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Vol. 1 No. 21

July 13, 2009

www.csrej.com

Big boost in housing demand expected from Echo Boomers Depicting the current housing downturn in sobering terms, the 2009 "State of the Nation’s Housing" report released by Harvard University’s Joint Center for Housing Studies on June 22 nevertheless gives home builders firm assurances of a resurgence in demand once the echoboom generation gains a footing in the housing market. Born from 1981-2000, members of the echo-boom generation, Harvard says, will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances.

“While the economic crisis has dampened household growth, the sheer size of the echo-boom generation will give a powerful boost to long-run housing demand,” the report says. However, “a severe and prolonged recession,” according to the housing economists at Harvard, could reduce immigration, which is a key driver of household growth. Two household growth projections were made for this year’s report: one based on the latest population projection from the Census Bureau in which annual net immigration increases from 1.1 mil-

lion in 2005 to 1.5 million in 2020, and more than 2.0 million by 2050; and one in which these immigration assumptions are cut by half as the result of a worse than expected recession. Even under the weaker scenario, in which there would be 2.3 million fewer household formations in 2010-2020, average annual household growth can be expected to be comparable to the growth experienced from 1995-2005 as members of the echo-boom move into the prime household formation and home buying ages of 25 to 44. “The number of echo boomers aged

25 to 44 will eclipse the number of baby boomers when they were those same ages by more than 5.9 million,” according to the report.

See Echo Boomers page 5

The new sales contract is now mandatory, but issues remain Section 4.3 Form of sue was called for by the Funds; Time of Payment; Real Estate Commission. Funds available, of the conThe Task Force has had tract to buy and sell ( CBS1 their first meeting. Look -7-09 ) now includes “any for this issue to be clariloan proceeds”. This emfied in the next contract phasizes that the buyer By Paul Goldenbogen revision, but not before the will be in default if the loan Keller Williams Partners first of next year. No major — does not fund at the closing changes are anticipated at table. The inclusion created a last minute this time. concern for the Colorado Association Section 10.8 Carbon Monoxide of Realtors. A letter from the president Alarms is new and has forced this midof CAR questioned the need to include year contract change. Most Realtors are loan proceeds in this section. As a result aware of the change. They know that the of that letter a task force to study this isalarms must be installed to sell a home.

More importantly we can not market a home that does not have them installed. This law requires a listing Realtor to remove a home from the MLS, remove the sign, and stop all advertising and showings of property that does not have carbon monoxide alarms installed. This will be tough on Realtors with REO listings. They must protect their client sellers the banks, and at the same time get them to comply with this Colorado law. Realtors working with buyers must be carful not to sell any property that does not have alarms installed. No it is not alright to write on a home without alarms, but in-

clude in Additional Provisions that they be installed by closing. Homes without alarms cannot be marketed, period. Section 30 Colorado Foreclosure Protection Act . This section is the most problematic. The legislature changed the “trigger” on this act. The legislature moved it from the Notice of Election and Demand to the point that a borrower is 30 days delinquent in payment. That change will include most of the short sales. If the buyer is an owner occupant, no problem. Show it and sell it on the new contract form. If

Remodeled Homes Tour is a success

Roland Construction and Kenton Pass with Kenton Pass & Co. The Tour was a great example of how a professional remodeler works closely with their clients listening to their needs and desires, and then creates the dreams of their clients into what their newly remodeled home will look like. It takes the cooperation and hard work of many people for the Tour to be a success. Each home in the tour is someone’s residence and it was great having the homeowners available at a number of the sites so that attendees could not only ask about aspects of the remodel but also about the positive experience they had with their remodeler. The Remodelers and their staff were also on site and answered questions about the different changes that went

into completing the project that helped make the homeowner’s dream a reality through the skill of their remodeler. The remodelers who participated were pleased that so many people came out to see their work. All reported that those attending took their cards and promotional materials with several of the remodelers getting solid leads and several contracts from those attending. “This event is a great marketing opportunity,” said Mark Witte. “I can show people pictures of my work but for them to actually be able to walk through and see it up close….that’s marketing I can’t get anywhere else.” Many of the remodelers echo the same sentiments and will be keeping an eye

