What's Happening

Daybreak at Wolf Ranch is Now Open for Sale!

Be a part of Wolf Ranch’s most desirable community– Daybreak at Wolf Ranch. Voted “Best of the Springs” for five years in a row. Low Maintenance living, Main level master and Ranch plans, outdoor rooms and courtyards, three car garage choices and majestic views of Pikes Peak and the Front Range. Offering our popular Bellagio Series and Courtyard Series and low maintenance lifestyle—snow removal, landscaping maintenance and much more included in the dues! ...Read More Our latest New Home Series, “The Bellagio”, was inspired by the beautiful little village on Lake Como Italy – Bellagio. We just had to capture the European architecture, vibrant colors, plentiful flowers, a shimmering lake and picture perfect Italian and Swiss Alps towering over the entire scene. Covington Homes was not able to re-create Bellagio on Lake Como itself, but we hope that you find our new Bellagio Series just as special.

The Bellagio at Daybreak offers luxurious, diverse, and low maintenance living. From ranch plans, to Main level master plans, Multi-generational plans, and Traditional young family plans, Bellagio has it all! But there’s more!! SO MUCH MORE! Our Team ‘put our heads together’ for this new series and asked the question; “What are the most popular CUSTOMIZATIONS that the MAJORITY of our homeowners add to their New Homes?” The answer? ALOT of Customizations, and really GOOD ones too. So, we decided to incorporate and include our most popular Customizations in the Bellagio Home Series.

Granite kitchen counter tops, hardwood floors, elegant 8′ doors, upgraded insulation, energy efficient light fixtures, maple cabinets with crown molding, Kohler water saving toilets, lazy susans, crown molding, high profile trim, deeper soaking tubs, stainless appliances, designer hardware, and so much more! There are too many Customizations to list so you will just have to come and see our Model Homes to take it all in.

In addition to our ever popular Bellagio Series, we will be building our Courtyard Series. Our Courtyard series is perfect for those who enjoy outdoor living spaces with some privacy. The Courtyards provide this privacy by locating the outdoor living space on the side of the home. This outdoor living and private yard is perfect for those spectacular Colorado summer evenings.

Our Daybreak homeowners have free time for their hobbies, recreational activities, friends and families, vacations, sports, adventures, and so much more! HOA dues include gardening and landscape maintenance, snow shoveling of driveways and walks, care and maintenance for the private central park and common areas, replanting of dead or diseased landscaping, and many other benefits. The residents at Daybreak don’t have to labor away in the yard pulling weeds, watering plants, raking leaves, planting flowers, pruning shrubs, or mowing. When the snow sets in, there is little to no snow shoveling to do. And the stucco exteriors ensure VERY little maintenance too!

Come visit our luxurious and award-winning models to discover the benefits of low-maintenance living. Our friendly and hospitable Community Sales Manager, Yvette Benakis, will greet you and help you feel right at home. We look forward to seeing you!
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Thank You to Flying Horse and Banning Lewis Ranch Magazine

Last week tickets went on sale for the St. Jude Dream Home. We have been so lucky to have so many great people help get the word out and have a successful first week of ticket sales! The Flying Horse Magazine generously donated space in their magazine for information about the St. Jude Dream Home. Check out the great issue! It has information about the fantastic Flying Horse community as well as some delicious recipes in it! ...Read More And of course information about the St. Jude Dream Home. Banning Lewis Ranch Magazine also featured the St. Jude Dream Home in it as well. Check out both of the Issues below. Flying Horse Banning Lewis Ranch

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Covington Homes is OPEN for Sale in Flying Horse

Covington Homes is having our Grand Opening this week at our GORGEOUS NEW Model- the ‘Bellamonte.’ Visit us in the Village of Messina at Flying Horse to discover what all of the Buzz is about. People just can’t stop talking about us. ...Read More Our Ranch plans, Main Level Master plans, and Multi-generational plans will astound you. Our open floor plan concepts with expansive entertaining areas, soaring ceilings, kitchens fit for a chef, and super cool architectural details are unrivaled in Flying Horse. Hardwood floors, granite, 8′ doors, Kohler fixtures, Designer Moen faucets, 93% furnaces, five piece baths, walk-in pantries, and the list of included Features goes on and on! We also have WALKOUT Homes with unobstructed views available!! Hurry and buy one before they are all gone – these are a rare commodity in Colorado Springs. PLUS every home purchase comes with a Club Membership to the Flying Horse Club.

