Custom Home on Large Private Treed Lot

255 Ellsworth Street

Located in the Broadmoor Spires on a private treed lot with mountain and city views, this custom home boasts a stunningly open floor plan with contemporary ambiance. Beautifully maintained, the home boasts exceptional quality and attention to detail. Hardwood and tiled floors, a wrap-around view deck, five gas fireplaces (one is double-sided), vaulted ceilings with wood beams and lots of architectural interest complement the home. Offered at $719,000 At a Glance:

  • Built by Carl Branan, a highly respected Colorado Springs’ builder
  • Large .69 Acre lot with mountain and city views
  • Stucco exterior, Concrete tiled roof
  • 53 Pella windows for amazing natural light
  • Covered entry with wood door flanked by glass side lights
  • 5 Fireplaces with gas logs
  • Wrap-around deck with covered area and  hot tub
  • 5,171 Square feet with 4 bedrooms, 4 bathrooms, main level office (or 5th bedroom)
  • 3-car garage
  • Extras include an Olhausen pool table, Marantz audio amplifiers for sound system, hot tub
  • Forced air heat with 3 zones (one on each level); Central air;  Two hot water heaters

Main Level:

  • The main level boasts a vaulted ceiling that has a center wood beam. This vaulted ceiling expands from the entrance hall and living room all the way to the kitchen and family room.
  • The entrance hall, which has tiled floors with a slate diamond inlay, opens to the living room and dining room. To right is the kitchen and hearth area. To the left is the office (or 5th bedroom), a full bath, the laundry room and a staircase that leads to the master suite on the upper level.
  • The carpeted living room has a wall of windows that frame the wonderful city views and an impressive floor-to-ceiling stacked stone fireplace with gas logs. The fireplace is two-sided and also opens to the dining room.
  • In addition to the fireplace and view windows, the spacious dining room offers hardwood floors and a chandelier.
  • The well-designed kitchen opens to a casual dining area and a cozy family room.  This entire area has tiled floors. The kitchen features granite tiled countertops, cherry cabinetry, a pantry and a center isle with Thermador gas cooktop with 5 burners. Additional kitchen appliances (all stainless) include double ovens, dishwasher, microwave and refrigerator. Between the kitchen and the hearth room there is a spacious counter that provides a great workspace in addition to counter seating. The adjoining casual dining area enjoys a sunny bay of windows with mountain views and a walkout to the wrap-around deck.
  • The family room has a peaked beamed ceiling with ceiling fan, a fireplace with gas logs and a sliding glass door to the back deck that wraps around to the side. The deck has a spacious covered area and a hot tub.
  • To the left of the foyer, you’ll find French doors that lead to an office. The office enjoys city views and a corner fireplace with gas logs. Since this room has a closet, it could be used as a bedroom.
  • Tiled bathroom with cherry cabinetry and a shower.
  • Big laundry room with tiled floor, big double broom closet and sink. (Note: the laundry room has both electric and gas hook-ups for your washer and dryer)

Upper level:

  • The entire upper level is reserved for the luxurious master suite. The master bedroom offers a corner gas fireplace, a peaked ceiling and double doors that lead to the sumptuous master bath. As you approach the master bath, there are two walk-in closets…one on either side. The focal point of the master bath is a huge glass block circular shower. The bathroom area has tiled floors and also offers raised dual Cherrywood vanities with tiled countertops, a water closet and a jetted tub with tiled surround. To the left of the bath area, there is a carpeted exercise area.

Walkout Lower Level:

  • 9 to 10’ Ceilings
  • The focal point of the lower level is the spacious rec room that has two distinct areas. On area is ideal for a pool table. The other area, which opens to the lower patio, is great for relaxing and watching TV. This area has a gas fireplace, a wall of built-ins that house an entertainment center and a wet bar. The wet bar has cherry cabinets, a small refrigerator, tiled floor and a tiled countertop with counter seating.
  • Two guest bedrooms that share a large tiled bathroom with shower. This bathroom also services the rec room.
  • Guest bedroom with walk-in closet and private full bath with tiled floor and tiled countertop.
  • Utility/ storage room.

