July 2013 issue of the Castle Pines Connection
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The Castle Pines CONNECTIONVolume 5, Number 7 The Voice of the Castle Pines Community July 2013A scarce number of houses on the market, low interest rates, and rising demand means houses in Castle Pines are selling faster - and for more money - than they were just a year ago.Castle Pines real estate market heats upBy Lisa Crockett; photo illustration by Tim GambleReal estate sales in the 80108 zip code are brisk – things are moving in a way they haven’t in years. Prices are up and the time houses spend on the mar- ket is down. It’s the perfect summer storm – low in- ventories of homes on the market (just 197 homes in the 80108 zip code were available, with another 117 under contract as of press time), rising de- mand, and low interest rates means the real estate market is the healthiest it’s been in years. There’s even some new residential construction planned to begin here soon - builder Taylor Morrison will break ground on a new subdivision in The Village later this month (see related story page 4.)“Word of mouth has been a big part of the market in the last several months,” said Derek Kliner, a real estate agent in the Castle Pines area. “The houses priced in the $300,000 - $400,000 price range are often selling in 24 hours or less.”The majority of the houses in Castle Pines are priced above that level and are not selling as quickly, but are still moving substantially faster than they were just a year ago.The average price for a house in the Castle Pines area is $558,515; an average home here is roughly 3,000 square feet and costs about $186 per square foot. According to data released by Land Title, homes for sale in Castle Pines (part of the Doug- las County “west” area as designated by the Mul- tiple Listing Service, which provides real estate data nationwide), houses are selling for aboutfour percent more and spending an average of 28 percent fewer days on the market before sale than they did one year ago.Last May, houses in the area were on the market for about 100 days. This May (the most recent statistics available), houses spent about 72 days on the market before sale; for houses priced below $500,000 that average dropped to 61 days.“The best advice I have for buyers right now is to get pre-approved for a loan from a reputable lend- er before they make an offer,” said Linda Clure,a Castle Pines resident and long-time real estate agent specializing in Castle Pines properties.(Continued on page 33)Sign up for e-mail alerts at:In the newsEditor@CastlePinesConnection.comIhme Family Golf Tournament3 8Castle Rock Adventist Health Campus20 26Community Calendar36 3944Teen ServicesThe Castle Pines Connection, LLCPRSRT STD U.S. POSTAGE PAID DENVER, CO PERMIT NO.19487437 Village Square Lane, Suite 220 Castle Pines, CO 80108www.CastlePinesConnection.com

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