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Vol. 3 No. 10

June 27, 2011

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Realtors support legislation for comprehensive GSE reform Mae and Freddie Mac. “While NAR has concerns with some aspects of the legislation, we strongly support the bill’s comprehensive approach to reforming the secondary mortgage market and greatly appreciate the efforts of Reps. Campbell and Peters to protect the affordable 30-year fixed rate mortgage, shield taxpayers from unnecessary additional bailouts, and ensure the availability of mortgage capital to all

The National Association of Realtors® supports comprehensive reform of America’s housing finance market that protects taxpayers and ensures the availability of affordable mortgage credit today and into the future. “As the leading advocate for home ownership and housing issues, NAR believes that a methodical, measured and comprehensive approach for reforming the secondary mortgage market is in the best interest of home buyers and taxpayers,” said NAR President Ron Phipps,

broker-president of Phipps Realty in Warwick, R.I. “A comprehensive and effective mortgage reform strategy is critical to help keep a level of certainty in the marketplace and not further disrupting the still fragile housing market recovery.” NAR supports the objectives of H.R. 1859, the “Housing Finance Reform Act of 2011,” introduced last month by Reps. John Campbell (R-Calif.) and Gary Peters (D-Mich.). The bill takes a comprehensive approach for reforming the government-sponsored enterprises Fannie

Gov. Hickenlooper appoints McElroy to CREC

The Qualified Residential Mortgage Rule:

Courtesy: www.fortcollinshomes.com

Chris McElroy, a past President and REALTOR® of the Year of the Colorado Association of REALTORS® was appointed by Governor John Hickenlooper to the Colorado Real Estate Commission last week. He joins fellow REALTORS® Gina Piccoli and Doug Ring on the Commission. © Copyright Colorado Association of Realtors. Reprinted with permission.

See GSE Reform page 2

How it could impact the housing finance market One significant outcome of the Dodd-Frank Wall Street reform and Consumer Protection Act passed in 2010 was the By Jon Paukovich requirement that Ent — regulators define what constitutes a Qualified Residential Mortgage (QRM). Financial regulators felt that by defining what a QRM really was and then, in turn, requiring lenders to retain a portion of loans they currently sell, it would require lenders to follow more prudent underwriting procedures and only grant highly qualified loans. This sounds good in theory – having highly qualified, traditional loans on the books is positive overall, but you may wonder about borrowers who have good credit but don’t necessarily fit into the traditional mortgage product as defined as a QRM. The definition of a QRM is still out for comment until August, but for now the basic definition is a qualified residential

mortgage with a maximum 80 percent loan to value, on a property that is owner-occupied and has a 30-year amortization period with full documentation. Therefore, a borrower must put down 20 percent on a new purchase and have a track record clear of 60-day delinquencies. As it is written now, FHA loans would be exempt from QRM. If other loans don’t meet the QRM definition, the originating lender would be required to keep 5 percent of the loans they make if they sell on the secondary market. A recent analysis revealed a substantial number of conventional mortgages being originated today would not meet the current QRM guidelines. Borrowers with good credit quality, but lower down payment abilities – such as 5 to 10 percent instead of 20 – wouldn’t be considered for a QRM. So, many in the industry believe that as currently defined, the QRM definition would make it much more difficult for borrowers to qualify for a home loan under these strict criteria. There is also concern that many low and moderate income borrowers, who are other-

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MUCH MORE INSIDE!

wise credit worthy, would be shut out of home ownership due to the stringent underwriting requirements. The idea behind the QRM standards has good intentions. Many policy makers felt that the cause of the recent mortgage woes was due to mortgage brokers and lenders not having incentive to follow prudent underwriting procedures. Some lenders would originate loans without the proper documentation or verifica-

See Mortgage Rule page 8

National News.................. Page 2 Local News...................... Page 8 On the Move.................... Page 17 Local Expert.................... Page 18 Around the Corner............. Page 19

EX 20 PE 3K RT

HBA Trap Shoot

... a substantial number of conventional mortgages being originated today would not meet the current QRM guidelines.

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National News GSE Reform from page 1 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.

markets under all economic conditions,” Phipps said. NAR opposes the piecemeal approach of recent proposals that would quickly constrain or shut down existing secondary mortgage market facilities before identifying a viable replacement that would allow securitization to function under all market conditions.

“We believe that a fully private system is not a viable or sustainable alternative to the existing housing finance system and will severely restrict mortgage capital, raise costs for qualified, creditworthy homebuyers, and place taxpayers at greater risk as too-big-to-fail governmentbacked financial institutions dominate the market,” Phipps said. “NAR looks forward to working closely with Congress; the time has come to have a serious discus-

sion about comprehensive reform of our nation’s housing finance system.” 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. © Copyright National Association of Realtors. Reprinted with permission.

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.

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

of the ordinary NOT OUT OF THE WAY.

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

Take a short drive for a long list of reasons to discover Meridian Ranch

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

• On the Move Please submit a short bio 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

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June 27, 2011


HBA Trap Shoot May 19, 2011

Left: Volunteers Jill Webb and Arleyne Glasser checking people in. Below: Tripper Gott and Mark Long.

Below: Sam White, Dawn White, Claude Comito, Lauren Perrault and Nate Ridlen.

Above: Michael Moore and Ron Holladay hold their trophies for 2nd Place - Intermediate.

Above: Paul Finch.

Above: Brent McPherson.

