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2017 Commentary

For many residents that track Colorado Springs Real Estate relative to other markets, a frustration the last two to four years has been “with all these sales, why is our average price not gaining like it is in Denver/Boulder/Fort Collins… even Greeley?” There has been a profound reluctance for buyers of over $600,000 properties to show up. So while the median has risen 8-10% for the last 24 months, the average sees a 6% return and just can’t seem to get past that. Nowhere is this more evident than in a market that ended 2016 with the all-market average price tag hovering near $900,000. In Southwest, the year-end average price was a full HALF MILLION HIGHER (245% higher) than the average sold price for the year. The average price appreciation for 2016 was a mere hair higher than 2015 at 0.3%. Both numbers look like typos. Part of the negativity was the persistent coverage of landslides that exerted most of their downward tumbling chaos in 80906. But another part is likely demographic, a wait and see as to what the election might bring. Typically “the Broadmoor” has more million dollar sales than any other place in the market, yet this year, Public Records show 17 residential sales on over an acre in 80908, 80132 and 80921. There is a push north, a push for land and a push for new. But another piece of outlying date we are tracking in 2017 is that after the November 8th election, 15 million+ properties went under contract in the MLS before year’s end. That’s a big number considering that only 46 million-plus sales closed in calendar 2016 anywhere in our MLS.

Standard Disclaimer: The Where to Buy Project is an Annual Creation of WelcomeWest.com for Selley Group Real Estate. It uses data extracted from the Pikes Peak RSC Multiple Listing system for the previous calendar year and compares it to the prior calendar year. For the 2017 report, the effective data range is January 1, 2015 to December 31, 2016. The information is then visualized and comprehended using Focus1st.com Pricing Software. Information is deemed reliable, but not guaranteed. 

How to Use The Where to Buy Project: For a resource guide on how to better comprehend the Focus1st Graphs, please refer to the Where to Buy Project Source Video . In all cases, Days on Market is measured differently in Focus1st than in the RSC MLS: It is the length of time between initial list date and day of close. The RSC MLS measures this date in marketing days, the number of days between initial listing and the day of contract. To standardize measurement, subtract 40 days from the Focus1st measure to provide an approximate equivalent to the same measurement in RSC MLS.

Broadmoor Bluffs

Broadmoor Bluffs has received a lot of attention lately, and not a lot of it was positive. The impact of the 2015 rains was felt dramatically on Cheyenne Mountain with several homes experiencing major foundation damage, some to the point of condemnation. That has impacted sales, but not nearly as dramatically as one might think. The area is characterized as a suburban, forested neighborhood with mountainous backyards and often times “views to downtown Kansas City”. Prices have a broad range, from the low $400’s to the occasional sale over $1.5 million.

broadmoor-bluffs

Broadmoor Resort Community

The “BRC” saw a significant reign in popularity when it first opened up. It offered new homeowners Broadmoor Resort privileges and the exclusive attribute of gated living on 2+ acre lot home sites in a healthy forested glen looking down upon Colorado Springs. The nature and character of the views changes from lot to lot, with some offering sheltered privacy, others offering expansive views that take in the Broadmoor Hotel in the foreground, downtown Colorado Springs in the middle ground, and Garden of the Gods and the Black Forest in the distance. Resale activity has been slower, primarily due to the fact that the buyer for the area then prized new, and the buyer for the area now still has the chance to buy new, perhaps not in BRC, but Cathedral Pines or Cedar Heights.

broadmoor-resort-community

Broadmoor

The traditional anchor of higher-end resale values in Colorado Springs, we had to make a delineation on what constituted “Broadmoor” and what did not. This may not match 100% with what all agents would use, but boundaries are important, especially in something as exclusive as the Broadmoor. Correspondingly and per our nature, we tend to be generous and expansive, even in our boundaries. On the south side, we included the Broadmoor Mountain Course around Maytag Estates as well as the estate lots on Marland. We stretched up Mirada to the Hotel and included Elm Ave and the “Ponies” east to 7th Street. We then went south of Lake Ave and went along Cheyenne Mountain dividing separating Broadmoor Elementary from Springmeadow. Many of the main attractions of 80906 are within these boundaries, the Broadmoor Hotel, it’s golf courses and the Colorado Springs School. Homes run a wide range of ages, improvements, lot sizes and floor plan, but the overwhelming quality most sited by buyers “in the Flats” (this is actually a mesa between Cheyenne Mountain and Cheyenne Canon) is “character”.

