Real Estate 09/21/14

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Sunday, September 21, 2014

Experience Pinecrest at Pine Creek

OPEN HOUSE, SUNDAY, SEPTEMBER 21st - 12:00-2:00 9970 Highland Glen Place - $1,039,000 6 Bdrm + Office / Music Room, 7 Bath, 4+ Car Garage SELLER SAYS BRING THE OFFER!

SOLD

9830 Highland Glen Place - $1,295,000 5 Bdrm + Study, 6 Bath, 4+ Car Garage, Golf Course Lot

9811 Highland Glen Place 5 Bdrm + Study, 4 Bath, 3+ Car Garage

Great Custom Home Building Lots Lot

Lot 24

NEW PRICE

Lot 29 Lot 1 Lot 2

Lot 36

Lot 35

Sale Pending

Lot 7

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1 2 7 11 24 29 35 36

Lot 11

Discover the Pinecrest Advantage Award Winning D-20 Schools Close to Shopping Near Both Memorial North and St. Francis

Pine Creek Golf Course Terrific Views Convenient Location Parks & Trails

See Every Home for Sale at PattersonGrp.com

Price $205,000 $205,000 $235,000 $219,500 $240,000 $250,000 $230,000 $180,000 SALE PENDING $170,000

2SH

The Gazette · springshouses.com

Sunday, Sep 21, 2014

THE MORTGAGE PROFESSOR:

Transitioning to double-digit mortgage interest rates

BY JACK GUTTENTAG THE MORTGAGE PROFESSOR

For the last 24 years, mortgage interest rates have been in the singledigits, supporting a widespread presumption in the mortgage industry that this is the normal state of affairs.

Yet the rate was 10 percent or higher during most of the 11 year period 19791990. Given this history and the current outlook for the economy and monetary policy, it is prudent to consider the consequences of a return to doubledigits, and to take whatever measures are available to soften their impact.

The need for preventative measures is particularly acute in the reverse mortgage market.

The focus of this article is the transition from the current 4-5 percent market to a 10 percent market.

Problems associated with the higher rate level — living with a 10 percent rate rather than a 4-5 percent rate — will be discussed in another article.

TRANSITION TO A 10 PERCENT FORWARD MORTGAGE MARKET The transition problem arises out of the impact of rate increases on mortgage applicants who have loans in process that have not yet been locked — the final rate has not yet been set. These applicants have made decisions to proceed based on one set of rates, and have incurred expenses in the process, perhaps including a non-refundable purchase deposit, only to find themselves forced either to pay a rate higher than they had expected, or

to drop the deal and count their losses.

Every time there is a rate spike, mortgage applicants who are not locked must either pay up or give up.

The shorter the period in which the rate increase is concentrated, the larger the fall-out and losses.

There are no statistical data on the number of unlocked applicants in the forward market, but my rough guess is that it is less than 10 percent of all applicants. Further, the great majority of borrowers are aware that their rate is not final until it is locked. Unless rate increases in the future are more concentrated in short periods, the fallout and losses from future rate spikes should be similar to those we have had in the past. Those who are caught will be seriously hurt but the market will go on as before.

TRANSITION TO A 10 PERCENT REVERSE MORTGAGE MARKET The impact of rising rates on the reverse mortgage market could be much worse, perhaps devastating.

This market has never been tested by rising rates, since it was just getting started when the period of double-digit rates was ending in the early 90s. It is much more vulnerable than the forward market, for two reasons.

First, most reverse mortgage applicants on any given day are unlocked. In part, this is due to the longer processing period, which among other things reflects the legal

requirement that every borrower must be counseled. But the major factor is that locks are not available for periods longer than two weeks. Loans are not contractually locked until shortly before closing, and therefore they provide very little protection.

The second difference is that most forward borrowers are aware of their exposure to a rate increase if they aren’t locked while most reverse mortgage borrowers are not. In good part, this reflects how reverse mortgage lenders have responded to the combination of long processing periods, short lock periods, and unsophisticated clients. Their practice is to voluntarily lock the rate that prevailed when the applicant was first told how much could be drawn, even though this might be higher or lower than the market rate on the lock day.

This avoids having to explain to the client early on that the amount available to them won’t be known for sure until shortly before they close. While close scrutiny of the Good Faith Estimate that the applicant receives shortly after applying will reveal that the rate is not locked, the disclosure is oblique and few seniors grasp it.

The practice of providing voluntary but non-contractual rate locks is encouraged by the relatively large markups that prevail in this industry.

A smaller markup is viewed as better than a disgruntled borrower.

This practice works only so long as

rate increases are small enough to be accommodated by lenders through tolerable reductions in their markups.

