Colorado or Bust!!!! (Colorado Springs, Cripple Creek: rental, mortgage, home builder)

[osugirl2]

Hello all,

I'm trying to run all the scenarios on transfering to Colorado Springs from Oklahoma City. I graduate next spring and work for the Air Force, therefore I would be transferring to Peterson AFB if I moved. How is the housing market doing there? I'm also a Realtor in OKC and compared to the nation we are doing pretty well as far as sales. I have no doubt that if I transfer it will be to Colorado Springs, and I know I want to live west of the actual city (closer to the mountains around an hour commute is fine with me) How are the communities of Cripple Creek/Florrisant/Divide? Cripple Creek Mountain Estates appear to offer the most house for the money if you will, plus since it's north of the city it's a little bit closer to the highway going into the springs. My dillemma is this: Should I buy or build. Right now the prices appear to be down there. If I buy a home, it would have to be in a year or so because I still have living expenses here. If I buy a lot, I could begin paying on it now, and then find a home builder when I get there. If things don't work out, I could always sell the lot. Bottom line: are the low prices right now worth investing in a lot, or should I just wait until next year? Anyone's thoughts would be appreciated!!

[Mike from back east]

IMO, commuting from the Cripple Creek area to Peterson AFB on a daily basis is an outrageously bad idea. You'd be on the road a good 3 hours per day, much more in the case of snowy weather. In the winter you'd be driving each way in the dark. That sort of commute gets very old, very fast.

Consensus of just about everyone is that new arrivals to a city should rent for 6-12 months when they first get here, to explore at a leisurely pace and get to know the areas that appeal to you. That way, you buy when the market bottoms out, which it has not done yet. Right now, rental prices are very low compared to the cost of buying and are a real bargain. Bide your time and buy when it bottoms out, else you may buy too soon, your property may go down in value after buying it and could put you 'upside down' on a mortgage that may take 5+ years to move back up into positive territory.