Are the best days economically over for Colorado Springs? (Denver: for sale, real estate)

[MattDen]

I was wondering being a Colorado Springs native, I dont live there now. The city of Colorado Springs has alot of great things: its clean, nice climate, good-well maintained libraries, great parks, close to the mountains and also a unique, pleasent downtown. Colorado Springs does have its advantages

It does however seem to be going down-hill big time economically. It seems like since about 2001 the Colorado Springs area just hasnt been able to attract enough employment oppurtunities considering the population growth.

Which wouldnt be so bad but it seems like Colorado Springs seems to be getting an ever higher-concentration of families on the northside of the city, it seems like before Colorado Springs was more of a military-retiree city rather then a family-city.

In my opinion Colorado Springs doesnt have the economic base for people to have large families it should go to its roots of being a retiree friendly community. City government should do all it can to discourage families from moving to Colorado Springs and encourage retiree's to move to Colorado Springs.

It just doesnt seem like Denver, Colorado Springs has the economic base to have large numbers of large families living in El Paso County

[Charles]

I'm not sure I can answer your question but I'm glad you brought it up. About the employment opportunities vs. population growth...Wouldn't the employment rate be an indicator of whether these two metrics are harmonized? Is the COS employment rate really that bad (I don't know myself).

My questions are in the same spirit but from a different angle. I wonder what is going on with the quantity of homes being built on and around Marksheffel, Powers, Briargate, etc. What about the massive Banning Lewis Ranch? Who do the developers expect to purchase these homes? Ex-Californians? Fort Carson troops? Did the developers coordinate with employers who might be re-locating or opening shop here??? I do know that Northrop Grumman and the Aerospace Corporation (and maybe others) are going to have offices near the COS airport. I would think that with the amount of capital, planning, and politics required to build all these housing developments these guys would have done their homework. On top of that, look at the two new beautiful hospitals being built on the north side. Someone expects (expected) the region to grow to support those services. Same argument for all the retail and amenities being constructed now or are planned on being constructed. The same questions apply to the Monument area too.
I'm no expert, maybe this rate of house building is normal. Maybe people actually are moving here to buy these homes - it's hard to tell from just driving down the road. It just seems that a lot more homes are being built than there are customers. Too much supply? We also have been reading about the slowdown in the construction industry.

[Charles]

More insight into this from today's Gazette;

Housing slump sticking around

[CalifDreaming]

I come from the Silicon Valley where my husband is a network manager and my son is a developer manager and after 911 the whole of the silicon valley has suffered. Company closures are common. The silicon valley has been in repare mode for awhile now and they are actually pulling out of the slump but the after affects are lower wages and less health and dental benefits. Add that with the gas prices and the still huge price tags on homes and you have people in a bind. Just like the Springs home forecloses are at a all time high. But they are pulling out and now there are plenty of jobs to go around.

Poverty level in the bay area is $70,000 a year for a family of 4. That means that you can not buy a home and you can rent a apartment and just buy food and utilities and that is all. Nothing else is possible. Pay check to pay check. So after 911 when wages went from 100 thousand a year to 50 and 60 thousand a year a family had it hard.

I have not been here long but it does seem that jobs are few in the IT field and the wages are low. A entry level admin in Calif will make 12 to 18 a hour and here its 8 to 10 a hour but........You can rent a one bedroom apartment here for 600 a month and in the Bay Area it would be 1200 a month.......

Originally Posted by MattDen

I was wondering being a Colorado Springs native, I dont live there now. The city of Colorado Springs has alot of great things: its clean, nice climate, good-well maintained libraries, great parks, close to the mountains and also a unique, pleasent downtown. Colorado Springs does have its advantages

It does however seem to be going down-hill big time economically. It seems like since about 2001 the Colorado Springs area just hasnt been able to attract enough employment oppurtunities considering the population growth.

Which wouldnt be so bad but it seems like Colorado Springs seems to be getting an ever higher-concentration of families on the northside of the city, it seems like before Colorado Springs was more of a military-retiree city rather then a family-city.

In my opinion Colorado Springs doesnt have the economic base for people to have large families it should go to its roots of being a retiree friendly community. City government should do all it can to discourage families from moving to Colorado Springs and encourage retiree's to move to Colorado Springs.

It just doesnt seem like Denver, Colorado Springs has the economic base to have large numbers of large families living in El Paso County

[CalifDreaming]

Every street in the areas mentioned below has homes for sale. Most of them are empty homes as well and then I see new homes going up all over the place? I find that odd and the home we are in now has been on the market for 2 years now. Its a English tudor home built in 1920 and most people want a modern new home but still 2 years is a long time. I dont think the wages here can handle the huge price tag our land lord has on this home.

Who are living in the huge homes here in Braodmore? Doctors etc?