If the transition from 5 percent to 10 percent is slow and steady, all will be well but expecting that is wishful thinking. It is very unlikely that lenders can absorb a rate increase larger than 1 percent. Yet there were at least four occasions during the years 1979-81 when the increase exceeded 1 percent within one month, and three additional periods when the rate rose by more than 1 percent over two months.

A rate spike that is too large to be covered by a reduction in lender markups would pose a major threat to the viability of the reverse mortgage market. The failure to deliver would be widespread because most reverse mortgage applicants in process are unlocked, and they will all claim with good reason that nobody warned them that this might happen. The media will portray the episode as the exploitation of senior homeowners by greedy lenders, and resolutions will be introduced in the Congress to fold up the HECM program.

One way to prevent any such scenario is to develop and deploy longer lock periods, at least comparable to those available in the forward market. But that will require an industry effort that includes the secondary market players along with GNMA. It could take years even if the process were to start tomorrow.

A second approach, which can be adopted by individual lenders, is to scrap the practice of providing voluntary but non-binding locks, instead locking at the price prevailing on the lock day — just as it is in the forward market. To make this acceptable to borrowers, the lender needs to provide an early disclosure that makes crystal clear that applicants assume a rate risk associated with market volatility, but that volatility works in both directions and they will benefit if rates decline. I have developed such a disclosure and will provide it free of charge to any lender who requests it.

To make the message fully credible, however, the applicant must be able to monitor their rate at any time prior to the lock day. While only a few lenders offer this feature to their clients today, the technology required is relatively simple and readily available.

Implementation of this approach will not prevent a rate spike from torpedoing deals and making unlocked applicants unhappy. However, it will clarify that market changes work in both directions, that the applicants who were caught by the spike had been warned about the risk, and that they had not been abused by the lender.  Jack Guttentag is professor emeritus of finance at the Wharton School of the University of Pennsylvania.

Comments and questions can be left at http://www.mtgprofessor.com.

Mortgage possible with credit problems

BY MICHELE LERNER  BANKRATE.COM

Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

“Your credit score is a piece in the qualification puzzle, but it’s not the whole puzzle,” says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta.

‘FAIR’ TO ‘POOR’ IS CONSIDERED A LOW CREDIT SCORE There aren’t any hard lines between a “good” and “bad” credit score. The scores break down like this: CREDIT SCORE A number, roughly between 500 and 850, that summarizes a consumer’s creditworthiness.

The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a “low” credit score is in the “fair” to “poor” ranges below: • 750 and higher = excellent • 749 to 700 = good • 699 to 650 = fair • 649 to 600 = poor • 599 or lower = bad BORROWERS’ CREDIT SCORES ARE FALLING Lenders in 2014 are approving more loans with lower credit scores. According to mortgage software provider Ellie Mae, 33 percent of closed loans in spring 2014 were for borrowers with a credit score below 700, compared with 27 percent a year earlier.

BORROWERS WITH LOW CREDIT SCORES OFTEN GET FHA LOANS Lenders are typically more lenient with credit qualifications for borrowers who opt for government-insured Federal Housing Administration loans, but Clint Madison, a senior mortgage adviser for Envoy Mortgage in Walnut Creek, Calif., says his company approves both FHA and conventional loans for borrowers with credit scores as low as 620.

“With the market slowing down, standards are relaxing a little bit because

lenders are getting hungry for business,” Madison says.

Carrington Mortgage in Santa Ana, Calif., accepts applications from borrowers with a credit score as low as 550 for FHA loans, with minimum down payments of 10 percent.

DEMAND IS THERE FOR LOW-SCORE BORROWERS “There’s a huge segment of underserved borrowers today,” says Ray Brousseau, executive vice president of the mortgage lending division of Carrington Mortgage Services. “In 2005, 1 out of every 7 loans were approved for borrowers who had a credit score under 630. By 2013, 1 out of every 500 borrowers had a credit score that low.”

3 THINGS ABOUT GETTING A MORTGAGE WITH A LOW CREDIT SCORE • Lenders are becoming less strict about credit scores.

• Some lenders see a difference between irresponsible applicants and those who lost jobs.

• Proving a year of on-time rent payments could be helpful.

Brousseau says that Carrington is able to offer loans to borrowers with low FICO scores because employees have experience in managing subprime loans.

“We invested in people with expertise in manually underwriting loans and making common-sense decisions about borrowers, and they’re joined at the hip with servicers who talk directly to borrowers and help them manage their loans,” Brousseau says. “Our loans are perfect for the group of people that got caught up in the recession and lost their job or had their hours or pay cut or had to move and take a loss on their home.”

