Colorado Springs Vintage Homes Blog
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Are home sales in Colorado Springs really down?
Homes Sales in Colorado Springs continued to decline in September 2010
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Related Article:
Here’s a quick run-down on the Colorado Springs Housing Market
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Sales in Colorado Springs are down 24% from September 2010 to September 2009
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VA Loan continue to be a popular choice for Colorado Springs Home Buyers
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15% of the sales in September 2010 were paid for by cash
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The numbers of homes purchased by Conventional Loans has continued decrease, reflecting the state of the current lending environment.
To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
70% of Foreclosed Properties go under contract in less than a week
Sunday bargains – Homes in Colorado Springs
Foreclosure Listings in Colorado Springs as of July 3, 2009
During the week of July 6th, 64 bank-owned properties came on the market; 45 of them are are already under contract, or pending.
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
Old Colorado City housing market remains strong
Colorado Spring Real Estate – Market Report for 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 8.3 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. In the first 4 months of 2009, sales are continuing at a stronger pace than 2008.
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 »
Manitou Springs is still a Buyer’s market for homes
Manitou Springs Real Estate
Single Family Homes
Search for Homes in Manitou Springs
The Manitou Springs Springs housing market continues to be a Buyer’s Market, as there is currently a 15 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are only down 1% from 2008 to 2007, but average pricing is down 10% from 2008 to 2007.
Recap of 2009, 2008, 2007, 2006, 2005, and 2004
| 1-1-2009 to 3-31-09 | 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 6 | 62 | 63 | 90 | 80 | 82 |
| Average Sale Price | $222,583 | $288,634 | $331,214 | $293,955 | $268,868 | $251,372 |
| Sales Price to List Price | 92.2% | 95.3% | 94.9% | 96.3% | 97% | 97.1% |
| Average Days on Market | 244 | 138 | 133 | 101 | 99 | 70 |
| Average # of house sold per month | 2 | 5.2 | 5.3 | 7.5 | 6.7 | 6.8 |
Current Report as of 4-10-09 in Manitou Springs Read the rest of this entry »
Colorado Springs Foreclosure listings in the Central as of 4-8-09
Homes in Colorado Springs
Up-to-date market information for Active and Foreclosure Homes in the Central area
For a FREE list of Foreclosure Homes, 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
- Short sales: 45 (10.6%)
- Bank-owned: 37 (8.7%)
- VA Owned: 1 (.2%)
- Regular: 340 (80.4%)
Active Homes for Sale: 423
- Single Family Homes: 315 (74%)
- Condos/Townhomes/Patio Homes: 108 (26%)
Partial list of Foreclosed homes currently on the market
This Colorado Springs Real Estate report contains information on homes in Central Colorado Springs. Read the rest of this entry »
New FHA limits increased again for 2009 in El Paso County
FHA has new loan limits
One of our favorite guest writers, Harry Venick sent me an email yesterday stating that the FHA has increased the loan limits for El Paso County!
According to Harry, “FHA loan limits have been increased for 2009 again: El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
Harry Venick is a Sr. Loan Officer with Adams Mortgage, LLC. He can be reached at (719) 955-3674 or his cell is: (719) 338-3879.
If you’ve been holding off because you haven’t been able to get a large enough loan with the FHA, it might be a great time to revisit Read the rest of this entry »
Tax credit Part II
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 II of Tax Stimulus Explanation
Is it a tax credit?
Part I of the article explained they called it a “tax credit” because you get the tax credit money upfront, but it really was an “interest-free” loan which is paid back for the next 15 years or upon the sale of the home (within 3 years of purchase). The “payback” is based upon the balance owed and not the entire tax credit received.
The next set of rules applies if a home is purchased between January 1 and December 1, 2009. It is a true tax credit and does not have to be repaid. However, if the home is sold within 3 years of the purchase date, the entire tax credit has to be paid back.
How the Dollar Amount of Tax Credit is Figured
Simply calculation here: 10% of the home’s purchase price or a maximum of $8000. A tax credit can be claimed regardless if they obtain a mortgage, a tax-revenue mortgage or the buyer paid cash when purchasing the home.
Potpourri
For home buyers who do not want to wait until the end of the year to claim their tax credit, they should consider filing a W-4 form with their employer, decreasing the amount withheld for federal taxes. They may not get a check at the end of the year, but it will increase the dollar amount of their paycheck.
Another option for FTHB’s is to borrower the dollar amount of the expected tax credit from a relative (usually a parent) and pay it back when the tax credit is received. It could be used towards down payment and closing costs and FHA and VA will allow it. Be sure to check with the lender and the documentation required.
This is more complicated than it seems on the surface. Always, always, always, refer to your tax advisor!
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
Other posts by Bryan Yaninek:
- 5 things you need to know about FHA Mortgages
- What the current lending market means to you as a home buyer or a seller
- Tax Credit — Who is a first time home buyer?
Bryan Yaninek is affiliated with Castle & Cooke Mortgage, LLC, a Licensed Mortgage Broker in the state of CO Department of Real Estate.
For more information, please call 719-457-2200.
