2007 is winding to a close, and 2008 is about to begin. In Colorado Springs, that will be marked by the annual fireworks display atop Pikes Peak, put on by the Adaman Club, who climb up every year in the cold to entertain those of us who stay up late enough to watch.
There are a few highlights for 2007 here.
1. The roads got better, substantially. The Cosmix project, a major I25 freeway upgrade, is now complete. Time for the next round, but this was a biggy, and it feels pretty good driving I25 downtown from Briargate these days. The Woodmen / Powers interchange is a biggy as well, and while not yet complete, is already helping, especially the north /south flow on Powers.
2. The commercial expansion continues, and many new big box retailers have either already opened new stores this year, or are about to, including such names Costco, Target, JC Penny, Walmart and more. This makes the shopping choices, convenience and usually prices, better for all of us.
3. The Rockies making it into the World Series was a big regional boost, and while they did get swept, they put on a great show at the end of the season.

There are also a few things we'd like to forget about here:
1. The tragic shootings at New Life Church. After the painful events at the church of late 2006 (the senior pastor was fired in disgrace), this was a personal tragedy for a very faithful family, and a shock to the church and city as a whole.
2. The real estate market has been in the tank, down almost 20% from last year, and substantially more when compared with 2005, our peak year.
3. The Broncos also tanked, with only the 2nd losing season under Mike Shanahan

In 2008 we are looking forward to:
1. The safe return of thousands of troops to Fort Carson, and hopefully a major draw down of the over all force deployed in Iraq
2. Continued commercial expansion, with the opening of our first Costco and hopefully the new theater and entertainment complex at Voyager and Interquest
3. The beginning of the residential real estate recovery!

Happy New Year Everybody!

The snow storm we had been expecting never really materialized, and drifted off the to northeast without doing much here. Not that we couldn't use the moisture, but it is kind of nice not to have snow shovelling on my "to do" list today. The Palmer Divide, which is a ridge that runs east west on the northern border of El Paso County is a little famous as dividing line that diverts storms to the east, and it happened again. Usually when this happens we get a pretty large disparity of weather, with Monument and Black Forest getting a bunch of snow, and city areas of Colorado Springs getting little or none.

The new lending restrictions are starting to get annoying. I have 2 closings "hanging fire" that were delayed as a result of the tighter lending restrictions. For one, more documentation was required. The other, more down payment. Both were a little on the unusual side, but not weird deals by any stretch. A year ago, both homeowners would have been decorating their homes already.

Our white Christmas wasn't a big deal, but todays forecast is for a more substantial bit of the white stuff.
After hosting 3 parties (and attending a bunch as well) and have almost 30 people for dinner last night, a quiet and restful day watching the snow fall is sounding kind of good. It was really nice having so much family around this year. Many families start making Christmas in Colorado a habit once part of the family gets here, but my family is almost all here now, so the challenge is more who will host which part of the celebration!

The new Chilis at Union and Powers (behind the new Target) is finally open! Actually it opened 2 weeks ago, but we finally got to eat there yesterday. We love Chilis, because they always have something for everybody, they are reasonably priced, and the food is consistently good. This one also has a great view out the front, though I did not have my camera at the ready to share it with everyone.
Merry Christmas!

Yesterday's little snow storm was such a Colorado thing. Sunny in the early part of the day, the snow started around 2, and was done by around 10, with gorgeous sunny skies again this morning, and only an inch or so of light powder. Perfect lead in for Christmas! We don't actually get white Christmases that often. Last year was a big exception, with 3 big storms kind of back to back. For some reason, it can be cold and sunny, but right around Christmas Day we just don't get snow that much. The mountains continue to get theirs though, and I am looking forward to a chance to get up and see how it is!

Today's photo is my daughter Heather and I up at Copper Mountain last March.

Fort Carson just keeps getting bigger. The latest announcement (yesterday) is that a new brigade (just under 5,000 troops) will be posted here, bringing the planned headcount up to 30,000 within the next 5 years. Now keep in mind that we have been waiting for a couple of years already for the last contingent that was announced to arrive (they aren't really here yet), so this is great news, but for later. When they do arrive, it will be mostly through the Colorado Springs Airport and/or Peterson Air Force Base (they share the runways), and todays photo is the view from the airport that they will likely be seeing, taken last Saturday morning as we waited for a flight.

We just returned from the funeral of the Rachel and Stephanie Works, who were killed in the shootings at New Life Church on December 9. It was an amazing experience to hear of the impact 2 young girls had already had in their short lives. One of the girls had especially asked for us to remember Phillipians 4:6-7, which was read at the service and I will repeat here:

6 Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God. 7 And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.

About 4,000 people or so were there to support the family. The Works Family Fund at New Life (www.newlifechurch.org) has been set up for financial support for the family (David Works was also wounded, and was only released from the hospital yesterday). Many thanks for the outpouring of support for all of us here during these trying times. I have received a number of calls and emails personally, in addition to churches and individuals that have been praying for us and otherwise offering their support.

There's no place like home. But after 16 years here in Colorado Springs, homes is here, not where I was born, or where my parents live, or siblings, or old friends. Not that I don't enjoy visiting. We just returned from weekend jaunt back to Michigan, and while it was fun, we had great visits, renewed relationships, etc, it isn't home. It felt really good to get back to our blue skies, mountain vistas, warmer weather, drier streets, and our own kids we don't see enough of!
We flew out of the Springs this time through Chicago, and while it took longer due to delays at O'Hare, it was pretty nice being 30 minutes from home when we walked off the plane. As convenient as DIA can be for non-stops, the short drive is really nice.

Last night was the our "family meeting" at New Life Church, in the wake of the shootings on December 9. I have to say, I was proud of our church family. Despite the shock and grief that goes with such tragedy, the room was filled with people, hope, and courage. Pastor Brady Boyd summed it all up with his statement that "we will not be governed by fear", and his reading of Psalm 27:1-6 was so appropriate, I am including it here:

1 The Lord is my light and my salvation—
whom shall I fear?
The Lord is the stronghold of my life—
of whom shall I be afraid?
2 When evil men advance against me
to devour my flesh, [fn1]
when my enemies and my foes attack me,
they will stumble and fall.
3 Though an army besiege me,
my heart will not fear;
though war break out against me,
even then will I be confident.

4 One thing I ask of the Lord,
this is what I seek:
that I may dwell in the house of the Lord
all the days of my life,
to gaze upon the beauty of the Lord
and to seek him in his temple.
5 For in the day of trouble
he will keep me safe in his dwelling;
he will hide me in the shelter of his tabernacle
and set me high upon a rock.
6 Then my head will be exalted
above the enemies who surround me;
at his tabernacle will I sacrifice with shouts of joy;
I will sing and make music to the Lord.

We deliberately chose the east entrance of the church, where the shootings took place, to enter the church. This was in part because that is my most frequent area to park anyway, but last night it was also to confront the situation. The staff had done a marvelous job of repairs, and other than some new glass that still was taped off, you'd never know it had happened.

Todays photo is of a new listing that I took in Briargate this week. It is a great house with over 4,000 sf, central air, stucco, a view, and only $340,000, and while normally I don't post every house I list on this space (should I?), I thought some of you might be interested in this one. Click Here for Details on this house We also have a Visual Tour for this one that shows off the interior pretty well: Click Here for the Visual Tour See the remnants of our snow from the weekend? It's already melted off quite a it, but it makes for a nice Christmas feel to things!

