Colorado Springs Real Estate Aborption Rates For April 2008

The April numbers are in and it looks like activity is breaking down by price range. Lower price ranges, homes priced under $200,000 are seeing activity. By activity, we mean offers and  while homes over $250,000 are not. We are seeing a distinct increase in showings in all price ranges but those lookers don't seemed compelled to move off the mark.

The absorption numbers tell the tale. The East MLS area finishes a strong #1. Briargate has slowly slipped since January from #1 to #3. The most disturbing results were the Tri-Lakes and Northgate areas. Although these areas are showing the most commercial growth and development, the residential side of the market is plodding along with 8% & 9% absorption rates.

If you would like to take a look at the complete absorption rate breakdown of the 19 most popular MLS areas Click Here.

 

 

Courtesy Joe Boylan: http://www.SpringsHomes.com   

Colorado Springs Mountain Bike Trails

The Greenland Open Space is a nice addition to the already great trails that exist in Northern El Paso County and Southern Douglas County, Colorado. Greenland is an easy to moderate hike, bike or ride with a combination of flat sections and some moderate to steepish rolling hills all for the most part well groomed. This is a great place to take the kids or inexperienced mountain bike riders.

This 3,600 acres of open space and trails is due to the good deeds of a large number of people. This area was donated to Douglas County and is now part of the larger Front Range Trail.

The trail starts in Douglas County just west of I-25 at Greenland Road. Greenland was once a bustling little village and shipping point. By 1871, the Denver & Rio Grande Railroad extended to the site and it was platted as a 20-acre town in 1875. It continued to thrive with two general stores, a post office, school and even a saloon or two. Two railroad stations shipped out livestock, potatoes, grains, milk, building stones and pottery. The ranching industry continued even after the town declined in the 1930s.

The trail is also accessible to the south on the El Paso County side in the Town of Palmer Lake. There is approximately 10 miles of trail in Greenland. There are several smaller loops or combinations of loops one can explore to add milage to a ride.

Kipps Loop offers the steepest climb. This is an 8.5 mile loop that features a climb of about 500 feet of elevation gain. Kipps Loop climbs to a small fenced memorial site, featuring a large stone engraved with the Kipps name. Not sure of the history here but it sure looks like a grave site.

The southern exit from this trail transitions nicely into the northern part of the 17 mile Santa Fe Trail, another great easy to moderate trail. So by combining these trails you could actually patch together a substantial round trip.

The Douglas County entrance to this trail actually features a picnic area, water spigot, restrooms and plenty of parking. There are smaller picnic areas and benches along the trail as well as hitch rails for horses.

This is a great ride or hike but unlike some of the trails to the west, you will probably see hikers and Horses to just remember to play nice and follow the rules. For more information Click Here.

 

 

This Post Courtesy: Joe Boylan http://www.SpringsHomes.com 

Tutt Business Center offers a different kind of Colorado Springs Real Estate Opportunity

There is a new development underway in the Powers corridor. “Tutt Business Center” is an interesting spin on the ubiquitous Office Condo concept. This project features a combination of  “Tech/Flex” space in addition to Garage Condos.

Tech/Flex offers small business owners the opportunity to purchase smaller square footages of any combination of office, showroom or warehouse space in a high visibility location. These units are true Class A space in the fastest growing part of Colorado Springs. This concept allows the purchaser the traditional benefits of ownership, for example building equity, tax benefits through interest deductions as well as depreciation, as well as the ability for the small business owner to fix their overhead for 20 to 25 years by avoiding rent increases.
 
The garage condo part of this project is just what the Doctor’s ordered. Located close to the New Penrose St. Francis Hospital, these wily developers aren’t building space for the doctors, there are plenty of people chasing that crowd, these guys are catering to the doctors toys.

These garages come in three sizes: 960, 1,200 and 1,440 Square Feet. Prices range from the high $80’s to the mid $130’s. These units feature; electricity, phone and cable pre-wire, Garage Door opener with keypad, 16’ ceilings, gas fired heater w/thermostat, water stub for utility sink, 24/7 access grounds maintenance.

These spaces are great for storage of everything from inventory and supplies to your favorite Lotus or Maserati. There is also a private clubhouse complete with wet bar, poker table, flat screen TV, bathrooms and leather furniture. 

Projects like this have generally been the domain of commercial brokers. Due to the level of customization, planning and involvement a.k.a hand holding, the transaction tends to feel more like the purchase of a second home then an office or garage, so it’s not out of the question to see a residential broker involved in the sale of these types of real property.

I would encourage residential brokers to introduce your client base to projects like this. Especially, these days when most buyers seem to be waiting for the traditional residential market to hit bottom. I find small business owners are often looking for these types of opportunities but don’t really know where to go or have never thought about owning.  

