Colorado Springs Vintage Homes Blog » Colorado Springs

Visit Colorado Springs

Kathy Torline — Tue, 07 Feb 2012 23:01:31 +0000

55 ways to enjoy visiting Colorado Springs

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

Since I used to be in tourism and hospitality before I got into real estate, I always keep a pulse on what’s going on with different tourist attractions in the city and continue to be a member of the Colorado Springs Convention and Tourism Bureau. Since I’ve lived in the area for over 30 years, I still enjoy visiting some of the attractions and usually have family come visit 3 or 4 times year; hence the new attractions list they published was a good reminder for me of the many things to do in the area.

There were even some things on the list that I didn’t know about, like the Wind Walker Challenger Course at the Cave of the Winds and the Olive Tap store in Manitou Springs.

They’ve put together a fun promotion called 55 attractions in 5 days. Sounds like an amazingly crazy schedule, but as I looked through options it did look like it was doable.

Here’s the link to 55 attractions in 55 days in Colorado Springs

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

97% high school graduation rates are possible

Kathy Torline — Mon, 30 Jan 2012 11:38:56 +0000

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There are many different ways to evaluate Colorado Springs schools, but one measurement is the graduation rate. The percentages are based on a federal formula that takes the number of students receiving a regular diploma divided by the number of students who started 9th grade + students transferred in – students transferred out. Graduation rates are one indicator of whether the local Colorado Springs public school system is doing what it is intended to do: enroll, engage, and educate youth.

The complete reports are on the Colorado Department of Education web site, and you can download the data into an Excel Spreadsheet. For someone who loves statistics (which is me), it’s full of amazing information including the graduation rates by gender and by race; and you can even pull data by each High School in the districts. As an example, in District 11, Mitchell High School has a 74.4% graduation rate vs. 81.2% for Coronado High School vs 61% for Wasson. Also, it’s interesting to note that the average graduation rates in Colorado is 73%. For another take on the information, check out the article in the Gazette, the Local Colorado Springs newspaper.

There is another web site that I’ve recently been seeing television commercials for called www.coloradoschoolgrades.com, where you can search for schools by many different ways including by district, by zip code, by address. It grades the schools (A-F); and breaks down the grades by different subjects including Reading, Math, English and Science. It rates the Cheyenne Mountain Grade School an A+, and Chipeta in District 11 in Mountain Shadows is also rated an A+.

Here’s a quick recap of the Colorado Springs Schools High School graduation rates:

Organization Name	All Students Completion Rate	Female Completion Rate	Male Completion Rate
CHEYENNE MOUNTAIN 12	97.2	97.8	96.6
MANITOU SPRINGS 14	96.2	100	92.4
PEYTON 23 JT	95.1	95.8	94.6
LEWIS-PALMER 38	94.5	96.1	93.1
ACADEMY 20	91.7	93.6	90
CALHAN RJ-1	89.1	100	80
FALCON 49	89.1	91.2	87.4
ELLICOTT 22	87.5	83.3	90
FOUNTAIN 8	86.6	91.8	82.4
WIDEFIELD 3	84.2	89.4	79.7
ELBERT 200	82.4	66.7	85.7
HARRISON 2	75.3	78.6	72.4
HANOVER 28	73.3	66.7	83.3
COLORADO SPRINGS 11	68.8	72.8	65

Organization Name	All Students Completion Rate	Female Completion Rate
CHEYENNE MOUNTAIN 12	97.2	97.8
MANITOU SPRINGS 14	96.2	100
PEYTON 23 JT	95.1	95.8
LEWIS-PALMER 38	94.5	96.1
ACADEMY 20	91.7	93.6
CALHAN RJ-1	89.1	100
FALCON 49	89.1	91.2
ELLICOTT 22	87.5	83.3
FOUNTAIN 8	86.6	91.8
WIDEFIELD 3	84.2	89.4
ELBERT 200	82.4	66.7
HARRISON 2	75.3	78.6
HANOVER 28	73.3	66.7
COLORADO SPRINGS 11	68.8	72.8

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

Neighborhood Profile — Historic Homes in the Old North End

Kathy Torline — Fri, 27 Jan 2012 17:18:37 +0000

Homes in North End are in the Central Area in Colorado Springs

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Zip Code 80903 & 80907

Single Family Homes in Old North End were primarily built from 1901 to 1981, with an average age built in the 1920’s. The majority of the houses are 2-stories and ranches, 2-3 baths, with 0 – 2 car garages, both attached and detached.

The Old North End housing market continues to be a BUYERS Market, as there is currently a 16 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.