The financial markets always surprise me. Because almost all major news is "discounted" in the markets before it happens (translation: bets are placed), when actual news happens like todays rate cut, the market seems to "flip out" if it doesn't match their bets (translation: lot of people were betting the Fed would cut rates by 1/2 % instead of the actual 1/4% they chose). No matter how you slice it, lower rates are good for real estate, so I'm happy. Well, almost. Mortgage rates actually jumped since last week back into the low 6's, apparently because some folks felt it would be better to own stocks than bonds when rates might be falling. Argh.
I'm not going to devote a lot of space to the morbid details of the tragedy we just experienced at New Life Church, but I have to say I was SOO proud of Jeanne Assam the security guard, and her brave action. Larry Bourbonnais also acted fearlessly, and between them saved a lot of lives. I know it sounds weird to have armed guards at church, but in the this day and age, it is the prudent thing to do, and virtually all large public gatherings have them. I for one, am reassured that our church leaders had that foresight. Tomorrow night we have a congregational gathering, and hopefully this will be a time for mourning and healing as well.

December 9 will live as a new day in infamy. Yesterday a lone gunman attacked out church after the 2nd morning service had let out. Although one of our security guards shot and killed him, it was only after he had killed one and wounded several people. One them died last night, the others are expected to make a full recovery.

Our son Daniel was in the building when this all happened, and we are very grateful to the staff that rushed through the buildings to evacuate everyone. He seems to be handling it all very well, and has made contact with his many close friends who were also on site at the time.

Little is known about the person who did this or why. I'm sure that as the facts unfold, we'll all have a better understanding of the situation. I am convinced that even this will not weaken our resolve as a church, as a community, and as a family, to live our lives without fear, to continue to be faithful in service to God and our fellow man, and not let tragedy define us.

We were not at the 2nd service because we had attended the early service. I had the opportunity to be working with some out of town clients on Saturday and again on Sunday. Todays photo was taken of one of the houses we viewed on Sunday in Black Forest. While I did not get a Pikes Peak shot yesterday, it was such a spectacularly beautiful day in the forest that I had to at least get a picture of the house and trees in the fresh snow.

The weather was kind of typical winter storm, with a little freezing drizzle and fog at the beginning to make it interesting. Many of our snow storms end as this one did, with incredible blue skies and a fairy land of light snow on the trees afterward. More snow is expected tonight and tomorrow, and the ski resorts are finally really getting their due.

Today is December 7, the day that lives in infamy. Pearl Harbor is a long way from Colorado Springs, and the 2 aren't really all that connected, except for perhaps the strong military ties. This year we had the incredible opportunity for our 25th wedding anniversary to visit Oahu, and see the Pearl Harbor Memorial. It was an incredibly moving experience, and I was slightly ashamed I had waited so long to see it. My father and one of his brothers served in the Marines in WWII, Dad on Okinawa and his brother Bill on Iwo Jima, and they rarely spoke of the horrors of it. Bill passed away last Christmas as the "greatest generation" slips one by one into memory. If you get a chance, see the PBS documentary by Ken Burns released this year, called simply The War.

The top photo is on the memorial over the Arizona itself. The 2nd one is of the Arizona Memorial, right, and the battleship Missouri, left, the beginning and end of the war in the Pacific, symbolically at rest in Pearl Harbor.

We went to see the Tran-Siberian Orchestra last night at the Colorado Springs World Arena. It was amazing! Our kids all chipped in for a great evening of dinner and a concert for our Christmas gift. The World Arena is really a great venue, big enough for a show like this, but small enough to feel like you actually saw it. TSO puts on an amazing show (the lights and pyrotechnics are almost as great as the music), well worth seeing. We followed the concert with dinner at Sonterra, and it was fantastic as well. The food was delicious, and the service excellent. Every time we have dinner downtown, we ask ourselves why we don't do it more often, it was really a nice evening.
While on the subject of local cultural events, I really should mention the Pikes Peak Center . My wife and her mother really enjoyed seeing the Nutcracker performed there a couple of weeks ago, and it is a great and more intimate setting than the World Arena. The Colorado Springs Philharmonic Orchestra calls it home, and they offer a wonderful range of performances.

After highs close to 70 degrees yesterday, 50 will feel cool today, but after all, it is December, and we really need some cool weather and precipitation these days.
I'm hoping the 5.75% interest rate will stick around longer than the warm weather, but that is not likely given how the stock market has come back today. There seems to be this theme that if more people have jobs, then we get higher interest rates. I won't complain, but is it too much to ask for low interest rates, low unemployment, AND low gas prices??? I know, of course it is, but I had to ask :-)
The new overpass at Woodmen and Powers is finally carrying cars. It will be a while before that project is completely finished, but just that little bit should help quite a bit, and will improve traffic flow for the neighborhoods east of there like Cumbres Vista, Banning Lewis Ranch, and the whole Falcon area, not to mention speeding up the flow those heading north and south on Powers to shop, see a movie, catch an airplane, etc. I'm sure the new Villa Sport recreation complex and the new Penrose Hospital won't be complaining when that is done either.
Speaking of Villa Sport, tomorrow is the opening, and WOW, is that place going to be nice! It really looks like an affordable version of the Flying Horse Club, and at a very strategic location. I have a closing later this month in Cumbres Vista, and the builder is including a 1 year membership. I think the clients are going to LOVE that one!

The monthly real estate statistics reports for Colorado Springs are out from the Pikes Peak Association of Realtors, here is a quick summary (comparisons are with November 06):
Single Family Sales, down 17.7% at 667 units
Average Price, down 3.9% at $252,074
Median Price (1/2 above, 1/2 below), down 3.5% at $207,500
Active Inventory, up 10.5% at 5,967

No doubt we are still in a real estate recession, but these numbers are not awful, all things considered, for a few reasons:
1. The median price is actually up slightly from last month, and virtually identical to November of 2005
2. The average days on market for homes that actually sold was only 96, and for El Paso County sales it was only 92.
3. The ratio of selling price to list price was 96.9%, and for some more popular areas such as Briargate and the East area, this was still over 98%.

With interest rates now into the 5's, we are beginning to get positioned for recovery. While this may last a little longer, the builders are not feeding the problem by building a lot of spec homes, and with a few tweaks from the government on FHA refinancing and rate adjustment caps on ARMs, this time will likely be remembered as the time "I should have bought".

Pikes Peak must have gotten at least a little snow off this last storm, it looked mighty fine yesterday from the parking lot at New Life Church, so I snapped this one before going in. It is hard to believe we are expected to be in the upper 50's and low 60's again for much of the week, this is December after all.

Yesterday was the unofficial end of the season for the Broncos. While not mathematically out of it, they are for all intents and purposes, out of playoff contention. 4 turnovers? Yikes!

I now have a serious urge to play hooky and go skiing. I like a minimum of 25 inches of base, and Breckenridge finally has it. It might have to wait a few more days because, after all, there is work to do, but it won't be long now.

Yesterday's paper showed that we are now at 3.9% unemployment in the Springs. That is a great number, and will hopefully fuel the housing market again.

Our wacky weather did it again. After ominous forecasts, "the big storm" tracked north and we ended up with almost 60 degrees and sunny. Fortunately the mountains really did get dumped on, and while I wish Summit County (where I like to ski) had gotten more, it definitely caught up some of the resorts at least.

Into the 5's finally! Interest rates are finally starting to reflect the rate cuts at the Fed and Wall Street's maladies. While it may not last long, today's quote of 5 7/8% with minimal fees is the first foray we've had in this territory in quite a while. They say you can't time the market, and while that may be true to a point, the timing is right to take advantage of these great rates!!
I got a little excited about the storm that is on its way here - until I heard the 30 inches of snow that is forecast is primarily in the southwestern mountains (the San Juans) and we along the Front Range may only get some freezing rain, or worse, some freezing rain followed by a little snow to make it really slick. For now we'll enjoy the sunshine.

Todays Pikes Peak photo is from one of my listings on the west side from several years ago.

