Page 1


Vol. 4 No. 12

August 27, 2012

Housing starts edge down 1.1 percent, permits rise in July

Second quarter metro area home prices rise, limited inventory capping sales tory has been trending down and home builders are still under-producing in relation to growing demand,” he said. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.” The national median existing single-family home price was $181,500 in the second quarter, up 7.3 percent from $169,100 in the second quarter of 2011. This is the strongest year-over-year increase since the first quarter of 2006 when the median price rose 9.4 percent, but even with the gain the current price is 20.1 percent below the record set in 2006. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed higher by a relatively small share of upper-end transactions. Distressed homes – foreclosures and short sales which sold at deep discounts – accounted for 26 percent of second quarter sales, down from 33 percent a year ago. Total existing-home sales,3 including singlefamily and condo, slipped 0.7 percent to a seasonally adjusted annual rate of 4.54 million in the second quarter from 4.57 million in the first quar-

parade of Homes Commencement

p.o.H Realtor Vip party

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HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website: Regulated by the Colorado Division of Real Estate, Corp NMLS #3113

Yun to lead CAR Convention Town Hall We all want to know what forces and trends will be shaping the industry in the next few years as we continue to try to rebound from a recession. Dr. Lawrence Yun, Tom Clark and Dick Clark will be providing facts and trends about the real estate Yun industry, Colorado's economy and international opportunities in real estate at the CAR Convention Town Hall meeting on Monday, October 15 from 8:30am – 10:30am. The Convention will be held at the Sheraton Denver Downtown Hotel. Don't miss it! Register today at . © Copyright Colorado Association of Realtors. Reprinted with permission.

See Inventory page 11

Empire title p.o.H Bus tour

Honest & Ethical Service from People You Know.

See Housing Starts page 9

Kevin Bent

Branch Manager

Chad Denny Sales Manager

(719) 339-2728 (719) 331-2750 NMLS #251284 State Lic #100018895

NMLS #665068 State Lic #100037389

Debbie Havens Sr. Loan Officer

Mobile pdf (Beta)


edian existing single-family home prices are rising in more metropolitan areas, but a lack of inventory – notably in lower price ranges – is limiting buyer choices in an increasing number of markets around the country, according to the latest quarterly report by the National Association of Realtors®. The median existing single-family home price rose in 110 out of 147 metropolitan statistical areas(MSAs) based on closings in the second quarter in comparison with same quarter in 2011; three areas were unchanged and 34 had price declines. In the first quarter of 2012 there were 74 areas showing price gains from a year earlier, while in the second quarter of 2011 only 41 metros were up. A separate breakout of income requirements to buy a home on a metro basis shows a wide range of conditions, but most buyers had ample income in the second quarter assuming they could meet mortgage credit standards. Lawrence Yun, NAR chief economist, said home prices are set to rise in even more markets during upcoming quarters. “It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inven-

Nationwide housing production edged down 1.1 percent to a seasonally adjusted annual rate of 746,000 units in July, according to newly released figures from HUD and the U.S. Census Bureau. However, builders pulled more permits for planned newhome projects than they have in any month since August of 2008. “While many builders believe that the outlook for housing is considerably brighter than it has been in years, we are being very careful about keeping inventories tight and not building ahead of demand,” noted Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “At the same time, builders are drawing more permits for new construction so we can accommodate buyers and renters as they return to the marketplace.” “Our latest surveys confirm builders’ increased confidence about future home buyer demand, and that’s reflected in today’s permit numbers,” agreed NAHB Chief Economist David Crowe. “Increasingly, housing is re-emerging as a traditional and muchneeded source of strength in local economies as builders are able

Rose Kelly

Sr. Loan Officer

National News ........... page Local News ............... page On the Move ............. page Local Expert ............. page Around the Corner ...... page

Tobi Mondejar Loan Officer

Tom Susemihl Sr. Loan Officer

2 12 17 18 19

Aric Ulmer Loan Officer

(719) 380-1778 (719) 388-2412

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NMLS #208307 State Lic #100013573

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National News Not affiliated with The Colorado Springs Business Journal

director of advertising Rachelle Nardo

director of publishing Josh Olson 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.