Here’s a quick summary of the 2011 Real Estate Market for North End

Average Pricing decreased by 43% from 2011 to 2010
Number of homes sold decreased by 53% from 2011 to 2010
Days on Market decreased by 5% from 2011 to 2010
Price per FINISHED square feet decreased by 3% from 2011 to 2010

The area is located in Central Colorado Springs, between Fillmore and Uintah, East and West of Nevada. There are several parks in the area, including Monument Valley Park The school District is District 11; and the majority of students to go Steele Grade School, North Junior High and Palmer High School. The neighborhood is close to Downtown Colorado Springs, Patty Jewett Golf Course, and Penrose Hospital.

Year	Price	Total Sold	Average Price per FINISHED square foot	Average Days on Market	Average Sold Per Month
2011	310932	14	$143	132	1.20
2010	$546,098	30	$164	133	2.50
2009	$282,417	9	$151	83	.75
2008	$219,127	13	$146	147	1.08
2007	$230,058	23	$148	122	1.92
2006	$255,873	32	$160	108	2.67
2005	$283,208	30	$143	98	2.50
2004	$297,817	24	$147	46	2.00

This Colorado Springs Real Estate report contains information on Single Family Homes in The North End.

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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

Cash continues to drive the REO Market

Kathy Torline — Wed, 25 Jan 2012 13:10:08 +0000

Cash is still King

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There was an interesting article in DS News about how cash investors are pushing down prices. According to a quote in this article “In December 2011, data collected for the HousingPulse Survey shows that the overall proportion of cash buyers in the housing market surged to a record 33.2 percent, up from 29.6 percent a year earlier.” There is also a Press Release put out by Campbell, that essentially was repeated by DS News.

I did a quick calculation of Colorado Springs home transactions for 2011 and came up with the following information on what type of financing was used for home purchases in the area;

Cash 19%

Conventional Financing 31%

FHA Financing 19%

VA Financing 31%

One of the reasons that the numbers are different from the national average in the Colorado Springs Housing market, could be because of the strong military presence in the area which is shown by the 30% of home buyers that use VA financing.

This article has several key points on why they think cash buyers were bringing down prices

More cash buyers are the winning bidders on REO properties, and REO banks prefer transactions that can close within 30 days
Even though investors may not be the first offer accepted, they often end of getting the property because other buyers can be eliminated because of lengthy mortgage approval timelines. Since cash sales can typically close in 20 to 30 days and financed offers, especially VA and FHA can take closer to 45 – 60 days, REO banks have a strong preference for cash.

In my opinion, investors are important in this market. They often buy homes that are distressed and can’t be financed because of the condition of the property. If the house is in disrepair, most lenders don’t want to lend on them. As an example, the roof may be in bad shape, plumbing may not work, the house may have been stripped of all of the appliances and cabinets by the foreclosed home owner. Seems to me it’s much better to get the house sold, and fixed up, vs. letting it sit empty. (Although I have to admit that I’m biased, as I’m also a real estate investor).

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

Limited Service Listing

Kathy Torline — Tue, 24 Jan 2012 14:36:53 +0000

Can a Colorado Springs For Sale By Owner put their property in the MLS if they don’t have a Realtor?

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Home owners who have decided not to use a Realtor to sell their Colorado Springs Home used to be able to pay a small fee to some Limited Service real estate companies and list their home on the Pikes Peak MLS. Due to some recent commission statements by the Colorado Springs Real Estate Commission, this is no longer an option.

The Colorado Real Estate Commission, periodically issues Commission Statements to clarify their positions on certain topics.

CP-36 is a Commission Statement on Minimum Service Requirements of a Realtor. My understanding is that the statement came as a result of complaints that had been received by the Real Estate Commission about the minimum services a Realtor must provide

The statements details the minimum requirements which are exactly the same as the requirements a Realtor uses in the Exclusive Right to Buy document and the Exclusive Right to List document. The statements goes onto to say “A broker is not allowed to solely perform “additional” services which require a real estate broker’s license, i.e. offering the real property of another for sale through advertisements, without providing the minimum duties required by single agency or transaction brokerage.

Essentially a home seller can ask a Realtor to “just list their property in the MLS’ and the homeowner will take care of everything else, including negotiating the contract and receiving the Earnest Money. If a Realtor does this, they are in direct violation of CP-36.

I’m not completely sure why this commission statement was instituted, but in my opinion every Colorado Realtor by terms of their license is held to minimum duties required to be performed by a real estate broker; and if the only thing a Realtor is doing for a seller is putting the home in the MLS, the Realtor is not performing the minimum duties required. Some of the duties required are:

Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease;

Accounting in a timely manner for all money and property received

Counseling the seller or landlord as to any material benefits or risks of a transaction which are actually known by the broker; Advising the seller or landlord to obtain expert advice

Seeking a price and terms which are acceptable to the buyer or tenant; except that the broker shall not be obligated to seek other properties while the buyer is a party to a contract to purchase property or while the tenant is a party to a lease or letter of intent to lease;

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

Don’t Assume anything in Real Estate Series, #1

Kathy Torline — Thu, 19 Jan 2012 14:01:23 +0000

I’ve decided to start a new Series, Don’t Assume Anything in Real Estate.

