Archive for the ‘News’ Category

Christmas Light Extravaganza 2011 December 6th, 2011

Patricia

Directions for the Christmas Light Extravaganza 2011
Kindly Provided by Autumn Rivera

Here is the 4th Annual Christmas Light drive through Colorado Springs! 

There are some new ones added as well as some great favorites!  The drive should take around 2.5 hours (including watching time and coffee breaks).  Remember that most places shut off their lights by 10 on weekends and 9 on weekdays.  Have fun and please pass this on to anyone who would like them!

Click on the link for directions:  https://sites.google.com/site/csxmaslights/

 

Starting Point: Interstate 25 and Uintah‎

1. Head south on Exit 143 toward W Uintah St        go 0.1 mi
2. Turn left onto W Uintah St                go 0.7 mi
3. Turn left onto I-25 BUS N/N Nevada Ave            go 0.4 mi
4. Take the 3rd right onto E Caramillo St            go 486 ft

Total: 1.3 mi – about 5 mins
Destination #1: N Weber St & E Caramillo St, Colorado Springs, CO 80907‎

5. Head east on E Caramillo St toward N Wahsatch Ave    go 495 ft
6. Take the 1st right onto N Wahsatch Ave            go 0.7 mi
7. Turn left onto E Cache La Poudre St            go 0.6 mi
8. Turn right onto Custer Ave                    go 0.1 mi
9. Take the 1st left onto E Dale St (destination on right)    go 246 ft

Total: 1.5 mi – about 5 mins
Destination #2: 1017 E Dale St, Colorado Springs, CO 80903‎

10. Head west on E Dale St                    go 36 ft
11. Turn left toward E Monument St                go 0.1 mi
12. Take the 1st left onto E Monument St            go 217 ft
13. Take the 1st right onto N Cedar St            go 0.3 mi
14. Turn right onto E Boulder St                go 0.9 mi
15. Turn left onto US-85 S/I-25 BUS S/N Nevada Ave    go 2.7 mi
16. Take the US-85 S exit toward Fountain            go 0.2 mi
17. Keep right at the fork, follow signs for Broadmoor/Cheyenne Mountain Zoo and merge onto Lake Ave
18. At the traffic circle, take the 3rd exit,stay on Lake Ave    go 295 ft
19. Continue onto Old Broadmoor Rd            go 167 ft

Total: 4.9 mi – about 15 mins
Destination #3: Old Broadmoor Rd & Broadmoor Ave, Colorado Springs, CO 80906‎

20. Head north on Old Broadmoor Rd            go 308 ft
21. At the traffic circle, take the 1st exit onto Lake Ave    go 2.0 mi
22. Continue onto Harrison Rd                go 325 ft
23. Continue onto CO-29 N/S Circle Dr            go 0.9 mi
24. Take the exit toward Hancock Expy            go 0.2 mi
25.  Slight right onto Delta Dr                go 0.2 mi
26. Turn left onto Hancock Expy                go 0.9 mi
27. Turn left onto Astrozon Blvd                go 1.2 mi
28. Turn right onto Nadine Dr (Destination on the right)    go 0.1 mi

Total: 6.6 mi – about 18 mins
Destination #4: 2570 Nadine Dr, Colorado Springs, CO 80916‎

30. Head north on Nadine Dr toward Astrozon Blvd        go 0.1 mi
31. Take the 1st right onto Astrozon Blvd            go 0.8 mi
32. Turn left onto S Powers Blvd                go 7.9 mi

**Driving up Powers is a great time for a quick coffee/bathroom/snack break**

33. Turn left onto Stetson Hills Blvd                go 0.8 mi
34. Turn right onto Austin Bluffs Pkwy            go 0.6 mi
35. Turn left onto Rangewood Dr                go 0.2 mi
36. Take the 2nd right onto Saddle Rock Rd            go 0.2 mi
37. Saddle Rock Rd turns left and becomes Medicine Springs Dr
38. Turn right on Barrell Race Dr (Destination on left)    go 0.1 mi

Total: 11.0 mi – about 23 mins
Destination #5: 6690 Barrel Race Dr, Colorado Springs, CO 80923‎

39. Head northwest on Barrell Race Dr toward Bitterroot Dr.go 0.1 mi
40.Turn right onto Bitterroot Dr                go 0.2 mi
41. Turn left onto Dublin Blvd                go 0.1 mi
42. Take the 1st right onto Rangewood Dr            go 0.8 mi
43. Turn left onto E Woodmen Rd                go 0.3 mi
44. Turn right onto Lexington Dr                go 1.4 mi
45. Turn right onto Windjammer Dr                go 177 ft
46.At the traffic circle, take the 3rd exit and stay on Windjammer Dr
Destination will be on the left

