Archive for September, 2009

First Time Home Buyer Tax Credit: Time is Ticking Away! September 24th, 2009

Patricia

The first time home buyer tax credit is going to expire on November 30th, 2009.  The credit may be extended and made available to all home buyers but nothing has been made official at this time.  If you are a first time home buyer, do not delay in purchasing a home in Colorado Springs if you would like to benefit from the first time home buyer tax credit. 

November 30th may seem far away but many lenders need at least 30 days for transactions due to the new loan disclosure laws.  First time home buyers also need to allow enough time to find a property that meets their needs.  Unless you can find a home quickly, it is wise to start the buying process now. 

If you want to buy a home for a bargain, be prepared to compete against multiple offers on bank owned properties.  Have a second option in the situation the seller accepts another offer for the home that was your first choice. 

Although short sale properties can often be purchased below market value compared to other homes in the area, they do take longer to close.  If you are just starting the buying process and want to benefit from the first time home buyer tax credit, a short sale may not be a viable option.  If you do submit an offer on a short sale and the bank does not respond in a timely manner, you may not be able to close by November 30th deadline. 

 If you are a first time home buyer, start looking for a home in Colorado Springs today!

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Colorado Springs Real Estate – Market Statistics for Northwest September 16th, 2009

Patricia

Homes in the Northwest area are primarily located in School District 20 with some located in School District 11. A total of 38 single family homes sold in the month of August with the average sale price of $302,965. The average days on market for homes that sold in August 2009 was 61 days.

There are currently a total of 208 single family homes listed for sale and 44 single family homes that are under contract or pending in the Northwest area.

Northwest Area Market Report - Colorado Springs Real Estate

 

Home sales for the Northwest area of Colorado Springs have gradually declined since 2004; the area experienced the lowest number of home sales in 2008 like many other areas of Colorado Springs. So far, total single family home sales for 2009 are looking similar to last year but chances are good the Northwest area will see more single family home sales this year.

Northwest Yearly Sales Statistics for Colorado Springs Real Estate Market

 

List Price vs. Sale Price Ratios in the Northwest area were lowest in the first quarter of 2009 (96.2%) but has been slightly increasing since.  We have seen a fluctuation between 96.7% – 99.9% over the past few years. The list price vs. sale price ratio for August 2009 was 96.7%.

Northwest Area Market Report - Colorado Springs Real Estate

 

The Average Sale Price was lowest in 2004 at $301,114 and highest in 2007 at $363,946 when taking a look at the past few years. The average sale price has increased since the beginning of this year and in August, the average sale price was $302,965.

Colorado Springs Real Estate Market Report for Northwest Colorado Springs

 

 

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

 

 

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Single Family Home Inventory Stats for El Paso County – August 2009 September 10th, 2009

Patricia

Home inventory has slightly decreased by .7% for the month of August 2009 when compared to six months ago (March 2009). Compared to the previous month of July, there was a minor decrease (1.8%) in single family homes for sale. It is good that we are seeing inventory levels remaining steady while home sales are increasing; this will ultimately reduce the months of inventory in Colorado Springs.

Single Family Home Inventory in the Pikes Peak MLS was 20% higher in August 2008!

Looking at stats for August 2009, Single Family Home inventory in the Pikes Peak MLS is sitting at 5.6 months (compared to 5.4 months in July). Single family inventory has remained at 6 months or lower since May. There is a balanced market in Colorado Springs when inventory sits at 6 months; the market is definitely improving for sellers.


Home Inventory Statistics for El Paso County - August 2009

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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Colorado Springs Real Estate Market Report – August 2009 September 8th, 2009

Patricia

Homes sales decreased by 5.8% in El Paso County for the month of August when compared to July 2009.

There were 113 additional single family home sales in August 2009 when compared to August 2008. There were also an additional 1,283 single family homes for sale in August 2008!

