Understanding the Chateau at Antelope Ridge in Colorado Springs

By
Real Estate Agent with Wagner iTeam -Keller Williams Realty
http://actvra.in/4bhz

The Chateau at Antelope Ridge is a community of single family homes located in the eastern part of Colorado Springs, (South of Barnes and East of Marksheffel) with sweeping views of the Rocky Mountains, and is close to parks & schools, just minutes from the Powers Corridor- shopping, movies, restaurants, recreation and just a short drive to the Colorado Springs Municipal Airport.

In a Colorado Springs MLS search, the homes for sale in this neighborhood are quite enticing, as 3 Bed 2 Bath 1300+ s.f newer homes, in nice condition and in a popular part of town are priced at between $80,000 and $160,000 - Almost $100,000 LESS than the average sales price in Colorado Springs.

Why are these homes priced so low?

We, personally, answer this question all the time. We have done a lot of research and really understand both the pros and cons of this neighborhood. Here's the Scoop:

The homes located in this community are modulars and there are two types currently available. The older homes (built before 2005) were built as HUD modulars and the financing is limited. From our research, these homes all require at least 20% down. The newer homes (2005 and newer) can be purchased with traditional financing, as they are constructed differently. (In fact, there is still a sales office in the neighborhood that is offering new build homes in the mid-$100's.)

Also, homeowners who live in the Chateau at Antelope Ridge do not own the land that their home is on, but the homeowners are responsible for the maintenance of their immediate yard. Homeowners "lease" the land that they are on. Some homes are on a 99 Year Land Lease, and some are on a 30+ year land lease. This "lease" and HOA's cost the homeowner about $400. a month - on top of whatever mortgage that the homeowner has. For example, a home purchased for $100,000 would be making the same TOTAL monthly payments that a homeowner with a $130,000 mortgage on a traditional home would make. However, residents do not pay real estate taxes - as they do not own the land. The community is currently owned by BaseCamp Communities LLC.

What's more, the appreciation values on these homes are drastically lower than "traditional" homes in Colorado Springs. Someone looking to buy a home in Chateau at Antelope Ridge must be willing to live in it for 5-7 years to see any noticeable appreciation.

No. This neighborhood is not for everyone.

However, it IS a great opportunity for someone looking to live in a quiet, peaceful community with great amenities and would be willing to hunker down and call this low maintenance "Resort-Like" community "home" for several years.

So, now that you understand the nuts and bolts of the pricing, let's take a look at what the HOA fees cover and the benefits the Chateau at Antelope Ridge has to offer its residents...

Amenities for Homeowners: 

  • 4,000 s.f. private community center
  • Private 9-station fitness center
  • Private 24-hour business center, which includes:
    • Internet Access
    • Fax Machines
    • Copy Machines
  • 2 Outdoor swimming pools
  • Playground
  • Planned social activities- year round!
    • Movie Nights
    • Tuesday Coffee
    • Bingo
    • Holiday Parties

 Other Homeowner Benefits:

  • Pet Friendly (about a 40 lb. weight limit)
  • No Renters- All homes are owner occupied.
  • Homeowners pay NO Real Estate Tax.
  • On-Site Management
  • Privately maintained roads
  • Snow Removal
  • Community landscaping
  • Green Areas
  • Mature landscaping
  • Well-cared for community

Schools: Falcon School District 49

They are still building homes (Genesis Homes) and have some great lots with stunning views to choose from.

** HOT TIP for Internet Home Surfers **
To quickly identify homes in this community while searching for homes for sale in Colorado Springs... here is a list of the streets that make up the Chateau at Antelope Ridge: Black Bear - Crested Jay - Grey Fox - Grizzly Bear - Grosbeak - King Fisher - Marmot - Pika - Pine Marten - Valley Quail - Whip Tail

Featured Property in Chateau at Antelope Ridge:

7667 Crested Jay Point - 2 Bed + Den, 2 Bath, 1,334 s.f. upgraded (2001) modular home on cul-de-sac. $100,000
Convenient and functional One-Level Living at its best! Open and Sunny kitchen includes all appliances, plenty of cupboard & counter space, tile floors and large attached dining area. Living room has custom paint and decorative vaulted ceiling. Master suite has attached walk-in closet, vaulted ceilings & a 5-piece bath with double vanity, stand-alone shower & large oval soaking tub. 3rd bedroom has double doors and would make a perfect office or den. Large laundry room boasts plenty of storage cupboards. Easy-to-Access utility room and linen closet off main hall. Custom paint and matching window coverings throughout. Fresh exterior trim paint, security system and automatic sprinklers included. Perfect move-in condition - super clean!

