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Townhomes and Condomiums continue to see downward pressure on pricing
Market Report for Condominium and Townhomes in Colorado Springs
Search for Colorado Springs Townhomes and Condominiums
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- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Do you know what your townhome insurance covers?
- Have townhome prices bottomed out?
- FHA loans and Condos — important to know the rules
Townhomes and Condos in Colorado Springs continue to be a BUYERS Market, as there is currently a 9 month of supply of townhomes and condomiums on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Townhomes and Condos in Colorado Springs sold are only down 1% from 2009 in 2008, but are down substantially from 2006, when 1767 townhomes/condos were sold.
- Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008. 2009 pricing is down 15% from the high in 2006.
- 2010 continues to see more pressure on pricing but units sold is increasing in 2010.
6 ways your house can make you sick
Can my house make me sick? Yes!
Here’s my list of 6 things in your Colorado Springs house that can make you sick
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- Colorado Homeowners, don’t remodel until you read this!
- Why do I need to know about Lead Based Paint?
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- What are polybutylene pipes? Colorado Springs homeowners beware!
1. Radon: It’s a colorless, odorless gas that can seep into the home from the ground. Radon has been called the second most common cause of lung cancer. In the open air, radon usually dissipates into the atmosphere and is not likely to cause harm. When radon enters buildings and is trapped in high concentrations, it causes health problems. This typically happens in basements with poor ventilation. (See related article: Radon testing is important in Colorado Springs)
2. Asbestos: It’s a fibrous material that was once popular in building materials because it provided heat insulation and fire resistance. Asbestos was banned in 1985 but it still may be found in older home’s insulation materials, floor tiles, roof coverings, ceilings and siding. It is only harmful when it is disturbed or exposed causing it to become airborne; which can typically happens during home renovations. It can be costly to remove because the process requires state licensed technicians and specially sealed environments. (EPA Pamphlet)
3. Lead: It’s a toxic metal used in home products for many years which can contribute to several health problems, especially among children and the elderly. Exposure can occur from deteriorating lead-based paint, pipes, or lead-contaminated dust or soil. It’s estimated that 75% of all private houses built before 1978 have lead present. Presently, there is no federal law that requires homeowners to check for the presence of lead-based paint but lead-based paint hazards must be disclosed however. More information available on the EPA Pamphlet. Read the rest of this entry »
10 questions to ask the Neighbors
Neighbors are often the best source of information about a Colorado Springs neighborhood
For a free Buyers Guide, Email Torline at KTorline@msn.com
Related Articles
- How long should it last?
- 14 Things to Know when Negotiating to Purchase a Home
- 134 questions for sellers to disclose
- What are you scared of?
Once you’ve found your Colorado Springs dream house, there are many things you can do before you make the final decision to put in an offer. I often suggest to potential buyers that they should talk to the neighbors; and here’s some of the questions I suggest that they ask:
- How do you like living here? Would you buy here again?
- What are the other neighbors like?
- What’s the homeowner’s association like? Do they do their job?
- What community issues do you see? Have you had any trouble with crime?
- Have you ever been burglarized?
- Do dog owners in the area put them on a leash or are they allowed to roam free?
- Have you ever noticed anything odd about this house?
- Do you know why the seller is selling this house?
- What do you like best about living here?
- What do you like least about the neighborhood?
You’ll be surprised what the neighbors might tell ……
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What is a Corporate Relo home?
Corporation Relocation’s in Colorado Springs
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- How to avoid information overload when looking at houses
- Appraisals are a crucial part of the home buying process
- Colorado Springs home buyers tips
- I can’t be there to see it, now what?
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You just found your dream home in Colorado Springs, and now your Realtor tells you that it is a corporation relo home. What in
the heck does that mean?
First of all, what is Corporate Relocation?
Each month hundreds of employees move to or from Colorado to start a new job. Moves involve many expenses; including the actual expense of moving as well as all of the expenses connected with selling an old home, and buying a new home. Some corporations offer to cover some or all of the relocation costs for employees who are moving at the company’s request.
Here’s what you need to know if you are buying a corporate relo house
1) The seller may not be selling directly to you. It’s normally the seller’s decision on whether to accept your offer to purchase and the seller handles all contract negotiations. In the case of a corporate relocation, negotiations typically place between the buyer and the seller and once everything’s been agreed upon, the seller actually sells the house to the relocation company who then sells it to the buyer. Sometimes the seller has already sold the house to a relocation company; and you may not have any dealings with the sellers.
2) More paperwork than normal. You normally receive a copy of the Sellers Property Disclosure Statement and other Colorado Real Estate Forms from the sellers. ( In addition to these documents, there may be numerous other addendums and contracts from the relo company.
There are many different types of relocation packages, but for the most part it just means more paperwork for the buyer.
To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
5 tips to buying a short sale
Do you want to buy a Short sale in Colorado Springs?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Related Article:
If you are wondering what it takes to successfully buy a Colorado Springs home listed as a short sale, here are some tips.
1. Be patient – This is by far the most important thing to remember when buying a short sale. If you need to move by a certain
date, purchasing a short sale isn’t for you. Again, remember patience.
Don’t put in an offer, and then a week later give up on it. It’s a waste of every-one’s time. Be prepared to wait a couple of months for an answer.
2. Decide what price to offer – Have your Colorado Springs Realtor obtain information on other properties that have sold in the area. Also, ask your Realtor to obtain the listing history of the subject property as well as prices on other comparable properties that are listed for sale. After looking at all the fact, decide what price the bank may accept. According to the National Association of Realtors, 80% of the offers made on short sale properties are not accepted. It’s important to understand that lenders will not accept 50% of what the property is worth.
3. Homework - Do your “Due Diligence” on the home before making an offer. Most Short sale properties are sold “as-is”; consequently you may want to have an inspection on the property before you put in an offer on it. If there are “major” things that need repaired, you may want to get an estimate on them and take pictures of these items. It may help the lender be more willing to accept your offer to have the repair information and estimated costs to fix the items.
