Home prices fall in Colorado Springs area

Median single-family home prices fell to $200,922 in the second quarter in Colorado Springs, a 3.7 percent decline when compared with the same period a year ago, according to a report released Tuesday, Aug. 12, by Zillow, the Seattle-based Internet home-appraisal site. For all of El Paso County, which includes the Springs, second-quarter median prices fell 3.8 percent to $200,295. In Teller County, second-quarter prices declined 5.1 percent to $199,301 when compared to the same period last year. By comparison, prices in Denver dropped 5.4 percent in the second quarter, while Pueblo prices fell 0.4 percent. Nationally, median home prices fell 9.9 percent in the second quarter. Meanwhile, Zillow estimates 37.2 percent of Colorado Springs homes saw a drop in value in the second quarter, while 26.1 percent of homes sold in that period were sold for less than the previous purchase price. Of homes sold in the second quarter, 4.6 percent were foreclosures. More information: http://www.zillow.com/reports/RealEstateMarketReports.htm

Classic Cos. joins forces with custom home builder

Classic Cos., Colorado Springs' largest privately held home builder, has merged with local builder Scott Building Inc. to create a custom home division, to be known as Flying Horse Signature Homes. Steve Scott of Scott Building has constructed custom homes for nearly 30 years in High Forest Ranch, Black Forest, Pine Creek and the Spires, among other communities; Classic previously had its own custom home division. The first project for Flying Horse Signature Homes is a $4.4 million Tuscan-inspired villa that's been built on one of 29 high-end lots being developed along the Tom Weiskopf-designed golf course at Flying Horse, the 1,500-acre Classic Cos. development on the Springs' far north side. The house will be available for view as part of the Parade of Homes from Aug. 8-24. More information: http://www.flyinghorsesignaturehomes.com/

Parade of Homes runs Aug. 8-24

The 2008 Parade of Homes, sponsored by the Housing and Building Association of Colorado Springs, runs Aug. 8-24 and will feature 29 homes, including a dozen priced at $1 million and up. Thirteen of the 29 homes will be featured at two of the Springs' newest developments: Flying Horse on the city's far north side and the Banning Lewis Ranch, which makes up most of the Springs' east side. Tickets are on sale at local Safeway stores, and are $10 for adults and $5 for seniors; kids under 18 are free. More information: http://www.cshba.com/, and click on the Parade of Homes button.

Ex-Laing executive launches home building company

Ron Covington, the former Colorado Springs division president of California-based John Laing Homes, has launched his own Springs homebuilding company: Ron Covington Homes. Covington is partnering with developer LandCo Equity Partners in the creation of the company, which will build in four Springs-area neighborhoods. Covington launched Estate Homes in 1998, which was later acquired and became the Colorado Springs division of John Laing Homes. “We have worked with some of the same contractors and partners for close to 20 years and we are excited to continue these relationships,” Covington said. Eric Ashcroft, whose father started Ashcroft Homes, will serve as vice president of the company.

Wanted: Spellcheck in Meridian Ranch

Home builders get style points for architecture, floor plans and amenities -- not spelling. In the unincorporated Falcon area of El Paso County, north of Meridian Road and Stapleton Drive, Denver-based builder Richmond American Homes has parked a large semi-tractor trailer that serves as a billboard-like advertisement for its houses being built in the Meridian Ranch development across the street. However, the truck, emblazoned on both sides with Richmond American's logo and colors, beckons potential home buyers to Meridan Ranch, not Meridian Ranch. Oh well. Just so that the windows don't stick, the doors shut tight and the toilets flush. More information about Meridian Ranch: www.meridianranch.com/.

Active adult community might be headed to Colorado Springs

Colorado Springs might be getting a maintenance-free housing community for 55-and-older residents. Ohio-based Epcon Communities, which has developed similar projects in 30 states, plans to launch construction of an 80- to 120-home neighborhood in the Springs in 2009. The project isn't a done deal, yet; Epcon looks for franchisees to develop most of its properties, and is still talking to potential owner-operators, said Dan Noreen, business development manager for Epcon Franchising. Also, Epcon is scouting sites for the neighborhood, he said. Based on its research, however, Epcon targeted the Springs because it has an increasingly older population that doesn't move around a lot, and solid incomes to support the purchase of Epcon homes, Noreen said. Epcon homes essentially are middle-range properties -- nicer than starter homes, but not in the luxury class, he said. Homes would range in size from about 1,100 to 1,800 square feet. Prices vary from city to city, but Colorado Springs' homes would start under $200,000, Noreen said. Each Epcon neighborhood has a community center and pool, among other amenities, he added. More information: http://www.epconcommunities.com/ and http://www.epconfranchising.com/.

