Love this site -- some more questions for the CO pro's!! (Colorado Springs: for sale, real estate)

[CAtoCO]

First, I want to thank everyone who so generously takes the time to post all the valuable information that you do on this site-- it has been a HUGE help to us!!

We first looked at Colorado Springs in 2000--- before two kids!! We loved it then, wanted to move...... but "life" kept happening!! Now that we have a three and one year old, we want and need to move. The cost of living here is sooooo high-- and we have a decent chunk of equity in our home... so a move would be financially beneficial to us.

I have heard that its hard to keep a job there-- is this true?? My husband has 15 years experience in retail management. He currently works for Babies R Us. His company is willing to transfer him-- a voluntary transfer though. However as of the last new store update, both new stores are on hold- not sure if that has anything to do with the local economy or not.

We have had our hearts set on Colorado for 6 years now- have even traveled to several different states to make sure. We love the change of weather, the scenery, the schools, the leisure, outdorrs, etc etc....... but the practical side of us needs to stay real!!! Oh..... and we keep reading and hearing about the foreclosure rates being so high as well...... any truth to that?? Anyone know why???

Thank you soooo very much for any info!!!

Amy

[bashep]

Hey Amy-

The economy isn't bad, but it has been better. Yes the foreclosure rate is high right now. I still think a Babies R Us on the northeast side of town would be great. I am surpised they put a hold on them, the northeast side of Colorado Springs is booming w/ retail space. However, it is also a really good time to move here, because it is a buyer's market. Let us know if we can help you out at all! bashep

[Dan6200alt]

High foreclosure rate is due, mainly at least, to a lack of regulation in the mortgage industry here in CO. A ton of thieves in that industry who convinced buyers to buy too much house or re-fi their mortgage beyond home owners means. That made it too easy for the Jones to keep up with the Jones when they really shouldn't.

[CAtoCO]

Thanks for the replies!!! That helps ease my mind! We love the Briargate and Northgate area!! We would like to stay in the $200-$275 max range-- is that realistic?? We want 4 bedrooms-- two living areas-- and a basement- prefer finished-- but hubby is handy so he can finish it if we needed to!!

Please keep the info coming!!

Amy

[Mike from back east]

Amy, use realtor.com to search for home in zip 80920 which is Briargate, and you'll find quite a bit in your price range.

s/mike

[BlueWillowPlate]

Originally Posted by Mike from back east

Amy, use realtor.com to search for home in zip 80920 which is Briargate, and you'll find quite a bit in your price range.

s/mike

My husband worked on Briargate (land planner.) He put his heart and soul into that project. Sorry, just had to share.

[Mike from back east]

Originally Posted by cil

My husband worked on Briargate (land planner.) He put his heart and soul into that project. Sorry, just had to share.

He done good. Very good. The area is amazing, wide boulevards, lovely homes, good food, affordable.

s/mike

[CSColorado]

Your price range is definately reasonable- not for something brand new, but definately for something pre-owned. -Carla

[CAtoCO]

We dont mind buying something pre-owned-- but not something that needs total renovation either--- been there done that three times now!! How old are we looking at?? 5 years??? Hmmm..... I do use realtor.com often... but until you see something its hard. We had our house for sale here for 7 months-- lowered the price by 70k... took it off the market...... decided we were going to Colorado Springs..... then started hearing negative things about foreclosure rates, local economy, etc.... so it scared us! But we LOVE the Colorado Springs area.....so just wanted to get some real information if you will from people that have first hand experience/knowledge. You all have helped a LOT!

So...... overall here is a brief scenario about us...... young (almost 30), two small kiddos, decent amount of equity (250-300k)..... transferrable employment, hmm what else.... we want something just plain better than life is here. This place has become crowded, full of rude people that thinks the world owes them something, crazy expensive to live, schools that have teachers teaching on emergency credentials(not outta school yet).... kindergarders in school til 2 pm.... 36 kids to a class. etc etc etc..... I could go on and on. So... I think we can make a very big change in the way we live day to day life and on the overall life situation. Do you all think Colorado Springs is the place to go??? Will we make money on our home?? What about buying and selling real estate?? Like flipping houses? Is that a possibility??

Again-- thank you SOOOO much for all the help!!

Amy

[Dan6200alt]

I think you'll definately like the Springs (what people here call Colorado Springs) much more than were you are. Its a pretty nice place. However, remember that no place is perfect. It sometimes feels crowded, traffic exists, and there's rude people everywhere, just less than what I imagine you're used to. All in all, however, it is a great place.

As far as real estate and flipping...I am no expert, but I think its safe to say that you won't LOOSE money on a purchase here, in fact you probably will make money, at least equity, here. But thats a long term (a few years) deal. Might make a little fairly quick if you find the perfect situation. Realize it is definately a buyers market here currently. I have never flipped a house, so I really have no experience to go on here, but I hope you aren't watching too much HGTV and Discovery Home in why you mention flipping.

By the way, it was absolutely beautiful here today (Castle Rock-north of the Springs). High 70s with a stunning view of snow-capped Pikes Peak. WOW!!