Colorado Springs Real Estate Facts & Fun

Yesterday I was out showing property.  My customer asked, "Kelly is it true that the assessed value of a house is 75% of the actual value"?  I found myself thinking about the question for a minute or two before saying No.  

Today I read a great article titled, "4 Ways Online Real Estate Valuations Fail".  I thought it was synchronistic to read this today and a great topic for a blog post an discussion.  I think this is another example of why Realtors are important for buyers and sellers.  Online valuations usually do not have the specifics and/or the details in mind that can, and should, make a difference in what a home is worth.  

There are many factors that go into home values and good appraisers do a great job of taking note of those distinctions and valuing them (up or down). In areas where you have custom homes that are not the same or where a basement has been finished, a home has been very nicely remodeled/updated, this can and often does make a difference in price but not necessarily in an online evaluation of the house.  

Another important feature is the location and specifically does one home have something that most in the area do not.  For instance, does it border open space, have views, have a creek or pond in the backyard?  Most online sources will not have this information and therefore not be able to accurately note the value.

Although there are many examples of home differences that can and should make a difference in value, today's marketing challenges offer another to note here.  Foreclosures/short sales.  Unfortunately some owners who lose their home in a foreclosure or have a short sale will do a lot of damage to it prior to leaving.  Because this is invisible for the most part unless you have physically been in the house it is hard to note.

In understanding value and price talk to your Realtor to get a full market analysis of the house whether it be one that you own or one you have an interest in buying.  

I have been musing over how often I hear, "Hi Kelly, I want to buy a ranch in Colorado.  Can you help me?"  On a quick trip up to Steamboat to look at properties I was thinking about this and the thought a series about areas of the state would be helpful.

Today's focus is Steamboat Springs - located in the North/central area of Colorado and popular because of air traffic (commercial and private jets) into the Steamboat airport.  You are about a 3 hour drive from Denver.  

Steamboat is unique as a ski resort because when you drive into town the "Welcome to Steamboat sign" says the altitude is 6900 feet.  For a ski resort this is is pretty low and for someone who prefers a lower altitude this can be very attractive.  However, this does not affect the snow or amount of snow received.  

Steamboat also has a ridiculous amount of water (rivers, streams, lakes, reservoirs and ponds).  Where Colorado in general is known for being more of a high desert state and water being hard to come by on properties Steamboat seems to be the contradiction to that.

The town of Steamboat has a wide variety of restaurants, shops, galleries and huge amounts of "things to do".  They also have, in my opinion, one of the prettiest natural hot springs I have ever seen.  Costa Rica had one that was a rival but that is in a rain forest climate and this is actually in my own state.

Ranches for sale here come in all shapes and sizes with every amenity available (trophy homes, hunting, fishing, rivers,  ponds, private airstrips and of course views).  If a working ranch is more to your liking these are available as well.

If a second home or getaway is more appealing Catamount Ranch is a beautiful place to go and look at second homes.  With the lake, golf course, club house & setting, it is quintessential Colorado.

Whether the trip is to shop for a ranch or just check out the area you will not be disappointed. For specific questions about ranch properties available or how to find ranches for sale call or email Kelly.

Tucked away at the base of Pikes Peak is the town of Manitou Springs. Incredibly popular because of the terrain, access to mountain trails and national forest.  In addition to the outdoor recreation,  the Manitou lifestyle offers coffee shops, restaurants and shopping in walking distance as well. Within Manitou you will find a wide variety of real estate: condos, lofts, town homes, single family homes, mountain homes/ cabins and vacant land. In May 2011 there were 90 properties found. Of those:

• 74 are active on the market
• 8 are under contract
• 2 are pending and
• 5 sold

The list price ranges from $130,000 to $1,950,000. The average listing is $388,752. The average under contract is $292.925 and the sold property was $230,940.

Buy of the week in Manitou ~ 175 Clarksley Road - open house this weekend (June 11-12th)

3 bedroom, 3 bath beauty updated & remodeled.  Seller said sell and priced the house at $259,000

Call for availability/status update as this is a great buy in the Crystal Park neighborhood of Manitou Springs

Stunning and a work of art starts as you drive up to 25 Crystal Park Road.  The premiere beauty where every inch has been meticulously planned & custom built throughout the house and grounds.  If beauty, attention to detail and the best available is important take note.  $584,900 with 3 bedrooms, 3 baths, rooftop deck with built in bbq and hot tub. Luxury touches throughout.

