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Vol.1 No.8

Oakwood Homes joins Banning Lewis Ranch Colorado-based Oakwood Homes joins Classic Homes, Capital Pacific Homes, Todays Homes and John Laing Homes in building new homes at Northtree at Banning Lewis Ranch. “We’re confident that the local real estate market will turn around, said President Jay Walther of Oakwood Homes. “But we felt that it was important to become a builder in Banning Lewis Ranch now. As this market improves, Banning Lewis Ranch will continue to attract buyers since they have set the standard in Colorado Springs of what home buyers want in terms of a well planned master planned community, with great amenities already in place.” Oakwood currently builds in The Gables and Feathergrass in Colorado Springs, Cumberland Green in Fountain, The Meadows at Historic Castle Rock, Thompson River Ranch in Loveland, and Green Valley Ranch in Denver. They’re Colorado’s largest privately-held builder, and with more than 8,000 homes sold since 1991, they’ve maintained high customer service and sales marks. “We’re glad to have added Oakwood Homes to our group of quality builders,” said John Cassiani, Vice President of Project Operations for Banning Lewis Ranch. “In just 17 years, Oakwood Homes has quickly risen to become one of Colorado’s top home builders.” Oakwood will begin construction on two models just off of Dublin and Vista del Pico. The models are scheduled to be completed early next year. Northtree, the inaugural village at Banning Lewis Ranch, opened to the public September 29, 2007. Situated See Oakwood page 11

First-time homebuyer income tax credit: Could cause boost in home buying market In today’s economic climate, some of your clients may be on the fence about purchasing a home. But with the current low housing prices, buyers can get into a beautiful home at an affordable price. Still, some buyers – particularly first-time homebuyers – might be apprehensive about purchasing a home. “Can I afford it? Are mortgage loans still available to me?” are typical ques-

ers who purchase tions most REALtheir primary resiTORs are asked. Now, in addidence between tion to selling the April 9, 2008 benefits of home and July 1, 2009 will qualify for a ownership to a cliBy jon paukovich $7,500 income ent, you can also Ent talk to your first- — tax credit. And, time home buyers if your client has about a new $7,500 income already closed on their loan, this tax credit can be rettax credit. Due to the Housing and roactive for the buyer. The Economic Recovery Act of See Tax Credit page 11 2008, first-time homebuy-

Jay Gupta’s

November Housing Stats

Page x

Realtors push for 4.5% interest rate buy-down Washington, December 15, 2008 – A federal mortgage interest buy-down program would help spark the housing market, the National Association of Realtors® said in a letter sent today to James B. Lockhart, chairman of the Oversight Board of the Federal Housing Finance Agency. NAR seeks a 4.5 percent mortgage interest rate buydown program financed through the U.S. Treasury Department’s Troubled Asset Relief Program. In the letter to FHFA, NAR shared three potential implementation procedures for a federal buy-down plan: • TARP would fund the payment of points at the individual level. • The Federal Home Loan Banks would raise funds by selling below-market-rate bonds to the Treasury Department for them to make the 4.5 percent interest rates available to lenders.

• Fannie Mae and Freddie Mac would purchase mortgages at the 4.5 percent interest rate but pay lenders the market rate.

“The buy-down program would complement other initiatives and help stabilize, stimulate and revitalize the housing market,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “We must address the foreclosure crisis and increase housing demand. Lower interest rates and foreclosure mitigation are two sides of the same coin. Together they represent the key ingredients to stabilizing the housing market and preserving communities and homeownership.” NAR has calculated that a 1 percentage-point decrease in mortgage

rates would result in an additional 500,000 home sales. In addition to suggesting that TARP assets be used to buy-down mortgage interest rates, NAR has recommended other principles that would help create long-term stability by ensuring that safe and affordable mortgages are available throughout the nation: • The higher loan limits passed in the economic stimulus bill earlier this year should be made permanent. • The federal government should ensure sufficient capital to support mortgage lending in every type of market. • The temporary $7,500 tax credit for firsttime home buyers should be extended to all home buyers and the repayment requirement eliminated. © Copyright National Association of REALTORS. Reprinted with permission.

New American Home shows 26 years of advances in housing In a one-of-a-kind exhibition, The New American Home 2009 is showcasing the most innovative energy efficiency technologies in the 26-year history of The New American Home program. From insulation and wraps,

pAGe 4 HBA's Holiday Party

December 22, 2008

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to a natural gas-powered heating and cooling system, to photovoltaic cells and solar water heating, the energy systems work together to make this a See New American Home page 2 Photo by James F. Wilson

pAGe 7 macKenzie place Realtor Open House

pAGe 13 sms listing tour At Legacy Title

Also inside National News ................. page 2 Local & State News ........... page 8 On the Move ................... page 12 Local Expert ................... page 13 New Crossword Puzzle ....... page 14


NatioN Realtors tell Congress increased housing demand critical to stabilize markets, slow foreclosures WASHINGTON, December 09, 2008 – Critical to boosting the economy is the need to stem the rising tide of foreclosures and boost homebuyer confidence in the housing market, the National Association of Realtors® told Members of Congress today. In a letter sent to Congress, NAR advocates prompt action by Congress and the current administration to pass a housing stimulus package to help stabilize the housing market, setting the stage for the U.S. economy to begin recovery. “As home values continue to decrease in many markets and job losses escalate, homeowners needing to refinance their mortgage or sell their home are left with few options and are sometimes forced to walk away from their mortgage responsibilities,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “This increased inventory fur-

ther fuels decreases in home values exacerbating the housing and economic crisis, not to mention the crisis to many families and communities.” NAR tells Congress that to stop the downward cycle a federal mortgage interest buy-down program is needed and should come from the Treasury Department’s Troubled Asset Relief Program. “The buy-down program would complement the loss mitigation elements of TARP and provide an incentive to buy homes, which will reduce the housing inventory. This in turn will stabilize home values, lessen foreclosure pressure, boost home sales activity and breathe new life into our nation’s economy,” said McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

New American Home from page 1 near zero-energy home that is Gold Certified under NAHBGreen. As always, the latest, most innovative home products, technologies and design trends have been incorporated into this latest edition of The New American Home, which is produced each year in conjunction with the International Builders' Show (IBS). See below for more information about how to visit the home next month during the IBS in Las Vegas.