Total: 3.1 mi – about 9 mins
Destination #6: 3565 Windjammer Dr, Colorado Springs, CO 80920‎

47. Head south on Windjammer Dr toward Commodore Dr    go 0.1 mi
48. At traffic circle, take 1st exit, stay on Windjammer Dr    go 223 ft
49. Turn right onto Lexington Dr                go 1.1 mi
50. Turn right onto Briargate Pkwy                go 0.5 mi
51. Take the 1st left onto Pine Manor Dr            go 0.1 mi
52. At the traffic circle, take the 1st exit onto Stoneglen Dr    go 262 ft
53. Turn left onto Greenmoor Ct                go 390 ft
54. Slight left to stay on Greenmoor Ct             go 98 ft

Total: 2.0 mi – about 7 mins
Destination #7: 3344 Greenmoor Ct, Colorado Springs, CO 80920‎

55. Head south on Greenmoor Ct toward Stoneglen Dr    go 0.1 mi
56. Turn right onto Stoneglen Dr                go 217 ft
57. At traffic circle, take 3rd exit onto Pine Manor Dr    go 0.1 mi
58. Turn right onto Briargate Pkwy                go 0.9 mi
59. Turn right onto Chapel Hills Dr                go 0.5 mi
60. At traffic circle, stay straight on Chapel Hills Dr     go 0.5 mi
61. At traffic circle, stay straight on Chapel Hills Dr    go 0.3 mi
62. Turn right onto Deergrass Pl                go 0.2 mi
63. Turn right onto Clovercrest Dr                go 121 ft

Total: 2.7 mi – about 8 mins
Destination #8: Clovercrest Dr‎

64. Head northwest on Clovercrest Dr toward Deergrass Pl    go 413 ft
65. Take the 2nd left onto Sage Hill Dr            go 0.1 mi
66. Take the 1st right onto Chapel Hills Dr            go 0.2 mi
67. At traffic circle, stay straigt on Chapel Hills Dr        go 0.1 mi
68. Turn left onto Old Ranch Rd                go 0.9 mi
69. Turn left onto Otero Ave                    go 1.0 mi
70. Take the 3rd left onto Springcrest Rd            go 0.3 mi

Total: 2.7 mi – about 9 mins
Destination #9: Springcrest Rd‎

71. Head south on Springcrest Rd toward Bramblwood Ln    go 0.5 mi
72. Turn left onto CO-83 S/Voyager Pkwy            go 0.2 mi
73. Take the 1st right onto Briargate Pkwy            go 0.2 mi
74. Follow signs for I-25 S/Pueblo                 go 2.9 mi
75. Take exit 149 for Woodmen Rd                go 0.3 mi
76. Turn left onto E Woodmen Rd                go 0.3 mi
77. Turn left onto Campus Dr                go 0.2 mi
78. Slight right onto Vincent Dr                go 0.2 mi
79. Take the 2nd right onto Shrider Rd            go 0.5 mi

Total: 5.2 mi – about 12 mins
Destination #10: 1263 Shrider Rd, Colorado Springs, CO 80920‎

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Colorado Springs – Great Opportunity for Investors November 15th, 2010

Patricia

With low interest rates and home prices, now is the time to invest in real estate.  Investors from other states and even from Canada are looking at properties in Colorado Springs.  These real estate market conditions will not last forever in Colorado Springs and that is why it is such a great opportunity for people to invest.  There are many properties to choose from whether investors are looking for Single or Multi Family properties.

Investing in real estate is exciting but can also be challenging and very risky.  For those who are just getting started, do your research and work with a real estate agent that is knowledgeable about investment properties in Colorado Springs.

So what are some things to consider when buying an investment property?

1.) Do you have money for a down payment?  Investment properties require at least 20% down and if investors want a lower interest rate, 25% down may be preferable.

2.) What repairs/remodels does the investment property require?

3.) Are you going to inspect the property or perform a meth test?  Some investors do not perform inspections while others do.

4.) One of the most important factors is the potential cash flow from the property.  If the property is going to be a rental property, check what the rents are going for in the area.

5.) Location is very important.  Being near military bases, bus stops, schools, and shopping can impact how quickly your can rent your investment property.

6.) If you are an out of state investor, hiring a reputable property management company is key.

Whether an investor opts to fix and flip a property or hold the property and gain rental income, this is an opportune time to invest in real estate.  Investors also have the benefit of being able to wait on banks for short sale approval whereas many home buyers need to move into a home and have time constraints.

