Search for Colorado Springs Short Sales

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It continues to look like short sales in Colorado Springs are going to be here for awhile longer, and they are definitely a viable option for some buyers.   Even though they can take some time to get short the sale acceptance from the lien holders, for a patient buyer, they can definitely be a good deal.

Having written two short sale offers this week for buyers, I thought it would be a good topic to discuss the short sale addendum that is required in Colorado.  The Colorado Real Estate Commission has came up with a couple of forms called a “Short Sale Addendum.”   These forms try to cover some of major and minor complexities a short sale brings to the purchase and sale of property.

The addendum should be included with the Contract to Buy and sell Real Estate between the buyer and seller and has several key points.

** The buyer enters details on how long the seller has to submit the short sale information to the lien holders.

** The buyer can also say how long they will wait for short sale acceptance.

** The buyer can also check a box regarding Early Termination that says either the seller or the buyer can terminate at any time with written approval.   This is a very helpful clause for a buyer who has waited for months for approval; and essentially just wants to give up on this property and find something else.

If you enjoyed reading this article, or would like more information on purchasing a short sale, why not Subscribe to be notified of the next one?

To find out more information about buying a home or Short Sale Home in Colorado Springs area, call ….

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

Search for Colorado Springs Historic Homes

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Every realtor has parts of town that they love; where they are always excited to show homes.  For me, it’s in the Central areas in Central Colorado Springs.  I find the old houses so interesting, only wish they could talk to me and tell me their story.  Who lived in them, who did the last remodels, what have they seen during their life?   Some of these older neighborhoods, have generations of families who have lived in the area for 40 to 50 years; and they are a wealth of information about the homes and previous owners, and Colorado Springs History.

I often get asked about different neighborhoods and the average prices in certain areas; and thought it may be helpful to share some information I put together on a few of the popular neighborhoods in central Colorado Springs.  The information includes averages on the year built, price per square foot, and the number of homes that sold in the subdivision in 2011.

The Old North End and Downtown, continue to be very popular areas with home buyers interested in Historic Homes.  Prospect Park and Stratton Meadows have became a very popular area with investors; as it’s a very popular area for renters.

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

Search for Colorado Springs Homes

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I certainly understand the appeal of buying a new home.  Nothing better than being the first owner of a house; everything new, everything in good shape.  BUT, there are some disadvantages to buying a new home.  Since I spent part of this week looking at new builds and visiting model homes; it reminded me of some of these disadvantages.

Window coverings not included.  Don’t underestimate the cost of what it will take to get window coverings on all your windows.  If you are buying a $300,000 to a $500,000 home, I’m guessing you don’t want the cheap $20 blinds that you can buy a Home Depot.   Make sure and include this in your budget

Landscaping is also important to include in your budget.  Many of the communities include front landscaping, most don’t include back landscaping.  But some new communities don’t include it and they required the landscaping to be completed within 6 months to a year after you move in.   By the time you put in sprinkler systems, install sod, put in bushes, trees, rock, etc, it doesn’t take long to spend $5000 to $10000; and even more if you have to put in retaining walls or terraces for sloped lots.

And then there is the lot premium for the more desirable lot.  The large cul-de-sac lot, or the lot with the great view can cost anywhere from $20,000 to $100,000 more.  Granted the lot a house sits on is extremely important, but almost always you won’t get that money back when you go to sell  it.  There is some consideration  in the resale market for a nice lot with a view, but it’s not even close to the amount charged when you originally buy the property.

Also, if you need to sell within a year or two, you are competing against the other homes that are still being built and can be customized.    Buyers will  almost always choose a brand-new home rather than a 1-year-old home.

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Colorado Springs Homes

Why should you care that there is less inventory on the market?

Real estate has always been about supply and demand. When there are more houses on the market then the demand, the market conditions start to adjust and pricing goes down. When there is less houses on the market, pricing starts to stabilize and go up.   As the information listed below, housing inventory, is down.  In fact, it’s way down.