The second annual Remodeled Homes Tour featured 10 different homes throughout El Paso County. Tour goers had the opportunity to visit all of the beautifully remodeled homes and talk one-on-one with the remodelers and homeowners. This was a great opportunity for all attending to see the quality work that the remodelers offer and get ideas about how they could fix up their home as a way to increase its value. For the remodelers, it was a great opportunity to showcase their skills and talk with potential clients

The tour had a variety of remodeling projects this year, including whole house remodels, kitchens, bathrooms and an outdoor living area. Our Association has some of the best, highly-skilled remodelers in the area and the Housing and Building Association was honored to give them the opportunity to show off their great work in this annual event. The featured Remodelers this year were Mark Witte with DreamMaker Bath & Kitchen; Nathan Liljestrand with Custom Creations, Ltd.; Scott Roland with

Page 4 WCR Rust Wo(man) Competition

Page 7 Cordera Hard Hat Tour

Page 8 Elite Title Solutions All-American Picnic

See Sales Contract page 10

See Remodeled Homes page 7

ALSO INSIDE National News.................. Page 2 Local & State News............ Page 6 On the Move.................... Page 9 Local Expert.................... Page 10 Around the Corner............. Page 11


NATION

More states help first-time home buyers monetize tax credit With the recent addition of Nebraska, Texas and Virginia, 13 states have now taken steps to monetize the $8,000 tax credit for first-time home buyers so that it can be used for downpayments and closing costs. The other 10 states with programs are: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New

Mexico, Ohio, Pennsylvania and Tennessee. Among the provisions of the latest state initiatives: According to the Nebraska Investment Finance Authority’s Web site, first-time home buyers can get a second mortgage loan in an amount up to 85% of their expected federal first-time home buyer tax credit (not to

exceed $6,800). The loan will be structured as a second mortgage, with the expectation that it will be paid by the borrower from their tax credit refund. If the second mortgage loan is repaid within 120 days of loan closing,

See Monetize Tax Credit page 3

Pending home sales record fourth straight monthly gain Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

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Colorado Springs Real Estate Journal

The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago. In the Midwest the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008. The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago. In the West the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008. NAR President Charles McMillan, a McMillan broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he said. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local expertise.” McMillan said sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he said. “Also, if recent sales in the neighborhood were discounted, but not similar to your home in terms of quality or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. A Realtor® could offer guidance and information to help you with this process.” NAR’s Housing Affordability Index remains at historic highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions the typical family would devote only 14.6 percent of gross income to mortgage principal and interest, which is one of the lowest percentages on record,” Yun said. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income. A median-income family, earning $60,800, could afford a home costing $296,700 in May with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing singlefamily home price in May, which was $172,900. The first-time buyer tax credit also is benefiting the market. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” Yun said. Existing-home sales should trend up through the end of the year, with normal local market differences. “The big question is how much the appraisal issue will impact the ability of contracts to go to closing,” Yun said. “We are currently conducting a study to assess the degree to which new appraisal rules are impacting home sales.” The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

www.csrej.com

July 13, 2009


Nation Monetize Tax Credit from page 2 the interest rate and monthly payment amount on the first mortgage will be reduced by a pre-determined amount. The Texas Department of Housing and Community Affairs provides two options for first-time home buyers: the 90Day Down Payment Assistance Program and the Mortgage Advantage Program. While they both provide assistance of

up to 5% on the first lien mortgage, the 90-Day program maxes out at $7,000 and the Mortgage Advantage Program’s limit is $6,000. Repayment times also vary for the two programs, at 90 days and 120 days, respectively. In Virginia, home buyers have up to a year to pay back the interest-free second mortgage provided by the Virginia Housing Development Authority (VHDA) based on a home buyer’s qualification for

the first-time home buyer tax credit. The loan is up to 5% of the sales price and to qualify the home buyer must have a minimum credit score of 620 and participate in a free VHDA homeownership education class prior to loan approval. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Not affiliated with The Colorado Springs Business Journal

Director of Advertising Rachelle Nardo

rachelle@csrej.com

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. 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.