Kathy (719-287-1049) KTorline@msn.com
Foreclosed homes for sale in West Colorado Springs
West – Market breakdown for Active Homes as of 2-20-09
Neighborhoods: Homes in Kissing Camels, Cedar Heights, Mesa, Chelsea Glen, Pleasant Valley, Holland Park
Active as of 2-20-09: 195
- Single Family Homes: 137 (70%)
- Condos/Townhomes/Patio Homes: 58 (30%)
Active homes for sale:
- Short sales: 20 (10.3%) Read the rest of this entry »
Stay away from these intersections
Colorado Springs Traffic
The City of Colorado Springs has released it’s annual statistics about the city’s worst intersections for traffic accidents
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Colorado Springs ranks the most accident-prone intersections based on traffic volume, the number of accidents and accident severity. The higher the score, the worse the intersection.
Last year’s top 10 top accident-prone intersections were:
1.) Briargate Parkway and Powers Boulevard
2.) Palmer Park Boulevard and Space Center Drive
3.) Rangewood and Vickers drives
4.) Nevada Avenue and Southgate Road
5.) Lake Avenue and Venetucci Boulevard
6.) N. Powers Boulevard and Research Parkway Read the rest of this entry »
Resources for building a Green Home
Green Homes
Search for Homes in Colorado Springs
Are you considering building the home of your dreams this year? The newest trend is to build green by using materials that are environmentally friendly, designing your space to use energy 
more efficiently, furnishing your home with Energy Star rated appliances, avoiding waste and using natural resources as much as possible.
There’s also the advantage of doing your bit to help the environment while cutting back on your own utility bills.
Here are a few websites that offer help while you’re in the planning stages of building green: Read the rest of this entry »
Trees make a neighborhood special
Did you know that if you’ve recently purchased a home that’s ten years or newer in Colorado Springs, you can get a free tree from the city?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
The City of Colorado Springs has a New Home Tree Certificate Program is a wonderful program where you can get a $100.00 tree certificate.
Here’s some of the facts about the Tree Certificate Program
Then and Now Read the rest of this entry »
Foreclosures for sale in Northwest Colorado Springs
Northwest – Market breakdown for Active Homes as of 2-14-09
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
Must Read posts:
Neighborhoods: Pinecliff, Mountain Shadows, Rockrimmon, Oak Valley, Centennial Glen
Active as of 2-14-09: 264
- Single Family Homes: 187 (71%)
- Condos/Townhomes/Patio Homes: 77 (29%)
Active homes for sale as of 2-14-09 Read the rest of this entry »
Economic Stimulus Plan will help the Colorado Springs housing market
Economic Stimulus Plan
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Many potential Colorado Springs home buyers are on the sidelines; waiting to see what happens with the economy. The stimulus plan certainly provides a good incentive for first time home buyers in Colorado. Add that to lower prices and low interest rates, it all equates to a great time to buy.
Also, According to an article in the Denver Post , “President Obama will come to Denver to sign the landmark economic-stimulus bill. The bill-signing, an unusual event outside of Washington, will be Tuesday at the Denver Museum of Nature & Science in City Park. The president also will give a speech about the economy. ”
To summarize, here are the key points of the Stimulus Plan:
- The first time home buyer tax credit is now $8000. It is a true credit. A first time home buyer is classified as “may not have owned a principal residence in 3 years previous to purchase”.
- It eliminates the repayment requirement of earlier legislation in of the tax credit passed last summer.
- When you sell the house with less than 3 years of ownership, you will have to repay the credit.
- The bill has over $50 billion in it for foreclosure mitigation.
- The full credit is available to those making $ 75,000 or less ($150,000 for joint filers).
Kathy (719-287-1049) KTorline@msn.com
Old North End Housing in Colorado Springs remains strong in 2008
2004 – 2008 Market Report for Old North End Neighborhood
Single Family Homes
Search for Historic Homes in Colorado Springs
Must Read Articles
- Colorado Homeowners, don’t remodel until you read this!
- Do you want your home in Colorado Springs to stand out from the competition?
- A tech savvy realtor can help sell your home
- It’s all about the home warranty
- What are closing costs in real estate?
Single Family Homes in Old North End were primarily built in the 1900’s to 1920’s. The majority of the houses are ranches and 2-storys, with 3 to 5 bedrooms, 2- 3 baths, and 1 – 2 car garages. The average home has appx. 2500 to 3500 square footage. The absorption rate of 3.3 houses per month shows that there is a 4.9 month supply of houses on the market; the housing market is currently a NEUTRAL -SELLERS MARKET in this area. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET”
Recap of December 2008 Activity
Homes Sold in the last month: 4
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 39 | 32 | 39 | 41 | 20 |
| Average List Price | $431,400 | $473,300 | $486,711 | $367,526 | $383,072 |
| Average Sold Price | $413,705 | $449,690 | $469,629 | $354,371 | $366,158 |
| Average Days on Market | 104 | 153 | 106 | 86 | 69 |
| Total Square feet | 2857 | 2921 | 3435 | 2646 | 3423 |
| Average # of house sold per month | 3.3 | 2.7 | 3.3 | 3.4 | 1.7 |
Oh no, don’t tell me you have other liens on your short sale property
Are you thinking about a short-sale on your property?
