What you can expect when buying distressed properties in Colorado Springs (ie short sales, pre-foreclosures, foreclosures, bank owned, etc) is both more and less than you bargained for. Less money, there are some great deals out there. Less amenities (the sprinklers may not work, the A/C compressor may be gone, along with the stove!). More headaches, angst, problems, etc. And possibly more sweat equity and return on investment. I worked some folks this week in the "under $150" category, and thought I would share a few things.
1. In this price, we did not used to see much at all, and I was pleasantly surprised by both the quantity, and in some cases even the quality of what we saw. There were definitely some "dogs" out there however, with foundation problems, water issues, etc. Houses are not always large in this segment, and almost all of them needed something to be done after closing, generally in the $10k plus category.
2. The water is off in virtually all of bank owned (and other vacant) homes right now, meaning there will be some additional expense for de-winterizing the property, and some nervousness when the water first comes back on for possible leaks. A broken pipe inside the walls can really be a mess to clean up, but if you don't get that sort of thing looked at, the problems can be even bigger.
3. We did not see a lot of badly gutted homes this time, but I have seen them where even the light fixtures are gone, along with appliances, cabinets, etc. On the property they selected, the stove, some cabinets, and most of the carpet was gone.
4. The response time from the bank that owned the house they wrote on was surprisingly quick. Many will tell you right up front that they need several days, and with short sales, it can be weeks. Bank owned properties are usually 2 or 3 round negotiations, and sometimes more.
5. The match between the house and the buyer should be right, and it was gratifying to see that this particular buyer was very knowledgeable on the particular things this house needed, making it a good fit.
6. Out of state banks don't really pay much attention to our contracts, and have all kinds of forms, addendums etc that are not really "buyer friendly", shortening inspection and other contingency deadlines, etc. That does not make them bad, but it is something to be prepared for.
7. Have your lending situation nailed down tight before you start. These kinds of properties don't give much time to "fool around" with getting your loan situated.
8. They like quick closes, so expect to close in 30 days or less, or else wait before you shop.
9. Don't expect to use a government loan (ie VA or FHA) for your financing. Many of these properties are neglected to the point where they will not pass muster for a VA or FHA inspection. Keep some cash on hand for doing the repairs, that is not so easily financed.
10. Don't expect the owner to fix anything. These are pretty much all "as is" deals, and sometimes that will not only mean you have to do the fixes yourself, but in some cases, you mght want to stay in a motel until the fixes are done!

Colorado Springs school districts are something that people ask about a lot, because there are so many of them. The big 8 are Lewis Palmer D38, Academy D20, Colorado Springs D11, Falcon D49, Harrison D2, Cheyenne Mountain D12, Widefield D3, and Fountain Fort Carson D8. In addition, there are charter schools within some of these districts that are like mini-school districts of there own. In D20, The Classical Academy has close to 3,000 students, 3 elementary schools, and a wait list of 6,000 students or so. In D49, there are 2 separate charter school systems just on the classical education theme alone (Rocky Mountain Charter Academy and the new The Imagine Classical Academy). Also in D49, the Banning-Lewis Ranch is building charter schools for neighborhood schools.
So the question can be, where will MY kids go to school. It isn't as simple as it sounds, because as neighborhoods grow, sometimes the neighborhood school is full for certain grades for a while. This has happened many times over the years, especially in D20 and Northeastern D11. It has happened in the past that a family can buy a house across the street from the school, and when they go to enroll, discover their child will be bussed to an overflow school until a space opens up. Usually this is temporary (1 school year or less), but not always. And changing schools is never fun, causing some families to leave the busing situation alone once their child is settled in.
All this to say, that no matter what school DISTRICT your are in, it is a good idea to check out what actual school your child will be attending. It may not be the one the next door!

The end of ski season is always a little sad, but yesterday's closing day at Breckenridge was really great. The antelope were out in numbers in South Park, and I saw a fox practically in the parking lot at the ski area. There was a lot of snow for this being the end of the season, and I was a little sorry I got there as early as I did, because in the warmer weather, it needs a little time to soften up after the freeze / thaw cycle. Coming home to 75 degree weather was nice, but it was a little weird to change into shorts! The view from the top of Wilkerson Pass of the west side of Pikes Peak is always a tempting photo, so here it is again.

Is today the last snow day of the year for Colorado Springs? Technically it was just a 2 hour late start, so not really a true snow day, but as spring progresses, the odds start dropping that we'll see any more of this until next winter. The sun was already coming through when I took this in our back yard this morning. A pretty typical Colorado Springs snow, it does it's thing, and the sun comes back out. 60's and maybe even 70 by the weekend! It really didn't even stick to the roads here in Briargate, but D20 serves a big chunk of Black Forest as well, and the little change in locale seems to make a difference as to how much sticks to the roads, in addition to how much falls to begin with. District 38 is even farther north, and often they will have a late start or cancellation, even when D20 does not. D11, which covers most of the Springs area wise, seldom has to close or have a late start, because it is just enough lower in elevation that it may not even have snowed at all. District 49, which covers the eastern plains as well as part of Black Forest, will often have problems from wind blown snow and visibility, even if the snow is not deep.

My wife is a school teacher in school district 20 (The Classical Academy), and she loves a late start or snow day as much as the kids. Today was a good illustration as to why field trips are tough to schedule though. Her kindergarten class does an annual trip to Garden of the Gods, and it was rescheduled from last week to this past Tuesday, which turned out to be a fantastic day to do it. Today however, would not have been a good one! I guess it encourages living for the day, because you really don't know what tomorrow will bring, especially with our fickle spring weather!

We don't often talk about wildfires and snow in the same day in Colorado Springs, but here we are with a 10,000 acre brush fire burning at Fort Carson, and snow coming down. The fire started yesterday afternoon, and we could see the smoke pretty clearly up north, 20 miles away or so. One air born firefighter was killed when his plane crashed after dumping slurry on the blaze. It is such dangerous work, I am amazed and thankful it doesn't happen more often. Brush fires or grass fires on Fort Carson aren't really that rare (they do some controlled burns to minimize the risk of large fires), but one this size is, and it is already being called the largest in the county's history according to the sheriff.
The warmth of yesterday accompanied by the high winds of spring weather changes undoubtedly contributed to the rapid spread of this one. Thankfully the newly arrived cold and snow should help douse before it gets any bigger, and hopefully no one else gets hurt fighting it. Cold and wet snowy weather are expected to hang around into tomorrow.