. . . r e v o c s i d e m o c s r e k o r B more! r o % 4 t a ps co-o r e d l i u B t s Gue

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• Press Releases

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Banning Lewis Ranch Management Company, LLC is the master developer of Banning Lewis Ranch, not a Guest Builder. The consumer should look to the Guest Builders for more information regarding homes. Pricing reflects base prices, which are subject to change without notice. The broker co-op commission amount is based on current information from the Guest Builders. Such commissions and the method of calculation thereof are determined by the Guest Builders and are subject to change in the future without notice at the discretion of the Guest Builders. Banning Lewis Ranch Management Company does not set or limit broker commissions. The Homeowner Value Package (Banning Lewis Ranch Metro District Operating Fee) is a required $91 per month fee for Northtree residents. For tax credit information refer to www.irs.gov and www.hud.gov. * Richmond Homes is expected to open for sale in July.

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

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July 13, 2009

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WCR Rust Wo(MAN) Competition

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July 13, 2009


Nation Echo Boomers from page 1 “With the number of households in this age group projected to increase between 2.0 million and 3.4 million, the demand for rentals and starter homes will surge,” the Joint Center says. “Meanwhile, with their longer life spans and sheer numbers relative to the preceding generation, the baby boomers will add dramatically to the number of households over 65. This will lift demand for retirement communities as well as services and home improvements that help seniors age in place.” Among other results related to household growth that will be felt in the home building industry: • The ethnic diversity of the echo-boomers will accelerate household growth among Hispanics and Asians. “Even under low immigration assumptions, Hispanic household growth will increase from 3.5 million in 1998-2008 to 4.5 million in 2010-2020, while Asian household growth will increase from 1.5 million to 2.5 million. White household growth, in contrast, will slow sharply from 4.3 million to 3.3 million, and black household growth will slip from 2.4 million to about 2.2. million.

He also cited the beneficial effects of a significant rise in housing affordability and the $8,000 federal tax credit for first-time home buyers, but voiced agreement with the Joint Center’s view that rebuilding the housing finance system and restoring the flow of credit to home builders is critical to turning around the housing market.

Harvard: Echo-boom generation will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances. “The credit crunch for builders has seriously undercut the nation’s housing delivery system. Until we get credit flowing to builders for construction and development loans, it will be tough to revive this economy,” Garczynski said. “Moreover, the nation’s housing finance system needs to be shored up. Today, nearly all new mortgage originations are government backed — flowing through Fannie Mae and Freddie Mac or insured or guaranteed by FHA

and VA.” Also, “the private market for jumbo loans is virtually nonexistent....Private investors must regain their confidence and get back in the market before the jumbo loan market can turn around.” Garczynski said that the recovery is likely to be slow and spotty, beginning in places that did not experience unsustainable increases in housing production during the boom years. “Generally speaking, housing markets closer to the urban core and job centers could be on the leading edge of the recovery. Outlying rings of metropolitan areas will recover later once the inventory of unsold units declines to more normal levels.” He also noted that demand for infill and higher density development could increase markedly in the period ahead. “This will require a spirit of cooperation between builders and the local officials who control the zoning and development process,” he said. “Hopefully, this will lead to greater acceptance of the smart growth principles NAHB has been advocating since the beginning of this decade.” The above article has been provided to you compliments of NAHB and Nation’s Builder News.