AUTOMATED AND MANUAL UNDERWRITING Two methods that lenders use to approve or deny mortgage applications: • Fannie Mae and Freddie Mac have software programs (Desktop Underwriter and Loan Prospector) that can automatically approve loans based on the borrower’s credit score, income, total debts and other criteria. That is automated underwriting.

• In other cases, the lender may approve loans based on the lender’s judgment.

That is manual underwriting.

QUALIFYING FOR A LOW-CREDIT MORTGAGE Moffitt explains that lenders run loan applications through automated underwriting systems from Fannie Mae or Freddie Mac. “If a loan doesn’t make it through the automated system, you can look at it manually and find out why the credit score is low,” Moffitt says. “Sometimes investors will allow a loan to be approved with a low credit score but with other compensating criteria, such as having six months of cash reserves in the bank or no late payments for the past 12 months.”

HOW TO IMPROVE THE ODDS OF APPROVAL Moffitt says you increase your chances of an approval if you can verify that you’ve paid your rent on time for the past 12 months and that you won’t have a payment shock on your housing payment.

“If you’re paying $500 a month in rent, then we wouldn’t want your payment to go above $750 if you also have a low credit score,” Moffitt says.

Another way to offset the impact of

poor credit is to make a bigger down payment, particularly a payment of 20 percent or more. If you can only go from 3.5 percent to 5 percent for your down payment, Moffitt says, you’re better off keeping the extra cash in reserve.

EXPLAINING A LOW SCORE Madison says that borrowers with a lack of credit history and therefore a low score can sometimes overcome their score with nontraditional forms of credit such as utility and rent payments. If you have a long credit history and a low score, you’ll need to explain it.

“You can provide a letter about the circumstances that caused your score to drop, such as a job loss or a death in the family, which could make a difference to a lender,” says Madison.

Some of the common issues that can cause your credit score to drop that lenders view as less risky are issues with a late medical bill or student loans, says Moffitt.  Michele Lerner is a contributing reporter for Bankrate.com.

Sunday, Sep 21, 2014

The Gazette · springshouses.com

SH 3

Volatile apartment sector reduces US home building

BY JOSH BOAK  THE ASSOCIATED PRESS

WASHINGTON — U.S. home construction plunged in August, led by steep decline in the volatile apartment category. But single-family house construction, a larger and more stable portion of the market, fell only modestly.

Construction fell 14.4 percent in August to a seasonally adjusted annual rate of 956,000 homes, the Commerce Department said Thursday. This reverses the sharp gains in July when the rate of new construction rose to 1.12 million homes, the highest annual rate since 2007.

Last month’s decrease primarily came from builders starting fewer apartment complexes, which plummeted 31.5 percent compared to July. Apartments have propelled much of the growth in residential construction

over the past year, but the pace has been volatile from month to month.

Apartment starts surged 51 percent in July.

In August, the building of singlefamily houses fell 2.4 percent.

Applications for building permits, a sign of future activity, dipped 5.6 percent to an annual rate of 998,000.

Apartment construction has surged 19.2 percent in the past 12 months.

Meanwhile, single-family starts have risen just 4.2 percent. The shift among builders to increased apartment building is a sign that a rising share of Americans will be renters, rather than homeowners.

Jed Kolko, chief economist at the real estate firm Trulia, said that builders are already constructing too many single-family houses. The vacancy rate

INDUSTRY NOTES:

10th Annual Coats & Cans Community Drive Harris Group Realty, Inc. is hosting the 10th annual Coats & Cans Community Drive in order to collect gently used clothing, coats, mittens, sweaters, scarves, snowsuits, hats and non-perishable food items to assist needy families throughout Colorado Springs. Details below: WHEN: September 15, 2014 through November 14, 2014 DROP-OFF LOCATIONS: Harris Group Realty, Inc. Kissing Camels Office Park 2950 Professional Place, Ste. 205 Colorado Springs, CO Monday – Friday 8:30 a.m. to 4:00 p.m.

Easy Street Designs 109 Kiva Road Security, CO Monday – Friday 8:30 a.m. to 6:00 p.m.

Saturday 10:00 a.m. to 2:00 p.m.

For additional information, please contact Harris Group Realty, Inc. at (719) 227-9900, e-mail barbara@barbaraharristeam.com or visit their website at barbaraharristeam.com. 

for these homes was 10.7 percent in 2013, compared to 7.4 percent in 2000, according to the Census.

“We’re still building single family homes faster than we can fill them,” said Kolko, saying that builders will need to place a greater emphasis on apartments.

Changes in starts for multi-unit homes such as apartments influence the monthly construction totals, but the category accounted for just 32 percent of starts in August. That’s up slightly from 29 percent in August 2013.

