Not Many Buyers in Fox Run Recently

Fox Run is a beautiful neighborhood in the trees in northern Colorado Springs, just off the beaten path with easy access to I-25 and Hwy 83 and adjacent to the acreage of Fox Run park.  The 14 homes currently for sale range from $375,000 for a home that needs updating to $950,000 on the high end.  The average home currently for sale is $510,000, with many available in the $400,000s.  There have only been 3 home sales in the past 6 months (see details below), which means that there is currently 28 months of inventory. 

Recent Sales:
15696 Wildwood Ct.,    2 story, 2001, 5 beds/4 baths/3 car, 4318 s.f., $480,000, 3/4/2011
15765 Pineycove Ct,     2 story, 1998, 5 beds/4 baths/3 car, 5556 s.f., $530,000, 2/7/2011
15630 Falcon Ridge Ct, Ranch,  2001, 4 beds/3 baths/3 car, 5684 s.f., $600,000, 1/10/2011

If you would like to see the homes currently available in Fox Run or in neighboring areas, go to http://searchmonumenthomes.com/

Traditional home sale prices hit new low in Kings Deer

For only the second time since 2004, a Kings Deer home over 5000 square feet that is NOT a foreclosure, has sold for under $500,000 (less than $100/sf).  The first time was in 2008 and it was a divorce/financial distress sale and the home had been on the market for nearly a year.  The most recent sale was in December 2010.  The home at 710 W Trumpeters CT built in 1997 has 5 beds, 4 baths, 3 car garage and 2.5 acres in the trees.  According to the listing agent, it was in beautiful condition and the cash buyers got a great deal.  It sold for $490,000, setting a dangerous precedent for future traditional home sales in the neighborhood.  This sale was a corporate relocation, so the sellers were incented to sell it quickly in order to take advantage of their company's relocation assistance package.

Woodmoor Home Prices Continue to Decline

Home prices in the Woodmoor area are still on the decline, as we move into the slower time in our local real estate market (fall).  The kids are back in school and showings have slowed down significantly.  This gives buyers greater bargaining capabilities as fewer buyers are competing for the same homes.  If you are ready to take advantage of these deals, contact Claire Boynton with The Platinum Group, Realtors at 719-481-1000 or claire@myfirstclassteam.com

Interest Rates are near all-time lows

Interest rates today for a 30 year fixed mortgage are about 4.25%, depending on credit and down payment.  The market is showing signs that interest rates may start to rise soon.  It's a great time to buy!