It isn't a record, but I think 80 degrees is on the warm side for tax day in Colorado Springs. It was a perfect chance to get the hot tub drained, cleaned a refilled, and the warm dry sun felt very good. Rain and snow are in the forecast for the next couple of days, so we'll enjoy it while we can!
Speaking of tax day, I thought I would plug one of the tax benefits of owning a home. The obvious interest deduction is the one most discussed, but actually the tax free gain on the sale of your home is sometimes more important. This is because the way the tax tables work these days, sometimes using the standard deduction instead of itemizing is the best thing anyway, depending on the situation.
The tax free sale is generally interesting for everyone (current recession excepted), because even when homes are appreciating slowly, in the long run they are still appreciating, and when you sell, it is one of the few things you don't get taxed on (with some limits, of course). A $200,000 house that eventually sells for $250,000 after 5 years or so may have a $50,000 tax free gain on it. While you can often beat the appreciation rate with other investments, you usually cannot beat the leverage allowed (with only 3% down, this could be only a $6,000 investment!), and after taxes, that money is harder to match. Plus you get to live in it the whole time!

Only in Colorado Springs. Yesterday we woke up with snow on the ground from a little overnight snow shower, and I went golfing in 60+ degree weather in the afternoon. I had never played any of the of the military courses here, and had an opportunity to play the Silver Spruce at Peterson AFB. It was very nice, and the air traffic of the Colorado Springs Airport was a fun distraction from time to time. While I did not hit very well, we managed to get 18 holes in on the twilight special, and it was good exercise, if my sore muscles are any measure of that!
Speaking of Peterson (and Shriever), this morning's paper covered the new base housing projects going on at both. Shriever will finally have a couple of hundred homes, and Peterson will end up with around 600 after tearing down some, building some and renovating some.

I have an inspection today, and thought I would share a few notes about such things. In Colorado Springs, home inspectors are not licensed, but I only work with ones that are certified, usually by either ASHI (American Society of Home Inspectors) or NAHI (National Association of Home Inspectors), and that have errors and omissions insurance. I always attend home inspections for my buyers, because I want to hear what is said in case interpretation is needed in negotiating inspection issues. They are time consuming, but it has really helped in the past to be there, so I continue to do it.
Here, a typical home inspection is around $300, plus some additional services if desired, such as radon testing, water flow and/or potability testing (if the home is on a well), and sometimes we have to get additional inspectors involved if there are indications of mold, wood destroying insects (termites), or structural issues. It takes between 1 1/2 and 3 hours usually. I had an out of state client who said the inspector who came out when they sold their home, was only there for 20 minutes. That would be pretty impossible to do a proper job.
Generally radon testing is always a good idea. Radon is suspected as the #2 cause of lung cancer in the US, and while there are differences of opinion as to what the REAL limit should be for radon (the US EPA says 4 Pcl, in Canada they used to say 10, now it is 5), it is best if you know what you have before you just blow this off. Mitigation typically costs around $1,000 here.
We don't often run into mold, and the inspector will usually look for it to determine whether additional inspection or testing is done. The same applies to wood destroying insects. While termites are not very prevalent here, they do show up from time to time, especially in older neighborhoods where the trees have finally grown up.
Structural issues come up from time to time for a couple of reasons. We have some tricky soil conditions here. Sometimes the builder did not do things right, although this is more rare. Often, site drainage has been modified from what the builder had done, for landscaping usually, and it results in water coming in contact with expansive or poorly compacted soil, and this can create problems. We also have some hillside "creep zones", and even mine tunnels under the ground that can also wreak havoc. The areas most likely to have structural issues to watch for are west of I25, but they can happen almost anywhere.
The most common issues that come up on inspection reports are roof problems (previously undetected hail damage), electrical issues (usually homeowner done), furnace cleaning and servicing, bathroom grout issues and site drainage. The purpose of the inspection is really for the buyer to understand the true condition of the house at closing, so that they know what their "honey do" list will look like. The list of things the seller normally takes care of fall into the category of "safe, sound and sanitary". If any of these areas is affected, we typically ask the seller to take care of it. In Colorado, the inspection clause of the real estate contract is one of the most important contingencies. A buyer can terminate the contract for any inspection issue they choose.
Finally, a shameless plug for my favorite home inspector, Randy Morrow at Hawkeye Home Inspections. He does a great job, has inspected hundreds of homes for my clients, and I trust him completely. His number is 719-330-9821, and he does pre-inspections for sellers in addition to "due diligence" homes inspections for buyers.

Colorado Springs has some really nice home available in the 600's. I showed a bunch of them this week, and the one that the buyer selected was close to 5,000 square feet on 2.5 acres, 2 years old, and had WONDERFUL views.
The ones they did not select were very, very nice as well. One was on almost 6 acres in High Forest Ranch, in the trees. One was on 2.5 acres on the golf course in Kings Deer (really great views on that one!). Another was on 2.5 acres just minutes from the Powers shopping corridor. Bottom line, there is great selection in that price range right now! Here is a link to a couple of them:Some Nice $650,000 homes
This particular client was not looking for horse or looser covenanted properties, but this link is to one my listings for $659,900 that has a fantastic set of outbuilding, 5 treed acres, and a very nice 5,000 sf stucco ranch style home. 7115 Wildridge Road
The weather has turned decidedly winter like. After waking up to fog yesterday, it cleared up a bit, followed by rain, then thunder, then snow, and this morning, snow and wind. While it is not snowing a lot (less than an inch fell here), the wind makes it look and feel more like January than April!
This weekend is pretty much the end of ski season, despite great quantities of snow. Breckenridge will remain open until the following weekend, they are still report close to a 7 foot base, with this storm expected to drop another foot or so.

