PRSRT STD US POSTAGE PA ID PERMIT 745 Colo SPGS CO
Vol. 1 No. 13
March 9, 2009
www.csrej.com
It’s about JOBS: Realtors endorse Obama's recovery plan including housing stability, health care
The National Association of Realtors® expressed support of President Obama’s broadened focus of the nation’s economic recovery that stresses housing stability and making health care an important component of his economic revitalization strategy, in addition to “restarting lending” and preventing foreclosures. “We fully agree with President Obama’s emphasis that housing is the backbone of our national economy,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “As he said, when a family buys a home, workers are hired to build it. Those workers spend money and open businesses. As a result, investors return. In short, housing is the key to revitalizing America and we pledge to work with him to help jumpstart our economy.” Initial steps taken by the Obama administration and the 111th Congress to begin stabilizing the housing market meet many of NAR’s policy recommendations. NAR called for lowering interest rates, reducing preventable foreclosures and reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac. In addition, NAR was the leading advocate for increasing and improving the home buyer tax credit. “All of these measures will help stabilize housing values and allow the housing market to begin to strengthen and the economy to begin to heal. This will improve communities and create jobs,” McMillan said. NAR Members With Health Coverage (70%) NAR Members Without Health Coverage (30%)
See Health Care page 4
Vote Yes for JOBS NOW According to a recent poll, a majority of the citizens of Colorado Springs believe that retaining existing jobs and creating and attracting new good-paying jobs, should be a priority for our community. JOBS NOW is a ballot measure that was approved by City Council and will appear on the mail ballot that will By Wynne Palermo PPAR Chairwoman be mailed to you — on March 17th. When JOBS NOW is approved by the voters, it will give Colorado Springs the power to create, retain and attract the kinds of jobs that are needed to keep Colorado Springs a vibrant City that people will want to live and invest in for years to
NOT A TAX INCREASE This measure is NOT a tax increase! The measure, entitled appropriately JOBS on your ballot (Item 1A), will au-
Builders and other industry professionals can help spur home sales by referring prospective firsttime home buyers to www. federalhousingtaxcredit. com. The NAHB Web site provides detailed information on the $8,000 federal tax credit for first-time home buyers included in the economic stimulus legislation signed into law by President Obama. Consumers can use the Web site to find information on the tax credit — including a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers. “The new tax credit provides a great opportunity for first-time home buyers,” said NAHB Chairman Joe Robson. “Combined with today’s near record low interest rates, the large selection of homes on the market and very competitive pricing, the tax credit should provide the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.” Industry professionals are encouraged to highlight the tax credit Web site when marketing to their potential first-time home buyer market. The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Page 4 Pikes Peak Marketing Forum
See Jobs Now page 5
Best Newsprint (Half page and Over) Gazette - Murphy Gazette - Cathedral Pines Pulte Homes
Best Remodeling Project – Res. Kitchen Beckony Kitchens & Baths Hammers for Hire Design/Build Kenton Pass & Company
Best Print Campaign Renewal by Andersen The Becky Gloriod Team Gazette
Best Remodeling Project – Res. Bath Beckony Kitchens & Baths DreamMaker Bath & Kitchen
Best Sales Office/Showroom Assoc. Coutura Groninger Construction Best Landscape Design (700,000-900,000) Timberline Landscaping (Flying Horse) Timberline Landscaping (Stone Crossing) Best Landscape Design – (1.2-1.5 Mill) Falcon Crest Homes Stonegate Homes Best Landscape Design – (2 Million+) Flying Horse Signature Homes Moeller Custom Properties / Fredell Enterprises, Inc. Best Brochure Richmond American Homes Flying Horse Signature Homes Banning Lewis Ranch
Best Remodeling Project – Res. Exterior Hammers for Hire Design/Build Kenton Pass & Company Best Web Site – National Builder Pulte Homes Richmond Homes Best Web Site – Local Builder Todays Homes Classic Homes Best Web Site – Associate Nationwide Flooring & Design Center Allegory Advertising ERA Shields Best Web Site – Developer Banning Lewis Ranch Flying Horse Jackson Creek Best Interior Design for a New Home ($501,000-$700,000) Campbell Homes (Steinbeck) Classic Homes (Greenspire) Classic Homes (Spring Blossom)
Best Logo – Builder Classic Homes Moeller Custom Properties Best Logo – Associate Nationwide Flooring & Design Center Allegory Advertising Unified Title
Page 10 Builder/ Realtor Committee
thorize the City to preserve an existing mill levy of .665 – only about $10 per year on a median priced home. THIS IS NOT A NEW TAX. The voters originally approved this mill levy in 1999 to fund bonds that built badly needed infrastructure in our community over the past 10
2008 HBA MAME Awards Finalists
Tax credit web site looks at opportunity of a lifetime
Page 3 Merit Company 2008 Awards Breakfast
come. You have the power to help with that investment by voting Yes for JOBS NOW when you receive your ballot in the mail this March. A coalition of your neighbors, business leaders, and other members of our community including the Pikes Peak Association of REALTORS®, has been formed to get the message out about the importance of JOBS NOW for Colorado Springs. We need your help. If you can financially assist the campaign, want yard signs or want to volunteer, we encourage you to do so by going to the JOBS NOW website and sign up http://www.votejobsnow.com
See the rest page 6
ALSO INSIDE National News.................. Page 2 Local & State News............ Page 5 On the Move.................... Page 8 Local Expert.................... Page 9 Around the Corner............. Page 11
, Your Local Mortgage Lender By Julie Gwisdalla, Ent
Online Loan Application and Resources for Buyers
For more than 50 years, Ent has been a vital part of the community and we understand what it takes to be successful. Ent offers the mortgage service and solutions local realtors and homebuyers need to make a well-informed decision – adding value to the home buying process that you only get with Ent.
