Read the latest newsletter from Berkshire Hathaway HomeServices Rocky Mountain Realtors in Colorado Springs. BHHSRMR keeps you updated on market stats, Downtown news and events, plus helpful homebuyer and home seller tips. In this edition, you’ll find an invite to our Downtown Holiday Party, plus understanding your home warranty.
Colorado Real Estate
Colorado real estate is diverse and unique, and the options are endless when you’re looking for an investment, primary residence, commercial property or even vacant land. Take a look at these unique Colorado properties that all have a unique real estate history and future.
Mobile Home Park Restored to Mid-Century Glory
In the small town of Canon City, CO you’ll find the magnificent results of creativity in real estate. The Rosedale mobile home park sits on about 0.70 acres and includes 5 mobile homes, but there’s a twist.
Remember the Sears catalog colors like mint green, sea-foam, and cherry pink that often inspired the decor throughout homes? These popular mid-century colors were used in bathroom sinks, toilets, bathtubs, countertops, and even exterior house paint.
This creative owner decided to purchase used mobile homes and renovate them to their former mid-century glory. He purposefully uses as many original period pieces as possible, from countertops to wood paneling on the interior walls. Even the decor and furniture matches the era. The team of renovators (including the owner) have made the old feel new again.
Plus, his business plan was obviously successful, with extremely high occupancy of renters. From traveling nurses to VRBO and AirBnB guests, many have enjoyed this creative twist on retro. And the vintage theme fits right in to its surroundings, ironically located right next to the Antique Capital of Colorado.
The property is currently available for sale, including all 5 mobile homes and the land for less than $400,000: https://www.peakdream.com/homes-for-sale-details/1535-ROSEDALE-LANE-CANON-CITY-CO-81212/56853/468/
Antique Store with Living Options, Retail Space, and More
In the Central Historic Business District in Downtown Florence, CO the old Vendetti’s Building has housed many businesses over the years dating back to 1922 when it was built. Currently, the multi-use building is home to Salvage, Antiques, Vintage, Etc., one of the favorite antique stores along Main Street (State Hightway 115). Now, the owner is ready to sell, providing a huge opportunity for the right buyer.
First of all, let’s look at a real estate term: Mixed Use Building. This means the zoning has been labeled as a live/work space and is available both as a commercial property, but also with the option of adding the residential element. Whether you’re planning on continuing to run the antique business, or using the space for your own purposes, there are multiple advantages and features on this property that make it very flexible.
The front retail space includes large windows, two separate shop spaces, and private parking immediately in front of the store. Plus, there’s a small adjacent lot that is vacant and ready for creative ideas, additional buildings, etc. which is also included real estate.
Also, in front is a garage door which leads into the large warehouse space in the back of the building. This enormous space (which can also be accessed by a rear garage door loading area) includes 2-story tall ceilings, plus an unfinished loft space which could be a potential residential living space after converted.
Best of all, the location is key in the gorgeous town of Florence, CO the Antique Capital of Colorado. The bustling downtown includes excellent restaurants and shops, and recreation is just around the corner on the Arkansas River, Pathfinder Park, and other amenities. Tourist often pass through to shop, or en route to major attractions like Royal Gorge Bride and Park.
This Colorado property is currently for sale under $400,000. More details and property photos are available at https://www.peakdream.com/homes-for-sale-details/208-W-MAIN-STREET-FLORENCE-CO-81226/60153/468/
With such a busy, seller’s real estate market right now in Southern Colorado, why would any under contract home “fall out of contract” and go back on the market? You’ve seen real estate agents advertise houses as “Back on the Market” or perhaps you thought you missed out on buying a home, then it’s suddenly active again when you’re searching the MLS. Many buyers ask questions like:
Is this something you should be worried about?
Why didn’t it sell the first time?
Is there something wrong with the house?
As you can see from the Notice to Terminate contract, the buyer has lots of reasons why they can terminate a contract. The seller also has flexibility after receiving certain information, but the seller doesn’t have nearly as many chances to “cancel the contract.” So, typically when we see a house go back on the market, it’s generated from the buyer’s side of the transaction, although sometimes not by the buyer’s choice.
There are a lot of reasons why this could happen and they’re hardly ever the same. Although, we tend to see 3 major categories that a canceled contract often falls into, which typically leads to the home going back on the market:
Home Inspection or Appraisal Issues (House problems)
Inspection and appraisal can be stressful events for both buyers and seller. The inspector could find a major problem with the home or even a minor problem which parties can’t agree who will pay to fix. As part of the inspection process, even before the day of inspection, the buyer has the right to investigate and research the home. This could lead to discoveries that may change the buyer’s name including: special taxing districts or fees the buyer wasn’t expecting; inability to get or dissatisfaction with future homeowners insurance; the home is in a flight pattern; the buyer doesn’t like the neighborhood; the history of the home makes the buyer uncomfortable (deaths/suicides, drug problems, rumors from neighbors, etc). Plus, if the home doesn’t appraise for the contracted value and the parties can’t agree on a selling price, the deal may die with the finalized appraisal.
These are just examples, but overall, we typically see a buyer cancel a contract before one of these deadlines. There are also additional deadlines, where the buyers have the chance to look through HOA documents, title paperwork and other information. Although these dates may vary from the inspection deadline, many of them overlap and happen simultaneously. While they can put a home back on the market for various reasons, inspection and appraisal problems are the most common.
Buyer Financing and Loan Approval (Buyer Problems)
Although the buyer may be qualified to purchase the home when they go under contract, things can change. For instance: if they buyer loses a job or another stream of income; if the buyer suddenly makes a large purchase while under contract; if the purchase of the new home was contingent on the buyer selling his current house and the sale falls through or if the buyers suddenly receive or learn of a judgement against them.
Plus, anytime there’s a loan involved, the process can be complicated, especially depending on the type of financing. Even a conventional home loan can get flagged near the last few days in underwriting. That’s why it’s important to do your research on the lender – as a buyer, it will keep you from spending unnecessary money and headaches and as a seller, it will help decrease the likelihood of having to put your house back on the market.
Buyers simply change their minds (Buyer Decisions)
Just when you think you’ve seen everything, another creative reason comes along. From suspicions of a house being haunted, to the overwhelming problem of not being able to match the paint colors (yeah, that’s a real one), there are a million reasons a buyer may back out of a contract.
Other real-life reasons include (these were collected from agents around the country):
- Buyer went to jail
- God told them to not buy
- The house had bad feng shui
- Buyer passed away while under contract
- Ex-wife lived across the street
- Buyer saw a mouse in the house
- Strange statues in the neighbors yard
- Buyers (a couple) decided to get a divorce
- There was a bad omen
- Their lifecoach said it wasn’t in sync with their souls
You can always ask for previous inspection reports or reasons, but the main point here is that just because a house goes back on the market doesn’t mean there’s something wrong with the house itself. Sometimes the listing agent will disclose why they’re back to active status in the MLS, and sometimes they won’t get into too much detail. Unless there is a material defect that was uncovered, they are really not required to give you the details and a smart agent will determine what information to release and still best represent their client.
If you’re interested in a home that’s come back on the market, have your favorite real estate agent check-in with the listing agent to gather additional information that could give you the upper-hand when making your offer!