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Vol. 2 No. 9

EPA announces expansion of new Lead Renovation, Repair and Painting Rule The U.S. Environmental Protection Agency has announced that its new Lead: Renovation, Repair and Painting rule will apply to all homes built before 1978. The agency is eliminating an “opt-out” provision that largely limited the regulation’s applicability to older homes that were the residences of pregnant women or children under six years old.

May 24, 2010

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Lack of credit a threat to sustainable housing recovery, builders warn Some 1,000 builders visiting Capitol Hill on April 21 as part of NAHB’s annual Legislative Conference told lawmakers that business conditions in the housing industry remain grim in the face of an ongoing credit crisis that has choked off the availability

Senate Majority Leader Harry Reid (D-Nev.), left, meets with a delegation of members that includes NAHB First Vice Chairman Bob Nielsen, second from left, a builder from Reno, Nev. Photos by Herman Farrer Photography

of acquisition, development and construction (AD&C) lending to begin or complete viable residential projects. The credit crunch has been particularly acute in the housing sector, and builders recently surveyed by NAHB have reported continued deterioration in residential lending conditions. “Our message to Congress was loud and clear,” said NAHB Chairman Bob Jones. “The lack of credit for AD&C financing must be resolved soon. Otherwise, it could end the budding housing recovery before it has

time to take root.” While in Washington for the April 18-23 NAHB board meeting, association leaders and a cross-section of builders were able to continue their ongoing series of meetings with top federal policymakers to alert them to the dire impact of credit scarcity and to discuss other key housing issues. NAHB Senior Officers and key staff members — accompanied by leading executives from the single-family, multifamily and manufacturer/supplier sectors of the home building industry — on the morning

of April 19 updated all five Federal Reserve Board governors, including Fed Chairman Ben Bernanke, on the state of the nation’s housing. While the specifics of NAHB’s conversations with Fed officials have always been confidential in order to allow for a frank exchange of ideas, builders did tell the governors that the AD&C credit crunch is a critical problem for the industry and is raising doubts over the strength of the nascent housing recovery and its ability to move the

See Credit page 2

FHA plays vital mortgage finance role, but private sector must return The Federal Housing Administration plays a key role in today’s housing market, but changes are necessary to support recovery in the real estate market and general economy. That was the focus of today’s “Restoring the Balance of Public and Private Capital in Mortgage Finance” session, part of a three-day summit during the Realtors® Midyear Legislative Meetings & Trade Expo here this week. “Realtors® are working to reshape real estate in America, and FHA’s role and prominence have shifted significantly over the past few years,” said National Association of Realtors® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Many first-time

home buyers rely on FHA loans to purchase a home, and because of its vital role in helping families achieve the dream of homeownership, FHA must be strengthened and supported. At the same time, private financing must also return to support a full recovery.” In 2009, more than 50 percent of firsttime buyers used FHA to finance their home purchase, and nearly 80 percent of FHA’s purchase loans were to first-time home buyers. FHA also serves those who need to refinance out of risky adjustablerate mortgages or subprime loans with high interest rates. In 2009, approximately 835,000 borrowers refinanced into lower interest rate FHA-insured loans,

saving them an estimated $1.3 billion. Vicki Bott, deputy assistant secretary for Single Family Housing, U.S. Department of Housing and Urban Development, acknowledged FHA’s current significance in mortgage financing. “FHA has become a vibrant part of the market, but our goal is not to build market share, nor is it to retract from the market. We need to support the housing market, but we also support improving market liquidity and bringing private involvement back to the market,” she said. Bott joined panelists Steve Adamo, president and CEO, Weichert Financial

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National News.................. Page 2 Local News...................... Page 8 On the Move.................... Page 13 Local Expert.................... Page 14 Around the Corner............. Page 15

Expected to be enforced starting in July, the new mandate will increase the number of homes covered by the lead rules from an estimated 9.4 million to about 79 million, even though the EPA itself estimates that a significantly smaller number of homes — about 38 million — still contain lead paint. The agency also gave notice that it is writing an additional rule to require more complex dust-wipe or clearance testing, effectively requiring remodelers to fill the role of lead-paint abatement workers. If approved, this rule would become effective in July 2011.

See Lead Paint page 6

See FHA page 8

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

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economy forward following the worst downturn since the Great Depression. A separate one-hour meeting with Fed Governor Elizabeth Duke focused on this issue. Later that afternoon, NAHB Chairman Jones, First Vice Chairman Bob Nielsen, CEO Jerry Howard, EVP for Advocacy Bill Killmer and Chief Economist David Crowe met at the White House with Lawrence Summers, director of the National Economic Council, to discuss steps the federal government can take to help boost housing’s role in generating jobs. Topics included the AD&C credit crisis, the future role of housing’s government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, Federal Housing Administration (FHA) and GSE loan limits, financial services regulatory reform and an overview of the housing outlook. Serious difficulties with the credit crunch and new home appraisals were at the top of the agenda when the NAHB Senior Officers met with Housing and Urban Development Secretary Shaun Donovan on April 20. Other topics of discussion included the GSEs, FHA underwriting changes and the Administration’s foreclosure mitigation efforts. NAHB leaders emphasized the importance of Secretary Donovan raising hous-

ing credit problems in discussions with other members of the Administration's economic team. Continuing to take its case to those who can make a difference in pursuing policies aimed at restoring the health of the housing sector, NAHB has remained engaged with the nation’s top banking regulators. On April 29, Senior Officers and staff met with Sheila Bair, chairman of the Federal Deposit Insurance Corporation, and John Dugan, comptroller of the currency, to discuss solutions that will help restore the flow of credit to housing. NAHB has also been reaching out to all the major banking trade organizations and housing industry groups. On April 27, association leaders met with their counterparts from the Independent Community Bankers of America to further address the importance of lending to creditworthy borrowers and the need for regulators to provide constructive guidance to encourage and facilitate real estate loan workouts. During the Legislative Conference, builders conducted more than 250 meetings with their members of Congress, urging lawmakers to send a letter to banking regulators voicing their concerns on the lending environment. The letter urged regulators to recognize the damaging economic impact of overly restrictive lending policies. It also said that financial institutions should be

encouraged to fund viable new projects and to take steps to avoid foreclosure on AD&C loans by accommodating loan modifications and workouts. “While I support prudent financial regulatory oversight, it seems that bank examiners are forcing actions that are unrelated to sensible regulatory requirements,” the letter said. “It is not in anyone’s interest — not lenders, not builders, not the economy as a whole — to deny credit for viable projects and to force performing borrowers into insolvency.” In addition to delivering an urgent AD&C message to lawmakers, builders participating in the Legislative Conference cited the importance of using tax credits to encourage energy retrofits and urged members of Congress to oppose any attempts by labor unions to revive the failed health care amendment by Sen. Jeff Merkley (D-Ore.). Merkley would have required construction firms employing more than five workers to provide health insurance even though the law exempted from mandated coverage all small businesses with 50 or fewer workers. While NAHB was successful in stripping the Merkley language from the final health care bill, concerns remain that proponents of the provision could add it to an unrelated piece of legislation moving through Congress. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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April 20, 2010

Right: Krystal Stearns with Alliance, Jessica Callaway with Ticor Title of Colorado and Jameson Bobbin with Vectra Ban.