Ent’s online Mortgage Resource Center is the one-stopshop for all mortgage products and services. Whether a first time home buyer or multi-property owner, Ent’s 24-hour, seven days a week electronic application process can provide a loan decision faster than ever. Additional resources on Ent’s online Mortgage Resource Center include Loan Consultant, Rate Checker and Rate Lock features:
A Wide Variety of Options Ent offers a wide variety of mortgage loan products to best serve local realtors and home buyers, including fixed rate loans available with 10-, 15-, 20- and 30-year terms; adjustable rate mortgages offering low initial payments and Veteran’s Administration (VA) and Federal Housing Authority (FHA) loans. Additional offerings include construction loans, jumbo loans, First-time Home Buyers programs, Colorado Housing Finance Authority (CHFA) financing, and specialty loans including Reverse Mortgages for homeowners at least 62-years-old and rental properties. With Ent, loan decisions are made locally to ensure loan service quality and prompt delivery and we retain the servicing of most mortgage loans. Ent’s experience and personal attention to realtor and buyer needs ensures you receive accurate, concise and practical mortgage information.
• Loan Consultant feature, providing a step-by-step guide to determining the products and rates that match your needs. • Free Loan Pre-Qualification, giving buyers confidence to make an immediate offer when finding the perfect home and ensuring ease in loan processing • Rate Lock feature, giving applicants the opportunity to lock in their loan rate, ensuring they receive that rate even if rates change before the loan closes
Ent’s $300 Mortgage Guarantee Ent is committed to ensuring we meet our loan commitment deadlines. To demonstrate our pledge to our members we’ve developed a unique $300 Mortgage Guarantee,* a promise to meet purchase deadlines or provide a $300 credit to the member’s HUD1 settlement statements at loan closing.
The Mortgage Lending Team For more information about Ent’s mortgage products and service offerings, contact Ent Mortgage Lending at (719) 574-1100 ext 5602 or toll-free at 800-525-9623 ext 5602, or visit us online at Ent.com/Mortgage.
*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 5 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
www.csrej.com
March 9, 2009
NATION Stimulus bill provides wide range of housing provisions Tax and financial analysts at NAHB have sifted through the massive economic stimulus package enacted on Feb. 17 in search of provisions that will help association members improve their businesses and rally from the most difficult housing downturn since the 1930s. Of the many housing-related provisions in the legislation, the most heavily publicized has been the tax credit of up to $8,000 available to first-time home
buyers who close on or after Jan. 1, 2009 and before Dec. 1 this year. NAHB has assembled resources to help builders disseminate information on the credit to prospective home buyers. However, there is a wide range of provisions in the bill that may be helpful to the housing industry, and NAHB has compiled a list of them along with the potential benefits they provide. To read a summary of these provisions visit
http://www.nbnnews.com/NBN/new/ downloads/march2stimulus.pdf. The specifics on these items are limited at this time, and NAHB will distribute more details as they become available from the various federal agencies that will be implementing them. The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Merit company 2008 awards breakfast February 10, 2009
Below: John Tighe, Director of Sales & Marketing.
Left: Deb Jones, Diamond Award Winner– West Office.
Right: Landon Stovall–Diamond Award–South Office and Len Schrad of North American Title Co.
Left: Janith Davies– West Office Top Leasor, Top Writeups and Top Closed Winner of the year.
Right: Keryn Derubis of Land America Title and Judy Fontana, Top Listor–East Office.
Left: Donna Archuleta, Rookie of the Year– Woodland Park Office.
Director of Publishing Josh Olson
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.
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:
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1. Vistas at Norwood Condos from the $140’s Austin Bluffs and Rangewood (719) 272-4300
Office: 719.217.3433 Fax: 719.550.4373
2. Vistas at Norwood Townhomes from the low $170’s Austin Bluffs and Rangewood (719) 375-3543
3. Barrington Heights
from the 190’s Rangewood and Dublin (719) 528-5130
Inventory Homes Available for Immediate Move In
March 9, 2009
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news?
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• On the Move
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know
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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.
Above: Sophia Lujan and Denise Goolsby, Co–Winners of the Employee of the Year Award.
Above: Kerry Brill, President.
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NATION
BIGGER DOESN’T MEAN STRONGER.
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Visit Claremont Ranch by taking I-25 to Constitution, exit east to Marksheffel, south to Colorado Tech, north on Velliguette or call 719.591.0233 today!
Health Care from page 1 NAR has long advocated providing health insurance to millions of Americans. “Health care for small businesses and the self employed has been a high priority for NAR and one that we hope will be fully addressed by the president and administration this year. Small businesses provide millions of jobs and are the engines behind the U.S. economy,” said McMillan. Although much of the President’s and the country’s focus is on the nation’s financial and housing markets, providing affordable health care to America’s working families should not be delayed any longer. Nearly 30 percent of NAR’s members are without health care insurance and the primary reason given is cost. “We are eager to work with President Obama and the Congress to help rectify the health care situation while continuing to address the need to help people avoid
February 19, 2009
DRHortonColorado.com
Left: Back - Shelley Lajudice with Lajudice Marketing Group and Dawn White with Creekstone Homes. Front - Bill Hayes with RE/MAX Advantage, Anita Schimmel with Masters Real Estate Group and Dave Rich with Stuart Scott.