Wall Street appears to be experiencing as many up and downs as our Colorado Springs weather these days. Today is supposed to get up to 50, but after seeing 16 degrees on the thermometer this morning, I'm not convinced! At least the sun is shining. After all, we are really getting into winter now, with some snow in the forecast for the weekend. It's had to believe how fast this year has flown by.
Wall Street's woes have finally started to be reflected in the mortgage rates, with yesterday's quote at 6% with no points, no origination, and easily bought down to the 5's with minimal additional fees. This is good news for the housing sector, and with potentially more rate drops from the Fed, who knows, 2008 may get back to a more normal housing market after all!
Statistics on our sales for November will not be available until next week, but inventory has almost dropped back to under 6,000 units, which is a big plus. While much of the drop can be accounted for as seasonal, it shows that a fairly sizable group of sellers at least have the option of not selling right now.

Holidays in Colorado Springs are not much different than in other cities our size. The annual cycle of holiday musical productions, the Parade of Lights, shop til you drop, eat until ..., finding a good day to put up lights, you know the drill. Probably adding a little uniqueness is that somewhere in there you have to find some time to get some early season skiing or boarding in. The mountains are still a bit dry, but with some colder temps, the manmade snow is starting to cover better, and I am starting to get the itch to go. Our own little bit of snow that fell just before (and after) Thanksgiving is gone, but they say we could get another dusting this weekend. Today will be a warm one, with a Chinook wind.

The little bit of "hope in Whoville" for the Broncos has pretty much gone with the painful loss to Chicago this weekend. Hard to believe the defense could crack so fast at the end of the game. While all is not lost, pretty much anything short of running the table is not going to cut it.

Todays Pikes Peak photo was taken a few years ago at one of my listings in Old Farm.

New construction here in the Springs has been a really big portion of our business for the last 15 years. Even in this slower year, a large percentage of my own practice has been new construction. Over the last couple of days I have spent a lot of time on new construction in the School District 20 areas of Cumbre Vista and Wolf Ranch, and my clients were really quite pleased with what we were seeing under $400,000. There are numerous "spec" homes available, both 2 story and ranch style, and lots of incentives.
How about those Broncos? After a dismal slump, at 5 and 5 they seem to have come back, and are actually tied for the lead in the AFC Worst, er West! With some key players coming off from injuries over the next few weeks, and a reasonable schedule, they could make this exciting yet.
Today is the "calm before the storm", literally. The skies are blue and the temperatures are nice, but a snow storm is supposed to hit this afternoon and maybe give us a white Thanksgiving. No complaints mind you, it has been really dry, and we could really use some moisture, not to mention the ski resorts could use some real snow!

The Thanksgiving holiday travel period has officially begun. Thanksgiving is one of my favorite holidays, especially for family gatherings. It seems a little less harried, expectations seem easier to meet, the food is always good, there is less "uptightness" in the air. Of course all of that changes the next day when the Christmas shopping season kicks in, but it is nice while it lasts.

This year all but one of our kids will be with us, and we lucky enough to have the grandkids join us as well. It is hard to hit all the holidays for some of our grown kids, because their spouses have families too, and they obviously should get a chance to see them. In addition, one of our sons works in a job that requires his presence over the Thanksgiving holiday, so we have had a harder time getting to see him and his wife for this holiday.

Some years we have travelled to see extended family ourselves, and while it is always fun, I have to say that Thanksgiving is a holiday I really like to be home for. Many of my clients and friends have family come here to Colorado for Thanksgiving, and some years it is actually a pretty busy work week as well, as I end up showing property to some who are considering making this their home instead of just a visit.

So the great migration for Thanksgiving begins again, where so many will drive or fly to renew family ties. It's a great thing!

Today's Pikes Peak photo is from the Gleneagle / Northgate area, taken a few years ago from one of my listings there.

Sometimes taking trip is a good way to remind you of how much you like where you are. This week I had a chance to go to Michigan to visit family. As great as it is to see family, the gray overcast skies are just not for me anymore. Back in Colorado, today was in the upper 60's and clear, and it just felt good to breath the air and feel the sunshine.

Todays photo is our state flower, the columbine, taken near Snowmass a couple of years ago in the summer. With such a summery day, it just made me nostalgic!

Today was our monthly sales breakfast meeting, where all 300 of the RE/MAX Properties agents gather to hear company statistics, get training, hear about new marketing programs, etc. One of the things I really like about RE/MAX, and especially our company, RE/MAX Properties, is that we aren't dragged into never ending meetings. It is very comforting to know our time is valued by the brokerage, and today was no exception. I won't go into a meeting summary, but one of the things that came out was our own companies efforts to help sell off some of the bank owned inventory we have, which is a very hot topic.
Just to dispel any misconceptions, the whole "distressed" property inventory (categorized as bank owned, foreclosure, corporate owned, short sale, pre-foreclosure, etc) in our MLS is only 11.6% of the listing inventory, so it is not as if a huge percentage of the homes for sale are really in this category. It was interesting to see however, that in October, this segment made up 18.8% of the sales. Even more interesting to me was that these homes sold on average 96.1% of the asking price, and the average time on market was only 67 days. The reason? They are usually priced to move right from the get go, so they don't sit long, and many buyers are interested in these, so they don't sell for so much less than asking price as you would think.

Todays Pikes Peak photo was taken at Memorial Park back in September.

It was nice to see the Broncos get back on track a bit this weekend. Not that I got to see it, since I was out showing property.
Saturday we were looking in up to the mid 500's, and it was nice to see so many quality choices. It was a little disconcerting to see how many were empty however. On Sunday we looked at homes in the 700's. It is interesting to see what constitutes value in this market, I saw some of the same cabinets in newer homes in the 500's that they had put into some in the 700's. Obviously cabinets are not the only thing that is different you jump price ranges, but I thought it was interesting.
The weather that has been so warm finally turned cold today, damp and 40's. While it is actually supposed to warm right back up again tomorrow, I suspect the seasonal cycle is finally catching up with us. Glad I cleaned and refilled my hot tub while the weather was so nice last week!

What is it going to take to get mortgage rates down? I had kind of hoped (naively) that the most recent rate cuts would begin to trickle into the mortgage market. Even with the stock market tanking this week (will it get back into the 12's before this is over?), we are still at 6.25%, which is great rate, but is the same as we were looking at before the Fed ever did anything. Home prices make this is a great time to buy. Maybe it will get even better?

Today's Pikes Peak photo is from a listing we had a few years back in the Vista Grande area. It was May, and there was still some snow hanging around on the top.

Colorado Springs is not as famous as it could be as a retirement community. But I see it growing, as more and more families flee higher priced urban areas, and parents and grandparents follow after coming for a visit. Today's photo was taken just yeterday (11-8) at Sunridge Retirement apartments, at Flintridge and Vickers, one of the high spots in the city. It happens to be where my mother-in-law lives (she moved here from California about 6 years ago), and their dining room (not where this shot was taken) has the best view of any restaurant in the Springs. Several things make the Springs desirable as a retirement spot.

1. There is reasonably priced housing


2. There is readily available, quality health care


3. We get lots of sun


4. Our winters are mild relative to a large portion of the country


5. Our summers are mild relative to a large portion of the country


6. Seniors are generally treated with respect here


7. Air connections are good for the travelling, active seniors


8. There are plenty of places to enjoy a motor home for another whole group of active seniors


9. The town is overall conducive to the kids and grandkids staying here


10. There are plenty of things to do for most seniors, whether outdoor or indoor oriented

There are probably another 25 reasons or so why this is a great place to retire, and I am sure they are different for every family that decides to do it. There are a few negatives that I would be less than honest if I didn't mention.

1. High altitude can be hard on people with heart conditions or breathing problems such as emphysema.


2. For seniors coming from warmer climates such as Florida and Arizona, the cooler weather and thinner air can take some getting used to


3. Making new friends isn't always a cake walk. Leaving lifetime friendships can be very hard, especially if the friends don't travel.


4. There are a few days a year when snowy roads can be dangerous for drivers who are already less than confident on the road.

