Moving Day: Upgrading or Downsizing?

The Eckhardt family plays at Colorado Golf Club
Family Fun: The Exkhardts frolic at Colorado Golf Club

Denver’s real estate market continues to fire on all cylinders. According to Zillow.com, Denver, which tops its “Hottest Housing Markets for 2016,” is expected to see home values increase 5 percent annually for the next several years. Three Colorado cities—Denver, Boulder and Colorado Springs—rank Nos. 4, No. 13 and No. 18 respectively on Realtor.com’s “20 Hottest U.S. Markets 2016,” which indicates that online real estate listings are viewed two to five times more often than the national average and homes move off the market 44-78 days faster than they do in other cities.

Stats compiled by the Colorado Association of Realtors in the first quarter of 2016 show that prices for single family homes along the Front Range are up 8 percent compared to last year at the same time, while prices for condos and townhomes are up 12 percent. With interest rates for mortgages remaining at historic lows—between 3.6 and 4.45 percent—the opportunities for those looking to buy may only be tempered by low inventory in certain communities or being beat out by a higher bidder on a property. Few believe the real estate market will cool down in any significant way in the foreseeable future.

We broke down purchasing into four categories, speaking with people familiar with the process based on their experiences. Some chose to be within walking or a short cart ride distance from the clubhouse and the first tee, while others decided to live near, but not within a golf community. On the list of “must haves” with everyone we interviewed were views of the mountains, which resonated in particular with buyers moving to Colorado from out of state.

10 Questions to Ask About Buying a Home

We asked agents at Madison & Company Properties, a Denver-based realty firm, to share 10 questions often asked about buying property.

1. Why should I work with a realtor when I can find houses online?

2. What things should I consider when choosing a realtor?

3. How should I select a mortgage lender?

4. Should I have the home inspected before I buy?

5. How concerned should I be about radon and/or shifting soils?

6. How can I determine the solvency of the Home Owners Association (HOA)?

7. Will my home (or home site) retain its value in years to come?

8. Can or should I waive an appraisal objection?

9. Given current market conditions and competition from other buyers how can I make my offer stand out?

10. Are the golf communities I’m considering on solid financial ground?

Castle Pines Village
Castle Pines Village

First-Time Homebuyers/Upgraders

Castle Pines Village, Castle Rock

With nearly 11 miles of walking and biking trails winding through it, the Taylor Morrison master-planned development of Castle Pines Village appeals to active families, first-time home-buying couples and energetic empty nesters. But that isn’t the only reason.

“What draws people is the topography, the pine trees, and the feeling that you are living in the mountains, even though you’re just south of Denver,” says Brian Cartwright, vice president of sales and marketing for Taylor Morrison. “We see people relocating from out-of-state and from mountain towns like Vail and Breckenridge because this community provides all of what Colorado’s outdoors has to offer.”

Buyers are attracted by the added sense of security from being a gated community as well as by amenities that include a clubhouse, an Olympic-size swimming pool and kiddie pool, four tennis courts, a 60-yard playing field, a sand volleyball court, and a playground area. Residents have access to a significant fitness club with a lap pool and hot tub, group exercise rooms, a cardio room, free weights, and locker rooms. 

“One of the nicest things about this community is that you aren’t paying a premium for living on a golf course, yet you are so close to so many courses,” adds Cartwright. “The Country Club at Castle Pines, The Ridge at Castle Pines North, Bear Dance, Red Hawk Ridge and Plum Creek are all just a short drive.”

In addition to numerous outdoor activities homebuyers considering purchasing at Castle Pines Village can select from floorplans that include ranch styles and two-story options ranging in size from 2,600 to 3,600 finished square feet with optional finished basements.

Inspired by research conducted by Taylor Morrison by way of interviews and surveys from previous buyers, the homebuilder created floorplans based on the active lifestyles of today’s families. Only 52 homes are being offered in this enclave with buyers being able to select “move-in ready” residences or choosing a home site and a floorplan, and then having their home built. Families with school-aged children, like the Cartwrights, find this master planned community especially attractive given that it is within the highly acclaimed Douglas County School District. 

“We lived in Charleston, South Carolina, and when we moved back to Colorado we wanted the mountain views and the pine trees,” he explains. “But we also wanted the top-rated schools. Buffalo Ridge Elementary, Rocky Heights and Rock Canyon High School are among the best in the nation.”

Mike and Tracy Brown, Flying Horse
Mike and Tracy Brown of Flying Horse

Empty Nesters/Downsizers

Flying Horse, Colorado Springs

As Mike and Tracy Brown’s youngest son approached college graduation, the pair started giving serious thought to downsizing from their home at Flying Horse in Colorado Springs. With their children out of the house, it made sense to go smaller.

“Our current home is 5,000 square feet with two stories and a basement,” Mike says. “It is located in a neighborhood more oriented to young families and about two-and-a-half miles away from the golf course. We’re moving into a 3,800-square-foot patio home that is only a half-mile from the golf course and it is completely maintenance-free.”

Originally from Southern California, Mike and Tracy decided to move to—and ultimately retire in—Colorado because of the lower state income tax, the lower cost of living and bluer skies. The couple explored six different golf communities in the area before choosing Flying Horse and opting to work with Classic Homes.