Right: Shauna Whaley with Alliance, Maurice Moore with Systems Go Services and Vicki Maloney with Keller Williams Partners.

Above: Lynn Boutte with Butte Photography, Jonathan Dorsey with Strategic Financial Partners, Salvatore Como with Alliance and Craig Parker with Land Title.

Right: Sara Martin with Land Title and Gloria Stivala with RE/MAX Properties. Below: Erik Juska and Cindy Como with Alliance Financial Partners. Above: Heather Smith, Diane Silva and Debbie Sherman with Keller Williams Partners.

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Left: Monica Maul, Cheri Lesiak and Ed Leyba with Keller Williams Partners.

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May 24, 2010


2010 SCHEDULE OF WOLF RANCH RESIDENT EVENTS MARK YOUR CALENDARS The entrance to Wolf Ranch is located at Research and Powers, and its concerts will be hosted in the Gateway Park at the corner of Research and Tutt within the community.

COMMUNITY-WIDE GARAGE SALE June 11–13 • 8 a.m. – 4 p.m.

Annual Wolf Ranch Community-Wide Garage Sale from 8–4 p.m. each day. This annual community-wide sale is held each year on the weekend before Father’s Day weekend and has become a “MUST DO” on the list of many in Colorado Springs. See map at the bottom for location, and watch for garage sale signs.

WOLF RANCH CONCERTS AT GATEWAY PARK Wednesday, June 16 • 6 – 7 p.m.

Wednesday, August 4 • 6 – 8 p.m.

Wednedsay, June 23 • 6 – 8 p.m.

Wednesday, August 11 • 6 – 8 p.m.

Wednesday, June 30 • 6 – 8 p.m. REDRAW THE FARM—Rain date 7/1.

Wednesday, August 18 • 6 – 8 p.m.

WORLD’S TRULY MOST DANGEROUS SUMMER BAND—NO RAIN DATE. GENTLE RAIN—NO RAIN DATE.

*

Wednesday, July 14 • 6 – 8 p.m.

SWING CONNECTION—NO RAIN DATE.

*

Wednesday, July 21 • 6 – 8 p.m.

BRAD BIETRY GROUP—NO RAIN DATE.

*

Wednesday, July 28 • 6 – 8 p.m.

CEOL CEILI— Rain date 7/29.

WIELANDS OF MASS DESTRUCTION BLUEGRASS BAND—NO RAIN DATE. DOUBLE MCGUFFIN—NO RAIN DATE.

*

THE FALCONAIRES—Courtesy of U.S. Air Force, a public service concert. NO RAIN DATE. NOTE: If unforeseen military commitment arises, it will take precedent and the concert will be cancelled. Unlikely to happen, but if it does, we will post a message to 719-537-3515.

*

Wednesday, August 25 • 6 – 8 p.m.

SOFA KILLERS—They want you to get off the

couch, come out and dance. Rain date 8/26.

*Presented in conjunction with Pikes Peak Jazz & Swing Society.

“OTHER” COMMUNITY EVENTS Saturday, July 17 • 10 a.m. – 2 p.m. @ Gateway Park

2ND ANNUAL CLASSIC HOMES PET FAIR—This popular event is sponsored by Classic Homes. For more info email PetFair@wolf-ranch.com.

Saturday, August 28 • 10 a.m. – 2 p.m. @ Gateway Park

CALVARY CHAPEL NORTH FREE PICNIC AND CONCERT—Everyone’s welcome! For more information call 719-287-4450.

TASTE OF FIRST & MAIN TOWN CENTER Monday, September 13 • 11 a.m. – 2 p.m.

Mark your calendars for the Taste of First & Main Town Center at Wolf Ranch when restaurants from the Powers corridor share free samples of food at the Wolf Ranch model homes. Watch for details at www.Wolf-Ranch.com or sign-up for e-mail notifications. Sponsored by the developer and builders.

Visit the Wolf Ranch website: www.Wolf-Ranch.com or call 719.597.WOLF (597.9653) 83

vd Bl rs we Po N.

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Wolf Ranch Entrance At Research & Powers In Northeast Colorado Springs

Sign-Up For Email Notifications Today at www.Wolf-Ranch.com May 24, 2010

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National News

NAR proposes solutions to Congress to combat commercial real estate crisis The commercial real estate market is experiencing its worst liquidity challenge in almost 20 years, and it is vital that Congress take action to prevent a deepening crisis, the National Association of Realtors® said in testimony to the U.S. House of Representatives Subcommittee on Oversight and Investigations today. During a field hearing here, G. Joseph Cosenza, an owner of Inland Real Estate Group in Oak Brook, Ill., testified on behalf of NAR and the Illinois Association of Realtors®. Cosenza said the crisis is driven by a confluence of high unemployment, a slow economy, weakening commercial property fundamentals, and an increase in commercial loan delinquencies. “Commercial real estate is the basis for much of the growth in the American industry and economy, and having a stable and well-functioning commercial market is crucial to our nation’s economic recovery,” Cosenza said. “But the market is now in the midst of a financial meltdown and many property owners are underwater. We cannot regain our footing until action is taken on such issues as an enhancement of liquidity and extensions of terms for performing properties.” Cosenza outlined a number of proposals he urged the congressional panel to consider. First, NAR supports changes that will boost lending to the commercial real estate and small business markets, he said. Currently, due to the slumping economy and falling commercial real estate values, many commercial banks have tightened their credit standards and reduced their loan volumes. Credit unions have often filled this need in the past, but they are hampered by a business lending cap of 12.25 percent of total assets. NAR strongly supports H.R. 3380, “Promoting Lending to America’s Small Businesses Act,” which would increase the cap on credit union lending to 25 percent of total assets. Cosenza also pointed out that commercial loans are

