Colorado Springs Home prices (2013, new house, construction)

[YoYoSpin]

I think the local seller's market for homes priced below $350k is explained by this...you cannot buy a new freestanding single family home anywhere in the Western USA for less than $300k - $350k. Single family home builders are pretty much exclusively making $400k and up homes these days.

But, it also works in the other direction. Just have a look at pre-owned homes in the $400k to $700k range, who are having to compete directly with new home builder prices. Pre-owned homes in that higher price range (Briargate, Flying Horse, Wolf Ranch and Cordera for example), are not selling quickly. For those neighborhoods, pricing is heavily influenced by new home builders...and our local governments who keep issuing tons of new home building permits.

[jessicarae1060]

Originally Posted by little pink

I'm in one of those cheap homes. My home just went under contract yesterday, within 6 days, Stetson Hills, I bought it last June for 257K and it went for 274K . I am so grateful because I believe that I had overpaid for this home . Homes in this price range will always sell quickly , I am downgrading and have a cheaper shanty under contract in Tennessee LOL ~

The only thing I would be concerned about with this is that you will pay a high capital gains tax since you were in that home less than two years. It could be as high as 15%

[MountainEarth]

Man, I bought my little 1200 sqft cabin in Woodland Park for $124,150 back in 2000. Thankful that I've never had to move. It's really unfortunate the builders are not choosing to build smaller more affordable homes anymore, as it's really driving all prices up, especially on the little places. I moved to the mountains in my late 20s because I always wanted to live here. It really pains me that young people with a dream like I had then can't realize it now.

[abcdefg567]

Originally Posted by jessicarae1060

The only thing I would be concerned about with this is that you will pay a high capital gains tax since you were in that home less than two years. It could be as high as 15%

My post was above last summer, but we were in the same bracket & markup as pp and sold after 6 months...and the year prior.

You deduct cost to buy, cost to sell and any a allowable improvements (IRS has a guideline list, basically permanent stuff) so with that were only technically added around $15k to income and that is taxed at your regular rate. In that way, it wasn't, "worse," then filing a 10-99.

Now, if you're actually flipping homes and making $100k+, you'd better put aside tax money.

[Vision67]

Colorado Springs home sales dip in May, but prices set record highs as demand remains strong | Colorado Springs Gazette, News


"The median price - or mid-point - of homes sold in May jumped to $317,250, up 13.3 percent on a year-over-year basis. Last month's price eclipsed the record of $305,000 set in April. May's average price of $355,927 climbed 11.2 percent over the same month last year and surpassed the record of $348,527, also set in April.

- Homes for sale totaled 1,885 in May, up 1.4 percent over the same month last year. It was the first year-over-year increase in monthly inventory in nearly four years. Still, May inventories typically exceed 3,000 homes, based on Realtors Association reports.

The tight supply of homes for sale probably will discourage some buyers, who also might be priced out of the market as costs soar and interest rates rise, Van Wieren said."

With interest rates now rising and inventories dropping, the RE market could stall.

[YoYoSpin]

Originally Posted by Vision67

Colorado Springs home sales dip in May, but prices set record highs as demand remains strong | Colorado Springs Gazette, News


- Homes for sale totaled 1,885 in May, up 1.4 percent over the same month last year. It was the first year-over-year increase in monthly inventory in nearly four years. Still, May inventories typically exceed 3,000 homes, based on Realtors Association reports.

The tight supply of homes for sale probably will discourage some buyers, who also might be priced out of the market as costs soar and interest rates rise, Van Wieren said."

With interest rates now rising and inventories dropping, the RE market could stall.

I believe that builder's new homes are not included in these figures. If that is correct, all of these numbers are suspect and misrepresent the true situation. There are over 500 new $400k+ homes currently under construction/for sale in the Wolf Ranch/Cordera neighborhoods alone. Preowned homes priced over $350k, that have to compete with all these new builder homes, are not selling...period.

[abcdefg567]

Originally Posted by abcdefg567

My post was above last summer, but we were in the same bracket & markup as pp and sold after 6 months...and the year prior.

You deduct cost to buy, cost to sell and any a allowable improvements (IRS has a guideline list, basically permanent stuff) so with that were only technically added around $15k to income and that is taxed at your regular rate. In that way, it wasn't, "worse," then filing a 10-99.

Now, if you're actually flipping homes and making $100k+, you'd better put aside tax money.

Eta - unless you roll into a similar investment within 6 months.

At least we have the military to help keep inventory fresh. There's something like 4 families on our block of 12, who all bought in the last 1-4 years, moving away for their PCS orders.

[abcdefg567]

Originally Posted by YoYoSpin

I don't think builder's new homes are included in these figures. If that is correct, all of these numbers are suspect and misrepresent the true situation. Take a look around COS...preowned homes priced over $350k are not selling, period.

I'm seeing a lot of price drops even in the sub $350k segment, or price drops into it.

However, we were looking at new homes the past few weeks and every builder told us to list ours for a very high price, then drop it when we actually wanted to sell to get around their policies without moving twice. Wonder how many are doing this...

[YoYoSpin]

Originally Posted by abcdefg567

...every builder told us to list ours for a very high price, then drop it when we actually wanted to sell to get around their policies without moving twice. Wonder how many are doing this...

Sounds like a scam. From a new home builder's perspective, the best thing that can happen is for homeowners to list their preowned property at high prices...driving more buyers to the new home market.

[DrDog]

Originally Posted by abcdefg567

I'm seeing a lot of price drops even in the sub $350k segment, or price drops into it.

However, we were looking at new homes the past few weeks and every builder told us to list ours for a very high price, then drop it when we actually wanted to sell to get around their policies without moving twice. Wonder how many are doing this...

Some builders are requiring you actually sell current home before you can sign contract.