Originally Posted by Charles

I'm not sure I can answer your question but I'm glad you brought it up. About the employment opportunities vs. population growth...Wouldn't the employment rate be an indicator of whether these two metrics are harmonized? Is the COS employment rate really that bad (I don't know myself).

My questions are in the same spirit but from a different angle. I wonder what is going on with the quantity of homes being built on and around Marksheffel, Powers, Briargate, etc. What about the massive Banning Lewis Ranch? Who do the developers expect to purchase these homes? Ex-Californians? Fort Carson troops? Did the developers coordinate with employers who might be re-locating or opening shop here??? I do know that Northrop Grumman and the Aerospace Corporation (and maybe others) are going to have offices near the COS airport. I would think that with the amount of capital, planning, and politics required to build all these housing developments these guys would have done their homework. On top of that, look at the two new beautiful hospitals being built on the north side. Someone expects (expected) the region to grow to support those services. Same argument for all the retail and amenities being constructed now or are planned on being constructed. The same questions apply to the Monument area too.
I'm no expert, maybe this rate of house building is normal. Maybe people actually are moving here to buy these homes - it's hard to tell from just driving down the road. It just seems that a lot more homes are being built than there are customers. Too much supply? We also have been reading about the slowdown in the construction industry.

[CalifDreaming]

Thats a good article Charles. Its scary until the end where it says that things should get better in 2008 and that its a buyers market. I hope that buying a home here will not be the worst financial mistake to date for us but at our age lat 40's and 18 years from retirement I think that a home is still the best thing we could do for ourselves.

Originally Posted by Charles

More insight into this from today's Gazette;

Housing slump sticking around

[Vision67]

Originally Posted by MattDen

I was wondering being a Colorado Springs native, I dont live there now. The city of Colorado Springs has alot of great things: its clean, nice climate, good-well maintained libraries, great parks, close to the mountains and also a unique, pleasent downtown. Colorado Springs does have its advantages

It does however seem to be going down-hill big time economically. It seems like since about 2001 the Colorado Springs area just hasnt been able to attract enough employment oppurtunities considering the population growth.

Which wouldnt be so bad but it seems like Colorado Springs seems to be getting an ever higher-concentration of families on the northside of the city, it seems like before Colorado Springs was more of a military-retiree city rather then a family-city.

In my opinion Colorado Springs doesnt have the economic base for people to have large families it should go to its roots of being a retiree friendly community. City government should do all it can to discourage families from moving to Colorado Springs and encourage retiree's to move to Colorado Springs.

It just doesnt seem like Denver, Colorado Springs has the economic base to have large numbers of large families living in El Paso County

It is indeed discouraging that many high tech jobs vanished from Colorado Springs within the past 5 years. At its peak, the HP/Agilent factory on Garden of the Gods had about 3000 employees; it's now below 500. The manufacturing jobs went to Malaysia and they will never return. The Intel plant closes in August, so another 800 jobs go poof!

The real strength is in the Defense business. Those jobs require a security clearance and they cannot be outsourced. Luckily, the sector is growing.

The other opportunities lie in those businesses that provide the goods and services to the local military and defense contractor workers.

One other trend I've noticed is people who do their own business via the Internet. They can live anywhere, quite a few do live in Colorado Springs.

It's too bad that manufacturing is gone, the future jobs belong to those with excellent education that facilitates generating value.

[Momto4]

I don't mean to hijack this thread, but this information is very interesting and also brings concern to me. We may move to CS next summer. How our the school systems being affected by these changes? What about jobs for teachers? Are these going away, too?

Let me explain what I mean by this: Here in Thousand Oaks, the economy is doing "well" I believe, but it has become too expensive for many young families to stay/move in and the current population of kids is growing up and leaving the school system. Therefore, there is currently a lack of teaching jobs for many new teachers and they are now discussing school closures in the next 2-3 years.

If many are moving away from CS, are school closures (and teacher layoffs) a possibility? I am concerned because dh is middle school science teacher and his ability to find and keep a teaching job would be crucial for us.

[Vision67]

There is still a lot of growth tied to the Military bases and contractors. Several new schools are being built.

With a median house price of about $220K, CS is still relatively affordable for young families.

I think a middle school teacher would find opportunities here.

[roastedbeans]

Sometimes I wonder, surfing through this sea of unending houses, where everyone is working? COS seems like the bulk of the city is residential tract upon tract next to even more tract homes. Is there some hole 100k people drive into every morning?

Yes, we are seeing prices decline in the real estate sector. Homes are sitting and entire areas have seen a downward correction in median pricing. New home builders are trying to stop the bleeding and hold pricing level by offering insane incentives--$20k for appliance upgrades anyone?

This city also does have a short supply of diverse employers offering family sustaining jobs (I would classify as $55k+). Outside of gov't contractor firms, best success trying to find a good paying job private sector. And don't let mammoth named employers lead you to believe they pay fair wages-- fair if you are happy living p-check to p-check on a $150k mortgage.

c:hris