OK, I turned my sprinklers back on. I didn't really want to, but since it isn't even freezing at night right now and the next moisture isn't until next week, I thought I would take advantage for another couple of days. Most people don't realize that we are really a semi-arid climate here, with less than 16 inches of precipitation a year, and we often need extra water in the fall. This fall is turning out even warmer and drier than normal, it will be 70+ again today. The good news is that is it will be 70+ again today, a great day to enjoy an outdoor lunch!

Today's photo of Pikes Peak was taken in June from Wilkerson Pass of the west side, sometimes called the "back side" of Pikes Peak. Many people never go west on Hwy 24 to enjoy "the good stuff" that Colorado has to offer, this just one example, a one hour drive from downtown Colorado Springs.

Today's Pike Peak View is from Black Forest, just south of Hodgen and Black Forest Road. Taken last winter after one of the bigger snows, it is a good sample of the views from this special area.

This month our "From Your Friends" program postcard was for a free lunch at Texas Land and Cattle. They are in the old Lonestar restaurant at Montebello and Academy. We like to test these, since they are mailed to all of our local past clients, and got a chance to last Saturday. Their smoked sirloin is a unique thing I have not seen (or tasted) anywhere else, and it was delicious. The sweet potatoes and the wedge salad at the Lonestar were always good, and it was nice to see those are on this menu as well.

What kind of winter we are going to have? It is supposed to be 70 or so and sunny again today, and stay warm for a few days. Starting the sprinklers back up is a pain, but we really have had a dry spell since we shut them off for the year, and it is getting tempting to turn them back on the longer this dry spell goes, despite the occasional overnight freezes.

Yesterday was the 1 year anniversary of the fall of Ted Haggard from New Life Church. I had kind of forgotten the timing of the whole thing, but it was front page on the paper when we got up. The service was really very upbeat, and the place was packed, which is a testament to the fact that God can bring good things out of bad. Brady Boyd, the new senior pastor, did a great job, and I think there is generally a very hopeful, expectant mood throughout the congregation.

The weather was fantastic. Mid 70's and sunny is always nice in November, although I would like to see some snow fall in the mountains so we can get some skiing going. There are resorts open, but I am not big on wrecking my skis on the rocks in the early season. I like to see closer to a 30 inch base before I make the drive (life is too short to ski on bad snow!).

With the time change, we slept in a little and went to late service, so I got to miss the debacle in Detroit that the Broncos had. Ironically, every team in the AFC West lost, so we are still only 1 game back in our division, but playing like they did yesterday, I don't see playoffs this year unless something major changes!

Today's Pike's Peak photo is from last winter, and is taken from near Penrose Main Hospital to show the views around one of my listings that is downtown in the Old North End.

Frontier Airlines is coming to the Springs! Ever since Western Pacific folded almost 10 years ago, Frontier had kind of taken their place, only they were based in Denver with no connector service. Apparently they have decided to have a maintenance hangar here (along with 200 - 350 jobs), and will add connector flights to Denver, making air service even better.
There are several things I've always enjoyed about Frontier.
1. Pretty much every route they fly out of Denver is a non-stop to where you want to go
2. Their normal fares are reasonable, and their weekend specials are great
3. Their frequent flier program only takes 15000 miles for a free ticket
4. They don't take themselves too seriously. The art on the planes says it all with the cool animals
Keystone and Copper Mountain announced their season openings today. Don't get me wrong, I love it when they open early, but I've also seen what these early season conditions look like, and right now I am waiting for some real snow (they've had none this week) before I scratch up the bottoms of my skis. Season pass sales are almost over, don't wait any longer if you want one. I went with the Vail Resorts Colorado Pass this year, but there are so many great resorts here, it is sometimes hard to choose!

October sales statistics helped make today an interesting day.
The morning started off cold and clear. The photo to the left is from in front of a listing we were just reshooting the photos for. The Mountain (Pikes Peak) seemed very pretty this morning.
Later in the morning we had our annual RE/MAX Supercharge event. I love the RE/MAX Satelite Network, it's one of the best professional education ideas I've ever seen, along with our internet based Agent Training On Demand.
I found Dave Liniger's (co-founder and chairman of RE/MAX International) comments on the market very sobering. It would seem everyone is in agreement that at least nationally, next year will be about like this year, off pace from past record years, but not slowing much, if any, more. It will stay a buyer's market, but prices are already reflecting most of the softness, and will likely not drop significantly further. He also pointed out that some areas in the country (such as San Diego) are experiencing closer to a 17 or 18 month supply of homes on the market. Ours is 8.9 months, which made me thankful for what we have, even though we are more used to 4-6 months.
Speaking of what we have, our own October statistics were released today, and they show (yawn) inventory up (though not by as much anymore) 12.5% over last October at 6,470 units, sales down 19.9% at 723 units, and median price (1/2 above, 1/2 below) down 4% at $205,000. The mean was down more, 7.8%, indicating fewer high end home sales skewing the numbers.
These are certainly not great numbers, but they could be a lot worse, and there are some bright spots among them.
1. October sales were actually up from September by 4%. That is not the usual seasonal pattern (or for that matter a large amount), and gives some reason for hope.
2. Inventory was down by almost the same amount as it dropped last year at this time, indicating we are not being flooded with new inventory.
3. The stock market practically crashed today (is that really a bright spot?), dropping almost 400 points. This in turned helped bonds, which ultimately helps mortgage rates. We might see those rates in the 5's yet!

Like clockwork, a chance of rain or snow and cold are in the forecast for Colorado Springs Halloween again. It is the darndest thing, but it happens almost every year. And if the doesn't rain or snow on Halloween, it does within a few days before or after. Even the ski resorts tend to use the week of Halloween as their target opening (at least the ones with much snowmaking capability).
This week is also the week when the monthly real estate statistics normally come out. We are finally below 6600 units for sale in Colorado Springs, but that is not great, since sales for October will be around the 700 units mark, making for just under a 10 month supply of homes for sale. An article published today on Yahoo mentioned that lower interest rates will not help the current problems, but at least here, I kind of disagree. Lower rates should expand the pool of buyers, allowing some of this inventory to get sold and get us to more normal levels, and even allow some of those who need to sell because they are in trouble, a way to get out without going into foreclosure. The problem (as I see it), is that the rate cuts at the Fed are not trickling down to mortgages. The market is already assuming the 1/4 point cut will be made today, and mortgage rates are still at the same level they were before the first cut, if not slightly higher. I know there is an argument that qualifications, not rates, are keeping people out of the market, but I am not sure that is really the case.

Today the Fed is is predicted to drop rates again. The last time it had no affect whatsoever on mortgage rates, the stock market seemed like the main beneficiary, and it looks like this time may have the same result. We'll see if they even do it, let alone whether mortgage rates will drop.
Yesterday was an odd hazy day here, they say because of the fires in Southern California. Hopefully they will all be out pretty quick now, what a scary time for everyone there.
These Broncos are just good enough to keep you watching. Tough loss in overtime last night, but it should never have come to that, with plenty of blown scoring opportunities along the way. These games will build character, but it is pretty doubtful we'll be in the post season this year.

Well, it's over. The Rockies got swept. Not what I would have guessed, or hoped. But not the end of the world. For a team that in August barely had a pulse for getting into the playoffs, to have been there is an amazing thing. And as Manny Ramirez of the Red Sox said during the playoffs, there is always next year.
Most of the weekend housing news was kind of negative. Things like, "worst price decline since the Great Depression" are being said a lot these days. I guess my take is a bit different. Yes, things are not selling as quickly or for as much money as sellers would like. There are definitely some bargains out there. But this too shall pass. Like the stock market, declines only hurt you if you sell. If you don't need to sell, in our market, I tell people not to. And what great time to buy! This is really opportunity time, a chance to set the calendar back a couple of years in terms of prices. Such opportunities come along rarely, a lot of people will look back on this time as one they wished they had taken advantage of.
The week of Halloween, I must say I am a little surprised it is still shorts and tee shirt weather, at least in the middle of the day. It is supposed to cool down some later in the week, but this is pretty nice!