The Benefits in our homes are unbelievable! We test every New Home AND each home has a HERS Rating from a Certified Energy Rater. Our homes save you money on your monthly utility bills, our homes are safe, our homes are sustainable, and our homes stand the test of time.

So come and see us at The Village of Messina in Flying Horse, where everyone is always welcome. And when you stop in ask us about our ‘Covington Cache Cookbook.’ We will put your name on the list and send you a copy when it is available.
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It’s Official – Covington Homes’ First Model Home Complex in Wolf Ranch

Covington Homes has recently completed and opened our first Model Home complex of its kind in Parkwood at Wolf Ranch. Two Beautiful and Award-Winning designs are showcased at the entrance to Wolf Ranch directly off the newly completed Grand Cordera Parkway extension. Sky Meadow Drive, aptly named for the stunning views of Pikes Peak and Beautiful Colorado Sunsets, is where the NEW Paradiso and Milano models (part of the Bellagio series) can be found. ...Read More Multigenerational living, main level master plans, ranch plans, and traditional two story plans for young families are featured in Covington Homes’ Parkwood at Wolf Ranch. Covington Homes’ Bellagio models boast a wide array of trends and designs that everyone is looking for. The construction and quality of these beautiful homes is turning heads, causing people to stop and stare, and raising the bar for builders.

A New Year and a New and Healthy Lifestyle has come to Parkwood at Wolf Ranch too. Each Bellagio home is HERS rated, tested by an independent third party, and rated much higher that a ‘code built’ home. Our waster saving construction techniques, advanced insulation packages, 90 plus efficiency furnaces, energy star appliances, and energy efficient framing techniques are just a few of the construction features that make us Stand Apart. Area wells that are part of the foundation, surveyor verified drainage and grading, and upgraded flashings at all exterior penetrations give our homeowners a peace of mind.

Stop by and see what the ‘Buzz’ is all about! Our models are open seven days a week.
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Come and see our Beautiful NEW Bellagio home – the Milano - the the 60th Annual Parade of Homes!

The beautiful little village on Lake Como Italy – Bellagio, inspired our latest New Home Series, “The Bellagio.” The Milano is a multi-generational home that offers luxurious, diverse, and low maintenance living. The open floor plan is not only perfect for entertaining – it is inviting and calming. The generous kitchen is TRULY meant for a chef. The distinctly different living areas in this home provide for both intimate and open gathering spaces. The cozy covered patio and the private roof garden are perfect to enjoy the warm sunshine or a morning cup of coffee. The master suite, with its coffered ceilings, multiple windows, sitting nook, and 5-piece bathroom is a beautiful sanctuary. The facade, composed of elegant stucco and custom woodwork, is reminiscent of ‘Old World’ Italian architecture. Views of Pikes Peak, tree-lined sidewalks, and proximity to Parkwood’s private park are the icing on the cake for this amazing home. Bellagio at Parkwood is a smart choice for anyone seeking to live the ‘Good Life.’ ...Read More Covington Homes is a local, family owned business committed to building homes for the joy of experiencing the smiling faces of our homeowners on the day we hand over the keys. Grace and Ron Covington, partners and longtime real estate professionals, continue to bring beautiful and exceptionally well-built homes and communities to Colorado Springs and El Paso County with the hard work and dedication of our award-winning team. As a result, our homes stand the test of time.

