Colorado Springs Vintage Homes Blog
719.287.1049
Archive for December, 2009
Colorado Springs townhomes, pricing continues to decline
Colorado Springs Townhomes and Condos
Related Articles
Sales continue to be brisk in 2009, and it looks like they will end the year higher in 2009 than 2008. But pricing has continued to see downward pressure.
Colorado Springs Foreclosure – December Pick
Colorado Springs Foreclosure Pick of the week
Search for Foreclosures in Colorado Springs
Related Article: Buying a short sale vs. a foreclosure, what’s the difference?
My pick of the week is in Falcon Highlands, east of Colorado Springs, on 11006 Birch Hollow Way. Falcon is only a short commute to Schriever AFB, and Peterson AFB.
It includes over 4800 square feet, with 3 bedrooms, 3 baths, and a 3 car attached garage, priced at less than $300,000.
If you are looking for a BIG house at reasonable price in Falcon; then this is the property for you. The property was built in 2007/2008; by John Laing; but was never finished as John Laing went into Bankruptcy.
The house has a great floor plan, with lots of room to expand in the 2500 square foot basement.
The upsides….. large attached two car and one car garage, laundry on the same level as the bedrooms, open floor plan, separate dining space, main floor office, newly built; never lived in. Plus it’s on over 1/2 acre lot. The downsides ………….. no landscaping, no window coverings, and no floor coverings, except in the kitchen and bathroom.
The description in the MLS Says: “Newly finished former popular Clayborn floorplan includes slab granite counters, upgraded Whirlpool appliances, and hardwood floors in the entry and kitchen / eating nook. Kitchen offers a gas cooktop, double oven, and breakfast bar. This spacious rancher has a great room, main level laundry, convenient mud room, 3 car garage, and unfinished basement with plenty of room to expand. Living spaces flow with ease from one to another, and home has a functionality that all will appreciate!”
Top 5 Remodeling projects
Remodeling in Colorado Springs?
For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com
HOME REPAIR Must read Articles:
The 2009 Remodeling Cost vs. Value Report just got released, and I think it’s a MUST read for all Colorado Springs homeowners 
and all Realtors. There is an amazing wealth of information is included in this report. It the 22nd annual report and compares the cost of remodeling vs. value. I really enjoyed the data since I’m personally getting ready to do my first flip this year, which also made me realize what a great document it is for Investors.
On the web site, you can pull up the info on 80 different cities. It starts with going to your area of the country on the map, then picking out the closest city. Colorado Springs wasn’t one of the cities, but Denver was; hence the data may need to be adjusted slightly for the Colorado Springs area vs. Denver; as our housing prices are probably 10% to 20% less. Once you are in the report, you can sort by Cost Recovered, Resale Value, and other headings. It’s heaven for a statistic junkie.
Remodeling in Colorado Springs?
If you are thinking about starting a remodeling project in 2010, this is where I would suggest to start. Many sellers and homeowners assume Read the rest of this entry »
Foreclosure in Old Colorado City, Deal or No Deal?
My Colorado Springs foreclosure pick of the week is in Old Colorado City on 2415 W. Platte. It includes over 2300 square feet, with 4![hr10015033-0[1]](http://coloradospringsvintagehomes.com/files/2009/12/hr10015033-01.jpg)
bedrooms, 2 baths, 2 car detached garage.
If you are looking for a fixer upper at a reasonable price in the desirable west side of Colorado Springs located close to Garden of the Gods, then this is the property for you.
Even though the property was built in 1948 and a Vintage Home, the property seems to need a fair amount of work. Let’s first start with the main level, carpets need replaced, but I think there may be wood floors under the carpet on the main floor which is always a bonus. The kitchen could use a complete overhaul, but you could probably keep the existing kitchen cabinets, and redo the floor and the put in appliances. There is some cracking in some of the ceilings, so as usual, you’d want a great structural inspection just to make sure it’s structurally sound. And I think all of the walls would benefit from being re-textured and repainted.
What is a 1031 exchange?
As part of a recent 2 day class I attended to get my SRES Designation (Senior Real Estate Specialist) the class had a great section on 1031’s. I definitely learned some things and I wanted to share it with my readers.
If you would like more information about a 1031 tax exchange for Colorado Springs real estate, Call Kathy at 719-287-1049 or email, KTorline@msn.com
What is a 1031 exchange?
It’s a federal tax allow that allow taxpayers to DEFER capital gains tax on exchanged of property used in trade of business held for investment. They DEFER taxes, not eliminate them.
Why would you want to do a 1031 exchange?
There are many reasons including acquiring a future retirement residence, acquiring property with more appreciation potential, relocation of investments in another location, deferring capital gains.
Are there some basic rules?
- Property must be used in trade of businesses or held for investment.
- Property must be exchanged for like like property (i.e. real estate to real estate NOT real estate to stocks and bonds).
- Replacement property must be identified within 45 days of transferring the exchange property. Only 3 properties can be identified
- Replacement property must be acquired within 180 days or the tax filing deadline
- For a detailed list of the rules and regulations, here’s a link to the IRS web page.
