Tag Archives: Woodmoor

Greenshoots 2013: Tri-Lakes / Monument

It’s somewhat predictable that the market’s recent resurgence would be expressed in places like Briargate and the Northwest with desirable qualities, but generally, average sales prices within $75,000 to $100,000 of average. These are the areas someone familiar with Colorado Springs would expect to see a resurgence.

But what about the hire reaches of the market? We saw signs of growth happening in Southwest (S/W) Cheyenne Mountain District 12, and are seeing similar growth in Tri-Lakes/Monument.

We will start with the big kahuna of the North, Woodmoor. Because the mapping software can only digest so much data at once, and has to look at the entire history of the area because of some MLS idiosyncrasies, we had to break apart Woodmoor into three different sections, North, Central and South:

North Woodmoor including High Pines and Greenland Forest, generally north of the Country Club, south of County Line, east to Furrow, one of the newer stretches by average year of build (definitely true in High Pines and Greenland Forest)

Northern Woodmoor including High Pines and Greenland Forest Neighborhood PatternNorthern Woodmoor including High Pines and Greenland Forest ScattergramNorthern Woodmoor including High Pines and Greenland Forest Time to SellNorthern Woodmoor

Central Woodmoor, from Woodmoor Drive south to Highway 105, and east across Furrow to the border with King’s Deer.

Central Woodmoor and East of Furrow Buying Pattern Central Woodmoor and East of Furrow Neighborhood Patterns Central Woodmoor and East of Furrow Scattergram Central Woodmoor and East of Furrow Time to Sell

South Woodmoor, the rest of the neighborhood south of Highway 105
Woodmoor south of 105 Buying Patterns Woodmoor south of 105 Neighborhood Patterns Woodmoor south of 105 Scattergram Woodmoor south of 105 Time to Sell

Going west of the interstate to Palmer Lake, we found a market that was (as usual in Palmer Lake)  harder to define:

Palmer Lake Buying Patterns Palmer Lake Neighborhood Patterns Palmer Lake Scattergram Palmer Lake Time to Sell

One of the very best selling places in the region last year was in Jackson Creek. The doldrums that had plagued the area over the last couple of years loosened substantially.

Jackson Creek Buying Patterns Jackson Creek Neighborhood Patterns Jackson Creek Scattergram Jackson Creek Time to Sell

The higher end is very well-represented in Tri-Lakes, and we looked at King’s Deer, Fox Run, Bent Tree / Higby Estates. The truly high-end neighborhood of High Forest Ranch was excluded from this search so as to showcase it in a later survey that places it with the other luxurious high-end neighborhoods in Black Forest and NGT, like Cathedral Pines and the Abert/New Breed/Bridle Bit stretch along Shoup.

King’s Deer

Kings Deer Buying Paterns Kings Deer Neighborhood Paterns Kings Deer Scattergram Kings Deer Time to Sell

Fox Run

Fox Run Neighborhood Patterns Fox Run Scattergram Fox Run Buying Patterns Fox Run Time to Sell

Bent Tree / Higby Estates

Bent Tree Neighborhood Patterns Bent Tree Scattergram Bent Tree Buying Patterns Bent Tree Time to Sell

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.

More HOA Fun!

Let’s face it, by professional designation and Code of Ethics, as a practicing REALTOR, my job is to help consumer’s and improve their private property values.

But there is something to be said for private property rights.

This might be the most Ron-Paul-ish sounding you’ll ever hear me, but HOA’s right now are the bane of real estate. Talk about the faceless corporation screwing with other people’s business.

