in a formal foreclosure.
** Credit will be less damaged compared to a foreclosure. Read the rest of this entry »
Market report for homes in Southwest Colorado Springs, May 2009
Colorado Spring Real Estate Market Report for Southwest
Single Family Homes
Includes homes in Broadmoor, Cheyenne Meadows, Bluff Bluffs, Quail Ridge
Search for homes in Southwest Colorado Springs
Related Article: Colorado Springs Foreclosure listings in SOUTHWEST area as of 6-10-09
The Southwest housing market continues to be a BUYERS Market, as there is currently a 9.2 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. 2008 Sales units are down 25% from 2007, but 2008 pricing is only down 10% from 2007. 191 Single family homes have been sold in 2009 vs. 202 for the same period in 2008 a decline of 6%.
Current Report as of 6-11-09 Read the rest of this entry »
Colorado Springs Foreclosure listings in SOUTHWEST area as of 6-10-09
Market information for Active and Foreclosure Homes in Southwest As of 6-10-09
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Cheyenne Meadows, Stratmoor Village, Skyway, Broadmoor, Broadmoor Bluffs, Quail Ridge
Active homes for sale, INCLJUDING FORECLOSURES
- Short sales: 22 (4.5%)
- Bank-owned: 10 (2.1%)
- Normal: 452 (93.4%)
Active Homes for Sale as of 6-10-09: 484
- Single Family Homes: 352 (73%)
- Condos/Townhomes/Patio Homes: 132 (27%) Read the rest of this entry »
6 Key things to know about the Homeowners Assistance Program for Military families
HAP program updates
Related Post: Housing relief for military families in Colorado Springs
I have a client I’m assisting with getting qualified for the HAP program and have already written one blog about this; but as new details continue to become available, I thought it would be a good idea to update my readers.
Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy 
and other military installations in the Colorado Springs area will be glad to learn they may now be eligible for relief for their housing challenges. The program is called the Homeowners Assistance Program (HAP), and is administered by the Army Corps of Engineers. For military personnel in Colorado Springs, the main contact is US Army Corps on Engineers in Fort Worth.
HAP Field Office, Fort Worth
U.S. Army Engineer District, Fort Worth
P.O. Box 17300
Ft. Worth, TX 76102-0300
817-886-1112
888-231-7751HAP
The official guidelines for the program are expecting to be released within the next 60-90 days and already the counselors for our area indicate they have many applications waiting.
According to the web site, here are some of the requirements:
1. Permanent reassignment requires move of more than 50 miles. Read the rest of this entry »
Market report for homes in Old Colorado City, May 2009
Colorado Spring Real Estate
May 2009 Home Report for Old Colorado City - Single Family Homes
Includes Homes in Crown Hill Mesa, Gold Hill Mesa, Old Colorado City
Search for Homes in Colorado Springs and Old Colorado City
Must Read Article: How do I get a down payment for Homes in Colorado Springs?
The Old Colorado City housing market continues to be a Buyer’s Market, as there is currently a 8.3 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales are down 22% from 2008 to 2007, but 2008 pricing was only down 1.5% from 2007. 96 Single family homes have been sold in 2009 vs. 134 for the same period in 2009; a decline of 38%.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
Current Report as of 6-5-09 in Old Colorado City
- Active listings: 134
- Under Contract and Pending:
- Absorption Rate: 16 homes per month, a 8.375 month supply of houses currently on the market
71 bank-owned properties came on the market last week
Sunday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of June 1, 2009
During the last 7 days, 71 bank-owned properties came on the market; 34 of them are already under contract or pending. 48% of these new listings went under contract in a week.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Foreclosures represent 33% of the closed sales
Foreclosure bargains in Colorado Springs?
Many home buyers say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008. Although I don’t have any data to back this up, I think these numbers seem very similar to what I’m finding in the Colorado Springs area from home buyers.
The report is also full of interesting tidbits, including that 40 percent expect to pay at least 50 percent less for a foreclosed home. The Colorado Springs real estate market does have it’s share of bank-owned properties for sale; and the good deals go quick and fast; they don’t last on the market and many of them get multiple offers. They are definitely not 50% less than market prices; more like 15% to 25% less than market price. All of these things made me wonder how much of the sales in the area for last 5 months have been bank-owned. Consequently I did some quick market stats; and 33% of the closed sales in 2009 in the Colorado Springs area were from some type of foreclosure or pre-foreclosure property.
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Related Articles:
To find out more information about buying a foreclosure in Colorado Springs, call
Kathy (719-287-1049) KTorline@msn.com
Bargains in Colorado Springs? Maybe, maybe not
Foreclosures in Northwest Colorado Springs
Search for Foreclosures in Colorado Springs
Related Articles:
There are currently some unique bank-owned houses for sale in Northwest Colorado Springs. I saw 2 homes over the weekend in Northwest Colorado Springs, in the Southface neighborhood, not far from Vindicator and Centennial. Both of them were the same floor plan, although one had a bigger basement on it than the other one
The first property, on Bear Cloud, is located on a nice lot, but the back yard does back up to a busier road. Nice open floor plan, with a large free standing brick fireplace that greets you as you enter in the property.
It includes over 3,000 square feet, with 5 bedrooms, 3 baths, 2 car garage. The property was originally foreclosed on in October 2008. The living room has expansive windows on the southerly side. There is a nice open kitchen (of course most of the appliances have been stripped out) and it includes a good size space for a kitchen table. No formal dining room, which may or may not work for potential buyers. Large master bedroom at 17 x 15 with a 5 pc. attached bath. There may be possible structural issues on the back wall of the basement, a potential buyer would want a thorough inspection as well as a structural engineering report. The basement included 2 bedrooms and another full bath. Priced vary attractively for the square footage.
The second property on Read the rest of this entry »
26 criteria used to determine interest rates
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC in Colorado Springs
Related Articles:
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Will VantageScore Bring Consistency?
- Colorado Springs Mortgages — tips for consumers on points
- Marriage and Mortgages FAQ’s
- How do I get a down payment for Homes in Colorado Springs?
When it comes to buying a home in Colorado Springs, consumers can no longer shop for a mortgage based simply on lowest interest rate quotes. Today’s Colorado Springs home buyer needs good advice from an experienced, educated mortgage professional who has the consumer’s best interest in mind.
For consumers, this means beware of anyone who quotes you an interest rate over the phone or the Internet without asking anything about you, your family, your finances or your lifestyle. Besides market conditions, your mortgage rate is based on Read the rest of this entry »