Click here for a beautiful townhome for sale in Manitou Springs

10 are active on the market

2 are a first right of refusal (short sale)

1 is pending

1 is sold

The list price ranges from $224,900 to $299,950.  The average listing is $221,951.  The average pending home for sale is $279,500.  In June 2010 the average sold price was $275,000 with 292 days on the market.

Here is a great new listing in Northeast Colorado Springs

The Colorado Springs Gazette, our local newspaper, reported today that Colorado Springs area resales  totaled 913 in June 2010.  This is a 4.6 increase from June of 2009.   They also noted with figures from the Pikes Peak Association of Realtors that prices are also rising.  The median price was $205,000 which is a 5.3% increase from June 2009 .

Here are some great homes for sale in the Colorado Springs region

The figures above  are based on Realtor sales and do not include sales by owners or non-members of the Pikes Peak Board of Realtors.

Stetson Hills, located Northeast of Colorado Springs East of Powers Blvd. offers a variety of homes, styles & price ranges for individuals and families wants, needs and preferences.  With quick access up and down Powers Blvd. military bases can be accessed quickly and easily.  Established neighborhoods offer landscaping, parks, schools and a short car ride away is Sky Socks Stadium, how of the Colorado Rockies farm team.  In June 2010 there were 131 total properties.  Of those:

93 are active on the market

5 are a first right of refusal (short sale)

10 are pending

7 are under contract and

16 are sold

The list price ranges from $139,900 to $379,900.  The average listing is $221,951.  The average under contract is $205,114.  In June 2010 the average sold price was $197,350 with 96 days on the market.

Here is a great new listing in Stetson Hills in Colorado Springs

Pinon Valley located East of Centennial Blvd. on the Northwest side of Colorado Springs borders Ute Valley Park on the Park's West side.  Pinon Valley is a great community of homes offering a wide variety of styles, architecture & amenities.  With schools nearby, hiking trails through Ute Valley Park and playgrounds accessible for the kids it is a popular Northwest Colorado Springs community.  In June 2010 there were 18 properties found.  Of those:

13 are active on the market

1 is a first right of refusal (short sale)

2 are pending and

1 is under contract.

The list price ranges from $147,000 to $262,500.  The average listing is $213,221.  The average under contract is $178,450.  In June 2010 several properties are waiting to close but have not closed yet.

Here is a great new listing in Pinion Valley in Colorado Springs

About the Author: Kelly Young

• Author's website:  www.ownyourownmountain.com
• More posts by Kelly
• email the author

Kelly is an Associate Broker with Red Rock Realty.  She has over 12 years experience in Real Estate in the Colorado Springs and Front Range region of Colorado. She represents buyers and sellers of real estate buying homes, land for sale, mountain getaways.   Specific areas include:  Black Forest, Broadmoor, Colorado Springs, Divide, Falcon, Downtown, Manitou Springs, Monument, Old Colorado City, Westside, Woodmen Hills and Woodland Park. You can reach her at 719-226-0126 or by clicking "email the author" above.

Antelope Meadows is a community located between Austin Bluffs Parkway & Powers with easy access to Woodmen Road and/or I-25 headed North.  Popular because of the access across town North and South as well as East and West yet still convenient to stores and shopping.  The added benefit of Cottonwood Creek Recreation Center is a huge plus. In June 2010 there were 10 properties found.  Of those:

4 are active on the market  

1 is under contract 

1 is pending and 

4 are sold 

The list price ranges from $205,000 to $276,500.  The average listing is $252,600.  The average under contract is $273,000 and the average sold property was $229,725 with 56 days on the market.  

Pinon Valley is a community in Colorado Springs located on the Northwest side of town to the West of Ute Valley Park.  It community is attractive for people who love the outdoors and having easy access to parks and trails.   You will often see hikers, dog walkers, mountain bike riders and strollers enjoying the outdoors. In January 2010, there were a total of 14 homes in Pinon Valley for sale.  Of those:

• 8 are active listings,
• 1 pending short sale approval, 
• 2 under contract and
• 3 pending - this can refer to an accepted offer but the inspection has not been completed.