For more information on this home, or any other homes in Colorado Springs, please visit us online at: OnlineHomeConnection.com.

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Anonymous
Stan

Modular home + leased land = disposable, depreciating, dwelling

.....and people are ACTUALLY spending six figures on this place?!?

Mar 09, 2007 09:05 PM #1
Rainmaker
364,426
Derek and Mariana Wagner
Wagner iTeam -Keller Williams Realty - Colorado Springs, CO
Wagner iTeam - Colorado Springs REALTORS®
Thank you for stopping by, Stan. It is unbelievable. They DO still sell, but at a slow rate. I have found that many of the folks who are buying them are buying them with near 100% cash, and are more interested in the community amenities than the "investment" of the home. Not something I would choose personally, but everyone does things for different reasons, I guess.
Mar 09, 2007 09:15 PM #2
Rainmaker
336,852
Dena Stevens
Century 21 Canon Land & Investment - Canon City, CO
Putting The Real Into Realtor Since 2004
I'm amazed myself, but modulars are becoming more popular. According to the Colorado Association of Realtors modulars are 'in'.
Mar 09, 2007 10:03 PM #3
Rainmaker
364,426
Derek and Mariana Wagner
Wagner iTeam -Keller Williams Realty - Colorado Springs, CO
Wagner iTeam - Colorado Springs REALTORS®
Interesting, Dena. I didn't know that. I guess it is an inexpensive way to own a home for some people.
Mar 10, 2007 09:12 AM #4
Anonymous
Cyndy

Catch up to the times!!  The days of modular =  cheaply built are long gone.  There are modulars  with beautiful workmanship, just as there are stick-built; there are also ones with lower-end materials, just as there are stick-built.  Any newer modulars are built with better insulation and other energy-saving features than most of the stick-built homes I've been in due to tighter government regulations, plus they are built under controlled situations--no weather delays, no "midnight shoppers" stealing materials from a jobsite, etc.  If Antelope Ridge offered lots for sale rather than lease, I'd buy a home there in an instant.  I've looked at all kinds of housing over the last year and I'm buying a modular because they're built better.  

Aug 11, 2008 03:01 PM #5
Rainmaker
364,426
Derek and Mariana Wagner
Wagner iTeam -Keller Williams Realty - Colorado Springs, CO
Wagner iTeam - Colorado Springs REALTORS®

CYndy - I never spoke poorly of modulars. They are a great option for some people, and if Antelope Ridge offered lots for SALE then there would not be an issue. As it stands, no one will loan on a modular home on a rented lot.

Aug 11, 2008 06:56 PM #6
Anonymous
Sam

The last statement is not true..

I live in Antelop Ridge  and was able to get a conventional  mortage 25 year fixed for around  550 a month.

It is better than renting and paying off someone elses  home.

 

Sam

Mar 07, 2010 03:49 PM #7
Rainmaker
364,426
Derek and Mariana Wagner
Wagner iTeam -Keller Williams Realty - Colorado Springs, CO
Wagner iTeam - Colorado Springs REALTORS®

Thank you for your comment. As of date of this article, there was not any conventional financing for these homes. We have a TON of people (with great credit) who cannot get financing for these homes, so can you please let me know:

1. Who is your mortgage through, and

2. What term is the land lease?

Thank you.

Mar 07, 2010 07:40 PM #8
Anonymous
Shelby

I was on Active Rain and saw that this wonderful Realtor was bad mouthing my community. I was looking for a Realtor to list two of my properties one in Antelope Ridge and one in Jackson Creek. Thanks so much for letting me realize that the right Realtor to list with isnt your. Leaving your comments and saying things to which you dont know about might leave you job less in our community. Be careful what you say, remeber you work on a refferal basis!!