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Colorado Springs Real Estate Journal

often short term, and property owners must refinance frequently. “More than half of the outstanding business loans held by credit unions have been extended by those approaching, or at, the cap. That means that credit unions with experience in handling commercial loans are unable to continue helping us get out of this crisis,” Cosenza said. In addition, lenders should be encouraged to extend the term of current loans, he said, but they have been wary of offering extensions because of oversight and regulatory concerns. He said incentives and improved cash flow for investors of commercial property would help fend off some of the challenges the market faces and soften some of the commercial liquidity crisis. “The most effective means of improving the cash flow on real property is to provide more generous depreciation allowances. NAR believes that some combination of accelerated depreciation (or shorter recovery periods) and passive loss relief would be significant investor incentives,” Cosenza stated. NAR also supports developing a mortgage insurance program for commercial debt and an extension of the Term Asset-Backed Securities Loan Facility (TALF) program. A proposed mortgage insurance program would provide insurance on the difference between the current value of a commercial property and the debt service. NAR believes an extension of TALF will help stimulate the commercial mortgage-backed securities market and that the program requirements should be less burdensome for investors. “The commercial real estate sector supports more than 9 million jobs and generates billions of dollars in federal, state and local tax revenue,” said Cosenza. “NAR believes the commercial market is vital to American life and urges Congress to act quickly on these crucial issues.” The National Association of Realtors®, “The Voice for

Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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May 24, 2010

© Copyright National Association of Realtors. Reprinted with permission.


National News

Realtors help working families purchase and keep their homes The country’s tight economy and challenging mortgage market are making it even more difficult for lowto moderate-income working families to purchase and keep their homes. Addressing those challenges was the focus of the “Workforce Housing Solutions” forum at the Realtors® Midyear Legislative Meetings & Trade Expo here this week. Workforce housing refers to housing that is affordable to low- to moderate-income working individuals. This includes teachers, firefighters, police officers, and office, restaurant and retail workers who often cannot afford to live in the communities where they work, especially in high-cost markets. This can lead to longer commutes, sprawl and traffic congestion. “Realtors® build communities and are committed to increasing affordable housing opportunities and helping more working families achieve and sustain homeownership,” said National Association of Realtors® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “People who provide vital community services are critical to the health and sustainability of our communities; and it’s our goal to help those families reduce their commuting time and costs and find a safe, decent place to live near where they work.” During the meeting participants discussed ways to become advocates for workforce housing and shared examples of what Realtor® associations and their members have done to create solutions in their communities. Sheryl Gregory, 2010 chair of NAR’s Housing Opportunity Forum, moderated the discussion. Maya Brennan, senior research associate, Center for Housing Policy, explained Paycheck to Paycheck, a free online resource that compares wages and housing costs in more than 200 metropolitan areas. “The tool helps increase awareness about how wages and home prices are aligned in a particular community and helps policymakers, developers and housing advocates craft and promote smarter housing policies that really address local needs,” she said. “Cities with high housing affordability can market their strengths to attract businesses and workers, and cities with low affordability are better able to demonstrate the need for down payment and other housing assistance programs.” Realtor® Patti Lawton of the Maine Association of Realtors® shared her association’s Live Where You Work program, which provides downpayment and closing cost assistance to home buyers seeking to relocate closer to their workplace and reduce their daily commute. The no-interest loans of up to $5,000 are repayable over five years. “Commuting fewer miles leads to a cleaner environment, less time spent in the car and more time with the

family, and a huge cost savings – moving even 30 miles closer to the workplace can save a family more than $400 a month and $5,000 a year according to our conservative estimates,” said Lawton. Realtor® Frank Jacovini of the Pennsylvania Association of Realtors® shared information about the association’s Community Reinvestment Project (CORE), which encourages local municipalities to work with Realtors® to market and sell government-owned properties so they can be converted into affordable workforce housing. “CORE helps municipalities earn tax revenue, rehabilitates the local housing stock, preserves affordability, and helps stabilize communities and increase homeownership at all income levels,” said Jacovini. Sally Young of the Nevada Association of Realtors® discussed their Security Deposit Program, which provides the state’s large rental population with zero-interest loans of up to $500 to assist working, low-income renters with their security deposit. All of the Realtor® association programs were funded through NAR’s Ira Gribin Workforce Housing Grants,

which are awarded to state and territorial Realtor® associations to help fund programs that promote safe, decent housing for people with low and moderate incomes. More than 8,000 Realtors® are attending the Realtors® Midyear Legislative Meetings & Trade Expo. For more information, visit www.realtor.org/midyear. © Copyright National Association of Realtors. Reprinted with permission.

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National News Lead Paint from page 1