I had a couple of closings yesterday. These are fewer and farther between than I would like during our current downturn, but it felt good to be of genuine help to people, and I know my clients were very pleased with what they got.
The first couple came from California (retired), and closed on a new build that they originally contracted for in February. It had exceptional views and rear privacy, and they ordered with with a lot of the good stuff, such as stucco, 3 car garage, finished walk out basement, solid surface countertops, lots of hardwood, etc. Their house turned out gorgeous, and there are very few lots left with the kind of unobstructed views and setting this one had to offer. Contrary to popular belief, even though new construction is way down, we are still building thousands of homes, and the builders are not "giving away the store" to get people to have a house built. The only builder "giveaways" have been on completed new construction they did not have buyers for ("spec" homes), and those are usually not on such prime lots as this one was.
The 2nd was a first time homebuyer who bought a great 1960 built resale home in a terrific area near Palmer Park . He will be doing quite a bit of renovation to the house, but it was a very attractive deal when all was said and done, including using El Paso County bond money for down payment assistance, and seller paid closing costs, allowing him to keep his cash for doing the fixups. He got his entire $500 earnest money check back at closing! Best of all, he is an avid mountain biker, and the house is only 2 blocks from the entrance to Palmer Park where some of the best mountain biking trails anywhere are located! The seller came down over 10% from the asking price on this one including closing cost assistance, to give an idea of how hungry some our sellers are. This home was not a foreclosure or short sale either.
The Rockies will get a chance to redeem themselves this weekend. They seemed to have settled down a bit (it was really quite a good game last night I thought), and some home field support will do them good.

I guess the Rockies should be over any World Series jitters they might have had. It doesn't get much worse than 13-1 in the opener, hopefully they'll settle down now and take care of business.

This morning's paper mentioned that the Colorado Springs Airport is doing very well again, and this years travellers may hit a 6 year high as a result of Express Jet and Midwest Airlines starting service here. Access for air travel is pretty important to a lot of people these days, both for business and for family access. You can see what flights leave for where on what airlines with this handy flight schedule link. Express Jet in particular gives great nonstop service to the West Coast, with San Diego, Sacramento and Ontario flights. It's pretty handy for househunting trips as well!

Denver International Airport (DIA) is only 75 miles north of us, and wherever you can't get from the Springs on a non-stop, you can almost always get via DIA. With United and Frontier both making Denver a hub, and service from Southwest and many international carriers, "the world is your oyster"!

The great fires that are incinerating southern California right now bring back some scary memories of the Hayman fire in the Pike and San Isabel National Forests back in the summer of 2002. The key difference? Relatively few homes were affected, even though it was the largest wildfire in the history of Colorado. My heart goes out to the people who are being evacuated with no certainty that their homes or their things will be there when they return. We have family in Temecula that had their subdivision cut off from the world yesterday as a result of the fire that closed the main road into their subdivision. They were lucky, and no homes burned, but these fires are scary huge.
On a happier note, the Rockies make their World Series debut tonight. I like their chances, although Boston has been tough, so we'll see how we do. That's why they play the games!
Temps will be back in the 70's today after snow on Sunday. That's Colorado weather for you!
On the less than happy front, the National Association of Realtors released a report today that shows nationally, existing home (resales in our jargon) sales fell 8% in September over last year, and that the median price has fallen 13 of the last 14 months in year to year monthly comparisons. This real estate recession is not over yet :-(

We woke up to a winter wonderland this morning, with bright sunshine and snow everywhere. Although it is melting, it isn't gone, and Pikes Peak sure was pretty all dressed in white!

The Rockies are already headed to Boston for game 1 of the World Series. That is so exciting around here. My son and his wife are a mixed marriage, she a Red Sox fan and he a Rockies fan. We'll see what compromises ensue!

The Broncos came back from the dead this week, with a pretty impressive (although once again cliffhanger in the 4th quarter) win over Pittsburgh. A World Series and a Super Bowl in the same year would probably be too much to ask, but maybe they will get things in gear finally to at least make a playoff appearance? The rest of the season's schedule doesn't really look too bad, other than a chance of revenge against San Diego.

We woke up to winter this morning after an almost 80 degree day yesterday! I guess the shorts and tee shirt aren't going to cut it today. We almost always get a storm right around Halloween, and while this is maybe a week early, it isn't like last year, when it was deep snow. It is still a good reminder that winter comes eventually. Thankfully, most of our snow storms melt pretty quick, and as you can see from the photo, this one isn't even sticking to the pavement. Glad I drained my sprinklers yesterday!

Why aren't mortgage rates lower? The stock market appears to be tanking again today, but surprisingly, mortgage rates have not dropped noticeably (still at around 6.25%). You'd almost think we'd be into the 5's by now with the recent Fed reduction combined with somewhat soft economic data and a declining stock market. I guess we'll wait and see.
PS 6.25% is still a GREAT mortgage rate!

Yahoo! We're in the World Series!! It is still hard to realize that such a short time ago the Rockies were written off for the season. The World Series comes to Denver, how great is that? When the Rockies came to Denver in 1993, it was part of an overall regional boom. Hopefully the fantastic season they are having will have some psychological spinoff for the region as well.
Enough baseball talk though. Having just come back from a great vacation, it reminded me of how good our regional transportation options are. Denver International Airport, after some serious problems when it first opened, has become quite an efficient place. Coming home, our luggage was already on the carousel by the time we got to baggage claim, quite amazing when you consider how large the place is. And from the Springs, it is only about 1 hour and 15 minutes from where we are in Briargate. Non stop flights are available to almost anywhere, and with low cost carriers such as Frontier and Southwest you can even go for a decent price. And let's not forget that Denver is also a United hub, and TED is their low cost option as well.
Colorado Springs airport is also very easy and convenient, and has nonstop service to many places, with only one stop usually to get to anywhere else. Express Jet now services some west coast destinations from the Springs as well, with low cost non-stop service to San Diego, Ontario and Sacramento.
Just another thing that makes living here great. When you need to be somewhere else, you can get there fairly quickly!

I've been on vacation this past week, what kick to see how well the Rockies are continuing to play! We went to Hawaii, about the only place I can think of that I'd rather be than right here in Colorado. Not a lot of real estate news while we were gone, but Arapahoe Basin actually opened for skiing already, and we had a flurry on the way home from the airport on Sunday, so winter gets closer. It was a little shock to system after enjoying this great sunset and dinner out on the lanai, but it's all good. I love to ski too!

"The Rockies did it again" is getting to sound like a broken record (I just realized that younger kids no longer recognize that phrase :-), but one of the longest winning streaks in baseball IS a record, and they are eager to break it. I'll be on vacation while the rest of this plays out, but I think the Rockies are going to the NL Championship game, ironically probably to face division rival Arizona. What fun!
The fall has remained very warm here, around 80 again today. I can't say I am unhappy with the nice weather, but by now we are usually starting to use our furnace, and it really doesn't need need it yet. We don't even have the first frost in the forecast! The leaves are starting to turn even down here, although the aspens are not, so the high country has got to be starting to thin I would guess. It should start cooling off soon, only 3 weeks until A Basin will try to open for ski season!

Rockies fever has gripped the area. After giving this season up for dead a month or 2 ago, many closet Rockies fans are coming out, especially after they won yesterday in their first playoff game against Philadelphia. Schools announced the score on the loudspeakers, businesses had the game on in their lobbies, it was great! The Avalanche game that kicked off hockey season was not even noticed, and surprisingly few even were talking about the upcoming Broncos football game Sunday against San Diego. Baseball is back! It is really a great story to see a team win 14 of their last 15 games and make it into the playoffs.
While it won't fix the real estate market here, it gives a nice bright hopeful feel to things.
I had an interesting conversation with someone yesterday about their view of the current market. With foreclosures high, and prices low, his take is that this is the perfect time to invest in rental property, provided financing is available (which it is). Since demand for rentals is actually increasing as some have had to vacate their homes, buying now, at a low point in the cycle, covering cash flow with rents that seem to be firming up, and selling 5 years from now when the market is more normal, seems like a great strategy to me as well.

