Colorado Springs Home prices (rental car, to rent, chapel)

[1AngryTaxPayer]

Those bubble talks from a few years ago are a chuckle. Anyway, I lived in the Springs for 12 years. One option we have is selling here, buying two and renting one out. Compared to here the Springs is a bargain.

[Jobster]

Originally Posted by 1AngryTaxPayer

Those bubble talks from a few years ago are a chuckle. Anyway, I lived in the Springs for 12 years. One option we have is selling here, buying two and renting one out. Compared to here the Springs is a bargain.

If you purchase a house with the intention of renting it out, you could easily be underwater with your investment in the near future, particularly since retail is being squeezed considerably. How do you think your tenants will be able to afford the rent if they don't have a job?

The military is great, but even in the military, technology is beginning to replace human labor capital, and trend will continue, both in public and private sectors.

What do people think will happen when interest rates begin to normalize? Has anyone read the most recent global financial stability report released by the IMF, stating that 20% of US corporations at risk of default should interest rates rise?

This is a real and serious problem.

[Trump_Fan1]

Originally Posted by TCHP

You have just encountered the Colorado price premium. You now know the price tag of admission for a mountain view, low humidity, lots of sun, active lifestyle at altitude.

1100 people a month are moving to Cos. Rental vacancy is at 1%. Building starts are NOT at an all time high and construction is one of the lower tier employment sectors. This is a perfect recipe for a run up in prices.

Maybe look into Kansas were prices are falling. Then you are only a days drive away from vacationing in Colorado.

And days away from my house getting ripped up in a tornado. lol. But yes in all seriousness, there are some decent houses in western Kansas.

I also notice the REST of Colorado and the interior mountain areas are definitely cheaper, particularly Cortez.

[Trump_Fan1]

Originally Posted by Vision67

You are correct. Now, for $200K you don't get much here. Perhaps it would make more sense for you to stay in the South.

I was looking at Athens, Georgia -- 100k population, high density (which I like), close to the beautiful northern GA mountains, very vibrant community, nightlife, many award-winning restaurants, U of G is located there, reasonable weather.

And, of course, home prices are significantly lower. Not as low as most of the South, but way, way lower than the 'Springs, and as far as I'm concerned Southern homes are nicer than homes typically found in the West in terms of how they look architecturally (some of the adobe styles of New Mexico being the exception).

But GF loves the 'Springs so I guess we're headed there, at least to look at it. I'm curious to see how I'll feel about it.

[Trump_Fan1]

Originally Posted by Jobster

If you purchase a house with the intention of renting it out, you could easily be underwater with your investment in the near future, particularly since retail is being squeezed considerably. How do you think your tenants will be able to afford the rent if they don't have a job?

The military is great, but even in the military, technology is beginning to replace human labor capital, and trend will continue, both in public and private sectors.

What do people think will happen when interest rates begin to normalize? Has anyone read the most recent global financial stability report released by the IMF, stating that 20% of US corporations at risk of default should interest rates rise?

This is a real and serious problem.

I've got two rentals, paid for, but what you're saying above definitely concerns me.

Every metric really spells doom for the American economy, which has been teetering on a thread for years. I truly do not know how most young and middle-aged people "make it" when you look at wages, and job opportunities. More Millennials are living at home than at their own place, is something I read recently. So many people simply out of the workforce, off the rolls, no longer counted; I suspect many of these people are just living at home, being taken care of by family members.

[Trump_Fan1]

Some Americans ( a lot of them) are claiming disability because it is too difficult to find work and the state they live in "pushes" disability pay. And in the majority of the instances, the disability money is better than having to work for a living at 9 bucks an hour. If one has a hang-nail, they are disabled. It's that fraudulent. So, you have a country running on fumes, supported only by massive deficit spending and artificially low interest rates.

[TCHP]

Originally Posted by 1AngryTaxPayer

Those bubble talks from a few years ago are a chuckle.

Yup. Still remember when I bought my first townhome in Cos for $12k.

Originally Posted by Trump_Fan1

And days away from my house getting ripped up in a tornado. lol. But yes in all seriousness, there are some decent houses in western Kansas.

I also notice the REST of Colorado and the interior mountain areas are definitely cheaper, particularly Cortez.

FWIW, Colorado does get devastating tornados. Not the big F4/F5 monsters of Kansas, but we get them out east, along the Front Range, even up in the mountains and they typically will shred a string of houses when they arrive. We also have seismic activity, mostly in the southern part of the state, and devastating hail and wind, forest fires, and flash floods.

The thing about Colorado real estate is if its cheap, there is usually an underlying reason. Water -excess or too little to include rights of access to water, along with a host of natural disasters -snow slides, drought, flood, fire and man made issues such as run off from mining areas, mine subsedence, and ground water contamination all conspire to keep the good places up there in price and the cheap places left with issues.

How long has it been since your GF was in Cos? It may have changed enough to not be of interest to her anymore.

[Vision67]

Housing demand in Colorado Springs is fast and furious

Housing demand in Colorado Springs is fast and furious | Colorado Springs Gazette, News

The result: Some sellers routinely field multiple offers, especially if their single-family homes are priced in the $200,000 to $400,000 range; buyers must act within hours - or even less - to make an offer or risk losing the home; and both sides are seeing prices soar because of the furious demand and supply problems.

"We are experiencing something that I've never seen in this market before," said Joe Clement, broker-owner of Re/Max Properties and a 40-year real estate veteran.


This is getting sick.

[Trump_Fan1]

Originally Posted by Vision67

Housing demand in Colorado Springs is fast and furious

Housing demand in Colorado Springs is fast and furious | Colorado Springs Gazette, News

The result: Some sellers routinely field multiple offers, especially if their single-family homes are priced in the $200,000 to $400,000 range; buyers must act within hours - or even less - to make an offer or risk losing the home; and both sides are seeing prices soar because of the furious demand and supply problems.

"We are experiencing something that I've never seen in this market before," said Joe Clement, broker-owner of Re/Max Properties and a 40-year real estate veteran.


This is getting sick.

I would NEVER pay above-market (unless it was significantly priced too low).

Who are these chumps bidding on these? Sheesh.

[TCHP]

Chumps need living space after accepting their new job assignment.

In case you haven't noticed, CO is at a 2.9 unemployment rate. We have reached a point where there is more demand for workers than there are people currently here. That means people are moving here in droves, available units are low, bidding above asking becomes the norm.