4.Pre-qualification letter – Give your Realtor a pre-qualification letter from your lender if you are finance the purchase. This letter will be submitted with the contract to the lender. (See: Pre-Qualification or Pre-Approval, which do you need to buy a home?)
5. Experience – Make sure your Colorado Springs Realtor has experience with short sales. (I’ve seen more deals not go through because one of the Realtors didn’t understand the short sale process and didn’t explain to the buyer what to expect.) Don’t be afraid to ask your Realtor have they successfully closed any short sales.
To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
What is a Hot Sheet?
THE MLS is a tool every buyer needs to utilize
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If you’re seriously looking for a home in Colorado Springs, you’ll want to be familiar with MLS. The initials stand for Multiple Listing
Service. It’s an important resource for your home search, and your realtor should be very in touch with what is new on the local MLS every day.
Service. It’s an important resource for your home search, and your realtor should be very in touch with what is new on the local MLS every day.There are hundreds of MLS’s across the country (and in many other countries as well). Every seller knows that they need to get their house listed on MLS to sell it; and every home-buyer should know how to utilize the MLS. Think of the MLS is a big property warehouse , similar to a “Home Depot.” When a property is available for sale, it goes in the warehouse. When it is sold, it gets taken out of the warehouse. When changes get made to the status and pricing of a property, it get’s changed in the warehouse.
Hot Sheets
In the Colorado Springs area, a Realtor can search the MLS and pull up “Hot sheets“. These reports can be Read the rest of this entry »
High end foreclosures on the upswing in Colorado Springs
Foreclosures are going upscale across Colorado Springs
Search for Homes in Colorado Springs
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While the high-end numbers are less in Colorado Springs than the lower-priced foreclosures, there has been a growth that reflects a 
significant shift in the foreclosure landscape and its underlying causes. Mortgage problems have moved upstream; partially because of economic conditions such as unemployment and stock losses. Also in play is a different type of risky loan called option ARM (adjustable rate mortgage) and interest only loans.
It definitely seems like the focus is shifting as we’re seeing more defaults, foreclosures and short sales in the more-affluent Colorado Springs communities. Some national experts emphasize that the foreclosure numbers don’t reflect the extent of distress at the high end. Banks are more likely to pursue short sales in luxury Colorado Springs luxury homes, in which the homeowner stays put while marketing the home for less than is owed on the mortgage.
Experts agreed that high-end homes take longer to become foreclosures because affluent people have more resources, consequently they likely to extend the time they’re struggling to make payments.
I looked over the Post Sale List dated 8-4-2010 from the El Paso Public Trustee’s office, and there is definitely evidence that foreclosures are going upscale. There was one property over $1,000,000 that was foreclosed on, 1 over $700,000, 1 over 500,000; and several over 300,000. When I compare this to the same list over a year ago, there were no Colorado Springs properties foreclosed on over $300,000.
There are currently 52 Bank-owned properties on the Colorado Springs market over $300,000; including several homes in the Broadmoor area, as well as in homes in Black Forest and in Monument.
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Kathy (719-287-1049) KTorline@msn.com
How to buy a Fort Carson HAP home, or a Peterson AFB Hap Home
Don’t forget about HAP homes
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
If you are buying a home around Peterson AFB, Schriever AFB, Fort Carson, or the Air Force Academy, you may want to know 
about HAP properties.
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- 6 Key things to know about the Homeowners Assistance Program for Military families
HAP stands for Homeowner Assistance Program, and it is designed to help military service members sell homes that are worth less than they paid for it.
For example, if you are looking at a Colorado Springs home where the military seller owes $350,000 on the mortgage, and the home is only worth $300,000, this may be qualified for a HAP approved sale. If the seller qualifies, HAP will cover most of the mortgage loss at the time of sale, and allow you to buy it at it’s current market value. It’s important to note that this is not a traditional short sale and is not subject to lender(s) approval; consequently it doesn’t take nearly as long as a short sale.
HAP, which is run by the Army Corps of Engineers, assists military personnel who are PCSing (permanent change of station) with orders to a new base more than 50 miles away. To qualify Read the rest of this entry »
134 questions for sellers to disclose
Sellers Should Disclosure all defects
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When listing a home for sale in Colorado Springs, Realtor ask their sellers to complete a Sellers Disclosure sheet. Whether the Seller provides the disclosures or not, the seller is still liable for any undisclosed defects. (Some sellers mistakenly think if they don’t fill out the disclosure form, they aren’t liable for defects. Wrong!)
The Seller’s Property Disclosure is a standard Colorado Real Estate Form. There are 6 pages of questions pertaining to the environment. structure and condition of the property and the mechanicals. A total of 134 questions
Some of the questions sellers are asked to disclose include:
- Structural Condition of the property
- Environmental conditions
- Are there special assessments due by the Home Owners Association?
- Condition of appliances
- Roof problems
The Colorado Seller’s Property Disclosure is filled out by the seller (not the Colorado Springs Realtor), signed by the seller and dated. This indicates that at the time of the signing, all the information is complete and true.
When a buyer is purchasing a property, the buyer is required to sign and date the Seller’s disclosure. The buyer is notified that the disclosure is in no way intended to discourage an inspection or is it in any way a warranty for the property. The specific language on the disclosure says: “Even though the seller has answered the above questions to the best of the Seller’s actual knowledge, buyer should thoroughly inspect the property and obtain expert assistance to fully evaluate the Property ……….”
I always tell Sellers, when in doubt disclose, disclose, disclose
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Kathy (719-287-1049) KTorline@msn.com
What are you scared of?
Are you scared to buy a house?
Here’s some of the things that scare buyers and suggestions on how to overcome the fears
Do I have enough money to buy a home?
Will I have buyer’s remorse?
