Market Update – Colorado Springs Real Estate – May 2023

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Hi everyone, here’s your Colorado Springs real estate market update for May 2023. If you would like to receive this market update automatically in your email inbox every month, please reach out to me at 719-229-9777 or [email protected].

The current real estate market remains strong, but I do see headwinds coming. First and foremost, higher interest rates have negatively impacted first-time home buyers and “move-up” buyers. As a result, the sales of lower-priced homes have been hurt more by the higher interest rates than the more expensive homes.

However, in general, inventory remains low which is sustaining the real estate market and is helping to keep prices up. In fact, I just listed a home for $1,050,000 and got four full price offers the first weekend it was on the market. But, there are headwinds.

Currently properties are taking longer to sell which is gradually going to increase inventory and probably result in more of a “Buyers’ Market.” In fact, in the past 3 days in El Paso Country, there have been 113 new listings (ie, low inventory.) However, in that same 3-day period, there have been 128 price reductions. The increasing number of price reductions indicates that you must be priced correctly and that the market is softening. Don’t get me wrong, properties are still selling… you just have to be priced right. And, our prices are still up from 2020 so you have equity to enjoy if you’re a seller.

Thank you for taking the time to read this month’s real estate market update. As always, my goal is to provide you with the most accurate and up-to-date information on the state of the market. I hope you found this article informative and helpful in making informed decisions regarding your real estate needs.

If you have any questions or would like to discuss your specific real estate needs, please do not hesitate to contact me. I’m just a phone call away and offer personalized advice and support!

Call Becky Gloriod
Home supply by price range chart. El Paso county single family and patio homes. Market update data source Pikes Peak MLS, as of May 10th, 2023.

Custom Home on Large Private Treed Lot

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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.

Press Release – Realtors The Becky Gloriod Partners Analyze Amenities of Colorado Springs for Retired Military

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Becky and Jack Gloriod, of The Becky Gloriod Partners, list the top three tips regarding why Colorado Springs is an ideal retirement place for military personnel.

COLORADO SPRINGS, CO (PRWEB) OCTOBER 13, 2016

Colorado Springs is an enticing community for anyone, and is being discovered by people from all walks of life. It has more than 300 days of sunshine every year, majestic mountain views, an extensive hiking/biking trail system, easy access to skiing, low cost of living, low property taxes, great business development opportunities and a well-educated workforce.

“Colorado Springs features fantastic real estate values compared to nearby Denver, where home prices are 50% to 60% higher,” said Becky Gloriod, of The Becky Gloriod Partners and Berkshire Hathaway HomeServices. “It is also the ideal place for retired military personnel. Furthermore, Thrillist, in 2015, ranked Colorado Springs as the No. 3 Best Military Town in the United States.”

For veterans considering retiring to Colorado Springs, The Becky Gloriod Partners list the following three benefits:

No. 1: Military community. “Individuals transitioning from military to civilian life may find comfort knowing that they share a common bond with many others in the community who have either served or are currently serving,” said Jack, a Vietnam veteran and retired Army Colonel. “In fact, Colorado Springs is known amongst retired military as a great place to live.”

No. 2: Wealth of resources. “Individuals retiring from the military are still relatively young, and often decide to return to a city such as Colorado Springs that has a wealth of resources available for veterans,” said Becky. “The city is incredibly friendly to people wanting to start a small business, as well as a host to dozens of defense contractors.”

No. 3: Growth. “From 2000 to 2014, Colorado Springs saw a population growth of nearly 20 percent, and over the last year has seen a 20-percent increase in building permits for new houses,” concluded Jack. “Additionally, the Fort Carson Army Base, Peterson Air Force Base, and Schriever Air Force Base bring many new residents to the area.”

About Becky Gloriod, The Becky Gloriod Partners, Berkshire Hathaway HomeServices Becky Gloriod has consistently been recognized as one of the Top 5 Agents in the Pikes Peak Region since 1998. She was chosen as the No. 1 Agent in the Pikes Peak Region in 2005, 2006 and 2007, and the No. 1 Agent in the Southwest & Broadmoor area since 1995. Becky, who specializes in luxury properties, is a charter member of The Elite 25, a luxury real estate networking group. For more information, please call (719) 229-9777, or visit https://beckygloriod.com. Berkshire Hathaway HomeServices Rocky Mountain, REALTORS is located at 660 Southpointe Ct., Suite 200, Colorado Springs, CO 80906.

Luxury Estate Bordering Private Park

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FOR SALE!