• Married couples without children — including empty-nesters — will be the fastest growing household type, followed closely by single-person households. “While the number of married couples with children will fall by nearly a million among whites, it will increase by more than a million among Asians and Hispanics.” • Housing now occupied by many older white baby boomers will be well suited to the needs of younger and generally larger minority households, although there is a question about whether minority households, with their lower incomes, will be able to afford these homes. “As the baby boomers and older generations begin to turn over their homes to younger households, adjustments to the existing stock are likely, both through remodeling and pricing,” the report says. “The first wave of change will occur in the inner suburbs of large metropolitan areas where people now in their 70s and 80s are concentrated, then fan out to the outer suburbs as the baby boomers start to downsize.” “With the echo baby boom driving demand for starter homes and apartments and the baby boom powering demand for homes suited to older Americans,” the design professions will be called upon to deploy new technologies and designs to meet the aesthetic tastes and functional needs of a new, more diverse younger generation on the one hand and a generation in need of home modifications to help them age more safely and healthfully in place on the other,” said Mohsen Mostafavi, dean of the Harvard University Graduate School of Design. Finding the Bottom Housing analysts at the Joint Center were less optimistic about the near-term outlook for housing, with “withered” housing demand struggling to get out from under the weight of crushing job losses, house price deflation and tighter credit standards. “The best that can be said of the market is that house price corrections and steep cuts in housing production are creating the conditions that will lead to an eventual recovery,” said Eric Belsky, executive director of the Joint Center. “For now, markets remain under considerable stress.” On hand for the release of the report in New York, Gary Garczynski, president of NAHB in 2002, said that the association is “perhaps a tad more optimistic about the immediate outlook for housing” than the Joint Center. “We believe that we are at or very near the bottom of the market,” Garczynski said. “Existing home sales are rising, new home sales have bottomed, the inventory of unsold homes is slowly being whittled down and the decline in home values appears to be moderating. Equally important, builders and consumers appear to be a little more confident than they were three to six months ago.”

July 13, 2009

For Information Please Contact

www.csrej.com

Colorado Springs Real Estate Journal

5


LOCAL & STATE

Help still available to prevent foreclosure! As adjustable rate mortable through most lenders gages are continuing to adjust, and offers similar refinance more and more home owners and loan modification opare finding themselves with tions. Local lenders will be a higher payment they can’t familiar with the qualificaafford. While some try to retion requirements of these finance and face lower home By Jon Paukovich programs and can advise hovalues, others might look to meowners on which program Ent — foreclosure as their last opis best for them. tion. However, there are still The most important thing good resources available right here in for homeowners facing a hardship to do is Southern Colorado that can help strugtalk to their lender. As soon as a borrower gling homeowners. In some cases, foredetects they may have difficulty making a closure can be completely avoided by usmortgage payment, they should contact ing an assistance program. their lender immediately. The last thing The Credit Union Homeowner Assisa homeowner, or a lender, wants to do tance and Relief Program (CU HARP) is go through the foreclosure process. If was implemented in early 2009 and foa homeowner is unable to connect with cuses on reducing interest rates and paytheir lender, they should try using the ments for a two year period (or longer) free assistance from a housing counselor for struggling homeowners who have at the Colorado Foreclosure Hotline at their loans through a credit union. This 877-601-HOPE. By using programs like program offers real help to credit union CU HARP or HASP, more and more homembers facing financial difficulties. Lomeowners will be able to find some relief cal credit unions have been working with and stay in their homes. members who qualify for this program to For more information about CU help them stay in their homes. HARP or HASP, visit Ent.com/HARP. There is also the Homeowner AffordMr. Paukovich oversees the direction and manageability and Stability Program (HASP) ment of mortgage lending, including loan servicing, that was implemented by the Obama adat Ent Federal Credit Union. He can be reached at ministration. This program is also avail-

24 builders to participate in 2009 Parade of Homes The Housing & Building Association of Colorado Springs (CSHBA) today announced that 24 home builders from the Colorado Springs area have been selected to participate in the 2009 Parade of Homes. Each builder will design and construct at least one Parade home highlighting the latest in construction, design and energy efficient technologies. The Main Site will be located at Cedar Heights; Cedar Heights was established by the award winning design team of Nichols & Comito. This community is surrounded by national parkland on three sides, and boasting over 300 acres of private open space. Cedar Heights enjoys a close-in location just 10 minutes from downtown Colorado Springs. The 55th annual Parade of Homes opens August 7 and runs seventeen days to August 23. Trish Sorvald, Director of Development for HBA, said the 2009 Parade of Homes builders are: Acuff Homes

