Issuu on Google+

PRSRT STD US POSTAGE PA ID PERMIT 745 COLO SPGS CO

Vol. 2 No. 12

August 23, 2010

www.csrej.com

Housing starts rise 1.7 percent in July Nationwide housing starts inched up 1.7 percent to a seasonally adjusted annual rate of 546,000 units in July from a downwardly revised figure in the previous month, according to U.S. Commerce Department figures released today. The gain occurred entirely on the multifamily side, with single-family housing production falling 4.2 percent to 432,000 units. “Builders are very reluctant to build more homes in view of the current state of the economy and weak buyer demand,” noted Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich. “Right now the housing market is essentially in a holding pattern,” acknowledged NAHB Chief Economist David Crowe. “As our latest member surveys have indicated, builders are seeing greater

hesitancy among potential home buyers who are uncertain about what’s in store for the economy and jobs going forward. That said, favorable home buying conditions including historically low mortgage rates and low house prices should help spur additional demand as the job market gradually improves later this year.” The entire 1.7 percent gain in housing production this July was due to a 32.6 percent jump on the more volatile multifamily side, which brought that sector back closer to trend at a 114,000-unit rate following a major dip in the previous month. Meanwhile, single-family housing production declined 4.2 percent to a seasonally adjusted annual rate of 432,000 units, its lowest mark since May of 2009. Two regions registered improved starts activity in July, with the Northeast

and Midwest each posting double-digit gains, of 30.5 percent and 10.7 percent, respectively. The South, which is the country’s largest housing market, posted a 6.3 percent decline in starts this July, while the West posted no change in starts activity. Permit issuance, which can be an indicator of future building activity, declined 3.1 percent to a seasonally adjusted annual rate of 565,000 units in July. Single-family permits fell 1.2 percent to 416,000 units, while multifamily permits fell 8 percent to 149,000 units. Regionally, permits fell nearly 26 percent in the Northeast, 1.1 percent in the Midwest, and 4.9 percent in the West, but gained 3.9 percent in the South in July. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Broad stabilization in second quarter metro area home prices with strong sales Next Month:

The trend in firming home prices solidified in the second quarter with more metropolitan areas showing increases from a year ago, aided by a surge in home sales driven by the home buyer tax credit, according to the latest survey by the National Association of Realtors®. In the second quarter, 100 out of 155 metropolitan statistical areas1 (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009. The national median existing single-

Parade of Homes Award Winners

family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago. Lawrence Yun, NAR chief economist, said the correction in home prices appears to have ended in 2009. “All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” Yun he said. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market

Meridian Ranch Brunch

HBA Poker Run

BBQ at Fidelity

PAGE 5

PAGE 6

PAGE 11

MUCH MORE INSIDE!

we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.” Yun urged caution on interpreting price data. “The median price is influenced by the mix of homes that were sold and do not reflect pure appreciation or depreciation,” he said. “The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount. Now as more normal, nondistressed home sales are occurring, the median price in many areas is showing higher values.”

See Second Quarter page 4

National News.................. Page 2 Local News...................... Page 9 On the Move.................... Page 13 Local Expert.................... Page 14 Around the Corner............. Page 15

HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website: www.dora.state.co.us/ real-estate/index.htm

Honest & Ethical Service from People You Know. 5333

North

Union

Blvd.

Suite

100,

Colorado

Springs,

CO

80918

Wally Roy

Aric Ulmer

Sharon Higashi

(719) 229-5003 wally.roy@academy.cc

(719) 439-7413 aric.ulmer@academy.cc

(719) 491-2500 sharon.higashi@academy.cc

Branch Manager NMLS#305901

Loan Officer NMLS#257977

Loan Officer

License# 100019804


National 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 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 non-staff 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.

New dental insurance program makes Realtors smile After a successful first year of offering Realtors® Core Health Insurance, NAR’s new benefit, Realtors® Dental Insurance, is the next step in efforts to provide unique and valuable benefits to members and aims to help bridge the dental gap. Realtors® can obtain RDI through the National Association of Realtors®’ REALTOR Benefits® Program in partnership with Ameritas Group and SASid (Smart And Simple Insurance Development). “NAR understands the unique needs of Realtors® who, as independent contractors and small business owners, often do not have access to quality and affordable insurance,” said Bob Goldberg, senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “Realtors® Dental Insurance is custom-designed to offer affordable and valuable large group dental insurance benefits to NAR members and their families nationwide. This crucial benefit would not have been made possible without our partners, Ameritas Group and SASid.” Eighty-five percent of Americans re-

port awareness that their oral health is very important to their overall health, with the number one reason for not going to the dentist being a lack of dental insurance. Independent contractors and small business owners are especially susceptible to limited access to quality and affordable health and wellness insurance benefits. RDI plans are designed exclusively for NAR members and their families and provide coverage for preventive, basic and major dental expenses. Realtors® can choose from four plans that cover more than 300 dental procedures. Plans also include bonus benefits such as orthodontia, cosmetic and Dental Rewards®. Other plan highlights include credit for

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

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

Not as RESPONSIVE as you like?

• Press Releases

• On the Move

Re-Launch your Career with Colorado Springs’ #1 New Home Sales Team!

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

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

Office: 719.205.1299 Fax: 719.550.4373

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

2

© Copyright National Association of Realtors. Reprinted with permission.

