Home Vol I   Issue 30            November 3, 2006

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Retirees Find Beautiful Scenery and Conservative Values in Bustling Colorado Springs, Colorado

Cost of Living: Meets the National Average

When explorer Zebulon Pike came west in 1806 and first spotted Pikes Peak soaring above the Great Plains, this region at the foot of the Rocky Mountains was wide-open country, home to Arapahoe Native Americans, antelope and sweeping vistas.   Today, Pikes Peak is the majestic backdrop for Colorado Springs (population 370,000), a pretty city in a spectacular setting that attracts retirees because of its average cost-of-living, clean air, blue skies, western hospitality and traditional values.   
 

In fact, Colorado Springs may be one of the most conservative cities in the United States, although it is also home to prestigious, liberal Colorado College and a small University of Colorado campus.   A number of evangelical religious organizations, including Focus on the Family, are headquartered here, and the United States Air Force Academy, Fort Carson, NORAD and Peterson Air Force Base are nearby.   Of the population, 21% is aged 45 to 64, and 10% is 65 years of age or above.  

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Colorado Springs (elevation 6,000 feet) is growing and is large enough to have a good variety of housing, from condos to old Victorians to luxury homes, many with views of snow-capped Pikes Peak.  The median home price is $192,000, roughly 10%-15% below the national average.  Single-family homes in the downtown area average $175,000, although the restored, 19th-century mansions along old, leafy Nevada Avenue usually sell in the mid-$500,000 range and have a charm and character not found elsewhere in the city.  East of Nevada Avenue are many more, smaller, less expensive but well-tended late 19th-century homes.

On red-rock bluffs to the northeast of town are new, 3 to 4 bedroom homes with stunning mountain views; prices here average $350,000.    Black Forest is a wooded area north of town; most homes are on 5-acre parcels, and the average price is $250,000.  The western portion of the city has some bungalows and split-levels in the mid-$100,000 range.  

To the east are newer, large (some might say sprawling) subdivisions with 2 to 3 bedroom, single-family homes in the $175,000 range.  Fountain Valley south of the city has older, single-family ranch-style homes starting in the mid-$100,000s.   To the southwest, nestled against Cheyenne Mountain, are upscale neighborhoods with gorgeous custom homes with prices starting in the upper-$400,000s and going as high as the neighboring peaks themselves.  For those with considerable resources, Broadmoor is an exclusive, old-money area with multi-million dollar homes (it is also the name of an upscale hotel and resort).   There also appears to be a good inventory of small, roughly 750 to 950 square feet, 2 bedroom condominiums for sale in the $75,000 to $90,000 range.    

To the west of the city, literally nestled against the foothills, are the older, wonderfully funky towns of Old Colorado City (sections of which are listed on the National Registry of Historic Places) and Manitou Springs, both of which are now rather touristy but full of Old West character.   Old Colorado City (average home price is $180,000) was once a rough and tumble supply stop for gold miners on their way to a major strike a few miles outside of town and has gracious, old homes with a lot of history behind them.  Manitou Springs (average home price is $250,000) is a delightful Victorian town with quaint bungalows (some precariously perched on the sides of hills) and many, many tourist traps....er, attractions, including historic Miramont Castle, claustrophobic Cave of the Winds and some rejuvenating thermal springs.

Colorado Springs has dozens of apartment complexes, and the average rent per month for a one bedroom apartment ranges from $610 to $880, depending on location, size and amenities.  

Medalion Retirement Community (719-381-1000) is a continuing care retirement community located near the Olympic training facility in the southern area of town and the Village at Skyline is an established (1989), small, age-restricted retirement community with single-family homes and apartments for rent.   The average resident age is 75 and the phone number is 800-759-5463.

At least 33 mobile home and/or manufactured communities are here, six of which are age-targeted or age-restricted, including Holiday Village (719-475-2915), which currently has seven homes for sale ranging in price from $10,000 to $149,000, and La Cresta Mobile Estates (719-597-1434), which currently has homes for sale from $13,000 to $42,000.

Property and sales taxes are below the national average, but state income tax rates are slightly higher than the national average.  Real estate prices are below the national average, but food stuffs and health care are roughly 9% to 13% above the national average.

Colorado Springs, Colorado, Continued.....


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