Why Choose Colorado Springs? (Denver, Fountain: established neighborhood, to buy, to live in)

[Mike from back east]

Haven't heard much about the level of rape, rarely hear of them in the news.

Never hear anyone talk about crime at gym, stores, or neighborhood gatherings, does not seem an issue of concern.

New Commish set up a special squad to target high crime areas for certain types of crime, mostly in south side.

Aware that meth issues are of concern to police, seems to be on SE & SW parts of town. Users can be anywhere.

Not sure if there's a relation of meth use to various types of crime...

[Canuck_in_FL]

Thanks. Thats good to know.

Another question:

I know that CS is dependant upon the military/federal moneys. If in the '08 election, the Democrats take office and cut defense spending how do you think that will affect the housing market there. Is it worth waiting till early '09to buy (because of the abundance of homes that may be up for sale) with a decreased property value?

[Mike from back east]

Originally Posted by Canuck_in_FL

Thanks. Thats good to know. Another question: I know CS is dependant upon the military/federal moneys. If in the '08 election, the Democrats take office and cut defense spending how do you think that will affect the housing market there. Is it worth waiting till early '09to buy (because of the abundance of homes that may be up for sale) with a decreased property value?

My best guess is that Federal spending for the military will hold steady and may increase to repair the worn out gear, train new recruits, and keep the missile defense shield program going. Fort Carson is due to grow by almost ten thousand soldiers. The Army is spending a half billion dollars there to expand and improve the base and I don't think those decisions will be reversed. There is a $25B+ backlog of all sorts of maintenance in the Army.

The city has a good price point for real estate and is one of the most affordable areas of it's size. It has great climate and many other things going for it. I expect lots of retirees to come here. Builders are going strong, despite there being 6500+ properties on the market now, and very slow moving at that.

Hard to say what will be the effect if the DEMs regain total control, but if they roll back the Bush tax cuts to balance the budget, that will take a few bucks out of everyone's pocket, especially the wealthiest (high end homes) and may dampen sales. It could cause downward pressure on prices. Lots of people rent for a year so they can keep an eye on the market and figure out what's the best place for them. If the market starts heating up they can jump in quick and if goes down they will have a fine opportunity to get the house they want for less.

Interest rates could be a kicker, not sure what direction they will take, but most likely won't be down if inflation goes up and they want to cool it off by raising rates. If a recession/bear market should coming tumbling out of the blue, interest rates could be cut to stimulate recovery. Still, these are huge changes and the economy doesn't turn on a dime.

Millions of people have used up the appreciation in their homes, and if those homes go down in value it leaves no way to keep on spending. That could cool the economy, which is 2/3 dependent on consumer spending.

I think this city is a great place to come rent a year, if you can find a job. There is some softening in prices and this or next year may be good years to get a good home for a nice price.

[mimi12]

Hi Mike!
I am planning a trip in a couple of weeks and hoped you can refer to me a realtor (you mentioned a friend in this thread) that could help a first time visitor to Colorado with a home search!
Thank you so much for this thread! I feel like Col Springs is home already.
Being a native New Yorker, living in FLorida for 8 years, I am reluctant to move to the cold again. However, my husband is melting here and I think it is time to compromise! I think I might have been received my confirmation on this move when my 7 year old said yesterday she wished it was snowing!

[OntheMoveAGAIN]

Originally Posted by Mike from back east

I think this city is a great place to come rent a year, if you can find a job. There is some softening in prices and this or next year may be good years to get a good home for a nice price.

Don't I know it!
We had to leave a 3 year old home in Falcon last month due to my husbands job position. We have dropped our price 10K below what we paid for it and had put in >40K in landscaping and custom blinds eckkk
Fingers crossed it will sell soon.......

We loved living in Colorado Springs, the utilities were so reasonable, the communities were full of wonderful neighbors and IMO it was a wonderful place to raise children.

T,

[luvmycj]

Not sure if you are still around, but your question regarding a Raytheon in a small town...don't know how small you are talking but Aurora has a Raytheon.

[lorearch7]

The best time to buy is now we have a large inventory and homes are selling below market value, we are scheduled for an increase in troops (we have been waiting for them for a while..hence large inventory) great area to live and raise a family.

[bashep]

I think anytime in the next 5 months will be a good time to buy. Because most fall/winters are slow here, builders offer more incentives to get people to buy in those seasons. Also, re-sales are more negotiable too, because sellers know that things are slowing down and they are willing to do anything to get rid of their house. bashep

[Mike from back east]

Originally Posted by bashep

I think anytime in the next 5 months will be a good time to buy. Because most fall/winters are slow here, builders offer more incentives to get people to buy in those seasons. Also, re-sales are more negotiable too, because sellers know that things are slowing down and they are willing to do anything to get rid of their house. bashep

That's what we hear about incentives. Our realtor told us yesterday that builders now give concessions up to $80,000 on new homes, which kills resales.

She said her firm held open houses for 3 homes they're listing....and not a single buyer showed up for any of those houses - all weekend.

We've had 10 homes on the market here in Kettle Creek/Bison Ridge since spring and yet to see a SOLD sign on any. Seven are resales and three are new spec homes left over since last summer. That builder has to be hurting. Everyone we know with a resale on the market is cutting prices to compete against new homes.

With the continual tightening of credit that I read about in the papers, its harder to get a mortgage and that 'tight money' further reduce home sales.

People are hoping that several thousand Army troops due into Fort Carson this year will suck up a lot of the inventory, even if only as rentals. Our next door neighbor left town today for a job overseas, his house is on the market for up to 3 months, and if not sold at that time his realtor will put it in the rental market.

Summing up, COL SPGS right now is a good market for both buyers and renters.

[bashep]

Good points Mike. Also, what people/builder's need to remember is that most of the soldiers that are coming do not make the kinda money that can buy a $250,000-$600,000 home. So the Banning Lewis Ranch and the other new developments are going to continue to sit. Even if an investor buys a property to rent, most of those family can't afford to even cover his mortgage unless he puts ALOT down. bashep