Possibly the hardest market to report on in all of Colorado Springs is the Cheyenne Mountain District 12 portion of the S/W MLS area. This is where our obsessive compulsive behavior and perfectionist streak takes a beating with intellectual, geographic and physical realities (my back and neck are hitting the chiropractor after several grueling hours in front of the computer running these!). While we only divided District 2 into three different neighborhoods, we almost had to divide District 12 into 13 different unique neighborhoods. No other part of Colorado Springs has such a disparate range of values, dollar per square associations, types of homes and types of land. There are sprawling estates back on Marland, 1100 square foot funky treehouses on Mid, 1960’s split levels on Rigel and gated mansions. Despite all of our micro-marketing, we’re still excluding places like Forest Oaks and Stratton Forest because we did not feel equipped to pull information on them due to the lower number of sales for comparative value.
It should also be pointed out that this did not touch on the sliver of properties that are in School District 11 on the north side of the area. Nor did we touch on any of the townhomes, patio homes or condos, or the Broadmoor Brownstones in our search, since all the others are exclusively a single-family driven analysis. So even in our efforts to be precise and use comparables as an appraiser might, we have more than a few holes for this area.
Click on any slide for more detail.
Broadmoor (around the hotel). These are the famous estates, and home to five of the 32 $1million+ sales in the MLS in 2012.
Broadmoor West/ Broadmoor Heights (“behind” the hotel, and up Old Stage and by the zoo). These are large lots usually in the treed foothills.
Old Broadmoor and Alsace (east of the hotel, boundaried by 7th on the west. South Valley excluded). This is a wildly disparate area with tiny lots, big lots, little houses, cottages, converted farmhouses and 1970’s split levels.
Broadmoor Valley (around Gates). Sandwiched between two golf courses, this has some of the more appealing and unique views in the city, with rolling terrain provided by the foothills and the sentinel of Cheyenne Mountain in the distance, and then long distance views to the north of city lights.
Springdowns and Clubheights. On the mesa around Cheyenne Mountain Boulevard are some of the more surprisingly large lots in the city. Slightly midwestern in design, this is a pocket neighborhood where good homes will often sell quite quickly.
Top of Skyway and Skyway Heights Two different MLS areas, both of them running up hill to Gold Camp Road and looking straight back at the center of the city.
Skyway We use this term to define properties below Pegasus and Andromeda and then running alongside 21st/Cresta. Generally 1960’s and 1970’s homes in the foothills.
Lower Skyway Lower Skyway is distinguished from “Skyway” by being on the east side of Cresta and rolling downhill from there to 8th Street. Generally we took the area from Parkview south.
Ivywild and Cheyenne Canyon (we couldn’t really separate the two due to overlapping comparables and found that their patterns and values were surprisingly similar). Perhaps only Manitou Springs is more eclectic in it’s architecture and variety of pricing. Strangest fact we’ve seen of any MLS area: the average price of this area was lower than year’s past at $216,000 and there were zero sales from $300,000 to $418,000 in this area last year; yet there were another six sales over $418,000.
Broadmoor Glen A newer construction neighborhood by D12 standards to the west of Highway 115 at the base of Cheyenne Mountain. Characterized by all the roads’ names ending in “Glen”.
Broadmoor Bluffs including Star Ranch aka “Cheyenne Mountain” this is the middle of the mountain so to speak, stretching between Broadmoor Glen and the Broadmoor Resort Resident’s Gate, but to the north of Stonecliff.
Stonecliff (the far southern end of Broadmoor Bluffs mostly composed of post 2000 construction). This is all the way up around NORAD, in the towering trees, boulders and cliffs of Cheyenne Mountain.
Broadmoor Resort (The “BRC”, exclusively inside the gate). The Exclusive gated neighborhood below Cheyenne Mountain Zoo with large estate homes on treed acreage, usually featuring jaw-dropping views.
Some MLS Marketwide baselines… Probability of sale last year for the entire MLS was 63.8%. That was the highest probability since 2005. These graphs sometimes reflect mostly lower numbers, but that is because the software counts under contract properties as still “active”. In essence, these are contracts, and in certain cases, we notated what happens to months of inventory and probability of sale if you “count the contracts” that are there at the start of the year. Saying that, for the most part, Northgate inventories are low carrying over into 2013, but there are not a lot of under contracts in these neighorhoods outside of Flying Horse.
If you would like any of these slides emailed to you for specific information, hit me up at Benjamin@BenjaminDay.com. Yes, we realize that they read a little small, but we’re preciously attached to our WordPress format, so, sorry.
The software used to create these graphs is from http://www.Focus1st.com and we used a date range of January 1, 2012 to January 11/14, 2013 for all of the searches, doing as many as possible on two different business days to get a competitive comparison for a single snapshot in time.
Disclaimer time: Benjamin Day composed this blog post and is solely responsible for it’s content. This information reflects data and opinion of real estate licensee in The State of Colorado. Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period January 1, 2012 through January 14, 2013 . 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.