Forward: The Colorado Springs Real Estate Connection, and the Wagner iTeam wecomes Gretchen Faber of the Lifestyle Denver real estate blog as a guest-writer. Gretchen Faber is currently the Broker Manager at The Kentwood Company at Cherry Creek and serves as a Director on both the Denver Board of Realtors and the National Association of Realtors. She has a website, www.gretchensdenver.com and writes the blog www.lifestyledenver.com.

We are seeing a rise in condo and loft living in downtown Colorado Springs real estate and Manitou Springs real estate markets. Gretchen specializes in condo and loft properties in Denver, and we welcome her and her vast knowledge regarding urban and city life.

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Lofts and condos are hot properties in the city, and even at the edge of the urban core.  Condo and Loft Buyers in Denver and Colorado Springs are looking for a specific lifestyle - they can lock and go, leave for extended periods, maintenance is care-free and the potential of a social network is alluring.

Here are several important factors to pay attention to when buying a Loft or Condo in Denver or Colorado Springs:

1. Location, location... - Yes, the old real estate cliché isn't really a cliché at all - it's vital to both your enjoyment while you live in your condo, and it's also important for eventual resale.  Pay attention to what's nearby, a freeway or a deli?  An expansive view or the side of the wall across the alley?

2. HOA - The Homeowners Association should be adequately researched before you make the final commitment to purchase.  This review period is typically built into the Colorado real estate contract. 

Questions to ask are:

• Does the HOA have adequate reserves?
• Are there any special assessments on tap that the individual homeowners may be assessed?
• Is there any pending litigation?
• How do the dues compare to nearby buildings?
• Are there any pet restrictions?

3. Parking - The parking situation can vary from building to building.  In some buildings, the parking is reserved and is conveyed with the ownership of the unit.  This is preferable as you'll then be the owner of the space.  In others, there is a "right to use" and you'll usually be assigned a space by the HOA.  This isn't necessarily bad, but just remember that those spaces can be reassigned at the whim of the HOA.  When you're looking at the unit, make sure to take a look at the parking as well.  In some buildings, the sizes of the spaces vary, and you may not be able to fit you car into it if it's small or next to a post.  Also check out if storage comes along with your unit.

4. Amenities - Ask what amenities the building offers.  It can be vastly different from building to building.  Some buildings offer health clubs, full-time security, valet service or pet-care. Others are really basic, with just an elevator and a shopping cart to get your things upstairs.  This should be reflected in your monthly HOA dues, and is a good way to compare with buildings nearby.

5. Insurance - Look into what the insurance situation is, it's usually covered in part by the HOA dues.  Sometimes the exterior insurance doesn't cover the roof, but typically with a condo or loft it would, with a town home it wouldn't.  You'll want to ask your insurance carrier about "condo insurance".  This is stud-to-stud insurance and covers more than just your personal belongings.  In the event of a kitchen fire or a bathroom flood, condo insurance would have you covered.

6. Who Occupies the Building? - Are the primary residents' owners or renters?  If the building is full of renters, you may want to look elsewhere.  It's good to have homeowners who are vested in the building living there.

7. Price compared to others - Finally, when preparing an offer on a loft for sale in downtown Colorado Springs or Manitou Springs, make sure to look closely at where the other units are priced.  In residential real estate we often look at "price per square foot".  In some cases that's a superficial way to evaluate a property's worth, and there are many factors to consider, such as level of finish and size.  But in a condo or loft you do not want to be the highest price per square foot in the building.

Enjoy your loft lifestyle, it's fun, easy and a great way to own a home without the yard-work!

Check out these other great articles by Gretchen Faber:
Riding Out the Storm  and  8 Ways to be Green

Written by Gretchen Faber - Broker Manager - The Kentwood Company at Cherry Creek
303-331-1400  www.LifeStyleDenver.com; www.GretchensDenver.com

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