The growing preference for rentals likely reflects the sluggish, five-year economic recovery. Most incomes remain below their pre-recession levels, making it harder for families to save for a down payment and qualify for a mortgage. The Census Bureau said this

week that median household incomes were $51,939 in 2013. Adjusting for inflation, that’s 8 percent lower than in 2007, when the recession began.

Still, solid job growth for much of 2014 has increased the total number of paychecks in the economy. When more people are working, that should provide a boost for home construction.

One measure of building confidence has been steadily improving for the past four months.

The National Association of Home Builders/Wells Fargo builder sentiment index rose in September to 59, the highest reading since November 2005.

Readings above 50 indicate more builders view sales conditions as good rather than poor.

Builders see sales activity and traffic from would-be buyers as improving.

Still, interest from first-time buyers continues to lag historical averages.

New homes are selling for an average price of $339,100, according to the Commerce Department. Those prices, coupled with weak wage growth, have made affordability a problem for potential buyers seeking a new home.

But economists are still looking for a rebound heading into the tail end of the year. Job gains through August have averaged more than 215,000 a month this year.

Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the Home Builders. 

Homebuyer event covers information for purchasing HUD homes Cliff Johnson Realty Investment Company, local listing broker for Pemco Ltd, asset managers for the Dept. of Housing and Urban Development is hosting an to educate prospective home buyers about purchasing HUD homes.

For instance, did you know that MANY HUD homes are move-in ready? For answers to this and other questions related to buying a HUD home, come by the homebuyer event on Monday, September 22 from Noon to 1:30 pm. All of the info you’ll need to purchase a HUD home will be available.

Homebuyers who are firefighters, teachers, police officers or EMT’s are invited to learn more about the Good Neighbor Next-Door program where qualified participants can buy selected HUD homes for a 50% discount.

Join us at 3423 Atlantic Drive. (This home is available now for bids under this program.) For more information, contact Lori Jones at 592-9700.

Refreshments sponsored by North American Title 

4SH

The Gazette · springshouses.com

Sunday, Sep 21, 2014

Featured Houses Featured Home of the Week Classic Homes in The Village of Verona 1908 Turnbull Drive | $646,096 - Available Now! Neighborhood: Flying Horse Driving Directions: I-25 to Northgate Blvd Exit #156; East on Northgate; Right on Silverton Rd; Right on Silver Rose Dr; Left on Turnbull; 1908 Turnbull Drive is on the left corner!

Agent/Company: Classic Homes, 719-495-7297, flyinghorse@classichomes.com The 4,614 Stratford Model home is a rancher located on 16,590 sq. ft. lot is fully landscaped and has stucco & stone exterior, a welcoming front porch, and an expanded 10x19 deck off the nook. It offers 5 bedrooms, 4 baths, and 3-car garage with service door. Kitchen includes large island with pendant lights, canned lighting, upgraded cabinets with undercabinet lights, upgraded granite countertops with tile backsplash, stainless steel undermount sink, and stainless steel appliances. Custom drapes and rods come with this builder model home!

And, Social Fitness Membership in The Club at Flying Horse is also included!

Featured Home of the Week Classic Homes in The Village of Siena 13066 Cupcake Heights | $437,156 Neighborhood: Flying Horse Driving Directions: I-25 to Interquest Exit 153; East on Interquest to Flying Horse Club Dr; West on Flying Horse Club Drive to first round-about, right on Barossa Valley; Left on Sea Smoke Circle (turns into Cupcake Heights). 13066 Cupcake Heights is on the right!

Agent/Company: Classic Homes, 719-495-7297, flyinghorse@classichomes.com Located just east of The Club at Flying Horse, the “Landau” Model Home is now available for leaseback! The home is a 3,195 sq. ft. ranch-style patio home featuring 4 bedrooms, 3 baths, and 2-car garage. It has stucco & stone exterior, covered expanded deck, and is fully landscaped with sprinkler system and all landscape maintenance is included! This spacious patio home offers a finished basement with 1’ taller ceilings, fireplace, and wet bar rough-in plumbing. All new Classic Homes in Flying Horse include Social Fitness Membership in The Club at Flying Horse!

Featured Home of the Week Classic Homes in Wolf Ranch 6223 Leon Young Dr. | $378,500

Neighborhood: Wolf Ranch Driving Directions: This home is sold from Classic’s model home. I-25, exit #149 at Woodmen. East on Woodmen to Powers. North on Powers. East onto Research. North at second roundabout onto Wolf Center Dr. East on Brave Eagle Dr. and model is on left corner.

Agent/Company: Teresa Smith / Annie Miller, Classic Homes 719-282-1650, www.classichomes.com The Vail is a 3,840 sq. ft. 2-story plan with front porch and stucco/stone exterior. 4 bedrooms, study, 2.5 baths, 3-car garage, and 10x20 patio off nook. Kitchen includes island, built-in desk, canned lighting, upgraded cabinets w/undercabinet lights, granite countertops w/full tile backsplash, stainless steel appliances and undermount sink.