This series is really just a bunch of random articles about the many assumptions buyers and sellers make when selling, leasing, or purchasing a home.

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You aren’t under contract yet!

Some buyers are under the mistaken impressions that once they write an offer on their dream home, or their first investment property, they are under contract to purchase the home. This is definitely not correct.

After they put together their offer, their Buyer’s Agent submits the offer to a Listing Agent, and the offer is then presented to the seller. The seller has many options on how they respond.

They can reject the offer and not respond.
They can counter the offer
Or they can accept the offer.

THE MOST IMPORTANT THING TO UNDERSTAND ……….. Until the offer is completely accepted and all of the appropriate documents are signed and acknowledged, a buyer and seller are not under contract. Another offer can always be presented to the seller from a completely different buyer and the seller can accept it.

The terms “under contract” may seem like a technicality, but it’s not. After a seller presents a counter-offer to the buyer, it’s important to remember that another offer can come in on the property and the seller can certainly accept it.

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

Neighborhood Profile — Downtown Colorado Springs

Kathy Torline — Mon, 16 Jan 2012 14:16:34 +0000

Homes in Downtown Colorado Springs are in the Central Area of the city

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Zip Code 80903

Single Family Homes in Downtown Colorado Springs were primarily built from 1890 to 1924, with an average age built in the 1910’s. The majority of the houses are ranches and 2 stories, 1-2 baths, with 2 – 4 bedrooms, 1-2 car detached garage.

The Downtown Colorado Springs housing market continues to be a BUYERS Market, as there is currently a 8 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”.

Here’s a quick summary of the 2011 Real Estate Market for Downtown Colorado Springs

Pricing decreased by 10% from 2011 to 2010.
Number of homes sold decreased by 19% from 2011 to 2010
Days on Market decreased by 26% from 2011 to 2010.
Price per FINISHED square feet increased by 21% from 2011 to 2010.

The area is located in Central Colorado Springs, South of Unitah, West of Hancock, East of Nevada, North of Pikes Peak

The school District is District 11; and the majority of students to go North Junior High and Palmer High School. The neighborhood is close to Memorial Park, Downtown Colorado Springs, Patty Jewett Golf Course, Colorado College, and Memorial Hospital, Patty Jewett Golf Course, Colorado College, and Memorial Hospital.

Year	Price	Total Sold	Average Price per FINISHED square foot	Average Days on Market	Average Sold Per Month
2011	$188,155	13	$124	146	1.1
2010	$172,130	16	$102	116	1.4
2009	$183,244	12	$108	102	1
2008	$175,420	10	$113	98	.9
2007	$241,706	11	$158	85	.9
2006	$236,117	12	$135	44	1
2005	$201,201	17	$145	70	1.4
2004	$177,798	23	$124	50	1.9

This Colorado Springs Real Estate report contains information on Single Family Homes in Downtown Colorado Springs.

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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

11 areas to find Colorado Springs Historic properites

Kathy Torline — Fri, 13 Jan 2012 15:00:26 +0000

Where are the Historic Homes in Colorado Springs?

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There are many neighborhoods in Colorado Springs with Historic homes, but these are some of the prime areas:

1. Old Colorado City

Location: Historic West side of Colorado Springs
Year Built: 1890 to 1920
Currently 10 properties for sale built before 1940
Price Range: $89,000 to $369,900
Average Price: $172,770

2. Colorado City

Location: South of Uintah, between 30th and 21st
Year Built: 1887 to 1923 to 1920
Currently 4 properties for sale built before 1940
Price Range: $74,900 to $279,000
Average Price: $158475

3. Downtown Central

Location: South of Unitah, east of Nevada, West of North Hancock, Central Colroado Springs
Year Built: 1889 to 1923
Currently 5 properties for sale built before 1940
Price Range: $117,000 to $249,900
Average Price: $171,500

4. Old North End

Location: Central Colorado Springs
Year Built : 1910 – 1930
Currently 14 properties for sale built before 1940
Price Range: $124,750 to $1,995,000
Average Price: $318,855

5. East End Addition

Location: Central Colorado Springs
Year Built: 1920 – 1940
Currently 3 properties for sale built before 1940
Price Range: $174,900 to $234,900
Average Price: $235,032

6. West Colorado Springs

Location: West of Highway 24, between 21st and 8th
Year Built: 1894 to 1922
Currently 6 properties for sale built before 1940
Price Range: $82,000 to $325,000
Average Price: $170,967

7. Central

Location: Close to Downtown Colorado Springs
Year Built: 1889 – 1940
Currently 9 properties for sale built before 1940
Price Range: $119,900 to $386,500
Average Price: $203,511