*Prices, included features, availability and delivery dates are subject to change without notice or obligation. Square footages are approximate. Exterior elevations are an artists conception and may vary from elevation built. Buyers are not required to finance through DHI Mortgage as a condition of purchase or access to settlement services, however, incentives described above are only available by financing and closing through DHI Mortgage. Terms and conditions subject to credit approval, market changes and availability ©2009 DR Horton
Lawyers Title has offcially joined the Fidelity National Financial family!
Right: Carolyn Rogers with All Seasons Real Estate, Colleen Stricklin with Countrywide Home Loans, Cindy Stimits and Shelly Farmer with First American Heritage Title Company and Jorgette Krsulic with Colorado Casa. Left: Heather Hayes with Unified Title, Sue Myers with RE/MAX Real Estate Group, Dawn Reagan with Lawyers Title and Sharon Williams with Masters Real Estate Group.
Your local relationship with Lawyers Title is now backed by Fidelity, the #1 leader in financial strength. As part of the Fidelity family of companies, your real estate transactions with Lawyers Title are safe and secure. Plus, you’ll be doing business with the same people you’ve known and trusted for years.
Lawyers and Fidelity.
© Copyright National Association of REALTORS. Reprinted with permission.
Pikes peak marketing forum
Open daily 10 am to 6 pm, except Sunday and Monday, 12 pm to 6 pm.
STABILITY
foreclosures and stay in their homes,” McMillan said. As the leading advocate for homeowners and the real estate industry, NAR will continue to address issues facing Americans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial properties. NAR will also continue its ongoing advocacy efforts for issues important to its members such as available and affordable health care. “There will be no quick fix for our economy, but tackling shortterm goals while also addressing longterm strategies will likely be a winning combination,” said McMillan. “NAR and our members look forward to working with the president to once again bring stability, prosperity and community to America’s families.”
Right: Ruth Affeld with Countrywide Home Loans, Tim Granbill with Countrywide Reverse Mortgage and Patti Child with MacKenzie Place.
It’s a good deal more.
104 S. Cascade, Suite 102 Colorado Springs, CO 80903 719-475-8800
©2009 Lawyers Title Insurance Corporation
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Colorado Springs Real Estate Journal
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March 9, 2009
LOCAL & STATE
Local NAHREP gets $1,000 grant NAHREP-Colorado Springs (National Association of Hispanic Real Estate Professionals) is pleased to announce that it has received at $1,000 grant from Farmer’s Insurance. Ken Valdez, a Farmer’s Insurance agent, also a NAHREP board member, presented the check to the NAHREP-Colorado Springs Board of Directors, led by President Gloria Mendoza on February 11th, at the chapter’s general membership meeting. Farmers In-
surance has created a Community Sponsorship Fund to support community and civic activities in which insurance agents participate. Each grant submission is a competitive process in which each grant is screened by the State and Corporate offices. NAHREP’s mission is “To increase the Hispanic Homeownership Rate by Empowering the Real Estate Professionals that serve the Community”.
Jobs Now from page 1 years, and those bonds, as promised, will be paid off at the end of this year. You have been paying about $10 each year – about the cost of a bucket of chicken – as part of your property taxes since 1999. The levy will expire unless we act to invest in our community and Vote Yes to extend that mill levy for jobs. A Yes vote for JOBS NOW will provide funding dedicated for the purpose of creating, attracting and retaining jobs not just today but into the future. The JOBS NOW ballot measure will extend this mill levy until 2025. JOBS NOW will be an investment in the economic health of our local economy by helping current and future employers create, retain and attract good-paying jobs through training, needed improvements, and other investments that will help make Colorado Springs competitive when creating, attracting or retaining jobs. You have seen the headlines and read about the job losses and you probably know someone who is looking for a job but has not been able to find one. Did you know that 93% of all new jobs created by expanding local companies and new companies that locate into our community have been filled by current residents? Our local economy is at a crossroads – by voting YES for JOBS we can avoid being a community that can’t provide jobs for our future generation and is stagnate and left behind as the economy improves and supporting this bold measure. We can and need to invest in our future and JOBS NOW is the way to start. The JOBS NOW ballot measure will give the people of Colorado Springs the opportunity to leverage our current assets like scenic natural beauty, an educated workforce, and solid educational institutions to make today better and our future brighter. JOBS NOW will give our community the tools to compete in the new economy and expand job opportunities that will help our City continue to grow as a place that our children and grandchildren can live, work, and play in. The only question is, “Can we afford not to do this right now?” The answer is Absolutely Not - this is too important for our community. VOTE YES FOR JOBS NOW. Wynne Palermo is the current Chairperson of the Pikes Peak Association of REALTORS® and owner of WYNNE Realty, Ltd. She has been a Realtor for over twenty-five years in Colorado Springs and is active in a number of community groups and professional associations.