Photos by Amy M. Cox. For a complete list of trophy winners and top shooters, visit HBA on Facebook:

facebook.com/HBAofCOS June 27, 2011

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National News

Builders express strong support for HOME Program

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Reports in the Washington Post on May 15-16 depicting a “million-dollar wasteland” of failed or uncompleted housing projects under the Department of Housing and Urban Development’s HOME Investment Partnership Program grossly distorted the record of the affordable housing initiative, according to NAHB leaders and builders who have participated in the program. “The vast majority of the multifamily and single-family homes built under this program are great projects that have enabled working families to rent or own a home at a price they can afford. This achievement is entirely neglected in your coverage,” NAHB Chairman Bob Nielsen said in a letter to the newspaper’s editor. HOME is the largest HOME is the largest federal block grant federal block grant for affordable housing available to state and local governments, disbursing about $2 bilfor affordable housing lion a year. available to state and By requiring that participating jurisdictions match 25 cents for every grant dollar, local governments, HOME is able to prime the pump for other disbursing about $2 community resources to house low-income families — stretching scarce funding money. billion a year. “Building affordable housing is a complex undertaking even under the best of circumstances, and it requires experience and financial expertise to get the job done,” Nielsen said. “There are private builders across this country who know how to work successfully with non-profits and use HOME funding to provide communities with housing that is a source of pride for everyone involved,” he said. NAHB and 40 other stakeholders in the affordable housing community wrote to the chair and ranking member of the House Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies urging their support for the program. “The reality is that HOME has successfully and cost-effectively produced more than 1 million affordable homes for ownership and rental, as well as made additional homes affordable for tens of thousands of families with rental assistance,” they said in their letter. “HOME uniquely empowers states and localities to respond to the housing needs they judge most pressing,” the letter said. NAHB also sent a letter to the House Financial Services Committee ahead of its June 3 hearing to express support for HOME and commending the legislators for examining oversight issues. The letter noted that many NAHB members use HOME in conjunction with the Low Income Housing Tax Credit and other financing sources to build affordable single-family homes for first-time buyers, special-needs housing and housing for low- and moderate-income senior citizens. “This program is vital — it’s crucial to providing affordable housing for low-income families. Many tax credit developments could not be financed without receiving HOME funds,” said Dan Markson, senior vice president for development at the NRP Group Inc. in San Antonio. Markson has been involved in the development and construction of more than 10,000 affordable homes using HOME funding. NAHB members build HOME-funded housing all over the country, from large multifamily projects to smaller developments of single-family homes, often partnering with non-profit organizations. “We need affordable housing most in the urban core, in rural areas and small cities that aren’t seeing booms,” Markson said. “The HOME program is an important tool that enables developers to address this need.” The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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National News Congress urged to focus on energy efficiency incentives for existing housing stock As the Senate Energy and Natural Resources Committee heard testimony on a suite of energy efficiency bills, including legislation to make residential housing more energy-efficient, NAHB on June 9 urged lawmakers to take into account the differences in energy savings between the newest, highest-performing homes and older, less-efficient homes that comprise the vast majority of the nation's housing stock. "With substantial amounts of energy lost in the nearly 130 million existing homes in the current stock, it is extremely important to develop an effective national energy policy that is not punitive to consumers who benefit from the most efficient new homes," Tony Crasi, a custom home builder from Akron, Ohio, told members of the committee. "Rather, the policy must promote an effective retrofit plan for older, less-efficient Crasi housing that allows builders and remodelers to create the benefits of energy efficiency for all housing," Crasi said. Testifying on behalf of NAHB on The Energy Savings and Industrial Competitiveness Act of 2011 (S. 1000) — legislation designed to increase the use of energy efficiency technologies in the residential, commercial and industrial sectors of the economy — Crasi said that over the past two decades NAHB has played a leading role in developing, promoting and encouraging the growth of residential green and energy-efficient construction. "The introduction of modern energy codes in the early 1990s has significantly improved the efficiency of new construction," he said. "In fact, the Energy Information Administration reports that homes built between 1991 and 2001 consumed 2.5% of total energy output in the U.S.,” he said. “By contrast, the 94.5 million older, existing homes accounted for 18.4% of U.S. energy consumption, mean-

ing the most inefficient housing is the most plentiful." NAHB fully supports efforts to incentivize retrofitting the oldest, least-efficient housing and believes a national energy policy priority must include provisions that seek to save the energy lost in older homes and buildings. "NAHB has consistently championed incentives for consumers to upgrade older housing, including ongoing support for incentives under Sections 25C and 25D of the Internal Revenue Code that provide federal tax credits for energy efficiency home improvement efforts and renewable energy products," said Crasi. "Without meaningful incentives to retrofit the millions of less-efficient existing homes, true energy savings in the residential sector will never materialize," he added. NAHB led the effort to create a National Green Building Standard for all single-family homes, apartments and condos, the only residential green construction standard approved by the American National Standards Institute, and continues to be a leader in promoting energy efficiency in all facets of the industry — single-family, multifamily, light commercial and remodeling. With access to credit a major concern — coupled with foreclosure, appraisal and inventory issues — Crasi said that builders face stiff challenges trying to construct new homes in today's market, leaving fewer more-efficient homes available for consumers. "NAHB is concerned with the changing dynamics of energy requirements for new housing because it has the potential to make the newest, highest-performing homes unaffordable for the average family," said Crasi. "Rather, NAHB encourages a national policy that directs limited federal resources to the biggest source of energy loss in the real estate sector — older homes and buildings," he said.