See Housing Demand page 6 Photo by James F. Wilson

Sponsored by the National Council of the Housing Industry (NCHI) and Builder magazine, The New American Home is one of NAHB’s most successful and visible programs. NCHI is made up of the leading product suppliers of the residential construction industry, and the show home provides an excellent way for NCHI members to highlight their products. The state-of-the-art home, built by Las Vegas builder Blue Heron, combines builders’ best practices, energy efficiency, indoor-air quality, safety, convenience and aesthetics. Anyone who is in the housing industry, no matter their line of work, will want to see this home during the IBS.

Photo by James F. Wilson

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Enjoy the freedom to focus on your move, not your mortgage, with Ent’s $300 Mortgage Guarantee. We’ll guarantee to meet your appraisal and mortgage loan commitment deadlines* or we’ll give you a $300 credit towards your HUD 1 settlement statement at loan closing. Visit ent.com/mortgage for an online application and free loan pre-qualification, or call us at (719) 574-1100 ext. 5602 or 800-525-9623 ext. 5602. Ent is a community-chartered credit union • Equal Opportunity Lender • Federally insured by NCUA © Ent Federal Credit Union, 2008 • Ent is a registered trademark of Ent Federal Credit Union.

*Appraisal and loan commitment dates are based on the original sales contract. “Appraisal deadline” is the date of completion and availability of the final appraisal documentation. Loan commitment date is subject to receipt of completed application and required supporting documentation no less than 10 business days prior to scheduled commitment date; appraisal commitment means we would need to receive the contract five business days prior to the appraisal deadline. Loan commitment is subject to underwriting approval. Veterans Administration (VA) and Federal Housing Administration (FHA) loans are excluded. This offer may be terminated without notice at Ent’s discretion. Any guarantees on pending commitments will be honored.

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Colorado Springs Real Estate Journal

30547_Ent_300Mortgage_6.625x10.5_COSREJ_FNL.indd 1

12/15/08 10:10:23 AM www.csrej.com

Equal parts laboratory, educational tool and product showcase, The New American Home demonstrates that excellence in housing performance can be built into any home — large or small, simple or complex. One attention-getting feature of The New American Home 2009 is its heating and cooling system, which runs on clean-burning natural gas. The system, made by Japanese manufacturer AISIN, uses heat pumps on site. The HVAC system includes 24 zones, so there is very little ductwork in the home. NCHI-member products in the home include everything from insulation to appliances and from lighting to motorized screens. Among the first to go into the home were insulating concrete forms (ICFs) provided by ARXX. Because the home is as much a laboratory as a showcase, suppliers were often highly involved in the installation of their product — with engineers and experts helping to make sure the product was properly installed and applied. See New American Home page 5 December 22, 2008


director of Advertising Rachelle Nardo

rachelle@csrej.com

director of publishing Josh Olson

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colorado springs

josh@csrej.com Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published twice a month and distributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industry-related professionals. CSREJ is not responsible for any opinions or facts expressed by nonstaff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content. Realtor® is a registered trademark. Sometimes the word Realtor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The registered trademark should be assumed if it is not present.

We welcome the submission of articles, photos and press releases. please email any considerations to:

The other guys:

TEXAS.

josh@csrej.com • Article submission Please submit articles no longer than 700 words in a Word document with an accompanying byline and appropriate contact information. A headshot is also welcomed. Please submit headshot in JPG format.

• press releases Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format attached to the same email.

• on the move Please submit a short bio or press no more than 150 words for anyone that has joined your team in a Word document or directly in an email. A headshot may also be attached to the email as a JPG. This is for any business in the industry (Real Estate, Builders, Title Companies, Mortgage Companies, etc.)

• photos/events

Supporting our local economy.

Please attached pictures in JPG format in an email with any notes or captions directly in the email or in a Word document.

office: 719.217.3433 Fax: 719.550.4373

www.csrej.com Colorado Springs Real Estate Journal LLC 3608 Galley Rd | Colo Springs, CO 80909

December 22, 2008

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Colorado Springs Real Estate Journal

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HBA Holiday party at southside johnny’s

December 3, 2008

Above: Beth Parker and Joliene Weiss with Vantage Homes, Jason Orio with Environmental Stoneworks, Mark Bussone with Capital Pacific Homes and Karri Nicosia with Vantage Homes

Above: Jeanette Hodge with LandAmerica, Rick Colombo with Campbell Homes, Arleyne Glasser with Countrywide and Kristy Nuschy with LandAmerica.

Above: Emilia Carangelo with Creekstone Homes and Mike Trares with Todays Homes.

Above: Ron Pipkin with Stewart Title, Tami Stanley with Challenger Homes, Darrell Harrison with Stewart Title, Lani Moore with Challenger Homes and Wanda Abramson with Stewart Title.

Above: Heath Herber of Westerra Development CO and Robert “Hutch” Hutchison of Adams Mortgage.

Above: Victoria Stone of Allegory Advertising and Mark Long of VanGuard Homes.

Above: Rick Allen with RE/MAX Properties, Ron Pipkin with Stewart Title and Allen Wilaby with ERA Shields.