Ok, now it's official. The Colorado Rockies ARE in the playoffs, and the September real estate statistics are in. Personally, I'm liking the Rockies story better. After an amazing end of season run that forced the tie breaker game, winning the coin toss for home field, and being down 2 runs in the 13th inning, what a great way to end the regular season! I'm sure this team will be remembered for years to come as the team that would not quit.
The real estate statistics? Sales were down 21.7% from last year. Inventory was up 14.1% (the official number was 6767 single family units for the end of the month). The median sales price was down 2.3% at $210,000, and the average (mean) sales price was down 5.4% at $255,330. This sort of reminds me of a snow storm, where they tell you how much has fallen at various places so far, and it's still coming down!
The good news is that interest rates remain at around 6.25%, which is a very good number. El Paso County bond money is available again for first time homebuyers, with up to 4% down payment / closing cost assistance (call for details on that one, restrictions do apply!) And we have lots of homes that are eligible for very low down payment financing. And sellers seem to "get it" a little bit better right now than earlier in the year. It is easier to make an offer, and expect a reasonable response.

Three quarters of the year is over, and from a real estate standpoint, it hasn't improved as the year went on. The official stats are due out later in the week, but it is looking like another month of woe, with sales down 20% over last year (probably around 700 units), but down over 40% from 2 years ago. The inventory was finally down a little, 6771 units as of this noon, but many of those are "discouraged sellers" as opposed to homes selling off of the market.
That Bronco game yesterday was over after the 3rd quarter too, what a bummer. At least the Rockies pulled it out of the fire, how exciting is a one game playoff!
I guess just like in sports, there is always next year.

The Colorado Rockies baseball team is making some interesting entertainment at the end of the season this year, with a 10 game winning streak and only 1 game back from the wild card, and 2 games back from the NL West title. Perhaps just as exciting is ending the season with a home stand against the current division leaders.
Baseball is relative newcomer to Denver (the Rockies came in 1993), but Colorado Springs has had a AAA team (the Sky Sox, now the Rockies Triple A farm club) for a bit longer. After a really strong start, major league baseball had kind of lost some interest here for a while, but with a resurgence like this one, I think Rockies tickets will gain in popularity again. Coors Field is really a great place to watch a game, and only an hour away, it is yet another reason why this is such a great place to live!

Peak fall color has arrived at the higher elevations around Pikes Peak! This is at the trailhead to Rampart Reservoir, taken just yesterday. We have had a pretty mild fall, and as a result the colors are actually running a little behind normal. It looks like maybe we'll be seeing them into early October, unless a big windy storm knocks them down early (which often happens!). The shot below is highway 67 a few miles north of Cripple Creek. This is a pretty popular route for leaf watchers, I was surprised how many people were pulled over taking pictures and otherwise enjoying a beautiful (but cool) Tuesday afternoon. It started pretty overcast in the morning in the Springs, and I had kind of thought it would not be very busy.

For those of you who don't live here, Cripple Creek is about and hour from the Springs, and is more famous as one of the 3 legal gambling towns in Colorado than as any kind of mountain resort. It was an idea to help revitalize some dying towns, and it has worked to a certain extent, though the character of the town has changed dramatically as a result.
In town, it still looks like summer, but these last several nights have been a lot cooler, so maybe ours will start soon as well. The downtown in particular is quite pretty in the fall as the large deciduous trees start to turn. In the mountains, it is pretty much just the aspens, although you can see they get a beautiful gold color.

It has been disappointing to see mortgage rates trickle up a bit since the Fed announcement last week. Rates are still at around 6.375%, but before the rate cut, they were at about 6.125%. Mortgage rates tend to be affected more by inflation expectations than direct action by the Fed on short term rates, we'll see if this holds. Other than gasoline and food prices, inflation has been pretty quiet, and neither housing or automobile prices look like they are going anywhere soon.
Locally, showing activity has actually picked up a bit, our own office was up 18% over the prior week, so who knows, maybe we will start turning this corner yet!
We spent part of Sunday visiting our daughter up at CSU in Fort Collins. We picked the right day, as the Broncos lost anyway, and it was pretty pleasant weather for the 2 hour drive. I like to visit Fort Collins, it has that nice small "college town" feel, and the big trees around the campus kind of remind me of my own college days. For a big school (25,000 students), CSU seems very "approachable", and we have been very pleased our daughter chose it. The menu of colleges and universities here is really pretty good. Locally, Colorado College, University of Colorado Colorado Springs and Pikes Peak Community College are all pretty well thought of. The University of Colorado in Boulder, Colorado State in Fort Collins and University of Northern Colorado in Greeley are all popular state school options, and the School of Mines in Golden is very popular among the engineering crowd. There is a also a plethora of smaller state schools and private colleges and universities throughout Colorado.

I like to walk in the morning after I take care of the first hour or 2 of business. It's good for me, and I get to see the beauty of my surroundings for a little bit at the same time, not a bad deal. I never bring a camera (or cell phone for that matter!), but this morning I just had to snap a couple of pictures at nearby Stone Park (next to the Briargate YMCA) to share the moment. In addition to the neighboring YMCA, Starbucks is a short block, the skate park is quite popular, and the fields and shelter always seem to get used. This is practically right across the street from the new Memorial Hospital, which should have the same views (or even better from 6 floors up!) The panorama is really a bit special, as you can see about a 40 mile section from south of Pikes Peak to Monument.
The weather has been warm (80's) and dry, but it was a bit breezy today, and they say we'll get back to a more normal pattern in a couple of days (60's and 70's is really more typical for the beginning of fall).

I have to confess that sometimes I read what is going on the rest of the country, and get a little confused. Today I saw that the government is considering "temporarily" allowing Fannie Mae and Freddie Mac (quasi governmental investment in mortgage loans) to increase their loan limits over the current $417,000 to allow more purchases and refinances in the higher price ranges. Keep in mind, that is the loan limit, which is the equivalent of a $521,000 purchase with 20% down. I guess I am just so used to living in a market that has SO much choice in the ranges below that, I forget how many people in this country live in places like the Bay Area, where this is considered "affordable" housing. As an FYI, I just did a quick check, and at least here, 85% of the inventory of homes for sale are below that $521,000 mark, almost 6000 homes.

This mornings paper mentioned fall colors are starting even on Pike Peak. I love the fall, and the colors are really pretty here against our blue skies. This web site is from last year (and is not mine), but I thought some of you might enjoy what is here: http://www.autumn-pictures.com/

Last fall here in the Springs, we had an incredible early snow storm in late October, this picture in my front yard was a bit different look than the one at top, taken in the first week of October of 2005 on Boreas Pass Road near Breckenridge.

The Colorado Springs Economic Development Corporation does a great job promoting the city for business. In their latest newsletter they included a link to the new University Village retail development at Nevada and I25, and I have to say I am impressed at how large this is going to be. They are mentioning Costco, Lowes, Petsmart and Kohls (although I don't see the Kohls building labelled in the diagrams) as anchor tenants. This will be a large development! We've all been waiting for the freeway to get finished so they could get this thing going. Hopefully it won't be delayed substantially past the Summer 2008 schedule shown on the web site, but this looks like it will be a very nice addition to the shopping landscape, and a nice replacement for some of the blighted motels that used to be spread along this ection of North Nevada.

The Federal Reserve finally cut the funds rate. My take? It is about time. When September 11 hit, the government did a pretty good job moving to get interest rates down so the whole economy wouldn't implode, and it worked. But when things started to come back to life just a little, they all started running around yelling "inflation" like fire in the theater, and the resulting steady march upward of rates is part of the reason so many are now in trouble on their adjustable mortgages. This is not the place for (nor am I the guy to write!) an economic dissertation on the relationship between interest rates and inflation, but I would like to observe a couple of things that are relevant to the Colorado Springs real estate market from this.