Is this your Managing Broker?

josh@csrej.com

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

existing plans by waiving waiting periods that may apply, easy online billing and personal service Participants are free to visit any licensed dentist of their choice or an Ameritas PPO provider. Ameritas PPO providers have agreed to charge reduced fees to NAR member clients, which can result in significant savings. The Ameritas PPO network is composed of more than 130,000 dentist locations nationwide. Realtors® can review plan options and obtain a free quote online at www.RealtorsDentalInsurance.com or by calling 877-267-3752. Realtors® must mention their NAR membership (NRDS) number. NAR’s REALTOR Benefits® Program offers practical solutions for Realtors® on the products and services they use every day. The program includes offerings from nearly 30 companies in a variety of categories recognized as leaders in their respective industries.

Colorado Springs Real Estate Journal

• • • • • • •

No desk fees! No copy fees! Free e-contracts! Extensive hands-on training! Ride-with programs! Specializing in new construction! Earn those big new home commissions and bonuses! • Company provided leads!

CALL TODAY 719-550-4277

And set up your 100% Confidential interview!

▫ 21st century marketing program! ▫ 3 mall kiosks! ▫ Extensive internet lead generation

• On call management team to answer any question! • Easiest, safest, and cheapest way to re-start your career!

www.CoNewHome.com www.csrej.com

August 23, 2010


®

www.chipotle.com

www.Wolf-Ranch.com

presents

The C . outure Cupcake Co

www.springscupcakes.com

The Couture Cupcake Co.

www.mimiscafe.com

The

Couture Cupcake Co.

®

www.oldchicago.com

Monday, September 13, 2010 11 a.m. to 2 p.m. www.panerabread.com

MUST RSVP BY SEPTEMBER 8, 2010

RSVP with your name, company, phone number and number of guests by calling 527-3514 or e-mail to Taste@Wolf-Ranch.com

— Follow the directional signs to the TASTE locations — Each Wolf Ranch builder will have a different “Taste” to offer. There will be prize drawings at each location serving food, so don’t miss any stops to increase your chances to win.

www.rockbottom.com

Brought to you by:

The

Best Address in Colorado Springs! 83

83

www.goetzmannhomes.com

Blvd

www.csrej.com

rch

Pkwy

d Blv Rd en odm Wo ©2008 Wolf Ranch Colorado Springs, CO

10/08

N. Powers Blvd

25

emy

For information about The Best Address in Colorado Springs, call 597- WOLF and speak to any of the Wolf Ranch builders. August 23, 2010

Res ea

Acad

www.tritoncommunities.com www.vantagehomescolorado.com

Briargate Pkwy Air Force Academy

Union

www.creekstone-homes.com

Old Ranch Rd

Black Forest Rd

www.classichomes.com

Entrance Planned

vd Bl rs we Po N.

Interquest Pkwy

SIGN-UP FOR EMAIL NOTIFICATIONS AT www.Wolf-Ranch.com

Colorado Springs Real Estate Journal

3


National News NAR hails proposal to restrict GSE mortgages with private transfer fees The National Association of Realtors® today commended the Federal Housing Finance Agency for taking steps to restrict government-sponsored enterprises – Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks – from investing in mortgages with private transfer fee covenants. A private transfer fee, often attached to a property by a developer, is a fee due to the developer each time the property is resold. The term of some covenants can extend for 99 years. NAR is a leader of a coalition that strongly opposes such fees. “NAR is the leading advocate for private property rights and hous-

ing issues and we firmly believe that private transfer fees add an unnecessary burden to the real estate transaction and can delay a closing or even kill the transaction. There is no service performed for such fees and they add nothing to the value of a property,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz. “FHFA is to be commended for proposing a guidance that would ban this unnecessary fee.” FHFA, as required by law, has sent a Notice of Proposed Guidance to the Federal Register for publication and seeks public comment on its proposal. The public comment period on the proposed guidance

will be open for 60 days after the notice is published. Twelve states enacted legislation in 2010 that ban private transfer fees. They are Arizona, Delaware, Hawaii, Illinois, Iowa, Maryland, Louisiana, Ohio, Mississippi, Minnesota, North Carolina and Utah. A growing number of other states have indicated they are considering similar actions. The Federal Housing Administration has also denied its home loan programs to transfer fees. © Copyright National Association of Realtors. Reprinted with permission.

www.VanguardNewHomes.com

visitÊtoday! Videos New Models Realtor Incentives Inventory and More!

We Want To Get To Know You! Connect With Vanguard Homes:

0!

,95 7 9 3 $

theÊHillingdon

OurÊNEWESTÊmodel,ÊnowÊcompleteÊinÊRemingtonÊHill! TheÊEuropeanÊCottage...aÊgorgeousÊRanchÊHome.