Above: Shelly Farmer and Angela Parlet with First American Heritage Title Company with Chris Casey (center) of Campbell Homes.

Above: Sharon Higashi with CB&T Mortgage, Eric Pollock with Tuftex, Debbie Klisch with CB&T Insurance and Shirley Rouse with HBA.

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December 22, 2008


NatioN New American Home from page 2 Even though this is a finished home, there are many places where visitors can get a look behind the walls to see how new technologies — everything from appliances to building systems to construction techniques — are used in the home. The home was designed by the Irvine, Calif., architecture firm Danielian Associates, with the interior design and furnishings by Robb & Stucky Interiors, the largest, high-end interior design firm in the country. With a new home built annually for the last 26 years, The New American Home has proven to be an outstanding resource for builders, designers, architects and building trades professionals who want to keep up with leading-edge trends. Located 15 minutes from the Las Vegas Con- Photo by James F. Wilson vention Center and just five minutes from the airport and “the Strip,” this year’s show home is on a half-acre lot in a neighborhood with an interesting slice of Las Vegas history. Over the years neighbors of the property have included Clark Gable and Carole Lombard, boxers Mike Tyson and Thomas “Hit Photo by James F. Wilson Man” Hearns, the Sultan of Brunei and Mr. Las Vegas — Wayne Newton.

Our Superior Service Guarantee. One thing you won’t have to wrap this holiday season! Did you know that LandAmerica offers the LandAmerica Superior Service Guarantee? If for any reason you are not satisfied with our service, just let us know and we will promptly refund your closing fee.* For more information, contact the office below. Helping you through the holiday season!

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Colorado Springs Real Estate Journal

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Nation

NAR: Interest rate drop good sign, but Government must continue to help families The National Association of Realtors® is urging the federal government to proceed rapidly to drive down mortgage interest rates and move ahead with housing stimulus action to drive up consumer confidence. “We are very encouraged that mortgage interest rates are moving in the right direction. However, we will continue to press ahead because rates are not coming down fast enough to impact the housing market,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas. “Many homeowners are struggling to get out of underwater mortgages and many potential buyers are sitting on the fence waiting for still better rates before they act.” “We implore the Treasury, the Federal Reserve, the incoming Obama administration and Congress to get together and use all available resources, including the Troubled Assets Recovery Program, to quickly put a rate buy-down in place. This will really assist American families facing difficult eco-

nomic times in the coming holiday season,” said McMillan.

“Housing has always led our economy out of downturns, and lower interest rates coupled with foreclosure mitigation are key ingredients to stabilize the housing markets and preserve homes and communities,” McMillan said. NAR data show that a 1 percentage point decrease in mortgages interest rates—whether the decrease is brought about by a buy-down or through government purchase of mortgage-backed securities—increases home sales by a half-million. “Without better rates for home buyers, inventory will continue to remain high and home prices can overshoot downward causing consumer spending

to fall further and leading to a broader contraction in credit availability. Without home price stabilization, foreclosures will continue to rise sharply and many of the remodified loans will re-default,” said Lawrence Yun, NAR chief economist. A 4-Point Housing Stimulus Plan put forward by NAR earlier this year urged the government to buy up mortgagebacked securities from banks; the Federal Reserve has announced it is moving ahead with plans to do that. NAR also proposed an interest rate reduction, and the Treasury Department is considering such an action. Additionally, NAR has asked Congress to make the higher loan limits passed in the economic stimulus bill earlier this year be made permanent. NAR has also been pushing for the $7,500 tax credit for first time homebuyers be extended to all homebuyers and that the repay feature be eliminated. © Copyright National Association of REALTORS. Reprinted with permission.

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Colorado Springs Real Estate Journal

Housing Demand from page 2 Last month NAR shared suggestions for rebuilding the housing market with Congress and the administration, and encouraged the Treasury Department to incorporate parts of its Four-Point Plan for stimulating and stabilizing the housing market. “Housing has always led our economy out of downturns, and lower interest rates coupled with foreclosure mitigation are key ingredients to stabilizing the housing markets and preserving homes and communities,” McMillan said. NAR urged the government to ensure that safe and affordable mortgages are available throughout the nation. This requires that the higher loan limits passed in the economic stimulus bill earlier this year be made permanent. It is also imperative that the federal government ensure there is sufficient capital to support mortgage lending not only in strong markets but also in tumultuous ones as we are currently experiencing. Additionally, NAR has been pushing for the $7,500 tax credit for first time homebuyers be extended to all homebuyers and that the repay feature be eliminated. NAR estimates that lowering the interest rate by 1 to 2 percentage points can result in as many as 700,000 additional home sales. “Stabilizing the housing market will lead to a greater economic recovery,” said Lawrence Yun, NAR chief economist. NAR urged Congress to not delay action but to implement the federal mortgage interest buy-down proposal and other elements of its Four-Point Plan. “We must all work together to make sure we never find ourselves in a situation similar to the current unstable situation with foreclosures rising and people losing the homes they worked so hard to buy,” said McMillan. © Copyright National Association of REALTORS. Reprinted with permission.

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December 22, 2008


mAcKenZie plAce reAltor open House

decemBer 4, 2008

Left: maritt Bird, patti child and stacey Kruger of MacKenzie Place with john Gailliard (left center) of GMAC McGinnis Real Estate.

Below: Barbara Harris with Harris Group Realty, Inc and Brett robinson with MacKenzie Place. Above: Gay chartier and Waynette rand of Harris Group Realty, Inc. with Harvey Gray of Prudential Professional Realtors. Right: joni Gailliard with GMAC McGinnis Real Estate, sheri Weichers and Kathryn neukom with MacKenzie Place and Butch Hoover with Metro Brokers.