1. Look for some additional easing of mortgage rates, maybe dare we say, below 6%? The funds rate at the Fed is not measured in lockstep with mortgages, but generally lower rates at the Fed seem to find their way into the rest of the economy. This will help the real estate market absorb some of the excess inventory that now plagues us, and maybe even break loose a few more new builds.
2. Look for the upcoming HUD refinancing program to help some, but not all owners who have adjustable rate mortgages. Some of these folks aren't in trouble because the rate has jumped, but because the assumptions they made relative to their own paychecks have not materialized, and the "HUD bailout" program probably won't help them. It will probably help lower some of the key indices that adjustable mortgages are tied to, not an all bad side effect.
3. Look for some wider latitude coming in new FHA loans, with higher loan limits in particular helping supply more choice in financing vehicles.
4. Don't expect this to be any kind of instant fix to the current slow real estate market. This will help, but by itself is not going to be enough. In Colorado Springs at least, bringing some of our boys home from Iraq will actually have a more immediate impact, by creating some demand for housing. That and a few good civilian employment announcements, and we'll be good as new!

It was a wild weekend for Bronco fans this week, what a way to end both the first AND second games of the season! This is not a sports blog, and I won't devote a lot of space to it, but they are making these games way too exciting for my tastes. Hopefully as Jay Cutler gets settled down as a rookie quarterback, these won't get so close, because the offense seems to really be clicking when they are on, they are just still a little mistake prone.
This should be an interesting week in the housing market as well, with the Federal Reserve supposedly poised to make a rate reduction. While it won't automatically convert to a mortgage rate reduction, I like the idea that the Fed is finally taking the housing crunch seriously.
Locally, we finally edged back under 7000 active listings this weekend, partially because many spring listings finally expired, and not as many of them came back on market. We'll see how it plays out.

Who says you can’t buy a house in Colorado Springs? The media would have you think that the entire lending industry has gone into bankruptcy, and that the result of the “sub prime” crisis is going to be that no one can get a loan, and that everyone who has a loan can’t make the payments. NOT TRUE!
First of all, the only loan programs that are really affected by all this sub prime business, are ones that rely on stated income. That means that you have to prove that you can make the payments now, where in the recent past, with decent credit, down payment, etc, you could basically “make up” the amount of income you had. Unemployed, or newly self employed are the ones most affected by this. Secondly, programs made for true credit risks (recent bankruptcy, recent late payments, etc) are still available, but with stricter guidelines or down payment requirements.
Having said that, here are a couple of “tried and true” programs we’ve always (or almost always) had to work with, that had fallen into disuse for a while. Keep in mind these are CIVILIAN programs, VA has been doing ZERO down loans since the end of WWII and continues to be a great option for active duty or former members of the military.
1. FHA. That’s right, good old government guaranteed loans. This program (FHA)goes up to $247,000 loan amount in El Paso County, requires only 3% down, but can be combined with down payment assistance programs such as CHAFA, gifts from relatives, or even Nehemiah gift down payment assistance programs to make this type of loan possible with as little as $0 (ZERO!) of the borrowers own funds (depending on the program). Moreover, it allows the borrower to make payments as high as 41% of their GROSS income, and does not strictly rely on FICO scores (though a 620 FICO seems to help). Still think we don’t have sub prime loans?
2. My Community loans. These loans can go up to 100% of the purchase, and depending on circumstance can go as low as a 580 credit score. You have to make less than $66,000 as a family to get in on this in El Paso County, and it is designed for lower to mid income levels with OK credit (but it sure sounds like a sub prime loan to me!)
3. Flex 97. OK, this is not sub prime, because you may have to have a little better credit for this one, but 3% down conventional financing sounds like a fairly easy program to me. When you consider that to rent a house for $1500 a month costs almost $4500 to move in to begin with (1st months rent, last months rent, plus deposit), for the little bit extra cash, you may as well own a place, right? And your first payment can be due almost 2 months away depending on when you close.

As of today (9/14/07), there are almost 3500 homes in Colorado Springs that are under $250,000 (about half the homes for sale), and almost 1900 of these even have at least 3 beds, 2 baths, and a 2 garage. I think many of you could buy one! If one of these loan programs sounds like it might fit your situation, check with Dana Hines at Colorado Online Mortgage 719-593-8778 for current rates and other program details.

Foreclosure, foreclosure prevention, and short pay sales are hot topics these days in our business in general, and in Colorado Springs in particular. Here are a few things that seemed useful to pass along from a class today held by RE/MAX Properties.
1. According to RealtyTrac, Colorado now has the 2nd highest rate of foreclosure for the number households we have, following only Nevada for the dubious distinction of #1, but joining California, Michigan and Florida in the top 5.
2. Allegedly, we have 6,079 homes in some level of the foreclosure process in Colorado. Locally, about 40% of those never go to foreclosure sale.
3. Colorado law will change quite a bit as of January 1, 2008, eliminating the redemption period, but extending the cure period. This will make it somewhat easier to buy foreclosure properties, since the borrower will no longer be able to come back in and redeem after the sale.
4. Most foreclosure auctions do not result in competitive bidding, because the 1st position lender who is foreclosing is usually owed too high a percentage of the fair market value of the property. Investors who bid at auction are typically looking for a 25 - 35% spread between what is owed and what the fair market value is, and that is not common, since usually the seller is highly motivated to try and sell it before it gets that far if there is that much equity.
5. Short pay negotiations are usually not effective unless:
a. The seller is not worth pursuing for collection (ie no other assets and little income)
b. The loan is already in default
c. A contract for sale has already been reached that is contingent on the lender accepting the short pay
d. The buyer has patience and can afford to wait around for answers from the lender
e. The seller has someplace to go
6. It is extremely important for sellers in foreclosure who believe they can either cure or redeem their property to timely file the appropriate Notice of Intent to Cure or Redeem by the deadlines, or they can lose very important rights, and possibly their home.
Obviously this is a big topic and warranted a whole class even for us, but these seemed like some useful things for others to know, so I thought I'd share!

We visited the Flying W Ranch for the dinner show Saturday night to celebrate my sister in law's birthday. It was great fun, and boy can those guys play! I've always enjoyed this particular local attraction as a true "western feeling experience", and once again it did not disappoint.

Speaking of not disappointing, the Broncos pulled it out in the final seconds on Sunday, what a nailbiter that was! I am a football fan, I'll make no excuses or apologies for it. I don't get time to follow college ball too well, but I do love the NFL. It is only about an hour's drive to Mile High (Invesco) and this year is particularly interesting with it being Jay Cutlers real debut as the new starting quarterback. It wasn't the best game we'll ever see, but it was exciting.

The weather has really changed. It is cool and gray today, rain in the forecast and breezy. It is the first morning I remember since spring that the temperature was below 50, so fall is giving us a little preview. I like the variety.

Saturday I showed property in the $150's. It had been a little while since I had shown in that price range (the median has been closer to $225 for some time), and I was pleasantly surprised by the quality. We saw several fairly nice houses in the Cimmeron Hills area in particular.

This is hot off the press, the Colorado Springs real estate sales statistics have just been posted by the Pikes Peak Association of Realtors, and it is a little bleak.
1. Sales were down 21.1% from last August, at only 945 single family homes sold
2. Inventory was up 16.7% over last year at this time, already a somewhat glutted market
3. Prices were down 4.8% for the average (mean) single family home at $259,095 and the median (1/2 above, 1/2 below) was down 2.2% at $220,000.

The good news? Year to date sales were down only 15.2%, and prices were actually still up an average of 1.7% (the YTD mean was $262,848). Let's hope for a break on interest rates and some good local economic news to get us past this!