High end home sales in Colorado Springs are taking a disproportional beating in this recession. In doing a little number crunching, I was surprised to discover that while sales overall are still down 19% over last year's disappointing results, sales over $500,000 are down 42.3% from the 1st quarter of '07. While I pick the $500k mark somewhat arbitrarily, the fact is, only 4.4% of our sales exceeded that price in the 1st quarter (it was over 6% last year), so it makes a logical "line in the sand".
Today's "rain and snow" forecast has not shown up, and while it is not out of the question that it still might, it is not surprising if it misses us completely. The weather forecasters in Colorado Springs have one of the most difficult jobs in the world, with so many mountains sitting just west of us, slight changes in pressure make huge differences as to whether we see snow, or sun!

Preliminary Colorado Springs real estate sales data for March show a continued strong buyers market. Here are some of the early statistics. These are obviously subject to revision when the Pikes Peak Association Realtors releases official reports by Monday of next week, but these should be very close:
Sales 722 homes, down 19% from March of '07
Average (Mean) Price $236,514 down 7.2% from March of '07
Inventory 5883 up 3.9% over March of '07
Foreclosure / Short sale transactions represented about 25.6% of sales, and about 11.5% of the existing inventory, down slightly from January and February.
In addition, the Gazette reports this morning that foreclosure filings were 488, a record month. Things have not turned around yet!

Colorado Springs got some good news on the economic front in this morning's Gazette. The 1st was kind of expected, the US Olympic Committee is expected to accept the city's proposal to keep them here for another 25 years. The USOC, the Olympic Training Center, and the associated National Governing Bodies are kind of a big deal, and it is a relief to get this negotiation out of the way.
The 2nd piece of good news was a little surprising, and was tempered by some offsetting news. Job growth was surprisingly strong, and they said we have added 7000 jobs in the last year, or 1.9%. The offsetting news was that unemployment was actually up, to 5.5%. Who knows how good these figures could have been if we were back on a decent pace of home sales and bulding?
This may be a result of "trailing spouses" (my own theory) adding jobhunters to the pool. Many of the military families who come here (although this is not a "military only" issue), and a higher percentage of the less senior ranks, are 2 income families. When a soldier is transferred to Ft Carson (or Peterson AFB, Shriever SFB, Cheyenne Mtn or the Air Force Academy), their spouse often has to seek employment in the local economy, enlarging the potential work force. Ft Carson is in a growth spurt for a while, so employment and unemployment may both continue to grow.

While March is not the prettiest month of the year in Colorado Springs, it does offer some of the greatest variety in the weather, and Pikes Peak is always a bright white against the blue skies. The grass will be brown for a little while yet, although it has been above freezing overnight for at least a few nights, so maybe it will start to green up a little? The weather has taken a decidedly springtime turn, and we have been enjoying the 60+ degree days. I even hit a bucket of golf balls this week, in hopes of actually getting some time to golf this year. Pine Creek Golf course seemed fairly busy.

This shot was taken a block or 2 from the golf course, about a month ago, at the park in front of Mt View Elementary in Pine Creek.

Easter usually marks the beginning of Spring in my mind. Since Daylight Savings, Easter, and the Vernal Equinox all came in the same week this year, I guess we have to believe it is really here, but the yesterday the weather was a little confusing, although a bit typical of Colorado Springs this time of year. We headed to church with a fresh blanket of snow, and a coating of ice on the roads, but today is supposed to back into the 60's. It is so much easier to look at houses, and even to list them, when the snow is gone!
We sometimes joke about "For Sale" signs sprouting with the crocuses, or daffodils, or tulips, depending on the year. This year, I can't say I've seen any flowers sprouting up yet, but the inventory of unsold homes is starting to grow. At 5882 homes for sale as of today, 3-24-08, I am guessing we will break the 6,000 homes mark this week. Nationally, the National Association of REALTORS says that sales of existing homes actually increased in February, and while that did not happen here, I believe it will. With these great interest rates and increasing rents, people have to live somewhere!

While I was skiing yesterday, the Federal Reserve dropped interest rates again. This sure can't hurt. I'd like to think that we are finally where we need to be on such things, but I kind of doubt it. What would help OUR industry is a stable period of mortgage rates in the mid 5's, but they never ask me :-)

The snow was great at Breckenridge. Spring break is starting across the country, and it was busy, with people from about everywhere you can think of. Here in Colorado Springs, spring breaks are staggered a bit, and while CSU is out this week, D20 and Pikes Peak Community College have theirs next week. There was almost 2 feet of new snow in the last week, including 5 inches the night before, so it was great. I really needed the break, I think I had not had a real day off in 2 or 3 weeks. The season only has 1 month left, and this is often my favorite month to ski. We get the most snow in March and April usually, and the temperatures are more comfortable, which makes it twice as good. Spring skiing in the sunshine is a beautiful thing! This week the Colorado legislature decided to make skiing and snowboarding the official sports of the state of Colorado (as if they weren't already without them talking about it), so what better excuse to go could I have?

The photo above was taken last year at Copper Mountain when my brother (on the right) and his family came out for ski vacation.

There are a surprising number of good options for new construction on the eastern plains of Colorado Springs these days. Yesterday we wrote on a spec home in Banning Lewis Ranch, after a survey of neighborhoods that included Forest Meadows, The Gables, Meridian Ranch and Woodmen Hills. We looked at models from Legendary Homes, Capitol Pacific, John Laing, Todays Homes, Richmond Homes, Oakwood Homes and resales by Lennar, Richmond, and others. The decision to go with the Banning Lewis location was based on the location itself, the great lot, and good value of the home. While we won't know if the seller will go for the deal yet, I thought it would be worth noting a few things:
1. Banning Lewis is going to have a lot of pull for many different lifestyles. From those just starting out in home ownership all the way to empty nesters and active retirees, and everyone in between, this place is really going to have it all. The high speed internet access with 10Mbit upload and download speeds on fiber optic is really a great thing for the work at home technology worker, and the clubhouse and pool, tennis courts, trails, parks and school situation is really hard to beat, and is not pie in the sky, they are already in place.
2. The "active lifestyle" communities are really increasing in popularity. Woodmen Hills and Meridian Ranch were on the early side of that movement, and Banning Lewis has just taken it to the next level.
3. The Gables, on the eastern edge of Banning Lewis, has some interesting larger lots, and is very convenient for commuting and shopping.
4. There were fewer spec homes than I have seen in past builder visits, a clue that the builders are not sticking their necks out too far in these challenging business conditions.
5. The foreclosures / short sale homes did not come across as great bargains, although we saw 3 on the Antlers Creek Golf Course in Falcon at Meridian Ranch / Woodmen Hills that looked intriguing.