March 9, 2009
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Colorado Springs Real Estate Journal
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LOCAL & STATE
The market has changed, but the dream is the same. Introducing Vanguard Homes: Change is something we’ve been hearing about and experiencing for some time now, especially in the home building industry. However, with all of the change and volatility, one thing that has remained constant is the desire of the home buyer. Today’s home buyer, as in the past, still desires to find the best value possible. Vanguard Homes of Colorado Springs is fulfilling that desire. Vanguard is celebrating its entry into the local home building business with a grand opening luncheon event at its new model home at 16648 Greyhawk Drive in Monument. Located at Remington Hills in Jackson Creek, the exclusive Realtor event is March 19th from 11-2. The luncheon will be fully catered by Mozaic Restaurant and door prizes including a new Kodak digital camera will be given away. Please R.S.V.P. to 719-460-5311 by March 16th. Realtors, please be sure to bring you buyers by over the grand opening weekend (Friday, Saturday & Sunday, March 20, 21, & 22) to tour this great new model and enter them for additional giveaways. Builders
in Remington Hills have been selling new homes in the 500’s and 600’s for the past few years. Vanguard’s offerings will include high end interior and exterior finishes starting at 379K. When seeking a name for his company, owner, Mark Long wanted the name to clearly represent his vision. Mark’s vision was simple but bold. Provide new home buyers with superior homes, customer service and greater overall customer value than what the local industry has ever offered before. The name Vanguard Homes was the perfect fit. Vanguard means to be at the forefront of a movement or trend. Leading this movement to superior customer value may not trigger a new trend among other home builders but Vanguard Homes is determined to lead just the same. Vanguard Homes is a new company with a fresh vision but that doesn’t mean its leader is a novice to the industry. As Vice-President in charge of construction for Saddle Tree and Symphony Homes, Mark Long has
Join Us for the GRAND OPENING of a New Model in Jackson Creek! Special Realtor Open House Thursday, March 19th 11:00-2:00
Catered Lunch by moZaic Restaurant Enter to Win a New Kodak Digital Camera or 1 of 3 Window Tint Certificates!
DON’T MISS IT!
RSVP to 719.450.5311 by March 16th
Bring Your Clients!
March 20th, 21st, 22nd 10:00-4:00 Refreshments Served They Could Win An Ipod Stereo System Valued at $349 or 1 of 2 Window Tint Certificates from The Alternate Source.
built over one thousand homes during his thirteen year career. A native of Colorado, Marks role in the industry has always been customer focused. His experience and position has enabled Mark to understand the needs of the new home buyer perhaps like no one else in Colorado Springs. “I am very excited about Vanguard Homes, our vision and the opportunity to be at the forefront of increasing customer value,” Long expressed. Recently, as many semi-custom builders have slowed production, left Colorado Springs or just dropped out of the business, Vanguard Homes is aggressively moving forward with fresh design ideas, the newest home technologies and amazing pricing to enhance customer value. “Many builders are 'adapting' to current market conditions by trimming costs and offering less,” Long added. “My sense is, they may be forgetting that even in this challenging market, the desires and goals of their customers have not changed. The new home buyer still wants to maximize their purchasing power; they still want the best value. Our goal at Vanguard Homes is to help them achieve that goal through innovation, design, technology and service.” Vanguard Homes is marketed exclusively by The Signature Co. Real Estate Group. For additional information please contact us at 866-481-2575 or visit the vanguard website, www.vanguardnewhomes.com. The Signature Co Real Estate Group is a real estate brokerage specializing on comprehensive solutions and representation of builders, developers and luxury real estate.
MAME FINALISTS (Cont.) Best Interior Design for a New Home ($1,200,000. - $1,500,000. ) Falcon Crest Homes (The Saxton) Moeller Custom Properties (Walt Disney) Stonegate Homes (Sierra Vista) Best Interior Design – New Home ($1,500,000. - $2,000,000.) C R Shea Homes (Casa Estancia) Robert Scott Custom Homes (Nature's Beauty) Best Interior Design – New Home ($2 Million and over) Flying Horse Signature Homes (The Residence) Moeller Custom Properties (Villa de Grace) Best Signage – Off-Site Banning Lewis Ranch Renewal by Anderson Best Architectural Design for a New Home ($100,000-$300,000) Capital Pacific Homes (Cerro Summit) Capital Pacific Homes (Mount Rosa) Best Architectural Design – New Home ($501,000-$700,000) Campbell Homes (Steinbeck) Classic Homes (Spring Blossom) Classic Homes (Greenspire) Best Architectural Design – New Home ($1,200,000. - $1,500,000.) Falcon Crest Homes (The Saxton) Stonegate Homes (Sierra Vista) Best Architectural Design – New Home ($1,500,000. - $2,000,000.) C R Shea Homes (Casa Estancia) Robert Scott Custom Homes (Nature's Beauty) Best Architectural Design – New Home ($2,000,000 and over) Flying Horse Signature Homes (The Residence) Moeller Custom Properties (Villa de Grace)
For Information About Vanguard Homes’ Offerings Please Contact
Best Radio Spot Banning Lewis Ranch Front Range Cabinets Wells Fargo Home Mortgage Best Special Promotional Event Flying Horse Pulte Homes Coutura ERA Shields
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Colorado Springs Real Estate Journal
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Best Single Special Promotional Piece Banning Lewis Ranch Flying Horse Braintree Marketing Best Salesperson of 2008 Classic Homes (Teresa Pacheco) Classic Homes (Cindy Manyik) Best TV Spot Classic Homes Todays Homes ERA Shields Best New Home – Attached ($100,000-$300,000) Century Communities (The Augusta) Pulte Homes (The Berkley) Pulte Homes (The Magnolia) Best New Home – Detached ($100,000-$300,000) Capital Pacific Homes (Cerro Summit) Capital Pacific Homes (Mount Rosa) Richmond American Homes (Spruce) Best New Home – Detached ($501,000-$700,000) Campbell Homes (Steinbeck) Classic Homes (Greenspire) Classic Homes (Spring Blossom) Best New Home – Detached ($1,200,000. - $1,500,000.) Falcon Crest Homes (The Saxton) Stonegate Homes (Sierra Vista) Best New Home – Detached ($1,500,000. - $2,000,000.) C R Shea Homes (Casa Estancia) Robert Scott Custom Homes (Nature's Beauty) Best New Home – Detached ($2,000,000 and Over) Flying Horse Signature Homes (The Residence) Moeller Custom Properties (Villa de Grace) 2008 Grand Award Classic Homes Moeller Custom Properties
2008 MAME Awards April 18th, 2009
Visit www.cshba.com for more information and to reserve your seats today.
