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The Heights at Templeton subdivision (also known as Templeton Heights) is 130+ houses in the Stetson Hills area of Colorado Springs.

Built in the early 2000’s the homes vary in size from under 1,500 square feet to nearly 5,000 square feet. 48 of the houses have a 3 car or over sized gargage of 462 square feet or larger.

Only 10 of the houses are ranch (single floor) and they are all less than 1,500 square feet. The rest of the houses are two story.

There is extensive shopping on Powers Blvd. just a few minutes away. The Heights at Templeton is in an excellent central location just minutes from the “new” St. Francis Hospital and Medical Center which has been rated in the top 50 in the United States.

Data is for houses that closed between April 20th and November 20th of 2010 and 2011.

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period April 20, 2010 through November 20, 2010 and from April 20, 2011 through November 20, 2011. 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."

ANALYSIS:

With such a wide variation in square footage the Heights at Templeton subdivision is both a starter and move up neighborhood.

The trends for the Heights at Templeton subdivision are several very encouraging:


List price per square foot increased by $1.78 per square foot ($88.68 to $90.46).

The sold price to list price grew by 1 % from an already strong 97% to 98%.

Listing agents and sellers are doing a good job of setting list prices as the days on market (DOM) decreased from a very respectable 69 days down to a very seller favorable 36 days.

The sold price per square foot also made a nice gain of $2.41 ($88.68 to $91.09)

Volume was down from 8 units sold in 2010 to 4 in 2011. Tighter mortgage qualification requirements really impact buyers in this price range.

SUMMARY:

The Heights at Templeton subdivision is in a great location and should be popular for years to come.

These houses are just getting to the age that their functional components, roof, heat and AC, water heater, etc. need to be carefully evaluated. In some cases replacements have already been made. As Colorado Springs only “Home Inspection & Safety Consultant” I can help you compare the value of one house that needs updating to another that has been updated. For a free, no obligation look at some of these homes or to have new listings automatically sent by email, call or text me at 719-304-4684 or email me. Remember that I’m the only broker committed to work through all available houses that may be for sale, not just those listed in the MLS. Search smarter, contact me today.

The Briargate area of Colorado Springs includes the Charleston Place subdivision which was built in the late 90’s. The 400+ houses are in an ideal location, close to highly acclaimed District 20 schools, shopping and both major Colorado Springs roads, I-25 and Powers Blvd.

The majority of the houses are two story with a basement. There are a smattering of ranch (single story) and split level houses.

Data is for houses that closed between April 20th and November 20th of 2010 and 2011.

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period April 20, 2010 through November 20, 2010 and from April 20, 2011 through November 20, 2011. 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."

ANALYSIS:

As you see by the median number of bedrooms and bathrooms (4,4), and median sold price just above $300,000, this is a move up neighborhood. So sales are typically impacted by prospective buyers ability to sell.

There are several very encouraging trends in Charleston Place.

• List price per square foot increased by $2.84 per square foot ($88.61 to $91.45)
  
• The sold price to list price stayed strong (98% to 97%)
  
• Listing agents and sellers are doing a good job of setting list prices as the days on market (DOM) decreased from a very respectable 60 days down to an incredible 39 days.
  
• The sold price per square foot also made a nice gain of $2.41 ($87.85 to $90.26)
  
• One factor working in favor of Charleston Place subdivision is that the median age of these houses is about 14 years old. More and more sellers have done the updates necessary to sell quickly and for top dollar.

SUMMARY:

If you are looking to be in Colorado Springs popular school District 20 Charleston Place offers a great location and value.

These houses are at an age that some have had their functional components, roof, heat and AC, water heater, etc. updated and some houses need to have these items replaced. As Colorado Springs only “Home Inspection & Safety Consultant” I can help you compare the value of one house that needs updating to another that has been updated. For a free, no obligation look at some of these homes or to have new listings automatically sent by email, call or text me at 719-304-4684 or email me. Remember that I’m the only broker committed to work through all available houses that may be for sale, not just those listed in the MLS. Search smarter, contact me today.

Buyers tend to want the newest house they can afford. In Colorado Springs those houses typically sell for $100 per finished square foot or more.

But there is a special “best value” niche of houses that most 1st time buyers over look. These are the “executive” homes built between 1950 and 1960. These are houses with at least 2,000 finished square feet, which was 2-3 times the typical house built during this era.

Why should you consider these houses?

Location, location, location - many of these houses are in the best locations in the city and have terrific views.

Building materials - ask any veteran carpenter and they will tell you there is a huge difference between the quality of lumber and building materials used 50 years ago and what is used today. These older homes don’t have the problem materials used today such as OSB and the potent resins and glues used in newer houses that make some people sick.

Cost - a newer 3,000 square foot house will typical cost over $300,000. An older home of the same size will tend to run closer to $235,000. That is over 20% less. That difference will allow many buyers to put enough down to avoid paying mortgage insurance which would be another hefty savings. You may be able to buy an older house of nearly 2,500 sqaure feet for less than $200,000.

Property taxes & HOA dues - many of these older homes have lower property taxes and HOA dues than newer subdivisions.