- The Perfect House: There is no such thing as the perfect house, Read the rest of this entry »
Colorado Springs open house, Saturday July 24th, 12:00 – 3:00pm
Colorado Springs Open House
Saturday, July 24th, 12:00 -3:00m
1348 Atoka Drive Colorado Springs, CO 80915
For more Information, Contact Kathy Torline, 719-287-1049
The $8000 tax credit has NOT expired!!!
Tax credit still available for military in Colorado Springs
Related Articles:
- 6 BIG advantages of VA loans
- What is allowable for VA Seller Concessions?
- What are my housing choices near Fort Carson?
- Peterson AFB housing, what are my choices?
While the tax credit has expired for most Colorado Springs home buyers, military families should know that may still be eligible for the $8000 first time home buyer’s credit.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this
special rule. The rules applies to any individual (and, if married, the individuals spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. If they have served on offical extended duty, they have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house.
The rules also state “A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.”
Also, if a homeowner don’t live in the new house for at least three years, they have to repay the tax credit. However, military members are an exception when they have to move due to military orders. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individuals spouse). It’s called “qualified official extended duty”, and means living at least 50 miles from the home.
Visit www.irs.gov for more information on qualifying and claiming the tax credit.
If you meet the above guidelines, there is still plenty of time build your brand new home in Colorado Springs or buy an existing home.
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Kathy (719-287-1049) KTorline@msn.com
6 Small improvements can pay off
Colorado Springs Home Improvements CAN Pay off
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Are you looking for improvements you can do to your Colorado Springs home? Here’s my list of 6 SMALL improvements that can pay off with Energy Savings.
- Programmable Thermostats: They can save you a couple of hundred dollars a year on your heating and cooling costs. You can
program it to lower the temp in the house while you sleep, and warm up the house just before you wake. Then lower the temp while you are at work and warm it up before you come home. - Insulation: It’s estimated that heat loss through walls, floors and the roof account for about 45% of heat loss (or cooling loss, in summer.)
- Tankless Hot Water Heaters: They provide hot water only when it’s needed, hence they remove the need for a big tank of hot water waiting in the basement.
- Energy Efficient Windows: They stop unwanted heat and cooling loss in winter and summer and they can also block harmful UV rays that fade carpets and furniture. (See: Colorado Springs home Improvement — it’s all about the windows)
- Compact Fluorescent Bulbs: It’s estimated that that these bulbs can save $56 over the life of each bulb. Multiply that by 40 bulbs which is the number of bulbs in an average home it amounts to big savings.
- Water Circulation System: How much water goes down the drain while you are waiting for it to warm up? It’s estimated that about 25 to 30 gallons of water daily can be wasted this way, 10,000 to 14,000 gallons annually. A water circulation system automatically recirculates colder water back to your water heater until it’s hot enough for use.
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June 2010 Market report for Colorado Springs Townhomes
Colorado Spring Real Estate
Market Report for Townhomes & Condominiums
Search for Colorado Springs Townhomes and Condominiums
Related Article:
Townhomes and Condos in Colorado Springs continue to be a BUYERS Market, as there is currently a 9 month of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Townhomes and Condos in Colorado Springs sold are only down 1% from 2009 in 2008, but are down substantially from 2006, when 1767 townhomes/condos were sold.
- Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008. 2009 pricing is down 15% from the high in 2006.
- 2010 continues to see more downward pressure on pricing by units sold is increasing.
I can’t be there to see it, now what?
Relocating to Colorado Springs
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Occasionally I work with a buyer who is overseas and is intersted in Relocating to Colorado Springs and buying a property that they won’t be able to see in person. Wow, scary stuff for everyone involved. Even with all of the amazing info now available on the Internet, it still doesn’t take the place of seeing the property in person. Here’s some of the additional steps I take, as a Colorado Springs Realtor, to help make sure the buyer gets the most accurate information possible.
- Pictures, pictures and more pictures (and then even more pictures)
I take pictures of everything I can see, including the roof, the furnace, the hot water heater, everything in house. I take pictures of the neighborhood up and down the street, the next door neighbors, the neighbors across the street, the neighbors behind the house, the parks, the schools, the shopping areas that are close by. I try to create the same experience for the buyer that they would have when they actually came visit the house.
I make sure they check out Read the rest of this entry »
Local lenders vs. a National lender
Choose your lender wisely
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If you are trying to buy a Colorado Springs home with FHA or VA financing, choosing a nationwide bank or lender can raise red flags
for the seller and the Listing Agent. In theory, the nationwide banks may seem to offer the best pricing and best closing costs; but not being local can cause problems.
- Even if you have a letter from the national lender saying you are pre-approved, the house still needs to appraise.
- I’ve heard from some of other Realtor friends that some of the national banks (who don’t have a local office) are using appraisers who are not local and who may not understand the prices and the market trends in Colorado Springs.
- Even if the appraisal does come in at or over the contact price, some of the larger lenders are requiring second, even third appraisals.
- Also, some of the larger nation-wide lenders don’t assign one key contact to your account. Hence, if you have a question, you may be transferred to a person in a call center, and sometimes the call center isn’t even in the U.S. No problem if your loan doesn’t incur any challenges, but if you run into any problems you want one consistent person to talk to to get answers from.
- If you use a local lender, you can walk in their office and talk to a live person. Sometimes that can make the difference in getting a loan.
If you decide to choose a lender that is a nationwide bank or lender, you won’t necessarily have a bad transaction. But there are advantages to staying local.
For a list of Colorado Springs Lenders and banks, contact Kathy at KTorline@msn.com
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Kathy (719-287-1049) KTorline@msn.com
The biggies
I’ve found my perfect house, now what should I look at?
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What should I be looking at in a house is a common question I get from Colorado Springs home buyers. I always tell them if they 
like the neighborhood and the floor plan, then they need to look at the items that are going to cost them a lot of money. Here are the seven big items (and one smaller one) to look at.
- Roof - How does the roof look? Are there shingles missing? Look at the valleys in the roof. Are the shingles curling on the edges? Is there one or two layers of shingles? (or even 3 layers). This gives a general idea of whether the roof is going to need to be replaced in the next few years.