Hardwood flooring in entry, living, dining, kitchen, and nook. Large master w/walk-in closet, oval soaking tub, shower w/ seat, and dual sinks. MLS# 712584

More Open Houses Open House of the Week Tucked Into Cul-de-Sac Below Blodgett Peak 2990 Cindercone Lane | $499,900 Hours: 1 – 4 p.m. Sunday, September 21 Neighborhood: Peregrine Driving Directions: From Garden of Gods Rd., go North on Centennial until it turns into West Woodmen Road, then continue North to Northwest & turn right on Cindercone – end of street.

Agent/Company: Judy Ververs, 719-338-3050, ERA Shields Real Estate

Custom blt. By Symphony Homes, quality & location are key. From the moment you drive up to this “tech savvy” ranch style home, the setting & curb appeal set the stage. Sitting below Blodgett Peak Open Space (hiking, walking trails), it is on a .59 ac. lot. Enjoy privacy & serenity. It is approx. 4220 sq. ft. w/4-5 bedrooms, 4 baths, 3 car gar. Stucco w/tile roof, 3 gas log fireplaces, brand new furnace & central air. Walk-out lower level boasts a wet bar. Kit. Amenities incl. granite counters, double oven, walk-in pantry, desk, large eating area, which walks out to a 49x14 (approx.) composite deck.

Open House of the Week Fabulous Remodel in D20!

2665 Clapton Dr. | $284,900

Hours: 1 – 4 p.m. Sunday, September 21 Neighborhood: Briargate Driving Directions: From I-25 & E. Woodmen Rd. - Take E. Woodmen Rd. east to N. Union Blvd., turn left (north).

Go to Research Pkwy, turn left (west). Go to Lexington Dr., turn right (north). Go to Summerhill Dr., turn left (west). Turn right on Clapton Dr. (north) to house.

Agent/Company: Carol Patten & Mary Smith 719-339-0942 / 719-229-7020, ERA Shields Real Estate Updated 4BD/4BA/3CA home w/mountain views & 24x12 Trex deck w/Pergola & wrought iron railings.

Kitchen remodel w/stainless steel appliances, hickory cabinets & Swanstone countertop. Master bath remodel w/oversized shower, quartz countertops, contemporary sinks/faucets & French door. Vinyl windows, central air, storage shed & more!

More Open Houses Open House of the Week Gorgeous Ranch style home in D12 4935 Newstead Place | $469,500 Hours: 2 – 4 p.m. Sunday, September 21 Neighborhood: Central Driving Directions: On. Agent/Company: Bianca Taylor, 719-229-6488, ERA Shields Real Estate Hosted By: Jesse Hagedorn, 570-730-9770

Gorgeous main level ranch with mountain and city views. 2 master suites with 2 additional bedrooms, 4 bathrooms and a 3 car garage. This beautifully remodeled home has an abundance of natural light. This home is main level living at its best with a gourmet kitchen and a Xeriscaped park like yard. At 3772 total square feet, this exquisite home is the perfect Colorado sanctuary.

Open House of the Week Custom Home in Sunset Ridge 5735 Flintridge Drive | $289,900 Hours: 11 a.m. – 1 p.m. Sunday, September 21 Neighborhood: Northeast Driving Directions: On. Agent/Company: Bianca Taylor, 719-229-6488, ERA Shields Real Estate Hosted By: Jesse Hagedorn, 570-730-9770

Beautiful custom home with fabulous Pikes Peak Views! Professional Landscaping in front and back yards. Xeriscaping in front, new sod in back.

Two decks off the kitchen add to the outdoor ambiance. Wonderfully remodeled kitchen to include Granite countertops, stainless appliances and porcelain tile floors. Main level living with a large master suite, living room with gas fireplace, kitchen & nook, powder room and walkout to lovely yard. Two additional bedrooms, loft and Jack and Jill bath upstairs. Basement has a nice family room with gas fireplace; bar area for entertaining and bath. Oversized two car garage with additional parking space in front. This open and bright floor plan, which includes skylights, shines from the inside out and is conveniently located close to all major arteries, shopping, schools & trails. This Colorado retreat awaits you!

Featured Open House

New Home At Mackenzie Place Active Adult Campus 1564 Lewis Ridge View | $391,194

Neighborhood: Mackenzie Place Driving Directions: North on union on the Southwest corner of Fillmore and Union Agent/Company: Mark Brantley, 719-963-5427, Triton Communities Open House: Tuesday – Saturday, 10am – 5pm Free Fireplace or Stainless Steel Appliances Upgrade through September!