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Total Commision on 4 sales ...........$44,000

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Contract must be accepted by Todays Homes by December 31, 2008. Commission bonus is awarded on published price and incentives only. Any offers less than published price will reduce the bonus by the amount equal to the difference in the published price and incentives. See Todays Homes for complete details.

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LoCaL & State

CAR supports carbon monoxide education and safety The Colorado Association of REALTORS® (CAR) applauds the announcement that legislation designed to protect Coloradoans from dangerous levels of carbon monoxide in their homes will be introduced during the legislative session beginning next month. In response to the announcement, CAR Vice President of Legislative Affairs Rachel Nance indicated that “We were saddened by the tragedy in Aspen recently where even local laws requiring carbon dioxide detectors did not protect the Lofgren family. Our REALTOR® members strongly support raising public awareness of the dangers of carbon monoxide and we look forward to working with Rep-elect Lois Court and Rep. Soper in developing a program that incorporates education, along with the properly supervised installation of detectors.” During the 2008 Legislative Session, CAR opposed a bill that would have required REALTORS® to assure that any home put on the market for sale, including new construction, have a carbon monoxide detector properly installed. “Last year’s bill assumed a level of expertise among our members that was not appropriate,” said Nance. “In addition, the most recent version of the property sellers form required by the State of Colorado includes a disclosure item for carbon monoxide detectors which allows buyers to determine if one is present or needs to be installed. We believe that the educational awareness program will help everyone better understand the importance of a properly installed and functioning carbon monoxide detector in any property.” © Copyright Colorado Association of REALTORS. Reprinted with permission. The Colorado Association of REALTOR®S® is the state's largest real estate trade association representing more than 26,500 members statewide. The association supports private property rights, equal housing opportunities and is the "Voice of Real Estate" in Colorado. For more information visit www.ColoradoREALTORs.com.

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Jay Gupta’s November Housing Stats Disclaimer

PPMLS Sales Analysis

This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Gloriod & Associates nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Information is deemed reliable but not guaranteed. All rights reserved. Unauthorized reproduction is prohibited.

S.F./Patio Existing Homes:

8

Median Price Short Term Fluctuations •

When the median price increases, it can be reflective of the fact that more expensive than inexpensive homes sold during that period.

Similarly, a decrease in the median price can indicate that more inexpensive than expensive homes sold during that period.

November Stats Overview PPMLS All Counties (S.F. / Patio Homes): # of New Listings: # of Active Listings: # of Listings Sold: % of Active Listings Sold: Total Sold Volume: Median Price: Average Price: Sale to List Price Ratio: Average Days On Market:

951 5,547 499 9% $106,519,566 $187,000 $213,466 97.4% 82 Days

November Stats Overview El Paso County (S.F. and Patio Homes) # of New Listings: # of Active Listings: # of Listings Sold: % of Active Listings Sold: Total Sold Volume: Median Price: Average Price: Sale to List Price Ratio: Average Days On Market:

818 4,534 456 10% $99,131,966 $189,100 $217,394 97.5% 83 Days

Importance of Pricing Right Sale Price to Listing Price Ratio (chart) El Paso County (S.F. / Patio Homes 2008) January 96.5% Sold 10.6% DOM 98 February 97% Sold 10.5% DOM 97 March 98% Sold 13.2% DOM 101 April 97.5% Sold 13.5% DOM 93 May 97.3% Sold 14.3% DOM 88 June 97.1% Sold 14.5% DOM 90 July 97.3% Sold 15% DOM 89 August 96.8% Sold 13.4% DOM 79 September 96.7% Sold 13.2% DOM 95 October 96.3% Sold 12% DOM 82 November 97.5% Sold 10% DOM 83 Observation: Current market conditions make it imperative for listings to be Priced Right to Sell.

Importance of Pricing Right PPMLS New Listings Re-cap

Days On the Market (DOM)

Listing Inventory continues to Shrink - This is crucial 1st step to market stabilization

PPMLS All Counties - November 2008: Total Active Listings: 5,547 (S.F./Patio Homes) Listings Sold: 499 9% Sold in 0 - 30 days 32.5% Sold in 31- 60 days 19% Sold in 61- 90 days 13.5% [65%] Sold in 91- 120 days 12% [77%] Sold in 120+ days 23%

S.F./Patio Existing Homes: From Oct 08 to Nov 08: From Nov 07 to Nov 08: From Jan to Nov 2007: From Jan to Nov 2008: New Listings Dropped:

(27)% (21.5)% 19,730 16,881 (14.4)%

Active Listings Analysis El Paso County S.F. / Patio Homes November 2008: 4,258 Active Listings by Price Range : 76% Active under $400,000 24% Active over $400,000 7.5% between $400 to $500,000 10% between $500 to $800,000 6.5% Active over $800,000

Sold Listings Analysis El Paso County (S.F./Patio Homes Nov 08): 456 Sold Listings by Price Range: 93% Sold under $400,000 7% Sold over $400,000 3.5% between $400 to $500,000 2.2% between $500 to $800,000 1.1% Sold over $800,000

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In the midst of the global economic crisis, Colorado Springs housing market has done amazingly well: Jan - Nov 07: 8,335 Homes Jan - Nov 08: 7,096 Homes Change: (14.9)%

Summary Inventory is continuing to Shrink From Oct 08 to Nov 08: From Nov 07 to Nov 08: Jan – Nov 07 vs. 08:

Down (27)% Down (21.5)% Down (14.4)%

Importance of Pricing Right (November 2008) • 65% of Listings Sold in 0 – 90 days • Sale to Listing Price: 97% • Average Days On the Market: 82 Days • Pricing Listing Right is imperative for it to Sell Interest Rates are hovering under 5.5% It is indeed a great time to buy • First-time home buyers can now take advantage of a temporary tax credit. Home ownership is the key to building long-term wealth.

