Mariana Wagner

BUYERS Category

Top 8 Affordable Colorado Springs Neighborhoods for 1st Quarter 2009

More than half the homes for sale in Colorado Springs are affordable to the average American family.

According to the 2009 1st Quarter Housing Opportunity Index, housing affordability is at the highest level it has been in 18 years! (Colorado Springs Real Estate Journal, Vol. 1 No. 18 “Housing affordability surges to highest level in 18 years”)

They based this off of home prices vs. the national median income of $64,000 a year.

Basically, if you make $64,000 a year, you can afford a $250,000 home* (if you pay about $600 a month in car/credit card payments, get a fixed interest rate of about 5% and put about 20% down, with about $1,000 a year in homeowners insurance and $1,200 a year in property taxes). (Check Out the Bank Rate Calculator) *All home loans are subject to credit approval and you may qualify for more, less or nothing based on your unique situation. Contact a local, reputable bank or lender for more information.
Read Also: How Does Your Debt Compare?

Top 8 Affordable Colorado Springs Neighborhoods:

Here are the most affordable neighborhoods in Colorado Springs, based on median asking and sales prices for the 1st quarter of 2009.

1. Southeast Colorado Springs Homes: Located south of Platte Ave. and North of Security and Widefield. Close to Peterson AFB and Fort Carson.  – Check out the Southeast Colorado Springs real estate info and home searches

• Median List Price: $111,900
• Median Sale Price: $109,900

2. Central and Downtown Colorado Springs Homes: Located east of I-25 and within the boundaries of Circle Drive.  – Check out the Central and Downtown Colorado Springs real estate info and home searches

• Median List Price: $132,603
• Median Sale Price: $119,800

3. Old Colorado City Homes: All areas surrounding West Colorado Blvd.  – Check out the Old Colorado City real estate info and home searches

• Median List Price: $150,000
• Median Sale Price: $150,000

4. East Colorado Springs Homes: Just east of Central Colorado Springs and west of Powers Blvd.  – Check out the Eastside Colorado Springs real estate info and home searches

• Median List Price: $164,900
• Median Sale Price: $160,000

5. West Colorado Springs Homes: West of I-25 between Old Colorado City and Garden of the Gods Road.  – Check out the Westside Colorado Springs real estate info and home searches

• Median List Price: $161,000
• Median Sale Price: $160,800

6. Powers Area Colorado Springs Homes: The stretch of neighborhoods east of Powers between Woodmen Road and Platte Avenue.  – Check out the Powers Area Colorado Springs real estate info and home searches

• Median List Price: $192,450
• Median Sale Price: $188,000

7. Northeast Colorado Springs Homes: Covers mostly all neighborhoods between I-25 (W) and Powers (E), Woodmen (N) and Austin Bluffs (S).  – Check out the Northeast Colorado Springs real estate info and home searches

• Median List Price: $194,900
• Median Sale Price: $190,000

8. Marksheffel Area Colorado Springs Homes: All of Banning Lewis Ranch and Claremont Ranch – East of the Powers neighborhoods of Stetson Hills and Springs Ranch.  – Check out the Banning Lewis Ranch real estate info and home searches

• Median List Price: $212,500
• Median Sale Price: $216,000

Based on this information, there are HUNDREDS of affordable homes for sale in Colorado Springs.

Read Also: Top 5 Most Expensive Colorado Springs Neighborhoods for 1st Quarter of 2009

Search ALL Homes For Sale in Colorado Springs

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period January 1, 2009 through March 31, 2009.  RSC does not guarantee or is in any way responsible for its accuracy.  Data maintained by RSC may not reflect all real estate activity in the market.”

May 31st, 2009 by Mariana Wagner | 3 Comments »

Luxury Homes for Sale in the Broadmoor

Here is a 1999 10,778 sf luxury home for sale in the Broadmoor, listed by Broadmoor Properties for $2,995,000.

May 29th, 2009 by Mariana Wagner | Leave A Comment

Custom NEW Homes for Sale in the Broadmoor

May 29th, 2009 by Mariana Wagner | Leave A Comment

Colorado Springs Mortgage Info: More Positive Data From The Housing Sector: Existing Home Sales AND New Home Sales Rise

The Colorado Springs Real Estate market is a part of the overall national real estate market. Here is some interesting information on what is going on with home sales across the nation.

As this week’s signal that homebuyers are returning to the market, both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.

According to the National Association of REALTORS, the number of Existing Home Sales rose by 130,000 units in April.

New Home Sales rose by a modest 1,000 units in April.

As a twist in the story, however, although sales activity is rising, the available housing inventory is rising faster.

Versus March 2009, there were 300,000 more homes for sale in April — an increase of 9 percent.  In addition, the “housing supply” rose to 10.2 months, its highest level since October.

This is good news for home buyers, of course, because home prices are a product of Supply and Demand.  Depending on local conditions, buyers may find themselves in a position to demand lower sale prices or additional seller concessions.

The housing market has not fully rebounded but it continues to show signs of strength.  With a few more months like March and April, it’s reasonable to assume that homebuyers will lose some of their leverage for contract negotiation.

When that happens, expect home prices to rise.

[Information provided to the Colorado Springs Real Estate Connection courtesey of the mortgage and real estate professionals at Bring the Blog.]

May 29th, 2009 by Mariana Wagner | 1 Comment »

On A Monthly Basis, Colorado Springs Home Values Look Better Than The Press-Reported Annual Figures

The Colorado Springs Real Estate market is a part of the overall national real estate market. Here is some interesting information on what is going on with home values.

Each month, researchers measure home values in 20 large U.S. cities, then compile their findings in a report called the Case-Shiller Index.  It’s a popular measurement of housing health across the country, but it’s far from perfect.

As 3 examples:

1. It gives more weight to expensive homes than inexpensive ones
2. Its sample set includes just 37 states of 50 states
3. Real estate isn’t a “national” market — it’s local

All that said, however, the data is still important.  The Case-Shiller Index helps identify broader trends in housing and it’s widely believed that the economy won’t recover until the sector starts to stabilize.

We may be at that recovery point now.

Despite newspaper headlines blaring about 19 percent drops from March 2008, the month-to-month values appear to be stabilizing and the latter is the more important development.  15 of the 20 markets covered by Case-Shiller either improved, stayed flat, or declined by 0.2 percent or less.

Versus 2008, the rate of speed at which home values are falling is slowing.

Furthermore, because the Case-Shiller Index is on a 2-month delay, it doesn’t account for all of this year’s Spring Buyers, or first-timers taking the $8,000 first-time home buyer tax credit.

Read Also: Use Your $8000 Tax Credit as a Down Payment on Your Colorado Springs Home Purchase!

Two months don’t make a trend, but if Case-Shiller Index continues to report similar data for April and May, it could be the signal that housing finally bottomed.

[Information provided to the Colorado Springs Real Estate Connection courtesey of the mortgage and real estate professionals at Bring the Blog.]

May 27th, 2009 by Mariana Wagner | Leave A Comment