Colorado Springs Real Estate Journal

© Copyright National Association of Realtors. Reprinted with permission.

news?let us 866.481.2575

16648 Greyhawk Dr. Jackson Creek in Monument . OPEN DAILY.

4

Total state existing-home sales, including single-family and condo, rose 9.1 percent to a seasonally adjusted annual rate2 of 5.61 million in the second quarter from 5.14 million in the first quarter, and were 17.3 percent above the 4.78 million-unit pace in the second quarter of 2009. Sales increased from the first quarter in 44 states and the District of Columbia; 47 states and D.C. had increases over year-ago sales levels. NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said record low mortgage interest rates will help cushion a summer slowdown. “As expected, sales are slowing down now that the home buyer tax credit has expired, but record-low mortgage interest rates, along with stable and affordable home prices in most areas, provide opportunities for buyers who weren’t able to take advantage of the credit,” she said. According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was a record low 4.91 percent in the second quarter, down from 5.00 percent in the first quarter; it was 5.03 percent in the second quarter of 2009. “Job creation will give home buyers more confidence, but the market over the next few months is likely to be below what we would expect for the size of our growing population,” Golder said. “With improving bank balance sheets, credit restrictions should gradually improve – Realtors® are a great resource for consumer information on loan availability as well as neighborhood market conditions, which vary widely.” In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was relatively flat at $175,700 in the second quarter, down 0.5 percent from the second quarter of 2009. Twentysix metros showed increases in the median condo price from a year ago and 29 areas had declines; the first quarter of 2010 showed 24 metros up, while only four metros saw annual price gains in second quarter of 2009. Regionally, the median existing single-family home price in the Northeast declined 3.2 percent to $238,000 in the second quarter from a year earlier. Existing-home sales in the Northeast jumped 14.9 percent in the second quarter to a level of 980,000 and are 23.6 percent above the second quarter of 2009. In the Midwest, the median existing single-family home price increased 1.4 percent to $148,500 in the second quarter from the second quarter of last year. Existing-home sales in the Midwest rose 14.5 percent in the second quarter to a pace of 1.30 million and are 20.9 percent above the same period in 2009. In the South, the median existing single-family home price slipped 2.0 percent to $155,500 in the second quarter from the second quarter of 2009. Existing-home sales in the South increased 10.9 percent in the second quarter to an annual rate of 2.10 million and are 18.8 percent above a year ago. The median existing single-family home price in the West rose 2.6 percent to $219,700 in the second quarter from a year ago. Existing-home sales in the West fell 2.6 percent in the second quarter to an annual rate of 1.23 million but are 7.6 percent higher than the second quarter of 2009.

got

Ê

Marketed By

Second Quarter from page 1

www.csrej.com

know

josh@csrej.com

August 23, 2010


August 4, 2010

Cell Phone:

Karen Bloser

719-243-2511 lwessel@fnf.com

Cell Phone:

Lisa Wessel

719-640-9454 sdobbs@fnf.com

Cell Phone:

Shirlee Dobbs

719-338-7878 tedavis@fnf.com

Cell Phone:

Terry Davis

719-252-0486 dwilson@fnf.com

Cell Phone:

Debbie Wilson

719-590-1711 gwolff@fnf.com

Vice President

Greg Wolff

Left: Shelley Lajudice of Lajudice Marketing, Micah Victory with Flat Rate Realty, and Jill Johnson with Central Bancorp.

Security Title has changed their name to:

just got

r� Stronge

www.csrej.com

“Strong

August 23, 2010

2864 S. Circle Drive, Suite 400 Colorado Springs, CO 80906

Above: Jim Martin, Pat Bigley and Doug Wolfe with ERA Shields, Maureen Miller with Vantage Homes, Kristie Laufer with Realty Connection and Jim Wright with ERA Shields.

719-590-1711

Right: Dave Moore with Flying Horse Realty, Theresa Anderson and Jean Tindill with CB&T Mortgage.

1277 Kelly Johnson Blvd., Suite 100 Colorado Springs, CO 80920

Above: Sheri Dea Brown with Caravan Properties LLC, Mimi Foster with Epic Real Estate Group, Rich Jorgenson with A Plus Financial and Jill Webb with CB Title.

1864 Woodmoor Drive, Suite 100 Monument, CO 80132

Above: Jenna Thompson with Classic Homes, Bev Creswell with CB&T Mortgage, Joe Kaiser and Tom Lazzaro with Sellstate.

Under the Fidelity National Title Name we have even more ways to help with your transactions!

719-459-7178 kbloser@fnf.com

Above: Nicole Tussey with Sellstate.

Left: Dottie Anderson with CB&T Mortgage, Robyn Flak with Vantage Homes and Alphie Hutmacher with Coldwell Banker.

NOW THAT WE HAVE YOUR ATTENTION:

Our name has changed, however we have the same great people to serve you!

Meridian Ranch Parade of Homes VIP Champagne Brunch

Colorado Springs Real Estate Journal

5


HBA Poker Run

don’t

break the

bank

July 17, 2010

Right: Elaine Ausmus with Alliance Builders and HBA President Michelle GroveReiland.

on

Left: John Bissett with JM Weston Homes took 2nd place in the bicycle obstacle course.

advertising

Below: Trish Sorvald, Renee Zentz and Shirley Rouse of the HBA.

Monthly Rates Start at $150! Left: Best Biker Couple - Debbie and Randy Deming with Campbell Homes.

Right: Johnny Garcia with B&J Contractors took home - Best Custom Car.

Left: Kevin Hart with Saint Aubyn Homes and Wally Roy with Academy Mortgage.