What an odd week this has been in the financial markets. While everyone who is anyone in Washington says they want lower mortgage rates, whatever they seem to do about it, keeps pushing them up instead of down. While low 6's is not bad by historical standards, we were in the mid 5's only last week, and it makes a difference. Since most people are payment constrained, the difference between 5.5% and 6.5% is the difference between a $300,000 loan and a $269,000 loan, when budgeting roughly $1700 for a PI house payment. At 7.5%, it drops all the way down to $244,000. In our market, that can make a huge difference in the choices a buyer has. I for one am in favor of low interest rates :-)
Tuesday we had our monthly sales meeting, and this month was hosted by the Colorado Springs Country Club. They have a membership drive underway, and I was impressed at how affordable the packages seem to be. They have a family full golf membership (they have an 18 hole golf course, tennis, pool, restaurant, etc) for $9500 initiation plus monthly dues, which by local standards is very cheap (Flying Horse for instance is $38,000 for initiation). We also have a special program whereby we can take our clients for an orientation, and they can receive a voucher for a round of golf! If this sounds good, give me a call (719-590-4768) and we'll set it up.
The other guest presentation was by the Banning Lewis Ranch, and although I have covered this topic before, it once again hit home how important this new development will be in this city. Please give me a call if you'd like a tour of this fantastic new concept community, it is going to be big, really big!

The new FHA loan limits have been announced for the Colorado Springs area, we are now looking at a loan limit of $325,000. This considerably expands purchasing power for those who are down payment constrained, because FHA only requires 3% down. FHA underwriting guidelines have historically been a bit easier to work with as well, the only downside being that that FHA appraisals have been a little pickier on things like pealing paint and other cosmetics. Many bank owned properties will probably NOT be eligible for FHA because of this. I happen to have a couple of listings at that $325,000 mark, as well as one at the $230,000 mark (the old limit was actually $250,000 I believe), so if you visit my web site, you can see the difference in the kind of home that can be financed with FHA.
Don't forget to set you clocks ahead this weekend. It has been pretty light out in the morning these days, and with the time change it will make it a bit easier to show property after people get off work in the afternoon.

Views are kind of important in Colorado Springs. For one thing, you get kind of spoiled when you see what great views are available. It is also sort of mesmerizing to see how the weather, light and angles all come into play into making a great view. View can add value to a home, it for sure adds a lot of pleasure when you have it from your back deck, or through a large picture window
This shot of Pikes Peak was taken from the back deck of one of my new listings in the very north part of Briargate. This is a particularly interesting little section, actually called Kittyhawk, that really predates the rest of Briargate. The lots are a bit bigger, and the trees more mature. It is also affordable. The home this one was taken at is only $325,000, and was pretty heavily updated, while the newer homes surrounding this neighborhood are typically in the upper 300's to low 400's for the same finished square footage. Check out more information here:
http://www.ricksellscolorado.com/Listings/antietam_2621/antietam_2621.htm.
For a virtual tour, try this link:
http://www.visualtour.com/shownp.asp?T=1415025

Normally this is the time of month we report statistics. The Pikes Peak Association of Realtors seems to be a little behind this month, but I'll take a crack at it anyway, even though I have to disclaim this by saying these are not the official numbers. It looks like our inventory of 5571 unsold homes on the MLS is up 7.1% over last February, not so bad. Sales were down 16.9% at 556 homes. The average price of $226,692 was off considerably (11.1%), and was even down from last month. Part of the problem continues to be the volume of foreclosure properties in the mix, with over 26% of the February sales coming from the bank owned / foreclosure / short sale segment. The average price of these homes is considerably less than the overall averages for the city, coming in at only $159,065.
Oh yeah, "Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period 2-1-08 through 2-29-08. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market."

Schizophrenic is the word our pastor used to describe our weather this weekend. As a Texan who now calls the Springs home, he had not yet experienced Rocky Mountain springtime, "when summer and winter collide". It was a record 73 degrees here a yesterday, but it is 25 and snowing at the moment.

I showed a lot of property in the 600's this week, and I thought I would share a couple of observations. While there are a lot of nice homes out there, the truth is that they vary tremendously in terms of the combined package of lot, location, size and quality. Some of the nicest settings have a little drive to offset that. Some of the nicest amenities with the most convenient locations, come without a decent lot. Some of the largest floor plans came without quality in some key areas.

One of the homes I showed is pictured above. At $659,900, it happens to have an exceptional 5 acre treed lot that is zoned for horses, has 3 good sized outbuildings, is located in the close in portion of school district 20, and at around 5,000 square feet is quite large, with lots of rooms for just about everything. Click Here for MLS Details and more Photos or Click here for a virtual tour

It isn't that often you see a stucco 2 story home in our market for $230,000, so I had to show off this new listing in Fountain I just took this week. Fountain is a great little town on the south end of the Springs, just outside Ft Carson, and this home is immaculate, with 4 beds, 4 bath, and almost 2200 finished square feet (including the finished basement).

For more details click on the following link: Detailed MLS Information

The weather is definitely getting more spring like. They are talking 50's today, and 60's for Saturday!

"Where the deer and the antelope play" says the old song "Home on the Range". I visited the Banning Lewis Ranch yesterday, and stopped by again this morning on the way back from Falcon to get this picture, taken from the development, with Woodmen Chapel east campus as a backdrop.

