Real Estate Information

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.

The nation has had a large number of delinquent mortgages coming into the fourth quarter.  The news seems to be great at generalizing the stats for all but you should really listen more to the what is happening in each market.  Colorado has definitely had an increase in delinquent mortgages accounting for a total of 5.61percent of all Colorado Mortgages in the fourth quarter.  According to the Mortgage Bankers Association Colorado’s delinquency rate ranked 42nd nationwide in the fourth quarter, with first being the highest rate and 50th the lowest.  Things are bad, but they could be much worse.

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.

Verizon Wireless paid 6.4 million dollars for a property in Colorado Springs that was owned by Vitesse Semiconductor Corp at 4323 Arrowswest Drive.  The purchase included a 107,381-square-foot industrial building and 9 acres of neighboring land.  This is yet another good sign for the local Colorado Springs economy and will be a boost for real estate in Colorado Springs. 

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. 

We have had a number of people ask us about a Colorado Springs Newspaper.  There are a number of newspapers in Colorado Springs to chose from.  If you are looking for news and topics in a major newspaper or news specific to an area or topic Colorado Springs has it covered! 

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!

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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!