12840 Bridle Bit Rd.

Colorado Springs, Colorado 80908

Nestled on a lush five-acre lot in Black Forest with mountain views, this close-in French Country home represents the ultimate in quality finishes and main level living. Designed by highly acclaimed architect Bennett Strahan, built by Gary Gregoire and professionally decorated by Joni Bader, the home captures the essence of elegant but comfortable Colorado living. Special features include an impressive foyer with free-floating circular staircase, an exquisite great room with a 20’ ceiling, a main level master suite with a sumptuous bathroom and premier outdoor living. Conveniently located, the home enjoys close proximity to I-25, hospitals, Flying Horse Country Club, Denver Tech Center, shopping, restaurants and downtown Colorado Springs. Lovingly built with exceptional detail for the current owners, the home is being offered for sale for the first time. This home for sale is located at 12840 Bridle Bit Rd. At a Glance:

  • 5 Acres with views of the mountains, Pikes Peak and the Cadet Chapel at the Air Force Academy.
  • Fabulous landscaping with automatic sprinkler & drip system. Special landscape features include gravel paths, a water feature, grove of fruit trees, various evergreens and two unusual tri-color beech trees.
  • Ideal horse pasture that’s approximately 2 acres with fencing on two sides
  • Stucco exterior with charming window shutters and stone accents.
  • Concrete tile roof
  • Inviting covered front entry porch that boasts a tiled floor, knotty alder front door with stone surround and a peaked cedar ceiling with chandelier. There is a second front porch – also covered – that is ideal for outdoor dining. This porch is accessed from the dining room.
  • Expansive rear deck with wrought-iron railings. The deck’s floor is a combination of tile and Brazilian iron wood. Deck is accessed from the living room, the master suite and the kitchen area.
  • Oversized, side-loaded 4-car garage with adjoining green house
  • Concrete driveway with circular turn-around, ample guest parking and stamped concrete accents.
  • 7,829 square feet with 3,331 square feet on the main level
  • 5 bedroom suites, 7 bathrooms
  • Central Vac
  • Sound system throughout to include the rear deck and lower patio.
  • Hand textured walls; Solid knotty alder doors; Custom knotty alder woodwork
  • Pella windows with built-in interior shades
  • 6-zone in-floor radiant heat for the tiled areas on the main and basement levels; 3 furnaces (one in attic, one in basement bedroom/bonus room closet and one in utility room with humidifier); Central air on main and upper
  • Water softener and PH conditioner

Main Level

The heart of the home is the stunning great room that boasts a 20’ ceiling, a bay of windows and a lovely limestone fireplace with gas logs. This room also has a soft beige carpet with a leaf motif and a walkout to the expansive rear deck.

Main Level Details:

  • Setting the stage for more good things to come, the impressive foyer features travertine floors with a beveled “pillow” edge, a massive circular chandelier and a dramatic free-floating circular staircase with curved stairs and a wrought-iron railing with faux painted copper accents.
  • To the left of the foyer, the large formal dining room awaits. The dining room offers a peaked, beamed ceiling with chandelier; wide-plank hardwood floors and French doors that open to the cozy covered porch/nook on the front of the home. An arched stone doorway leads to the kitchen area and adjoining hearth room.
  • A cook’ delight, the gourmet kitchen opens to a cozy hearth room and a breakfast nook. This entire area has tiled floors. The hearth room features an inviting stone fireplace with gas logs and a custom “Wattle and Straw” flu that enhances the home’s French country character. Additionally, the hearth area has French doors that access the expansive rear deck and a wall of alder bookcases. The breakfast nook features a coved ceiling with alder molding, chandelier and faux painted ivy accents. The nook also offers deck access, a sunny bay of windows and a built-in desk with file drawer.
  • Designed by Randy Hall, the gourmet kitchen features a sage green center isle and inset cabinetry in a pleasing combination of alder wood and cream. All the countertops in the kitchen are slab granite. The center isle has an icemaker, wine cooler, raised counter seating and a stainless steel sink with instant hot and an adjoining colander/ strainer bowl. Additional kitchen appliances include a microwave, Sub Zero refrigerator/freezer, Kitchen Aid dishwasher and a Dacor stainless stove with 6 gas burners and double convection ovens. The tiled backsplash behind the stove has an imported Italian tile mural. The custom flu over the stove houses a 3-speed exhaust fan and has a faux ivy motif that mirrors the breakfast nook ceiling. Don’t miss the pull-out spice cabinets on either side of the stove’s back splash! Amazing detail!
  • Off the kitchen, an arched entry with stone trim leads to a walk-in pantry, the laundry room, the garage and a back staircase to the lower level.
  • The walk-in pantry features a large sink, small refrigerator, tiled floors, white cabinetry and storage shelves
  • The laundry room, which comes complete with a Maytag washer and dryer, offers a tiled floor, tiled counter, sink, white cabinetry and convenient toilet located behind a privacy wall.
  • Located to the right of the foyer, the powder room has a travertine tiled floor with beveled “pillow” edge, crown molding and a custom travertine vanity base with blown glass vessel sink.
  • Next to the powder room, there is a handsome office finished in alder wood. The office offers an impressive box-beam ceiling, wide-plank hardwood floors, built-in desk, wood paneled walls, bookcases and a bay of windows.
  • Across from the office, you’ll find the lovely master suite. The master bedroom boasts wide-plank hardwood floors, crown molding, ceiling fan, and gas fireplace with alder mantel flanked by bookcases and French doors that open to the expansive rear deck. The sumptuous master bath features raised dual vanities with inset alder cabinetry and slab limestone countertops. The bathroom floors are tiled with an inlaid border. A large tiled shower, water closet and Jason Air tub complete the master bath. The tub is built into a cozy bay with windows that frame the serene setting. Off the bath, there is a spacious walk-in closet with built-ins.