HBA to sponor housing overview in July

Metrostudy, a Houston-based housing market research firm, will provide an overview of Colorado Springs' new home market at 7:30 a.m. Wednesday, July 16, at the Doubletree Hotel World Arena, 1775 E Cheyenne Mountain Blvd., on the Springs' south side. The cost is $20 and the event is limited to members of the Housing and Building Association of Colorado Springs, which is sponsoring the event. More information: 592-1800, or go to http://www.cshba.com/ and click on "education events."

Colorado Springs home prices down in the first quarter

Colorado Springs' median home prices dropped 1.6 percent to $208,900 in the first quarter of 2008 when compared with the same period a year ago, according to recent figures released by the National Association of Realtors. The Springs fared better than some other cities in the state, according to the NAR; Denver's first-quarter median home prices fell 6.6 percent to $223,500 and Boulder's prices declined 4 percent to $355,700. To see the entire list, go to www.realtor.org/research/research/ehspage, click on "metropolitan area prices" and follow the appropriate links.

MAME Awards scheduled for April 19

The 25th annual MAME Awards, which honor members of the Pikes Peak region's housing industry, will take place from 5:30 to 9:30 p.m. April 19 at The Broadmoor hotel in southwest Colorado Springs. The awards, sponsored by the Housing and Building Association of Colorado Springs, recognize several different categories of work by builders and developers, including new home, architectural and landscaping designs; company Web sites, logos and advertising; and remodeling projects and interior design. The event includes dinner, the awards presentation and an auction to benefit HBA Cares. More information and to attend: 592-1800 and http://www.cshba.com/.

As foreclosures rise, new home construction falls

There's increasing evidence that rising numbers of foreclosures are having an adverse effect on new home construction, not just the re-sale market, says economist Fred Crowley of the University of Colorado at Colorado Springs. This chart Crowley assembled shows rising numbers of Colorado Springs and El Paso County foreclosures depicted by the red line, with single-family home building permits in blue heading in the opposite direction. When home buyers can find a foreclosed home for sale at a discounted price, they might be less likely to buy a new home, Crowley said.

Parade of Homes deadline looms

The Housing and Building Association of Colorado Springs won't hold its annual Parade of Homes until August, but the deadline to enter a home or development in the event is March 31. Developers and builders are invited to attend a Parade of Homes informational meeting at 4:30 p.m. March 6 at the HBA office, 4585 Hilton Parkway. More information: 592-1800, ext. 16, or trish@cshba.com.

Advice on home selling and open houses

Selling a house can be a challenge because so many sellers are competing for buyers in a soft market. Open houses are one tried-and-true technique for helping to promote homes on the market. Here's a link to some suggestions from a real estate veteran on how to get the most out of your open house:
http://rismedia.com/wp/2008-01-24/re-inventing-the-open-house/

A positive sign for housing

This chart is a little hard to read, but the blue line is the key indicator, according to Fred Crowley, a University of Colorado at Colorado Springs economist who tracks the local housing market. In January, the ratio of home sales to the overall inventory of single-family homes -- as shown by the blue line -- rose sharply. In effect, it means that the pace of home sales improved in January when measured against the supply of homes. A one-month improvement doesn't necessarily mean the resale market -- which slowed noticeably in 2007 -- has turned a corner, Crowley said. Yet, it will be worth watching over the next two to three months to see if the improvement continues, he said.

Breakfast with the builders Feb. 22

Real estate agents who want to learn more about the home construction side of the local housing market are invited to attend Breakfast with the Builders from 8 to 10 a.m. Feb. 22 at the Doubletree World Arena Hotel, 1775 E. Cheyenne Mountain Blvd., on Colorado Springs' south side. More than 40 Colorado Springs-area home builders, developers and remodelers will be on hand to talk one-on-one about new homes and their communities. To RSVP, contact the Housing and Building Association of Colorado Springs at 592-1800 or julie@cshba.com

HBA holds annual membership dinner

The annual membership dinner of the Housing & Building Association of Colorado Springs will take place at 5:30 p.m. Nov. 28 at the Antlers Hilton hotel, 4 s. Cascade Ave. in downtown Colorado Springs. The event will include installation of HBA officers for 2008, including board president Bobby Ingels of the Ingels Co. Ralph Braden of Nor'wood Development Group will become president-elect for 2009. The event also will include a send-off for George Hess of Vantage Homes, who served as 2007 board president. The cost for the dinner is $50. More information: 592-1800 or www.cshba.com.