Now so you, the humble reader, have a good idea why I am so biased, I live in a “covenant-controlled” community called Pinecliff, where the warden, ahem, HOA parking enforcement officer, noted that in April 2010, an unidentified flying object with 9 feathered denizens had landed in my backyard. That was the end of backyard chickens for the Day Boys. After making an appeal to the HOA that sounded quite a bit like a hyper-polarized gay marriage debate (HOA member: “if we allow you to raise chickens, what’s next, a python farm”; my fowl-loving cohort in crime “we just want our children to have childhoods. You’re denying that”. Yes… we live in the first world when these are our problems), the chickens were forcibly evicted to… Briargate. We found a neighborhood with a covenant loophole (where they didn’t contain the words “chickens”, “fowl” or my personal favorite “traditional neighborhood pets”) and no HOA and at church on Sunday mornings we have these strange contraband meetings between minivans where we bring an empty egg container and they quietly slip us one loaded with multi-colored eggs rich in Omega 3’s. Sometimes this happens across a pew.

This is my personal HOA experience. My professional? Even stranger.

Associa Colorado usually is taking three weeks to produce documentation for a real estate related transaction. They have this information already recorded, they could distribute it on a website, but then, that would be avoiding a state-allowed source of revenue. When you go to their website, it is nearly impossible to find what you need, financial information for the previous six months, meeting minutes and notes, and information on special assessments. Most everything indicates that it is not providing a statement of account, and so the obvious consumer instinct is “well, I don’t want that. I do want a statement of account.” Well you can’t get a statement of account, known as a status letter, until right before closing. More on that later. All of these things sound redundant, and similar, and have express fees, and many of them have fairly shocking details like this:

Well hot damn! For $80 they’ll watermark that it is out of compliance with full Resale Disclosure as required under Colorado Law. How helpful in court!

Attorney: “Did you see this watermark?”

REALTOR: “Yes. Bold, heavily typed face documents. We see those all the time. Those are important. Like notary stamps.”

Attorney: “Did you read what that watermark said?”

REALTOR: “Something about compliance with Colorado Law”

Attorney: “Or lack thereof.”

Defense Attorney: “Objection! My client can’t possibly understand Homeowner’s Associations inconsistent use of double negatives masquerading as currency-style watermarks.”

Attorney: “Why not? The state uses double negatives at closing on the Tax Assessment agreement, the verification of Colorado Residency, etc. Just because there is no closer there to hold your client’s hand…”

Can you see the beauty of the self-perpetuating idiocy in the system?

Here are two more fun ones. These involve the Statement of Account, also more commonly known as The Status Letter:

If you have an early to mid-month closing, you could get massively screwed right now if you live in an HOA and your title company is not on the ball with your local craziness. Woodmoor is a great example: the title company orders a status letter approximately two weeks before closing. In Woodmoor, they order that from the quite affordable WIA (Woodmoor Improvement Association). To comply with the Status Letter, Woodmoor sends out the forestry service. They walk the property and only now, document which trees are in need of disposal, which are dead, and make requirements for the dead stuff to be removed prior to closing. So here you are, packing everything up, some dude in a WIA truck pulls up, and announces, “you have two aspen, a big ponderosa limb, and some scrub oak you have to get out. I flagged them all. Have a nice day” and closing is something like five to seven days away. The last two Woodmoor closings I’ve had, had their status letter clear less than four hours prior to closing. Nice little nail biter, that.

In Golden Hills, they have a requirement that was founded on “Cleaning up the neighborhood.” When the title company orders the status letter from them, they reply “please provide a copy of the Improvement Location Certificate”. The title company, if they haven’t closed in Golden Hills in the last year usually says “what improvement location certificate?” because Golden Hills didn’t notify anyone of this odd new condition of sale, didn’t record it, didn’t alert any title companies, nobody. I had one of the first properties to close under this new rule, and the good folks at Empire Title made it a new condition of future closings in Golden Hills to require an ILC on all transactions. Because it’s what the HOA does with the ILC that is the real hoot: they examine the ILC for new permanent structures that they never approved, and then if they find any, they require them to be removed. Yup. Here you are, boxes packed, ready to leave, and that shed you had on the property WHEN YOU BOUGHT IT EIGHT YEARS AGO that somebody might have/ might not have approved but never recorded in HOA minutes…. all of a sudden, your HOA won’t give you a clean status letter until it’s gone.