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The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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Local News

Motorcycle fundraiser for Wounded Warriors organized by local Realtor a success The 4th Annual Defenders of Freedom: Veterans Recognition Ride to benefit the Wounded Warrior Project, organized by Colorado Springs Realtor® and U.S. Army veteran Brian L. A. Wess, was once again an overwhelming success. With about 500 participants, 360 motorcycles and $9,000 in donations collected, "The Longest Law Enforcement Escorted Motorcycle Parade in the State of Colorado" (over 40 miles) was noted by many participants to have been "the best organized and smoothest run ride of it's kind" they had ever participated in. In the last 4 years, this brings the total number

of participants to over 1650 and total donations to the Wounded Warrior Project to well over $22,000. For the 4th year, the event took place in Colorado Springs and El Paso County on Armed Forces Weekend, Sunday, May 22nd, 2011 "To recognize all those who serve and have served this country and to give back to

those who defend our freedoms and have selflessly sacrificed so much for our country." The event organizer Brian Wess said. "The outpouring of support from the participants and both the expected and unexpected sponsors was heart warming and encouraging."

More information and pictures of the event can be obtained online at www.BrianWess.com/VeteransRide

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tions, knowing that the loan would be sold off to investors, therefore absolving them from future responsibility. By increasing underwriting standards and accountability, policy makers are hoping lenders will improve the credit quality of their loans. However, by exempting FHA from QRM, policy makers would drive more business to that product at the very time they want to shrink its market share. The QRM requirements could improve the overall loan quality, but it could also have some negative repercussions – like preventing credit worthy borrowers with lower down payments, or those choosing non-traditional loan programs, from buying a home. Over the next two months, some adjustments could be made to the QRM definition and will hopefully take these borrowers into account. Regardless of the outcome, the important thing is to partner with a lender who complies with the policies and stays up-to-date with the ever changing regulations in our industry. When you have a knowledgeable lender in your corner, one who looks out for the best financial interests of your client, you can rest assured they will be taken care of throughout the entire home buying process. 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

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Colorado Springs Real Estate Journal

Local News

Two Colorado cities among top 50 most expensive housing markets in country Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets. Evergreen and Boulder ranked among the top 50 most expensive on the list. The survey found Newport Beach, Calif. as the country’s most expensive market, where the aver- “Evergreen and age four-bedroom, two-bathroom home has a listing Boulder ranked price of $2,537,126. Niagara Falls, N.Y. at $61,000 came in as the most affordable market. Evergreen among the top 50” ranked 22nd in the report at $922,183, and Boulder ranked 29th at $860,671. The Coldwell Banker HLR provides the average home listing price of four-bedroom, two-bathroom properties on coldwellbanker.com that were listed between September 2010 and March 2011 from more than 2,300 North American markets. Markets included in the U.S. report were required to have at least 10 properties fitting the above criteria within the relevant timeframe. The top five most affordable Colorado markets were Pueblo at $141,160, Alamosa at $186,890, Montrose at $208,875, Colorado Springs at $222,936 and Thornton at $234,856. “This year’s home listing report is by far the most in-depth local market source of data that Coldwell Banker has ever released,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “We’ve included nearly ten times more markets than ever before, which gives us unmatched real estate insight into thousands of North American cities. We know that home buying remains a deeply personal lifestyle decision, Mygatt and we believe that reports like this, along with trusted real estate agents, will help to today’s buyers make smart decisions.” An interactive graphic summarizing the full results of the Coldwell Banker Home Listing Report is available on www.coldwellbanker.com. Full national data can be accessed on the Home Listing Report website, and additional state data can be found at http://hlr.coldwellbanker.com/us2011/colorado.html.

2011 Coldwell Banker U.S. HLR – Highlights • Mountain Paradise: A total of 28 real estate markets in Colorado made the list. The five most expensive markets in the state included: Evergreen, Boulder, Durango, Broomfield and Golden. • Colorado Above Average: Compared to the national average of $293,251, the average four-bedroom, two-bathroom home in Colorado overall was $357,556. • Homeownership Affordability: In total, there are 775 U.S. markets in the HLR with average reported listing prices less than $200,000. • Low Monthly Payments: Put in perspective, a $200,000 30-year-fixed mortgage at a 4.5% rate could cost a buyer a relatively low monthly mortgage payment of just above $1,000.

Local home inspector earns CRI designation Ken Carpenter, Reliable Home Inspection, of Colorado Springs, CO, recently earned the Certified Real Estate Inspector (CRI) designation by passing the required examination and meeting requirements set forth by the Board of Directors of the National Association of Home Inspectors (NAHI). The designation is bestowed upon home inspectors who demonstrate their knowledge and proficiency in all aspects of home inspection. A Certified Real Estate Inspector must maintain continuing education credits to remain in the program. The National Association of Home Inspectors is “very pleased to award this designation to deserving home inspectors who participate in the program,” said Curtis Niles, NAHI President. NAHI developed the CRI program to cultivate the professionalism of home inspectors. Ken Carpenter demonstrated the necessary experience and knowledge to earn the CRI designation. The National Association of Home Inspectors is a nonprofit association established to promote and develop the home inspection industry. NAHI promulgates the NAHI Standards of Practice & Code of Ethics to promote the professionalism of home inspectors and to provide a consistent method of performance of home inspections. NAHI provides educational opportunities to benefit its members, enhance the home inspection industry and protect consumers from fraudulent, misleading or deceptive practices.