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The announcement was made on Earth Day, April 22, the day before the new leadbased paint training and certification requirements for remodelers went into effect. The rule requires remodelers and all other contractors disturbing more than six square feet of painted surfaces in pre-1978 homes to attend the required training and submit firm certification. It also dictates lead-safe work practices, pre-renovation consumer education and record keeping practices. NAHB fought hard to delay the certification rule, citing a lack of trainers, ineffective lead-based paint test kits, long delays in the firm certification process and other issues related to a general lack of preparedness for the rule’s implementation. Now that the rule is law, NAHB is recommending that its members avoid all work in pre-1978 homes unless they have completed their training and certification requirements. Members can click here to find a list of EPA-accredited trainers. At an April 22 meeting of NAHB Remodeler trustees, Steve Owens, the EPA’s assistant administrator, and Maria Doa, director of the agency’s National Program Chemicals Division, were told by association members that removing the opt-out provision will only magnify the shortage of certified remodelers by increasing the number of homes subject to the new work requirements. The EPA said that the opt-out provision could result in insufficient protection for children under age six and pregnant women who might move into a targeted pre-1978 home that had been renovated without following the new work procedures. Eliminating the ability to opt out, it said, will result in “fewer homes being purchased with lead hazards created by renovation, repair and painting activities.” In addition, removing the opt-out provision provides “protection for family pets, as lead poisonings resulting from renovations have been documented in both cats and dogs,” the EPA said. Owens told a standing-room-only audience that the EPA would “work with NAHB to make the transition as smooth as it could be,” promising that those remodelers who had submitted the paperwork and fees for firm certification and completed their training by April 22 — but had not yet received that certification in the mail — would not be prosecuted. “You’re good to go,” Owens said. He also agreed with concerns that the agency has been slow to get the word out to consumers and contractors about the rule’s requirements. “Certainly we could have had more awareness,” Owens said. The agency has partnered with the non-profit Ad Council and the U.S. Department of Housing and Urban Development on a public relations campaign to increase homeowner awareness of the rule, he said, and EPA officials had spent the week conducting “a boatload of radio interviews.” However, Owens said the EPA is not concerned that a shortage of certified remodelers will impede plans of the Obama Administration and Congress to offer incentives for weatherizing the nation’s older housing stock. “The Department of Energy does not think there will be any impact,” he said. Citing the economic impact of the rule, a remodeler from Colorado said that he has already lost bids because of the additional expense and an Alaskan remodeler said the rule is likely to add between $7,000 and $10,000 to his company’s cost of a major home addition project. Doa shook her head and Owens affirmed the EPA’s estimate that the rule will add between $8 and $187 per project. “We stand by our analysis,” he said. The agency said it was working on providing NAHB members with clarification on how the rule applies to homes under construction before 1978 but not completed until after that time, when lead paint was no longer allowed. In addition to removing the opt-out provision, the rules set to take effect in July will require remodelers to give any records to their customers within 30 days of completing the job, including a checklist confirming that they followed the required lead-safe work practice steps. The EPA also announced it will soon propose expanding the rule to public and commercial buildings. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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As seen at the

Colorado Association of REALTORS® 2009 Convention May 24, 2010


National News

Realtors reshaping real estate technologies legacy title group l

More than nine out of 10 home buyers use the Internet as a search tool, and Realtors® at the Midyear Legislative Meetings & Trade Expo here this week are engaged in ways to improve and enhance consumers’ online real estate experience. “The Internet has helped transform the real estate industry, and Realtors® are committed to the evolution of online tools and resources,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “It’s one more way we bring value to home buyers, sellers and investors.” Realtor.com President Errol Samuelson joined Realtors® at the “Fixing Failure Points in Online Real Estate” session. Samuelson explained that the use of mobile applications is experiencing explosive growth.

“In three or four years, more people will access the Internet with their mobile devices than with a computer,” Samuelson said. “Counterintuitively, phone response will become even more important as potential clients shift more to mobile devices.” To prove his point, he cited a recent test of real estate agents with an online presence and potential buyers who tried to call an agent after visiting his or her website, which found that 70 percent of consumers who got voicemail hung up without leaving a message. During another session, “Open Technology Discussion with Industry Thought Leaders,” Realtors® shared strategies for reaching and communicating with consumers more effectively by building on already popular social media channels. The recently released 2010 NAR Member Profile shows that half of all Realtors® use social networking sites, up from 35 percent in 2009. Social network users are growing at an annual rate of 20 percent. “Realtors® are already engaging consumers online via social media sites like Facebook, MySpace and Twitter,” said Golder. “In this culture of instant gratification, we need to not only meet the consumer where they are, but also figure out what they’re looking for, how they want to receive the information and then provide the content.” With so many social media options available, Realtors® can sometimes feel overwhelmed or think they must engage consumers across all available channels. Realtor® Heather Elias, who maintains a successful online blog, warned against jumping into too much too quickly. “Only use tools that directly advance your business’ strengths,” Elias said. “If you’re engaging and informing the consumer, they will come to you.” More than anything, Realtors® are using new technologies and social media as just several of many tools to enhance their ability to connect with clients, because nothing replaces face-to-face interaction. According to NAR’s 2009 Profile of Home Buyers and Sellers, only 37 percent of recent buyers believe technology skills are very important in selecting a real estate agent. In contrast, more than four out of five home buyers thought characteristics such as honesty, integrity, knowledge of the purchase process, responsiveness, knowledge of the real estate market, communications, and negotiation skills were very important.

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Local News

Coldwell Banker Residential Brokerage extends benefits of homebuyer tax credit with ‘Buyer Bonus’ sales event Colorado Sellers to Offer Credit Up to $8,000 from May 1 until July 31 Coldwell Banker Residential Brokerage today announced the launch of the Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit. Beginning May 1, 2010, immediately following the expiration of the government initiative, home sellers participating in the Buyer Bonus Sales Event will offer a 3 percent credit of the accepted offer price of their home (up to $8,000) to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date. In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with homebuyers who would have missed out on the homebuyer tax credit in November of last year, had it not been extended. In addition, while 34 percent cite the current tax credit extension (expiring April 30) as

the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit. “We feel that this promotion is especially timely for Colorado,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “As the credit expires, we are encouraging buyers who haven’t yet found a home, to continue looking. We’re seeing signs of market improvement throughout the state and our goal is for the Buyer Bonus Sales Event to keep our market moving in the right direction.” “The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers in Colorado to essentially extend the benefits of the credit,” said Jim Gillespie, president and chief executive officer, Coldwell Banker

Real Estate LLC. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.” By enrolling in the promotion, home sellers agree to offer the buyer with a credit at closing of 3 percent of their final home purchase price, up to $8,000. The home buyer simply has to sign an offer on a participating property between May 1 and the promotion expiration date, July 31. There is no deadline for a closing date. Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at www.ColoradoHomes. com or nationally at www.coldwellbanker.com.

FHA from page 1

stepped in, as they should, but as the market heals, the balance should be restored.” Katkov described an ideal mortgage insurance balance as 50-60 percent private sector, 35 percent FHA, with the remaining portion covered by loans guaranteed by the Veterans Administration. “As the leading advocate for homeownership, NAR strongly supports FHA’s single- and multifamily mortgage insurance programs,” said Golder. “Yesterday, Realtors® visited Capitol Hill to tell Congress to strengthen FHA while still allowing for access to safe, affordable financing by responsible borrowers, and to make the

higher loan limits permanent to prevent dramatic decreases in the availability of affordable, safe financing nationwide.” Decreasing the current loan limits would reduce the availability of mortgages in 612 counties in 40 states, plus the District of Columbia. The resulting average limit reduction of more than $50,000 would have a dramatic impact on liquidity and could halt the housing recovery, according to NAR.

