Colorado Springs Vintage Homes Blog

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 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. 

The upstairs looks like it was an attic that has been converted to one big room; the MLS counts it as a bedroom, but I think it would make a great office or a kids play room.  Since there is no bathroom upstairs, not sure how good it would be for a bedroom.  Downstairs has also been finished , including a finished bath; but again could use a major overhaul.

The upside……. it has a large attached two car garage, laundry on the same level as the bedrooms, nice functional kitchen with a separate dining space, good floor plan, wood floors with vintage built in cabinets, and little unique nooks and crannies in the house.   Living room also has a wonderful curved ceiling that could look beautiful.  It’s close to Old Colorado City and Bancroft park; walking distance.

The description in the MLS says:  “***Was a ranch with full basement, upper level added *** Large 2 car detached garage. Come take a look”

It’s priced very attractively for the square footage at less than $50.00 per total sq. feet; but it all depends on the work that needs to be done it.  You’d definitely be buying the neighborhood.

The El Paso County Assessor’s office has it valued at over $173,000.  It’s currently owned by US Bank AND went to foreclosure on 10-21-09 and the bank bought it back for $143,650.

 At the current list price of $ $99,000 it’s priced at market value, but of course it would be nice to get it even cheaper.  There are 7 other bank-owned properties in area, ranging from $49,500 to $330,000. 

The 8 short sales are priced at from $49,000 to $299,000.  It will be interesting to see if the short sale properties will eventually turn into bank-owned properties.

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Kathy (719-287-1049)   KTorline@msn.com