This is obviously a rant on the silliness of HOA’s, and while I don’t particularly like them, they do their share of good. They can organize community. My anti-chicken brigade, is pro-defensible space, and in this super arid summer, I was thrilled to have my fuel bomb of cut timber shredded today for a mere $40 (the cost of my annual voluntary membership each year). The over-riding message is this: shop informed. Find out about HOA’s, as much as possible, in advance. Do your due diligence and ask around. After all, you can change your house, but you can’t change your neighbors.

Where to Buy 2010 Part VI: Red Lights

The post that makes enemies faster than friends. In the interest of covering my own fanny, this is analysis based off of data that measures multiple metrics and then draws conclusions when comparing one set of data to another set. It is a formula set designed to assist buyers with purchasing decisions where their home-ownership may be less than 3 years. If that’s the case, The Red Light Properties have supply and demand trends that look like they will continue to put negative pressure on value. If you simply “must have this neighborhood”, or “must have this home”, or you plan on this being your last home purchase and you don’t care if it loses value or not… this post will mean nothing to you. This is a cold, calculated presentation of data as to whether or not these areas will appreciate (or depreciate further) in 2010. My forecast is that the average sales price all of these areas will continue to lose value next year.

To read about the Goal of This Where-to-Buy Series of Posts, Click Here.

To find out the recommended areas that have probably swung past the bottom of the pendulum and are already appreciating, read about The Green Lights. To see the Data for the Green Light Neighborhoods, that is found HERE.

For the bigger risk takers (but probably where the timing favors a turn to appreciation in later 2010), The Yellow Light areas are documented HERE. Note: I accidentally omitted Gleneagle in that post, which has stabilized pretty significantly in the last 18 months and will probably be in appreciation-mode by 3rd quarter, 2010. Up-to-Date Market Data is found here at THE STAT PACK link of www.BenjaminDay.com.


The Red Lights for the most part represent neighborhoods where the average selling price is over $400,000. In some cases, even in the boom years of 2004 through early 2006, it was more probable that a home would fail to sell than actually sell in a ultra-high-end neighborhood like Kissing Camels or Broadmoor Resort. But the impact of the Great Recession, consumer pessimism, tightened underwriting and Jumbo Loan Regulations starting on any loan over $417,000, and the investor-fueled 1.5% to 3.0% penalty in interest-rate since September, 2007 has had a huge effect on the higher end. These are the same factors that have driven down the average sales price in Colorado Springs from over $270,000 in July, 2007 to $213,000 today: there is not only less demand for a high-end home, it’s just plain hard to buy one.

A Few Good Buys, but New and Expensive will Sit Forever:

Jackson Creek, Stone Crossing/Middle Creek, Erindale/Pulpit Rock and Sunset Mesa/Saddlerock all have average on-the-market values considerably higher than the year to date average sales price. All four have had less than a 47% probability of sale each of the last two years. All four have an average year-to-date sales price that is less than the six -year average. Of the four, Stone Crossing has withstood price pressure the most, only off a couple hundred dollars from the six year average. But the average sales price is only $20,000 higher than the year-to-date sales price and with 15 year-to-date sales and 18 on the market (15 months of inventory), the supply is overwhelming demand and will force values down.

Jackson Creek 2004 2005 2006 2007 2008 2009 Avg
Sold 89 89 99 82 50 46 76
Avg Price 306786 336210 369368 358065 349981 340884 343549
Expired/Failed 31 46 62 77 93 85 66
Total Units 44 135 161 159 143 131 142
Probability Sale 64% 66% 61% 52% 35% 35% 54%
Listed 34
Avg. List 363882
Sunset Mesa/Saddlerock 2004 2005 2006 2007 2008 2009 Avg
Sold 84 85 61 43 35 41 58
Avg Price 291665 308965 330695 329555 305382 304813 311846
Expired/Failed 78 60 68 64 61 47 63
Total Units 44 145 129 107 96 88 102
Probability Sale 64% 59% 47% 40% 36% 47% 57%
Listed 24
Avg. List 463612
Stone Crossing 2004 2005 2006 2007 2008 2009 Avg
Sold 40 44 31 25 24 15 30
Avg Price 393924 471618 526273 516762 467600 474296 475079
Expired/Failed 4 6 17 23 37 21 18
Total Units 44 50 48 48 61 36 48
Probability Sale 91% 88% 65% 52% 39% 42% 62%
Listed 18
Avg. List 501788
Erindale/Pulpit Rock 2004 2005 2006 2007 2008 2009 Avg
Sold 37 40 48 36 28 23 35
Avg Price 259744 291983 276232 269205 283110 249856 271688
Expired/Failed 42 29 39 38 37 28 36
Total Units 79 69 87 74 65 51 71
Probability Sale 47% 58% 55% 49% 43% 45% 50%
Listed 14
Avg. List 304339