© Jay Gupta, 2008 PPAR Board Chairman. Reprinted with permission. For more information or questions please contact Jay at jay@gloriod.com.

Colorado Springs Real Estate Journal

www.csrej.com

December 22, 2008


LoCaL & State

Coldwell Banker Residential Brokerage wins “Kahlua Saves the Holiday Party” Coldwell Banker Residential Brokerage in Colorado Springs has won the “Kahlua Saves the Holiday Party” from the makers of the popular Kahlua liqueur. Coldwell Banker in Colorado Springs was the winning entry for the state of Colorado out of nearly 650 applications submitted to Kahlua for a $10,000 holiday party bailout grant. The winning entry was submitted by Ashley Wilson, Relocation Sales Manager for Coldwell Banker Residential Brokerage in Colorado Springs. “I learned about the contest through the December 2nd Colorado Springs Business Journal daily email,” said Wilson. “I’m still in shock. I applied thinking, ‘Nobody ever wins these things.’ We are hosting the party this SaturAshley Wilson day for our agents, staff, and their guests. Our office is very deserving of this party. Like everyone else in the real estate business, many of our agents are struggling in the current market. Our agents are also struggling to get buyers qualified due to the mortgage crunch. We really don’t have any funds for an office party, but even during these difficult times, our associates still find a way to give to the less fortunate and underprivileged. The agents who give the most are often those who can least afford it. It’s this kind of mindset that makes this party grant from Kahlua even more deserving for our office.” In her application for the Kahlua party, Ashley wrote: “This Christmas party grant would allow us to throw a casual get-together with appetizers and drinks without our agents having to contribute

Shelley Lewis of The Thomas Collective in New York City, Kahlua’s public relations agency. In her application to Kahlua and The Thomas Collective, Wilson detailed how Coldwell Banker Residential Brokerage thinks outside the 9-5 box. Most real estate appointments, for example are on weekends or after hours. She also provided information on the various charities supported by Coldwell Banker in Colorado Springs and along the Front Range, including the Susan G. Komen Race for the Cure, the Children’s Memorial Hospital annual toy drive, Habitat for Humanity, and more. For more information, contact Ashley Wilson at 719-550-2412, email Ashley.wilson@coloradohomes.com. For more information on Coldwell Banker Residential Brokerage, visit the leading real estate company online at www.ColoradoHomes.com.

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funds for such an event. Everyone is struggling in the current market and the grant will allow us to purchase a gift for every agent and have it delivered unexpectedly by a hired Santa. Showing the agents that they are important to the company would help boost moral in the down times. A photographer and a holiday motif would be nice for the agents to get free holiday photos with their families.” “On behalf of Kahlua, we look forward to helping you throw an amazing holiday party that will hopefully provide you and your co-workers with a glimmer of hope in these otherwise difficult times,” said

know

josh@csrej.com

We don’t succeed unless you do! Our motto, “We don’t succeed unless you do”, is something we take very seriously. In today’s market, flexibility, education, expert closers, local underwriting, and marketing expertise are the keys to success.

Empire Title of Colorado Springs 5755 Mark Dabling Blvd. Ste 110 | Colorado Springs, CO 80919 Phone: (719) 884-5300 Fax: (719) 884-5304

Empire Title of Woodland Park 509 Scott Avenue | Woodland Park, CO 80863 Phone: (719) 686-9888 Fax: (719) 686-8208

www.etcos.com Single-Family Homes From the $400s

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Only a few new homes remain in one of Colorado Springs’ most desirable master-planned communities.

The area’s top homebuilders. Academy District 20 schools. The Promenade Shops at Briargate. The Pine Creek Golf Club. A down-to-earth community feel. The reasons to live in Pine Creek are many. Unfortunately, the opportunities aren’t.

KELLER HOMES 719.598.2614 YELLICO-LEACH CO, INC. 719.380.1768

To see available homes in Pine Creek, take the Briargate Pkwy. exit 151 to Chapel Hills Dr. and follow the signs or visit

PineCreek.com/AvailableHomes.

Custom Homes COPPER VALLEY BUILDERS 719.598.8224 C.R. SHEA HOMES 719.633.7999 ROBERT SCOTT CUSTOM HOMES 719.599.3770

G OL F C OU R SE L I VI N G, C LOSE

COR-4437_Showcase_PC_FR1.indd December 22, 2008

1

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TO

E VERY THING

SYMPHONY HOMES 719.266.9136

8/20/08 Colorado Springs Real Estate Journal

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5:09:31 PM


the best gift this year...

{ growth } Plant your seeds now and watch your business grow.

rachelle@csrej.com 719.205.1299 | www.csrej.com 10

Colorado Springs Real Estate Journal

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December 22, 2008


LoCaL & State Tax Credit from page 1 other good news is that this benefit is not loan specific; it applies to FHA, VA and conventional loan products. Also, any home your client wants to purchase – whether it’s a townhome, condo, single family residence or even a houseboat – is eligible for this credit as long as the new home is being used as their principal residence. The new tax credit is also easy to claim. All your clients have to do is claim it on their federal income tax returns. No other applications or forms are required. There are some income stipulations associated with this credit, so it is wise to consult with a tax advisor to make sure the client qualifies. There are some scenarios where a buyer might not qualify for this new tax credit. These situations could include: • • • • • •

Buyers who have owned a home in the previous three years Non-resident aliens Buyers who finance a home using tax-exempt mortgage bond programs If the property is disposed of before the end of the tax year If the property ceases to be the buyers primary residence before the end of the tax year And, a few other cases.