March 9, 2009
LOCAL & STATE
Rusinak Real Estate hosts reverse mortgage presentation Rusinak Real Estate, Inc. hosted a reverse mortgage presentation and discussion for their brokers at their new Military Housing Solutions office on February 17th. Nathan Johnson, Account Executive for 1st Reverse Mortgage USA provided details on a program which he said “homeowners 62 or older should at least look into”. Johnson explained that today there are more seniors, seniors are living longer, and it costs more to live. These are three reasons Reverse Mortgages represent one of the fastest growing segments of the mortgage industry. Founded in 2002 to focus exclusively on reverse mortgages, 1st Reverse Mortgage USA is a HUD-approved provider in the top 3% of companies who offer reverse mortgages nationwide in terms of volume. Based on statistics Johnson shared, 50% of 65-yearolds today can expect to live to 85 (for men), 88 (for women), and 92 (for couples). Johnson said that the bankruptcy rate for those over 65 now exceeds any other age group, and that 16 million adult children are funding their elderly parents’ debt to the tune of $33 billion annually. Forty-four per cent of seniors are living solely on their social security income, he added. These seniors stand to benefit from reverse mortgages. By relying on the equity in the home, reverse mortgages not only minimize the qualification requirements,
DenverRealEstate.com aquired by The Kentwood Companies The Kentwood Companies has acquired the DenverRealEstate.com Internet domain name in a monumental strategic move that will advance the company’s already premier website presence. The acquisition of Denver’s leading domain name for real estate search online will position The Kentwood Companies’ as the best Internet brand.
When aggregating results from the top three Internet search engines (Google, Yahoo, and MSN), the premier keyword search term “Denver Real Estate” has in excess of 200,000 searches per month on average and as high as 300,000 per month during the summer. The Kentwood Companies will therefore see a monumental benefit from increased traffic to its website through the exact match of the keyword search and DenverRealestate.com domain name. Kentwood’s strategy entails “re-branding” to the newly acquired domain name. Studies conducted by the National Association of Realtors show that nearly 80 percent of all prospective homebuyers begin their search for a home on the Internet. All major search engines will now send home shoppers directly to The Kentwood Companies. “The acquisition of DenverRealEstate.com is an unprecedented coup for The Kentwood Companies,” said Peter Niederman, COO of the leading real estate firm. “This acquisition is a remarkable achievement and we now own the absolute best brand for searching Denver real estate online. The importance of being consumer-centric will enhance seller benefits through increased unique visitor web traffic, and the buyer user-interface provides the ability for quick and comprehensive search through Google’s interactive satellite mapping.” According to Lance Smith, Kentwood’s Director of IT, “This is a huge step in the right direction, keeping The Kentwood Companies web presence as the leading real estate company in the metro Denver area.”
but also provide a safe and tax-free way to tap into a home’s value to provide income for any purpose. Unlike home equity loans, reverse mortgages do not require the home owner to make monthly payments. To qualify, the owner(s) must be 62 or older, must own (or purchase) the home on which the reverse mortgage is written, and the residence must meet appraisal guidelines. The owner(s) must occupy the property as their primary residence, pay their property taxes, maintain home-owners insurance, and keep the property in good repair. In return, they can receive tax-free income for life (or until they are 150 years old, under current guidelines). Eligibility for reverse mortgage financing is not based on credit scores, specific income levels, or employment status. Neither the homeowner nor their heirs will ever give up title and the excess equity remains the property of the owners or heirs. A dozen safeguards have been established to protect the elderly. For example, fees, rates and terms are set, so there is no need to “shop the competition.” Loans are insured and there is a right to cancel. There are no prepayment penalties. The proceeds they receive are taxfree. HUD requires counseling by qualified third party counselors, who cannot be the loan originators. Realtor 12/19/2008can 4:24:11 PM for any Income fromAd.pdf reverse1 mortgages be used
purpose, according to Johnson. Possible uses include monthly tax-free income; emergencies; pay off debt or existing mortgages; pay property tax, insurance or home repair bills; pay long-term care insurance premiums, charitable giving, purchase a second home, or replace income if a working spouse dies. “It’s all about peace of mind,” Johnson concluded, “especially if people are worried about mortgage payments, losing their homes, lack of income, or paying bills.” Reverse mortgages are available for any FHA-acceptable residential property including single-family homes, condos, townhomes, duplexes, triplexes, four-plexes, and modular homes. These mortgages can provide a stream of funds or lump sum contingency funds for seniors, reducing financial uncertainty as they age.
Nathan Johnson, Account Executive for 1st Reverse Mortgage USA, conducts a seminar on reverse mortgages for brokers at Rusinak Real Estate, Inc.
FREEDOM IS having a partner you can trust.
Tom Bechtel (719) 550-6486
Marcus Brown (719) 550-6408
Josh Callens (Denver) (720) 833-3324
Diane Danner (719) 550-6441
Alex Deboer (719) 550-6482
Stephanie Dombrowski (719) 550-6485
Carol Flynn (719) 550-6470
Cathy Gonzalez (719) 550-6431
Suzi Gradisar (Pueblo) (719) 296-2107
Brad Shaw (719) 550-6995
Lisa Shoblo (719) 550-6480
Tony Sloan (719) 550-6439
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March 9, 2009
ENT - A REALTOR’S LENDING PARTNER As a Realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!