Services; Scott Griffith, ERA Griffith Realty; and David Katkov, president and EVP, PMI Mortgage Insurance Co. Realtors® voiced their concerns with current lending challenges, including limited liquidity in the resort and second-home market and appraisal concerns related to the Home Valuation Code of Conduct. Panelists acknowledged there was still progress to be made, but that FHA had played a valuable role in averting larger problems. “Thank God FHA was there,” said Katkov. “FHA

© Copyright National Association of Realtors. Reprinted with permission.

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Colorado Springs Real Estate Journal

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May 24, 2010


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Colorado Springs Real Estate Journal

9


Local News

Purely Ponds Parade of Ponds supports Local Tidbits local charity Deanna Lang: We would like to announce the Fourth Annual Purely Ponds Parade of Ponds. This self guided pond tour will be held from 9am-5pm on Saturday and Sunday, June 26th – 27th, 2010. The Parade of Ponds will hold 30 plus tour stops throughout Colorado Springs, Monument, and surrounding areas. Purely Ponds has once again partnered with the Boys and Girls Club of the Pikes Peak Region. For 122-years this charitable organization has delivered quality programs and a unique experience for the youth of the Front Range. They’re mission is simple: To inspire and enable all young people, especially those who need us most, to realize their full potential as productive, responsible and caring citizens. The Boys & Girls Club of the Pikes Peak Region fills a critical need. Building character through everyday leadership and guidance in behavior and attitude, the trained professional staff provide nationally recognized programs that help young people succeed in school, stay healthy, learn important life skills, pursue interests in the arts and sports, and explore vocational choices. To learn more about the Boys & Girls Clubs of the Pikes Peak Region, visit www.bgcppr.org or call (719) 570-7077. Last year, Purely Ponds contributed $2500 to this organization. Purely Ponds will proudly match and donate all of the net profits from ticket sales to this remarkable charity. Water features are today’s hottest trend in landscaping. This is a great chance for our water feature owners and serious water gardeners to share their piece of

paradise with the public. In addition, this is an excellent community event and opportune time to show our support of the local Boys & Girls Club. Our ecologically balanced waterscapes facilitate relaxation to the soothing sounds of water, a peaceful panorama of the naturalistic water garden, and a friendly fish community. It offers an experience of tranquility that transcends today’s stressful world. Countless satisfied homeowners readily profess that adding a water feature to their landscape was the best investment they’ve ever made. Purely Ponds Parade of Ponds tickets and tour map will be available in May at just five dollars per ticket. Our sponsor, Pioneer Sand, will have tickets books available at all three Pioneer Sand locations in Colorado Springs, Monument, and Black Forest. You can also purchase tickets by mail; please send $5 per ticket and 75c for postage to Purely Ponds, 14940 Vollmer Rd., Colorado Springs, CO 80908. Please make checks payable to Purely Ponds. For more information on Purely Pond’s ecosystem-friendly water gardening or the Purely Ponds Parade of Ponds, contact Chris Oberg at chris@purelyponds.com or by phone at 719-896-0026. Please visit our website at www.purelyponds.com. Purely Ponds is the local water feature specialist. We specialize in design and installation of the areas most natural experience in ponds, pondless waterfalls, streams, and stone fountains. Purely Ponds is a member of the Better Business Bureau, Housing & Building Association, and The Colorado Springs Chamber of Commerce.

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Colorado Springs Real Estate Journal

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Deanna Lang of McGinnis GMAC in Colorado Springs, CO was granted Quality Service Certified Gold status in recognition of exceptional service satisfaction measured and compiled for 2009 by Leading Research Corporation (LRC). Quality Service Certified (QSC) status is the only award in the real estate industry based on independently validated, measurable service results. Clients of QSC agents receive a customer satisfaction survey at the end of each transaction. The surveys are administered and the results are compiled by LRC. Client feedback from the surveys becomes part of the agent's credentials An overall satisfaction rating is displayed on a consumer website (www.QualityService. org) where sellers and buyers have the ability to select a real estate professional based upon each agents validated record of service satisfaction.

Donna Campanelli: Realtor, Donna Campanelli of McGinnis GMAC Real Estate in Colorado Springs has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process. Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures. "This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said Campanelli. "It is so rewarding to be able to help sellers save their homes from foreclosure."

Jennifer Montoya: Jennifer Montoya, a leading real estate professional with Coldwell Banker Residential Brokerage in Colorado Springs, has earned the Quality Service Certified (QSC) Platinum award from Quality Service Certification, Inc. The award is the highest level of service achievement in the real estate industry and recognizes earning a 100 percent client service satisfaction for 2009 as measured by Leading Research Corporation (LRC). The QSC award is the only recognition in the real estate industry based on independently validated customer satisfaction survey results. After the conclusion of real estate transactions, clients of QSC agents receive a survey asking them to rate the agent on various aspects of the service process. The surveys are administered and the results are received and compiled by LRC. Montoya holds the Certified Distressed Property Expert designation recognizing the successful completion of stringent continuing education courses in real estate. She earned her bachelor’s degree in economics from Colorado College and her MBA in real estate from the University of Colorado at Boulder.

Brian Maecker: Long-time Colorado Springs Realtor® Brian Maecker, an agent with RE/MAX Advantage, has been recognized as 1st in number of transactions closed in the state of Colorado and 3rd in commissions earned in the state for 2009, according to Re/ Max Mountain States. Maecker and his team of 3 agents and 2 professional support staff sold 181 homes in 2009 and logged $37 million in sold volume. “This achievement means so much to me, and to my team. We work hard each and every day and to have the end result place us at the head of the pack--and in such a challenging economy--- is very rewarding,” shared Maecker. May 24, 2010


Local News

Interest rates HOLD!! Short term and long term interest rates are remaining stable. This could be a positive sign for the Pikes Peak Region’s real estate market. On April 29, 2010 the Federal Reserve leaders left their target rate near 0. This is the rate that banks borrow By Bill McAfee money from other Empire Title banks. This rate — is usually 3 points below the prime rate. Prime rate is the rate that banks loan their best customers. Business borrowing is usually tied to the prime rate. It is generally several points above prime. This could help short term rates and business borrowing. The catch is, lending requirements for businesses remain very restrictive at this time.

term interest rates could go up. This is definitely a factor to keep an eye on. Another factor to watch is inventory levels. Typically inventory levels climb in the summer. (See slide #2) Inventory levels at the end of April were 6.78 months. A preferable level is about 6 months. However, we are well below the inventory levels of 2008 and 2009.