At Covington Homes, we are focused on creating community. We are known as the builder with the highest level of customer care that can be found. Our homes are well thought out, fully planned, and exceptionally executed.

Covington Homes is currently building in D20 at Wildwood Ridge and Parkwood at Wolf Ranch. We are expanding our offerings in new and upcoming communities in Northgate, Falcon, and Monument.

Multi-generational living. What does that mean? Low maintenance luxury that is affordable. How best to convey this? These questions shaped the interior design concept for the ‘Milano.’ The furnishings and design are centered on multiple generations and are uniquely suited to each particular part of the family. There are ‘homes within the home’ (three distinct living spaces) and each one has its own style that reflects the people who live there. Soaring ceilings, creative tile-work, beautiful finishes and artistic use of color accentuate the sophisticated architecture. Woods, metals, textures, and sparkles throughout the home highlight this exceptionally built home. The result is the look and feel of a rich and luxurious home, without having to ‘break the bank.’

Parkwood is a low-maintenance community that saves homeowners time and money and the beautiful décor that can be purchased and added to the home with these savings makes quite a difference!
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When Less Is Better

Analysis of the March Existing Home Sales Release from the National Association of Realtors - By Jonathan Smoke
We can almost hit replay on our March analysis, but it is worth repeating with updated data so the point we originally made can really sink in: the existing home market is indeed getting stronger but you need to get used to stronger equating to fewer but better sales. ...Read More Economists were expecting another slight decline in existing home sales in March from 4.60 million originally reported in February to an annualized rate of 4.55 million in March, and results came in better than expected. The report this morning from the National Association of Realtors (NAR) set the initial March reading at 4.59 million, a decline of 0.2 percent from the unrevised February rate of 4.60 million. However, the volume is not the key number; the most important metrics reveal the composition.

A stronger resale market is one where we see increasing levels of good ole fashioned, non-distressed sales consummated between normal consumers amidst price appreciation and limited supply. We want to see fewer foreclosures, fewer REO sales, and fewer investors. And indeed we are seeing less of what we don’t want to see and more of what we do want to see—it’s just netting out that the totals are slightly lower. And that’s fine because the current rate of single family existing home sales is still almost 15 percent above the 45-year monthly annualized rate.

Leveraging the deed level data we track from around the country, this is what we see: Within existing sales, the share of foreclosures and REO sales combined were down 9.2 percent in the first quarter of this year compared to last the last quarter of 2013, while the share of regular resales was up almost 2 percent. Looking year-over-year the comparisons are even more significant: Foreclosures are down 24 percent in their share, REO sales down 20 percent, and regular resales up 11 percent. Investor activity is indeed on the decline, with the investor share down 1 percent quarter-over-quarter.

Once again we can look at pricing as a key indicator that conditions are improving and not deteriorating. According to the NAR release, the median existing home price in March was $198,500, 7.9 percent up over this time last year. Supporting continued price appreciation is the low level of supply, which remains below normal at 5.2 months of supply.

Despite continued rhetoric about higher mortgage rates hurting the recovery, the facts don’t support that concern. The average interest rate on purchase mortgages on regular resales in the first quarter of 2014 actually declined 7 basis points from the fourth quarter of 2013 due in part to an increasing share of adjustable rate mortgages. The average mortgage rate is up 12 basis points over the first quarter of last year, but as we enter the second half of the year, the year-over-year comparison will start looking better.