- Windows – Are they old? Do they need replacing? How is the wood around the windows? How well do the windows seal? Do they open, or have they been painted shut? Is there condensation between the panes of glass?
- Exterior siding or woodwork - Is it rotting or do pieces need replacing? Or does the exterior just need painting? If the house is stucco, do you see any major cracks in the stucco? If it’s vinyl siding; is the siding still in good shape? Read the rest of this entry »
14 Things to Know when Negotitating to Purchase a Home
Negotiating Tips
For a free Buyers Guide, Email Torline at KTorline@msn.com
Ok, you’ve now found your perfect Colorado Springs home and you are ready to make an offer on the property. One of the most important principals of negotiation, is to negotiate from a position of power. The more knowledge you have helps your position of power. Here’s a list of some key points to know before submitting an offer:
(1) Has the seller turned down any other offers?
(2) Is the seller flexible on the price?
(3) Will the seller pay some or all of the closing costs?
(4) When would the seller like to close?
(5) Where are the sellers moving to?
(6) Has the seller already purchased another home?
(7) What is more important to the seller? Closing Date? Price?
(8) Does the seller need to rentback the property?
(9) How long has the property been on the market?
(10) What is the average days on market for the area?
(11) How does the price compare to other properties in the area?
(12) How much does the seller owe on the property?
(13) What does the Assessor have the property valued at?
(14) Are there any recent building permits on the property? (Related Article: Do your homework on building permits)
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Kathy (719-287-1049) KTorline@msn.com
How to bid at Colorado Trustee auction
Want to buy a FORECLOSED house at the Public trustee auction in Colorado?
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The El Paso Public Trustee holds a foreclosure auction every Wednesday at 10 AM. If you are interested in trustee auctions in other 
counties, check out their web sites and it will tell you when there sale date is held. Here’s the web site that lists every trustee in Colorado, their contact info, and their web sites. Here’s some of the steps involved in bidding:
(1) Bidders must submit a bidder registration form (available at the El Paso Public Trustee website or at the Public Trustee reception desk) in person to the Public Trustee at the Auction. A separate form for each property is required.
(2) Bidders are required to hold their own money during the course of the auction
(3) Bidders must have certified funds (cash, cashier’s checks, teller’s checks, or official checks are the only acceptable options) equaling the amount of the bank’s bid plus $50.00. In some other Colorado counties, including Douglas County, the opening bid must be $100.00 over the bank’s bid.
(4) Checks are made payable to The El Paso Public Trustee. The Trustee’s Office will NOT accept checks made out to private parties, third-party individuals or companies.
It’s important to note that there is no longer any redemption period for the previous owner after a foreclosure sale in Colorado. If a property is sold at auction to an investor, the owner CANNOT redeem. They are no longer the owner of the property.
Also, once a property is purchased at auction by an investor, junior lien holders have eight days in which to purchase the property from the buyer for the sale amount plus interest.
If no other buyers come forward at the Trustee auction, the home is returned to the lender and the home will eventually come back on the market as an REO (Real Estate Owned).
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Kathy (719-287-1049) KTorline@msn.com
Homework required
If you want to buy a Colorado Springs foreclosure, you’ll need to do your homework.
Make sure and avoid these 6 mistakes:
Search for Colorado Springs foreclosures
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(1) Bidding War: Don’t get caught up in a bidding war. Some banks are under pricing their foreclosed homes; which can result in
multiple bids. Buyers can get excited and pay too much. Research ahead of time and know how much you want to pay.
(2) Repair Costs: Don’t underestimate repair costs. Do a home inspection. Take along a professional who can help give you an estimate of how much repairs costs will come to.
(3) More research required: Look at recent building permits on the Pikes Peak Regional Building web site, and make sure you know what’s been permitted and what hasn’t. Also, check out the information on the El Paso Assessor’s office, make sure the square footage is the same as the property listing. A buyer may think they are buying at 1500 square property, but the Assessor may have it listed at 1200 square feet.
(3) Neighborhood Home work: Know what comparable homes cost in the same area. In some areas with multiple foreclosure, prices can be depreciating. Get information on current sold properties as well as current active homes for sale in the area.
(4) Neighborhoods are important: Don’t buy in a neighborhood flooded with foreclosures: A neighborhood saturated with REOs and foreclosures may have declining prices.
(5) Financing: Do have your financing in place. If you don’t already have pre-approval from a lender, you won’t be able to put an offer on a property, as sellers want to know that you are financially qualified. You must be able to move quickly.
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Basements and air quality, the two are related
Basements affect the rest of the house
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I recently attended a very informative class put on by Peak Basement Systems and I learned many new things about base
ments and structural problems.
What I found fascinating was learning about the “stack effect“. Air from the basement is drawn upwards into the first floor, then to the second floor. Essentially, warm air rises – because it’s lighter than cold air. When it rises, the air escapes out of the upper levels of our homes. When air escapes, new air has to come in to replace the air that escaped. The new air comes from the lower levels, through crawl space vents and up from the earth. The stack effect actually causes your house to suck on the ground.
Building scientists say that 50% of the air you breath on the first floor is air that came from the basement or the crawl space.
Consequently, whatever is in the air in the basement is in your house. If there is high humidity downstairs, there is high humidity on the main level. If there is mold in the basement, then there are mold spores upstairs.
Since the majority of homes in Colorado have basements in them; and basements are typically included as living space for many families, don’t underestimate the important of the air in your basement.
Knowledge is Power
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What are polybutylene pipes? Colorado Springs homeowners beware!
Colorado Springs Homeowners beware
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I’ve attended many inspections this year, and several times I’ve ran into homes with Polybutylene piping. Let’s start with some of the basic facts:
What is Polybutylene pipeing?