TOP PRODUCING REALTORS COLLECTIVELY, INSPIRING AND ENHANCING THE PIKES PEAK REGION BY GIVING BACK TO THE COMMUNITY.

BEST OF THE BEST The members who have joined Peak Producers have all met very specific professional and performance criteria: • Membership in the Pikes Peak Association of Realtors • Outstanding volume of listing/sales transactions (Top 10% minimum) • Strong motivation to support charitable activities that give back to the Pikes Peak community • A willingness and desire to share their networking skills, experience, and Real Estate knowledge to raise the level of professionalism within the Pikes Peak Association of Realtors

The long term mortgage rates are tied to the 10 year government bonds. As long as foreign governments like China and Japan continue to purchase our bonds at market rates, long term rates should stay steady. (See slide #1) Our government subsidized the bond market until the end of March. It was unknown if foreign countries would participate in the market. If they pull out or pay less than market value for our bonds, long

The number of residential units sold has steadily increased since January of 2009. (See slide #3) The majority of homes being sold are under $250,000.00. (See slide #4) This is because of tight lending standards and strict debt to income ratios. El Paso County’s income levels support home buyers in this price range and have created a demand for homes under $250,000.00. Stable interest rates, income levels which support buyers in the $250,000.00 and below market, and the lack of inventory has caused increases in both average and median sales prices. (See slide #5 and #6) 2010 is shaping up to be a good year in real estate!! * This information is deemed reliable but not guaranteed. Resources: Pikes Peak Multiple Listing Services, National Association of Realtors, El Paso County Clerk and Recorder, IRS, Freddie Mac.

We Don’t Succeed Unless You Do! Empire Title of Colorado Springs

gotnews? josh@csrej.com

May 24, 2010

www.csrej.com

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

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

www.etcos.com Colorado Springs Real Estate Journal

11


Freedom is Tom Bechtel (719) 550-6486

Marcus Brown (719) 550-6408

HBA After Hours at Ferguson Bath, Kitchen & Lighting May 5, 2010

Josh Callens (Denver) (720) 833-3324

Above: Mike Betzer with CB Title, Derick Holman with Ferguson, Christina Elmore and Amy Cox with EON Office, Shirley Rouse with HBA and Kim Chester with Arlun Floor Coverings.

Diane Danner (719) 550-6441

Alex Deboer (719) 550-6482

Carol Flynn (719) 550-6470

Brad Shaw (719) 550-6995

Cathy Gonzalez (719) 550-6431

Lisa Shoblo (719) 550-6480

Stephanie Dombrowski (719) 550-6485

Right: Stan Schneider with The Shafer Group, Trish Sorvald with HBA and Marc Towne with Classic Homes. Below: Dave Lange with Kitchen & Bath Ideas, Bob Scarlett, Sheena Allison and Mike Lay with Ferguson and Carl Desalvo with Hub Insurance Services.

Suzi Gradisar (Pueblo) (719) 296-2107

Tony Sloan (719) 550-6439

having a par tner you can trust.

Right: Alphie Hutmacher with Coldwell Banker Residential and Greg Wolff with Fidelity National Title.

Left: Jodi Hurley with Ferguson and Tim Cannon with Keller Homes.

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!

Learn more in person, online, or by phone. Ent.com/Mortgage (719) 574-1100 ext. 5602 or 800-525-9623 ext. 5602

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! Contact one of our Mortgage Loan Officers, today. Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA

*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.

Above: Caroline Swift with Ferguson, Sandy Bandfield with Focus Real Estate Professionals, Richard Carson with Nationwide Flooring and Design Center and Mike Law with Merrill Lynch.

© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.

12

Colorado Springs Real Estate Journal

www.csrej.com

May 24, 2010


On the Move Don Gardner Coldwell Banker Residential Brokerage

Alan Lovitt RE/MAX Advantage Re/Max Advantage is pleased to announce an addition to its leadership team. Alan Lovitt has assumed leadership responsibilities within the organization effective immediately. Mr. Lovitt is an experienced real estate professional of over 15 years. He has held numerous senior management positions within the real estate community. Most recently he was the Chief Operating Officer for one of the largest real estate companies in the Rocky Mountain area. Alan was recognized as REALTOR® of the year by the Pikes Peak Association of REALTORS® in 2008. He has served in elected positions at both the state and local association levels. He currently is President of the REALTOR® Services Corporation (MLS) and a Director of the Colorado Association of REALTORS®. Alan will continue to assist his clients with their real estate needs. He joined Re/Max Advantage in order to provide superior value to his clients. “We are pleased to be able to add Alan to our leadership group. Alan will be joining Darrell Wass, Gerald Caraverau and myself in assisting our broker associates. Re/Max Advantage continues to experience exciting growth by providing outstanding service to the residents of the Pikes Peak area,” reported Bruce Betts.

Mike Casey Homes of Manitou Springs Mike Casey, after many years in real estate, has created, "Homes of Manitou Springs, LLC", located at 713 Manitou Avenue, in the heart of Manitou Springs' Business District. Mike repeatedly has been the most productive Realtor in Manitou Springs and is a member of "Peak Producers", representing the top ten percent performing Realtors in the Pikes Peak region. Feel free to visit www.HomesOfManitouSprings.com for more information.

Don Gardner, a top-producing real estate professional, has joined Coldwell Banker Residential Brokerage in Colorado Springs as a broker associate and leader of The Don Gardner Team. Gardner and his team members were previously with Coldwell Banker Cheyenne Mountain Realty in Colorado Springs. Gardner earned his real estate license in 2005 and is a member of the Pikes Peak Association of Realtors. He currently serves the diverse real estate needs of clients throughout El Paso and Teller Counties, including military and corporate relocation needs, and housing requirements for police and fire departments. Gardner has earned the Hero’s Tribute award for his military relocation efforts and has been a multi-million-dollar producer for the past five years. He also holds several special designations recognizing the successful completion of stringent continuing education courses in real estate. Gardner is a member of the Marine Corps League and the Colorado Air National Guard. He earned his bachelor’s degree and associate’s degree in business administration. When not serving the diverse real estate needs of his clients, Gardner enjoys the grappling arts, including wrestling and Brazilian Jiu Jitsu, plus skiing and the great outdoors in general. He chose Coldwell Banker Residential Brokerage due to the company’s high profile brand recognition, leading market position and worldwide Internet presence. “Knowledge is the key to success in this highly competitive business,” said Gardner, “and I’m a proud Marine veteran and former public safety servant. It was these two entities that bestowed the importance of education, integrity and honesty in my real estate practice. Rather than telling people what they want to hear, we have found that life-long relationships are born with intelligent, respectful and honest counsel.”