The following tables are for houses built between 1950 and 1960, with at least 2,000 finished square feet.

Data is for houses that closed between April 20th and November 20th of 2010 and 2011.

"Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period April 20, 2010 through November 20, 2010 and from April 20, 2011 through November 20, 2011. 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."

ANALYSIS:

There is a myth that these older houses don’t sell quickly. Look at the median days on market (DOM). Just 48 days in 2010 and 66 days in 2011. Very few newer subdivisions can match the quick sales of these older houses.

Another myth is that you have to heavily discount the asking prices on these older houses. In 2010 these houses sold for 96% of list price and in 2011 it was 97% of list price. Those percentages are excellent for the current market.

The market for these houses tends to be among the most stable year in and year out. Notice there is only a $2.30 difference between the list price per square feet 2010 / 2011 ($81.84 to $79.54).

The sold price per square feet did soften by $6.11 ($81.40 to $75.29) but I think that is primarily a factor of tighter mortgage lending requirements.

The volume of these houses that sold remains strong. 82 units sold in 2010 and 71 in 2011. Tighter mortgage lending requirements are again the most common factor that has inhibited volume.

SUMMARY:

I encourage 1st time buyers and any buyer tyring to get the best value to at least look at these houses. Yes some are quite outdated but they can often be bought very reasonably. Any buyers who may health issues, especially that may be influenced by air borne irritants should consider these older houses.

There are inspection issues that differ from newer houses. Not more issues, just different. As Colorado Springs only “Home Inspection & Safety Consultant” I can help you work through those issues. For a free, no obligation look at some of these homes or to have new listings automatically sent by email, call or text me at 719-304-4684 or email me.Remember that I’m the only broker committed to work through all available houses that may be for sale, not just those listed in the MLS. Search smarter, contact me today.

Creekside Estates adjoins the Pine Creek subdivision at the north end of the Briargate area. The subdivision straddles Old Ranch Road. Some of the houses back up to open space. There is a community park at the end of Amberwood Lane.

The 210+ houses in Creekside Estates were built from 1991 to 2003 with most constructed in the mid 90’s. Two thirds are two story and the rest are one story.

Minimum total square footage is 2,300+, the maximum 4,600+ and the average is 3,300+.

Between 5/1/2010 and 9/30/2010 there were 2 sales and for the same period in 2011 there were 6 sales.

2010 2011

3,610 3,155 median square feet

$372,450 $264,003 median list price

$100.03 $91.60 median list price per square foot

$357,500 $272,461 median sales price

$98.83 $90.03 median sales price per square foot

95% 97% sales price / list price

77 68 median days on market

ANALYSIS:

Creekside Estates is a bit of a specialty neighborhood. It is just to the northwest of the large Pine Creek master planned neighborhood. HOA dues are much lower. It is also very close to Mountain View Elementary, Challenger Middle School and the Pine Creek Playfield.

The 95% sales price / list price in 2010 was largely a factor of sellers wishing the market was better than it was. Sellers and listing agents did a better job of pricing the houses in 2011 as they got 97 percent of list price.

The median of 77 days on the market in 2010 was because the 2 sales were at the very upper value end for this subdivision. On the other hand the 68 days on market in 2011 were more indicative of buyers being a bit more cautious and taking a little longer to look.

The $8 drop in median sales price per square foot is interesting in that the houses sold in 2011 were smaller so the median sales price per square foot should have gone up not down. I think it is a direct reflection of how much excess inventory was available to buyers including short sales and foreclosures.

Creekside Estates remains a neighborhood with a good location and good value. Values should remain fairly steady and possibly increase slightly.

Woodstone is a large subdivision of 270+ homes in the Rockrimmon area. Most of the homes were built from the mid 80’s to the late 90’s.

Variety is the name of the game in Woodstone. Floor plans vary from ranchers to 5 level homes. Square footage varies from 1,273 to 4,889.

The houses in the community are zoned to Academy District 20 schools.

Given that the square footage and year built varies so much, asking prices in Woodstone run from the low 200’s to low 400’s.

Between 5/1/2010 and 9/30/2010 there were 5 sales and for the same period in 2011 there were 7 sales.

2010 2011

2,293 2,688 median square feet

$251,000 $278,000 median list price

$108.59 $100.41 median list price per square foot

$248,000 $277,500 median sales price

$108.16 $99.67 median sales price per square foot

95% 99% sales price / list price

7 75 median days on market

ANALYSIS:

This is a good core neighborhood that gives a good indication on how trends across the city are doing.

The 95% sales price / list price in 2010 was largely a factor of sellers wishing the market was better than it was. Sellers and listing agents did a better job of pricing the houses in 2011 as they got 99 percent of list price.

The median of 7 days on the market in 2010 was a bit of a fluke. On the other hand the 75 days on market in 2011 were certainly indicative of buyers being a bit more cautious and taking a little longer to look.

The $8 drop in median sales price per square foot is mostly due to larger houses being sold.

The fact that the median sales price jumped nearly $30,000 and well over the more common mid 250’s is indicative that some buyers are taking advantage of lower interest rates and moving up in price.

Woodstone remains a neighborhood with good value that is at least steady and possibly increasing slightly.