It is wise to advise your clients to check with an accountant to make

sure this tax incentive works in their favor based on their individual goals. This new first-time homebuyer tax credit can hopefully be another selling point for the benefits of home ownership. It is hoped that this credit will help reinvigorate the housing market and strengthen the nation’s economy. However, time is of the essence for buyers to take advantage of this opportunity. It is also important to reassure your client that there is still plenty of money out there to lend for qualified borrowers. Despite what your clients may be hearing in the news, there are still many strong, local lenders with ample liquidity to grant loans. It’s important for home buyers to understand the benefits of this unique situation, so encourage them to talk to their local tax and lending experts. Some local lenders even offer free education seminars to help answer any questions a buyer might have about the home purchase process, including assistance and benefits programs like these. The more educated a buyer is and the more they take advantage of benefits like this tax credit, the quicker their dream of home ownership can become a reality.

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Oakwood from page 1 in the northwest portion of the ranch property, Northtree is approximately 321 acres, and will have just over 1,000 homes at buildout. Most of Northtree will offer new homes in Colorado Springs that are only a block or two away from a series of internal trails called “pasillos.” The idea is that residents are to be physically connected to their community, where their children who attend Banning Lewis Ranch Academy can walk or bike to school, where they can walk or bike to their neighbors and the village amenities through these pasillos, meandering tree-lined sidewalks and open spaces. Northtree opened with the Northtree Ranch House Recreation and Information center, swimming pool, parks and adventure play areas already in place. The community vision taking shape is of an exciting, multifaceted environment filled with a wide variety of new homes. The newest planning principles – including native landscaping, open space conservation, and organizing neighborhoods around parks, schools and community centers – are being implemented to make today’s Banning Lewis Ranch an asset to the city. Twenty eight model homes are open daily, homes are base priced starting in the low $200,000s and the builders are cooperating with brokers. Located off of Marksheffel Road and Vista Cerro Avenue just south of Woodmen Road, the Northtree Ranch House Recreation and Information Center is open seven days a week, Monday through Saturday from 10 a.m. to 5 p.m. and Sundays from noon to 5 p.m. Visit Banning Lewis Ranch and join the interest list to stay informed about these new homes in Colorado Springs and the latest developments at the Ranch, at BanningLewisRanch.com. The approximately 21,000-acre Banning Lewis Ranch is being planned and developed by the Banning Lewis Ranch Management Company with offices in Colorado Springs and Newport Beach, California. The management team consists of a group of seasoned professionals with years of experience in the planning and management of master-planned communities. Their goal is to use this experience to create a community that honors this area’s history, natural beauty and outdoor lifestyle. Banning Lewis Ranch is bordered by Woodmen Road to the north, Fontaine Boulevard to the south, Meridian Road to the east, and Marksheffel to the west. The Ranch was annexed in 1988 with a master plan providing for a balanced mix of homes, commercial, industrial and office space, with supporting retail, recreation and institutional land uses. Development will be market-driven with roadways, utilities and other needed infrastructure built as development occurs. December 22, 2008

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11


On the Move New Additions to Prudential Professional Realtors Terry Chevalier We are pleased to announce that Terry Chevalier, an experienced REALTOR®, has joined the Prudential Professional team. She specializes in residential property in the greater Colorado Springs area. Terry’s experience has allowed her to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Terry gives each client her undivided attention. Terry is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

Michelle LoBato Bill Havens, Managing Broker, recently shared with the Prudential Professional team the addition of another broker to their fast growing organization. Michelle LoBato is an experienced broker. Ms. LoBato has chosen to live in Colorado Springs because of the great quality of life. She enjoys the active Colorado life style and has lived in Colorado Springs for 23 years. Michelle is known locally as a singer / guitarist. She enjoys working in real estate. Regardless if she is working with a buyer or a property owner, Michelle works to make sure that the real estate transaction is a smooth as possible. She is always paying attention to the many details of a real estate transaction. Michelle has joined the Prudential office located at 4065 N. Sinton Road.

Douglas Loeper We are pleased to announce that Douglas Loeper, an experienced REALTOR®, has joined the Prudential Professional team. He specializes in residential property in the greater Colorado Springs area. Douglas’ experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Douglas gives each client his undivided attention. Douglas is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

Kim Raymond Prudential Professionals are excited to announce another experienced real estate broker has joined its family of REALTORS®. Kim Raymond is a veteran of real estate sales. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Ms. Raymond also works very closely with mortgage professionals to help her buyers find the right program for their needs. Kim knows that one size does not fit all. Real Estate is a very personal transaction. Kim Raymond looks forward to hearing from you.

Ted Predmore Bill Havens, Managing Broker, recently shared with the Prudential Professional team the addition of another broker to their fast growing organization. Ted Predmore is an experienced broker. Mr. Predmore has chosen to

live in Colorado Springs because of the great quality of life. He enjoys the active Colorado life style. Ted enjoys working in real estate. Regardless if he is working with a buyer or a property owner, Ted works to make sure that the real estate transaction is a smooth as possible. He is always paying attention to the many details of a real estate transaction. Ted has joined the Prudential office located at 4065 N. Sinton Road.

Daryl Slinkard We are pleased to announce that Daryl Slinkard, an experienced REALTOR®, has joined the Prudential Professional team. He specializes in residential property in the greater Colorado Springs area but is also involved with investment and commercial. He has been licensed for approximately 25 years in Colorado and for the last year in the State of Florida. Daryl’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Daryl gives each client his undivided attention. Daryl is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

Dan Zook Prudential Professionals are excited to announce another experienced real estate broker has joined its family of REALTORS®. Dan Zook is a veteran of real estate sales. He is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Mr. Zook also works very closely with mortgage professionals to help his buyers find the right program for their needs. Dan knows that one size does not fit all. Real Estate is a very personal transaction. Dan Zook looks forward to hearing from you.