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Denise Dekam RE/MAX Advantage RE/MAX Advantage is pleased to announce the addition of Denise Dekam to our growing family of top Real Estate Brokers. Denise has been in real estate in the Colorado Springs area for six years and is known for her exceptional service. She is among the few diamond service award winners in Colorado. Denise has been a Colorado resident for almost 20 years and has experience with home and land sales all across the front range including Denver. Denise has worked with families and investors and is motivated and committed to making relocations an exciting experience rather than a stressful one. As an advocate for her clients she takes the stress while her clients focus on the excitement of their new home purchase.

Wanda Schemel RE/MAX Advantage Wanda Schemel has recently joined RE/ MAX Advantage. They are very pleased to have such an experienced agent added to their growing family of top brokers. Wanda came to Colorado Springs as part of an Air Force family, stationed at NORAD. As an Air Force family, she was fortunate to have traveled extensively while living in England, New York, California and Colorado. Prior to becoming a REALTOR she worked in the Defense Industry for many years and was a member of Logistic Engineers. In 1995, she received her real estate license. Some .of her current professional designations are GRI, ABR and QSC. and she currently is the secretary in her networking group, Networking In Christ. Wanda has real passion for Real Estate and her goal is to help people make good educated decisions so 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. Ms, Schemel's focus is in residential sales, military relocation

and first time home buyers. When not working with clients she she enjoys spending time with her family and traveling. she collects antique dolls and when time allows she is fond of visiting antique shops and most of all spending time with her three children, five grandchildren and one great grandchild.

Barbara Schiappacasse RE/MAX Advantage RE/MAX Advantage is happy to announce the addition of another experienced Broker Associate: Barbara Schiappacasse, GRI, SFR, SRES. Barb grew up in Denver and has lived in several other Colorado front range communities and in the mountain town of Salida before calling Colorado Springs home in 2002. Barb earned her BA degree in Psychology and AAS in Nuclear Medicine Technology. She worked at Swedish Medical Center in Englewood and Boulder Community Hospital and she was the head of the Nuclear Medical Imaging department at the Medical Imaging Center in Broomfield Colorado. Barb has also worked as a community service developer and technical consultant to the Colorado State Developmental Disabilities Council in designing support programs for families of children with severe disabilities. She started the Neighbor to Neighbor Volunteer/Chaffe shuttle programs to provide support services for elderly and people with disabilities. She has also volunteered as a grief support group facilitator, and as a small group facilitator for the Colorado Department of Education "PEP" conferences. Barb brings her passion for helping people to here real estate career and is a great asset to both buyers and sellers. She says "having bought and sold many personal investment properties with over 25 year of managing rental properties, I bring my clients experience from both sides of the table." Barb chose RE/MAX Advantage because "it is a nationally recognized and respected company with cutting edge technology."

SAY HELLO TO OUR NEWEST LENDER! Scott Smith has been a lender in Colorado Springs for over 22 years. Peoples is very proud to have him as a part of their locally owned team. With 3 Scott Smith in house underwriters and an experienced support 548-5155 staff, give him a call to see the Peoples difference.

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May 24, 2010

www.csrej.com

Colorado Springs Real Estate Journal

13


Local Expert

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The gradual reduction in government support and the inevitable rise in interest rates have caused mortgage volume to slow down in recent months. With less demand for loans, you might think closing mortgages would By Jon Paukovich be quicker and easier, but the sigEnt nificant and ongoing changes in — the regulatory environment have in fact slowed down the mortgage loan process. Recently, I’ve written about the impact of several new regulations such as the RESPA changes, the Home Valuation Code of Conduct and the Mortgage Disclosure Improvement Act, and I’d like to update you on the latest regulation impacting the time required for the mortgage loan process - Fannie Mae’s Loan Quality Initiative. Fannie Mae is one of the Government Sponsored Enterprises (GSE) that now account for purchasing or providing guarantees on more than 90 percent of new mortgages. When the mortgage backed securities market dried up a couple of years ago, Fannie Mae, Freddie Mac and Ginnie Mae became the primary sources of liquidity to the mortgage market. These entities have played a vital role in supporting the housing market during a difficult past two years. However, they have all had to tighten up their lending guidelines in an attempt to slow their enormous losses and increase capital. Fannie Mae has historically purchased or guaranteed loans from lenders and either placed them in their own portfolios or sold them as securities. It basically worked on the honor system where the lender selling loans to Fannie Mae agreed to follow the credit guidelines. Fannie Mae did very little quality control. If the loans performed - all was good, even if the loan didn’t meet Fannie Mae parameters. If the loan went into default, only then would Fannie Mae perform a review. If the policies were

followed, Fannie Mae incurred the loss. If not, Fannie Mae would request that the lender re-purchase the loan. This could cause financial complications for lenders especially since Fannie Mae has been much more aggressive in pushing back loans to lenders. Since lenders aren’t always capable of repurchasing loans, Fannie Mae would incur a loss. This has become more of an issue as delinquencies and foreclosures have increased, so Fannie Mae is rolling out a new model titled the “Loan Quality Initiative.” This new model significantly involves them in the loan process before the loan closes which could lead to several required modifications or even discontinuation of the loan. Under this Loan Quality Initiative, Fannie Mae is instituting more check points just before loan closing. One requirement is the lender must submit the appraisal to Fannie Mae for review and approval. They are also requiring the lender to check for any new mortgage debt and verification of employment just before closing. The lender may also be required to obtain tax transcripts directly from the IRS for their review. If there are issues on any of these requirements, it could slow closing or potentially terminate the transaction. Lenders have been working hard to implement new technology and engage in process improvement. However, poor lending practices by a few have resulted in a continuing increase in regulatory requirements that impacts all lenders. What’s important to remember is that a good lender will be able to stay on top of these new, ever-changing regulations and still make the home buying experience a positive one for your client. As a realtor, you need to have the confidence that the lender you choose can do this no matter what new regulations keep coming our way. Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at JPaukovich@ent.com

Empire Title, Bank of America Hard Hat Tour April 21, 2010

Above: Real Estate Agents toured and learned about Fountain area home builders. They were given new market predictions and helpful info about the mortgage industry before enjoying a great lunch provided by Classic Homes.