PRIZE RECIPIENTS

719.205.1299 rachelle@csrej.com 6

Colorado Springs Real Estate Journal

Biker Babe: Debbie Deming Biker Dude: Randy Deming Biker Couple: Randy & Debbie Deming Custom Bike: Jeff Pisano, Auer Woodley Hilderbrand & Sanders LLP Vintage Bike: John Bissett, JM Weston Homes Killer Chrome: TBA Best Paint: Lisa Kunesh, Plush Design Custom Car: Johnny Garcia, B & J General Contractors, Inc. Best Poker Hands: 4 Queens: JoAnn Martinez, Wells Fargo Home Mortgage 4 five’s: Ron Covington, Ron Covington Homes 4 four’s: Randy Deming, Campbell Homes, Ltd. www.csrej.com

August 23, 2010


Design Your Own Floorplan, or Modify One of Ours.

Contract Between September 1st & October 1st to Receive Your 4% Commission Plus $1,000 Bonus!*

(1) The Gables from the $190’s Ge tThe FactsUp Fro n t .co m In Association with:

(2) Forest Meadows & (3) Wilshire Ranch from the $200’s

2

Meridian

Black Forest

5 N

4

Woodmen

1

Hwy. 2

4

Mark Sheffel

(4) Meridian Ranch from the $300’s

Constitution

3

Woodmen

719.495.7664 visit gjgardnerhomes.com 11605 Meridian Market View Unit 130 Falcon, CO 80831

N

www.csrej.com

FALCON

Colorado Springs Real Estate Journal

Meridian

August 23, 2010

Falcon Design Center

Wal-Mart

Custom Homes Without the Price!

* Restrictions may apply.

GJG

(5) Black Forest Reserve from the $400’s

7


the best gift this year...

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

rachelle@csrej.com 719.205.1299 | www.csrej.com 8

Colorado Springs Real Estate Journal

www.csrej.com

August 23, 2010


Local News

Many hands make work light Heritage Title Company, representing Commonwealth Title in Colorado has long been an organization involved in their communities across the state. Over the last 30 years, Heritage Title participated in canned food, toy and coat drives. They have assisted families in crises, through fires and floods; even raising over $12,000 for the victims of 9/11. Employees of Heritage Title have helped build many houses and made the wishes come true for sick children through the Make a Wish Foundation. A group of long-time employees saw how the company could garner the power of all these individual efforts into an organization called Heritage Hearts in Partnership. HHIP creates opportunities for employees to help in their communities through partnerships with local non-profits. Through conversation with the employees we knew there was a desire to volunteer but, they did not know how to get started. Now employees can view and sign up for opportunities on the intranet. Since April, Heritage employees have worked over 400 hours to help organizations like Habitat for Humanity and the Ronald McDonald House. Through a partnership with one of their clients, Universal Lending, HHIP has adopted the home of an elderly woman. Volunteers are scraping paint, applying fresh coats, fixing the front steps and building a fence, among many other improvements. Heritage Hearts raises money through sponsorships from vendors and employee fund-raisers like selling jeans day certificates for $5 each. Employees get to wear jeans during a manager-approved workday and they wear a badge, “Ask me why I am wearing jeans today,” that encourages discussion about the HHIP program and their mission of “Bridging company culture and communities while enriching lives in Colorado.” Dollars earned fund many exciting programs. One program gives age-appropriate gift bags to local police departments and homeless and abuse shelters to give to children who appear before them with little or nothing to do during long waits. Heritage Title Company is pleased to see the benefits of the HHIP program. HHIP complements the identified focus and direction of the company, “Making Transactions Personal.” This program is one that develops leaders and encourages teamwork and skill development while informing the community about Heritage Title Company, their people, products and services. “I had a BLAST! It felt wonderful to be helping out someone who so truly needs the help and instead of whistling while we worked I loved chatting while we worked. My group had so much fun we decided that next summer we should do this again plus once a month go to each others homes and help each other! I Slept like a baby that night. It is the best feeling, a warm and fuzzy with a great feeling of accomplishment. It is amazing how much you can get done. If you want to feel good, in your heart, soul, body and mind –volunteer!” Deb Kompus – Branch Manager

SAY HELLO TO OUR NEWEST LENDER!

Shannon Scott has been a lender in Colorado Springs for 25 years. Peoples is very proud to have her as a part of their local team. With three in house underwriters and an experienced support Shannon Scott staff, give her a call to see the Peoples difference.

548-5182

5175 N. Academy Blvd • Colorado Springs • CO • 80918

BIGGER DOESN’T MEAN STRONGER.

legacy title group l

l

Empowering Our Associates To Make A Difference (719) 442-1900 LegacyTitle-LLC.com

Great Tools for Realtors® • Postcard/Flyer Design & Printing • Great Lead Sources/FARM Lists • Property Profile Books

2 North Cascade, Suite 215

The company is proud of the work they do, so they have created an email newsletter distributed to employees and customers spreading the word about Heritage Hearts in Partnership. This allows the company to share a different side of our industry than is often shown in the media while encouraging participation. The HHIP committee has been happy to welcome family, friends, and customers to volunteer events and see participants enjoy an increased sense of self-worth, accomplishment and pride at giving back. It has been clear to anyone who gives of themselves that volunteerism enriches the fabric of their lives. “Volunteering at the Ronald McDonald house was a great experience for me. One of the things that truly impressed me that night was that no matter the stress and sadness that these families were experiencing, the showed us great gratitude for being able to sit down and relax to a warm meal. Not only did it feel great to give back to the community, it was also great to spend time with other Heritage employees and get to know them. I can't wait to do this again.” Gracie Casias –Sales Representative