Cottage home with loft plan has main floor living, 3 bedrooms, 3 baths, and attached 2-car attached garage. Inviting kitchen is finished with upgraded Maple cabinets, Quartz kitchen countertops, tile backsplash, and GE microwave, dishwasher & smooth cook top range. Vaulted ceilings in the Grand Room. A spacious master bedroom with coffered ceiling, walk-in closet and private master bath with double sinks, and a walk-in shower w/bench. Laundry room is conveniently located in the owner’s entry next to the garage, and the second bedroom has a nearby bath. Covered front porch and covered patio provide the perfect place to enjoy spectacular Colorado evenings.

Open House of the Week

Open House of the Week

Updated Victorian - Old North End

Historic Old North End Home & Cottage

1619 N. Cascade Ave. | $559,000 Hours: 1 – 4 p.m. Sunday, September 21 Neighborhood: Central Driving Directions: On Cascade between E. Caramillo St. & E. Del Norte St., east side of the road.

Agent/Company: Carol Patten & Mary Smith 719-339-0942 / 719-229-7020, ERA Shields Real Estate

Restored 4BD/3BA 2-story Victorian w/1CA carport (attached to house). Historic wrought iron fence, greenhouse, potting shed, alley access & charm galore! All appliances included + wood floors, 9ft ceilings, 9in baseboards, 2 (faux coal) gas fireplaces w/original tile surrounds, plantation shutters, vintage light fixtures, security system, whole house attic fan & more!

1519 N. Tejon St. | $699,900 Hours: 1 – 4 p.m. Sunday, September 21 Neighborhood: Central Driving Directions: From Cascade, between Caramillo & Columbia - Take E. Buena Ventura St. going east. At Tejon, turn left (north) to home on right (east) side of the street.

Agent/Company: Carol Patten & Mary Smith 719-339-0942 / 719-229-7020, ERA Shields Real Estate Classic 4BD/3BA/2CA home + approximate 1515 sq ft 2BD/2BA guest house/cottage above the oversized garage w/workshop. Features: remodeled kitchen, family room/informal dining addition, wood floors, 10ft ceilings, 10in baseboards & crown molding. Historic wrought iron fencing & enchanting/private back yard w/gardens, patios & play area w/CASTLE.

Sunday, Sep 21, 2014

The Gazette · springshouses.com

SH 5

N/E

Campus Commons Rancher

2335 Royal Palm Drive • $247,500

Open Sunday 1– 4 PM Main level living ready for you in this 3 bedroom home. Light, bright and open great room with real hard wood flooring, fireplace, dining area and walk out to deck. Open kitchen with cherry cabinets, large island, lots of storage and counter space. Main level office w/French doors and custom desk area. Fully finished walkout basement. Come and take a look.

Mary Biga 719-330-8714

Open Sunday, Sept. 21, 3-5pm

4425 Windmill Creek Way • $239,900

N/E

Exquisite Low-Maintenance Home with Main Level Master!

3 Bed/3 Bath/2 Car. Immaculate 2444 sq.ft. patio home in a beautifully maintained community with vaulted ceilings, arched doorways, gas fireplace, park-like landscaping, and Peak views!

Virtual Tour: www.4425WindmillCreekWay.com

Scott Huger 719-659-2630

Old Colorado City

6756 Wild Indigo Dr. $289,000

Comfort, Space, Views and Value!!!

OPEN SATURDAY & SUNDAY 1-4PM

1813 W. Vermijo $197,900

Two story home with 5 bedrooms and 4 bathrooms. Living room features gas log fireplace, 2 story ceiling and walk-out.

Master bedroom with 5 piece master bath. Over 3000 sq ft of living space includes a finished basement.

OPEN SUN SEPT. 21 2:00 - 4:00

Robert Bourne 719-377-2115 Open Sunday 12-3pm PWR - Stetson Hills

Old Colorado City Charm

Charming Features - 3 Bedrooms, 1 Bath Landscaped Lot: Fruit Trees, Flowers

Dale Mueller Smith 719-359-7787 6766 Stockwell Drive

$299,900

5 Bedrooms, 4 Baths, 3 car garage, A/C

Nicholas Scott Real Estate

Open Sunday, Sept. 21, 1-5pm

BEAUTIFUL – EVERYTHING IS DONE! Main level has hardwood floors (except fam rm w gas fireplace), kitchen has granite countertops, eating bar, pantry & French doors to beautiful deck, main level den/bdrm. Upstairs has big master bdrm with 5 piece bath. 2 more bdrms & loft w bookcases! Outstanding walkout lower level w French doors.

