Colorado Springs Vintage Homes Blog
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Townhome and condos continue to see pressure on pricing
Why are Colorado Springs condos and townhomes harder to sell than houses or townhomes?
The Colorado Springs housing market for Condos and Townhomes continues to see a decline in pricing and numbers of units sold in 2011. 2010 pricing decreased by 3% from 2009 and 2011 pricing has currently declined by 5% from 2010. There were more units sold in 2010 vs. 2009.
Search for Colorado Springs Condos and Townhomes
Related Articles:
There are 5 main reasons that condos and townhomes are currently harder to sale than a Single Family Home in Colorado Springs
- As foreclosures continue to hit the Colorado Springs home market, buyers are now choosing houses over townhomes since they can get them for about the same price. Read the rest of this entry »
Private transfer fees are a rip off
HOA’s and Transfer Fees for Colorado Springs Townhomes
Search for Colorado Springs townhomes
Related Articles:
- 5 reasons townhomes make an easy transition from apartment life
- New rules make condo buying harder
- 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
One of my pet peeves is the amount of money HOA’s charge to potential home sellers and home buyers for transfer fees and status letters. I 
recently had a closing where the status transfer fee cost $350.00 for a home in Colorado Springs that was governed by a HOA. Sounds to me that I should manage an HOA, as it probably took them 15 minutes to do the status letter, and they charged $350.00. Essentially every time a property is sold, the private transfer fee must be paid.
There currently is a bill in the Colorado legislature that looks like it is going to address these fees, it’s Bill SB 234; which would change these charges. I’ve received conflicting information on what the bill will and will not allow but it does look like it will only be for covenants recorded on or after July 1, 2011.
These private transfer fees are typically paid by the seller, or split by the seller and the buyer, and is typically a a fixed amount. The original property owner (which could have been a real estate developer) records a covenant subjecting the property to a private transfer fee. As long as the covenant is in place, this private transfer fee must be paid.
One of the problems with these transfer fee is that they are often times hidden; and don’t surface until a couple of days before the closing. It does look like the bill will still allow management companies to charge a fee related to work performed by the management company in relation to the conveyance of a unit.
Regardless of what it does or does not cover, it’s still a step in the right direction.
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Kathy (719-287-1049) KTorline@msn.com
New regulations for Colorado HOA’s
Colorado HOA’s are now required to register
Search for Colorado Springs Townhomes
Related Articles:
- 5 reasons townhomes make an easy transition from apartment life
- New rules make condo buying harder
- 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
The Colorado Legislature passed a bill in 2010 that requires all Colorado HOAs to register with the Division of Real Estate. The current deadline for registration is of March 1, 2011; and after that date there are penalties.
If HOAs fail to register, according to the bill, they may be prevented from filing or enforcing liens to collect assessments and could also be prevented from enforcing covenants. The goal of registration is to track how many HOAs exist in Colorado and how many homes are part of HOAs. Currently there are about 3500 HOA’s have registered.
The Bill, HB 1278, also creates the HOA Information and Resource Center which is to be headed by the “HOA Information Officer” appointed by the Executive Director of the Department of Regulatory Agencies. The new Executive Director Aaron Acker . The purpose of tT]he HOA Information and Resource Center is to (a) serve as a clearing house for information concerning the basic rights and duties of unit owners, developers, and unit owners’ associations under CCIOA, and (b) track and report inquiries and complaints regarding HOAs to the Division of Real Estate.
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Kathy (719-287-1049) KTorline@msn.com
What is the difference between a condo and a townhome
What is the difference between a townhome and a condo?
Search for a Colorado Springs townhome
Related Articles:
- 5 reasons townhomes make an easy transition from apartment life
- New rules make condo buying harder
- Colorado Springs Home — Is a Condo or a Townhome right for you?
- Do you know what your townhome insurance covers?
