Your Favorite Listings




Create Profile   Lost Password?




Create Profile   Lost Password?

Nancy Murray, Realtor®
with Keller Williams Clients' Choice
Direct: 719-964-4810
Office: 719-357-6320
Fax: 866-748-9878
Email Nancy

Academy School District 20 Homes - More Reasons To Live In Colorado Springs

Another Good Reason To Live In Colorado Springs!

I was recently asked by two non-local buyers why we settled down in Colorado Springs. It was a very easy conversation. At the top of our list are the schools in Academy School District 20, the climate, our neighborhood (Pine Creek), our house (main level living) and an incredible view.

Well, now we can add one more to the list - an improving real estate market.

CNN Money recently published an article - Housing Market - Best Recovery Bets and it is no surprise that Colorado Springs is #8 on the list.

Additionally, today I attended a meeting sponsored by our local MLS, Pikes Peak Association of Realtors® (PPAR). The guest speaker was the Chief Economist for the National Association of Realtors (NAR), Dr. Lawrence Yun. He talked candidly about the economy, the national real estate market, and the local Colorado Springs housing market. Below is a summary of some of his main points.

Businesses - are saving more than they are spending. With the uncertainty in the economy, taxes, and health insurance, businesses are holding on to their profits. The economy will not improve until the businesses start to spend their profits, which will not happen until the Washington politicians move out of the way and stop regulating the different businesses.

Jobs - this year the nation lost 8 million jobs and created only 1 million. At this rate, the economy will not improve. If 2 million jobs are created annually, and the job loss slows down, then it will take over 6 years to recover. Garden of the Gods The job market for Colorado Springs is at the same level as year 2000. From 1990 to 2000 Colorado Springs had tremendous job growth. Long term job growth for Colorado Springs is about twice the US average.

Home sales - today are at about the 2000 level for the nation, but it is showing signs of improvement. As jobs are created, home sales will improve. Home sales for Colorado Springs are improving, while the nation stabilized at 0.2% growth the past year, Colorado Springs showed a 5% growth.

Home Prices - stable for the nation and Colorado Springs since late 2008.

Default rate - Colorado's default rate is lower than the national average.

New construction - nationally at a 40 year low. The problem is that the builders can not get financing for their projects and inventory homes. If this continues, Dr. Yun predicts that we could be facing a housing shortage in 3 years, which translates to a seller's market.

Home price to income ratio - with the reduction in home prices, the price to income ratio is back to normal. In February 2006, I attended the Keller Williams Family Reunion, and I remember very clearly that our founder, Gary Keller, stated that "the ratio is out of whack and needed a correction, so we could anticipate a bursting of the bubble with prices becoming more affordable for the typical buyer." That is exactly what happened. With lenders being more cautious today than they were in 2005-2007, we can anticipate more modest appreciation.

Rent - anticipated to go up at a higher rate than in the past due to the increased demand as a result of mortgage defaults. Dr. Yun reported that a co-worker of his in Washington DC, recently bought a home because their rent was going up 20%. Now, in the Colorado Springs area, we don't anticipate this type of rent hike, but a more modest increase of 6-10% may encourage renters to become buyers. Those renters who can buy, should conduct their own Rent vs. Own analysis.

Future of Frannie and Freddie - restructuring is a must. There is a need for government backed mortgages. NAR has recommended that the government back the simple 30 year fixed mortgages. All other less traditional types of higher risk financing should be on the private market allowing the private market to assume the risk and benefit from the profits of higher mortgage rates. Dr. Yun believes that eventually, this is what will be approved.

Mortgage Interest Deduction - has been in place for 100 years and for the third year in a row, has been a target of the politicians. NAR is fighting this tooth and nail. If government eliminates the mortgage interest deduction, Dr. Yun predicts a 15% reduction in home value resulting in wealth destruction for those that are relying on the value of their homes for retirement. The 2011 President's Budget, delivered 2/15/2011, eliminates the mortgage interest rate deduction for "only the wealthiest." Dr. Yun anticipates this to be voted down for a third time.

By Nancy Murray

Murray & Associates, Keller Williams Colorado Springs

Nancy@academydistrict20homes.com

Find us on Google+

Homes for Sale in Academy School District 20

Modify Search Criteria

12795 Oak Cliff Way
Colorado Springs, CO 80908
Black Forest Estates
Residential

MLS# 5091562 / Active
6 br, 8.00 ba, 15643 sqft

 

More Details

$7,700,000
Provided courtesy of Tim Clark of LIV Sotheby's International Realty

1814 Vine Cliff Heights
Colorado Springs, CO 80921
Flying Horse
Residential

MLS# 8630327 / Active
6 br, 9.00 ba, 10862 sqft

This Mediterranean Architectural Beauty Is Located Within The Gated Confines Of One Of Colorado'S Premier Resort Communities. Complete With Champio... 