Fun bar here (actually full kitchen) with game room and a BIG L-shaped bedroom w walk-in closet and ¾ bath. Could be student or mother-in-law w private entry! Beautiful decks & custom landscaping front & back ready to enjoy!!

Directions: From Powers, go east on Barnes, north on Peterson, east on Brahma, right on Weaver, right on Stockwell

Linda Mason 719-491-2800

Mason Properties, Inc.

Northeast

9630 Vinewood Lane • $358,900

Exquisite D-20 Family Home in quiet one entry neighborhood.

5Bd/4Ba/3 Living/Office/Exercise room/Wet Bar. Master Suite w/5-piece Bath, Formal Dining & Living rooms, Stunning Custom Granite in Kitchen and Stainless Steel Appliances, New Windows, 2 Gas Fireplaces, Tiled Bathroom Floors, Professionally Landscaped Yard, Approx. 3,300 S.F

Jim Chaney 719-359-2499

3940 Sedgewood Way • $274,900 Open Sunday, Sept. 21 12pm - 2:30pm

Homeland Realty Co., LLC

Get the app! For phone or tablet search Colorado Springs Gazette in:

Lovely 5 bed/3.5 bath, D-20 home with gorgeous koi pond!

2-story home with fully finished basement and 2.5 car garage. Walking distance to Pioneer Elem., District 20. Inviting backyard with Japanesethemed water garden, loi pond and covered gazebo. Offers central air, a 95% high efficiency gas furnace and Pella windows. This home is a must see!

Gay Chartier 719-229-2649

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The Gazette · springshouses.com

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24 PLATTE AVE.

94

• Custom & Semi-Custom Homes • Any location, style, size, or price • Building custom homes for the most satisfied clientele in the Pikes Peak region – Find out why!

AIRPORT RD. ACADEMY BLVD.

CIRCLE DRIVE

25

Colorado Springs Premier Custom Builder

13

www.copperleafhomes.com

85 87

ST.

BL UF

FS P

CIM

2

MARKSHEFFEL RD.

1FILLMORE ST.

NEVADA AVE.

GARDEN OF THE GODS RD.

(For Gate Access)

24

WOODMEN RD.

POWERS BLVD.

15

Mike Woelke 719.623.2669

5 3

8

24

3310 Mesa Road

ER

Air Force Academy

Manitou Springs

Gated Westside Neighborhoods

MERIDIAN RD.

25

83

powered by 1

BLACK FOREST RD.

ROLLER COASTER RD.

HODGEN RD.

Sunday, Sep 21, 2014

Award Winning Custom Homes • Visit us in the Lodge at Cathedral Pines - 13977 Milam Road • Saturday through Wednesday 10-5 (12-5 on Sunday) • www.Alliancebuilders.com

DRENNAN RD. ST. AS EG

SV LA

719.495-4408

Security

5 FONTAINE BLVD.

Quality and Affordable Custom Homes 10851 Glen Canyon Drive Model Open Mon-Sat 10-5, Sun 12-4 or by appointment

6

Widefield MESA RIDGE PKWY

115

Winner 2013 People’s Choice (Parade of Homes)

85 87

7

SQUIRREL CREEK RD.

Fountain

www.gjgardnerfalcon.com

719.495.8800

5

Quality and Affordable Custom Homes

Fort Carson

10888 Mt Evans Drive Model Open Mon-Sat 10-5, Sun 12-4 or by appointment

UEBLO

OLD P

Winner 2013 People’s Choice (Parade of Homes)

RD.

25

115

www.gjgardnerfalcon.com 4

719.495.8800

13

REIMAGINE REIMAGINEYOUR YOUR DREAM DREAMHOME. HOME.

Desirable Wolf Ranch 3BR, 2½ Bath, 2 Car Garage $187,000 - $229,900

Landscaped & Fncd Yard

11405 Neutra Grove 6 New Homes Plans Brand New Neighborhood Jim Stiltner 719.964.3526

More New Homes in the Pikes Peak Region

3

3

Wolf Ranch – Richmond American Homes From the upper $200s 5766 Paladin Place 719.282.3783 - www.RichmondAmerican.com

5

Banning Lewis Ranch – Richmond American Homes From the mid $200s 7092 Mountain Spruce Drive 719.573-7950 - www.RichmondAmerican.com

6

Banning Lewis Ranch – Oakwood Homes From the mid $200s 8244 Cypress Wood Drive 719.380.5082 - 1-6pm Mon, 10-6pm Tues-Sun Banning Lewis Ranch – Oakwood Homes From the mid $200s 7119 Snowbell Lane 719.380.5082 - 1-6pm Mon, 10-6pm Tues-Sun

17215 Papago Way MLS# 2997017 $449,000 Model Open Saturday 1-4PM

The Village at Falcon • $225,000 - $300,000

New Townhomes in District 20

3

Quality and Affordable Custom Homes

The Harbor is an impressive two-story stucco home with a main level master and two bedrooms plus a loft on the

8989 Meadow Rose View • Award Winning Builder East on Research past Powers, • 3 Floor Plans including left on Grand Cordera Parkway Main Level Master Sales Office on your left • JMWestonhomes.com 719-571-9737

4

• We have 1/3 to 1 acre lots available • Award winning designs • Homes starting at $325,000

HANOVER RD.