Allentown Homes

Capital Pacific Homes Classic Homes Colorado Custom Homes Copperleaf Homes

CreekStone Homes

Electra Homes

Hi-Point Home Builders, LLC

Homes by Michael Hall Kenton Pass & Company MasterBilt Homes

Nichols & Comito

Oakwood Homes

Richmond American Homes Robert Scott General Contractors Saddletree Homes

Solid Rock Custom Homes

Solomon’s Construction, LLC Tara Custom Homes

Trammell Crow Residential

Vanguard Homes

Yellico - Leach Home

The 2009 Parade of Homes will showcase 29 homes in 19 communities across El Paso and Teller Counties. In this 55th year, HBA is proud to be able to bring this highly successful event to the people of the entire Pikes Peak region. Sorvald, said, “The Parade of Homes offers the general public a first-hand look at the current trends and greatest innovations in new home design. This event showcases the latest design trends in affordable living to luxury dream homes complete with every amenity imaginable. The Parade also demonstrates Colorado Springs area builders’ work while benefiting a local charity. A portion of the ticket proceeds from the Parade will benefit HBA Cares, the philanthropic arm of CSHBA, which recently completed construction of the John Zay Guest House at Penrose Hospital.” For more information, please visit www.cshba.com, or call 719-592-1800.

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Is Merit Company primarily Property Management? Answer: No. Although Merit Company is the largest Property Management Company in the Pikes Peak Region, we also have four residential Sales Offices, five managing brokers and our own mortgage company. Have you ever had a Listing that wouldn’t sell? Let Merit Property Management rent it for you, and it is yours when it is time to sell again.

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“CELEBRATING 40 YEARS OF REAL ESTATE SERVICE” www.csrej.com

July 13, 2009


LOCAL & STATE Remodeled Homes from page 1 out at this year’s projects for entries for the 2010 Remodeled Homes Tour. Tickets were sold at all local area Safeway stores for $8.00 and the 2009 Remodeled Homes Tour Magazine was available at each of the homes in the tour. A portion of the proceeds from the sale of the tickets went to support HBA Cares, the Housing & Building Associations philanthropic arm that provides housing and living assistance to individuals and families in need in the Pikes Peak Region. At a time when the news is filled with stories about the crisis in the housing market, the Remodeled Homes Tour and the featured Remodelers benefited from another successful tour and gave tour goers an example of the endless ways to make their old house, new again. As part of the Tour the Housing & Building Association secured a grand prize for those who entered. The Grand Prize was a La Z Boy Recliner and a Flat Screen TV from Total Theater. We are happy to announce that Paul Fundingsland from Colorado Springs was the winner of the grand prize! For information on next year’s Remodeled Homes Tour contact Trish Sorvald, Director of Development with the Housing & Building Association at (719) 592-1800 ext.16 or email at trish@cshba.com.

Cordera Hard hat tour

June 24, 2009

You’re Invited to Come and Celebrate our Continued Success!!

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(Rockies Tickets, Lottery Tickets & More) Above: Gayle Trainor and Leslie Williams with Cutting Edge Realty, Lori DeWitt and Renee Sousa with Metro Brokers and Christina Hunt with Herman Group.

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* does not include hard costs or private office.

Above: Wally Roy and Sharon Regier with CB&T Mortgage, Jeff Stinson with Homestead USA, Karen Ahrens with Help-U-sell Summit Properties, Stephanie Hawthorne and Bill McAfee with Empire Title.

Call us today! ASK FOR ROCKY MANNING Heritage Realty is dedicated to providing our Realtors the finest basic services at the lowest cost to maximize their income and freedom, allowing us to prosper as a business for the benefit of our Realtors, employees, clients, and customers. We are 100% local and not a franchise.

