People often experience a mini emotional roller-coaster when they first see home listings in Chateau at Antelope Ridge... "Wow, a great-looking home that is $150,000 less than others!" ... you click and see a $680 HOA fee, and maybe something about a land lease. You think, "Hmm that's a very high HOA fee, I guess I'll ask my agent". You call your agent and generally get one of three responses.
"Those are land leased lots, you're buying the house only, not the lot, you don't want that."
"That's a weird land-lease community, I don't do sales in there."
"The high fees make your total expenses equivalent to getting a regular house, so you don't actually save any money."
Antelope Ridge... what it is, where it is and a few of its features.
Antelope Ridge is a Manufactured Home Community situated on the central east side of Colorado Springs.
It is composed of 338 home sites and set up as a self-contained neighborhood with two entrances along the west side.
There is a clubhouse with a great room and kitchen which residents can use for special events and gatherings. The clubhouse also has a fitness room, several computer workstations and restrooms.
Outside is a large pool, patios with BBQ grills and seating, grassy areas, a horseshoe pit and playground all set against a beautiful, all-be-it distant, backdrop of Pikes Peak.
The land and community is owned and operated by Yes! Communities.
The homes are manufactured homes (not mobile homes). Manufactured homes are built in factories to federal regulation and code, then moved to the home site, (usually in two sections) where finale assembly and set up completed.
they have a modern look and feel with open floor plans, real drywall and vaulted ceilings
Some of these homes are supported by jacks and anchored, while others are installed on concrete foundations.
Homes in Antelope Ridge were built and installed between 2000 and 2023. That means they have a modern look and feel with open floor plans, real drywall and vaulted ceilings.
Most are between 1150 - 1650 square feet and have 3 bedrooms, 2 bathrooms and attached 2-car garage.
Costs and Comparisons
HOUSE: At the time of this writing, houses in Antelope Ridge sell for between $220,000 - $318,000, depending on age, condition, features, location, staging and agent competency.
LAND: New land leases are $725 / mo + $25 for garbage, totaling of $750 / month.
TAXES: ~ $650 annually
INSURANCE: ~ $1500 annually
UTILITIES: ~ $200 monthly
If you will be getting a loan to purchase a house, you need to qualify for the house purchase price + the $750 fees. Even though the fees are not part of your mortgage, the lender needs to consider that expense.
One way to think of this is to look at how much loan $750 covers. At current rates, a $100,000 loan would cost about $750 / month. Thus, you need to qualify for the cost of the house plus $100,000.
Let's take an example with realistic, current numbers. Let's say the house purchase price is $250,000. You will need to qualify for a loan amount of $355,000, even though your loan will be based on the purchase price of the house, the lender will factor in the land lease just as they would HOA fees.
Looking at the more complete cost of $355,000, the pricing starts to make little more sense. We now understand we are getting a manufactured home and leasing the land it sits on for the cost of a $355,000 mortgage.
How does that compare to houses, town and patio homes in Colorado Springs?
House: Comparable three bedroom, two bath, 2 car garage homes with yards in this part of town start at over $420,000. You have the additional expense of higher property taxes (roughly double), and slightly higher insurance rates. There is no clubhouse, pool, commons maintenance or trash service included.
Town Homes / Condos / Patio Homes: Comparably-sized properties of this type have purchase price starting closer to $380,000, but also have HOA fees. If there is a clubhouse, pool, and other services or insurance included, those HOA fees will be $350 - $425 / month, bringing your total cost close to the payments on a $410,000 mortgage.
Pros and Cons of Antelope Ridge
On the whole, Antelope Ridge homes are less expensive to purchase with lower ongoing costs and payments.
The homes have a stable history of supply and demand and it's relatively easy to find a nice house and location you like and sell quickly when the time comes.
You have large decks and fenced yards, and many of the garages are oversized two-car, something not available in the majority of town homes and condos.
Community membership is included in the land lease.
You don't pay property tax on the land.
Like all community living, you must agree to and abide by rules and restrictions set by the community.
You gain only the appreciation in the home and not the land.
There is a relatively high turn-over rate, as many owners choose Antelope Ridge for their first home or as a far more attractive alternative to base housing while stationed in The Springs. In 2022, there were 24 home sales in Antelope Ridge.
You are limited in what you can do with the yard.
All homes are ranch-style manufactured homes. You cannot build up or down.
As aesthetically pleasing as these homes can be they are not constructed in the same way as homes from pre 1960s.
Things to Know
Not all lenders provide mortgages for these homes. Contrary to what some agents and lenders will tell you, you can get VA, FHA and conventional loans on these homes. It's a good idea to get pre-approval with a lender who has provided loans in this specific community before you start shopping.
While it's wise to use competent agents for all types of real estate transactions, this community has unique aspects to both the houses themselves and the land lease agreement. I highly recommend using and agent and title company who has experience with this type of transaction.
Want a closer look?
I have purchased, sold, previewed and shown many homes in this community. I would be delighted to help you determine if Antelope Ridge is a good match for you.