Thank you to Suzanne Killmer, VP of Commercial Escrow who spearheaded this program along with others, including Connie Malonson, April Kovari, Patty Robinson, Sandra Weidenfeller and Vanessa Coates. Special recognition goes to Ginny Johnson, former President of Heritage Title, who armed with the vision, made Heritage Hearts in Partnership a reality. Getting employees HHIP will be her lasting legacy at Heritage Title Company. To learn more about HHIP, see their short video at http://www.youtube.com/ watch?v=6J7GyKqklq4

Keller Homes voted Best Custom Builder by CSBJ Keller Homes was voted the Best Custom Home Builder by CSBJ readers for the second year in a row. Buyer's expectations are higher. Good design is no longer an option and being environmentally sensitive and energy efficient are required. These are qualities of solid home building Keller Homes has embraced since the company began, more than 25 years ago. Offering homes in five neighborhoods, ranging from the mid $200's to the $800's, Keller Homes is neither the least nor most expensive home builder in Colorado Springs. But, all of their homes are Energy Star rated and have been recognized with an Environmental Protection Agency award for energy efficient construction. August 23, 2010

www.csrej.com

Comprehensive residential and CommerCial inspeCtions by Colorado liCensed professional engineers (p.e.) Pre-Purchase Inspections Structural Inspections, Repair Design, and Water Ingress Investigations Cost Segregation Studies Construction Monitoring

info@criterium-mccafferty.com | criterium-mccafferty.com 945 Oak Ridge Rd., Manitou Springs, CO 80829 | 719.685.2285

Colorado Springs Real Estate Journal

9


Local News

The Fear Factor ALL PHASES OF ROOFING & GUTTERS

Call for estimates: (719) 778-4459 FAX: (719) 543-4320

2907 Acero Ave. Pueblo CO 81004

Thousands

of Realtors,

®

One advertisement away.

csrej.com

Rates as low as $150/mo Phone: (719)205-1299 Email: rachelle@csrej.com

10

Colorado Springs Real Estate Journal

Trying to predict today’s real estate market has become increasingly complicated. There are many factors to consider. We all look for indicators to help us structure our business plans. We need to know when to spend money and when to pull back. We need to use automation when possible and yet keep personal relationships with our clients. We watch inventory levels, interest rates, showings, By Bill McAfee incentive proEmpire Title grams, and the — job market. One of the hardest things to predict, but definitely plays a major roll in our real estate market, is fear. If people do not have faith in the market or stability in their jobs, fear begins to take over. Confidence would be another way to describe this feeling. Interest rates are at historic lows and yet we are not seeing a dramatic increase in sales. In fact we had a 22% drop in the number of sales comparing June to July. One explanation for this drop is most people believed the Home buyer credit was going to expire June 30th. It was extended at the last minute until September 30th, but only for those homes under contract April 30th. Under the original credit Military buyers must be under contract April 30th 2011 and close June 30th 2011. In addition to the drop in the number of homes sold, many brokers confirmed showings were down from June. Fear is in the market and people are reluctant to make decisions. As an industry I believe we should help educate people and empower them to overcome their fear. Buyers in today’s market must understand that rates are at historic lows. (See slide #1) One objection is that the prices may drop. Based on current conditions prices may fall further. The danger for the buyer is that rates may go up. It is impossible to predict with 100% certainty what will happen. We know that rates are at historic lows. We know that the average sales price, on a running average, is equivalent to 2003 and 2004 prices. We peaked out in 2007 and declined until November of 2009. Since then home prices have been steadily increasing. (See slide #2) If a buyer has a steady job and wants a primary residence, it is a good time to buy. If an investor wants to get in the rental market, now is a great time to buy. Interest rates, home prices, and vacancy rates are low. Rents are increasing due to high demand. It is important that buyers understand the market as it exists today. What hap-

pens tomorrow is usually something we cannot control. Fear is perpetuated by the unknown. If we work hard getting the most reliable information we can to our buyers and sellers some of the fear may be alleviated. If people see themselves in a good position to buy or sell they will be more likely to make a decision. The information they get must be accurate, up to date, and understandable. Help your buyers and sellers assess their situations. Some buyers shouldn’t buy and some sellers shouldn’t sell. The true value you can bring to the table is helping them evaluate their own circumstances. Help them discover if it is fear, or the lack of good information that is hindering them in the buying or selling process. You can help them understand that the fear factor is a part of the process, but not the whole process.

Market Update

Interest Rates continue to decline (See slide #1)

Average sales price, on a 12 month running average, increasing at a slower rate (See slide #2)

Median sales price, on a 12 month running average, continues to increase. (See slide #3)

See Market Update page 12

gotnews? josh@csrej.com

www.csrej.com

August 23, 2010


Meet, Eat & Greet BBQ w/Fidelity National Title (Formerly Security Title)

Left: Greg Wolff, Terry Davis and Debbie Wilson with Fidelity National Title Company

don’t

break the

bank

on

advertising Right: Karen Bloser with Fidelity, Beth Ward with Mountain Shasta Realty, Harry Borowski with ERA Herman Group and Shirlee Dobbs with Fidelity.

Left: Janet Mall with Keller Williams Client's Choice.

Monthly Rates Start at $150!

Left: Rick Allen, Bobbie Rupp, Cliff Lewis and Joe Nester with RE/MAX Properties and Karen Bloser with Fidelity.

