Teach me about the Colorado Springs Market

[Jamie Greenberg]

Hi everyone.  My wife and I are considering a move for our primary residence from San Diego, and are looking at the various Colorado markets.  I know this is an investor forum, but I'd like to treat our personal home purchase as much like an investment as possible.  We're looking at the whole I-25 Corridor, but I wanted to ask specifically about Colorado Springs, as the prices there seem a bit lower than further north.  After we sell our San Diego home we should have quite a bit of cash on hand and we'd be looking at a max budget of $300K after purchase and any renovations, but it would be great if we could spend much closer to $200K.  We're not looking for a huge home (1200-1600 square feet is plenty) but a decent sized yard would be a plus.  We COULD pay cash for the home if that makes a great deal possible...but ideally would prefer to get a mortgage and invest the rest of the money (in other real estate, stocks, etc.).  

We'll be in Colorado Springs for a few days mid-march (before heading further north to check out the areas around Denver/Boulder/etc.) so I want to make sure we tour all the potentially interesting areas.  Any recommendations?  What should I know about the market in this area?  Is crime really as big a concern as some other forum posts make it sound?  Just trying to get the lay of the land so we can make the most of our few days in town.  

[Colin Smith]

I'm going to go ahead and throw my 2 cents in. 

First of all I am a Realtor here in Colorado Springs who primarily works with investors. So if you are looking for a fixer upper, I am your go to guy for that. I also do retail residential sales for any buyer or seller. 

Looking at Front Range Colorado... Your lifestyle may depict your city. 

Colorado Springs: Great if you have an adventurous spirit as there are awesome hiking trails all over town and less than 20-30 minutes to super popular hiking areas like the Manitou Springs Incline, Cheyenne Canyon, Palmer Park, etc. You'll also get the most house for your dollar here. 

Denver: If you're all about city life with a good night life, tons of unique restaurants, and your looking for a job in the higher paid tech industries, this will be your best option. Homes cost the most here and its not surprising to see small homes go for $400k+ in a matter of days. 

Fort Collins: If you're close to retirement or going to college this is a great town. Fort Collins has been ranked multiple times as best city to retire in. Home prices are slightly less than the Denver area. 

Greeley: Another college town. Greeley is really started to grow and is very well known for their agriculture. You won't find much for hiking there. Home prices are slighlty less than Colorado Springs. 

As for Colorado Springs: This is a very unique town. I would suggest avoiding the south side of town. The west side is a highly desirable place to live as you are right up against the mountains, near hiking, and great views. Homes are older,  smaller, and a bit more money per sq ft here. The east side of town is booming. You can easily get a 2000+ sq ft house for less than $225k. The north side is nice with mid to high end homes. What type of lifestyle you want may help you pick what side of town you want to live on.