Real Estate Questions Answered Here
by Art Santellen, REALTOR®
Q: So, Art, how's the real estate market doing?
A: This is probably the most common question I hear. In fact this question is so common that, from time to time, I publish a tally of the Colorado Springs housing market.
So this time I'm including the results from the November 1998 survey in parenthesis. Usually, the questions sounds something like this,
~I'm looking for a 3 bedroom, 2 bath home with a double car garage. I want a big yard and the house must be at least 1500 square feet. How much will it cost me?"
As of this writing, there were 107 (201) homes for sale in Colorado Springs that met your requirements. Some of them were more than $440,000 ($320,000). I selected a few to give you an idea of the price ranges for various parts of town. All numbers are thousand dollar amounts. For exemple, $120,900 is represented as 120.9.
AREA Lowest Highest Average
Black Forest 224.9 (134.9) 735.0 (299.0) 250.0 (198.2)
Briargate 169.9 (129.9) 309.9 (202.9) 180.0 (157.5)
AREA Lowest Highest Average
Eastside 138.0 (115.0) 259.9 (318.0) 160.0 (156.4)
Fountain Valley 131.0 (112.5) 189.5 (197.0) 145.0 (131.0)
North East 149.9 (115.0) 289.9 (236.7) 169.0 (160.2)
North West 179.9 (132.5) only one property for sale
Mid-Town no properties for sale that have 3 bedrooms, 2 baths, and garagegarage
South East 127.5 (103.5) 179.9 (249.0) 150.0 (134.3)
South West 77.9 (122.0) 350.0 (319.0) 250.0 (186.0)
Tri-Lakes 350.0 (128.0) 399.5 (249.0) 375.0 (179.5)
Ute Pass 194.9 299.9 250.0 ('98 data not avail)
Westside 149.9 (150.0) 219.9 (164.9) 180.0 (158.3)
At this writing, the least expensive 3 bedroom, 2 bath, 2-car garage, home with at least 1500 square feet is in the Southwest area of town. In fact, it's in Stratmoor Valley and it's a mobile home (in good shape according to the listing agent). The most expensive home is in Manitou Springs at $440,000. Remember, this is for a 3 bedroom, 2 bath home with a 2 car garage. Must have dynamite views of the mountains. Wait a minute, we all have dynamite views of the mountains! Generally speaking, the best values continue to be in Fountain Valley and the Southeast part of town. Some of the least expensive homes are in these areas. A new area to join this group is the Powers area.
Powers is generally described as east of Powers Blvd, north of Peterson AFB, west of Mark Scheffel Road, and south of Woodmen Road. I imagine most of the lower priced homes are concentrated just north of Peterson AFB in Cimarron Hills. Every area in town increased in value. Black Forest, the Southwest, and the Tri-Lakes areas had dramatic increases in home prices. These were most probably due to recent building in these areas rather than dramatic increases in existing (not new) homes. Still, the sale of new homes does tend to drive up the prices of existing homes to a limited degree. I want to know how the good folks in Monument and Palmer Lake are coping with the impact of home prices in Woodmoor.
As you can see from this chart, there are nice homes in every area of town. There are also a variety of selections in most every neighborhood. Don't avoid any area of town based on rumors and misinformation. When looking for a home, ask your REALTOR® to run a chart similar to this one. If you want a chart specifically designed for your home and neighborhood, just give me a call and leave your name and phone number on my voice mail 457-4960 or email at ASantellen@hotmail.com.
Another form of that same question relates to rentals and goes something like this: ~I want to rent a home. I don't want to pay more than $800." I found 38 houses for rent that met your requirements. In fact, one rented for as low as $750. They were spread all over town from Fountain Valley to Briargate and from Cheyenne Meadows to Cimarron Hills. Some of the least expensive rentals were in Fountain Valley and the Southwest. The most expensive rentals were in the Northwest part of town near Mountain Shadows.
Here's a list of homes for rent that all had 3 bedrooms, 2 baths, and all had a two car garage:
Black Forest none available Briargate $1050
East $ 975 Fountain Valley $ 895
Manitou Springs $1100 Mid-town $ 750
Northeast $ 975 Northwest $1275
Old Colo City none available Powers none avail.
Southeast $ 950 Southwest $ 850
Tri-Lakes none available Ute Pass $1250
Renters need to remember that most property managers will want to see a credit report and will not rent to you unless you earn 3 times the monthly rent. For a detailed set of rules on renting in Colorado Springs, the Pikes Peak Association of Realtors has printed a brochure called, "Tips for Tenants". To get a free copy just give me a call. Next week: documented evidence why I think the real estate market in Colorado Springs is going to level off by next Spring. The following week: the beginning of a 5 part series on how to sell your home.
NOTE: As you can see, I really do get questions from the public. To add your question to this list, please send them to me at the address listed below. Thanks.
The answers to these, and other fascinating real estate questions will be answered here, in Hispania News, next week.
When you're ready to buy or sell a home, see a REALTOR®
Art is a REALTOR® with Heritage Realtors in Colorado Springs.
If you have a real estate question you’d like answered, please send them to:
Art Santellen, care of Hispania News
PO Box 15116
Colorado Springs, CO 80935