Interestingly, all four areas have a pretty large price spectrum, from as little as $180,000 in Pulplit Rock to $600,000 along the cliff edges, $225,000 in Jackson creek to $650,000 for a newer Saddletree with huge lot and views. So to some degree, there are some very good buys in these neighborhoods. Homes priced less than the average sales price have a greater probability of sale. Homes priced 15 to 30% above average sale price however will have greater difficulty.

The Monument Funk

Woodmoor, Bent Tree/Higby and King’s Deer are Slow, Pretty Slow and Very Slow. Each of the last 3 years they have averaged less than a 47% chance of sale, and all have a year-to-date sales price that is significantly lower than the average price of all listings presently for sale. There is a 9 month supply of housing in Woodmoor, 16 months in Bent Tree and 20 months in King’s Deer. With so much of the “average” property in these areas valued at more than $500,000, the ramifications of the jumbo limit capped at $417,000 are huge: not many buyers have $80,000 or more to put down on a home. The rare, secondary financing that is available to buyers usually is no more than $50,000. So a home asking $550,000 in one of these areas will be competing with another, average-priced home. A buyer shopping in any of these areas could wield enormous leverage in terms of negotiating a lower price.

Bent Tree/Higby 2004 2005 2006 2007 2008 2009 Avg
Sold 27 22 23 14 11 10 18
Avg Price 623984 618202 752679 714000 718938 548322 662688
Expired/Failed 20 13 16 22 40 21 22
Total Units 47 35 39 36 51 31 40
Probability Sale 57% 63% 59% 39% 22% 32% 45%
Listed 15
Avg. List 870120
King’s Deer 2004 2005 2006 2007 2008 2009 Avg
Sold 28 45 30 22 21 15 27
Avg Price 553852 649716 669242 778349 613447 690833 659240
Expired/Failed 49 21 43 42 72 54 47
Total Units 77 66 73 64 93 69 74
Probability Sale 36% 68% 41% 34% 23% 22% 36%
Listed 27
Avg. List 787683
Woodmoor 2004 2005 2006 2007 2008 2009 Avg
Sold 219 216 171 136 121 91 159
Avg Price 365452 413316 421580 428742 388008 393657 401793
Expired/Failed 172 111 114 153 149 142 140
Total Units 391 327 285 289 270 233 299
Probability Sale 56% 66% 60% 47% 45% 39% 53%
Listed 77
Avg. List 454801
Bent Tree/Higby 2004 2005 2006 2007 2008 2009 Avg
Sold 27 22 23 14 11 10 18
Avg Price 623984 618202 752679 714000 718938 548322 662688
Expired/Failed 20 13 16 22 40 21 22
Total Units 47 35 39 36 51 31 40
Probability Sale 57% 63% 59% 39% 22% 32% 45%
Listed 15
Avg. List 870120

AWOL Demand, Decent Supply

Three well known luxury areas have seen buyer demand dry up to the tune of a 1 in 3 probability of sale.