Call Rachelle: 719.205.1299 rachelle@csrej.com 14

Colorado Springs Real Estate Journal

Above: Robin Searle with Keller Williams Clients Choice, Inid Beitzel of Inid Beitzel Realty, Virginia Salazar with The Masters Group and Kim Tzitzichas of Your Real Estate Source. www.csrej.com

Above: Stephanie Hawthorne with Empire Title, Christy Schmitt with Bank of America and Steve Brown with Riverside Realty. May 24, 2010


Around the Corner May

Power of Analysis 1:00pm – 4:00pm @ Empire Title 719-884-5300 cherrylyn@etcos.com

Wednesday, May 26 Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

Wolf Ranch Concert at Gateway Park 6:00pm – 7:00pm @ Gateway Park/Wolf Ranch Band: World's Truly Most Dangerous Summer Band

Thursday, May 27 Farm and Land 8:00am – 9:30am Maggie Mae's Restaurant Jim Crossey, 719-579-0404

Thursday, June 17 Colorado Springs Networking Group 8:00am – 9:30am Colorado Springs Country Club Ruthie, 719.492.3998

June Tuesday, June 1 SMC Social Hour 4:00pm – 5:00pm @ HBA shirley@cshba.com

Wednesday, June 2 REALTAC 8:00am – 9:30am @ PPAR Holly Skelton at 719-593-1000

Annual Commission Update Course 8:30am – 12:30pm @ Empire Title 719-884-5300 cherrylyn@etcos.com Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

Thursday, June 3 B.L.E.E.P. (Black Forest & Eastern Marketing Group) 8:30am – 10:00am The Grill at Latigo Trail Equestrian Center Roxene, 495-6213 VA Training for the Real Estate Agent 8:30am – 12:30pm @ Empire Title 719-884-5300 cherrylyn@etcos.com

Friday, June 4 Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Friday, June 18

Monday, June 7

Friday, June 11

PAC / HBA Golf Tournament 7:30am – 2:30pm @ Kissing Camels kirk@cshba.com 719-592-1800

Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Wednesday, June 9 CTM eContracts for Beginners 9:30am – 11:30am @ Empire Title 719-884-5300 cherrylyn@etcos.com Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

Thursday, June 10 Farm and Land 8:00am – 9:30am Maggie Mae's Restaurant Jim Crossey, 719-579-0404 Myths, Mistakes, and Mayhem in the Short Sale Process 9:00am – 11:00am @ Empire Title 719-884-5300 cherrylyn@etcos.com Women's Council of Realtors 11:30am – 1:30pm Embassy Suites Hotel Renate Carrier, 888-313-5928

Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Wednesday, June 23

Friday, June 11-13 Wolf Ranch Community Garage Sale 8:00am – 4:00pm

Saturday, June 12-13 HBA Remodeled Homes Tour 10:00am – 5:00pm @ Various Locations trish@cshba.com 719-592-1800

Wolf Ranch Concert at Gateway Park 6:00pm – 8:00pm @ Gateway Park/Wolf Ranch Band: Gentle Rain

Thursday, June 24 Farm and Land 8:00am – 9:30am Maggie Mae's Restaurant Jim Crossey, 719-579-0404

Saturday, June 26-27

Tuesday, June 15 HBA After Hours 5:00pm – 7:00pm @ Beckony Kitchens & Baths shirley@cshba.com

Wednesday, June 16 Hard Hat Tour - Southwest 9:00am – 12:45pm @ Empire Title 719-884-5300 cherrylyn@etcos.com

Purely Ponds Parade of Ponds www.purelyponds.com 719-896-0026

Wednesday, June 30 Wolf Ranch Concert at Gateway Park 6:00pm – 8:00pm @ Gateway Park/Wolf Ranch Band: Redraw The Farm Rain date: Thursday July 1

Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

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Colorado Springs Real Estate Journal

15


Black Forest

1) Soaring Eagles - Townhomes From the $140s Homes Ready Now!

4 Woodmen Rd

719.352.9998

3

Marksheffel Rd

Powers

2-3 Bedrooms Hardwood & Tile Floors AC in All Homes Fenced, Private Yards 2 Car Garages w/Opener

Meridian Rd

Building a whole new perspective.

2) Lorson Ranch - Single Family From the $190s Homes Ready Now!

719.440.0830

Drennan

Powers

S Academy

24

3-5 Bedrooms Hardwood & Tile Floors 3 Car Tandem Garage* 5 Piece Master Bath* 42" Cabinets Finished Basement*

1

Homes Ready Now!

S Powers Blvd

5% co-op

3-6 Bedrooms 3-4 Car Garages Granite Counters Hardwood & Tile Floors

21

85

719.304.4919

87 25

4) Forest Meadows - Single Family From the low $200s 3-6 Bedrooms 3-4 Car Garages Hardwood & Tile Floors

719.304.4919

Fort Carson

Fontain Blvd

Mes

a Ri dge P kw y

* Varies by plan. See builder for details.

We appreciate our local Realtors.

4% Commission on Sales Price.

Homes Ready Now! Soaring Eagles (1)

Soaring Eagles (1)

Meridian Ranch (3)

Forest Meadows (4)

3543 Bay Owl Gr.

5117 Hawks Crest Pt.

10497 Mt. Evans Dr.

7123 Red Cardinal Loop

149,195

166,195

Marksheffel Rd

Hancock Expy

3) Meridian Ranch* - Single Family From the low $200s

235,995

195,995

$

$

$

$

Andor Plan: 2 Bedrooms, 2.5 Baths, AC, 2 Car Garage, Private Courtyard.

Griffin Plan: 3 Bedrooms, 2.5 Baths, AC, Fireplace, 2 Car Garage, Private Courtyard.

The Rocky: 3 Bed w/Loft, Main Level Master, Full Unfinished Basement, 3 Car Garage.

The Hallberg: 2-Story, 3 Bedrooms, 2.5 Baths, Kitchen Island, 2 Car Garage.

2


Colorado Springs Real Estate Journal