Colorado Springs Short Sale Specialist

More people than ever are facing foreclosure and may be able to take advantage of selling a home by short sale.  It is important to contact a Colorado Springs Short Sale Realtor as soon as possible.  This is a great option if you are facing a foreclosure due to any number of issues like rate adjustments, divorce, relocation, deployment, health issues, ect.  It is important to consult with a CDPE (Certified Distressed Property Expert) as they have all of the tools to negotiate a short sale and help avoid foreclosure.

The Daniels Team carries the CDPE designation and specializes in selling short sales in Colorado Springs, Monument, and surrounding areas.  As your Colorado Springs Short Sale Specialist we will sit down with you for a consultation immediatly and help provide answers and peace of mind.  Best of all, our Short Sale Services are of no cost to you.  Visit our Short Sale Resource page to find out more. 

Click here to schedule a short sale consultation.

The Saddleback Ridge HOA has decided to sue one of the five partnered developers who told potential homeowners and real estate agents during construction that the complex would have a pool and clubhouse.  The complex was built in 2006 and now the homeowners are stuck with a broken promise.  The trial is scheduled for January 11, 2010 and the HOA wants the developer to stand by his promise or pay $500,000 plus default judgment previously awarded the HOA.  The HOA's attorney claims that each of the 96 condo owners has lost about $5,000 in value due to the lack of the promised pool and clubhouse.

This is a prime example of things that can happen with new construction in Colorado Springs and around the nation.  I have seen builders/developers promise parks, community landscaping, trails and much more while breaking their promises at the end of the day.  This can be a negative while looking for new homes in Colorado Springs.  This is why it is extremely important to work with a reputable Realtor in Colorado Springs who can communicate the things to look for in a new home community.  Most good Realtors have experienced or heard about these issues with particular builders/developers and are happy to share their experiences with you.  

Foreclosures in Colorado Springs

An even more staggering statistic is that more than 7 out of every 10 foreclosures (bank seizures) occur without the homeowner ever seeking professional intervention.

There are a number of options available to Colorado Springs families facing foreclosure.  See some of the options below:

1. Reinstatement
2. Forbearance or Repayment Plan
3. Mortgage Modification
4. Rent the Property
5. Deed in Lieu of Foreclosure
6. Bankruptcy
7. Refinance
8. Servicemembers Civil Relief Act (military personnel only)
9. Sell the Property
10. Short Sale

There are ways to avoid foreclosure in Colorado Springs and surrounding areas.  Contact a Certified Distressed Property Expert to find out.

The lack of traffic in Colorado Springs is yet another benifit of what the city has to offer.  As one of America's top 100 congested metro areas, Colorado Springs ranks 91st for the second year in a row.  Los Angelos, CA takes first place for worst traffic according to this report compiled by INRIX, a provider of traffic and navigation services.  New York City and Chicago followed in the number 2 and 3 position. These congestion rankings are based only on travel during weekday peak driving times (6AM-10AM and 3PM-7PM).  It is great we can enjoy the benefits of living in one of America's 100 largest cities without the major traffic issues that follow.

Colorado Springs Real Estate Stats - Listing Supply By Price - August 2009

 Colorado Springs Real Estate Stats - Listings Sold By Price - August 2009

The Countdown Continues! 

The $8,000 first time home buyers tax credit ends November 30.  There is still time to close if you are eligible for the tax credit.  Contact your Realtor to discuss your plans of closing before the expiration date.

Outside Magazine has just ranked Colorado Springs as the #1 city to live in for 2009.  The main factors considered were cultural vibrancy, economic well-being, and overall quality of life from the 100 most populated cities in America.  When taking into account cost of living, unemployment, nightlife, commute time, access to green spaces, population with college degrees, income level in relation to home prices, and weather Colorado Springs leads the pack.  Quality and proximity to biking, running, paddling, hiking, and skiing were also considered in the final rankings.  Checkout the article to find out more.   