It’s a form of plastic resin that was used extensively in the manufacture of water supply piping from 1978 until 1995. It’s estimated that 
the piping was installed in about one in every four or five homes built during the years in which the pipe was manufactured starting in the 1970’s. Most builders stopped using polybutylene in the mid-90’s. It was called the pipe of the future” and was used as a substitute for traditional copper piping.
What does it look like?
On the Exterior, Polybutylene underground water mains are usually blue, but may be gray or black (do not confuse black poly with polyethelene pipe). It is usually 1/2″ or 1″ in diameter, and it may be found in homes through the basement wall or floor, concrete slab or coming up through a crawlspace; frequently it enters the home near the water heater.
What’s the big deal?
Poly systems may fail without warning, Read the rest of this entry »
Price Per square foot has BIG variances in Colorado Springs
Colorado Springs realestate, pricing per square footage
For a free market analysis on your neighborhood and home, Email Kathy at KTorline@msn.com
Colorado Springs realestate is just like any other city in that average prices vary vastly in different areas. The local MLS (Multiple Listing Service) breaks down the City into different areas, and within each area there are many different neighborhoods. As part of putting together monthly market statistics, I also put together info on average price per square footage and average price per FINISHED square footage. As you can tell from the info below, average square footage pricing varies vastly in different parts of Colorado Springs. This information is a broad base guideline, as within each area, neighborhoods pricing can vary immensely.
The southwest area, which includes homes in The Broadmoor Area, and homes in Manitou Springs are the highest prices per square foot and homes in Old Colorado City are currently the cheapest per square foot. Homes in the Northeast area, which includes Vista Grande and Pulpit Rock are in the middle of the pack with an average price per square foot of $93.00.
| MLS Area | Average price per square foot | Average Price per FINISHED per square foot | Includes These Neighborhoods |
| Old Colorado City | $ 79.39 | $ 114.99 | Crown Mill Mesa and Gold Hills Mesa |
| Falcon North | $ 79.40 | $ 91.25 | Woodmen Hills |
| SouthEast | $ 81.51 | $ 89.26 | Pikes Peak Park, Soaring Eagles |
| Fountain Valley | $ 82.61 | $ 92.95 | Fountain, Security & Widefield |
| East | $ 83.92 | $ 97.43 | Rustic Hills and Village Seven |
| Peyton | $ 85.93 | $ 103.87 | |
| Central | $ 89.67 | $ 104.20 | Old North End, Downtown, and Patty Jewett |
| Power | $ 89.76 | $ 99.44 | Stetson Hills and Ridgeview at Stetson Hills |
| Black Forest | $ 92.76 | $ 140.90 | |
| Marksheffel | $ 93.13 | $ 98.90 | Meridan Ranch and Banning Lewis Ranch |
| Northeast | $ 93.48 | $ 97.96 | Pulpit Rock, Vista Grande |
| Woodland Park | $ 95.67 | $ 102.82 | |
| Ute Valley | $ 96.12 | $ 112.32 | Cascade and Chipeta |
| Northgate | $ 100.65 | $ 120.12 | Gleneagle |
| Tri-Lakes | $ 107.74 | $ 106.43 | Woodmoor, Kings Deer, and Jackson Creek |
| Briargate | $ 109.21 | $ 99.44 | Windjammer, Gatehouse Village, and Pinecreek |
| Northwest | $ 118.31 | $ 124.64 | Mountain Shadows, Rockrimmon |
| West | $ 119.36 | $ 150.30 | Kissing Camels and Pleasant Valley |
| Manitou | $ 121.25 | $ 159.55 | Crystal Hills and Crystal Park |
| Southwest | $ 126.48 | $ 110.60 | Broadmoor area, Stratton Meadows, Cheyenne Meadows |
This Colorado Springs Real Estate report contains information on Single Family homes in Palmer Lake.
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
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Colorado Springs home buyers tips
Colorado Springs RealEstate – Home buyer Tip #1
Related articles:
- 5 reasons lack of building permits cause big problems
- Colorado Springs Building Codes and Permits – Part I
- Colorado Springs Building Permits – Part II
- Colorado Springs Building Permits – Part III
- Colorado Springs Building Permits — Part IV
- Colorado Springs Building Permits — Part V
Since I work with many Colorado Springs home buyers; it’s important for me (and for them) to do some extra due diligence
Falling down deck on a Briargate Foreclosure
we put together their offer and complete the purchase on their dream house.
Tip #1
Building Codes / Zoning Compliance/Common Interest Community Documents:
If you want to change the house from a Single Family Home to a Tri-plex, you’ll want to make sure that is OK with the current zoning on the property. (Related Article: Quick Explanation of Zoning in Colorado Springs and surrounding cities)
Double check the building permits. Does that beautiful new finished basement have a permit on it? How about the new deck that was built? In the Colorado Springs area, Read the rest of this entry »
FHA loans and Condos — important to know the rules
Colorado Springs Condominiums
Search for Colorado Springs Condominiums
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Have you heard about the HRAP/DELRAP system? It lists condo developments that meet eligibility requirements set the Federal 
Housing Administration.
If you are interested in a purchasing a Colorado Springs Condo, your ability to get an FHA loan will depend on an “approved” rating by HRAP/DELRAP system.
DELRAP stands for Direct Endorsement Lender review and Approval Process and the rules aim to prevent risky loans. There are a variety of reasons that a complex may be labeled “rejected”:
- More than 15% of homeowners in a development are delinquent on the HOA dues (This could be the result of homeowners in foreclosure)
- One investor or entity owns more than 10 percent of the project
- Less than 50% of the project is either sold or owner occupied
- More than half of the homeowners have FHA loans
You can go to HUD’s web site, and search for information on specific communities, you can even search by zip code. I’m not sure that the database is fully populated, so some developments that deserve a “rejected” rating may still be added.
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FHA Loan Changes
FHA Loan Changes
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Related Article:
Did you know that in 2009, the Federal Housing Administration (FHA) insured nearly 30% of the single-family mortgage market and that more than 50% of all first-time home buyers used FHA programs? I haven’t been able to find any facts to support this, but I think 
number if lower for homebuyers in Colorado Springs, as many of the military population relocating to Colorado Springs use VA Loans to finance their purchases.