I’m not sure if this means we are going to start to see a rise in pricing, but I do think the market has hit bottom.  As usual, time will tell ………………

Existing Single Family Homes on the Market

April 2012               4,433                          Sales 2,289

April 2011                4,866                          Sales 2,252

April 2010                6,228                          Sales 2,382

April 2009                5,304                         Sales  2,009

April 2008                6,787                          Sales 2,298

April 2007                6,372                          Sales 3,007

April 2006                 6,114                          Sales 2,725

April 2005                 6,512                          Sales 2,659

April 2004                 6,181                          Sales 3,068

If you enjoyed reading this article, why not Subscribe to be notified of the next one?

To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

]]> http://coloradospringsvintagehomes.com/2012/05/03/less-inventory-a-more-stable-colorado-springs-housing-market/feed/ 0 http://coloradospringsvintagehomes.com/2012/04/03/sales-of-historic-homes-in-old-colorado-city-remain-strong/ http://coloradospringsvintagehomes.com/2012/04/03/sales-of-historic-homes-in-old-colorado-city-remain-strong/#comments Tue, 03 Apr 2012 17:54:48 +0000 Kathy Torline http://coloradospringsvintagehomes.com/?p=8345 Colorado Springs Housing Market Report for Old Colorado City Homes, Single Family

Neighborhoods Include:  Crown Hill Mesa, Colorado City, and Old Colorado City

Zip code 80904, 80905, 80903

Search for homes in Old Colorado City Area Colorado Springs

Search for Colorado Springs Historic Homes

Here’s a quick summary of the Real Estate Market for Old Colorado City Area Colorado Springs as of December 31, 2011

• Pricing decreased by 5% from 2011 to 2010
• Number of homes sold increased by 16% from 2011 to 2010
• Days on Market increased by 6% from 2011 to 2010

Most Expensive Sale in area:

• Address:  1710 W. Pikes Peak Avenue

• Price:  $424900

• Square Feet:  2464

• Area:  Old Colorado City

Least Expensive Sale in the area:

• Address:  617 Cooper Avenue

• Price:  $30,000

• Square Feet:   808

• Area:  Sherman

This Colorado Springs Real Estate report contains information on Single Family homes in Old Colorado City area in Colorado Springs

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

If you enjoyed reading this article, why not Subscribe to be notified of the next one?

To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Colorado Springs Investment properties

Here’s 4 key points to remember when you starting to invest in real estate

1.  What are your real estate goals?

Why do you want to purchase investment property?

Do you want to flip properties? Are you willing to take the risk?  Do you understand home construction and remodeling?  Do you have the skills to do it; or to manage the process?

If you aren’t flipping, how long do you plan on holding a property? 5 years?  10 years?  15 years?

If you are looking into buying rental properties, what type of renters do you want to attract?   Would you prefer a duplex, a single family home, a fourplex, or an apartment building?   Do you want to own near a college?  Near a military installation?  Near a hospital?  Near major industry?

Do you want to finance a property, or are you a cash buyer?   Have you already talked to a lender to understand your financing options?   If you are a cash buyer, do you have fairly quick access to your money?

Would you prefer to be a passive investor?  If so, flipping is probably not for you.

What percentage return are you looking for on your investment?

Are you looking for a property that may benefit future appreciation in pricing?

2.  Decide where to buy

This is decision that will make or break your real estate investment.    Consider places of good employment, development and decent growth.   Don’t buy in an area where the economy is declining, unless you really want to own for the long term.   Where’s the demand for properties?  Where’s the strong demand for rentals?  Remember your real estate goals.

3.  Who should manage the rental property?

Are you going to be the landlord?  Do you want to hire a property manager?   Do you want to screen the potential tenants?  Can you be gentle but firm with your tenants?  Do you want to take the calls from tenants when things need fixed?

4.  Remember, it’s strictly business

As an investor, you need to guided by your goals; not your emotion.  Your goals and guidelines should be at the forefront of all of your decisions.