Construction industry energy summit scheduled in Denver

The second annual Energy Star Summit will take place from 7:30 a.m. to 4:30 p.m. Dec. 3 and 4 at the Hyatt Regency Denver Tech Center, 7800 East Tufts Ave. in Denver. The event brings together home building industry experts to discuss and educate builders, contractors, architects, manufacturers, code officials, remodeling professionals, utilities officials, students and educators about cutting-edge designs and techniques for the construction of high performance, energy efficient homes. In response to homeowners' demand for energy efficiency, homebuilders, remodeling contractors and real estate agents are discovering the need to expand their skills, and the Energy Start Summit provides an opportunity to learn more. This year's event has been expanded to two days, with an optional, pre-conference trip to a "zero energy" house. More information and to register: www.e-star.com/summit.

Colorado Housing and Finance Authority offers homebuyer education

Homebuyers, take note. The Colorado Housing and Finance Authority (CHFA) now offers the option of receiving education online at http://chfauniversity-homefinance.knowledgefactor.com. The online homebuyer education program is in addition to an online money management program (http://chfauniversity-homefinance.knowledgefactor.com) for existing homeowners. In addition to the online program, the authority will continue to offer face-to-face homebuyer education classes throughout Colorado via its non-profit partners. For more than 30 years, CHFA has provided financing to qualified homebuyers statewide. Most CHFA customers are first-time buyers of low- to moderate incomes, and many are inexperienced in the home-buying process. “We believe that homebuyer education helps people make good decisions about buying a home,” said CHFA’s Home Finance Director Karen Harkin. “A well-informed consumer asks good questions and makes good decisions. Understanding the process empowers people to make smart financial decisions about what kind of loan makes sense for them and helps prevent some of the problems that we believe has exacerbated the current foreclosure situation. Sometimes they even make the decision that they are not ready yet for home ownership." The homebuyer education curriculum includes topics such as finding a real estate agent and reputable lender, how to live on a budget and home maintenance. CHFA offers homebuyer education classes in English and Spanish and will make arrangements for classes in other languages. Homebuyer education and money management classes are free of charge and are available even for buyers who don't obtain a CHFA loan. More information: http://www.colohfa.org/, (303) 297-7376 or (800) 877-CHFA, ext. 376.

Parade of Homes begins Aug. 17

It's as much a tradition as county fairs and July Fourth celebrations -- but without the funnel cakes and fireworks. The 2007 Parade of Homes, sponsored by the Housing and Building Association of Colorado Springs, kicks off Friday, Aug. 17, and runs through Sunday, Sept. 2. This year's parade -- in which builders put homes on display for the public to see -- will feature two main sites: Black Forest Reserve, southwest of Meridian and Hodgen roads, and The Preserve at Walden, northeast of Hodgen and Colorado Highway 83. Both developments are in Black Forest, the unincorporated area north and northeast of Colorado Springs. Other individual home sites will be in several Colorado Springs neighborhoods and in Woodland Park, west of the Springs. Homes on display will range in price from $165,000 to more than $2 million. Admission to view homes is $10 for adults; children under 18 and adults 65 and older will be admitted free. All homes will be open from 10 a.m. to 7 p.m. daily. Tickets can be purchased at Safeway stores and at parade home sites. More information: http://www.cshba.com/ or 592-1800.

Interim city manager mixes with home builders

You can take the boy out of the economist, but you can't take the economist out of the boy. When the Housing and Building Association of Colorado Springs held a one-hour update June 20 on the state of the local new home market, who was among the 125 people in attendance? None other than Mike Anderson (right), who was named the Springs' interim city manager a week earlier. Anderson had been assistant city manager, served for several years as the Springs' budget director and, before joining city government, was a regional economist for the Pikes Peak Area Council of Governments. Wearing his economist hat, he often was asked to speak to local business groups. So, what interest would Anderson have these days in a housing update? Plenty. Purchases of lumber, nails and other building materials generate millions of dollars a year in sales tax revenue for the city. As city officials start preparing their 2008 budget for release in the early fall, it won't hurt the interim city manager to get a handle on how quickly the new home market will recover from its current downturn.

Home buying tips from the FTC

The Federal Trade Commission has issued a pair of reports designed to give home buyers and sellers more information about the process. One, about the importance of competition, can be found at ww.ftc.gov/bc/edu/pubs/consumer/general/zgen1.shtm. The other report, on tips to know when buying a home, can be found at ww.ftc.gov/bc/edu/pubs/consumer/alerts/zalt001.shtm.