Above: Carla Carberry with Herman Group, Christina Molencamp with LaPlata Communites, Roxanne Nice with Campbell Homes, Tom Yukman with Herman Group, Lindsey Nigon with LaPlata Communities, Shelly Christofolis with Keller Williams Clients Choice and Gene Beierle with Metro Brokers Pro Team. July 13, 2009

www.csrej.com

(719) 548-0400 | www.heritagecsp.com 5265 N. Academy Blvd., Ste 3300 Colorado Springs, CO 80918 Colorado Springs Real Estate Journal

7


Homebuyers Wanted! With a great central location, affordable pricing from $230’s and immediate availability, Claremont Ranch makes so much sense for new homebuyers! • 5 minutes from Peterson and Shriever AFB • 15 minutes from Ft. Carson Army Base • Military and Government employee discount incentives! • First-time buyers may qualify for $8000 tax credit

Elite title solutions All-american picnic

July 2, 2009

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!

DRHortonColorado.com Open daily 10 am to 6 pm, except Sunday and Monday, 12 pm to 6 pm. *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

Above: Thea Lanum, Paul Shideler, Sherri Scherb, Michael Turner, Victoria Markowski, Amanda Jenkins, Renee Fogle, Peggi Schoning and Jim Schoning with Elite Title Solutions.

CB-0160 RealEstateJournal Ad-V3:Layout 1 6/23/09 3:25 PM Page 1

Building Lifelong Relationships Through an Environment of Personal Integrity and Professional Excellence

Wally Roy | Loan Advisor

Direct: (719) 785-7110 Cell: (719) 229-5003 Wally.Roy@CentralBancorp.com

Above: Jason Brown, Jariah Walker and Jeff Walker with Walker Asset Management Realty.

Sharon Regier | Loan Advisor

Direct: (719) 785-7109 Cell: (719) 930-9530 Sharon.Regier@centralbancorp.com

One South Nevada Avenue, Suite 230 . Colorado Springs, CO 80903 . centralbancorp.com

Above: Jim Schoning cooks up a hot dog for Joe Seduikis with Exit Realty.

Above: Priscilla Tankersley with Keller Williams Clients Choice and Peggi Schoning with Elite Title Solutions.

8

Colorado Springs Real Estate Journal

www.csrej.com

July 13, 2009


On the Move

LOCAL & STATE

Merit Company – celebrating 40 years of real estate service Wanda Schemel Merit Real Estate Wanda Schemel has joined Merit Real Estate, southern Colorado’s oldest Independent Real Estate Company. Wanda will be a Broker Associate at the Merit East Office at 6120 Tutt Blvd., in Colorado Springs. Wanda has been a resident of the Pikes Peak region for 35 years. As an Air force family, Wanda was fortunate to travel and lived in England, New York, California and Colorado. Prior to becoming a realtor, Wanda worked in the defense industry for many years. In 1995, she received her Real Estate license and some of her current designations are GRI, ABR and QSC. Wanda has a real passion for Real Estate and her goal is to help people make good educated decisions they will be happy with for a lifetime. She strives to provide a quality of service that will create long term satisfaction and build lasting success and friendships. Her focus is in residential sales, military relocation and first time home buyers. Wanda avows that “ People are my business and I strive to give them the very best of me”. When Wanda is not working with clients, she enjoys spending time with family and traveling. She collects antique dolls and when time allows is fond of visiting antique shops. Wanda has three children, five grandchildren and one great grandchild.

