Colorado Springs Vintage Homes Blog
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Homes Sales in Old Colorado City area remain strong
Colorado Spring Real Estate – Market Report for Homes in Old Colorado City, Single Family Homes
Includes Crown Hill Mesa, Gold Hill, Old Colorado City
Search for Homes in Old Colorado City
The Old Colorado City housing market continues to be a Buyer’s Market, as there is currently a 6.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales are down 22% from 2008 to 2007, but 2008 pricing was only down 1.5% from 2007. 142 Single family homes were sold in 2009 vs. 157 for the same period in 2009; a decline of 10%.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
Manitou Springs home sales are down 25% for 2009
Manitou Springs Real Estate
Single Family Homes
Search for Homes in Manitou Springs
Related Article: Homes in Crystal Hills, hidden gems
The Manitou Springs Springs housing market continues to be a Buyer’s Market, as there is currently a 18 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales were only down 1% from 2008 to 2007, but average pricing was down 10% from 2008 to 2007. 35 Single family homes have been sold in 2009 vs. 44 for the same period in 2008; a decline of 25%.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004 Read the rest of this entry »
Looking for home repair bargains?
Home Repair Bargains
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Must read articles
If you’re passionate about good deals and like to help support a good cause, then you’re in luck. You can visit the 
Habitat For Humanity ReStore in Colorado Springs, Colorado – one of over 500 such stores around the country
The store is similar to a Goodwill or Salvation Army; they are outlets that accept items for resale and are stocked with donations from individuals, contractors, and even retailers. Their inventory includes a variety of things for do-it-yourself projects including light fixtures, paint, sinks, appliances, cabinets, and flooring. Proceeds from the sales go build and rehabilitate homes for low-income families.
The local store in Colorado Springs is at:
- 411 S. Wahsatch Avenue, 80903
- 719-667-0840
There is also a store in Denver (70 Rio Grande Blvd.) To see a complete list of the stores in the Colorado Area, visit the web site.
To donate, volunteer, or to find out more, visit www.habitat.org.
Kathy (719-287-1049) KTorline@msn.com
Appraisals and Inspections, 2 important steps for home buyers
The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.
For a FREE Buyer’s Guide, Email KTorline@msn.com
11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer 
price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.
12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.
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Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)
13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.
Foreclosures represent 33% of the closed sales
Foreclosure bargains in Colorado Springs?
Many home buyers say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008. Although I don’t have any data to back this up, I think these numbers seem very similar to what I’m finding in the Colorado Springs area from home buyers.
The report is also full of interesting tidbits, including that 40 percent expect to pay at least 50 percent less for a foreclosed home. The Colorado Springs real estate market does have it’s share of bank-owned properties for sale; and the good deals go quick and fast; they don’t last on the market and many of them get multiple offers. They are definitely not 50% less than market prices; more like 15% to 25% less than market price. All of these things made me wonder how much of the sales in the area for last 5 months have been bank-owned. Consequently I did some quick market stats; and 33% of the closed sales in 2009 in the Colorado Springs area were from some type of foreclosure or pre-foreclosure property.
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Related Articles:
To find out more information about buying a foreclosure in Colorado Springs, call
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs Homes for Sale — New Foreclosure Listings For week of May 9th
Saturday bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of May 2, 2009
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn 
Partial list of NEW Colorado Springs Foreclosed homes currently on the market Read the rest of this entry »
7 important things to know about FHA Loans
Colorado Springs Vintage Homes is happy to feature a great article by
Harry Venik with Adams Mortgage, LLC
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Related Articles:
The Advantages of FHA Loans
The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one:
(1) Congress passed the Stimulus Act of 2008. During the recent housing boom, home values sur
passed FHA loan limits in many regions of the US. The recent enactment of this important legislation, however, increased FHA loan limits up to $729,500 in many high-cost regions of the US through the end of the year. FHA loan limits vary by county; current limits for El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
(2) The FHA has changed its appraisal and fee negotiating guidelines. In the past, many sellers steered clear of FHA loans because the appraisals were too strict and certain fees were non-negotiable. The FHA has greatly loosened these guidelines to make it easier for both buyers and sellers. Read the rest of this entry »
First Quarter 2009 Market report for homes in West Colorado Springs
Colorado Spring Real Estate - West area – Market Report – Single Family Homes
Includes Homes in Pleasant Valley and Kissing Camels
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Articles
- El Paso County taxes are some of the lowest in the nation!