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

Search for Homes in Crystal Hills

Search for Homes in Manitou Springs

Zip Code:  80929

The Crystal Hills housing market continues to be a BUYERS Market, as there is currently a 5 month of supply of homes on the market.   A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“.

Single Family Homes in Crystal Hills were primarily built from 1965 to 2006 with an average age built of 1984.  The majority of the houses are 2-stories, ranches, and raised ranches, with 2-4 baths, with 2-3 car garages.  The average home has appx. 2000 to 3000 square footage.

You can reach the neighborhood by going West on Manitou Blvd, South on Crystal Hills Dr, South on Crystal Hills under Highway 24, then up the hill to Crystal Hills.

There are also several townhome complexes in the area including; Cielito Lindo which are priced from $365,000 – $625,000; and Crystal Park which are priced from $97,500 to $160,000.

The Manitou Parks in the area include Bill Bauers and Deer Valley Nature Park.  The school District is District 14.

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

• Pricing decreased by 11% from 2011 to 2010.
• Number of holds sold decreased by 15% from 2011 to 2010.
• Days on Market increased by 2% from 2011 to 2010.
• Price per FINISHED square feet decreased by 13% from 2011 to 2010.
• Price per TOTAL square feet decreased by 17% from 2011 to 2010.
• The pricing for homes in Crystal Hills in Manitou Springs is 19% above the average and pricing in Manitou is 24% above the average pricing for homes in Colorado Springs

This Colorado Springs Real Estate report contains information on Single Family dwellings in Manitou Springs area of Colorado Springs

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

If you enjoyed reading this article, why not Subscribe to be notified of the next one?

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

Search for homes in Colorado Springs

Related Articles

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If you are looking at buying an older home in the Colorado Springs area, especially a Historic Home, don’t forget about inspecting the sewer pipes.

Why should I check the sewer lines?

Sewer lines are buried underground and are susceptible to intrusions like tree roots and excess waste products and paper, not to mention the general aging of the pipes. Common sewer line problems can include roots in the lines, holes, cracks, and pipe separation.

Once tree roots get into sewers, they are often expensive and messy to deal with. It can mean calling in a backhoe to dig up the your yard which adds additional costs to the sewer replacement. Also, it can bring up interesting questions, such as what if your neighbor’s tree rots finds its way into your pipes?

A residential sewer is critical in the proper operation of the whole home’s plumbing system.

Should I get my pipes replaced?

There are several different types of sewer lines, including clay (85+yrs old), cast iron (50+yrs old) and ABS or PVC. Clay can collapse on its own as it ages and can be expensive to replace. Some experts believe that cast Iron, is the best.  A plumber can advise you whether you should get the pipes replace or not.

What is a sewer scope?

A sewer scope is a fairly inexpensive procedure performed by an experienced plumber, involves inserting a cable into the sewer line from the main in the home or in the clean out all the way to the connection with the municipal sewer or a septic tank.    The clean out may be located in the basement, crawlspace or outside where the sewer line exits the home.

On the end of the cable is a tiny television camera that “scopes” through the pipes and detects blockage, breaks and potential clogs in the line.  These images can be recorded on a DVD and may be reviewed by the homeowner and/or prospective buyer to verify the condition of the sewer line.

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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

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

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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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To find out more information about buying a  home in Colorado Springs, call ….

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

]]> http://coloradospringsvintagehomes.com/2012/02/07/visit-colorado-springs/feed/ 1 http://coloradospringsvintagehomes.com/2012/01/30/97-high-school-graduation-rates-are-possible/ http://coloradospringsvintagehomes.com/2012/01/30/97-high-school-graduation-rates-are-possible/#comments Mon, 30 Jan 2012 11:38:56 +0000 Kathy Torline http://coloradospringsvintagehomes.com/?p=8278

Search for Colorado Springs Homes

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• I can’t be there to see it, now what?
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• District 11 continues to be the biggest

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:

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

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