home prices continue to rise? (Calhan, Deer Trail: HOA fees, insurance, refinance)

[Arrby]

Hmmm... Illegal immigrats must permitted in their millions, even tens of millions. Middle Eastern peoples must be given "refuge status" and resettled here in the hundreds of thousands, or even millions. We must do this because "this is who we are".

New housing and new subdivisions must be stopped. The destruction of older neighborhoods for high density housing must end. Local governments must put a stop to greedy developers and their endless sprawl.

Ok, got it. For a brief moment there I thought there might be some kind of logical disconnect going on.

[TCHP]

Chicken or the egg? Is Cos sprawl created because developers never stop building or is it created because a constant influx of people demand housing?


No, Cos has never been a sellers market like what is happening in Denver now. It has had flashes when inventory has dropped, now is one of those times, and then builders catch back up. With the exodus of "put em up quick" builders in 2009-10, new construction has lagged the last 5 years, but I have no doubt there are still plenty of incomplete development packages out there that builders can pull the trigger on. However, I think it will follow the same trend of new=better and will continue to push growth to the north and east.


Arrby, good luck with that. I don't disagree that I'd like to see neighborhoods built from the period of 1960-1990 revitalized, but the juggernaut of the Cos good old boys developers network won't be stop until the entire city council and Mayor's office can be convinced otherwise. That hasn't happened in my lifetime and the paradox of actually doing it will require getting enough people in here to create such an demand/environment to push that agenda.

[willc86]

I mean, probably a stupid question and yet a, broad question with so much variables involved, but in just 3 years mine went up almost 100k. I am wondering how long will we continue seeing this trend? I know it is hard to tell, and no one can predict the future.

I am originally from Miami, FL and houses always continued to rise, and still is. At this point of time though, homes are pretty stable (still expensive) but rent is going up still.

My guess and from what I have experienced, as long as they keep building, keeps getting populated, keep running out of room (land) I think this is what will keep driving the market up; and I am not seeing it slow down.

one sure sign is how much apartments are they building. Seems they are building a lot now and thats usually a sign it is not slowing down.

ha ha meant to put this in *colorado springs* my mistake

[otowi]

I think it depends on the economy. If we get into another recession we may see things cool down.

[Mike from back east]

Prices will rise until they can't.

[DougStark]

Is "running out of land" really an issue in COS? I don't ask that in a snide way, I just don't know. Isn't COS growth unlimited with the plains east of town (just like Aurora)?

There will come a price-point in your town where there are other metros across the nation with equally good attributes and are more reasonable priced, and people will realize this. For my wants/needs, it's already happened. So I'm not in the COS or Denver buying "rat race" game.

[Vision67]

I don't think COS will run out of land. The limiter was water but after completing the Southern Delivery System the water is available at a cost.

However, the cost of a developed lot with connected utilities is high and that makes it difficult to deliver a new house below about $300K.

[TCHP]

There is plenty of land. Not just out east, but also within the city limits. Redevelopment of old stock could certainly take place. There are still many many acres of both un-annexed and undeveloped land in parts of the city. All of these would have easier access to utilities and somewhat reduced cost over further developments.

Eastern fringe development that is occurring now was all plans put together 10-25 years ago. There is a lot of planning taking place currently all the way out to Ellicott on Highway 94, Calhan on Highway 24, and south and east of Fountain.

To the original question, I think radical increases are past for the time being. IMO, things will continue with a slow, steady rise until the next economic catastrophe. Whether that is simply a flattening or a reversal I couldn't say. We do not see the rush in building going on that could lead to a glut of housing that would drive a reversal. Longer term and looking at retirement planning aspects of it, value will only continue to rise, but, the omni-present issue for the region will always be water to support the growth and sustain the status quo.

Of course, all of this is assuming we can reasonably maintain our current national trajectory. As we have seen, a few ill-timed tweets from our leadership can send international markets into retreat. If anything more serious than that occurs, it could create a reversal. On the flip side, we also have 3 of the 5 finalists for the Space Force HQ within the county. Winning this could send prices escalating again as speculators and investors will clamor to snatch up more homes.

[YoYoSpin]

There's plenty of room for new construction in and around Colorado Springs. Cordera and Wolf Ranch on the north-east side for example, have been in a constant state of construction for more than 20 years, and both mega-neighborhoods are less than half built-out. The Banning Lewis Ranch subdivision is about 5% built, and if/when it ever is fully finished, will increase the current number of households in COS by more than 20%.

[TimtheGuy]

Originally Posted by Vision67

Home prices are heavily influenced by jobs. Unemployment rates are falling here because people are exiting the job market.

In Colorado Springs, the job market remains weak. Most of the growth is in low paying jobs. People working in call centers for $10 per hour are likely renters.

I don't think it's possible to accurately predict home price appreciation. I think they will be flat at best.

“Flat at best”.

Guess that ‘Vision’ is just a bit off.