Banning Lewis is probably the most important new housing development to arrive in Colorado Springs in recent memory, maybe in our history. The prior residents of this vast tract, shown above, had lots of wide open spaces and area to graze. Sadly, they will not when this one is all over. Although they are hardly an endangered species here, it has always been a comfort to see the herds grazing on the eastern plains.

The first phase of this planned community has just closed it's first homes, and they may have all of 10 residents by the time this month is over, who will be enjoying the new clubhouse, outdoor pool, tennis courts, etc with very little competition. This development is unique from any other that I have seen from these perspectives:

1. The amenities are funded through a special tax district, not HOA dues, so that they are tax deductible, and don't require a lot of collection (or payment) hassles. For approximately $86 per month in taxes, each home gets access to the pool and clubhouse amenities, plus high speed (fiber optic based) internet, and cable television. I pay more than that for just my TV and internet now, so this is sounding pretty good.

2. They are building all the schools for this area as charter schools, using a consistent curriculum, and not waiting for school district 49 to decide when they are needed. The first school is already open, and has a waiting list, even though the neighborhood is not even built out, so schools will be a big draw here.

3. They are targeting fairly affordable price ranges initially, so instead of the $400k+ neighborhoods just to the north in D20, these are all starting in the $200's.

4. The lots, while not large, are being set up so that there lots of cul de sacs with access to walking trails, trading "personal" space for some nice community areas.

5. Unlike some of the communities farther east, this one is all on Colorado Springs city utilities, so they are both more affordable and reliable.

I came prepared to be disappointed, but came away impressed. This one should be a winner. For it's tremendous size, it has to be! Please give me call at 719-590-4768 if you would like a personal tour!

There is something about holding a newborn that is just special. It makes all of the other troubles of life disappear for a while, as you contemplate their utter dependence on others, their complete acceptance of whoever is holding them, and the great journey they have ahead of them.

Shown is our new grand daughter Ashley, about an hour old. She was born last night at the birthing center at the old Memorial Hospital, a still a very nice facility, although not as convenient as the new one for sure! One of the reasons we chose Colorado Springs as our home 17 years ago was that it was a place our children might be able to settle and have their children. Here is proof positive!

This is a special day for us, our newest grandbaby is scheduled to be born today. Of course you never know for sure until it happens, but they are planning on inducing labor, so the odds go up considerably!
The weather seems to be warming up a bit after a cold winter, we should be back in the 50's today. March and April are our snowiest months normally, so we have no illusions that winter is close to over (the best skiing is still ahead of us!), but the warm sunny days are a nice break that you kind of expect when you live here. I did not ski this weekend, Presidents Day is kind of a zoo up in the mountains with all the kids off from school, but maybe after the next storm.
The new Costco at Barnes and Powers opens tomorrow. I am a little skeptical as to how much better of a shopping option it will be over Sam's, but I like choices, so we'll see. A lot of people seem to be waiting for it like it will change the city, the Gazette even gave it front page coverage today. Maybe that says more about the lack of news than it does about Costco! We'll see.

Foreclosure is the "F" word of the real estate business. While to buyers the conotation is bargain, the reality is that foreclosures drive up the cost of loans, make it harder to get financing at all, and depress the supply of other homes on the market that might actually be better selections anyway by lowering average prices. Obviously the affect on sellers is even worse, the foreclosure down the street that sits week after week sure makes it hard to get what a house might truly be worth without it.
Case in point, yesterday I was showing homes in the low 200's, and a couple in the upper 100's. Of 8 homes we set out to see, only 6 would allow showings, and of those, 3 were foreclosures. One needed at least $20,000 in fixups AFTER the bank had already done their best, another maybe only $10-15k. One appeared pretty "run ready" and priced very well, but there were still stipulations that no inspection or financing contingencies would be accepted, so the buyer had to spend some money of their own before they even could know if they were going to get the house. These are risks that many buyers who are stretched for their "cash to close" are not going to be willing to take, even though the house may appear to be a "steal".
Foreclosures make up about 12.5% of our inventory currently, or about 1 in 8 homes on the market. The bulk of them (although certainly not all) seem to be concentrated in the Fountain Valley (15.3% of the total), Southeast (11.4%), Powers (7.8%), East (7.4%) and Central (6%) areas, with the rest kind smattered around the city. Quite a few seem to be on the newer side (not in the East or Central areas), likely buyers who could barely afford the house to begin, couldn't afford the lawn and window coverings after closing, and with either an interest rate bump or a job, medical, or realtionship situation, pushed them over the edge.

Yesterday was our annual awards ceremony at RE/MAX Properties. It was surprising to me that I came in #11 out of 275 agents, given that it really was a pretty tough year. I have hopes for a stronger 2008, and have mentioned the rationale for them in this space before, but they bear some repeating.
1. Interest rates are in the mid 5's, which is great
2. We are starting to get some of our troops home to Fort Carson who have been on deployment in Iraq
3. Fort Carson is growing
4. Some our private sector employers seem to be growing
5. Colorado Springs is an awesome place to live!
They are calling our weather today "the warm before the storm", with highs in the 50's today, and the 20's tomorrow. It's always interesting at least!
We celebrated our Valentine's Day a little early last night, with dinner at the New South Wales Restaraunt. I have to say we were a little disappointed. The food wasn't bad, it just wasn't special. I had the rib eye steak, and Holly had a fish with some kind of artichoke sauce on it. They had been closed for a while with all the construction at I25 and Nevada, and have only recently reopened. Hopefully things improve for them, it is really a good location, and the menu looked like it should be very good.

Mens Fitness Magazine just named Colorado Springs the most physically fit city in America. You'd think we'd get a NFL franchise or something with that kind of talk (actually Denver was #4), but actually there are some things that make this a good place to live for the fitness concious.

1. The Olympic Training Center, with it's bevy of ancillary amateur athletic organizations that are based here, attracts and promotes fitness a lot.