- Colorado Springs in ratings for Best Places to Start Over
- Radon poses a threat to Colorado Springs Homes
- High Altitude Adjustment for living in Colorado Springs
- Schools in the Colorado Springs Area
- Abandoned Coal Mines Cause Problems
The West housing market continues to be a BUYERS Market, as there is currently an 9.25 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”. Sales units are ONLY down 1% from 2008 to 2007, but pricing is down more than16% from 2008 to 2007.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004 Read the rest of this entry »
Colorado Springs Homes for Sale — New Foreclosure Listings For week of April 11th
Sunday Bargains – Homes in Colorado Springs
NEW Foreclosure Listings in Colorado Springs – for the week of April 11th, 2009
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn.com
Breakdown of New Foreclosure homes for sale from April 11th, to April 18th, 2009
Partial list of NEW Foreclosed homes currently on the market Read the rest of this entry »
5 things to know about buying a short sale home
Want to buy a short sale?
Related post: Buying a short sale vs. a foreclosure, what’s the difference?
For a FREE List of Foreclosures and Short Sales email Kathy Torline at KTorline@msn.com
Do you have questions about buying a Colorado Springs home that is noted as a “short sale”? Here are some of the most frequently asked questions I often hear from buyers, along with a brief answer.
1. Is the Short Sale negotiation process the same for a short sale as for a regular sale?
Yes, except that there is one EXTRA layer: After the buyer and seller agree on a price and terms, the seller’s 
lender (or lenders) and other lien holders must also agree on the offer. This can add anywhere from a month to 5 or 6 months to the process.
2. Are loans types the same for a short sale as for a standard home purchase?
The type of loans a buyer can use are the same as for a standard real estate transaction. But if the property is not in good condition, a buyer may not be able to use a VA loan or a FHA loan; as the property may come back with conditions from the appraisal process; and most sellers in a short sale situation don’t have the funds to make the requested repairs. Most short sales are sold “as-is”.
3. What are some of the disadvantages of buying a short sale property?
It can often takes the seller’s lender(s) and lien holders a long time to respond to a offers, and a buyer can become frustrated and give up. Also, some Realtors accept offers from several buyers, and submit all of these offers to the lender(s). Read the rest of this entry »
Shop for a Lender like you shop for a house
The following information is the second in a series of Buyer Tips to provide tips for both the first-time homebuyer and the most experienced homebuyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area.
For a FREE Buyer’s Guide, Email KTorline@msn.com
Tips #2 – 6
2. Consult a mortgage lender prior to looking at homes. Lending requirements seem to be changing daily, so make sure and know your mortgage options and what you qualify for. Don’t wait until you find a home to get pre-qualified.
As a Colorado Springs Realtor, this is probably one of the biggest mistakes I consistently see made by all home buyers. It’s important to know in advance what you are qualified for. If you qualify for $150,000; don’t look at houses that are worth $250,000; you’ll just get discouraged and disillusioned. It’s similar to looking at a Lexus SUV, when you can really only afford a Nissan SUV.
3. Shop around when it comes to mortgage lenders, as rates and closing costs can vary vastly between lenders. The “Best Rate” isn’t always Read the rest of this entry »
Bargains are out there
Colorado Springs has a foreclosure problem — but it’s not as bad as the newspapers would make you think
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
In the past two years, Colorado Springs and surrounding communities have seen a record number of foreclosure filings: in El Paso County there were 4,602 in 2008, and 3,556 in 2007. Those numbers may seem high, but in 1988 (over 20 years ago), it reached a high of 3,476 and the population was probably half of what it is now. Year-to-date, according to the Public Trustee’s web site, there have been 522 foreclosures; an average of 174 foreclosures a month.
As a result, it’s a great time for buyers and investors in Colorado Springs and anyone relocating to Colorado Springs to find some bargain opportunities in foreclosed homes. Many people that may not have been able to buy before, now have a better selection of homes in the lower end price category.
A
s I’ve been setting up some automatic property searches from the local MLS database for some buyers I’m working with, it made me think on how much the market has changed. A couple of years ago, it was almost impossible for a buyer to find a habitable home in Colorado Springs for less than $150,000; and there was very little under $100,000. So of course, I thought I’d research some numbers and see what the statistics showed. Sure enough, in 2008 there was almost twice as many single family homes under $100,000 that sold than the year before.
Here’s some foreclosure facts
A foreclosure is a legal action that a lender(s) takes against a homeowner who miss several mortgage payments. Read the rest of this entry »
New Carbon Monoxide Law effective July 1, 2009
Carbon Monoxide Bill Signed into Law
Search for Homes in Colorado Springs
Colorado homebuilders will be required to install carbon-monoxide detectors in new homes under a proposal signed into law on March 24th. House Bill HB 1091 also requires installation of the detectors in new and resold homes near bedrooms as well as rented apartments and homes. It takes effect July 1, 2009. The new la
w will cover all new residential construction and existing single-family and multi-family housing units offered for sale, transfer or rent.
The law applies to any seller of residential real property containing a fuel-fired heater or appliance, a fireplace, or an attached garage. The seller will be responsible for assuring that a carbon monoxide alarm is properly installed within 15 feet of the entrance to each room lawfully used for sleeping. No person shall have a claim for relief against a property owner or their authorized agent if a carbon monoxide alarm is installed in accordance with the manufacturer’s published instructions.