Left: Dan Salmore with McGinnis GMAC Real Estate, Terry Galloway with Keller Williams Client's Choice and Bob Smith with The Platinum Group.

Right: Priscilla Tankersley, Deb Hemmann, Nancy Murry and Francis Bendish with Keller Williams Client's Choice.

Left: John Longo and Michelle Webb with Fidelity National Title Company.

Call Rachelle: Right: Lori Van Der Wege with Keller Williams Client's Choice, Scott Mullennix with RE/MAX Properties and Norm Karasa with North Summit Real Estate.

August 23, 2010

719.205.1299 rachelle@csrej.com www.csrej.com

Colorado Springs Real Estate Journal

11


Local News Market Update from page 10 12 month running average, decreased for the 3rd straight month. (See slide #6)

• D IREC T C O NN EC T• with Larry Kendall E v ent Informat ion Date: Thursday, September 16th, 2010 Time: 8:00a.m.—1:00p.m. Venue: Mr. Biggs—Event Center Entry fee: $20.00

Number of residential sales, on a 12 month running average, declines for the first time since May of 2009 (See slide #4) Inventory levels approach 8 months for the first time since November of 2008. (See slide #7)

Working with Buyers The 10-step buyer interview A buyer’s 4 greatest fears Buyer’s real motivations Pretend states

Working with Sellers The 16-step listing process Market analysis & valuation systems Absorption rate pricing Price lines

Active listings, on a 12 month running average, increased for the 4th straight month. (See slide #5) Percent of sales by price shows the $300,000 - $399,999 improving. (See slide #8)

Getting Listings Sold

* 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.

Absorption rate pricing (continued) 12 skills to get listings sold

Negotiation Skills & Real Estate Investment Strategies 3 keys to successful negotiations Negotiation skills The negotiation continuum Real Estate investment rules of thumb Review/quiz

Join Empire Title and different vendors for breakfast and earn 4 CE hours. You will have a chance to enter your business card to WIN a trip to LAS VEGAS or $100 VISA cards.**

Sales as a percent of active listings, on a

Don’t bury your head, Just the competition.

We Don’t Succeed Unless You Do! Empire Title of Colorado Springs 5755 Mark Dabling Blvd. Ste 110 | Colorado Springs, CO 80919 Phone: (719) 884-5300 Fax: (719) 884-5304

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

www.etcos.com

Rates starting at $150

Per Month

Call Rachelle for details:

(719) 205-1299

**As a settlement provider, you are under no obligation to send any future business to any sponsors from this event.

12

Colorado Springs Real Estate Journal

www.csrej.com

August 23, 2010


On the Move Esther Bergling Keller Williams Partners Realty Keller Williams Partners Realty is pleased to welcome Esther Bergling! Esther is a Colorado Springs native and has been involved with the Real Estate business since 1995. She traveled extensively within the Southern US for 17 years as a former Navy wife and understands the needs of the military family. Welcome Esther!

Dan Menna RE/MAX Advantage Dan Menna, a Colorado Springs Realtor with RE/MAX Advantage has been awarded the prestigious Certified Residential Specialist (CRS) Designation By The Council Of Residential Specialists. Realtors who receive the CRS Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real estate. Just 4% of all REALTORS in the Nation have earned this Designation. Home buyers and sellers can be assured that CRS Designees subscribe to the strict realtor code of ethics, have access to the latest technology and are specialists in helping clients maximize profits and minimize costs when buying or selling a home. Dan Menna is a Broker/Associate with RE/MAX Advantage in Colorado Springs and is a member of the Pikes Peak Association of Realtors. Dan also holds other real estate designations including "Certified Distressed Property Expert," helping families who are behind on their house payments, or facing foreclosure.

Jennifer Montoya Coldwell Banker Residential Brokerage Jennifer Montoya, a leading real estate professional with Coldwell Banker Residential

Brokerage in Colorado Springs, has garnered “The Best in the Business” award from Quality Service Certification, Inc. (QSC) and Leading Research Corporation. Montoya was recognized as one of the top 250 real estate professionals in North American in service excellence and customer satisfaction. From among the approximately 30,000 real estate professionals who work with QSC, Montoya was ranked among those with the highest standards for service and satisfaction. “The real estate business has traditionally focused on sales and production as the measure of excellence,” said Andy Sommer, managing broker for Coldwell Banker Residential Brokerage in Colorado Springs. “Agents who are recognized as ‘The Best in the Business’ average nearly 30 closed transactions with a record of virtually perfect service, with 100 percent of their clients very satisfied with their overall service. Jennifer is a very dedicated real estate professional and we are proud to have her on our team.”

New Additions to Keller Williams Partners Realty Keller Williams Partners Realty would like to welcome Christy Dunfee, Yuhuan Jin, Lane Rome, Robin Searle, Wendy Torres and Chris Vawter to our family! We are very excited to have you with us!