Wendy Orr Prudential Professionals are excited to announce another experienced real estate broker has joined its family of REALTORS®. Wendy Orr is a veteran of real estate sales. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Ms. Orr also works very closely with mortgage professionals to help her buyers find the right program for their needs. Wendy knows that one size does not fit all. Real Estate is a very personal transaction. Wendy Orr looks forward to hearing from you.

Bonnie Beckman We are pleased to announce that Bonnie Beckman, GRI, an experienced REALTOR®, has joined the Prudential Professional team. She specializes in residential property in the greater Colorado Springs area. Bonnie’s 14 years of experience has allowed her to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, Bonnie gives each client her undivided attention. Bonnie is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

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Colorado Springs Real Estate Journal

Shelley Pelle Avalar Real Estate Solutions Shelley Pelle is excited to join Avalar Real Estate Solutions in Falcon. She is committed to making the home buying and selling experience the best it can possibly be by educating clients about the process, and providing a level of service that exceeds their expectations. Her goal is to build lifelong relationships, one client at a time.

Kem Winternitz Coldwell Banker 1st Choice Realty Coldwell Banker 1st Choice Realty in Woodland Park is pleased to announce the addition of Kem Winternitz, Accredited Land Consultant to the Coldwell Banker 1st Choice Realty family. Kem is a 4th generation native of the Pike’s Peak region. Licensed in the State of Colorado in 1992, and a member of PPAR and The Realtor Land Institute, Kem works with buyers and sellers in all areas of Real Estate including, but not limited to: residential, commercial, unimproved ground, new construction, farm and ranch and all mountain/resort property. “My philosophy”, she says” is that a Realtor is never a sales person. Instead our job is one of an investment counselor, to establish our customers motivation and provide facts so they can make the right financial decisions.” In her spare time she teaches aerobics, tap and jazz dance, and choreographs for local theatre productions.

Susan Shields Prudential Professional Realtors Susan Shields recently moved her real estate license to the rapidly growing Prudential Professional team. As a realtor for the past 15 years, Susan enjoys working with the public to solve their real estate needs. Susan knows that buying and selling real estate can be extremely challenging. She is a patient individual who takes the time to listen to her clients. Susan is very appreciative of the many repeat customers she has had the pleasure working with. Please join us in congratulating Susan Shields on her move.

Be a Part of this Section See Page 3 for Details

Starting from

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December 22, 2008


LoCaL eXPeRt

Rising Phoenix: A GREEN horizon? By doug seiter Former State Coordinator for Built Green

During a lunch conversation the other day my friend posited that when the housing market recovers – and we all know it will – green building will be as aspect of new homes that buyers will expect. There were several reasons, she speculated. A growing number of communities are seeing green building programs emerge, or are starting their own. National programs, for better or worse, are entering local markets with their own “change the world” agenda and, in some cases, a marketing budget to support it. It’s hard to pick up a magazine that relates to homes and not see something about green building or green living. Finally, assuming someone doesn’t invent a carbon emissions super-vacuum, global climate change is still going to be on people’s minds. The scenario could be similar to what has been going on with energy efficiency for several years. That is, buyers assume a new home is an efficient home, when we know this is not necessarily the case. Yes, homes are better insulated, have better windows and are generally better sealed, so they are certainly more efficient than homes a couple of decades ago. But with so-called Zero Net Energy Homes on the market, albeit not yet in large numbers, there is clearly still room for improvement. Built Green® homes have consistently shown up as 70 on the HERS Scale, which means they are 30% more efficient than a home meeting the minimum energy code (2006 IECC). So there is a range of opportunity between 70 and zero on the Scale to work with. I doubt that, in a couple of years, the market will be expecting green building to be standard practice, but the desire for green, whether or not backed by an understanding of what that is, is likely to be on the list of desired features. If you’ll indulge me in what might be wishful thinking, what if my friend is right? What if the market, as the industry emerges from these dark times, is substantially more aware of efficiency and green building benefits? What will it take to be on the leading edge of that industry trend? Turns out you’re in luck. Built Green® can guide you to the high performance home that will be the cornerstone for a green home package, and essential to grab the interest of an increasingly savvier homebuyer. There are some components that will most assuredly be central to the high performance home. •

A HERS Rating Score of 70 points or lower

Sealed combustion gas appliances

Furnace efficiency 90% or better; boilers at 85% or better

High-performance windows

Recessed can lights eliminated or airtight/IC-rated

Tightly-sealed and tested duct systems

Indoor and outdoor water efficiency

Energy Builders Challenge, the National Association of Home Builders Green Building Program, high performance ENERGY STAR Homes, the U.S. Green Building Council LEED Home and others. Built Green® has been at the table for the development of most of these criteria, in large part to be able to sort through the growing number of programs to provide the best information to Colorado builders, while also providing the least confusing message to Colorado home buyers. The bottom line, though, is

that staying current with high-performance green homes and what it takes to produce them will be ever more essential in the housing market as it emerges, and Built Green® is your best resource for sorting through it all. Doug Seiter contributes to this publication on environmental building and energy efficiency issues, and is former State Coordinator for Built Green Colorado. He can be reached by e-mail at dlseiter@comcast.net

sms listinG tour meets up At leGAcy title

decemBer 10, 2008

Right: chuck Woodard of RealEstate.com and Amy cavender of Simplified Mortgage Solutions.

Above: sarah schaefer of Design Inspirations with robert lynch of McGinnis GMAC Real Estate.

Right: patrick donaldson and Andrew carmona of Farmers Insurance Group.

Right: Krystal stearns of Simplified Mortgage Solutions.

Below: patti Walter and sommer Quesenberry of Legacy Title.

