Real Estate Report: Colorado Springs

Nearly 20 years ago, this 21,000-acre historic ranch property was annexed to Colorado Springs. It is now being built-out as an all-inclusive community with tree-lined streets, open space, neighborhood schools, town centers with shops, restaurants and cultural centers, open space, nature trails...and, from everywhere, views of Pikes Peak. Condos, townhomes and single-family homes are available. (719) 522-2432, banninglewisranch.com. Cordera, located in northeast Colorado Springs, will contain 1,400 single family homes in addition to multifamily living and commercial, medical and retail sites. This master-planned community will attract families with its four story-book themed parks and four-and-a-half miles of trails. A District 20 elementary school will be in the heart of the community. Homes prices start in the low $300,000s. (719) 266-8581, cordera.com. Historic homes such as this rambling Victorian are rarely on the market and, when they become  available, they sell quickly. A niche market for these one-of-a-kind homes means that property values continue to rise. The North End Historic District, on the National Register of Historic Places, is in particularly high demand. oldnorthend.com.

Colorado Springs is more than a traveler’s destination; it is a gem of a place to call home. The community (including Manitou Springs) comprises second homeowners, long-time residents, ever-returning visitors and the military—providing solid foundation for a flourishing real estate market. Located roughly 65 miles south of Denver, the second most populous city in Colorado is a jewel of beauty, health and recreation. “I am currently working with clients from Phoenix and San Diego who have visited before and want to make this area their second home, and I have nearly 40 percent of my business from military personnel who are looking for primary homes as well as condominiums for second properties,” says Ron Miranda of Coldwell Banker Cheyenne Mountain Realty.

Natural splendor such as Pikes Peak and freshwater springs makes Colorado and Manitou Springs distinct among the Front Range cities. “Clients from warm-climate states had me help them find a second home in the area and ended up living here full-time and turning their native properties in Arizona, California and Florida into their second homes,” says Frank Fanelli of the Platinum Group Realtors. Whether they’re looking for a gated community, lavish living at the Broadmoor, historic urban Victorians, vacant ranch land or a mountain retreat, home buyers will find it all in Colorado Springs.

Find a variety of options in the Broadmoor community: Brownstones, elegant residences and additional neighborhood properties make this area one of the most luxurious in the Springs. As an added bonus, homeowners here may apply for admission into the Broadmoor Golf Club, which includes access to all three golf courses, the tennis club, the spa and pool, and members-only events.

Consider the Broadmoor West Residences, located on the property of The Broadmoor Hotel. Housed in a six-story building, 32 single-level luxury residences range from 2,500 square feet to more than 6,000 square feet. Covered outdoor walkways lead residents to four private lobbies. With a maximum of two homes on each floor, each home has exquisite views of The Broadmoor West Golf Course and Cheyenne Mountain. Prices begin between $2.5 and $3 million. (719) 471-6200, broadmoorresidences.com.

Another option is the Broadmoor Brownstones, inspired by the designs of the 1830s. Located along wide, tree-lined walkways, the homes feature traditional “walk-up” front entries, stucco exteriors and wrought-iron fencing, which add authentic touches to this luxury real estate. Each unit has approximately 4,580 square feet of living area, plus a three-car garage and more than 500 total square feet of outdoor balcony space. Prices begin at $2.5 million.

BY THE NUMBERS

As with other cities across the nation,  the Colorado Springs real-estate market has seen a shift in the last 18 months, and the number of homes sold has dropped more than 15 percent from the market’s height. But the good news is the average sales price per home rose. “We are not experiencing the 20- to 30-percent decrease in sales you see in many other cities in our region,” says Frank Fanelli of Platinum Group Realtors. “We were never in the real estate bubble as San Diego, Las Vegas or Phoenix.”

Single Family Homes Sold in 2007
Time Period: Jan 1 - Oct 1
2006: 9,453
2007: 8,001
15.4 percent decrease

Townhomes / Condominiums Sold
Time Period: Jan 1 - Oct 1
2006: 1,404
2007: 1,175
16.3 percent decrease

Average Home/Townhome/Condominium Price in Colorado Springs
Time Period: Jan 1 - Oct 1
2006: $249,700
2007: $262,900
Roughly a 5% increase in home value

Source: Pikes Peak Multiple Listing Service