New Additions to ERA Herman Group We are pleased to announce that Tom Bell an experienced REALTOR, has joined the ERA Herman Group Real Estate team. He specializes in residential property in the greater Chaffee County area. Tom’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, he gives each client her undivided attention. Tom is a member of the Chaffee County Board of Realtors, and the Colorado and National Association of REALTORS. You can reach Tom by calling 719-2390964. ERA Herman Group Real Estate is excited to announce another real estate broker has joined its family of REALTORS. Michele Finley is a veteran of real estate sales. She is very

knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Mrs. Finley also works very closely with mortgage professionals to help her buyers find the right program for their needs. Michele knows that one size does not fit all and that Real Estate is a very personal transaction. Angie Parker, Vice President of Southern Colorado recently shared with the ERA Herman Group team the addition of another expirenced broker to their fast growing organization. Joe Humphries is an experienced broker. Mr. Humphries has chosen to live in Colorado Springs because of the great quality of life. He enjoys the active Colorado life style. Joe enjoys working in real estate. Regardless if he is working with a buyer or a property owner, Joe works to make sure that the real estate transaction is as smooth as possible. He is always paying attention to the many details of real estate transactions. We are pleased to announce that Michelle Fouts an experienced REALTOR, has joined the ERA Herman Group Real Estate team. She specializes in residential property in the greater Colorado Springs and Teller County areas. Michelle’s experience has allowed her to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, she gives each client her undivided attention. Michelle is a member of the Royal Gorge Association of Realtors, and the Colorado and National Association of REALTORS. ERA Herman Group Real Estate is excited to announce another real estate broker has joined its family of REALTORS. Carol (Carrie) Johnson is a veteran of real estate sales. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Mrs. Johnson also works very closely with mortgage professionals to help her buyers find the right program for their needs. Carrie knows that one size does not fit all and that Real Estate is a very personal transaction. Angie Parker, Vice President of Southern Colorado recently shared with the ERA Herman Group team the addition of another expirenced broker to their fast growing organization. John Chapman is an experienced broker. Mr. Chapman has chosen to live in Colorado Springs because of the great quality of life.

He enjoys the active Colorado life style. John enjoys working in real estate. Regardless if he is working with a buyer or a property owner, John works to make sure that the real estate transaction is as smooth as possible. He is always paying attention to the many details of real estate transactions.

Kelly Miller & Team Keller Williams Partners Realty Keller Williams Partners Realty is please to announce that Kelly Miller, ABR, GRI and her Colorado Best team has joined our market center. Kelly is passionate about Real Estate, believing in personal yet professional service. Her team covers it all from high end to first time home buyers, from Relocation services to property management. Their mission is to work in the spirit of excellence at all times. Left to right, Jennifer Birch, Admin of Property Management. Nancy Weaver, Property Management and Residential Sales. Kelly Miller, Colorado Best Team Leader. Teri Maynez, Residential Sales. Christy Dunfee, Residential Sales. Marie Nowak, Property Management and Residential Sales. Brandi Risley, Admin of Residential Sales.

Somebody

new in the

office?

Let us know! Email:

josh@csrej.com See Page 2 for details

BIGGER DOESN’T MEAN STRONGER.

www.adamsmortgage.com

legacy title group l

Brent Mrofcza 955-3677 LMB# 100022467

Local Underwriting FHA/VA Loans Superior Service

Dana Hines 955-3670

LMB# 100030255

Harry Venik 338-3879

LMB# 100030058

Elizabeth Elmer Matt Shtatman 264-4399 930-5434 LMB# 100030062

719-593-8778 Fax: 719-593-2280

Empowering Our Associates To Make A Difference

LMB# 100011277

Knowledge Professionalism Enthusiasm

1155 Kelly Johnson Blvd. Suite 480 Colorado Springs, CO. 80920

August 23, 2010

l

www.csrej.com

Great Tools for Realtors® • Postcard/Flyer Design & Printing • Great Lead Sources/FARM Lists • Property Profile Books

(719) 442-1900 LegacyTitle-LLC.com 2 North Cascade, Suite 215

Colorado Springs Real Estate Journal

13


Freedom is Tom Bechtel (719) 550-6486

Marcus Brown (719) 550-6408

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

Josh Callens (Denver) (720) 833-3324

Stephanie Dombrowski (719) 550-6485

Suzi Gradisar (Pueblo) (719) 296-2107

Local Expert

The importance of Pre-Approvals The home buying process can be a stressful time for a buyer. They are faced with several choices to make and can sometimes be overwhelmed. Where should we live? What can we afford? Who should our agent be? What kind of loan is right for me? All these questions can be confusing and make it difficult for a buyer to know where to start. A recent study at George Washington University, however, has found the right place to start is with a pre-approval. Researchers decided to analyze two groups of buyers – those that got pre-approved before choosing their home, and those that waited until after they bought a home to secure financing. What they found was the buyers that waited to apply for their mortgage until after signing a contract were more likely (by 50 percent) to choose the wrong mortgage program – one that really didn’t fit with their long term goals for their home. This was By Jon Paukovich Ent attributed to the fact that they felt overwhelmed by having to — make two major, life changing decisions within a short period of time. Since sales contracts typically only give buyers three days to apply for a mortgage, most buyers don’t have the time to really evaluate their options and shop around. Instead, they hastily decide on a mortgage based on one factor, like monthly payment, alone. However, in those that were pre-approved ahead of time, only one in five made a riskier mortgage choice. This study reiterates the importance of pre-approvals. They really set the tone for the entire home buying experience. Getting pre-approved assures the buyer that they are in the right loan program that meets their specific needs. They will be more comfortable as they start to shop because they know what they can afford up front and they know their payment, rate and loan terms. It also gives them more buying power when they start shopping – an offer accompanied with a pre-approval letter may be more attractive to a seller. Just like selecting a new home, selecting a lender and getting pre-approved is very important. You’ll want to partner with a lender that has a knowledgeable staff of loan officers that can guide your buyer through the many loan options available to them. When a buyer chooses a loan that matches their goals and objectives, they will be ready to shop with confidence and enjoy the home buying experience much more. It will allow them to focus on just one life changing decision – choosing their perfect home. 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

Tony Sloan (719) 550-6439

having a par tner you can trust. 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. © Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.