Upper Skyway 2004 2005 2006 2007 2008 2009 Avg
Sold 48 58 36 40 38 17 40
Avg Price 613814 620878 698243 602640 558110 569867 610592
Expired/Failed 25 35 34 58 32 35 37
Total Units 73 93 70 98 70 52 76
Probability Sale 66% 62% 51% 41% 54% 33% 52%
Listed 30
Avg. List 1136400
Cedar Heights 2004 2005 2006 2007 2008 2009 Avg
Sold 8 9 6 4 4 11 7
Avg Price 537611 600550 712333 560875 560875 544850 586182
Expired/Failed 18 9 14 20 19 20 17
Total Units 26 18 20 24 23 31 24
Probability Sale 31% 50% 30% 17% 17% 35% 30%
Listed 8
Avg. List 767112
Unviersity Park 2004 2005 2006 2007 2008 2009 Avg
Sold 29 24 22 15 15 12 20
Avg Price 502279 521746 621344 623465 629780 463813 560405
Expired/Failed 23 23 40 39 33 31 32
Total Units 52 47 62 54 48 43 51
Probability Sale 56% 51% 35% 28% 31% 28% 38%
Listed 22
Avg. List 642754

Cedar Heights is actually rebounding somewhat and has only 8 months of inventory right now. That’s reasonably low for Cedar Heights. The problem however is that the average asking price is a full $200,000 above what has been the average selling price. Recent sales have submarined values to 2004 levels and today’s buyers will likely make similar demands on the present listing inventory. Upper Skyway and Skyway Heights makes a somewhat surprising appearance. Broadmoor Bluffs and the Spires has registered a dramatically higher sales rate in 2008.  Companion neighborhoods Stratton Forest and Stratton Preserve just saw their first sale in two years last month. Perhaps it is the age of the inventory or the difficulty in access, but 2009 has not been a great year near Bear Creek Park. The most heavily impacted area by far, and possibly in the city, is University Park. University Park has a large number of million dollar dwellings and lots valued at over $250,000. However… there has been a 29% chance of sale over the last three years and the average selling price this year is well below the average in 2004. Worse news for present sellers: the average asking price is $180,000 above the average selling price year-to-date. Sellers today will very likely have to make big price concessions to move their property.

The Ultra High-End

The massive economic upheaval and how consumer values have changed (and how they have stayed the same) is readily evident in three neighborhoods known for million dollar properties. The Broadmoor and Kissing Camels are hard places to sell a home, but are showing signs in 2009 that traditional neighborhoods commonly associated with luxury (the Broadmoor) and locations with a true, one-of-a-kind location (Kissing Camels) have value, even in a bad economy. The Broadmoor Resort meanwhile shows the difficulty of selling in a true custom-home neighborhood: one man’s custom, is another man’s consolation. There is a single MLS sale recorded in the Resort this year (translates to 14.8 years worth of inventory). There are additional new homeowners this year in the Resort, but the idea of buying someone else’s home has less value when builders are willing to build “exactly” what they want… and charge less than they did four years ago.

Broadmoor Resort 2004 2005 2006 2007 2008 2009 Avg
Sold 6 17 17 9 6 1 9
Avg Price 1068448 1299786 1392895 1637777 1306333 790000 1249207
Expired/Failed 31 28 16 15 13 18 20
Total Units 37 45 33 24 19 19 30
Probability Sale 16% 38% 52% 38% 32% 5% 32%
Listed 16
Avg. List 1921875
Kissing Camels 2004 2005 2006 2007 2008 2009 Avg
Sold 12 16 24 16 6 9 14
Avg Price 736666 790402 971606 1055814 935000 826700 886031
Expired/Failed 15 19 34 21 36 32 26
Total Units 27 35 58 37 42 41 40
Probability Sale 44% 46% 41% 43% 14% 22% 35%
Listed 28
Avg. List 930487
Broadmoor 2004 2005 2006 2007 2008 2009 Avg
Sold 36 40 21 19 27 24 28
Avg Price 750302 807591 1086173 1085915 825496 673337 871469
Expired/Failed 44 37 35 45 25 29 36
Total Units 80 77 56 64 52 53 64
Probability Sale 45% 52% 38% 30% 52% 45% 44%
Listed 28
Avg. List 1420785