broadmoor

Cheyenne Canon

“The Canyon” (Canon) is the height of westside quirkiness with the cottage and bungalow style working right alongside 110-year old Victorians and mid 80’s “contemporaries”. This is an actual canyon area that runs east/west along Cheyenne Creek. There is a large amount of area that is within Flood Zone so buyers should check that out before viewing a home. One of the overwhelming attractions of the area is the instant access to a wide-variety of premier open space attractions. Stratton Open Space, Cheyenne Canyon, High Road, Capt. Jack’s, they’re all a bike ride or easy stroll from here. Add to that the growing number of interesting attractions, coffee houses and lounges (Ivywild, Burrowing Owl) sprouting up around the canyon, and it’s a unique, all-inclusive lifestyle, within 10 minutes drive of downtown.

cheyenne-canon

Cheyenne Meadows

Cheyenne Meadows is a suburban neighborhood of circles and cul-de-sacs built by Classic Homes mostly in the 1990’s just to the north of the main Fort Carson entrance. Cheyenne Meadows offers large-sized housing with newer-built construction in a convenient location. There are multiple grocery stores right outside the neighborhood plus a neighborhood elementary school.

cheyenne-meadows

Ivywild

Ivywild is a nearly impossible to quantify neighborhood of eclectic options. One of the oldest neighborhoods in the city, Ivywild is the story of abandonment that opened the door to opportunity. The community anchor Ivywild School was shuttered by Colorado Springs District 11 and then purchased in a partnership by restauranteur Joseph Coleman and “commnity-brewer” Mike Bristol. A large number of new attractions are paying attention to the success of this infill development and a 100-acre commercial infill project is underway south of I-25 along Nevada Ave. The homes themselves run the range of homes needing a fair amount of work to brand new construction.

ivywild

Quail Lake

We are copping out and not getting into the particularities of what is really four or five different neighborhoods, all of them the edges of a wheel around local feature Quail Lake. These neighborhoods include M.J. Brock, Cheyenne Hills, Trailcrest and Huckleberry Knoll, boundaried on the north by the Myron Stratton Home and running along Cheyenne Mountain (M.J. Brock) and continuing south around Quail Lake towards Cheyenne Meadows. Homes in the area are usually 1970’s to 1980’s in construction and with that come the more popular floor plans of the time, namely tri-level and four-level plans. Lot sizes tend to be larger than normal and along with the natural hilly terrain, they usually offer better than average privacy due to the mature landscaping.

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Skyway

Skyway has also seen damage from the 2015 rains and that includes homes damaged by landslide activity. The area of impact is more isolated than in Broadmoor Bluffs, but the damage has been more severe. This did have a more negative recent impact on values in Skyway. In 2016, average sales price was lower than in 2015. However, 2015 did see an unusual uptick in homes over $600K offered for sale that sold. In most areas that saw oversized appreciation gains in 2015, prices came back to earth in 2016, and this could be the cause of the average price dip in 2016, a simple return towards median. Skyway’s popularity comes from it’s immediate proximity to Bear Creek Park along Orion and it’s hillside views. Deer and wildlife are common. Unlike Broadmoor Bluffs, it is more centrally located on the city’s middle axis placing it closer to downtown and closer to Highway 24 for mountain recreation access.

skyway

Stratmoor

Stratmoor is a neighborhood built outside the city of Colorado Springs in El Paso County with it’s own water district. Lots can be borderline gigantic with 1/3rd of an acre to 1/2 an acre somewhat common. These are the largest lots relative to the city’s center and are offered at a surprisingly affordable price. Homes are built from the late 1950’s all the way up to 2000.

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Stratton Forest & Stratton Preserve

The gated neighborhoods above Cheyenne Mountain High School were a serious announcement of elegance previously unseen in the Colorado Springs landscape when first conceived in 1997. Larry Nichols and Claude Comito combined forces to build European Cottage-style mansions in Stratton Preserve and a mini BRC was built above that in Stratton Forest. These homes are characterized by sophisticated architecture and large, private lots. Exceptional homes can also be characterized by their uniquely beautiful outdoor landscaping that can add a whole other entertaining and living space to the interior.

stratton-forest-preserve