- FHA loans and Condos — important to know the rules
Let’s start with the explanation of a single family home. The most common type of home in Colorado Springs is a single family
home. These are usually detached structures that have one or two or three levels, a front yard and a backyard. Homeowners in a single family home own the home as well as the land that the property sits on.
A townhouse is similar to a house in that the owner owns both the structure and the land. Each townhome has its own roof, in contrast to condominiums. Townhomes can also come with single-family home amenities like garages and backyards for which owners may or may not be responsible for maintaining. Since townhome owners own the land, this means that townhouses can’t be stacked one on top of the other.
Condominiums are usually also attached to one another. If you own a condo, you do not own the land surrounding your condo. A condo owner owns only the unit itself, which is typically taxed as an individual unit. (The Read the rest of this entry »
6 things to add to your budget when buying a house
Getting ready to buy your first home in Colorado Springs?
Related Articles:
- 6 Small improvements can pay off
- The biggies
- 14 Things to Know when Negotitating to Purchase a Home
- 134 questions for sellers to disclose
Some potential buyers don’t realize that there are many other costs involved in home ownership. If you thinking about buying your first home, make sure and get a good understanding of the other costs and put them in your budget.
Here’s a list of some potential monthly fees and expenses you’ll encounter.
(1) Insurance No lender is going let you purchase a home without insurance. This insurance typically provides basic protection against fire and theft. Many times it does not cover flood damage; flood insurance; hence you may be required to purchase if you live in a flood-prone area. Also, remember sometimes you can combine your homeowner’s insurance with your auto insurance to get a better price.
(2) Property taxes 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
- 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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Kathy (719-287-1049) KTorline@msn.com
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 »
More townhome bargains – Part II
My favorite townhome/condos in northwest Colorado Springs
Related Article: Townhome bargains in Colorado Springs
Search for Townhomes and condos in Colorado Springs
This is a continuation of an article I recently posted about my favorite townhomes and condos in Northwest Colorado Springs. There are some very attractive deals in the townhome/condo market; as they seem to have been hit even harder on pricing than single family homes. Here’s some more of my favorite properties I’ve recently previewed.
Condominimus in RavenCrest in Northwest Colorado Springs: Wonderful complex off of West Woodmen Road; very 
close to I-25. There are currently a couple of 1 bedroom 1 bath units on the market for less than $75,000; and a 2 bedroom 2 bath units that is bank-owned for less than $110,000. There also is a HUD repo for sale that is listed as under contract which is a 2 bedroom 2 bath unit priced under $75,000. Not very long ago the 2 bedroom 2 bath units were going for over $130,000. Included with the great location, the units are in the District 20 school district and include an outdoor swimming pool and a club house; although none of them includes garages, just carport spaces.
Arbours at Mountain Shadows: One of my favorite complexes in northwest Colorado Springs, again close to Garden of the Gods and I-25; easy access. Most units have an over-sized attached 1 car garages with direct access to the living area; perfect for the security minded homeowners and are close to Ute Valley Park and Garden of the Gods. Very well maintained complex with an outdoor pool, clubhouse, and a hot tub. There are 4 units currently for sale ranging from $125,000 to $170,000 and the HOA’s are less than $200.00 a month.
Homeowners Association under siege by foreclosures
Buying a property in Colorado Springs?
Search for TownHomes in Colorado Springs
Do your homework on the Homeowners Association
Must Read Posts:
- It’s against the law
- Who is Representing YOU?
- Colorado Springs Home — Is a Condo or a Townhome right for you?
About one in six Americans currently live in a community run by a condo or homeowners association. With the recent increase in foreclosures, some homeowners associations are running out of cash. HOA’s are like miniature governments that depend on revenue to finance upkeep of common areas, community pools, tennis courts and private roads.
Before a property goes into foreclosure, many owners stop paying their monthly HOA dues. In fact, HOA fees are generally among the first bills struggling homeowners quit paying. If they can’t afford their mortgage, then they aren’t going to pay their HOA fees. Adding to the problem Read the rest of this entry »