Forbes:  Colorado Springs one of the best housing markets for investors

Also read:  Should you Fix n’ Flip in Colorado Springs?

Search for homes in Colorado Springs

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

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Fannie Mae and Freddie Mac Foreclosure Properties October 20th, 2010

Patricia

Buyers who intend to occupy a home as their principal residence, have an advantage over investors when it comes to purchasing a Fannie Mae or Freddie Mac foreclosure property.  Investors still have to wait 15 days before submitting an offer, but these types of foreclosures may be a good option for investors if the property is not snagged up within the 15-day window.

Through Homesteps, Freddie Mac ensures their foreclosed properties are clean and safe which often requires making repairs, painting, adding appliances, or changing flooring before putting the property on the market for sale.   The homes also come with a 2-year Home Warranty and a discount on appliances if needed (this benefit is not available to investors who purchase a Freddie Mac home as an investment property or rental).  Buyers are also eligible for 3.5% in closing costs if they close on or before September 30, 2011 (owner occupants only).

Fannie Mae also brings homes back to good condition with repairs, paint, change of carpet, etc…  Through the HomePath program, Fannie Mae is offering buyers up to 3.5%  to use toward closing costs (transactions must close prior to June 30, 2011).  The closing costs incentive only applies to individuals who will be occupying the home as their primary residence.  Owner occupants and investors can choose to go through HomePath for financing a FannieMae property with a low down payment.  Through HomePath financing, buyers do not have to pay for an appraisal or mortgage insurance.  Additionally, owner occupants can qualify for a HomePath Renovation Mortgage in order to renovate a Fannie Mae home (participating in HomePath).   To view a list of available lenders in Colorado that offer HomePath Renovation Mortgage Financing, click here.  Alternatively, investors may qualify for Fannie Mae’s HomeStyle Renovation Mortgage.

Purchasing a Fannie Mae or Freddie Mac foreclosure may be more advantageous to buyers who want to find a bargain on a foreclosure property that does not need a ton of work.  Contact me about buying a home in Colorado Springs at 719-660-9058.

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

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Foreclosure moratorium may impact investors in Colorado Springs October 17th, 2010

Patricia

Major banks including Bank of America, GMAC, and JP Morgan Chase are halting foreclosures to investigate if homes were properly foreclosed upon since issues have arisen from incorrect paperwork being filed and from concern regarding the entity actually foreclosing on many properties (MERS (Mortgage Electronic Registration Systems)).   Bank of America is temporarily freezing foreclosures in 23 states.

Investors who are looking to purchase bank owned properties may not see many bargains on real estate in Colorado Springs during this foreclosure freeze.  We will most likely see a temporary increase in home prices since foreclosure sales will be minimal.  Investors can still find good buys in the Short Sale arena but those transactions usually take more time to close.

Once the foreclosure moratorium is over, investors will probably see a considerable amount of bank owned properties hit the real estate market in Colorado Springs.  Once this occurs, we will most likely see home sale prices take a dip once again.  Additionally, many of the properties will have sat vacant for a period of time which may result in plumbing breaks even if the properties were winterized during the cold season.

Investors may want to move forward on purchasing bank owned properties they have been considering since we may not see a whole lot of them hit the market for a while!

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

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How the Lead-Based Paint Law May Affect You September 30th, 2010

Patricia

Since April 22, 2010, licensed contractors are required to be certified renovators in lead-safe work practices if they do any repair or renovation involving lead-based paint. This includes disturbing the paint (sanding, scraping, prepping, etc…) in properties (i.e. homes, child-care facilities) built before 1978. An individual would not be considered to be disturbing the paint (forming dust) if painting over intact paint. The law is required with any renovations that are at least 6 sq ft in a room, 20 sq ft outside, or if windows are changed/replaced.

Someone can have a property built prior to 1978 tested for lead based paint and if the test comes back negative, the law does not apply. Someone may choose to have an inspection performed since lead-based paint was phased out of interiors after 1950 and exteriors after 1960. A lead-based paint inspection can be costly.

If it is reported that a contractor is found in violation, the contractor may be fined $37,500 per violation and/or the contractor can risk his/her certification being suspended or revoked. Citizens can report violations as well.

Although contractors are required to be certified in lead-safe work practices, it is not required for individuals doing work on their own home or do-it-yourselfers as long as compensation is not involved.

People can visit epa.gov/lead in order to find more information regarding lead-based paint and to see a list of approved contractors that are certified.

Colorado Springs Real Estate information and services

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Fannie Mae makes changes for REO Investor Purchases December 9th, 2009

Patricia

Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings.  Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days.

