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Bargains in Colorado Springs? Maybe, maybe not
Foreclosures in Northwest Colorado Springs
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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 Owl Ridge is almost identical to the first, but there was a full walk-out basement with it. It’s a little higher up in the subdivision and has great views of Pikes Peak from the Open Living Room and the back deck. Priced about $50K more than the first property. This property has over 4000 square feet, 5 bedrooms, 3 baths, and a 2 car garage. The property was foreclosed on in March, 2009.
The property was built (or redone) for handicap access and could definitely be changed back into a non-handicap property. The front of the house had some great curb appeal, which is unusual for a bank-owned property.
Back yard needed some serious help, just hadn’t had much attention paid to it for awhile; but also had great possibilities.
This property also looked like it may have some structural issues in the basement. Once again, I would highly recommend to a potential buyer to get a through inspection and also get a structural inspection. I did find it interesting that both of these houses were originally built by the same builder and both of them may have structural issues. My client speculated that maybe both of the owners walked away from the homes because it was too expensive to fix the structural issues. Not sure if the houses are bargains, or not, but definitely worth getting a thorough inspection to check on the structure issues.
There are ONLY 3 bank-owned properties in Northwest Colorado Springs as well as 5 short sales. It will be interesting to see if the short sale properties will eventually turn into bank-owned properties.
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To find out more information about buying a luxury foreclosure in Colorado Springs Call
Kathy (719-287-1049) KTorline@msn.com