- The value of the replacement property must be equal to or greater than the value of the relinquished property.
FHA loan changes coming soon
Attention Colorado Springs first time home buyers
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must read posts:
- Credit score explanation
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Why do I have to pay mortgage insurance?
- 26 criteria used to determine interest rates
HUD Secretary Shaun Donovan recently announced some changes to FHA loans that could come as early as the first quarter in 2010. Since a large percentage of first time home buyers use FHA loans, some home buyers may want to get a home purchased before these changes come into affect:
Here’s a quick summary of some of the expected changes:
- Seller concessions may be reduced from 6% to 3%.
- Many buyers ask the seller to pay for all or a portion of their closing costs, and the lower seller concessions may make this more challenging to do.
- Minimum credit scores will be raised for FHA borrowers. (the speech didn’t give specifics on what this credit score was going to be raised to.) Read the rest of this entry »
Tax Credits, Low Interest, Affordale properties, must be time to buy in Colorado
Unless you’ve been hiding under a rock, you’ve probably heard about the new tax credit that Congress passed in November. Here’s a quick summary of the FAQ’s on the credit, and at the end of the article there are some links to other sites to give you even more details on it. Essentially if you are already planning on buying a house in 2010, this is even one more reason for you to purchase before April 30, 2010. Homes in Colorado Springs are more affordable than they have been in the last year, and with interest rates at all time low, the tax credit adds the icing on the cake. It’s a great time for the Colorado First Time home buyer.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Who Qualifies?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Which Properties Are Eligible?
- The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
- The maximum allowable credit for first-time home buyers is $8,000.
- The maximum allowable credit for current homeowners is $6,500.
Read the rest of this entry »
Short Sales can be Successful
What makes a successful Short Sale?
If 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, KTorline@msn.com
Some statistics say that only 10% of short sales result in a successful closing. Not good odds. Made me start thinking about what makes a successful short sale. They do take a lot of hard work and each one is different, but there are some key factors that can make the difference between a successful short sale and one that fails.
-
Seller has a genuine hardship.
-
Seller is cooperative and motivated to complete the steps required by the lender(s)
-
Lender(s) and other lien holders have been contacted and are willing to consider a short sale Read the rest of this entry »
9 key things to know about buying a bank repo
Do you want to buy a bank-owned property in Colorado Springs?
Understand the Differences
Related Articles:
- Don’t let your dream house become a nightmare
- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Homes sold “As Is” in Colorado Springs….what does it mean?
Buying Bank properties is very different than buying a home from a regular seller. Make sure you and your Realtor have discussions about what makes them different, as bank-owned properties aren’t for everyone. Here’s some of the big differences
(1) “As-is”: Most banks won’t repair anything in the property, the property is sold “as-is”. Although there are starting to be some exceptions to this and some banks are starting to fix up the properties, most are sold “as-is”.
(2) No Seller’s Disclosures: The banks typically won’t give out any Seller’s Disclosures or Square Footage Disclosures as they don’t know anything about the property. Hence, it all up to the buyer to do their due diligence.
(3) Response Time: Sometimes banks respond quick and fast when they receive an offer; but many times it can take days, or even a week to get a response to an offer. Read the rest of this entry »
Relaunch of a blog site about Home Inspections
Resources for Home Inspection issues
Related Article: Appraisals and Inspections, 2 important steps for home buyers - Tips #11-15
I’m always on the lookout for new web sites that I can forward on to my Colorado home owners, and at the suggestion of Justin Smith, I checked out a site 
for US Inspect, which seems to be comprehensive resource on home inspections, by US Inspect . I read through a couple of the articles, and I especially liked the one on GFI’s; as this seems to come up in almost every inspection I attend. It was nice to see a comprehensive easy to understand blog on the topic.
One of the other things I really like about the site is the Basic Component and Systems of the Home Section. As an example, I loved the detailed description is had about Septic Systems, complete with pictures, links to Septic Terms, types of systems, and care of the system.
I also really liked the Radon Article, as it expands on some of the Radon articles I’ve posted on my blog site.
Go check it out, let me know what you think about the site. It seems like a good resource.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
Foreclosures in Colorado Springs continue on the upswing
Foreclosures on the rise in El Paso County
Related Articles:
I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009 We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008. Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446. Here’s the link to the Report and here’s a quick summary of the last several years:
2004 2,298 Filings
2006 2,570 Filings Read the rest of this entry »
Colorado Springs is on THE List
America’s Fastest Recovering Cities
Good news for Colorado Springs
Search for Homes in Colorado Springs
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
I love it when I come across a national article giving Colorado Springs postive recognition. This morning, I happened to see an article
from Forbes about America’s Fastest Recovering Cities.
According to the article, the list was formed by compiling statistics from the 100 largest Metropolitan areas, and the statistics included unemployemnt, housing prices, GMP, Foreclosures, and sales rates.
Heres a link to the complete list; Colorado Springs is #14, Read the rest of this entry »