Established in 1969, Merit Company is the oldest independent real estate company in Colorado Springs. A well respected firm in the real estate industry, Merit is proud of its “Team of Professionals” and extraordinary reputation. Merit has been family owned and operated since it was started by Jerry Brill. Today his son Kerry operates the company as President and CEO. Merit Company is a full service real estate firm. In addition to satisfying the needs of Buyers and Sellers, Merit is the largest single family property management firm in town, managing approximately 600 homes. In order to expand the services offered to clientele, Merit opened New Life Mortgage in 2000. New Life Mortgage continues to offer quality loan services for mortgage needs. Merit is currently in a huge growth mode. While a lot of companies are cutting back, Merit has hired a new Director of Sales and Marketing, John Tighe, to propel the company forward. Says John, “Merit is Colorado Springs best kept secret”. Anyone looking for a

refreshing change in their real estate career should find out about Merit. With four strategically located offices, low monthly fees, ongoing skill development and an unparalled leads program (Approximately 40% of last years closings were generated by the company). Merit is growing with a targeted vision. Merits philosophy is to apply the ideals of integrity, honesty and fairness to all and never forget that we do not exist without our clients. To learn more about Merit and why it would make sense for you, contact Kerry Brill at (719) 598-4884.

SINCE 1969

Kathleen Haas Merit Real Estate Kathleen Haas has joined Merit Real Estate, southern Colorado’s oldest full service Real Estate Company. Kathleen will be a Broker Associate at the Merit South Office at 6710 U.S. Hwy 85-87, Fountain, Colorado. Kathleen had formal training as an interior designer prior to her Real Estate career. As a Realtor she loves helping people find homes that fit their needs and wants and can visualize them living in the home and enjoying family time. When Kathleen is not working with clients, she enjoys spending time with friends and families that live in Colorado Springs. Her main goals are to be the best wife, mother and Realtor in Colorado Springs. Kathleen is married with three young boys.

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josh@csrej.com July 13, 2009

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Colorado Springs Real Estate Journal

9


LOCAL EXPERT

LOCAL & STATE Sales Contract from page 1

Don't feel bad America Don’t feel bad America! Energy Star Homes, you There’s so much talk these might guess, consume less endays about our carbon footergy than a comparable sized print, global warming, and standard home. They take less America’s outsized appetite natural gas to heat, less elecfor resources. Let’s look at tricity to power light bulbs, this in an historical context – and less power to run dishBy Mark Long we consume more resources washers and other appliances. Vanguard Homes — per capita because we proTheir thermostats can be set to duce more and have more heat or cool your home only wealth – in other words we’ve earned it! during the times that you specify. Now, having said that, there are plenty Air Quality is an equally of enlightened citizens that are trying to reduce their impact on the planet. As the important component to the old saying goes, “Think globally, act loEnergy Star equation. cally.” The home where you live is probably the one place where an individual Energy Star Homes are not only about can have the greatest impact on reducing energy efficiency though – Air Quality is their resource consumption. By home, an equally important component to the I mean the dwelling itself in which you Energy Star equation. High Efficiency reside. New Homes for instance are far Furnaces are usually configured to draw more efficient in terms of utility confresh air from outside, before conditionsumption than homes that were built ing it to the desired temperature. Of even a few short years ago. Especially if equal importance, the new furnaces are the Homebuilder you choose is a certiset to run the fan for roughly 20 minutes fied Energy Star builder. per hour, to keep air circulating in the

home- and, if you have a system with a variable speed motor, all of this will occur while drawing less electricity than an average light bulb. The best part is often, these New Homes can be had at prices that are very reasonable. Price wise they compare very favorably to re-sales in today’s real estate market. And oh, by the way, these days you can get a mortgage that won’t leave a big foot print on your wallet! Mark Long is the president of Vanguard Homes. For comments or questions, please contact Mark at (866) 481-2575.

the buyer is an investor, then the contract should be written by an attorney. That is the Real Estate Commissions position at this time. However, several attorneys are coming up with contracts that they feel are compliant with the law that we can use with investors. The Division of Real Estate is requesting guidance from attorneys that are experts in the unauthorized practice of law area. This issue is still up in the air. The Real Estate Commission will likely issue some guidance to us after the legal experts have been consulted. As a result of this problem, many Realtors working with investors are bypassing short sale properties and selling only REO properties. The end result is the law is hurting the very people it was supposed to protect. Look for a change to this next January. Paul first obtained a Real Estate Salesperson license in 1976 and a Broker’s license in 1980, in Michigan. Paul obtained his Colorado Broker’s license in 1982. He holds a Certified Residential Broker (CRB) designation from the National Association of Realtors and a Graduate Realtor Institute designation (GRI) from the Colorado Association of Realtors. Paul is Employing Broker of Keller Williams, Partners Realty in Colorado Springs, a large full service real estate company.