I learned a very valuable lesson last week on a short sale listing. I was having a conversation with a title company; 
and the Escrow Officer reminded me that I should order an O & E (Owner’s and Encumbrances) on my short sale listing. I did so, and surprise ……… there were two extra liens on the property; two judgements. The seller is diligently working to see if he can negotiate to get these liens released; but he’s not sure he can get them to go away. The liens are a large enough dollar amount, that if we don’t get them released, I don’t think we’ll get the lender to accept a short sale.
Consequently, I now ask these questions when pre-qualifiying a seller for a short-sale listing; as not every seller is a good candidate for a short sale. As much as I want to help sellers in trouble, I need to remind myself that I can’t solve all of their problems; especially when it comes to liens on the property. Some of the questions I now ask are:
- Do you have a second mortgage on the property? Or two? Even by an individual?
- Who owns Read the rest of this entry »
High Altitude Tips
Living or Relocating to Colorado Springs ?
For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com
Must Read Articles
- News Flash – Colorado Springs ranked Fittest City
- Moving to Colorado Springs, check out Zip Skinny
- El Paso County taxes are some of the lowest in the nation!
- 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
Living in the Colorado Springs area or in many of the surrounding cities, us “locals” are used to living at an 
altitude. In fact most of the time we completely forget about it. But tourist season is just around the corner; and many of us have friends and family that came visit us during the summer time. Also, it’s starting to be the time of the year that many people think about relocating to the area. Consequently I felt it may be a good time for a refresher course on the affects of high altitude.
Colorado Springs is considered one of the “highest” cities in the United States – an altitude of 6035 above sea level , 755 feet above Colorado’s “Mile High City”, Denver.
Here’s the scientific description of what happens to our bodies at higher altitudes:
The concentration of oxygen at sea level is about 21% and the barometric pressure averages 760 mmHg. As altitude increases, the concentration remains the same but the number of oxygen molecules per breath is reduced. Read the rest of this entry »
Scary times for new homes buyers in Colorado Springs
Buying a new Home in Colorado Springs?
In 2008, single family home construction in Colorado Springs continued to be extremely slow, and 
several regional and national home builders cut operations or closed up shop in the Springs. The latest to exit the market is John Laing Homes.
According to several Associated Press articles, John Laing Homes, has suspended home construction in Colorado Springs while it reviews its finances. They are currently owned by a Dubai developer, Emaar Properties, who bought them for $1.05 billion in 2006. Emaar is Dubai’s largest publicly listed developer. It is nearing completion on what is already the world’s tallest building in the Persian Gulf boomtown and is developing projects throughout the Arab world.
Last week, John Laing issued a statement saying Read the rest of this entry »
Colorado Springs Downtown — 2008 Pricing ONLY down 5% in Central Area
Colorado Spring Real Estate
Market Report for Central Colorado Springs – Single Family Homes
Search for Homes in Downtown Colorado Springs
The Central part of Colorado Springs housing market continues
to be a NEUTRAL 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“. Sales are only down 16% from 2007, but average pricing is only down 5% from 2007.
Recap of December Activity
- Homes Sold in the last month: 59
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 933 | 1120 | 1293 | 1447 | 1349 |
| Average List Price | $173,096 | $182,374 | $182,148 | $170,601 | $157,908 |
| Average Sold Price | $169,950 | $179,900 | $177,000 | $168,000 | $156,400 |
| Sales Price to List Price | 98.4% | 98.7% | 99.2% | 99.5% | 99.3% |
| Average Days on Market | 88 | 81 | 62 | 58 | 52 |
| Average # of homes sold per month | 77.8 | 93.3 | 107.8 | 120.6 | 112.4 |
Current Report as of 1-15-09 in Central Area
- Active listings: 393
- Under Contract and Pending : 73
- Absorption Rate: 77.8 homes per month, a 5 monthly supply of houses currently on the market
Southwest Colorado Springs, home sales down 25% in 2008
Colorado Spring Real Estate MARKET
Report for Southwest – Single Family Homes
Includes Broadmoor, Cheyenne Meadows, Bluff Bluffs, Quail Ridge
Search for Homes in Southwest Colorado Springs
The Southwest housing market continues to be a BUYERS Market, as there is currently a 8.5 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 down 25% from 2007, but pricing is only down 10% from 2007.
Recap of December Activity
- Homes Sold in the last month: 41
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 440 | 580 | 604 | 801 | 752 |
| Average Sale Price | $357,000 | $394,375 | $381,142 | $371,349 | $329,909 |
| Sales Price to List Price | 95.6% | 96.2% | 96.8% | 96.6% | 97.9% |
| Average Days on Market | 91 | 94 | 84 | 64 | 53 |
| Average # of house sold per month | 36.7 | 48.3 | 50.3 | 66.8 | 62.7 |
Current Report Read the rest of this entry »