As of April 5, 2010, FHA loans changed their upfront mortgage insurance premium from 1.75% to 2.25% of the loan amount. Additionally, an annual MIP (mortgage insurance premium) of 0.55% of the loan is charged on a monthly basis. These measures are intended to help the FHA better manage its risks, while continuing to provide affordable, responsible mortgage products. The annual MIP is automatically eliminated when the loan amount is reduced to 78% of the original purchase amount.
There have been several other changes including a reduction in maximum seller contributions from 6% down to 3%.
Another change is that new borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. Borrowers with less than a 580 FICO score will be required to put down at least 10%.
If you want to read the complete Press Release from HUD, here a link to the article.
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New energy rebates available
Colorado Energy Rebates
For a Free Market Analysis on your Colorado Springs neighborhood, email Kathy Torline at KTorline@msn.com
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Since I recently just finished some core classes to get my NAR Green Certification, it has heightened my awareness on all things Green. Hence, when I saw the info on the new Colorado Program, I couldn’t wait to share it with all of my Colorado Springs readers.
A total of 75,000 rebates are up for grabs, thanks to $18 million in stimulus money that the state received. The web site is 
www.rechargecolorado.com. There are statewide rebates on everything from appliances to hot water heaters.
www.rechargecolorado.com. There are statewide rebates on everything from appliances to hot water heaters.The program is administered by the Governor’s Office of Energy Management and Conservation (originally created in 1977 to promote energy conservation in Colorado).
Under the program, a new, more energy efficient dishwasher will get you a $50 rebate, while the rebate for a water heater is $200. Before you buy, make sure the appliance is Energy Star certified. The rebates will be available until 2012 or the money is gone.
To get started, you must reserve a rebate online at www.rechargecolorado.com or by calling 1-800-462-0184. After you reserve a rebate, you have between 10 and 30 days to make your purchase, depending on the rebate. Then you mail back the rebate form, along with your receipt and you will get a check mailed to you.
In addition to that, the Colorado Springs Utilities also offers additional rebates for its customers, including items like windows, new furnaces, insulation and washing machines. For more information on their qualifications, visit www.csu.org.
Knowledge is power
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Be prepared to bid higher
Colorado Springs Foreclosed homes are going for more than the asking price
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.
Related Articles:
- Buying HUD homes in Colorado Springs, Part I
- Buying HUD homes in Colorado Springs, Part II
- Colorado Springs HUD Homes – Part III in FAQ’s
- HUD homes available for $100.00 downpayment
- 7 reasons to buy a HUD home in Colorado Springs
The Colorado Springs Housing market has been started to see more and more buyer demand from homeowners and investors, especially in homes prices $200,000 and below, and no where is it more evident than in bank-owned homes and in HUD homes.
New bank-owned properties come on the market almost everyday, and new HUD homes consistently hit the market. One of the things I love about the www.mcbreo.com web site, which is the company that administers HUD homes in Colorado Springs areas; is the bid statistics page. It shows you exactly what the bids recent were on HUD homes. It also includes information on the bid, the net price, when the bid was submitted, and whether the property is still available. Some properties are getting 5 to 10 bids on them.
As an example, here’s the info on a property on Pinnacle Drive in Colorado Springs.
| CASE: 052-226748 | STATUS: Offer Accepted | ADDRESS: 2922 PINNACLE DRIVE, Colorado Springs, CO 80910 | LIST PRICE: 85,000 | BED/BATH: 3/1.00 | LAST LIST DATE: 03/26/2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 of these 8 bids were for more than the asking price
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If you are interested in a Colorado Springs HUD homes or a Colorado Springs bank-owned home, you may need to be prepared to bid more to get the property.
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How long should it last?
How Long Should an Appliance Last?
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Most appliances and small electrical products have expected life expectancies. Depending on the original cost, manufacturing quality, and how heavily it’s used, an appliance may last a longer or shorter period than 
shown in the latest National Association of Home Builders/Bank of America Home Equity Study of Life Expectancy of Home Components. This study was completed in 2006 and according to this article “The average life expectancy for some components has increased during the past 35 years because of new products and the introduction of new technologies“ I found many interesting facts in the article, including the average age of a house in the US is 32 years old.
As I talk to perspective Colorado Springs home sellers and show homes to buyers; I consistently find many wonderful houses that have never been updated. Their major components are on borrowed time; as the components of a house don’t last forever. Here’s just a small sampling of some of the life expectancy information included in this report:
- Life expectancy of a dishwasher …………..9 years
- Life expectancy of a furnace …………. 18 years Read the rest of this entry »
Financial Do’s and Don’ts
Credit Do’s and Don’ts
You have finally decided to buy a Home in Colorado Springs. You have a lender and are now pre-approved.
Below you will find a reminders of DO’s and DON”Ts to do before you buy your Colorado Springs dream house.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
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- Pre-Qualification or Pre-Approval, which do you need to buy a home?
- Credit score explanation
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DO’s
- DO continue making your mortgage or rent payments
- DO stay current on all your existing credit card accounts
- DO keep working at your current employer
- DO continue living at your current residence
- DO continue to use your credit as normal
DON’Ts
- DON’T make a major purchase (car, boat, fur, jewelry, etc.)
- DON’T apply for a new credit card
- DON’T transfer any balances from one credit card account to another
- DON’T pay charges offs without discussing it with your lender
- DON’T pay off collections without discussing it with your lender
- DON’T buy any furniture on credit
- DON’T close any credit card accounts
- DON’T change bank accounts
- DON’T max out or over charge on your credit card accounts
- DON’T consolidate all your debit into 1 or 2 credit cards
- DON’T take out a new loan
- DON’T finance an elective medical procedure
- DON’T pay off any loans or credit cards without discussing it with your lender
Appraisals are a crucial part of the home buying process
An important term for every Colorado Springs home buyer to understand is the “Appraisal“.