Mar 08, 2010 01:04 PM #9
Rainmaker
364,426
Derek and Mariana Wagner
Wagner iTeam -Keller Williams Realty - Colorado Springs, CO
Wagner iTeam - Colorado Springs REALTORS®

Hi Shelby - Thank you for your comment. I never spoke poorly of your neighborhood and I am sorry that you took it that way. In fact, for way more than half the article I shared all the benefits of the community. I truly do not see HOW you thought I was "bad mouthing" your neighborhood ...

Also, you need to understand that these comments are left by a variety of people - not all me. You can look at the bottom of each comment to see who left it.

Please note: I was VERY careful to only publish all the FACTS as of March 8, 2007 - when this post was written. However, I recently did more reseaerch on your neighborhood and found that nothing has changed (regarding appreciation, land lease and financing) since the time this article was written - 3 years ago.

If things have changed since then, I invite you to share the new updates.

All that said, I wish you luck in selling both of your properties.

Mar 08, 2010 10:31 PM #10
Anonymous
Lynn

The general tone here is quite negative and that's unfortunate. Not everyone is looking for a 5 bedroom brick home costing half a million or more. It seems to me that in today's market a realtor would be glad to sell something, even if it is a bit beneath him or her, but apparently that isn't the case.

I will be downsizing within the next year and as a retired single individual I'm looking for something small in a nice neighborhood that I can pay for in full.  Until now, I've considered condos but I've never lived in community housing and I'm not sure I want to share walls and the problems that can entail with others.

This could be a viable solution for me but I'm concerned about the financial health of the company that owns the land leases in this community.Would anyone be able to point me to a source other than the owners where I could get more information. For example, what happens to a home with a 30 year lease when the lease is up? It seems that the only option would be to sign a new lease at a much increased fee.

I drove through Antelope Ridge this morning and some of the lots are not looking as nice as they did last time I saw it 4 or 5 years ago.  Maybe someone living there would be willing to discuss that a bit.

Jul 19, 2011 04:59 PM #11
Anonymous
Mariana

Hi Lynn,

Thank you for your comment. This post was written in 2008, and at that time, most of these homes had to be purchased with cash, but the homeowner was still responsible for the mandatory $400+ a month land lease/HOA dues and I do not know what will happen when these land leases are up.

However, based on info from their website, it looks like the community has recently extended their land leases to 35 years, which may allow for a broader selection of purchasing options. But I am not certain. You would need to talk to a mortgage lender to answer that question.

I looked into the stats around the home sales in this area and found that in the past year (since July 2010) there have been 16 home sales, between $30k and $94k. Homes in this area are on the market for several months longer than most other areas of Colorado Springs and it looks like these homes are being purchased with cash, which tells me that there is still limited financing for these properties.

Now, you made a jab at me that I would like to address. As a real estate agent, I am extremely busy selling homes that I believe I can sell - and I rarely sell a "5 bedroom brick home costing half a million or more". I sell homes FOR people who need to sell, TO people who need to buy. Unlike the media would have everyone believe, many agents are doing remarkably well, regardless of the "current economy". I am one of those agents. And, no home is "beneath me", but I will not take a listing that I cannot sell - just to have a "sign in the yard" in hopes to get business.

I would be doing a disservice to everyone if I listed a home that I did not believe I could effectively sell. For example, I know nothing about horse property and, therefore, would not have the knowledge base to effectively list and sell a horse ranch. Yes, some agents are desperate enough to list anything they can possibly get their hands on. Again, I am not one of those agents.

Regarding this area, I'm sure there ARE agents out there that have the expertise in modular homes and land leases that would be a much better listing agent for listing/selling these properties than I would be.

If this is an area that you would like to live in, I would recommend talking to their sales representatives, there in the community. They will have the BEST and MOST ACCURATE infomation on what your best options will be for this area.

Best of luck!

Sincerely, Mariana

Jul 19, 2011 06:12 PM #12
Anonymous
Lynn

Thank you for your response and for the additional information, Marianna. I promise not to contact you to buy one.

It would be great to hear more about the leases and the community from someone who lives or has lived there.

Jul 22, 2011 11:44 PM #13
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Derek and Mariana Wagner

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