The Runners Up:

10. Charlotte, North Carolina

9. Cincinnati, Ohio

8. Minneapolis, Minnesota

7. Portland, Oregon

6. Albuquerque, New Mexico

5. Boston, Massachusetts

4. Austin, Texas

3. Atlanta, Georgia

2. Seattle, Washington

Stetson Hills Charmer!
Type: Co-op
Location: 6280 Scottsbluff Dr., Colorado Springs, CO 80923
Bedrooms: 2, Bathrooms: 1 full, 1 half, 1 three-quarter bath
Price: $174,900
Description: * VERY NICE HOME WITH VAULTED CEILINGS, CEILING FANS, VERY OPEN, LIGHT AND BRIGHT FLOOR PLAN * THIS MODEL HAS IT'S OWN SEPERATE MASTER BATHROOM AND LARGE WALK-IN CLOSET * TANDEM 2 CAR GARAGE * 2 BEDROOMS PLUS A LARGE LOFT THAT COULD BE USED AS A FAMILY ROOM, BEDROOM, HOBBY ROOM, ECT. * MANICURED FENCED BACKYARD WITH PATIO AND SPRINKLER SYSTEM * THIS HOME IS A DELIGHT TO SEE AND VERY CLOSE TO SNOWY RIVER PARK!!

Click Here for More Information and Photos.

It is definitely a great time to buy a home!  Home prices and interest rates are at historic lows which leaves open even more opportunities as a home buyer.  Now the government has added an $8,000 tax credit to all qualified home buyers who have not owned a principle residence in the last 3 years.  Home affordability is now drawing renters into a home of their own.  Here is a chart that outlines the tax credit. 

If you do not qualify for the credit you can still take advantage of low home prices and interest rates along with a larger inventory of homes to chose from.  Start your search now to see for yourself. 

Home Buyer Tax Credit

FEATURE

CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008

REVISED CREDIT- EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 & BEFORE DECEMBER 1, 2009

Amount of Credit

Lessor of 10% of cost of home or $7500.

Lessor of 10% of cost of home or $8000.

Eligible Property

Any Single Family Residence (including condos, co-ops, townhouses) that will be used as a principle residence.

No Change.  All principle residences eligible.

Refundable

Yes.  Reduces (or can eliminate) income tax liability for the year of the purchase.  Any unused amount of tax credit refunded to purchaser.

No Change.  Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit

Yes.  Full amount of tax credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000).

No Change.  Same income limits continue to apply.

First Time Home Buyer Only

Yes.  Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.

No Change.  Still available to first time purchasers only.  Three year rule continues to apply.

Revenue Bond Financing

No credit allowed if home financed with state/local bond funding.

Purchasers who utilize revenue bond financing can use credit

Repayment

Yes.  Portion (6.67% of credit or $500) to be repaid each year for 15 years starting with 2010 tax filing.

No repayment for purchases on or after January 1, 2009 and before December 1, 2009.

Recapture

If home sold before 15 year repayment period ends, then outstanding balance of repayment amount recaptured on sale.

If home is sold within three years of purchase, entire amount of credit is recaptured on sale.  Applies only to homes purchased in 2009.

Termination

July 1, 2009  (But note program changes in 2009)

December 1, 2009

Effective Date

Purchases on or after April 9, 2008 and before January 1, 2009.  Repayment to begin for 2010 tax year.

All revisions are effective as of January 1, 2009

**This information is a brief overview about the home buyer tax credit and should be confirmed with the latest tax code and your accountant.

Peterson Air Force Base is among 5 other military bases around the nation to house the 24th Air Force Unit which will fall under Air Force Space Command to oversee cyberspace warfare.  The Unit is in charge of global cyberwars.

The other finalists  for the 24th Air Force Unit are Barksdale Air Force Base, La., Lackland Air Force Base, Texas, Langley Air Force Base, Va., Offutt Air Force Base, Neb., and Scott AFB, Ill.  It will be interesting to see where they end up.

This would be great for the local economy in addition to the already expanding Fort Carson, which is in the process of doubling in size. 

General Newspapers for Colorado Springs:

The Gazette is the largest newspaper circulated in the area and is one of the better papers I have seen in the state.  The Colorado Springs Independent is another newspaper that has a fairly large circulation for the area.  Follow the link below for more.

Specific Newspapers in Colorado Springs:

The Colorado Springs Business Journal is a great read that focuses on business and developement in Colorado Springs and the Pikes Peak Region.  You will also find Military specific newspapers for The Air Force Academy (Academy Spirit), Fort Carson (Mountaineer), Peterson Air Force Base (Space Observer), and Shriever Air Force Base (Schriever Sentinel).

Click Here For Links and Information To Colorado Springs Newspapers!

Around 230 members of Fort Carson's 2nd Brigade Combat Team and 4th Infantry Division deployed to Iraq on Wednesday for 12-months.  Half of the troops have served in Iraq before and the other half are on their first tour of duty there.  Stay safe and thanks for your service to this country!