Within the first 15 days, only bids from buyers who will occupy the home as their primary residence will be accepted.  Buyers may be pleased about the change since they will not have to compete against investors for Fannie Mae REO properties.  Investors often submit cash offers to the bank and make it difficult for other buyers, especially first time home buyers to compete.

Also read:
Changes that may affect investors purchasing homes in foreclosure

Patricia Beck – Selling Colorado Springs Homes

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Upcoming changes with FHA financing may impact home buyers December 9th, 2009

Patricia

Many home buyers in Colorado Springs obtain FHA financing for their home purchase and may be affected by the upcoming changes with FHA guidelines.  FHA offers a low down payment requirement making it easier for many buyers to purchase a home; currently, home buyers can get into a home with  3.5%  down.  Although, the amount of the increase has not been disclosed, we can expect to see a higher down payment requirement for FHA financing.

It is not uncommon for sellers to cover buyer closing costs in this market and under the current FHA guidelines, sellers cannot provide more than 6% of the loan amount in concessions to the buyer.  The percentage of allowed seller concessions may be reduced to 3% of the loan amount resulting in buyers having  to come up with the remaining monies for their closing costs.

FHA borrowers have an additional 1.75% Mortgage Insurance Premium (MIP) added to their loan amount at closing.  Buyers will likely see an increase in the MIP and monthly mortgage insurance as well.  Update:  The Upfront MIP is going to increase to 2.25%

If FHA increases their minimum FICO score requirement to 620 as expected, buyers with less than perfect credit may be impacted. Update:  Buyers with a credit score below 580 will be have a higher down payment of 10%.

UPDATE 10/2010:  FHA is making changes once again; details regarding the changes can be found on HUD.gov

  1. The Upfront MIP is going to be reduced to 1% from 2.25%
  2. The annual premium will adjust upward from .50% to .85% for buyers who put at least 5% down.  For buyers who put less than 5% down, the annual premium increases fom .55% to .90%.

If you plan on purchasing a home in Colorado Springs using FHA financing, speak with your Colorado Springs Real Estate Agent and mortgage lender for more information.

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Changes that may affect investors purchasing homes in foreclosure November 24th, 2009

Patricia

If you plan on purchasing a home in foreclosure and do not plan on living in the home as your principal residence, you may be affected by the Colorado Foreclosure Protection Act.

If a property falls under the Colorado Foreclosure Protection Act, investors are required to utilize a different contract when purchasing a home in foreclosure.  According the Contract to Buy and Sell Real Estate, the Colorado Foreclosure Protection Act applies when:  (1) the Property is residential, (2) the property is Seller’s principal place of residence, (3) any loan secured by the Property is at least thirty days delinquent or in default, (4) Buyer does not reside in the Property for at least one year and (5) Buyer is subject to the Act.

Furthermore, there are six conditions that the buyer and seller must agree to; a couple of them include:  the seller does not have the option or right to repurchase the property and there cannot be any rental agreements or leases for the Property between the buyer and seller.

The seller reserves the right to cancel the contract for the sale of their house without penalty within the time frame specified in the contract.  The seller has the right to think about the contract for at least three business days unless there is not enough time due to the home going to foreclosure sale. In that instance, the seller only has until noon the day before the foreclosure sale.

There is also a Seller Warning form that must be filled out by the seller indicating that the seller understands the mortgage is his/her responsibility and that the buyer will not assume any present mortgages, liens, etc… encumbering the property.

If you are an investor, it is wise to work with a Realtor when purchasing a home in foreclosure.  If you have any questions about the Colorado Foreclosure Protection Act, please contact your Colorado Springs Real Estate Agent, Patricia Beck.

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Information about the home buyer tax credit extension October 29th, 2009

Patricia

It is now official!  The tax credit has been extended through June 30, 2010.  Take a look below for the details:

1.) Home buyers who have lived in their home for five consecutive years over the past eight years qualify for a $6,500 tax credit when making a home purchase.

2.) The qualifying income limits are now increased from $75,000 (single filers) and $150,000 (joint filers) to $125,000 and $225,000.

3.) The purchase price of the home cannot exceed $800,000.

4.) Buyers wanting to benefit from the tax credit have to go under contract for a home by April 30, 2010 and  have until June 30, 2010 to close.   For those serving in the military on extended duty, the dates are extended an additional year to April 30, 2011 and June 30, 2011.

5.) First time home buyers must live in the home as their principal residence for at least three years to benefit from the tax credit.  First time home buyers who are serving actively in the military and are required to relocate are exempt from this requirement.

*Please contact your CPA for details about the tax credit and how it pertains to your personal situation.

Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.

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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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