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June 27, 2011


4% Commission*

• • • • • • • • • • • • •

Adams County Housing Authority, Commerce City Boulder County Housing Authority, Boulder Brothers Redevelopment, Inc., Denver City of Aurora, Aurora Colorado Housing Assistance Corporation, Denver Douglas County Housing Partnership, Castle Rock Grand Junction Housing Authority, Grand Junction Housing Solutions for the Southwest, Durango NEWSED, Denver NeighborWorks of Pueblo, Pueblo Northeast Denver Housing, Denver Southwest Improvement Council, Denver Upper Arkansas Area Council of Governments, Cañon City

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National Association of Residential Property Managers names Weichert’s McPherson to office

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Real Living

June 27, 2011

MLS# 437379 MLS# 673871 MLS# 612282

Mark McWilliams

"I'm pleased to see this level of support for housing counseling agencies here in Colorado," said Shannon Peer, director of housing counseling for Brothers Redevelopment, which headquarters the Colorado Foreclosure Hotline and manages its network of affiliate housing counseling agencies. "This award ensures that homeowners statewide will continue to receive free and essential foreclosure prevention counseling from caring professionals at trusted, HUD-approved agencies.” Funding for the grant was provided by Congress in the FY2011 Consolidated Appropriations Act. A total of $67.7 million was awarded by NeighborWorks nationwide to 37 state housing finance agencies (HFAs), 17 HUD-approved housing counseling intermediaries, and 84 community-based NeighborWorks organizations. The grant program is administered through a competitive application process by NeighborWorks America, within guidelines defined by Congressional legislation. NeighborWorks America is an independent, Congressionally-chartered non-profit organization based in Washington, D.C., with a mission to provide access to sustainable homeownership and safe, affordable rental housing.

Trista McPherson, residential and commercial property manager for WEICHERT, REALTORS® - Pikes Peak Group, has been elected treasurer of the Colorado Springs chapter of NARPM® (National Association of Residential Property Managers) for the second term. In addition, McPherson is the Budget & Finance Committee Chairperson. The Weichert® agency became a NARPM member in August 2009. The association was designed for real estate professionals who know first-hand the unique challenges of managing single-family and small residential properties. NARPM offers an effective, professional learning environment for owners of property management companies, property managers and their office staff. Its mission statement is “to support the professional and ethical practices of rental home management through networking, education and designation.” The Colorado Springs Chapter of NARPM provides such ongoing educational opportunities for its members including monthly meetings with guest speakers as well as forums for the exchange of ideas on issues specific to the industry.

HOMES READY NOW!!!

NEW TOWNHOMES

rs B lv d

Homeowners interested in seeking help may obtain housing counseling services in their area from any of CHFA's 13 counseling partner agencies:

2 min. to Peterson AFB • 12 min. to Ft. Carson • 10 min. to Downtown 5 min. to Powers Blvd. Shopping • 7 min. to Citadel Mall.

SP ow e

Colorado Housing and Finance Authority (CHFA) and 13 nonprofit housing counseling partners announced that Colorado has been awarded a $1.2 million federal grant from NeighborWorks America to continue foreclosure prevention efforts across the state in 2011. This is the fourth grant award CHFA and its partners have received through NeighborWorks America’s National Foreclosure Mitigation Counseling program. CHFA’s previous grants, which total $4.1 million, have helped over 10,000 Colorado households receive free, professionally trained housing counseling services. A portion of the grant proceeds will also support the Colorado Foreclosure Hotline, 1-877-601-HOPE. "This funding is critical to helping Coloradans avoid foreclosure," said CHFA Executive Director and CEO, Cris White. "The demand for housing counseling remains high as unemployment continues and hundreds of Colorado households struggle to balance their mortgage payments.” White continued, “The National Foreclosure Mitigation Counseling Program has already helped over 10,000 Colorado households receive assistance, but unfortunately the need is ongoing. Our 13 housing counseling partners will use these new funds to pay for housing counseling services, so homeowners can access help free-of-charge from a trusted and reliable source." Housing counselors assist homeowners communicate with their lender about a mortgage loan in default or at-risk of foreclosure. CHFA advocates homeowners work with locally-based housing counselors because they are more likely to understand the local real estate market, and any unique grants or financing programs available through community organizations. Because of their expertise and frequency working with different lending institutions, local housing counselors also know the best and most appropriate loan servicing contacts to help a borrower given their unique situation.

Murray

CHFA receives $1.2 million to continue foreclosure prevention outreach in 2011

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Local News

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Colorado Springs Real Estate Journal

11


Local News Caryn Becker rarns two big awards for 2010 Sales Production & Service CENTURY 21 Curbow Realty is pleased to announce that Century 21 Real Estate LLC has recognized Caryn Becker, associate broker with the office, as one of the System’s top-producers nationwide when it honored her with the coveted emerald level CENTURY 21 Masters Award. Emerald level status is awarded to an agent who has met minimum sales production of $130,000 or 40 closed transaction sides within a calendar year. A gold-plated lapel pin with emerald accent is awarded to the agent during the Awards Ceremony, in addition to a trophy and a personal invitation to attend a CENTURY 21 Top Agent Retreat. Caryn is also recognized for ongoing commitment to customer satisfaction with the CENTURY 21 Quality Service Pinnacle Producer Award for 2010. The annual award is based on results from the CENTURY 21 Quality Service Survey (QSS) which is e-mailed to consumers immediately after the purchase or sale of a home through a CENTURY 21 System office. To earn the CENTURY 21 Quality Service Pinnacle Producer Award, an agent must receive completed customer surveys for at least 30 percent of their transactions from January 1, 2010 - October 31, 2010, with an average survey score of at least 95 percent or better for 2 consecutive years.