Ent.com
Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in house. Ask about our $300 Mortgage Guarantee, too! For more information, call one of our Mortgage Loan Officers or visit Ent.com/Mortgage
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On the Move Val Bays RE/MAX Properties Val Bays, CDPE has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their North Office at 1740 Chapel Hills Drive. Bays is originally from Tucson, AZ. She has an extensive background in restaurant and bar management. She has over 3 years in the real estate industry and is excited about the opportunities available in 2009. As a Westside Residential specialist, Bays is truly enthusiastic about real estate. She states, “I love working with people. I have always loved real estate. I bought my first house in Colorado Springs when I was 18. When I thought about finding a new career that I could really enjoy, this was it!” Bays chose to join RE/MAX Properties, Inc. because of their on-going and extensive Broker Associate education program. Bays is also one of more than 100 RE/MAX Properties, Inc. Broker Associates with the new Certified Distressed Property Expert (CDPE) designation.
Heather Shelton Heim Realty Heim Realty is proud to announce the addition of Heather Shelton to the Heim Realty family. Heather is a fourth generation Colorado native and has been in the Real Estate industry for over five years. She has over ten years experience in sports sales and marketing where she perfected her negotiation skills. “I understand the quality of life people are looking for when they move to Colorado Springs, and that’s why I will always focus on finding the perfect home for my clients” Heim Realty specializes in residential Real Estate sales in Colorado Springs and is happy to have an agent of Heather’s caliber in the group. The training and support offered by Paula Sue Heim, Heim Realty Employing Broker, helps each agent reach their full potential and goals.
Kirk Harley Allegory Advertising Allegory Advertising named long-time business professional, Kirk Harley, Business Development Manager on February 16, 2009. Mr. Harley brings over 20 years of sales and marketing experience and a proven track record of achievement in sales management, team building, contract negotiation, strategic plan development and financial responsibility. Mr. Harley will be in charge of managing new business for the Colorado Springs based, advertising agency,
and he’ll do so having been successful in a wide range of marketing and sales venues. As Entertainment/Regional Manager of the Reno Gazette-Journal, of Reno Nevada, he was responsible for signing the single highest casino revenue, advertising contract ever signed – nearly one million dollars. As Vice President of J. David Herbert Advertising, Inc., also of Nevada, he drove new business numbers up well over $100,000 per year. Kirk also had a successful sales career at the Colorado Springs Gazette, and was named a Member of the Freedom Communications Presidents Club for his sales achievements. Victoria Stone, President/CEO, of Allegory Advertising, explains, “Kirk is exactly the person we were looking for to run business development. He’s a consummate professional and will represent Allegory well. He exudes our core principles of Integrity, Authenticity, Engagement and Efficiency.”
Matt Jones Keller Williams Clients Choice Matt Jones was recently appointed the prestigious position of Team Leader for Keller Williams' Clients' Choice Realty for the offices in Colorado Springs, Monument and Woodland Park. Joyce Heffner-Williams the owner is the Operating Principal. Matt was recently quoted saying, . "As your new Team Leader I am going to make sure that the original vision of Clients' Choice will manifest itself through each and every one of our Realtors, Managers and Staff. "It is a privilege and responsibility to be called a Keller Williams Clients' Choice Agent." Matt continued saying, "Our vision statement since Keller Williams' Clients' Choice conception is stated, "To be individuals having a servants attitude in our relationship with our community, customers and each other." This has been the vision and now that I am at the helm as Team Leader I want to carry it through with passion and zeal." Matt more than fits the profile for a exemplary cutting edge leader with youth, eagerness, excellence and unequivocal integrity. In the same meeting in his soft spoken way yet with power house words commented "I want each of our agents to hold me responsible for extraordinary service as well as I will hold each of you accountable. We are here as professionals to educate, legislate, mitigate, and negotiate for our client's but with humbleness and a servant attitude. Matt is originally from Birmingham, Alabama. He became a Keller Williams Clients' Choice agent in 2003 serving as Market Center Administrator and Associate Broker.
Be a Part of this Section See Page 3 for Details
Dee Low Rusinak Real Estate Military Housing Solutions Dee Low has joined the Rusinak companies as Chief, Military Housing Solutions. In this capacity, Low will lead the development of this outreach program to aid active military members and their families in achieving their housing needs. Low, who holds a degree in business administration from Regis University, is well connected to the needs of military members, having completed a military career of more than 30 years, many of which were in the Colorado Springs area. Vince Rusinak, owner of Rusinak Real Estate, Inc., created Military Housing Solutions to honor those who are defending our way of life. The program provides education and referral services at no cost or obligation, whether the individual needs housing on or off the military installation, an apartment to rent, or a home to rent or buy. “Nothing will be sold at our education and resource center,” Rusinak said. “Military Housing Solutions is geared to equipping every military member to make housing decisions in their own best interests. When requested by the military member, we will refer them to people or organizations able to satisfy their housing needs.” “I’m thrilled to be a part of the Rusinak organization,” Low said. “I have spent much of my military career helping military members , and look forward to continuing my service to soldiers, sailors, airmen and their families. The opportunity to help military members relocating worldwide through our association with Leading Real Estate Companies of the World® is especially exciting,” Low added.