2. The biking and hiking trails here are incredible. The choice of very vertical routes as well as some flat ones attracts users of all ages and fitness interests. I still don't completely get the Pikes Peak Marathon. Somehow running up (and down) Pikes Peak seems more like a heart attack waiting to happen, but hundreds do it, so it must be good for you, right?

3. The "rest" of the Colorado experience, like skiing, boarding, horseback riding, whitewater rafting, even golfing, etc, tends to be more fun if you are in at least some sort of shape. My first ski runs of the year are always a new revelation in what I did not do the rest of the year, so keeping up on some kind of fitness routine seems logical.

4. It is so pretty out so much of the time, you really want to get out and do something.



Having said all this, I am personally dragging the averages down as far as fitness goes. But let's not let this little confession discourage anyone, after all, it is about personal choices, no matter where you live!

Not every thing this week is super, even though the Super Bowl and Super Tuesday, and the "super storm" activity in the midwest would make it sound like it. Our hearts go out to the people are affected by the devastation happening in the mid west and the south, for the lives lost, and those who have been left homeless by these incredible storms.
When the weather goes crazy like this, Colorado is affected sometimes too, but not the way you might think. Our mountains are catching incredible amounts of snow, and while it will be in the 40's and sunny (though windy) here today, it is blizzard conditions in much of the mountains. The result is that our ski resorts, but perhaps more importantly our watersheds, are accumulating a lot of water in the form of snow. The southwest part of the state (Durango, the San Juan mountains, etc) are at almost double the 30 year average for snowpack. The North and South Platte River basins are not doing quite as well, but still well above average, and the Arkansas River watershed is also running way above average. Colorado Springs long term water plan is to figure out a better way to tap water rights from the Arkansas, and a year like this one is an example of why. While some oppose building a pipeline into Pueblo Resevoir for the Springs, it only makes sense when you see the geography, and most of the opposition tends to be general anti growth sentiment as opposed to any real alternative.

Politics in Colorado Springs tend to be a bit lopsided toward the Republican majority. Not that there aren't disagreements, but they tend to play out in the primaries, not the general election. Many seats are uncontested by the time the general election comes around. We are a caucus state, which makes the process a little less than well understood. Precinct level caucus meetings appoint delegates to the county convention, and there will be a presidential straw poll as well. The congressional election this year will be interesting, as the incumbent Doug Lamborn is being challenged by the same 2 people who he had to contend with in the primary originally for the seat, Jeff Crank and Bentley Rayburn. It was actually a very hard fought primary last time, so who knows? El Paso county tends to run about 60% toward whomever the Republican presidential candidate is. In 2004, it was almost 67% for Bush / Cheney, statewide it was just under 52%.
The state as a whole is more of an "up for grabs" deal. The last election we went from a Republican governor and legislature to a Democratic one, and that swing back and forth at the state level will likely go on for a long time, as Denver and Boulder and to a certain extent Pueblo tend to offset a more conservative "rest of the state".
We had a late start school day today again. It sure doesn't seem to take much snow anymore for them to declare a late start. I think we only had an inch or 2 of snow even in Briargate.

The inventory of unsold homes in Colorado Springs held during January at 5386 homes, from an already low point at the end of December, and up only 2.6% over last January. This is VERY good news for those of us who make our living in this industry, because it means we are finally making progress toward a more balanced market, from the lopsided buyers market we have had. No doubt interest rates are helping, along with fewer sellers who are just "testing" the market, and hopefully fewer foreclosures going forward? I showed property yesterday again, and only one of the homes was bank owned, and only 2 were vacant. January statistics probably won't be published until Monday, but it appears we will have a pretty light closing month at under 600 homes closed during January, but with as many pending as there are, February will look pretty good.

This winter seems to be running a little colder than usual, I don't remember so few days above 50 degrees, and so many single digit nights, but the sun feels good, and the snow we've had has been continuing to melt off quite quickly. The roads were dry again by dinner time last night after an overnight snow.

Todays photo is from a trip up to Copper Mountain last March with my brother and his family. They are true winter lovers, and we had such a great time!

With the Fed continuing to lower interest rates, I am optimistic for Colorado Springs real estate in 2008, although January will probably not be a great closing month. Our unsold inventory is holding at fewer than 5500 units, which is a very good sign, down almost 2000 units from the peak last summer. In addition, with today being the last day of the reporting month, there are almost 900 units pending (in escrow), which bodes well for the next month.

Sometimes the week day a month ends on can make a difference as to how closings happen, and can affect statistical reporting. Many / most people prefer to close toward the end of the month, or on the very 1st day of the month, because the buyer is charged minimal prepaid interest in their closing costs. In addition, many people like to move on the weekend, and so Fridays tend to be popular closing days. When a month ends on a Thursday, as it does this month, there will be closings that are held on the 1st that might normally have happened earlier. We'll see how the actually number line up, but it would be my guess that we will see around 600 sales for January, and closer to 800 for February, even though it is a shorter month.

The current national real estate slump is having an impact that I had not really anticipated. When someone moves here from out of state that has sold their home, we assume they probably have equity, and are not in need of "zero down" financing. However, with the market being tough all over the country, that is not necessarily so, and sometimes equity has disappeared with price declines in other areas, resulting in someone "starting over" in the home equity building process, but not being a 1st time homebuyer either. Fortunately, we still have programs for this, and if you anticipate that will be your situation, you should speak with Dana Hines at Colorado Online Mortgage (719-593-8778) about it. She can advise you on the program that will best fit your needs.

Another sign the Colorado Springs real estate market is turning? After showing 6 or 7 homes on Saturday out in Woodmen Hills, I got calls yesterday from 2 of the listing agents that they had received offers over the weekend. Who can say whether they will go under contract (neither has been indicated on the MLS yet), but these are the sort of calls we used to get when the market was more "normal". In addition, after almost the entire month of January, the inventory of homes for sale has only increased by only 100 homes or so, to just over 5500, which is a very good sign. We had expected a rush of listings as people who had pulled their home for the holidays came back on the market, but that does not appear to have happened.
After such a balmy weekend (50's and low 60's), it was cold and windy this morning, in the low teens. I guess Four Corners area (Durango, Telluride) got dumped on but we got no snow whatsoever, and although it is very cold, the sun is shining.