 

 

Provided By: Joe Boylan http://www.SpringsHomes.com 

Colorado Springs Real Estate-First Quarter 2008 Market Report

As predicted in the annual report, the first quarter of 2008 was as tumultuous as any time in the recent market slowdown. Characteristics
of the First Quarter, 2008 include: low prices, low selling activity, high inventory, tightened credit and bad press coverage. What is
not characteristic of the First Quarter, 2008: increases in local foreclosures, a continued increase in listing stimulus, and the end of
civilization as we know it. The big bail out in the financial markets orchestrated by the Federal Reserve was not on Main Street but on
Wall Street with the giant $20 billion bailout of Bear Sterns. The classic rule of real estate was proven true in the first quarter: location,
location, location.

At the end of the first quarter, crocuses were popping through the frequent snow gales of the Colorado spring. The vast majority of the
real estate practitioners have not seen a first quarter that they would have liked: total volume is off 25% year to date, and few turn
cartwheels of the “good ol’ days of 2007.” However... as weird as the market has been, as strange and as sudden as the slowdown has
been, it is beginning to make sense; and it is beginning to show signs of picking up.

The popular press likes to look at two pieces of data to tell the entire story of the Pikes Peak Market: Average price and total units
sold. March 2008 was a lousy month according to the popular press: the average selling price of $236,000 was similar to the same
value in March, 2005. Three years down the road and zero appreciation sells papers. Similarly, March ’05 and ’06 both saw more than
1000 units sell. March ’08 saw 722 units sell, the lowest March total since 1999 and an 18% drop over 2007. But real estate is a market
with many variables and supply and demand rules real estate just like it rules all markets. The numbers for demand were week, but
the numbers for supply showed improvement. The market has only 150 more listings than the same time last year and is only up 4% in
total inventory from March 2007. Even better, March ’08 listing units were down 18% from March 2007. It now appears unlikely that
the 2008 actively listed single family inventory will break the 7000 unit ceiling as it did in 2007. While $236,000 is not a sure sign of
positive appreciation, it is $10,000 higher than the February average sales price.

The first quarter has closed with sub 6.00% interest rates on 30 year fixed loans, most buyers have at least a little cash and think
ARMS are “what got everyone in trouble” and the listings that are selling are well-priced and in great condition. Stuff is starting to
make sense again and the late arriving relocation buyers appear more eager to buy this year than the year before.

 

Advice for:

SELLERS Supply is Slowing. Demand hasn’t picked up yet. Don’t take chances. Now more than ever is the time to
strike if you are a seller. The market is not exactly heating up, but there are some favorable trends. Get your yard looking
better than any other on the block. Address your paint. Prune your shrubs. Get the inside smelling fresh and clean (Glade
Air Fresheners are not nice and clean smelling). Clean the furnace, don’t wait for the inspector to kill the deal. As relo
season begins, condition matters, and relo buyers increasingly are anxious to get in and get a good buy. With 72 hours to
pick a house, they’ll only buy good value homes that are tidy and ready for move-in.

BUYERS: Use this information to your advantage. Supply is slowing down. Colorado Springs will not likely have
7000 single family choices this summer. That means the maximum inventory will occur in the next 90 days. Ask yourself
this: “if supply is slowing down, is that a good thing for my future values? If demand is still low, is that a good thing for
my negotiating strategy? How many more times will I see a 6% 30-year fixed rate? How often will I see a seller so willing
to pay my closing costs?” Buyers: DON’T BLINK. July and August may not be so favorable.

INVESTORS: If you’ve been waiting in the wings for the market to recover, start looking in your rearview mirror.
What do you see? See any good deals from the last year you might have missed? Like Buyers, Investors need to ask
questions that are not focused on the next 90 days, but the next 3 to 4 years. While the rest of the mortgage world has reset
to 1999 underwriting rules, one place it hasn’t changed is investor rates at or near primary occupant values. Some of
the best deals in years are out there now, and relocation buyers who are starting to flood the market often can’t waste their
time with them. They want move-in condition. A long-on-market property needing a bit of work ($5000), is usually not a
move-in property for a relocating buyer who needs every dollar to go towards their down-payment now that 100% finance
is gone for anyone but a VA buyer. That means that the local investor buyer who has cash, 10% minimum, 20 to 25% better,
has a ton of power. A classic rule of negotiating: those with needs have little power. Those with power have few needs.

 

For an in-depth SWOT analysis of our market as of Q1 2008 Click Here  

 

Courtesy Joe Boylan: http://www.springshomes.com 

 

Monument Real Estate Stats for March 2008

Although Monument is generally considered to be part of the Colorado Springs market, those that work in area know it can at times be very different. So, I want to outline what the Monument market looked like in the month of March.