Below: tracie Hudson and matt Hall of Legacy Title.

There will be (hopefully) some alignment that will occur over the next year or two to bring consistency to national efforts like the Department of December 22, 2008

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Colorado Springs Real Estate Journal

13


CSREJ Crossword #1 (easy) 1

2

3 4 5 6

7

Where in the World is this Listing?

8

9

10 11 12

Know your market?

13

Identify one of the following pieces of information for a chance to win a free eBlast!

14

15

16

Address seller’s Agent/Broker

17

ACROSS

DOWN

4) The party who has legal temporary possession and use of real property belonging to another.

1) A drawing showing the exterior sides of a building including the type and placement of windows and other openings such as doors, dormers, vents and skylights as the building will appear when completed.

7) The voluntary surrender, relinquishment, disclaimer or cession of property claims or rights. 8) An official communication of one party's intent to take action of a legal nature. 10) An official whose responsibility is to discover, list and value real property for ad valorem taxation. 12) The broad meaning of having no personal liability and in real estate a type of note whereby a lender agrees that in the event of default, to take the pledged property as satisfaction for the debt and have no claim on any other assets of the borrower. 14) The length of the contract period. 15) The process of evaluating a loan application to determine the risk involved for the lender. 17) A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation such as judgments, taxes, mortgages, deeds of trust, etc. *Definitions are for crossword purposes only and should not be used for legal purposes.

14

Colorado Springs Real Estate Journal

2) A thing added or attached to a contract that is sometime called a rider. 3) A formal detailed list of articles of the property of a person or estate identifying the description, the quantity and value of each.

Hint:

80908 Email your answers with subject “Contest� to: josh@csrej.com

5) A voluntary act to intentional relinquish a known right which implies an election by the party to dispense with something of value or to forego some advantage or right. 6) A legal process whereby property pledged as security for a debt is sold to satisfy a debt in the event of a default in payments or terms. 9) A financial obligation which is in default, such as an overdue loan. 11) The act by which one party suggests that another party use a certain licensee. 13) Housing and Urban Development. 16) A profit, benefit or an increase in value.

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All listing accurate when published. All listings located within the Pikes Peak Region.

December 22, 2008


aRoUND the CoRNeR DECEMBER Friday, December 26 Day After Gatherings at Campbell Homes

Wednesday, January 14 The EstimatorTM 9am @ Empire Title Kristy@etcos.com / 719-884-5300

11am @ 5 locations www.campbellhomes/ 719-266-9780

Wednesday, January 21 2008 Annual Commission Update Course Version Two 8:30am @ Empire Title Kristy@etcos.com / 719-884-5300

STAND OUT

JANUARY Friday, January 2

promote your upcoming event here.

Parade of Homes Committee 3pm @ HBA Trish@cshba.com / 719-592-1800

Tuesday, Jan 6 Jobsite Safety Committee

Give rachelle a call.

719.205.1299

8:30am @ Empire Title Kristy@etcos.com / 719-884-5300

Friday, January 9 CMLA Annual Lending Fair 1pm @ Marriott Denver Tech Center www.cmla.com / 303-773-9565

Saturday, January 10 First-Time Home Buyers 10am @ Ent (Campus Dr) Register at Ent.com/Seminars or call 719-550-6998

Monday, January 12 Business Planning and Marketing 10am @ Empire Title Kristy@etcos.com / 719-884-5300

MARCH Friday, March 6-8 HBA Home & Garden Show 1 pm @ Phil Long Expo Center Kirk@cshba.com / 719-592-1800

Thursday, March 12 WCR Luncheon “Business Planning”

Wednesday, March 18

Thursday, January 8 VA Training for the Real Estate Agent

11am @ Marriott Hotel cstarkie@stewart.com /393-3532

8am @ Doubletree Hotel Shirley@cshba.com / 592-1800

11am @ Marriott Hotel cstarkie@stewart.com /393-3532

7:30am @ HBA Marla@cshba.com / 719-592-1800

WCR Luncheon “The Finer Elements of Charisma”

Friday, February 13 Breakfast With The Builders

Thursday, January 15 Pikes Peak Marketing Forum 8am @ Colorado Springs Country Club Ruthie Lohrig – Kline 719-492-3998

Advanced Foreclosure and Short Sale: Part 1 8:30am @ Empire Title Kristy@etcos.com / 719-884-5300

Foreclosures (3 CE) 10am @ Land Title (Downtown) Call Kris: 719-634-4821 kdeherrera@ltgc.com

1031 Exchanges – Everything You Ever Wanted to Know 11am @ Empire Title Kristy@etcos.com / 719-884-5300

Friday, January 16 HBA Membership Benefits 8:30am @ HBA Julie@cshba.com / 719-592-1800

Colorado Association of Real Estate Appraisers Meeting 6:30pm @ Academy Hotel Gary Eisenbraun | 719-278-9080 gary@academyappraisal.com

Saturday, January 24 First-Time Home Buyers 10am @ Ent (Galley Rd) Register at Ent.com/Seminars or call 719-550-6998

Saturday, January 31 HBA Annual Awards Dinner shirley@cahba.com | 719-592-1800

FEBRUARY

Thursday, February, 12 WCR Luncheon “Guerilla Selling in Hard Times”

11am @ Marriott Hotel cstarkie@stewart.com / 393-3532

Colorado Association of Real Estate Appraisers Meeting 6:30pm @ Academy Hotel Gary Eisenbraun | 719-278-9080 gary@academyappraisal.com

APRIL Thursday, April 9 WCR Meeting “Think Like a Spy” (on Identity theft) 11 am @ Marriott Hotel cstarkie@stewart.com / 393-3532

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719.205.1299 December 22, 2008

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Colorado Springs Real Estate Journal

15


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