5

• • • •

• We have 1/3 to 1 acre lots available • Award winning designs • Homes starting at $325,000

7

upper level. 1930 finished sq. ft. Over 1,000 sq. ft. unfinished basement.

Granite in the kitchen, GE Appliances including washer, dryer and refrigerator.

Also, miniblinds, fenced back yard and landscaped front yards.

REIMAGINE YOUR REIMAGINE YOUR www.gjgardnerfalcon.com DREAM HOME. LIFE LIFE SIMPLIFIED. SIMPLIFIED. DREAM HOME. 719.495.8800

Meridian Ranch – Richmond American Homes From the $200s 10258 Mt. Lincoln Drive, Peyton 719.494.0182 - www.RichmondAmerican.com Lorson Ranch – Richmond American Homes From the mid $200s 6518 Alliance Loop 719.573.7950 - www.RichmondAmerican.com Cumberland Green in Fountain – Oakwood Homes From the low $200s 9375 Castle Oaks Drive, Fountain, CO 80817 719.719.382.9799 - 1-6pm Mon, 10-6pm Tues-Sun

Winner 2013 People’s Choice (Parade of Homes) • 6 bed, 4 bath, 3 car garage • 5 acre horse property • Pond on back of lot • Backs to open space

A low A low maintenance maintenance community community connected connected by by green green spaces spaces andand walking walking paths, paths, justjust minutes minutes from from downtown. downtown.

Charming Charming architectural architectural styles andand floor floor plans plans thatthat fit any fit any lifestyle. lifestyle.

11styles

LIFE SIMPLIFIED. LIFE SIMPLIFIED.

Aaward-winning lowaward-winning maintenance community connected by green spaces and A low maintenance community connected by green spaces and Featuring Featuring 4 local, 4 local, builders: builders: minutesCharming from downtown.

Charming architectural walking paths, justwalking minutespaths, from just downtown. architectural CreekStone, CreekStone, Hi-Point, Hi-Point, JM JM Weston, Weston, and Vanguard Vanguard Homes.

Homes. styles and plans thatand fit any lifestyle. styles and floor plans that fitfloor any lifestyle.

Featuring 4 local, award-winning builders: Featuring 4 local, award-winning builders: • •Townhomes Townhomes from from thethe $180s $180s to $230s to $230s and and REIMAGINE YOUR CreekStone, Hi-Point, JM Weston, and Vanguard Homes.

CreekStone, Hi-Point, JM Weston, and Vanguard Homes. single single family family homes homes from from the the $260s $260s to $500s. to $500s.

DREAM HOME.

• Townhomes theand $180s to $230s and • Townhomes from the $180s tofrom $230s LIFE SIMPLIFIED. single homesto from thespaces $260sand to $500s. single family homes fromfamily the $260s $500s.

A low maintenance community connected by green walking paths, just • •Models Models open open daily. daily. minutes from downtown. Charming architectural sytles and floor plans that fit any lifestyle.

LIFE SIMPLIFIED. A low maintenance community connected by green spaces and Featuring 4 local, award-winning builders: • JM Models open daily. walking paths, just minutes from downtown. Charming architectural • Models open daily.

CreekStone, Hi-Point, Weston, and Vanguard Homes styles and floor plans that fit any lifestyle.

• Townhomes from the $180s.

Single Family Homes from the $260s.

Featuring 4 local, award-winning builders: • Models open daily.

CreekStone, Hi-Point, JM Weston, and Vanguard Homes.

WWW.GOLDHILLMESA.COM WWW.GOLDHILLMESA.COM WWW.GOLDHILLMESA.COM WWW.GOLDHILLMESA.COM • Townhomes from the $180s to $230s and single family homes from the $260s to $500s.

INFO@GOLDHILLMESA.COM 719.633.2202 719.633.2202 INFO@GOLDHILLMESA.COM INFO@GOLDHILLMESA.COM 719.633.2202 719.633.2202 INFO@GOLDHILLMESA.COM • Models open daily.

WWW.GOLDHILLMESA.COM 719.633.2202

INFO@GOLDHILLMESA.COM

To Feature Your New Home Inventory on this Map Call 476-1642