For a Free Home Owner Buyers Guide, Email Kathy at KTorline@msn.com
Other Buyer Articles:
Real Estate Agent or Realtor? What’s the difference?
What is the definition of an appraisal?
An appraisal is an estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that ![ExteriorMain[1]](http://coloradospringsvintagehomes.com/files/2010/04/ExteriorMain1-300x200.jpg)
property by a qualified impartial third party.
Who is an appraiser?
Appraisers are licensed and are held to strict ethical standards. They are a “third party” whose purpose is to give their opinion of the market value of a home.
Can a seller get their own appraisal done?
Yes, a Colorado Springs home seller may get their own appraisal done before selling the property to determine cost. This typically costs anywhere from $300-500. It’s important to note the Buyer’s Lender will not accept this appraisal but will request another to be done by their own contact.
Read the rest of this entry »
Waiver on flipping is good for the local Colorado Springs economy
Waiver announced on 90 day flipping
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The 90 Day Flipping rule has been lifted for at least 1 year starting February 1, 2010. HOWEVER, it’s important to keep in mind that it is 
not completely free from all stipulations. Here’s a link to the actual Waiver on the HUD web site; which gives the conditions of the waiver.
What does this mean to the Colorado Springs First Time Home buyers?
It means that buyers who are going to buy a property with a FHA loan financing can do so without having to wait for 90-days from the date of the last purchase of that property in order to purchase it.
As an example: A home was purchased by an Investor on November 15, 2009 and the investor fixed up the property. With the previous 90-day rule, a buyer who was using FHA financing would have to wait 90-days from the 11/15/09 date in order to go into contract on this property. The new rule is waiving the 90 day period.
What does this mean to Colorado Springs Real Estate Investors?
It means that investors can buy and flip properties and not worry about waiting 90 days to get the property sold. Although conventional and cash purchases were not affected by the 90-day rule, the majority of homes are now being financed by FHA. This moratorium will help homes sell quicker; which means investors can then move on to the next property!
Who Else Does it Affect?
Many of the homes that the banks are foreclosing on are in bad shape and need repaired and updated to make them more attractive to Colorado Springs First Time Home Buyers.
I think this change in the guidelines will help Colorado Springs foreclosed homes sell faster, which in turn helps the local economy. It’s estimated that on an average a home buyer spends an additional $8000.00 on a house after they purchase it, which certainly also stimulates the economy.
Wouldn’t you much rather have a homeowner in your neighborhood vs. a foreclosed empty house?
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Kathy (719-287-1049) KTorline@msn.com
How to avoid information overload when looking at houses
Information overload can be avoided
Search for Homes in Colorado Springs
Related Buyer and Seller Articles:
Since I work with many buyers, I’m always thinking about how I can help the average Colorado Springs first time home buyer look for a home. One of the biggest challenges for first time home buyers is information overload. How do they keep all the information straight? At the end of a full day of showings, how do they remember what they saw?
Here are my top 6 tips to help the Colorado Springs first time home buyer:
- Keep notes on each house as you go through it. Why do you like it, what needs work? What’s the good, the bad, and the ugly?
When you get in the car, write everything down you can about the house. You may think you’ll remember the information later in the day, but if you write it down you know you’ll remember the key points. - Nickname the house. The “bright” house. Or the “70’s house” with the shag carpeting. Or the “cul-de-sac” house. Nicknaming the house will help you keep them straight. After seeing 10 – 15 houses in a day it becomes confusing. All the houses run together.
- If you don’t like the house, get rid of the paperwork or cross it off. (no reason to keep unneeded paperwork as it just adds to the information overload.)
- Take pictures to help you remember the houses and the features you like.
- As you go through the day seeing houses, rank the homes. On a scale of 1 to 10, which house is a 9 or a 10? Write this information down on the MLS property sheet.
- Write down all the pluses and minuses of each home on single piece of paper. That way you can look at all of information on one single sheet vs. flipping thru 20 different sheets.
Remember Knowledge is Power
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Where are the Bank-Owned Homes in Colorado Springs
Where are the Colorado Springs Foreclosed Homes?
Search for Colorado Springs Foreclosed Homes
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The Colorado Springs area saw 62 new listings for Colorado Springs bank owned homes come on the market since March 1, 2010. The homes are in a variety of different areas of the city, but the Southeast part of the city had the most foreclosures come back on the market, with 12 new listings. There were no new foreclosures listings in the last 10 days in the Northwest or Manitou areas. The price on these Colorado Springs Foreclosed homes ranged from $39,900 for a condo in Southeast Colorado Springs to $510,000 for a 4000 square foot home built i 2005 located in Northgate. The average price was $163,033.
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To find out more information about Colorado Springs and Colorado Springs Foreclosed Homes, Call ……
Kathy (719-287-1049) KTorline@msn.com
Why do I need to know about Lead Based Paint?
New rules will affect your remodeling time
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Most home owners in Colorado Springs normally don’t even think about lead-based paint. If they are getting ready to put their
house up for sale, and it was built before 1978, their Colorado Springs Realtor will tell them about their obligation to disclose whether or not they knew of lead-based paint in the home. This would include reviewing and signing the form, Lead-Based Paint Disclosure (which is mandatory) and the form, Lead-based Paint Obligations of Seller (which is not mandatory in Colorado). You can get the EPAs booklet on this new rule here
It is estimated that more than 80 percent of the housing structures in Colorado, including Colorado Springs were built before 1980, according to the 2000 U.S. Census, many of which fall under the EPA’s target properties requiring the use of RRP rules.