14

Colorado Springs Real Estate Journal

www.csrej.com

August 23, 2010


Around the Corner AUGUST

Friday, September 17 Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Wednesday, August 25 Wolf Ranch Concert at Gateway Park 6:00pm – 8:00pm @ Gateway Park Band: Sofa Killers

Saturday, September 11

Thursday, August 26

First Time Homebuyers (for Consumers) 10:00am – 12:00pm @ Ent (Galley) Ent.com/Seminars or (719) 550-6670

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

Wednesday, September 22 Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

Friday, August 27 Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Thursday, September 23

SEPTEMBER Wednesday, September 1 REALTAC 8:00am – 9:30am @ PPAR Holly Skelton at 719-593-1000 Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com Parade of Homes Awards Banquet 5:30pm – 8:30pm @ Olympic Training Complex trish@cshba.com 719-592-1800

Tuesday, September 7

Saturday, September 11

SMC Social Hour 4:00pm – 5:00pm @ HBA shirley@cshba.com 719-592-1800

First Time Homebuyers (for Consumers) 10:00am – 12:00pm @ Ent (Spaulding) Ent.com/Seminars or (719) 550-6670

Wednesday, September 8

Monday, September 13

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

Taste of First & Main Town Center at Wolf Ranch 11:00am – 2:00pm @ Wolf Ranch

Thursday, September 9

Wednesday, September 15

Thursday, September 2

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

HBA Chili Wing Ding Brew Fest 5:00pm – 8:00pm @ ProRodeo Hall of Fame shirley@cshba.com 719-592-1800

B.L.E.E.P. (Black Forest & Eastern Marketing Group) 8:30am – 10:00am The Grill at Latigo Trail Equestrian Center Roxene, 495-6213

Women's Council of Realtors 11:30am – 1:30pm Embassy Suites Hotel Renate Carrier, 888-313-5928

Thursday, September 16 Colorado Springs Networking Group 8:00am – 9:30am @ Colo Springs Country Club Ruthie, 719.492.3998

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

Friday, September 24 Pikes Peak Exchangers 8:00am – 9:30am Valley Hi Golf Course Restaurant Johnny Revious, 719-527-8838

Saturday, September 11 Building a Home (for Consumers) 10:00am – 12:00pm @ Ent (Galley) Ent.com/Seminars or (719) 550-6670

Wednesday, September 29 Wet Wednesday Class (Check cshba.com) 11:30am – 1:00pm @ HBA john@cshba.com

NEW DEVELOPMENT IN PEREGRINE!

7 Patio Homes Starting At $329,900

Still Time To Select Your Floor Plan And Choose Your Colors! Features Include: 3BD/2BA • Approx 3200 Sq Ft Main Level Living • 2x6 Construction • Private Backyards GE Profile Appliances • Gas Fireplace in Great Room Optional Study • Vaulted Ceilings • 5-Pc Master Bath D-20 Schools • Customizing Options Available

At The Top Of The Ridge Where Centennial & Woodmen Intersect Situated Against A Serene Hillside And Surrounded By Gorgeous Views, A New Patio Home Development Is Under Way! New On The Market And Now Taking Lot Reservations. Call For More Details.

Debbie Reardon: 955-8525 or Cell: 499-4767 Alliance Financial Partners Is Funding The Project And Offering A $3,000 Incentive To Buyers! ~ Built By ~ PregioHomes LLC

A Division of Colarelli Construction

August 23, 2010

www.csrej.com

Colorado Springs Real Estate Journal

15


Building a whole new perspective.

2 NEW

Black Forest

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

Woodmen Rd

Powers

719.352.9998

6

2) Sierra Springs - Single Family From the $150s

5

Marksheffel Rd

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

Meridian Rd

LOCATIONS

Homes Ready Now!

719.352.9998

3) Lorson Ranch - Townhomes From the $160s

24

4) Lorson Ranch - Single Family From the $190s

2

Powers

719.440.0830

S Academy

Homes Ready Now!

Homes Ready Now!

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

1

Drennan

S Powers Blvd

5) Meridian Ranch* - Single Family From the low $200s Homes Ready Now!

21

5% co-op

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

85 87

Fontain Blvd

25

719.304.4919

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

719.304.4919

Fort Carson

Mes

a Ri dge P kw y

* Varies by plan. See builder for details.

One of the fastest growing builders in Southern Colorado

4% Commission on Sales Price.

Homes Ready Now! Soaring Eagles (1)

Soaring Eagles (1)

Meridian Ranch (5)

Forest Meadows (6)

3543 Bay Owl Gr.

5117 Hawks Crest Pt.

10497 Mt. Evans Dr.

7123 Red Cardinal Loop

149,195

166,195

Marksheffel Rd

Hancock Expy

719.440.0830

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.

4 3


Colorado Springs Real Estate Journal