Upper Level

The impressive circular staircase goes to the upper level where a wide hallway leads to two bedroom suites. Open on both sides, the hallway overlooks both the foyer and the great room.

Upper Level Details:

  • Both of the bedroom suites on this level enjoy private tiled bathrooms with water closets and walk-in closets.
  • Off the hallway there is also a loft/office area. This area features built-in bookcases, a built-in desk and a charming alcove with window.

Walkout Lower Level

The lower level features a fabulous rec room that opens to a covered flagstone patio with hot tub. In addition to the walkout, the rec room boasts a wood-burning, floor-to-ceiling stone fireplace with alder mantel and a wet bar. The wet bar has inset alder cabinetry, slab granite countertop, refrigerator and wine fridge.

Lower Level Details:

  • At the base of the spiral staircase, a tiled oval with inlaid star burst provides a pleasing visual to the spiral opening from the lower level to the upper level.
  • Off the rec room there is a large bathroom that has a spacious alder vanity with arched ceiling above and a slab travertine countertop. This bathroom also has tiled floors, a tiled shower and private water closet. The adjacent guest bedroom/ bonus room has direct access to the bathroom.
  • The adjacent guest bedroom/bonus room has a walk-in closet and French doors that open to the rear patio with hot tub.
  • A second guest suite on this level has a French door walkout, a walk-in closet and a private 5-piece tiled bath. This bath room has a separate shower, water closet and a Jason Air Tub.
  • Large media room that is prewired for home theater equipment.
  • Storage closet under the stairs that houses the home’s sound and security systems.
  • Two storage rooms, one with 8’ X 8’ safe room
  • Utility room with water softener, PH conditioner, furnace with humidifier and the boiler for the hot water.

Additional Listing Information – 12840 Bridle Bit Rd.

Key Benefits of the Berkshire Hathaway Brand for The Becky Gloriod Partners’ Clients

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Three years ago, the Gloriod Prudential Real Estate franchise linked with Berkshire Hathaway HomeServices to give their clients the power of local expertise and the reach of a global company. Ever since, the partnership has been a win for home buyers and sellers who demand the best of both worlds.

The Berkshire Hathaway brand is recognizable and credible around the world. Chairman and CEO Warren Buffett is known for his business acumen and focus on quality, and those traits are true for Berkshire Hathaway HomeServices. These values align with what we do at Berkshire Hathaway HomeServices Rocky Mountain Realtors as well as The Becky Gloriod Partners. As Berkshire Hathaway HomeServices moves into the international market this year, our reach will grow even more.

The partnership between The Becky Gloriod Partners and Berkshire Hathaway HomeServices gives our clients several benefits. For example, our agents have access to Berkshire Hathaway listings and agents with a touch of a button. Instant information is available about every listing in the country.

In Colorado Springs, networking is another benefit. By connecting with other agents and understanding our clients’ needs, we’ve been able to buy or sell homes before they are even listed. Outside of Colorado Springs, our connections span the country, so we’re able to connect clients with reliable, high-quality agents in their destination cities.

The Becky Gloriod Partners’ clients already have the benefit of extensive print and online advertising when it comes to selling a home in Colorado Springs. Being a part of the Berkshire Hathaway HomeServices brand, our home sellers get the added bonus of even more advertising muscle. The more exposure you have, the more potential buyers come to see your property. The more people who see your property, the more potential to catch the attention of a buyer.

Our partnership also benefits home buyers in another way. The Becky Gloriod Partners has long offered relocation services in Colorado Springs, and that experience pays off for both buyers and sellers. When home buyers are new to the area, they know the Berkshire Hathaway name is a symbol of trust and reassurance.

Home buyers from across the country can rely on the power of Berkshire Hathaway HomeServices and the local expertise of our partner group. We’re delighted to help people. It’s what we do. It’s why we’re in business. Being under the Berkshire Hathaway umbrella allows us to help people even more.