Bottom line—housing is getting stronger, not weaker. Don’t be fooled by the seemingly odd context that less is better in existing home sales while real demand improves. We will likely see these conditions continue as the year progresses. These conditions set the table for gains in new home sales, about which we will get the initial March reading tomorrow.
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Stonebridge at Meridian Ranch

Parkwood (appropriately named after the private central park in the community) is luxury, low-maintenance living, in one of Colorado Springs most sought after neighborhoods- Wolf Ranch. Voted “Best of the Springs” three years in a row, Wolf Ranch is a spectacular neighborhood, and Parkwood is the perfect place for the discerning homebuyer. ...Read More Our latest New Home Series, “The Bellagio”, was inspired by the beautiful little village on Lake Como Italy – Bellagio. We just had to capture the European architecture, vibrant colors, plentiful flowers, a shimmering lake and picture perfect Italian and Swiss Alps towering over the entire scene. Covington Homes was not able to re-create Bellagio on Lake Como itself, but we hope that you find our new Bellagio Series just as special.

The Bellagio at Parkwood offers luxurious, diverse, and low maintenance living. From ranch plans, to Main level master plans, Multi-generational plans, and Traditional young family plans, Bellagio has it all! But there’s more!! SO MUCH MORE! Our Team ‘put our heads together’ for this new series and asked the question; “What are the most popular CUSTOMIZATIONS that the MAJORITY of our homeowners add to their New Homes?” The answer? ALOT of Customizations, and really GOOD ones too. So, we decided to incorporate and include our most popular Customizations in the Bellagio Home Series.

Granite kitchen countertops, hardwood floors, elegant 8′ doors, upgraded insulation, energy efficient light fixtures, maple cabinets with crown molding, Kohler water saving toilets, lazy susans, crown molding, high profile trim, deeper soaking tubs, stainless appliances, designer hardware, and so much more! There are too many Customizations to list so you will just have to come and see our Model Homes to take it all in.
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Housing Markets Continue to Show Gradual Improvement

Markets in 56 out of the approximately 350 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today. This represents a net gain of two from the previous month. The index’s nationwide score of .86 indicates that, based on current permits, prices and employment data, the nationwide average is running at 86 percent of normal economic and housing activity. ...Read More “More markets are slowly returning to normal levels and we expect this upward trend to continue as an improving economy and pent-up demand brings more home buyers back into the marketplace,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “Policymakers must be careful to avoid actions that would harm consumer confidence and impede the ongoing recovery.”

“Forty-five percent of metro areas are recovering at a faster pace than the nation as a whole, with smaller markets leading the way,” said NAHB Chief Economist David Crowe. “Of the 56 markets that are at or above normal levels, 48 of them have populations that are less than 500,000, and many of these local metros are fueled by a strong energy sector, which is producing solid job and economic growth.”

“More than 35 percent of all the markets on this month’s LMI are operating at a capacity of 90 percent or better of previous norms, which is a good sign that the housing recovery will continue to pick up steam in 2014,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report.

For historical information and charts, please go to nahb.org/lmi
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Rising Home Price- The Housing Market is Heating up and causing increased demand for labor & materials

We are SO excited to announce that we are the St. Jude Dream Home Builder for Southern Colorado again!!! Being part of the Dream Home has been such an incredible experience and we are so thankful that we have been selected again. We also want to thank our awesome trade partners and donors that made this possible and to everyone that purchased a ticket for the last one. We were able to raise OVER $800,000 for St. Jude Children’s Research Hospital!! ...Read More

Exciting News! New Plans Coming to Parkwood!

It’s a New Year at Covington Homes! And excitement is growing about Parkwood at Wolf Ranch!! New Homes starting in the mid $200K’s. ...Read More Parkwood (aptly named after the private central park in the community) is luxury, low-maintenance living, in one of Colorado Springs most sought after neighborhoods- Wolf Ranch. Voted “Best of the Springs” two years in a row, Wolf Ranch is a spectacular neighborhood, and Parkwood is the perfect place for the discerning homebuyer.

Our homeowners have free time for their hobbies, their recreational activities, their friends and families, their vacations, their sports, their adventures, and so much more! HOA dues include a Gardener, watering, snow shoveling, the private central park, common areas, paving of private alleys, replanting of dead or diseased landscaping, and many other benefits. The residents at Parkwood don’t have to labor away in the yard pulling weeds, watering plants, raking leaves, planting flowers, pruning shrubs, or mowing. When the snow sets in, there is little to no snow shoveling to do. The wood does not deteriorate nor does the stain fade on the fences – they are no maintenance fences. And the stucco exteriors and metal railings ensure VERY little maintenance too!