 

 

• There are currently 437 Active (Existing) homes available in the Tri-Lakes area, this includes Border Shadow Areas

• There are 261 New Listings Year to Date 

• The Average Listing Price in the area is $549,133 YTD

• There are 45 Sales YTD

• The average sales price is $385,433 YTD

• The average number of Days on Market is 113 YTD

• The percentage of List Price to Sales Price is 96.82%

 

 

There is currently a lot of inventory on the market in the Tri-Lakes/Monument market. With fewer new listings coming onto the market in March and the busy Spring selling season just around the corner, we should see a significant reduction in the area's listing inventory, through September.

Advice For Monument Homebuyers: Use this window of time to find the home you want, in the area you want at the price you want. If you wait much longer, you may miss the opportunity.

 Advice For Monument Home Sellers: Price your home well, Stage it well, Market like mad and most importantly WORK ALL OFFERS!

 

Courtesy Joe Boylan: http://www.SpringsHomes.com 

March Numbers are in for-Colorado Springs Real Estate

The numbers are in for March and it's a mixed story, some good some bad. Listing Volume was off 18.9%. For March 2008. This is actually good as it seems to indicate the buildup of listing inventory may be leveling-off. Don't forget, we are heading into the busy buying season and this is when we generally see an increase in inventory. Those of us that have been counseling buyer to get off the fence may actually been giving good advice.

On the down side, demand was off the same amount, with sales at 722, off 19% from March 2007, a bad March for most sellers.

More bad news, our average sales price for March was $236,503, this is off 7.2% year to date. Now for some good news, February’s average selling price was in the basement, so $236,503 was actually a $10,000 gain over February, so a 3% gain month over month is nice to see

So far, total sales volume year to date is off 24% in Single family/patio and 32% in condos/townhomes. If your pockets are feeling a little light right now, you’re clearly not alone.

Compared to the same time 2007, there are only 96 more total units for sale in our market. Builders still have a little more spec inventory than they would like. In existing home sales (condos and townhomes included) there are only 150 more properties for sale than the same time last year.

For a complete run down on March in the Colorado Springs Real Estate Market Click Here

 

 

 

Courtesy Joe Boylan: http://www.SpringsHomes.com

 

Colorado Springs Real Estate Aborption Rates For March 2008

March 2008 is in the books and we have calculated the absorption rates for the month. The big news is that the east side of town has risen to take the number one spot while Tri-Lakes and Black Forest have slipped. For the most part these areas have seen a 1% +/- change. Here is the breakdown.


For a detailed view of how the numbers broke down Click Here


Courtesy: Joe Boylan http://www.SpringsHomes.com

Belltower Condos- Southeast Colorado Springs Real Estate

Rivers Divide-A Hidden Colorado Real Estate Gem

The eastern part of El Paso County, Colorado offers home buyers the opportunity to stretch out into some incredibly wide open spaces while taking in some truly incredible views to the west of "Pikes Peak" and the Front Range. These areas generally feature rolling grasslands, very few trees and great views, with the exception of a handful of subdivisions located in and around the Bijou Basin. The Bijou Basin is a well-watered grassland nestled in an enclosed valley surrounded by pine ridges and interesting landforms such as Fremont Fort. In many places the pines feather into the grassland or extend into the basin along the drainages, creating an interesting mosaic of vegetation.

Rivers Divide is a medium sized subdivision located in the Bijou Basin. This subdivision consists of 91 home sites averaging 5 acres per site. Rivers Divide features a wide range of terrain, from rolling grasslands to alpine like areas. Homes in this subdivision are on well and septic systems, there is electricity but no natural gas so propane tanks are common.

This is a great subdivision for horse lovers. Lots are generally zoned for 2 or more horses and access to some of the areas best riding trails is close by.


There are currently five homes available for sale in the Rivers Divide subdivision Click Here to take a look what you can expect to find in this area. If you want wide open spaces and the real western lifestyle, don't overlook "Rivers Divide" it's one of Eastern El Paso Counties little know gems!

Courtesy Joe Boylan: http://www.SpringsHomes.com

Using Homeowners In-Colorado Springs Real Estate Videos

We have been utilizing video a lot the last couple of months. I especially like exposing areas via video, as I feel like it’s easier to get a feel on a video walk through.

On the other hand, property videos are a lot more difficult. I think simply panning rooms shows the size, shape and scale of the room but it always helps to have a description. Realtor interviews and voiceovers help but I think in general, people still see us as sales people.

I think buyers tend to be more receptive to watching homeowners talk about their homes. By the way, I don’t think the same rule applies on a 2-way conversation.

Take a look at this new video we just put together, the homeowner does an amazing job of explaining the details.

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Grand Tuscan Villa

Presented by: http://www.SpringsHomes.com