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Old 08-01-2013, 07:16 AM
 
Location: Memphis, TN
255 posts, read 709,120 times
Reputation: 180

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Cully, good point. It doesn't seem to be a road that is massively busy, just more busy than the other residential streets.

I just saw last night that they dropped the price of the house by $5000. Interesting...
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Old 08-01-2013, 08:19 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,691,842 times
Reputation: 33265
Quote:
Originally Posted by ckdub View Post
I just saw last night that they dropped the price of the house by $5000. Interesting...
Because 1923 N Franklin St, Colorado Springs, CO 80907 - Zillow is going to be a short sale. They bought it for $247K (market peak) and took out a $50K second and now are trying to sell for only $234K.

Last edited by davebarnes; 08-01-2013 at 09:26 AM..
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Old 08-01-2013, 08:57 AM
 
5,048 posts, read 9,585,378 times
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I was wondering about that. It could take longer to purchase but...if you have time, so what. Don't know the market there but love those 20s and 30s bungalows. If it is the one noted by davebarnes, what a cute area and right near the muni golf course.

Don't know why it's a short sale. Maybe too much money put into it and sudden loss of jobs.

Just be sure to have an inspection at least for your own sake to make sure any improvements are finished and up to code...or, if not, so you'll know what needs to be done.

That stop sign. Is there a consideration of any noise from vehicles stopping and starting?

Keep us posted.
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Old 08-01-2013, 10:33 AM
 
Location: Memphis, TN
255 posts, read 709,120 times
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Yes, that is the house. Where did you see that it will be a short sale, Dave? I haven't seen that yet on any of the MLS sites. Where did you see the additional $50k? We would have time to do a short sale, actually. We wanted to wait a few months after moving to buy, anyway.

Yes, we would definitely do an inspection to check for any issues. Not sure about the stop sign, but it seemed like a rarely traveled section of Franklin, so less noise.

Notice the kitchen?
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Old 08-01-2013, 10:36 AM
 
1,474 posts, read 3,565,090 times
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Colorado Springs is known as a "progressive city". I suspect the only reason the house is slow in selling is simply due to there not being that many buyers who can get into a mortgage with all the new rules and evidently the house is one bathroom which for a couple isn't bad but throw one or 2 children into that mix and it gets tougher. Seems like a nice place though the exact location is dicey. But, you go into a house because that is where and what you want to live in and not whether you can sell it in a few years. Act as though that is where you will spend the rest of your days. No one can predict any markets but CS will remain a destination of choice for a lot of people especially with the military presence in that area. Good luck.
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Old 08-01-2013, 10:49 AM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,691,842 times
Reputation: 33265
Default I guessed

Quote:
Originally Posted by ckdub View Post
Where did you see that it will be a short sale? Where did you see the additional $50k?
Look at the details on Zillow. "The owner of this property has been served a Notice of Default"
I was wrong about the $50K.
That was the first mortgage. Schedule Information, Assessor's Office, El Paso County, CO
So, Henry bought it for $247K with a $50K mortgage. Will not be a short sale.
He does not appear to live there.
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Old 08-01-2013, 10:52 AM
 
Location: Central Texas
20,958 posts, read 45,298,124 times
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Quote:
Originally Posted by Ollie1946 View Post
Colorado Springs is known as a "progressive city". I suspect the only reason the house is slow in selling is simply due to there not being that many buyers who can get into a mortgage with all the new rules and evidently the house is one bathroom which for a couple isn't bad but throw one or 2 children into that mix and it gets tougher. Seems like a nice place though the exact location is dicey. But, you go into a house because that is where and what you want to live in and not whether you can sell it in a few years. Act as though that is where you will spend the rest of your days. No one can predict any markets but CS will remain a destination of choice for a lot of people especially with the military presence in that area. Good luck.
We raised two kids in one bedroom homes for the most part (we had a two bedroom when the second one was a baby and the first was a pre-teen) and know quite a few people who did likewise. Even through the teenaged years. Never had any problem. That used to be the norm. Just for some perspective.
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Old 08-01-2013, 10:59 AM
 
Location: Philaburbia
41,882 posts, read 74,938,731 times
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There's a buyer for every house.

Does it even matter if resale is a problem? How long are you planning to live there?

And if traffic noise is a problem along the side, try building a buffer of shrubs and trees and/or a fence. They work wonders.

Quote:
2) We LOVE the idea of having a guesthouse for family, friends, etc to visit,
I think you just answered your own question.
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Old 08-01-2013, 03:02 PM
 
1,474 posts, read 3,565,090 times
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Quote:
Originally Posted by TexasHorseLady View Post
We raised two kids in one bedroom homes for the most part (we had a two bedroom when the second one was a baby and the first was a pre-teen) and know quite a few people who did likewise. Even through the teenaged years. Never had any problem. That used to be the norm. Just for some perspective.
I well remember the outhouse. Would not want that one again.
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Old 08-01-2013, 03:48 PM
 
5,048 posts, read 9,585,378 times
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I didn't know it was a short sale but I did find the house easily enough. Really cute looking. But, now, when you say resale..you're buying it for an investment to resell soon?

Always liked the practicality and yet warmth of the craftsman style. Shelves. That dining room window seat probably has storage inside or heating. The floors look great.

The kitchen. Is that a washer beyond the microwave? Looks like an ironing board behind the short door across from it. Some people have made those into spice shelves although I'm a bit of a purist with those things.

The bathroom...you can get those kits to extend the water up and use rods from the ceiling to support a shower curtain.

Love the crystal knobs. You can take the paint off the lock/knob escutcheons and restore them as good as new.

The kitchen. With historic homes you need to go old and then go up to the period. Rather than looking at it from today and going back.

The craftsman homes were made to have lots of great little things for storage. Storage was the new big thing. People had stuff. And they needed places to put stuff. And someone started to address that. So there are actually lots of drawers and cabinets in the kitchen for this period. You could continue the lower cabinets back under the side window.

From the pix I don't know if the oven is sticking out or backing to a wall and whether the door can open fully there. If that area is not needed for steps to a basement or something you could look into putting the exterior door where the...hate to destroy original items...but it you want a bigger modern kitchen you could put the exterior door where that ironing board cabinet is. Take off the current exterior door and keep it to move around. Wall up/put in more cabinets on that side/put in a built in double wall over/and, outside extend the outside area as more patio.

And save that cabinet you take out carefully. If you can't use it you could resell it.

What's the window over the sink like?

On ours we had a great square screen inside. Hinges on top. When you wanted to open the window you held the screen at the bottom, moved the botton to the ceiling area and hooked it on a hook there. Then you opened the crank windows.
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