Dawne Leone Prudential Professional Realtors Prudential Professional Realtors is excited to welcome Dawne Leone into their family of real estate professionals! Dawne brings to the table a wealth of experience and a unique style, leaving nothing to chance. Her ranching and equine background are reflected in her area of specialty, homes with acreage and horse properties. Dawne is also an Accredited Staging Professional and a member of the International Association of Home Staging Professionals. Her proactive approach and careful planning give buyers and sellers the results they expect from a true professional.
Randy Slaybaugh Branch Manager Sara Frear Operations Manager Ruth Hansen Closing Manager (Downtown Office)
Stephanie McCloy Closing Manager (North Office)
There’s something to be said for consistency Consistently serving Colorado for 41 years.
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Colorado Springs Real Estate Journal
Downtown | 719-634-4821
North Office | 719-268-0413
102 S. Tejon Street #100 Colorado Springs, CO 80903
6215 Corporate Drive #101 Colorado Springs, CO 80919
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March 9, 2009
LOCAL EXPERT
A local perspective
is more specific and requires a 10% review. The days of a mortgage broker or loan officer ordering an appraisal for a loan delivered to Freddie or Fannie will soon be By Jo Stinett Peak View Real Estate gone. For this reason I did Appraisals not include the many con— versations I have had with mortgage brokers or individual loan officers. My focus is on the internal changes of direct lenders, correspondent lenders, and wholesale lenders, with particular attention to the lending institutions that are currently using processors to select the appraiser. The question that begs for clarification is: Are processors considered part of the loan production staff and/or can they be independent from the loan production process?
Over the past month I have had the opportunity to sit down and chat with members of our local lending community about their take on the Home Valuation Code of Conduct (HVCC) and the proposed Interagency Appraisal and Evaluation Guidelines (GUIDELINES). My purpose was twofold. One – to get feedback on the regulations from a community lender’s perspective; and two – to better understand how these lenders may modify their existing appraisal policies to become compliant. In the interest of time I will quickly touch on the regulations covering the selection of appraisers, appraiser independence, and quality control. Regarding independence and selection of appraisers, the GUIDELINES which apply to all real estate appraisals in connection with federally related transactions, state that the collateral valuation program should be isolated from influence and be independent of the loan production staff and process. The HVCC which applies to all loans delivered to the GSE’s on or after May 1st, takes this a step further by prohibiting the selection of an appraiser by anyone compensated on the successful completion of the loan. In addition anyone selecting an appraiser must be “appropriately trained and qualified in the area of real estate appraisals”. Since mortgage brokers are prohibited from ordering or paying for appraisals this process will be shifted to the wholesale lender, many of which are not set up to handle this function. As far as quality control, the GUIDELINES have a new section on reviewing appraisals which emphasizes the importance of an institution’s review function and makes clear that the federal agencies expect institutions to “maintain a robust review process”. The HVCC again
"...effective May 1st we will have brokers, loan officers, and for the most part processors, who are ineligible to order appraisals."
March 9, 2009
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This question was answered back in 2005. The agencies included a definition of “loan production staff ” from their FAQ regarding their original Interagency Appraisal Guidelines issued in 1994. It reads, “The loan production staff consists of those responsible for generating loan volume or approving loans, as well as their subordinates. This would include an employee whose compensation is based on loan volume or the closing of a loan transaction. Employees responsible for the credit administration function or credit risk management are not considered loan production staff.” Fannie Mae has
just recently issued a HVCC FAQ which confirms that this is the definition they will adhere to for the HVCC. All but one of the local lenders I spoke with currently run their appraisal selection internally, and have their loan officers or processors ordering appraisals. For those processors ordering the appraisals, it is not uncommon for them to have some type of compensation based on loan volume. The processors may also receive monetary gifts from the loan officers which blurs the line on their independence from the loan production staff. These lenders overwhelmingly agreed that changes are needed to bring their appraisal selection process into compliance with the GUIDELINES and/or the HVCC. It should be noted that the HVCC does not currently apply to FHA or VA loans. However, these loans are considered federally related transactions and therefore the GUIDELINES do apply. They did in 1994, they did in 2005, and they do now. This makes one wonder how we got to the point of having loan officers and mortgage brokers order appraisals in the first place. But I digress ….. At any rate, effective May 1st we will have brokers, loan officers, and for the most part processors, who are ineligible to order appraisals. So what’s a lender to do? They have two options. Continue to order appraisals in house, but set up an independent department (or employee) that will satisfy the regulatory requirements; or outsource the process to a third party vendor. By and large the first choice was to keep the process in house. Educate and train, and do what is necessary to create a firewall between loan production and the selection process. They also may review their existing appraiser roster to establish a non-bias selection system. In addition, implementation of a more formal review process for quality control would be established. This will take time to implements and may well result in additional overhead to the lender. The second choice is to outsource the process to an
See Local Expert page 10
Colorado Springs Real Estate Journal
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LOCAL EXPERT Local Expert from page 9 Appraisal Management Company (AMC). The AMC would guarantee compliance by managing the appraisal process, maintaining the appraiser panel, selecting and retaining the appraiser, and providing review. The majority of AMC’s are able to provide this service without significant cost to the lender because they charge the lender somewhere in the neighborhood of $350/$425 (which is passed on to the borrower) and pay the appraiser somewhere in the neighborhood of $190/$225 to provide the appraisal report. The difference, which I’ve seen as high as 50%, is then retained by the AMC. Since the acceptance of the final version of the HVCC lenders have been flooded with solicitations from Appraisal Management Companies. Some like RELS, LSI, eAppraisIT, and Landsafe have been around for years and are well oiled machines. Many others have only come into existence over the last 6 months, and have been designed specifically to take advantage of the increase in demand for AMC’s that has just been created. I was surprised (and delighted) to learn that even the lenders I spoke with who have a national presence
would prefer not to use an AMC. They want the ability to retain the appraisers they trust, the appraisers they know are competent who they have done business with for years, and they want those appraisers paid appropriately. They just need options, options which will assist them with their appraisal process, are cost effective, and
"Why is it I can review and review and review and have two other people review and still miss something really stupid?" will keep them in compliance. There are options which will do that. There are systems to help lenders keep the process in house. There is also one nationwide appraisal co-op just about to hit the street which will manage the appraisal process and maintain compliance for the lender, while at the same time promote and protect the appraisal profession. E-mail me at localexpert@peakviewrea.com if you would like to learn more.