More Details

$3,390,000
Provided courtesy of JoAnn Gadkowski GRI CRS ABR of Berkshire Hathaway HomeServices Rocky Mountain

1664 Vine Cliff Heights
Colorado Springs, CO 80921
Flying Horse
Residential

MLS# 9928754 / Active
5 br, 8.00 ba, 9333 sqft

Palacial Tuscan In The Gated Flying Horse Golf Community. Uniquely Designed & Masterfully Built This Residence Has So Many Intricate Details One Si... 

More Details

$3,385,510
Provided courtesy of David Moore of Flying Horse Realty LLC

14350 Millhaven Place
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 1100763 / Active
6 br, 8.00 ba, 11696 sqft

Exquisite 6 Bedroom, 8 Bathroom Home With An Oversized 5 Car Garage. Custom Built For The Most Discerning Buyer That Desires Luxury And Comfort. Th... 

More Details

$2,500,000
Provided courtesy of George GRI of The Platinum Group

12840 Bridle Bit Road
Colorado Springs, CO 80908
Bridle Bit Ranch
Residential

MLS# 5007446 / Active
5 br, 7.00 ba, 7829 sqft

Charming French Country W/spacious Main Level Living. Designed By Acclaimed Architect Bennett Strahan. Built By Larry Gregoire. No Expense Was Spa... 

More Details

$1,789,000
Provided courtesy of Rebecca Gloriod of Berkshire Hathaway HomeServices Rocky Mountain

4260 Foxchase Way
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 2256071 / Active
4 br, 4.00 ba, 6003 sqft

This Beautiful Estate Property Sits On One Of The Best Lots In Cathedral Pines. Impressive Custom Ranch Plan On 2.5 Heavily Treed Acres Backing To ... 

More Details

$1,599,000
Provided courtesy of Edward B. Blalock GRI ABR of HomeSmart Realty Group

13251 Vollmer Road
Colorado Springs, CO 80908
Residential

MLS# 3888249 / Active
2 br, 2.00 ba, 4487 sqft

Private One-of-a Kind Southwest Style Home Perched At The Forest Edge With Incredible Views To The Se. Finished In 2000 And Loaded With Quality An... 

More Details

$1,450,000
Provided courtesy of Douglas H. Barber CRB GRI of The Rawhide Company

13595 Winslow Drive
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 8332236 / Active
6 br, 7.00 ba, 6220 sqft

The Stately Grandeur Of Villa Siena, A New-construction Custom Open Floorplan Estate Located In Highly Desirable Cathedral Pines, Is Perfectly Situ... 

More Details

$1,395,000
Provided courtesy of Elaine Cawlfield of Villagree LLC

14920 Roller Coaster Road
Colorado Springs, CO 80921
Sun Hills
Residential

MLS# 9249732 / Active
6 br, 7.00 ba, 7920 sqft

Spectacular All Brick Three Level Georgian Mansion, With Usable Lawn And Fabulous Outdoor Living Spaces On 10.77 Acres Of Private Woods, And Views... 

More Details

$1,395,000
Provided courtesy of Stephen Kenney of Kenney and Company

5545 Vessey Road
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 9925321 / Active
4 br, 6.00 ba, 6024 sqft

Cathedral Pines Custom Home On 2.57 Acres! The Exquisite Craftsmanship And Attention To Detail Are Evident Throughout This Beautiful Custom Home. ... 

More Details

$1,395,000
Reduced -$30,000
Provided courtesy of Kevin Patterson CRS GRI SFR of The Patterson Group

14390 Millhaven Place
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 2198305 / Active
5 br, 6.00 ba, 8781 sqft

Main Level Living With Fabulous Views. Many Quality Custom Features, Gorgeous 2.51 Acre Lot In Cathedral Pines, Heated Driveway, 5 Car Attached Gar... 

More Details

$1,375,000
Provided courtesy of Missy Campbell GRI CRS ABR of The Platinum Group

7835 Sublette Road
Colorado Springs, CO 80908
Corinado Estates
Residential

MLS# 9994492 / Active
4 br, 4.00 ba, 6383 sqft

Spacious & Elegant Log Design On 10+ Acres*privacy Galore & Horses Ok*enter Into The Slate Foyer Featuring A Jaw Dropping Atrium Soaring Upward 3 F... 

