We are at the beginning of October and it’s time to take a first look back at this years Gold Hill Mesa Market in Real Estate.
For rentals as well as home sales it has been a hot year. Rental prices have greatly increased, putting pressure on buyers who are trying to save up a down payment to move into their own home. Once home buyers entered the market, then experienced a hyper-shortage of homes for sale in the market place , particularly in the past few summer months limiting their buy choices.
Rentals in Gold Hill Mesa
The rental market in Colorado Springs is “hot”, however, particularly, the rental market in Gold Hill Mesa, I would say was on fire this year. Townhomes rented anywhere from $1450 to $1550 and single family homes started at
$1500 and up.
Upgrades in townhome rentals are desired but buyers are happy mostly with a newer, nice home – even if it doesn’t have all the upgrades – as long as they can live in Gold Hill Mesa.
Many homes are on the market only for a very short time and though I try to always list them on my website, I just can’t keep up with the speed in which they rent. In order to connect Gold Hill Mesa owners with tenants, I keep a list of prospects, who have contacted me and asked me to keep them informed about any rentals that are becoming
available. Contact me if you are renting your home now or in the near future.
Home Sales in Gold Hill Mesa
In Colorado Springs home inventory has been very tight with plenty of buyers looking for homes. The hyper shortage of available homes, lead to new construction homes in Gold Hill Mesa selling quickly this year, even with several price increases of new construction townhomes AND single family homes.
Existing townhomes, particularly 3 bedroom townhomes, are selling quickly. While 2 bedroom townhomes still take a little longer and do not quite achieve the prices of the 3 bedroom homes, they are still very attractive to buyers who want to live in Gold Hill Mesa and enjoy this wonderful community. Currently there is no townhome resale available.
Single family homes (resales) in Gold Hill Mesa have a very interesting dynamic. Ranchers are hands down the quickest selling floorplan. Regardless of whether they have a basement or not, they are in high demand. Other
layouts do not sell quite as fast. Besides price, upgrades are a very important factor of selling a home, particularly in Gold Hill Mesa. Buyers want upgrades or they tend to simply buy a new construction home, if they have the time to wait. Most favorite upgrades: Granite counter tops in the kitchen, wooden floors and A/C in the home. Homes above $300,000 have a far longer time on market compared to any homes below that threshold.
One short sale is finally under contract and 5 active resale listings are looking for buyers.
The increase in rental income and values in townhomes have made many owners/investors in Gold Hill Mesa very happy, there will be a ceiling to the rents but it seems the sky is [almost] the limit for resales.
With about half of the neighborhood built out, buyers will have the option to built a new home versus buying an existing one, time permitting. Especially, buyers looking to purchase above $300,000 are looking at new construction. This will change as new construction prices increase in 2016, which will buyers look more and more at
This year Colorado Springs experienced an average real estate appreciation of about 12%. Next year, real estate values are still expected to continue to appreciate but at a much slower pace, data analysts are expecting around 6%.
As a real estate professional, I usually don’t expect townhomes to appreciate as quickly as single family homes, but homebuyers looking to buy a single family home at $250,000 and below turned to townhomes and condos when they would not find a detached home option.