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10

Colorado Springs Real Estate Journal

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719-538-6016

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July 13, 2009


Around the Corner JuLY

WCR Luncheon 11am @ Embassy Suites mvanmetre@ppar.org

Wednesday, July 15 Housing Market Update 7:30am @ HBA 719-592-1800 | shirley@cshba.com

Wednesday, August 19 Short Sale Class

CTM eContracts

9am @ 1277 Kelly Jounson Blvd #101 719-268-2452 | sfarmer@heritagetco.com

9:30am @ Empire Title 719-884-5300 | kristina@etcos.com

Wednesday, August 26 Concert: Days Gone By

NAHREP Luncheon

6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

11am @ Community Partnership for Child Development www.nahrepcos.org

September

Metro List Advantage (thru 16th)

Wednesday, September 2 Parade of Homes Awards Banquet

TBA @ Land Title 719-634-4821

Thursday, July 16 Meth Labs Class 9am @ 1277 Kelly Jounson Blvd #101 719-268-2452 | sfarmer@heritagetco.com

Real Estate IRA Investing 10am @ Empire Title 719-884-5300 | kristina@etcos.com

Myths, Mistakes in Short Sales 1pm @ Empire Title 719-884-5300 | kristina@etcos.com

Friday, July 17 Advanced Social Networking 7:30am @ The Gazette Shirley@cshba.com | 719-592-1800

Wednesday, July 22 Annual Commission Update Course 8:30am @ Empire Title 719-884-5300 | kristina@etcos.com

Concert: World's Truly Most Dangerous Summer Band 6:30pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

5:30pm @ USOC 719-592-1800 | trish@cshba.com

Thursday, July 23 Advanced Foreclosure & Short Sale 9am @ Empire Title 719-884-5300 | kristina@etcos.com

Saturday, July 25 First-Time Home Buyers 10am @ Ent (Campus) 719-550-6095

Tuesday, July 28 Green Day at the HBA

Thursday, July 30 HBA Rally Ride & Poker Run Kick Off Party 5pm @ TBD 719-592-1800 | shirley@cshba.com

August Friday, August 7 (thru 23) HBA Parade of Homes www.cshba.com

11:30am @ HBA 719-592-1800 | john@cshba.com

Wednesday, August 12 NAHREP Luncheon

Realtor Brunch

11am @ Community Partnership for Child Development www.nahrepcos.org

10am @ 16648 GreyHawk/Jackson Creek Spero@theStavros.com | 266-0318

Wednesday, July 29 Concert: Swing Connection 6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Concert: Redraw the Farm 6pm @ Wolf Ranch Gateway Park www.wolf-ranch.com

Thursday, August 13 1031 Exchanges Class 9am @ 1277 Kelly Jounson Blvd #101 719-268-2452 | sfarmer@heritagetco.com

Thursday, September 10 Advanced 1031 Class 9am @ 1277 Kelly Jounson Blvd #101 719-268-2452 | sfarmer@heritagetco.com

Wednesday, September 16 HBA Chili Wing Ding Brew Fest 719-592-1800 | shirley@cshba.com

Wednesday, September 23 Mandatory Update Class 9am @ 1277 Kelly Jounson Blvd #101 719-268-2452 | sfarmer@heritagetco.com

send

us your

event

info

josh@csrej.com

turn

your

friends

cash! into

call

rachelle

for details

719.205.1299 July 13, 2009

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Colorado Springs Real Estate Journal

11


the best gift this year...

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

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


Colorado Springs Real Estate Journal