George Washington once said “Associate yourself with men of good quality if you esteem your own reputation, for 'tis better to be alone than in bad company.” I would like to thank the following “men of good quality” for affording me their time, experience, and knowledge. Gene Mills, President CB&T Mortgage; Quentin Leighty, Vice President 1st National Bank Monument; William Vogeney, Senior Vice President ENT Federal Credit Union; Patrick Sullivan, Senior Vice President Bank at Broadmoor; Hutch Hutchison, President Adams Mortgage; Dr. Gary Lacefield Executive Vice-President/ Director of Compliance WR Starkey Mortgage; and last but not least a “woman of good quality” Sarah Pratt, Regional Manager Plaza Home Mortgage. Jo Stinett is a Certified Residential Appraiser and the owner/operator of Peak View Real Estate Appraisals. Jo is FHA approved and specializes in El Paso and Teller Counties. She is also a member of Colorado Association of Real Estate Appraisersas well as the Women’s Council of Realtors. To contact Jo you may e-mail her at jo@peakviewrea.com or call her at (719) 510-0804.
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got pictures? josh@csrej.com
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Colorado Springs Real Estate Journal
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March 9, 2009
Around the Corner MARCH Wednesday, March 11 Wills, Trusts, Estate Planning 9am @ Empire Title kristy@etcos.com / 719-884-530
1pm @ Land Title Randy / 719-634-4821
8am @ Crowne Plaza Hotel Shirley@cshba.com / 719-592-1800
Tuesday, March 24 Green Day at HBA
2009 Commission Update Course
PP Energy Star Homes Committee
11:30am @ HBA Office www.cshba.com
8:30am @ Empire Title kristy@etcos.com / 719-884-530
10 am @ Cordera www.pikespeakenergystar.com
Have You Vlogged Today? 10:30am @ Empire Title kristy@etcos.com / 719-884-530
Rocky Mountain Community Land Trust Informational Workshop 6pm @ 21 S. Wahsatch Ave. 719-447-9300 ext 5
NAHREP 11:30 am @ East Library KimSellsCO@Gmail.com
Colorado Association of Real Estate Appraisers Meeting 6:30pm @ Academy Hotel Gary Eisenbraun | 719-278-9080 gary@academyappraisal.com
Thursday, March 12 Empire Title's Direct Connect w/Erin Toll
Thursday, March 19 Pikes Peak Marketing Forum
8am @ Mr. Biggs Event Center kristy@etcos.com / 719-884-5300
WCR Luncheon “Business Planning”
11am @ Marriott Hotel cstarkie@stewart.com / 393-3532
1pm @ Land Title Paul / 719-634-4821
Saturday, March 14 Building a Home: Help from the Ground Up
Realtor Rally
Saturday, April 11 Reverse Mortgages
9am @ Empire Title kristy@etcos.com / 719-884-530
10am @ Ent (Galley) 719-550-6095
Saturday, March 28 First-Time Home Buyers
Thursday, April 16 Pikes Peak Marketing Forum
10am @ Ent (Galley) 719-550-6095
8am @ Colo. Springs Country Club Ruthie Lohrig–Kline / 719-492-3998
APRIL
Metro List Advantage TBD @ Land Title 719-634-4821
Thursday, April 2 B.L.E.E.P
Advanced 1031 Exchange
Friday, April 3 Breakfast w/the Builders of Banning Lewis Ranch
11am @ 16648 Greyhawk In Jackson Creek RSVP by March 16th to 719.460.5311
11am @ Marriott Hotel cstarkie@stewart.com / 393-3532
Wednesday, March 25 Advanced Foreclosure & Short Sale
8:30 am @ Latigo Trails Roxene / 719-495-6213
Realtor Grand Opening Luncheon at Vanguard Homes
Thursday, April 9 WCR Meeting “Think Like a Spy” (on Identity theft)
7:30am @ 700-14th St. Denver 720-748-4872
8am @ Colo. Springs Country Club Ruthie Lohrig–Kline / 719-492-3998
8:30am @ Empire Title kristy@etcos.com / 719-884-530
1031 Exchanges
10am @ Ent (Galley) 719-550-6095
Making & Working Your Plan
Wednesday, March 18 State of the Economy
8:30am @ Banning Lewis Ranch www.cshba.com
Wednesday, April 8 NAHREP 11:30am @ East Library KimSellsCO@Gmail.com
Saturday, April 18th HBA MAME Awards Broadmoor International Center Trish@cshba.com / 719-592-1800
Thursday, April 23 HOA's 1pm @ Land Title Christina / 719-634-4821
Saturday, April 25 First-Time Home Buyers 10am @ Ent (Campus Dr.) 719-550-6095
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the best gift this year...
{ growth } Plant your seeds now and watch your business grow.
rachelle@csrej.com 719.205.1299 | www.csrej.com