Colorado golf real estate

“There were about six models available in our price range so we had a great deal of flexibility,” adds Tracy. “We found a floor plan that we really liked, found a lot that floor plan would fit on and then the building process began.”

Located in a neighborhood comprised of mostly empty nesters, their new residence—also known as a “lock and leave” or patio home—includes a three-car garage, and was modified to include a large office, a junior master suite for guests and the expansion of the outside patio. Depending on the builder you select that kind of tweaking is usually allowed.

Having worked with Classic Homes on their first Flying Horse residence in 2008 made it easy for the retired couple to choose the builder a second time.

“It was a logical choice because of the home warranty and the overall quality of the home construction,” Mike explains.

Since the Browns elected to have their home built from the ground up they needed to factor in the six to eight months necessary to get to the “move-in ready” stage. The couple was prepared for potential weather delays, but Mother Nature cooperated. After four meetings with their builder rep, a number of visits to the Classic Homes Design Center, and pulling the required permits—all done over approximately six weeks—the house went up as planned and even finished ahead of schedule.

“We now have snowcapped mountains, fresh air and you can see the stars at night,” said Tracy. “There are fewer people than in California and, to be honest with you, the people here in Colorado are nicer.”

Custom-Home Buyers

Colorado Golf Club, Parker

Having a home built from scratch is quite an adventure. Just ask the Eckhardt family. Grant and Stacey, lifelong residents of Douglas County, were living in Canterberry Crossing with their two young daughters. But the family dreamed of having a custom home built within a golf course community.

“We really wanted a community built around golf, but one that had a social aspect and amenities like a swimming pool,” says Grant. “Colorado Golf Club gave us the best of both worlds. We have a championship golf course, but also the Par-3 course that’s great for the kids to learn the game.”

Equally important to the Eckhardts, the community was gated and their children could remain in the same school district. After exploring Castle Pines, Castle Pines North and Pradera, they decided Colorado Golf Club was the best fit. Next came the decision to select a home site, choose a builder, hire an architect and start building.

“It was very important to get the girls involved right from the beginning,” Stacey comments. “We wanted to engage them in the process and make them excited for this rather than have them disappointed with the idea they were having to move away and make new friends.”

The hunt for a home site took about two-and-a-half years and it began when Stacey was pregnant with their second child. After looking at five lots in three different cul-de-sacs near the Par-3 course, the couple bought one with a primarily east-facing view, even though they preferred one with mountain views.

“We were looking for a treed lot at least an acre in size or more towards an acre and a half,” explains Mike of the decision to forsake the western views. “And we wanted to live on a cul-de-sac because we wanted the kids to be able to run around and play without us worrying about them being in traffic.”

But with the economy leaking oil in 2011, Grant and Stacey saw an opportunity to sell their original home site and buy one that had the west-facing views they so desired. It was also closer to the clubhouse and, because of its sloping topography, allowed for a walkout lower level. What followed was the selection of a builder and the hiring of an architect.

“It turned out that our architect was on the design review committee at the golf club,” Grant says. “This helped in terms of getting our design plan approved.”

John Mink, founding partner of Architectural Partnership Inc. in Cherry Creek, worked for six months on designs and, after four review committee meetings, the plans got the green light. Along the way, all members of the Eckhardt family were contributing to the effort with the daughters finding inspiration on Pinterest.

“There were many nights that I would see the girls looking on their iPads or going through magazines,” Stacey comments. “Our girls picked out our main staircase, which is a turret that goes all the way from the basement to the very top. It was really nice to have everyone in the family contributing.”

Cathy Ross plays at Pole Creek
Cathy Ross tees off at Pole Creek

Teeing Yourself Up

If you’re considering the purchase of a home or a home site, it is worth going to school on the experiences of the aforementioned people.

Brian Cartwright suggests working with Taylor Morrison’s online home consultant, noting that the complementary service can help point shoppers in the right direction. Buyers can engage in a live chat online or speak to the consultant over the phone.

In selecting a builder, the Eckhardts recommend interviewing two or three as well as two or three of that builder’s clients, asking if they had it to do over again would they use the builder. Having a well-defined contract is also a must-have.

Mike and Tracy Brown preach flexibility. They listed their original home, but it didn’t look as if it would sell within the timeframe they’d imagined. The deposit on their new home was contingent on that sale, so they had to adjust their finances and expectations. They had to consider the possibility of renting their first home until the real estate market strengthened.

Cathy Ross suggests that, instead of immediately falling in love with a home take your time—and make sure that the home aligns with your lifestyle. She and her husband looked at dozens of homes over a two-year period before making their decision to purchase at Rendezvous. Also do your homework on annual operating costs.

Pole Creek real estate Colorado
The Ross family at Pole Creek

Kim McHugh, a Lowell Thomas award-winning writer and member of the Golf Writers Association of America, is a Contributing Editor for Colorado AvidGolfer. He is also a resort real estate marketing consultant.

This article appears in the June 2016 issue of Colorado AvidGolfer.

Colorado AvidGolfer is the state’s leading resource for golf and the lifestyle that surrounds it. It publishes eight issues annually and proudly delivers daily content via coloradoavidgolfer.com.

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