There have been several deaths in Colorado Read the rest of this entry »
Fake HUD sites — Buyers Beware
HUD foreclosures
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Fake websites are popping up on the Internet with the intent of gathering your contact information. An example of such a web site is bailout.hud-gov.us/, although this web site now seems to have been taken down. If this site pops back up, please note that this is not a HUD site, even though it has official looking photos and an official ’government looking’ seal.
When I originally paged through this site, it had a consumer alert tab that warns of fraudulent websites. There is absolutely no connection to HUD. Their disclosure page reveals that they are, “….a for profit business…..” Consumers beware.
The official HUD web site is http://www.hud.gov/, and the site of the company that handles HUD properties in Colorado is www.mcbreo.com
HUD properties continue to provide some great deals for Colorado Springs Home Buyers. Here’s a couple of my favorite HUD properties currently for sale:
3602 Ian Point Colorado Springs, CO 80920 $120,000 Read the rest of this entry »
Colorado Springs Vintage Home, open house on Sunday 3-22
Come see a piece of history
Search for Homes in Colorado Springs
Kathy will be at an open house this weekend on Sunday from 1:00-4:00pm, you can stop by and see her at this home at 4130 Dunbarton Lane in a vintage Colorado Springs Neighborhood, close to Academy and Maizeland.
This home is over 3,700 square feet on 1.5 acres located in the middle of Colorado Springs.
It’s a retreat on a forested lot, with hidden rock formations. What a gem!
House could use some updating in the kitchen, Read the rest of this entry »
Foreclosed homes for sale in Central Colorado Springs
Homes in Colorado Springs
Market information for Active and Foreclosure Homes in Central Colorado Springs As of 3-14-09
For a FREE list of Foreclosure Homes in all areas of Colorado Springs, Email KTorline@msn.com
Neighborhoods: Homes in Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
Breakdown of homes for sale, INCLUDING FORECLOSURES, as of 3-14-09
- Short sales: 53 (11.8%)
- Bank-owned: 54 (12%)
- Regular: 343 (76.2%) Read the rest of this entry »
Foreclosed homes for sale in NorthWest Colorado Springs
Foreclosed Homes in Colorado Springs – Northwest Neighborhoods
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Neighborhoods: Pinecliff, Mountain Shadows, Rockrimmon, Oak Valley, Centennial Glen
Breakdown of homes for sale as of 3-7-09 Read the rest of this entry »
Moving to Colorado Springs, check out Zip Skinny
Looking at moving to a new neighborhood, make sure and check out ZIPskinny
For someone like me who loves statistics, this web site provides everything you ever wanted to know about a neighborhood
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
According to the info on the site, it was created as a Web development “hobby” project using Census 2000 data obtained from the Census 
website.
You start with putting in your zip code on the upper right side of the page. After you click “get it“, it comes up with a web page with 7 different tabs, all in different colors so it is easy to distinguish between them.
One of the tabs include charts (for those us that like pictures), another includes info on schools, and yet another includes basic information on the zip code. If you want a a map of the zip code area, no problem.
One of the best tools is the zip code comparison tab. If you are trying to decide between two neighborhoods, one in Southwest Colorado Springs (80906) and one in Northwest Colorado Springs (80919); you can look at the population density, household income, occupation comparison between both areas.
There is also another web site, zipwho.com. It seems to give the same info as ZIPskinny, just presents it in a different format.
As an example ….. Did you know that in the 80919 zip code in Colorado Springs, the average home has Read the rest of this entry »
Buyers have a great selection of foreclosed properties to choose from
Homes in Central Colorado Springs Ivywild, Old North End, Patty Jewett, Divine Redeemer, East End Addition, Crown Hill Mesa, Boulder Heights, Spring Creek
For a FREE list of Foreclosure Homes, Email KTorline@msn.com
Active as of 2-20-09: 497
- Single Family Homes: 377 (76%)
- Condos/Townhomes/Patio Homes: 120 (24%)
Active homes for sale:
- Short sales: 55 (11.1%) Read the rest of this entry »
Tax Credit — Who is a first time home buyer?
Colorado Springs Vintage Homes is happy to feature a great article by
Bryan Yaninek with Castle & Cooke Mortgage, LLC
Here are some of the top questions complied and answered by the National Association of Mortgage Brokers, the National Association of Realtors and tax advisers!
Part I of Tax Credit Explanation
Who is Considered a First-Time Home Buyer?
There are other scenarios to consider! This one is easy; anyone who has not owned a home within the last 3 years. If they sold a home 3 years ago, the date on the HUD 1 is the determining factor.
- For a married couple, if one person owned a home within the last 3 years and the other did not, they don’t qualify for the tax credit.
- However, if an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents Read the rest of this entry »
