Now is the perfect time to carpe diem! Strike while the iron is hot. The currently low-interest rates are helping everyone who dreams of Colorado Springs, Colorado real estate with special features on a gorgeous lot. The truth of the matter is that a wide variety of our Colorado Springs CO luxury homes are languishing on the market right now in a buyer’s market. If your family can afford to purchase that million dollar real estate in Colorado Springs with the larger square footage, top-notch amenities, and acreage near Pike’s Peak and the Colorado Rocky Mountain range, there are deals to be found.
Where are these homes? Many people look to gated communities and communities with amenities such as pools, country club access, golf courses, low maintenance, and private roads. Three of 29 homes listed at $1M+ have sold of Black Forest’s real estate. Others are going up in Cathedral Pines. Kissing Camels and Cedar Heights on the northwest side of the city feature spectacular views of the Garden of the Gods.
However, the ever-popular southwest side of town, near the luxurious 5-star Broadmoor Hotel, is the prize for many people in the region. Most of our $1M+ sales take place there. In addition, west of Interstate 25, expensive $500,000 lots eventually see multimillion-dollar homes with panoramic views of the Front Range.
The Pikes Peak Association of Realtors counted up almost 200 homes to choose from. Generally speaking, our market would take over two years to sell that many pricey homes. In contrast, two hundred homes in range of $200,000 to $249,000 normally sell in seven months. All together there were a record 6,576 listings in May 2007 and sales percentage rates were going down.
And, believe it or not, homes priced over the $1M—in the $2M+ category—are selling quite well. Between rising prices for building and land lots, $2M doesn’t buy what it did ten years ago. But with the rising income, stock market successes, and increasing number of millionaires, suitable housing is always in demand in our beautiful and centrally located city. People moving here from the coast look at our options as very affordable in comparison to what they have seen back home.
Back to the bargains: Sellers who have had to move because of circumstances continue to pay the maintenance and taxes on their nice real estate and many would rather see the home appreciated by new owners than to sit any longer waiting for top dollar. One such home sat on the market for five years and finally sold for two-thirds the asking price.
Though people are generally not going to give away their real estate investment, there are some properties including those offered by builders that must move sooner rather than later.