What You Still Need to Know about the First-Time Homebuyer Credit

By RJ McArthur, CPA , EKS&H – Ehrhardt, Keefe, Steiner & Hottman PC In an attempt to help stimulate sluggish home sales, Congress provided a federal tax credit to certain qualified homebuyers who purchased a principal residence after April 8, 2008, and before May 1, 2010. This credit was extended through May 1, 2011, for certain members of the uniformed services on extended duty. It has been almost two years since the program was available for most first-time homebuyers, and many people have forgotten about the benefit they received. More importantly, many people have forgotten about the strings that were attached to the original benefit. As is the case with many federal tax credits, what the government giveth, the government can taketh away. This is especially true for credits earned on homes in 2008 but can also be true for other homes purchased that qualified for the credit. In this article we will discuss the differences in the credits that were provided by Congress, what a homeowner needs to know even years after the program has ended, and what a homeowner can do to minimize or eliminate the possibility that the government comes to take the credit back. Two categories The First-Time Homebuyer Credit (FTHBC) can be divided into two distinct categories:

  • Credits on residences purchased before January 1, 2009
  • Credits on residences purchased after December 31, 2008

Homes purchased in 2008 For qualifying homes purchased in 2008, the FTHBC must be recaptured (repaid by the homeowner) over 15 years, with payments starting in 2010. In essence, the credit was really an interest-free loan that had to be repaid over 15 years starting two years after the purchase of the home. The repayment is made by increasing the income tax of the homeowner by 1/15th of the credit for tax years 2010 through 2024. If the home is disposed of or of it ceases to be the primary residence of the homebuyer, the repayment of the credit is accelerated into the year of the disposition or when the home is no longer the primary residence. Illustration: A homebuyer purchased a home in 2008 for $100,000 and received a FTHBC of $7,500. In 2012 the homeowner sells the home for $120,000. On the 2010 and 2011 tax return, the homeowner was required to increase their tax by $500 each year ($7,500 divided by 15 years). In 2012, the homeowner must pay an additional tax of $6,500 (the $7,500 credit less the $1,000 previously recaptured, $500 in 2010 and $500 in 2011). Homes purchased after December 31, 2008 For homes purchased after December 31, 2008, that qualified for the FTHBC, the rules are much more lenient. For these purchases, the credit only has to be repaid if the home is disposed of or it ceases to be the homebuyer’s personal residence during the 36-month period beginning on the date of the homebuyer’s purchase of the principal residence for which the credit is allowed. Therefore, if the homebuyer maintains the home as their personal residence for at least 36 months, they will never have to repay the credit back to the government. Illustration: A homebuyer purchased a home on July 1, 2009, for $100,000 and received a FTHBC of $8,000. On March 1, 2012, the homebuyer sells the home for $120,000. Since the home was not held as the homebuyer’s personal residence for 36 months, the homebuyer must pay an additional tax of $8,000 on their 2012 tax return. If the homebuyer does not sell the home until July 2, 2012, they would not have to repay the $8,000 credit. Minimizing the recapture Although the government recapture of the credit on an early disposition of the home seems inevitable, there is something homebuyers can do to minimize, if not eliminate, the recapture all together. In the case where a home is sold to a person who is not related to the homebuyer, the recapture of the credit is limited to the amount of gain (if any) from the sale. For this reason it is important for homebuyers to track the cost of improvements that may reduce the gain on the sale. For purposes of determining the gain, the basis of the home is reduced by the amount of the credit previously received. Thus, even in cases where the homebuyer breaks even on a sale, they will have recapture of the credit. Illustration: A homebuyer purchased a home on July 1, 2009, for $100,000 and received a FTHBC of $8,000. In 2010, the homebuyer spent $26,000 remodeling the kitchen. On March 1, 2012, the homeowner sold the home for $120,000. The adjusted basis of the home is now $118,000 ($100,000 + $26,000 – $8,000). The gain from the sale, then, is $2,000 ($120,000 – $118,000). Therefore the seller must pay the additional tax of $2,000 on their 2012 return and does not need to pay the entire $8,000 credit. One final word of caution: The above illustrations show the consequences when a qualifying home is sold. However, the tax rules also apply when a home ceases to be the homebuyer’s principal residence which can occur in a number of different ways, including converting the home to a rental home or vacation home. In the event of a divorce, the spouse who receives the home will be responsible for all future repayments of the 2008 credit or the credit recapture, if any, from purchases after December 31, 2008. Homebuyers are encouraged to talk to a tax professional before making any changes are made to the status of the home as a principal residence. 

 **The content for this article was provided by Land Title Guarantee Company