Parkwood boasts architecturally interesting exteriors and the ‘street scenes’ are not the typical suburban ‘cookie-cutter’ look and feel. Instead of making the garage prominent in the front (thus discouraging neighborly interaction) our garages are alley-loaded, leaving extra room for expansive front porches and balconies. Floor plans include a ranch, main level master, and two story layouts. Unique features such as private side courtyards with outdoor rooms, roof-top gardens, chef’s kitchens, and open floor plans utilizing every inch of space differentiate Parkwood from the other homes in Wolf Ranch. Granite kitchen countertops, wood floors, 90% efficient furnaces, water wise features, foundation area wells with advanced drainage techniques, engineered heating and cooling, and energy efficiency are just a few of the high quality features found in a Covington Home at Parkwood.
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Colorado Springs Macro Economic Analysis

The Colorado Springs Housing Market has followed the National Economic trends with slowdowns in all housing indicators the past several years. However, there is evidence that the local Housing Market and the National Housing Market has begun reversing the trend that we have seen since 2008. ...Read More The Colorado Springs Economic Forum (September 28, 2012) reports that the rate of unemployment in the El Paso County will decrease from 9.5% to 9.3% in 2013. However, it must be noted that the employment figures for El Paso County are not in line with other metro areas due to a large portion of the population who are retired and/ or serving in the Military. In 2012 Single-family Housing permits grew 47.5% from 2011, and are projected to grow an additional 6-15% in 2013 from 2012. The Forum projects that the increased Homes sales in 2012 will increase in 2013. Average home prices began to decline in 2007, prices bottomed out in 2009, and have increased by close to 3% in 2012.

Population growth is increased 1.2% in 2012 and is projected to increase 1.6% in 2013; the GMP increased 1.7% in 2012 and is projected to be .8% for the region in 2013; total wages and salaries increased 3.7% in 2012 and is expected to increase an additional 1.2% in 2013; personal per capita income increased 2% in 2012 and is expected to increase an additional 1.6% in 2013; and non-residential construction is projected to increase 17.6% in 2013 (which is up from -30.6% in 2012). The Forum reported that there are new opportunities in El Paso County for 2013 and beyond (not included in their projections) which will bring larger growth, lower the unemployment, and bring in additional revenues. They are Oil exploration and development, rebuilding of Mountain Shadows, and the Health care sector. Nationally, home sales have been declining since 2006, but have reversed the trend in 2010 and continue to grow annually. December 3, 2012, Housing Tracker.com published figures based on 54 Metro markets. Of these 54 Metro markets the total inventory of Single-family and condo homes decreased by 22.9% and the average price increased 2.4% in 2012.

Overall the National housing trend is positive. National Household formation has risen from around 500K in 2008 to close to 900K in 2012. The household formation trend is positive. The Housing market overall is on a path to recovery, but the path is still a long one. However, the New Home market is projected to increase greater than the resale market. The remaining inventory of re-sale and foreclosure homes on the market that are salable and acceptable to homebuyers is dwindling. The distressed property inventory supplies however, will be in the market for a long period of time, but the majority of the distressed inventory is concentrated in a handful of states, of which Colorado is not one. Thus, the Colorado Springs market is minimally impacted.

The current challenges continue to be appraisals, tighter lending due to strict banking regulation, tougher mortgage requirements, finished lot shortages, and labor shortages. However, given the past four years, the trends and graphs indicate the market has bottomed-out and continues a steady and modest climb. There is pent up demand in the housing market. As consumers who rent convert to homebuyers, consumers build back up their credit have the ability to purchase a new home, and as new households form, the New Home market will continue to grow.
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