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!