12

Colorado Springs Real Estate Journal

"Caryn places her real estate wisdom and passion for life into her everyday business, helping to make clients more comfortable with the real estate transaction as they make what may be the most significant purchase of their lives," said Jacob Curbow, broker/owner of CENTURY 21 Curbow Realty. "Caryn is a valued and trusted real estate resource for the Colorado Springs community and a major contributor to the overall success of CENTURY 21 Curbow Realty and the CENTURY 21 System as a whole." "It is truly an honor to receive the Masters Award and be recognized among such talented and dedicated group of real estate sales professionals," said Becker.

RE/MAX Properties, Inc.’s own Joe Clement speaks to 500 in New York Joe Clement, Broker Owner of RE/ MAX Properties, Inc. in Colorado Springs, Colorado, was privileged to be a speaker at the RISmedia Conference in Rye, New York. Clement is considered a leader in embracing emerging technology and tools that improve the real estate buying and selling experience for clients as well as empowering RE/MAX Properties, Inc. broker associates as they grow their business. The audience, comprised of 500 Realtors® and Broker Owners, gathered from different companies across the

www.csrej.com

country in Rye, New York. These real estate professionals attended the conference to learn the latest innovations and strategies to help more people who want to buy and sell homes in this changing market. Yesterday, Clement was a featured panelist and shared his insights with an enthusiastic crowd. He emphasized what RE/MAX Properties, Inc. is doing to help their agents be more successful as the real estate market shifts.

ERA Herman Group Real Estate nominated for the SIRVA Relocation “Preferred Broker of the Year Award” Local real estate relocation department, of ERA Herman Group Real Estate in Denver, Southern and Northern Colorado and Southern Florida recently earned a national performance nomination from the global relocation leader SIRVA Relocation, LLC. ERA Herman Group Relocation was nominated for the SIRVA Relocation Preferred Broker of the Year Award which is based on quality of service and other various performance metrics. The top 10 brokers throughout the United Sates are nominated for this award and the award is presented to the winner at this year’s 2011 ERA Conference in Las Vegas, Nevada on May 18, 2011.

See ERA Herman page 17

June 27, 2011


Only a Champion

Could Sire Such Nobility.

The Clubhouse at Flying Horse was rated the

“BEST IN COLORADO” by Colorado Avid Golfer Magazine.

- 2008, 2009 & 2010 -

Born of legend, bred for pleasure, Flying Horse is a place of extraordinary possibilities. With breathtaking vistas, beguiling recreational amenities, magnificent custom-crafted homes by the area’s most celebrated builders, and yes—a pulse-fluttering 18-hole championship golf course designed by the legendary master, Tom Weiskopf—this storybook community reflects the absolute finest in luxury living.

Club Membership Opportunities Call (719) 494-1222

IN LIFE AS IN GOLF, CLUB SELECTION IS EVERYTHING.

While Flying Horse is renowned for its golf, our award-winning club has been said to rival the finest resorts of Europe. If your soul yearns for offerings and services so handsome, so complete, so luxurious they defy comparison, The Club at Flying Horse is your choicest of choices.

The Clubhouse

Sweeping terraces, an open-air fireplace, family and fine dining, and spectacular views of both the golf course and the mountains, make the Golf Clubhouse at Flying Horse the absolute best in high-styled entertainment.

The Athletic Club & Spa

Imagine a club whose amenities play as gently to the spirit as they do to the body, and you’ll begin to understand why the Athletic Club & Spa at Flying Horse is more than worthy of the extravagant superlatives used to describe it. - Massage Therapy - Spa Services - Kid’s Cabin - Aerobics - Yoga & Pilates - Personal Training

- Free Weights - Cardiovascular Equipment - Aquatics Area - Heated 25 Yard Lap Pool - Children’s Pools - Summer Youth Programs

- Indoor Basketball Courts - Indoor Red Clay Tennis Courts - Outdoor Tennis - Sport and Summer Camps

FLYING HORSE. IF YOU HAVEN’T TRIED IT, YOU HAVEN’T LIVED. A world of unattainable beauty is finally within your reach – Flying Horse. With magnificent homes, unsurpassed recreational amenities, and a boldly-conceived K-12 academic campus operated by Academy School District 20, this rarest of communities is now more accessible than ever. Luxury living in the here and now.

1 8 8 0 W E I S K O P F P O I N T , COLORAD O S P R I N G S , COLORAD O 8 0 9 2 1

June 27, 2011

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The Villages at Flying Horse There’s something for everyone! Live in your own little world. In your own style. Here at Flying Horse, neighborhood villages transform into enclaves, each one with its own personality, its own architecture, and its own way of life. - Custom Homesites from the $100s - Custom Homes from the $500s - Single Family Homes from the low $300s - Active Adult, Maintenance-free, Ranch-style living from the mid $300s - Luxury Detached Patio Homes from the $400s Flying Horse Welcome Center and Realty Office - (719) 886-4800 Pricing and availability subject to change.