More Details

$1,300,000
Provided courtesy of Dean Weissman of The Platinum Group

14645 Sterling Road
Colorado Springs, CO 80921
Sun Hills
Residential

MLS# 8558903 / Active
5 br, 5.00 ba, 7882 sqft

Welcome Home!!! True Colorado Living In This Amazing, One Of A Kind Custom Built Home In Gleneagle. Expansive, Open Floor Plan Throughout With A Ma... 

More Details

$1,300,000
Provided courtesy of Robert VanDerbur of Coldwell Banker Residential Brokerage

4455 Foxchase Way
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 5295928 / Active
4 br, 6.00 ba, 6244 sqft

A Dizzying Array Of Detail Awaits. A Chef’s Kitchen Perfectly-designed For The At-home Chef With Double Viking Ovens, Viking Microwave, Six-burne... 

More Details

$1,275,000
Reduced -$20,000
Provided courtesy of Benjamin Day of Selley Group Real Estate, LLC

13835 Holmes Road
Colorado Springs, CO 80908
Harrel
Residential

MLS# 7720372 / Active
6 br, 6.00 ba, 6068 sqft

Beautiful Like New Stucco & Stone Home On A Walk Out!6 Bedroom,6 Baths!master On The Main + Additional Bedroom On Main W/t Separate Entrance.(could... 

More Details

$1,275,000
Reduced -$50,000
Provided courtesy of Terri Strecker of RE/MAX Properties Inc

1270 Rangely Drive
Colorado Springs, CO 80921
Sun Hills
Residential

MLS# 2587490 / Active
7 br, 9.00 ba, 6979 sqft

Fabulous Custom Home On 5 Acres With Unobstructed Views Of Pikes Peak, Garden Of The Gods, The Front Range And Sparkling City Lights. The Property ... 

More Details

$1,250,000
Reduced -$125,000
Provided courtesy of Mary Ellen Lynch CRS GRI of RE/MAX Advantage Realty, Inc.

4335 Foxchase Way
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 7266114 / Active
5 br, 5.00 ba, 5814 sqft

Gorgeous Craftsman Estate And Former Parade Home In The Highly Coveted Cathedral Pines Community Nestled In Black Forest. This Immaculate, Profess... 

More Details

$1,199,000
Provided courtesy of Donny Coram GRI MRP SFR of Keller Williams Clients Choice Rlty

2336 Rainbows End Point
Colorado Springs, CO 80921
Flying Horse
Residential

MLS# 2659962 / Active
4 br, 5.00 ba, 4898 sqft

Stunning Custom Home In Private Gated Flying Horse Community On Gorgeous .9 Acre Lot! Upgrades And Custom Touches Throughout. Grand Entryway Leads ... 

More Details

$1,150,000
Provided courtesy of Bill Sojourner of Walston Group Real Estate Inc

1777 Redbank Drive
Colorado Springs, CO 80921
Flying Horse
Residential

MLS# 4517685 / Active
5 br, 4.00 ba, 4981 sqft

This Perfect Home Is Located In Desirable Flying Horse Neighborhood Has Beautiful Views Of Golf Course And Mountain Range! This Community Has It Al... 

More Details

$1,149,000
Provided courtesy of Ken Westfall of Westfall & Company Marketing & Management Group In

13845 Staffshire Lane
Colorado Springs, CO 80908
Cathedral Pines
Residential

MLS# 4316140 / Active
4 br, 6.00 ba, 5520 sqft

Incredible Turn-key Estate Located On 3 Acres In The Prestigious Neighborhood Of Cathedral Pines In Colorado Springs. Tall Treed Lot With Multiple... 

More Details

$1,100,000
Reduced -$100,000
Provided courtesy of Jean ABR of RE/MAX Properties Inc

10957 Silver Mountain Point
Colorado Springs, CO 80908
Black Forest Reserve
Residential

MLS# 9617412 / Active
5 br, 5.00 ba, 5981 sqft

This Custom Built Home Is Unbelievable! Walk Thrgh Thermatru Dble Frnt Doors And See To The Left Glass Champagne Bubble Chandelier Spanning 3 Level... 

More Details

$1,099,000
Provided courtesy of Chris Freeman of Keller Williams Partners

Broker Reciprocity The real estate listing information and related content displayed on this site is provided exclusively for consumers personal, non-commercial use and, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information and related content is deemed reliable but is not guaranteed accurate by the Pikes Peak REALTOR® Services Corp. Last updated on 08-21-2017 7:06am 11:30am est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.