Colorado Springs land prices, especially for residential building, are often asked about. The lot shown is one that I just listed for $149,000 in Kings Deer, a golf course community in Monument (just north of Colorado Springs, about 30 minutes to the Denver Tech Center or downtown Colorado Springs). It is is the least expensive lot in the subdivision (the most expensive are in the $300's), and is a flag lot, 2.5 acres with a walkout to the north. The area in the immediate foreground is actually greenbelt and not part of the lot, and the lot extends to the left even further. This subdivision starts in the 500's, and and a lot at this price can be a way to get a custom home on a budget. Click here to a link for more details on this great property:

20353 Glasbury Rd

Land prices continue to rise, and the opportunity with the current building / real estate slump is that lots such as these are usually held by builders in hopes of landing a contract to build, but because many builders are hurting for cash flow, there are more of these types of lots than would normally be the case. Lot financing is still possible with many local lenders, hopefully that won't beccome an issue with overall real estate credit crunch.

Fall is my favorite month for golfing in Colorado Springs. Not because they aerate the courses, sand the greens and other obnoxious things, but because they are aren't as busy. I had a chance to take advantage of the afternoon special yesterday at Pine Creek. Admittedly the weather was looking a little sketchy, and we did have to take a rain / lightening delay before we finished our 18, but it played pretty fast even with the delay, and was both fun and really pretty. I will be the first to admit that we lost more golf balls than holes that we parred between us, but it was still great fun to be out.

Since August is officially over, some folks are probably wondering how the Colorado Springs homes sales statisitics looked. The official statistics are due out later in the week, but it would appear that the slowdown continues, with sales estimated to be approximately 18% below last August, at under 1000 units. The inventory continues at close to 7100 single family units available, although this will begin to shrink as the fall progresses and some sellers leave the market until next spring. Average (mean) price for August will be down between 4 and 5% over last August, at approximately $260,000, with the sale price / list price ratio running about 97.5%. I'll post the official numbers when they are available.

The weather was perfect for the ballon launch yesterday at the Colorado Springs Balloon Classic. Although we got there a little late for the actual launch, the wind was so still that scores of balloons were hanging around in the sky above, making for a surreal scene. We brought the grandkids, and they had ball. As a RE/MAX agent for the last 12 years, you can guess why I picked this shot, but there were lots of great picture taking opportunities.
It was a busy football day around the area as well. Air Force opened at home against South Carolina State and whooped 'em, and Colorado narrowly edged out Colorado State in their annual rivalry with an overtime field goal. Since money and my daughter both go to CSU, we are of course in mourning.

Season Pass sales for ski season begin ( Breckenridge, Keystone, A-Basin and Vail or Copper Mountain, Winter Park and Steamboat for my 2 personal favorites) this weekend, with the best deals available just through September 3rd. Obviously we have lots of other resorts in the state, but access is an issue for some such as Telluride, and price and access are both issues at Aspen / Snowmass, and size is more an issue at places like Ski Cooper, Monarch, Wolf Creek, etc.
Colorado has the best mountains, the best snow (ok Utah, I know you like yours too!), and when you live here, the best ski deals! Prices have all gone up this year, and so have restrictions (black out dates, transferability of 4 packs etc), but the season pass deals are still a pretty great bargain. We have had our season passes at Copper Mountain for the last several years, but I decided to switch back to the Colorado Pass with Breckendridge, Keystone, A Basin (which is usually open until Memorial Day) and 10 days at Vail. I love the mountain at Copper, but when they raised the season pass rate to $350 from $260, it is not that great of a deal compared with the Colorado Pass that for $419 also includes 10 days at Vail, and gives more variety (such as night skiing at Keystone, longer season at A Basin, etc). The kids will probably do 4 packs this year, given how busy they were last year and the higher prices, which are $119 at Copper and $129 for Breck/Keystone.

Labor Day in Colorado Springs marks the end of summer, like most places, but it is also the weekend of the Colorado Springs Balloon Classic. We have always enjoyed this event, because during the week before, we'll often see some early arrivals decorating the morning sky around town, and the event itself is really beautiful. There is something about all that color lit up against the mountain backdrop that is just special. The morning flights are always subject to cooperation from the wind, and there have been more than a few of these that have been delayed or cancelled, but it is a very festive atmosphere nonetheless. Their web site also has come great photos, take a peek!

About basements. I just got some feedback from another agent about the basement in one of my listings not being "up to snuff" for his buyer, and I decided I just HAVE to write something about basement finishes.
First, a little about basements. In Colorado Springs, because we don't have earthquakes, high water tables or high humidity, basements are on probably 95% of all of our homes, and they can be great living spaces. They stay cool in the summer, can be a cozy place for TV in the winter, and make great guest suites, teen retreats, theater room areas, etc. A lot of people like them finished, since it is incrementally such inexpensive space. The minimum finish for most basements is at least 1 bedroom, 1 full (or 3/4) bath, and a rec room or family room of some sort. Typical basement finish work ranges from $25 - $50 per foot depending on finish level, bathroom and wet bar issues, etc. Smaller ranch style plans will often come with standard builder finished basements, just to get saleable bed and bath counts and finished square footage.
Basements come in several flavors. Walkout basements allow access to the outside from the basement and are usually the brightest. Garden level basements have their windows at or above grade level, so while you can't walk through a door to get to the outside, you can see pretty well, and are also on the bright end of the scale, depending on how it is done. Full basements have their windows below grade, so you are looking out at a window well of some sort. These tend to have a darker feel to them, although on some high end homes, very large window wells (and windows) are made to combat this problem.
1. If you are having a house built, and EVER plan to have the basement finished, have the builder do it as a part of the package. You will
a. save headaches
b. probably save money in the long run
c. get to enjoy it right away
d. likely get better financing on the work than if you do it later
e. get better warranty coverage
f. comply with building code from day 1
2. If you have a house with an unfinished basement, and you want it finished, get a reputable, professional contractor to do it. There are more botched, half finished, badly laid out, not to code, unpleasant basement finishes out there than you can shake a stick at, and as one trainer puts it, you'd be better off to burn a stack of $100 bills in the middle of it.
3. If you did not pay attention to either item above, at LEAST make sure you get permits and inspections per the law, and use good, reputable subcontractors for the skilled trade work such as plumbing, heating, electrical, and finish carpentry, and make sure the paint, carpet and fixtures are comparable enough to the rest of the house so as not to stick out as "cheap".
4. If you have doubts about the permit status of a home (this can include decks and roofs as well basement finish work), you can access the permit history on any home in El Paso County at http://www.pprbd.org/PublicAccess/AddressSearch.aspx . Regional Building will allow permits to be pulled after the fact, but there is a penalty, and rumor is that inspections can be somewhat punitive.
Bottom line? Doing it right the first time is the best way to avoid problems all the way around.

The weather has been front page news all over this week, with flooding in the Midwest and hurricanes in the Gulf. Colorado Springs weather hasn't been catastrophic, but it is always interesting. I took these pictures last night as tornado warnings were being issued for the eastern part of El Paso county. We don't get a lot of tornado activity here, and I guess there was one questionable funnel cloud out near Ellicott when all was said and done, but the skies were pretty interesting to watch. The fascinating thing to me was how blue the sky directly overhead was compared to what was happening out east.

There have been storms of a different kind brewing in the financial markets, with entire lending industry being shaken up by it. The net result, at least as of today, is that mortgage interest rates have actually dropped over the past week in part at least in response to the Fed lowering one of their benchmark rates. As of today, the going rate locally is back to 6.375%, at least for now. With over 7100 homes for sale, this is certainly good news for us locally.

Fallout from the current housing "recession" is different for every community. Locally, we have about 8% of our inventory in some sort of "distressed" situation (ie bank owned, preforeclosure, HUD or VA repo, etc). Overall, this is not too bad. I have heard reports from other areas of the country where this number can top 50%. With lower interest rates and a few good breaks from the economic news, we could be well past this situation by next spring.