Rated as one of the “TOP 10 PRIVATE GOLF COURSES” in Colorado

www.FlyingHorseColorado.com Colorado Springs Real Estate Journal

13


antlers ridge estates Spectacular 2.5-acre Lots at Off-the-Rack Prices.

Talk about trophy properties. Lots in Antlers Ridge start as low as $45,000. And because each is large enough (2.5 acres) to accommodate a sweeping range of floorplans and architectural styles, you’re able to live on a grand scale no matter what your budget. Who’s right for the Antler’s Ridge Estates? Anyone who loves fresh air, blue skies, and the excitement of the Colorado lifestyle. So dream big. Call or drop by Antler’s Ridge today. But hurry. Only 40 of these highlydesirable parcels will be sold, and when they’re gone, they’re gone—along with the unique chance to live a life most can only dream about. Antlers Ride Estates. Trophy lots at off-the-rack prices.

Lot prices:

$45,000-$95,000

Water: Dawson Well Sewer: Septic Road: Paved

Location: South-

east corner of Meridian Road and Ayres Road.

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Colorado Springs Real Estate Journal

719-495-2766

www.csrej.com

June 27, 2011


HBA 2011 PAC Golf Tournament June 6, 2011

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Over a thousand Colorado Springs Realtors® have used Legacy Title Group for their professional closing services.

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Photos by Amy M. Cox. June 27, 2011

www.csrej.com

Colorado Springs Real Estate Journal

15


ANNOUNCING

Your Cherry Creek Mortgage Team in Colorado Springs

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incredibly knowledgeable individuals, we’ve remained dedicated and true to our core values. “Cherry Creek Mortgage Company (CCMC) has worked hard to build a successful business while staying dedicated to our core values and customer - centered culture. While major changes to our industry and cyclical economy have left many in our industry struggling, our principled approach has allowed us to make a difference in the lives of those who come in contact with us, helped many Americans achieve the noble dream of homeownership and grow a solid, trusted business with remarkable prospects for the future.” - Jeff May, President and CEO

16

Interest rates are at a 40 year low. House values are where they were 10 years ago. There is NO better time for your buyers and sellers to take action. Please CONTACT one of our seasoned professionals to explore the options that are available to your customers. You’ll be glad you did. Colorado Springs North Branch

7680 Goddard Street Suite 201, Colorado Springs, CO 80920 Branch Manager - Melanie Henn NMLS# 206264 Phone: 719-434-8394

Colorado Springs Branch

3625 Lehman Drive, Bldg. A, Colorado Springs, CO 80918 Branch Manager - Bill White NMLS# 60634 Phone: 719-260-7777

Colorado Springs Schneider Branch 502 East Pikes Peak Ave #200, Colorado Springs, CO 80903 Branch Managers - Alice Schneider NMLS# 252027 and Grant Schneider NMLS# 252034 Phone: 719-433-7651

Colorado Springs Real Estate Journal

www.csrej.com

June 27, 2011


On the Move

Barbara Stanley RE/MAX Properties We are pleased to announce that Barbara, an experienced local broker associate, has joined RE/MAX Properties, Inc. as a member of the PeakDream.com team in the Downtown office.

new

Linda Sanders RE/MAX Properties

office?

We are pleased to announce that Linda, formerly a broker associate in Arizona, has joined RE/MAX Properties, Inc. and will be working out of our South Office.

See Page 2 for details

ERA Herman from page 12 “ERA Herman Group Relocation’s achievement is truly noteworthy," said Roger Herman, CEO. "Our Relocation Department and Relocation agents continue to meet the challenges of today's real estate market and this nomination proves we have the experience and knowledge required to serve transferees, their families, employers and third-party relocation companies nationwide. We are committed to the service often required for incoming and out going transferred employees and are focused on the details which can go well beyond the normal, local real estate transaction”.

4%

Century 21 Curbow Realty earns System’s Nat'l Quality Service Award Century 21 Real Estate LLC has announced that CENTURY 21 Curbow Realty is a recipient of the 2010 CENTURY 21 Quality Service Office award for its commitment to providing quality customer service to its clients. "Receiving this award is a great honor and a testament to the focus and attention we commit to our clients in ensuring that they understand each and every step of the home buying and selling process," stated Jacob & Mercie Curbow, owners of CENTURY 21 Curbow Realty. "This award is the collective result of the efforts of each and every member of our office." Based on customer feedback received from the CENTURY 21 System’s Quality Service Survey (QSS), the award recognizes those CENTURY 21 System offices nationwide that earn a minimum customer satisfaction index of 85 percent or better on real estate transactions they closed from January 1, 2010 - October 31, 2010. The Internet-based survey is e-mailed to consumers immediately after the purchase or sale of a home through a CENTURY 21 System office. "A commitment to quality customer service is crucial in today’s competitive real estate market," said Rick Davidson, president and CEO, Century 21 Real Estate LLC. "CENTURY 21 Curbow Realty has demonstrated the dedication to the consumer is the hallmark of the CENTURY 21® System’s franchise offices."