There is a now a new rule that affects contractors performing work on these properties. Set to take effect in April 2010, the new standards will extend to builders, painters, plumbers, and electricians working in all rental housing built before 1978. Under the “Lead: Renovation, Repair, and Painting Program” rule, contractors working under such conditions will be required to post warning signs, restrict occupants from jobsites, contain work areas to prevent the spread of dust and debris, conduct a thorough clean up, and verify the effectiveness of cleanup efforts. Supervisors will be required to complete a one-day training and certification class in accordance with the new EPA lead-safe work practices
If a home owner performs work on their own house, they don’t have to be certified. Contractors are also exempt if the area they’ll disturb is no larger than six square feet of interior painted surface, or twenty square feet of exterior surface. (not a very big space!)
Here’s some additional information about Lead Based Paint: Read the rest of this entry »
Kitchens are #1 for buyers
What do homebuyers want?
Related Articles:
The following was provided by AVID Ratings Co., a firm that provides surveys and employee training to home builders across the United States 
and Canada. They conducted this annual survey of home buyer preference at the 2010 International Builders Conference in Las Vegas. Definitely includes some interesting insights:
- Large kitchen with an island — no surprise to me that this is #1 on the list
- Also, some of the top kitchen and bath trends according to a designer survey conducted by the National Kitchen & Bath Association include cherry as the top choice for kitchen cabinets, ceramic and porcelain tile for the flooring, under-counter refrigeration, and flexible faucets.
- Energy efficient appliances and energy efficient windows
- Home office/study – I wonder if this has more and more to do with people working at home, vs. commuting to an office
- Main Floor master suite — Is this a result of the baby boomer population aging?
- Outdoor living room – One of my personal favorites
The other top 10 features included Ceiling Fans (I found this one surprising to be included on the list), master suite soaker tubs, stone and brick exteriors, two-car garage, and community amenities.
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Kathy (719-287-1049) KTorline@msn.com
Choose Wisely
How do I choose a home inspector?
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Since, I have several buyers who have recently have gotten contracts accepted to buy their dream homes, I thought it was good timing to
write a quick blog about home inspectors and inspections. Almost all REALTORS® (99%) recommend a home buyer to have a home inspection; as a good qualified home inspector is crucial to the home buying process.
There are lots of ways to find a good home inspector in Colorado Springs, and referrals are one of the best ways. Or you can look online, or check the local phone book. But regardless of which way you choose, here’s a list of potential questions you should ask before you hire the inspector:
- What are your qualifications? How long have you been in the business?
- What organizations do you belong to? Do you belong to the Better Business Bureau in Colorado Springs? (see previous article: Don’t forget about the Better Business Bureau)
- Do you have a list of past clients I can contact? Read the rest of this entry »
Real Estate Agents have a fiduciary relationship
Fiduciary Duties
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I came across a great article in the Gazette over the weekend about Fiduciary Responsibilities. It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors. My favorite quote from the article written by Jim Flynn ”The law expects more of 
fiduciaries than others who have legal duties to another person.” Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.
You may wonder what all of this has to do with real estate. The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado
Agency and Real Estate
Colorado is considered an agency state, and Real Estate Agents have 2 choices of how they represent clients. According to the information in the Colorado Real Estate Manual:
A party now has two choices when engaging the services of a real estate broker. One choice is “transaction-brokerage” where the broker assists one or more parties throughout the transaction without being an advocate for any party. The second relationship is “agency” where the broker is a single agent representing only one party in the transaction.
In Colorado, when I’m working as a Buyers Agent or a Sellers Agent, I have a Fiduciary duty to my clients whom I’m representing. According to Wikipedia, “A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties, most commonly a fiduciary and a principal.”
VA Vendee Financing helps sell VA Repos
VA Vendee Financing
Related Article: What is a VA Repo?
Search for Foreclosed Home in Colorado Springs
If you are interested in buying a VA Repo home in the Colorado Springs area, you’ll want to understand take advantage of VA Vendee Financing. Here’s some of the basic the facts:
- It’s a loan product offered to individuals and investors to help finance the purchase of VA Repos
- It’s offered to both veterans and non-veterans
- VA may contribute up to 6% of the purchase price for buyer’s closing costs
- Interest rates are determined by the VA
- For investors there is no maximum number of investment properties; down payment can be as little as 5% down
- For owner occupieds, amount can be financed with 0% down.
- Mortgage insurance is not required.
- It’s available to both owner occupied and investors
- Properties are always sold “as-is”
- There is no contingency for financing or for inspection
There are currently several Read the rest of this entry »
What you see is what you get
Bank Repos can be surprising
Search for Foreclosed homes in Colorado Springs
Related Article: What makes buying a foreclosure different?
I was out previewing properties yesterday for a buyer who is moving to Colorado Springs from out of state; and it reminded me how nothing takes the place of seeing a property in person. No matter how good technology is, you still have to see it.
One of the properties I was looking at was in the North Central part of Colorado Springs in a neighborhood called Roswell. Roswell is a unique neighborhood, lots of history with some houses being built in the early 1900’s. Parts of the neighborhood have been rehabbed and some parts still look a little rough and distressed.
The property I previewed is on Tremont Street, listed at $109,000 for 2100 square feet. At first glance it seemed like a great deal at around $50.00 per square foot, 5 bedrooms, 2 baths. This is the description in the MLS, which certainly gives fair warning that the property needs work:
FIXER UPPER, FIXER UPPER, FIXER UPPER. PROPERTY CAN BE A SINGLE FAMILY RESIDENCE OR SET UP AS A DUPLEX. STUCCO EXTERIOR, TWO SEPERATE ENTRANCES. STAMPED AND STAINED CONCRETE PATIO WALK WAY. NEWER VINYL WINDOWS. LARGE LOT PLENTY OF ROOM FOR A DETACHED GARAGE. CLOSE TO PENROSE HOSPITAL AND DOWNTOWN AND TWO BLOCKS FROM 1/2 MILLION DOLLAR HOMES ON WOOD AVENUE!!!! NO UTILITIES SO USE A FLASH LIGHT. CLOSE TO MONUMENT VALLEY PARK AND WALKING TRAILS. UNIQUE LOCATION.
