What constitutes a “Deal”? I think this one is a question of perceived value. In other words how is the home priced to begin with. If the home is priced correctly, we are generally seeing offers starting in the 5% to 3% below list price range and sales prices from 2% to 3% below list price.

If on the other hand the home is excessively over priced offers can start in the negative double digits 15% to 20% below list. The attitude we are seeing from home buyers is, “Hey if you’re going to be unrealistic, so will I”. It’s almost like buyers are seeking some sort of justice or revenge for the hit they took when they sold their homes. It become important for the Buyers Agent to maintain a realistic/non-emotional perspective of how the home is priced in relation to the local marketplace.

Continue reading Important numbers for home sellers

One of the biggest maintenance issues we struggle with in the Tri-Lakes and Black Forest areas is gutter cleaning. This area features a lot of Ponderosa Pine and as these trees grow they lose a lot of needles, most end up on the ground but a lot of them end up in the gutters.

Gutters full of pine needles is becoming a big deal on property inspections. Gutters need to be cleaned regularly in order to avoid water damage, overspills and ice dams. Plus, dirty gutters create a breeding ground for carpenter ants, mosquitoes and other pests.

Continue reading My mind is in the gutter!

Google.com tends to be my first stop when I’m considering working with a new person.  A new website called pipl takes the idea a step further.  Unlike traditional crawlers like Yahoo and Google, the pipl search engines can access various public databases - from e-commerce to social networking to government records - and therefore generates a lot more hits. 

Look yourself up - you might find that there is more info on you out there on the web than you thought.  One drawback: search for a generic name (like, say, Chris Smith) and you’ll get a whole boatload of info on all the other Chris Smith’s out there.   [19 June] Ironic postscript:  As of today this page that you’re reading right now comes up on page 1 of a Google search for “Chris Smith”

Continue reading A deeper dive than Google

There has been a lot of press lately about the amount of recent foreclosure filings across the country, with extra fuel being provided by some famous (and infamous) celebrity homes entering the foreclosure process. But is this sparking flames on a fire that has already been contained? And, is all the hoopla justified?

Michael Jackson, the self-proclaimed “King of Pop” almost lost his infamous Neverland Ranch in California to foreclosure. (An investment company stepped in at the 11th hour and took over the loan) Jose Canseco, Ed McMahon, Rep. Laura Richardson of California and Evander Holyfield have properties that are in the foreclosure process. Some are financially strapped and can no longer afford their homes, while others are throwing in the towel and simply walking away.

Continue reading Celebrity Foreclosure Justice

Short Sales is one of the most popular terms in real estate today. What is a short sale? – It is the obtaining a property for a smaller amount than what is owed on it from the lender.

Because of recently declining prices in homes, banks and lending institutions are making more deals than they have in years making short sales a great opportunity for everyone involved. The huge increase in short sale activity is due to the increase in subprime lending and the Adjustable Rate Mortgages that were written over the last 5 years that are resetting at astronomical rates.

Because these homeowners are now unable to afford their mortgage payments and the homes are worth less than what they paid, they are looking for ways to avoid foreclosure and get out of a potentially bad situation. Enter the short sale….

Continue reading Oh The Wonderful World of Short Sales

North Colorado Springs is about to give way to the shops, restaurants, entertainment and hotels of two large commercial developments in the coming years. Interquest Marketplace has already enjoyed a successful opening, with the North Colorado Springs is about to give way to the shops, restaurants, entertainment and hotels of two large commercial developments in the coming years. Interquest Marketplace has already enjoyed a successful opening, with the Hollywood Theatres movie complex that was unveiled in May 2008. The two developments, Interquest Marketplace and Colorado Crossing, will be located catty-corner from eachother at the intersection of Interquest and Voyager Parkways. The developments will also house a 38 lane Brunswick Zone that will feature bowling and laser tag, a 10-story, 306 room Renaissance Hotel, several restaurants including MacKenzie’s Chop House, a gas station, banks, an townhouse complex, and shopping galore.

Continue reading Interquest Marketplace and Colorado Crossing:New Life For Northgate

The Black Forest market is generally one of the most desirable areas along the Front Range. Unfortunately, it has consistently showed up in the bottom quarter of our monthly “Absorption Rates” study. Given the natural beauty and desirability of this area we assume the issue is perceived market value a.k.a pricing.

It seems as though Realtors and Home sellers are beginning to get a handle on our new market realities. As we can see in the graphic below the Listing Price Line and The Sales Price line are slowly moving closer together. We will continue to track this statistic in conjunction with area absorption rate.

Continue reading Black Forest Average List Price vs. Average Sales Price 2008 YTD

Absorption Rate is defined as an estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied during a specific time frame.

The East MLS area holds strong in the #1 position for the third month in a row. While those “higher-end” areas consistently dwell in the single to low double digit range.

AreaAbsorption RateEast21%Powers19%Briargate18%Northeast17%Central16%Fountain Valley16%Southeast15%Falcon14%Northwest14%Ute Pass14%West14%Old Colorado City13%Southwest12%Black Forest10%Woodland Park10%Manitou Springs9%Tri-Lakes8%Northgate8%Peyton8%

Continue reading Colorado Springs Real Estate Absorption Rates For May of 2008

Real estate investors looking for a realtor in Houston should check out Eurika Coleman, a real estate professional that I’ve been working with for the past few years. 

It’s not my custom to shill for realtors, but I’ve often written in the past about building business relationships and how this is a key to successful investing - so I figure it’s time to give a some credit where credit is due.  Eurika is an agent that has helped me to maintain my sanity over the past few years. 

Continue reading Houston Realtor - property manager

The Colorado Springs Housing and Building Association is presenting their first annual Remodeled Homes Tour of Colorado Springs, June 14 & 15.

It is a way for this industry to put its best foot forward and show off a myriad of workmanship, new ideas and creativity in the remodeling industry.

You will have an opportunity to visit one on one with professional remodelers and their clients.

Continue reading Colorado Springs HBA Remodeled Homes Tour