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(719) 633-2202 | Models Open Daily Colorado Springs Real Estate Journal

17


Local Expert

Oh, so you sell Titles? By Michael J. Podoyak, Marketing Manager Empire Title of Colorado Springs, LLC While attending a marketing seminar this month with our sales team, this was the response offered my colleague when he told another attendee that we worked for a title company: “Oh, so you sell titles?” Yes, I suppose there are still a number of people in other industries that don’t quite know what a title company does. Perhaps there are still a number of people within the lend- Michael J. Podoyak ing, homebuilding and real estate industries that don’t quite Empire Title — know how to explain what we do either. In short, we are more than mere bakers of fresh, delicious cookies. We are protectors of what will probably be the largest purchase in a person’s lifetime. In our effort to educate the masses that a title company does not “sell titles,” but in fact provides a critical function in the home buying process, I’ve prepared a handy explanation that you can clip and save for your clients or possibly your coworkers…

 -------------------------------------------------------------------------------------------

THE ORIGIN OF TITLE INSURANCE Maintain a positive and supporting attitude because “We don’t succeed unless you do”

Provide locally produced quality Title Commitments issued within three business days. (two business days for refinances)

Closing team will call on adverse items in Schedule B Section 1 Requirements within three business days.

Return all phone calls within two business hours.

Provide the most relevant and up to date continuing education classes.

The origin of title insurance goes back more than 125 years. Real estate has always had such great value and been such a basic form of wealth, that it has been protected more by strict laws than any other form of property. Owners, along with their family and heirs, thus have many specific rights to that property. However, others may have certain rights, too, such as a mortgage holder, a government entity due unpaid taxes, a contractor owed money for work performed, and many, many others. These claims must be settled or released, otherwise they will stay with the property – not the original property owner. Title insurance serves as protection for the new owner against these potentially hidden claims or rights. A policy of title insurance is issued to the new property owner to insure recognizable problems in the public records as well as disguised hazards. Unlike home or auto insurance, which protects one from potential future events, title insurance is protection from events which may have already occurred in the past. Additionally, there are no annual payments to keep the policy active – a onetime premium is collected at the time of closing on the property. To obtain title insurance, a title search must be done on the respective property. This search is essentially a detailed examination of the seller’s title by accessing the public records as far back as 60 years or more. The purpose is to assure that no one other than the seller has a valid claim to or against the property and that it has been legally transferred from owner to owner in years gone by. Qualified lawyers may conduct title searches, but more often they are turned over to title companies that specialize in this work. The completed title search will answer many important questions that one must consider when purchasing a home, building or vacant land: 1. Is the record of ownership of the property complete from the first owner down to date? 2. Are there any lawsuits or claims recorded against the property itself, such as Mechanic’s Liens, foreclosures or bankruptcy actions? 3. Are there any suits or judgments filed against the owner of the property? 4. Are all taxes and special assessments paid? Unpaid real estate taxes are a first lien on any real property. 5. Does anyone have special rights to the property, such as easements or subsurface rights? 6. If the seller is a corporation, is it fully in a position to sell the property?

As mentioned earlier, there are also disguised hazards that may not be revealed in a normal title search. These “hidden defects” are covered by the title insurance policy, and can include:

“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

18

1. Fraud and forgery – The owner may have been fraudulently impersonated or forced to relinquish title by misrepresentation. 2. Errors in records or clerical work – Misspelling of names, incorrect address, wrong dollar amount or an improperly filed document. 3. Mental incompetence or minors – The person executing the documents must be of legal age and of sound mind, or the exchange may be void. 4. Defective deeds – A deed may have been recorded without the consent of the owner or after the owner’s demise, or it may have been executed under an expired power of attorney. 5. Name confusion – Identical first names or initials, and mistakes in filing names in divorces, liens, and judgments. 6. Marital rights – Spouses or former spouses of past owners may make current or belated claims to ownership in the property, or the owners marital status is incorrectly given 7. Undisclosed heirs – Resulting from there being no will upon the owner’s death or heirs were not notified of court proceeding. Also may be a question of interpretation, such as a child born after the owner’s death.

A financial institution lending money on real estate will require the Loan Policy of Title Insurance. It assures the lender that the mortgage is a valid first lien protected against hidden or known defects in the event of a foreclosure. The lender’s coverage is for up to the loan amount. Many property buyers choose also to purchase an Owners Policy of Title Insurance, which provides for legal defense of your rights should a claim be made adversely affecting the title as insured. If a loss is sustained, the owner is protected up to the full amount of the policy – usually equal to the full price paid for the property. Furthermore, if both title insurance policies are purchased simultaneously, there is a cost saving to the new property owner. Colorado Springs Real Estate Journal

www.csrej.com

June 27, 2011


Around the Corner June

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

Wednesday, June 29 How to Do a Short Sale 9am – 1pm @ Broomfield Anthem Highland Community Center www.chicagotitlecolorado.com/Education

Friday, July 8

Wolf Ranch Concert in Gateway Park 6pm – 9pm, Band: Flute Daddy with Joseph Liberti (PP Jazz & Swing Society) FREE & Open to the Public

Thursday, June 30

Pikes Peak Exchangers 8am – 9:30am Valley Hi Golf Course Restaurant Charlie Madson: cmadson@KW.com 719-955-1855

Wednesday, July 13

State of the City Luncheon 11:30am – 1:30pm @ Broadmoor West www.coloradospringschamber.org

Wolf Ranch Concert in Gateway Park 6pm – 8pm, Band: The Jake Loggins Do-It FREE & Open to the Public

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Thursday, July 14

Wednesday, July 6 Mortgage Loan Origination Class 9am – 11am @ TBA www.chicagotitlecolorado.com/Education Wolf Ranch Concert in Gateway Park 6pm – 8pm, Band: Promises with Bob Alexander (PP Jazz & Swing Society) FREE & Open to the Public

Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592 Tri-Lakes Marketing Forum 8:30am – 10am @ Inn at Palmer Divide Kim Rossbach: 719-534-7444

Saturday, July 16

Unified Title Presents: Out of the Box Social Media w/Kelly Noble 1pm – 3pm @ Peoples Mortgage (Academy) RSVP to Marian Martinez: 719.955.7084 marianm@unifiedtitle.com

HBA Poker Run Colorado Springs to Breckenridge shirley@cshba.com 719-592-1800

Monday, July 18 Discount Parade of Homes Tix On Sale Available at HBA office or PPAR trish@cshba.com 719-592-1800

Tuesday, July 19 NARPM Meeting 11am – 1pm @ Clarion Hotel (314 W. Bijou) csnarpm.org, Jorgette Krsulic with Colorado Casa Realtors : 719-227-7200

Wednesday, July 20 Annual Commission Update Course 8:30am – 12:30pm @ Empire Title cherrylyn@etcos.com 719-884-5300 Wolf Ranch Concert in Gateway Park 6pm – 8pm, Band: Kort McCumber FREE & Open to the Public

Friday, July 22 Pikes Peak Exchangers 8am – 9:30am Valley Hi Golf Course Restaurant Charlie Madson: cmadson@KW.com 719-955-1855

Wednesday, July 27 Wolf Ranch Concert in Gateway Park 6pm – 8pm, Band: Dick Cunico Little Big Band (PP Jazz & Swing Society) FREE & Open to the Public

Thursday, July 28 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592

August

Thursday, July 21

Thursday, July 7

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

Masterminds Networking Group 7:30am – 9am @ Canon National Bank RSVP to Chris Foxen at 632-4889 or cfoxen@canonbank.com

Pikes Peak Marketing Forum Pitch Your Listing 8am – 9:30am @ Colo Springs Country Club Ruthie, 719.492.3998

HBA Membership After Hours and Poker Run Kickoff Party 5pm @ Champion Windows shirley@cshba.com 719-592-1800

Credit Repair Class 9am – 10am @ Empire Title cherrylyn@etcos.com 719-884-5300

Friday, August 5–21 HBA Parade of Homes trish@cshba.com 719-592-1800 Email josh@csrej.com your

* Events subject to change. Due to space, please check with event/class holders early for more detailed information including cost and registration dates. Email events to josh@csrej.com

4% Commissions on our 5 homes under construction -orQuick Commissions on To-Be-Built Homes!

New Homes on the West Side of Colorado Springs!

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www.csrej.com

30 th New Home Sales Center

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June 27, 2011

Fillmore St

30th St

Sales Center Open 9:00 am - 5:00 pm Daily

Garden Of The Gods Rd

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719.314.2120 • www.ggclub.com/realtors

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•Your Buyers will receive a membership at Garden of the Gods Club 27 Holes of Golf • Sports Club • Tennis Center • Recreation Center & Pool • Spa • Dining •Prestigious West Side location with spectacular views and close to everything •Nine Exceptional Floorplans in Gated Neighborhoods from $438,000 to $2,000,000

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•You will receive 4% commission on the five new homes now under construction Two will be completed in July - come see them under construction at any time •For new to-be-built homes, you will be paid a 3% commission on the price of the homesite and base price of the home at the homesite closing, NOT at the end of construction (Premier Program)

Colorado Springs Real Estate Journal

19


Reel in the Cash During the 2011 “Hooked on Classic” Realtor Recognition Program. If you love making deals, get ready to land the big one. Because the “Hooked on Classic” Realtor Recognition Program is back in action, and we’re paying out cash and bonuses for all qualified sales brought in by our hard-working partners in the field. That’s right. Cash and bonuses. Plus a nice 4% commission on the side. You won’t be the only fish in the pond—expect the competition to be cutthroat—but if you work hard, you’ll discover that the opportunities are endless, and the rewards are rich. The catch? You have to qualify to participate. So don’t wait. The tournament starts now, and the sooner you get your gear in order, the sooner you’ll start reeling in cash and bonuses (up to $3,000 as your closings increase)! Visit any Classic community and get outfitted for the biggest adventure of the summer.

Here’s how it works—by the numbers… - 1st Closing = 4% commission on base price and realtor qualifies for the Hooked on Classic Program. (Classic will send you a welcome letter along with a Starbuck’s card after your first sale.) - 2nd Closing = 4% commission on base price + $1,000 Bonus - 3rd Closing = 4% commission on base price + $2,000 Bonus - 4th Closing (& beyond) = 4% commission on base price + $3,000 Bonus

The 2011 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying realtors will be invited to quarterly Hooked on Classic networking events where Classic will recognize the top producers. Qualifying agents will have a chance at other special prizes! *Program Terms and Conditions:Bonus incentives will be paid on ALL contracts written between 5/16/2011-12/31/2011 and payable upon closing of 2nd qualifying home. 1.) You must be an active Colorado licensed real estate agent and must have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. Questions concerning bonus commissions will be resolved solely at the discretion of Classic Homes. 2.) All eligible contracts must be originated May 16, 2011 – December 31, 2011. 3.) Bonus commissions will be paid at closing. 4.) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5.) Bonus commissions are offered on an individual REALTOR basis, team/office sales are not cumulative and do not qualify. All incentives will be awarded to the individual agent listed on the contract. 6.) Program terms and conditions are subject to change without notice.


Colorado Springs Real Estate Journal