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Condomium and Townhome pricing continues to see downward pressure
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Townhomes and Condos in Colorado Springs continue to be a BUYERS Market, as there is currently a 8 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.
Colorado Springs townhomes currently have 9 months of inventory on the market
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Average townhome SOLD pricing in 2009 is very similar to SOLD pricing in 2005
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Manitou Springs Luxury townhomes
Luxury townhomes in Manitou Springs
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I we
nt and previewed some luxury townhomes in Manitou Springs this week. It’s always fun to look at some new properties that I’ve never seen, always something new to learn and something new to see; one of the many great things about re
al estate.
The first set of townhome I looked at are called the Cogway Townhomes. For those of you who don’t live in the area, one of the biggest tourist attractions in the area is the Pikes Peak Cog Train, and these townhomes are right off of Ruxton, the main road very close to the Cog and to the Manitou Incline, another local landmark in the area. There is only 1 unit completed and it looks like there are 6 or 7 more to be built; foundations are poured for some and 2 more of them have all of the framing done on them.
The property I previewed was a 4 bedroom, 3 bath unit with a 2 car garage
e, priced under $400,000; and it was done exceptionally well. As you walk in the unit there is a small entryway; and then you walk up 10 – 12 step to the main floor where you are greeted with Brazilian Hardwood Floors (at least that’s what I think the floors were made of.).
Kitchen was wonderful; bright and open, stainless steel appliances with granite countertops. Great views of the surroundings mountains in Manitou Springs, although these views may change once the remaining units get built. The living room has a gas fireplace with an inviting window to sit in and enjoy the view.
There seemed to be bedrooms everyplace (4 of them); Read the rest of this entry »
