Sierra Pointe Pricing… from varied to WILD!
By Michelle Marie Kinney - www.michellemariekinney.com
One thing is certain:
Sierra Pointe prices have always varied. Pricing a Sierra Pointe condo is complicated. Sierra Pointe has 282 units of 8 different
floor plans. Models range from 2 bedrooms and 1 bath, to 4 bedroom and 3 baths, and range in size from approximately 860 to over 1,400
square feet. Some models are ranch style (single level), others are 2 stories, some have fireplaces, and some do not. Of course, there
are variables that impact pricing such as views, proximity to covered parking, end units, working air conditioners and alarms systems,
etc. In addition the range of interior conditions can vary from the grooviest décor - untouched since 1974, to the completely updated
with new cabinetry and crown molding. As a result the prices can vary $10,000.00 to $15,000.00 for the same model.
The current
real estate market has driven Sierra Pointe prices from varied to wild! It’s the height of the selling season, so we expect to see
much more inventory on the market; but this year there is more than ever. Not just at Sierra Pointe, but throughout the area. A
major factor in today’s market is that many homeowners bought in with an ARM (Adjustable Rate Mortgage), and the rates have gone up.
In many cases the mortgage payments have increased beyond what the homeowner can afford. The result can be a motivated seller in a
financial pinch. Worse yet, some homeowners bought with interest-only mortgages, so they have built no equity. In some cases the owner
may owe more than the home is worth. Again, this situation is market-wide and certainly not limited to Sierra Pointe.
Here’s
what’s happening at Sierra Pointe:
There are 22 units for sale. One unit is pending (under contract). In 2007, 8 units have
sold and closed so far. Not bad, considering the 1st quarter of the year is not typically a good selling season and our local weather
consisted of one winter storm after another.
There are 9 Fiesta models for sale ranging in price from $53,100.00 to $80,000.00.
The unit listed at $53,100.00 is a HUD (foreclosed) unit. The lowest price for a privately owned Fiesta has the famed 1974 décor and
is listed at $64,900.00
The Aztec and Navajo are 2 distinct floor plans. Typically the Aztec has slightly more
square footage, but not much. Both models are two-story (townhouse style) with 2 bedrooms and 1 ½ baths. There are only 4 Aztecs or
Navajos for sale. Two are priced at $79,900.00, one is priced at $84,000.00, and the other is priced at $89,900.00.
There
are 6 Pinions for sale. One is priced at $80,000.00 while the other 5 units are priced between $89,000.00 and $99,900.00.
There are only two Cimarron style condos for sale. Ironically both are in building 3460 priced at $89,000.00 and $96,500.00
Only one Santa Fe is on the market and priced at $111,000.00
No Osage or Phoenix models are currently for sale.
** End of Report. **
Michelle Marie Kinney is a Broker Associate with Colorado Springs Real Estate Center LLC. Michelle serves on the
Professional Standards Committee of the Pikes Peak Association of Realtors. For more information visit www.michellemariekinney.com
June
21, 2007 Data is based on MLS and/or public records. Statistics are intended to illustrate trends, not the activities of a single
licensee.
Copyright © Michelle Marie Kinney 2007