The average ($222,531) and median ($195,550) sales price decreased when compared to the previous month of July.  The average sale price decreased by $8,926 and the median sale price slightly decreased by $4,125.  With the exception of August, the average and the median sales price has been steadily increasing since January 2009. 

Homes $175,000 and below are selling quickly due to first time home buyer traffic picking up in recent months.   If many first time home buyers are going after the $175,000 and below price range, it appears, both the average and median sale price are being impacted as a result. 

Single Family Home Sales for El Paso County - August 2009

*Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Patio homes are included in these stats

 

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For further information on available Homes in Colorado Springs contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Colorado Springs: Bear Creek Garden September 3rd, 2009

Patricia

Many residents of Colorado Springs have their own garden; the interest in vegetable gardens in particular, has increased. You may choose to start a garden if want to save some money

on groceries, grow your own organic food, or pick up a new hobby.  If you do not own a home in Colorado Springs but would still like to have your own garden, renting your very own plot from the Bear Creek Garden Association may be a good idea.

The garden is located on the west side of town near 21st and Rio Grande in Bear Creek Regional Park and has been there for about 30 years.  The garden is open to the public and plots can be rented for a season; the water available on site is included in the rent.

Members are responsible for watering their own garden and are not allowed to water between 10am and 4pm.  Also, the use of insecticides is prohibited since the garden is organic.  The garden can only be accessed by members and is owned by El Paso County.

Current pricing is listed below:

20′ x 40′ plot:  $80 per season

20′ x 20′ plot:  $40 per season

There are a total of 110 plots and they are all rototilled every spring.  Approximately a dozen plots are dedicated to Care and Share and a couple are also for the Cheyenne Mountain Zoo.  Members are required to contribute four hours of volunteer work in the garden.

To reserve a plot, please contact the Bear Creek Garden Association at 473-5827.

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For more information on Colorado Springs Real Estate or the Colorado Springs Area contact me or visit my website.

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Colorado Springs Real Estate – Gold Hill Mesa September 1st, 2009

Patricia

Gold Hill Mesa is located on the west side of Colorado Springs just south of Hwy 24 and West of I-25.  Gold Hill Mesa is close to Downtown Colorado, Old Colorado City, Bear Creek Park, a dog park, and Garden of the Gods.

This area started new construction in 2005 when John Laing was the primary builder in the area.  After John Laing filed for bankruptcy in February 2009, new home builders entered the area and are maintaining similar home designs (mid-1900s) to match the existing homes in the neighborhood.

Challenger Homes and Creekstone Homes are currently building in the area.  Base pricing for Challenger Homes starts at $200,000 and the ranch and 2-story floor plans in the area do not have a basement.  Creekstone is currently building a couple of homes in the community and has yet to release pricing information.

The homes in Gold Hill Mesa have front porches and 2-car garages off alleyways in the rear of the home.  The smaller lots are perfect for homeowners who prefer a maintenance free yard.  There are monthly HOA dues which cover the water (metro district), trash removal, snow removal, and maintenance of the front yard.  Townhome owners are currently paying $146/month in HOA dues and Single Family residences are paying $123/month.  The monthly HOA dues are separate from the Master HOA dues in the community.  Although, currently at $4/month, the Master HOA dues will increase after the fitness center is completed in January 2010.  The fitness center will have a pilates studio, an aerobics room, and workout equipment.

The soil in the community has raised concern for some since it was formerly home to The Golden Cycle Mill (not a mine) where ore was processed.  The developers participated in an extensive Voluntary Clean-Up agreement with the State of Colorado to ensure each residential building site was safe.  The developer excavated 48″ below the surface, added a 24″ mix of native topsoil (60%) and gold ore tailings (40%), and then brought in and added another 24″ of native top soil only.

All residences have fiber-optic connectivity, access to a community center that may be reserved for gatherings, and a common mailstop that is located indoors.  The Gold Hill Mesa community offers spectacular views of Pikes Peak and Garden of the Gods.

If you would like information on homes for sale in Gold Hill Mesa, contact me, your Colorado Springs Real Estate Agent

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