Broadmoor-area home sales post strong 3Q

With only three months remaining in 2011, Broadmoor-area home sales are expected to post a strong finish.

“It has been an incredible year so far for us,” says Broadmoor Properties owner and broker Tom Schmidt.

The busy second and third quarter real estate market was due to a number of factors.  Some buyers sought relief from an unusually hot summer in the southwest.  Others wanted more access to 54 holes of championship golf and to nearby mountain communities.   

A number of our buyers came from Texas, Oklahoma and surrounding states — most deciding to make Colorado Springs their ”second home.”   

All found attractive prices for beautiful homes in a secure, convenient location near the five-star Broadmoor Hotel. 

As a result since January 1  Broadmoor Properties has closed a total of 17 sales, with at least three more set to close before yearend.  That total includes five Broadmoor Resort Community single family homes or villas, two Brownstones and one West Residence penthouse condominium.  The average  sales price was more than $1.2 million. 

We are pleased to welcome our newest residents — and expect to meet many of their friends and family members in the days to come.

One thing is certain:  the incomparable Broadmoor Hotel resort lifestyle, scenic location, championship golf and extensive amenities will continues to draw out-of-state as well as local buyers to our area.

Vacation Home Sales Update

  

 

According to a 2010 survey by the National Association of  Realtors, sales of vacation homes were up 7.9 percent nation-wide, to 553,000 from very low levels in 2008.  Across four regions, the share of vacation homes purchased increased in the West, Midwest and South and decreased in the Northeast.  The study showed that buyers were more likely to purchase a vacation home in a small rural area, small town or a resort.   

 

The typical vacation home buyer in 2009 was 46 years old, had a median household income of  $87,500 and purchased property that was a median distance of 350 miles from their primary residence; 34 percent were within 100 miles and 40 percent were more than 500 miles. 

 

Demographically, the long-term demand for second homes looks favorable because large numbers of the population are in the prime years for buying a second home. Historically people become interested in buying a second home in their 30s and 40s and this large group will dominate the second-home market in the coming decade with a strong underlying demand. 

 

Although mortgage lending for second homes was extraordinarily tight in 2009, it is expected to ease in 2010. But cash factored strongly in the second-home market: 3 out of 10 vacation-home buyers in 2009 paid cash for their properties.

 

NAR’s analysis of U.S. Census Bureau data shows that there are currently 7.9 million vacation homes.

Colorado Economic Outlook

Colorado Recovery May Lag, but Future Looks Bright!

Colorado’s economy entered recession later than the nation.  This will likely delay the state’s recovery.  However, we do not expect the delay out of the downturn to be as long as the delay in.  In other words, Colorado’s recession will be shorter than the nation’s.  The relative strength of the housing market, improved credit quality for both households and banks, strong population growth, expansive and expanding transportation networks and a solid base of high paying and growing industries will combine to pull Colorado out of the recession and set the stage for dynamic growth in the years ahead. 

While home prices are down from a year ago, we expect prices to improve heading into 2010, as inventories continue to fall and buyer confidence improves. This, along with improved corporate profits, a healthy stock market and an improving labor market, should help consumers loosen their purse strings a bit.  While we expect gross state product to grow in 2010, it will likely be in the 2.0 – 3.0 percent range.  The unemployment rate will likely remain elevated until firms are adding jobs at a faster clip than workers return to the labor force, which may not happen until later in 2010 or early 2011.  However, some jobs may be lost forever, suggesting education and innovation will become an even more important element of Colorado’s economic future. 

 Written by:  Scott Anderson, Senior Economist Wells Fargo,  Ed Kashmarek, Economist Well Fargo  

Provided by:  Scott West, Private Mortgage Banker Wells Fargo scott.west@wellsfargo.com  719-577-5325

Garden of the Gods Club/Sunrise Company

Now taking reservations!!!

Secluded behind its private gates, new luxury neighborhoods offer a diverse collection of distinguished residences from 3,100 to over 6,500 square feet, thoughtfully designed by award-winning architects to continue the tradition of signature architectural excellence including French, Mediterranean, Country and Mountain architecture. For those who wish to build a custom home, a limited number of truly exceptional Estate Homesites are also available.

Browse through our home collections and available homesites!

Pinon Collection – from $439,000

Ponderosa Collection – from $519,000

Spruce Collection – from $619,000

 Please contact Bob Jacobson at 719.623.2600 – office, 970.379.6664 – cell or bjacobson@sunriseco.com for more information on home and homesite reservations.

Home of the Week: 60 Polo Drive

This French Country estate was completely renovated from the ground up in 1999.  The large lot and outdoor pool make this home a Broadmoor dream.   Almost every room has it’s own private patio or balcony to enjoy the mature trees and wonderful landscaping.  Located within walking distance from The Broadmoor Hotel, this home provides the convenience and charm associated with Old Broadmoor.   This home is equally suited for a family or adult entertaining.   The option to purchase a Broadmoor Golf Club membership is available to the buyer of this beautiful Broadmoor home.

Priced right at $2,300,000.

For additional information call Michael Raedel or John Bartolin, Broadmoor Properties, 719-471-6200.

Home of the Week: 4355 Stone Manor Heights

The Broadmoor Resort Community offers some of the best in Broadmoor Real Estate.

Located on a gorgeous, 2.5 acre, estate lot in the Broadmoor Resort Community, this home has it all!  Exceptional views and an open floor plan are just some of the features of this Italian Villa inspired home.  The home is perched high above the city providing views of The Broadmoor, Garden of the Gods and the   Will Rogers’ Shrine.  The high ceilings and large living and kitchen areas are complemented by the large adjoining patio space. Built in 1999, this home was designed     with views in mind.  Nearly every room takes advantage of the unique location. If you enjoy entertaining this 6400 square foot home may be just what you are looking for.       Priced to sell at $2,495,000.

For additional information call Michael Raedel or John Bartolin, Broadmoor Properties, 719-471-6200.