Understanding the Chateau at Antelope Ridge
The Chateau at Antelope Ridge is a community of single family homes located in the eastern part of Colorado Springs, (South of Barnes and East of Marksheffel) with sweeping views of the Rocky Mountains, and is close to parks & schools, just minutes from the Powers Corridor- shopping, movies, restaurants, recreation and just a short drive to the Colorado Springs Municipal Airport.
In a Colorado Springs MLS search, the homes for sale in this neighborhood are quite enticing, as 3 Bed 2 Bath 1300+ s.f newer homes, in nice condition and in a popular part of town are priced at between $40,000 and $150,000 – Almost $100,000 LESS than the average sales price in Colorado Springs.
Why are these homes priced so low?
We, personally, answer this question all the time. We have done a lot of research and really understand both the pros and cons of this neighborhood. Here’s the Scoop:
The homes located in this community are modulars and there are two types currently available. The older homes (built before 2005) were built as HUD modulars and the financing is limited. From our research, these homes all require at least 20% down. The newer homes (2005 and newer) can be purchased with traditional financing, as they are constructed differently. (In fact, there is still a sales office in the neighborhood that is offering new build homes in the mid-$100’s.)
Also, homeowners who live in the Chateau at Antelope Ridge do not own the land that their home is on, but the homeowners are responsible for the maintenance of their immediate yard. Homeowners “lease” the land that they are on. Some homes are on a 99 Year Land Lease, and some are on a 30+ year land lease. This “lease” and HOA’s cost the homeowner about $400. a month – on top of whatever mortgage that the homeowner has. For example, a home purchased for $100,000 would be making the same TOTAL monthly payments that a homeowner with a $130,000 mortgage on a traditional home would make. However, residents do not pay real estate taxes – as they do not own the land. The community is currently owned by BaseCamp Communities LLC.
What’s more, the appreciation values on these homes are drastically lower than “traditional” homes in Colorado Springs. Someone looking to buy a home in Chateau at Antelope Ridge must be willing to live in it for 5-7 years to see any noticeable appreciation.
No. This neighborhood is not for everyone.
However, it IS a great opportunity for someone looking to live in a quiet, peaceful community with great amenities and would be willing to hunker down and call this low maintenance “Resort-Like” community “home” for several years.
So, now that you understand the nuts and bolts of the pricing, let’s take a look at what the HOA fees cover and the benefits the Chateau at Antelope Ridge has to offer its residents…
Amenities for Homeowners:
- 4,000 s.f. private community center
- Private 9-station fitness center
- Private 24-hour business center, which includes:
- Internet Access
- Fax Machines
- Copy Machines
- 2 Outdoor swimming pools
- Planned social activities- year round!
- Movie Nights
- Tuesday Coffee
- Holiday Parties
Other Homeowner Benefits:
- Pet Friendly (about a 40 lb. weight limit)
- No Renters- All homes are owner occupied.
- Homeowners pay NO Real Estate Tax.
- On-Site Management
- Privately maintained roads
- Snow Removal
- Community landscaping
- Green Areas
- Mature landscaping
- Well-cared for community
Schools: Falcon School District 49
They are still building homes (Genesis Homes) and have some great lots with stunning views to choose from.
** HOT TIP for Internet Home Surfers **
To quickly identify homes in this community while searching for homes for sale in Colorado Springs… here is a list of the streets that make up the Chateau at Antelope Ridge: Black Bear – Crested Jay – Grey Fox – Grizzly Bear – Grosbeak – King Fisher – Marmot – Pika – Pine Marten – Valley Quail – Whip Tail