This weekend I showed homes in the Woodmen Hills area, and thought I would say a few words about it. This unique subdivision was built with mostly 1 acre and 1/2 acre lots, and most of the homes are less than 10 years old. It has 2 recreation centers ( of which now managed by the YMCA) , and while horses are not allowed, it is somewhat friendly for parking extra vehicles such as trailers and boats. The subdivision is located near Meridian and Woodmen Roads, where the new Falcon SuperWalmart and a host of shops, restaraunts and businesses (including the RE/MAX Properties Falcon office) are located. We looked at homes ranging from $235k to $275k (there are homes for even less on some smaller lots), and there were some very nice choices. Woodmen Hills has dues of around $125 per month that go for the recreation centers, water and sewer, and street lights. It is a little confusing, but the mailing address for homes here say Peyton, even though Peyton is quite a bit further northeast up Highway 24.
The Falcon area has been growing by leaps and bounds for years, it is very popular with people who work at Shriever AFB, Peterson AFB, the airport, or other east side employers, as well as anyone who just wants some extra breathing room at a reasonable price. Part of School District 49, Woodmen Hills is a good choice for someone who wants some city conveniences, and is willing to drive just a little for them, without the population density of areas like Stetson Hills.

Yesterday was a ski day for me in Breckenridge. I thought I would share a few things that are peculiar to living here that came from the day.

1. The weather. I left the Springs under sunny skies and mid 30's. It was still sunny when I got to South Park (yes, it is a real place along Highway 24, west of the Springs), but it was -7! The temperature fluctuated dramatically along the whole route. It was 18 degrees at the top of Wilkerson Pass (where the top photo was taken), and -7 just 5 minutes later! Once I crossed Hoosier Pass it was snowing off and on the rest of the day, and very cold and windy. I left Breck on the early side, and it was still mid 30's and sunny when I got home to the Springs. Lesson? The weather is hardly ever the same in the mountains as it is in the Springs, and always dress for the coldest scenario when skiing, especially at Breckenridge.

2. The Drive. It was 2 hours and 15 minutes, and 115 miles, both coming and going. Highway 24 always has some slow traffic situations (it is a 2 lane state highway), but it hardly ever stops like I70 can. I saw elk just west of Hartsel, and a large herd of antelope right along the road just east of there. The buffalo herds in South Park were also very close to the road, and it made for a very scenic drive.

3. The Skiing. They had about 4 inches of fresh powder, and conditions were excellent, except for how cold and windy it was . They were actually stopping the lift periodically on Peak 7 because the blowing snow made it impossible for the upper lift operators to see the chairs coming in. There were virtually no lines except for right after lunch break. The new gondola from the village up to peak 8 is very nice, although the new parking setup is a bit sketchy (they have eliminated a lot of the free parking they used to have, and charge $5 to park in the old free lots).

4. The International Snow Sculpture Competition. This was a little surprise, first that it was going on, and secondly how interesting the sculptures are. They have people from all over the world who come and create ice sculptures, and they are very ornate. I have included a few photos here.

What a week in the financial markets! Even mortgages had a wild ride yesterday. One of my favorite lenders, Dana Hines at Colorado Online Mortgage, said they got repriced 4 times yesterday afternoon, starting the day at 5.25% and ending at 5.675%. A few of the things I like about working with this particular lender are:
1. They always do what they say they'll do
2. Their rates are great, and they never charge an origination fee
3. They have a great web site for getting current rate quotes (although when the market is jumping around so much, sometimes these can be out of sync a little) and making application
4. When you need to talk to them, they answer the phone
5. When talk isn't good enough, or paperwork needs signing or picking up, you can go into their office
I do a lot of relocation work, and one of the biggest problems we run into is when a relocating buyer wants to bring their old lender along for the deal from out of state. Don't get me wrong, there are some situations that are complicated enough and the history is good enough where that can make sense, but MOST of the time, it results in problems. My most recent horror story on this was just at the New Year. I think told the story in an earlier blog, so I won't repeat it here, but the bottom line is that when relocating or even making a local move, it is a good idea to use a reputable local lender.
This week I have been showing property in the low 200's in the Powers area and on the eastern plains, and have been very impressed with overall quality of the homes we are seeing. What a great time to buy! The weather has been a little cold, but sunny at least. Yesterday it was about 10 degrees colder (16 degrees!) in Forest Green (Northeastern Black Forest) than it was at Woodmen and Powers, only a 15 minute drive or so.

It was a very pleasant weekend here. After a little snow on Friday night, Saturday and Sunday were sunny, and Sunday got all the way to the mid 40's before a cold front brought us another dusting this morning and highs in the 20's today.
The playoffs were kind of fun to watch. With the Broncos out, it is not like I had strong favorites, but it was kind of cool to see Eli Manning make it into the Superbowl after Peyton won it last year.
Apparently there is an internet problem that began last Friday night that is affecting some of our clients, and us. If you have sent us email and not received a timely response, please be patient, it is our understanding that it will be repaired sometime today.

T Rowe Price has opened their second Briargate facility. There was a nice write up on this in today's paper, and since I drive by this facility almost daily, I thought I should mention one of the bright spots on the Colorado Springs economic horizon. They expect to add another 700 employees or so over the next several years (they have around 675 now). See T Rowe Price Careers web page for more info. Other financial services firms with a large presence here include Progressive Insurance and USAA Insurance. Progressive in particular has also grown their local presence a lot in the last few years.
I don't know about you, but -12 is a bit cold to me, and I was shocked to see that for the low this morning here. At our own house it was only 2 below zero at bed time, and 1.6 degrees at breakfast, but cold is cold! They actually closed school yesterday, not really over the snow (although there was a little), but because the wind chill was forecast below zero all day! Fortunately we don't have too many days like this, and while it will be colder than average for several days now, the sun is out and should be a little more comfortable without the wind.

