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Old 08-16-2007, 10:26 AM
 
609 posts, read 1,873,591 times
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Has anyone noticed a drop in single family home prices. Has it affected Colorado Springs like other parts of the country??
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Old 08-16-2007, 10:30 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 80,751,010 times
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Quote:
Originally Posted by gregandvicky View Post
Has anyone noticed a drop in single family home prices. Has it affected Colorado Springs like other parts of the country??
I think yes to both questions but things are worse elsewhere:

The Denver Post - Housing-resale jitters
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Old 08-16-2007, 03:18 PM
 
609 posts, read 1,873,591 times
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Charles,
Great article. Makes me want to wait awhile to move anywhere. I am in central Texas and prices have held about the same.
Thanks
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Old 08-17-2007, 12:50 AM
 
Location: Colorado Springs
9 posts, read 28,689 times
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Here are a couple more articles on the subject that might help out...
Home prices drop for fourth straight*quarter* - Aug. 15, 2007
Rocky Mountain News - Denver and Colorado's reliable source for breaking news, sports and entertainment: Real Estate (http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_5674124,00.html - broken link)
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Old 08-17-2007, 12:25 PM
 
Location: Colorado Springs, CO
53 posts, read 417,321 times
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Default Home price drops

I'm a real estate appraiser here in town. According to the National Association of Realtors, the Colorado Springs Metro Area continues to appreciate very slowly. The growth for 2nd quarter 2007 over last year is 1.4%.

http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/$FILE/MSAPRICESF.pdf


Of course, that means nothing for an individual house or neighborhood. That is an area wide snapshot. You need to talk to a good real estate agent or appraiser to check a specific property.

BTW Denver price do continue to decrease. Marketing times for selling a home are also generally longer because there are far more homes on the market than there were a year ago.
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Old 08-18-2007, 05:43 PM
 
Location: Larkspur, Colorado
226 posts, read 1,247,107 times
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The three most important factors in real estate are Location, Location, Location. The holds true with appreciation and depreciation. The media will provide averages for the country, state or city, but they are overall irrelevant. Real estate prices are neighborhood specific. If you are looking in a highly desirable neighborhood with limited inventory prices are going to increase. If you are looking in a slum where people don't feel safe prices will plummet (if they haven't already).

Have your Realtor pull year-to-date sales figures in 2007 compared to the same time period in 2006 for each neighborhood you are considering. It will be very easy to to determine how desirable a neighborhood is and if it is appreciating or depreciating.
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Old 08-19-2007, 12:48 PM
 
24 posts, read 83,773 times
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From PPAR for July 07 vs. July 06:
Average sales price rose 3% from $250,915 to $258,432
Median sales price rose 2.5% from $214,450 to $219,900

So despite the huge inventory growth remains decent in the Pikes Peak region. One poster put it best with location. If you are looking in the hot areas, i.e.. Broadmoor, Flying Horse, etc.. expect to see good growth.
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