8. Cheyenne Canon and Cheyenne

Location: Southwest Colorado Springs
Year Built: 1920 – 1960
Currently 4 properties for sale built before 1940
Price Range: $139,000 to 475,000
Average Price $264,225

9. Broadmoor

Location: Southwest Colorado Springs
Year Built – 1920 – 1940
Currently 2 properties for sale built before 1940
Price Range: $559,000 to $995,000
Average Price: 777,000

10. Manitou Springs

Location: Manitou (West of Colorado Springs)
Year Built: 1880 – 1940
Currently 9 properties for sale built before 1940
Price Range: $129,900 to $459,900
Average Price: $267,856

11. Hastings

Location: Central Colorado Springs, North and South of Uintah, East of Wahsatch
Year Built; 1890 to 1920
Currently 3 properties for sale built before 194
Price Range: $130,000 to $174,900
Average Price: $156,333

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

Are Colorado Springs short sale disclosed?

Kathy Torline — Wed, 11 Jan 2012 15:40:06 +0000

Colorado Spring Short Sales are now disclosed

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Every MLS around the US, and in Colorado, has their own policy about short sale and how these are disclosed in the local Multiple Listing Service. The MLS that serves the Colorado Springs area, (PPAR) recently made a change in their rules to reflect a change in their policy regarding short sales. In the past, it was an optional disclosure in the Pikes Peak area. As of January 1, PPAR now requires that Listing Agents disclose if a property is a short sale and if the seller has signed the Short Sale Addendum, which is required by Colorado Real Estate Law.

The following policy was adopted by the RSC Board of Directors on November 17, 2011: “The listing broker shall, on each listing filed with the PPMLS, disclose to other Participants whether a Colorado Real Estate Commission Short Sale Addendum has been signed by the seller. Such disclosure shall be made upon submission of the listing to the PPMLS. If a Short Sale Addendum is signed after the listing is submitted to the PPMLS then disclosure must be made within 72 hours of the time the seller has signed the Short Sale Addendum and for the purposes of enforcement this disclosure shall also be treated as a status change pursuant to Section 1.6 of the RSC Rules and Regulations.”

Since this change has been made, there is now a new field that is required in the PPAR database when listings are being entered, “ShortSale Addendum Signed by Seller. This is a sortable field, both by Realtors and the public. As I’ve written before, short sales are not the right fit for every buyer, for many buyers and investors, they may be the perfect option.

One important thing to note: One of the many challenges about Listing Properties, is that if the property is priced at a certain price it is not a short sale. But if an offer comes in on the property that is 10% less than the original Listing price, this could change the status of the property from a “Normal Listing” to a Short Sale. Hence, in this case mentioned above, a property wouldn’t be listed as a Short Sale, since when it was listed at the current price, it was not a short sale. Sound confusing? It is!

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

Neighborhood Profile, Gleneagle near the Air Force Academy

Kathy Torline — Sat, 07 Jan 2012 13:16:19 +0000

Homes in Gleneagle are in the Northgate Area in Colorado Springs, near the Air Force Academy

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Zip Code 80921

Here’s a quick summary of the 2011 Real Estate Market for GlenEagle

Pricing increased by 1% in 2011 to 2010.
Number of homes sold decreased by 13% from 2011 to 2010.
Days on Market increased by 28% in 2011 to 2010.
Price per FINISHED square foot decreased by 5% in 2001 to 2010.

Single family homes in Gleneagle in the Northgate area currently range in price from $299,000 to $349,900. There are currently 6 houses for sale.

The majority of the houses were built in the 1980’s and 1990’s and range from 2,500 to 4,000 square feet with a 2 car to 3 car garage. The majority of the homes were custom built, and most of the homes are Ranches and Raised Ranches, but there are also some 2-storys in the area. The current average list price for sold homes in 2011 is $308,645 and the average days on market is 128.

The schools for the area are in District 20 and the High School is Pine Creek.

The zip code for the area is 80921 and the neighborhood is very close to the entrance to the Air Force Academy, perfect for commuting for work; as well as the Jackson Creek shopping area is very close. Many of the homes also surround the Gleneagle Golf Course as well as they are close close to Fox Run Regional Park, a beautiful wooded park with many biking and hiking.

Year	Price	Total Sold	Average Price per sq FINISHED foot	Average Days on Market	Average Sold Per Month
2011	$308,645	44	$95	128	3.7
2010	$305,501	50	$100	92	3.0
2009	$320,572	29	$105	101	2.4
2008	$340,185	37	$108	111	3.1
2007	$341,257	55	$113	118	4.6
2006	$342,491	64	$116	83	5.3
2005	$328,138	90	$108	77	7.5
2004	$308,827	99	$106	53	8.2

This Colorado Springs Real Estate report contains information on Single Family Homes in Gleneagle

This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.

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