It was a little sad to see the official announcement of the closure of Penrose Community Hospital this coming August. I suppose it was inevitable, with the St Francis Medical north campus opening at Woodmen and Powers, there are only so many beds really needed. We have made good use of that old building in the 16 plus years we've been here. Our 2nd grandchild was born there, and we've spent many a sleepless night in the ER with various family members. Our first visit to the ER there was almost 17 years ago, during our first week in Colorado Springs!

The new hospitals are good too though. The new Memorial Hospital which will celebrate it's first anniversary this year is a really quite something, and so convenient for our family here in Briargate. Our 3rd grandchild will be born there in February. The new St Francis Medical Center is gorgeous as well, and I know everyone will love it when it opens in August of '08.

Todays photo of Pike Peak was taken Sunday from the new Chili's at Powers and Union, and shows the new Memorial Hospital in the foreground.

This morning was our monthly sales rally, and there were a couple things that I thought might be worth sharing. I've previously shared the citywide statistics for December, and our company stats were pretty comparable, with over $800 million in sales for the year, and RE/MAX Properties once again #1 in Colorado Springs, by a factor of 2 over our next largest competitor. A web site was shared that many should find useful, published by the National Association of Realtors, called www.HousingMarketFacts.com. It does a nice job of showing why homebuying is such a good decision, and how homeownership results in about 60% of the average family's net worth.
We have most our meetings at a unique facility, called Mr Biggs. They were in the news this week as a church group is now using the facility on Sunday mornings, and include an hour of fun in this great entertainment complex. Steve Bigari who is one of the principals in this venture gave us all a copy of a book he wrote at our last meeting, called The Box You Got, and it was really inspirational. It is fun to see what entrepreneurial stuff this guy has done, and we really enjoy the facility. What a great place to bring your kids! Mr Biggs has taken on a great Christmas charity event that was originally started by a man named Bob Telmosse, and they gave away presents to thousands of children this year.

Typical winter weather these last couple of days, sunny with 30's and 40's, and great scenery. Someone asked "How will we really know when the market has turned the corner?". The only way to really know is when sales and prices reflect a turnaround by increasing. The problem with that is, it will have already happened at that point. There are some secondary indicators. Inventory, as an example, after seasonally dipping to 5,385 units at the end of December, has only increased by 50 units or so since then, a very good sign. Pending and Under Contract (show for backup) sales already exceed last months closings, and while this figure is not closely tracked, shows some strength in the market. Showings, at least at our firm, are on a very healthy upward trend. Interest rates were at 5 5/8% this morning, a very good sign of good things to come.

Today's Pikes Peak photo was taken New Year's Day.

Skiing was GREAT this week! We went up to Keystone, which is 135 miles from our driveway in Briargate. Traffic on I70 was a little grim yesterday due to fresh snow still falling (so who is complaining?), but the snow was fantastic. We tend to take guests to Keystone first because it has a great range of terrain that is "beginner friendly". My nephew joined us, and he progressed quite well from the greens to the blues. The other thing I like about Keystone is that the night skiing makes it less urgent to leave right away at the end of the afternoon. We stayed later one day, and it was very nice. College classes start back up next week for our kids, so this was kind of our "last hurrah" from their Christmas break.
Interest rates have dropped to around 5.75% as a result of the stock market softening. What a great time to buy, with tons of inventory, and low rates. This will not last forever!

Things seem to be picking up with the new year. I had another listing go under contract yesterday, and have had quite a few requests for relocation packages in the last week. More and more people seem to be getting the message that this is a great time to buy, and especially here in Colorado Springs. Even the Gazette, our local paper, had a prominent article to that effect this morning.
It looks like the new Costco is going to be opening late February (about the same time our new granddaughter is due!). I'm not sure how exciting that will really be for everyone, but my friends and clients from California sure are looking forward to it. I know people who drive to Denver to shop at Costco instead of Sam's, and while I don't really understand it (3.5 miles vs 60 miles each way, with gas at almost $3.00/gal, hmm?), it shows that they have a strong following, so we'll see how they do here. It's always nice to have more choices, and you can't beat the location, Barnes and Powers is a hopping place these days!

The monthly sales statistics for the Pikes Peak Association are finalized, and not much different than I have previously mentioned. Sales were 644 units, down 12.7% from last December. The median (1/2 above, 1/2 below) sales price of $214,882 was down 4.5% from last December, but actually made its 2nd consecutive monthly increase from the low in October of $205,000, and looks very similar to the numbers we saw through the 1st quarter of 2007. Have we hit bottom? Not sure, but these are encouraging numbers, possibly indicating the bottom was back in October for us. The new arrivals and returning troops at Ft Carson should be helping.
Overall 2007 sales were down 16.1% from 2006, and the average (mean) sales price was virtually even with 2006 (down .3%) at $259,629.
On the weather front, last nights light snow was not quite enough to delay school this morning, much to the disappointment of tens of thousands of school children, and my wife, who loves a late start as much as her students!

Travelling cross country in the middle of winter tends to be a pain. Whether it is problems where you are coming from, where you are going to, or where the airplane you are going to ride in is coming from, there always seem to be problems with midwinter flights. We just returned from my dad's funeral in Michigan, and it feels so good be home again after spending endless hours waiting for delayed flights! It also feels good to have the warm sun on your skin, and see the mountains (it was less than 1 mile visibility when we left!) It was wonderful to see everyone and visit, and funeral was actually a very uplifting service, but I am glad to be home.
We are all looking forward to some skiing this week to make up for some lost time over the holidays, the snow is looking good with over 40" of base most everywhere now.

My dad died last night, at the age of 84. It was a strange way for the year to end. He had been ill for a long time, and in a way, it was no surprise to anyone, and yet we were all still caught a little off guard. He was a Marine, had served on Okinawa among other places in WWII, and became a real estate broker about the time I was born. I'm not going to do an obituary for him here, but I do want to honor a man who was husband of one wife for 60 years, raised 6 kids, served his country well, and was strong in his faith in God. He'll be missed by many.

This photo was taken just a month or so ago when I went back to Michigan to visit.

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.