Builder confidence continues to improve in August Builder confidence in the market for newly built, single-family homes improved for a fourth consecutive month in August with a two-point gain to 37 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This gain builds on a six-point increase in July and brings the index to its highest level since February of 2007. “From the builder’s perspective, current sales conditions, sales prospects for the next six months and traffic of prospective buyers are all better than they have been in more than five years,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “While there is still much room for improvement, we have come a long way from the depths of the recession and the outlook appears to be brightening.” “This fourth consecutive increase in builder confidence provides further evi-

dence of the gradual strengthening that’s occurring in many housing markets and providing a needed boost to local economies,” said NAHB Chief Economist David Crowe. “However, we are still at a very fragile stage of this process and builders continue to express frustration regarding the inventory of distressed properties, inaccurate appraisal values, and the difficulty of accessing credit for both building and buying homes.” Derived from a monthly survey that NAHB has been conducting for the past

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:

25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor. Every HMI component posted gains in August. The components gauging current sales conditions and traffic of prospective buyers each rose three points, to 39 and 31, respectively, while the component gauging sales expectations in the next six months inched up one point to 44. All were at their highest levels in more than five years.

See Builder Confidence page 4

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• article Submission

Powers Blvd.

Union Blvd.

Meridian Rd.

Stapleton Dr.

Stetson Hills

Peterson Rd.

Bl vd . d. y Bl v em ad Ac

office: 719.205.1299 fax: 719.358.6657

Mt. Princeton Dr.

Woodmen Rd.

y em ad Ac

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

Powers Blvd.

Blv d.

Woodmen Rd.

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• photos/Events

Londonderry Dr.

Research Pkwy.

• on the Move

This is for any business in the industry (Real Estate, Builders, Title Companies, Mortgage Companies, etc.)

Capital apital Peak eak Way

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Briargate Pkwy.

• 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.

lvd . Grand Lawn Cir.

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Un ion

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Barnes Rd.


Map not to scale.

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National News

Credit union merger provides greater services for Realtors On August 1, Realtors® Federal Credit Union merged with Northwest Federal Credit Union to better serve its members. Members of the Realtors® Federal Credit Union, now a division of Northwest Federal Credit Union, have greater access to service centers, financial loans, banking services and much more. “As the fastest growing credit union in the country last year, the Credit Union

proved to be a crucial business advantage for Realtors®,” said Moe Veissi, brokerowner of Veissi & Associates Inc., in Miami. “This merger will continue to add benefits and services for credit union members while providing services and products that meet the specific needs of the National Association of Realtors® members and their families.” Northwest Federal Credit Union is a

$2.2 billion credit union headquartered in Herndon, Va., with a 65-year history of financial strength and stability. Credit Union members now have access to Northwest Federal’s six Northern Virginia branch locations and 4,600 shared branch service centers nationwide, feefree business checking and debit cards, mortgage loans, commercial real estate loans, business lines of credit and more.

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Access to members’ accounts, including account number(s), user name and password, convenient online banking, Member Care Center and website services will remain unchanged. “We’re excited about this merger and the opportunity to provide NAR’s Realtor® members and their families with a greater variety of personal and business products and resources that will help them achieve their unique financial goals; that could not have been achieved for several more years at our present RFCU growth rate,” said 2002 NAR President and Realtors® FCU Chairman of the Board, Martin Edwards, Jr., CCIM, from Memphis, Tenn. “While members can still enjoy the benefits of an Internet-based Credit Union, the merger with NWFCU will not only expand virtual access, but also allow in-person financial transactions.” All Realtors® and their families, as well as NAR’s institutes, societies and councils, are eligible to become Credit Union members. NAR staff and the staffs of state and local Realtor® associations and boards and their families are also eligible. Realtors® Federal Credit Union, a Division of Northwest Federal Credit Union, is a member benefit offered by NAR and is a partner in the REALTOR Benefits® Program. 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. For details, please visit or call Member Care at 866-295-6038. © Copyright National Association of Realtors. Reprinted with permission.

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Builder Confidence from page 2 Regionally, builder confidence rose nine points to 42 in the Midwest and two points to 35 in the South, but declined nine points to 25 in the Northeast and three points to 40 in the West in August. For the August HMI release, NAHB is introducing an alternative trend comparison of regional HMIs by also showing a three-month moving average of each region’s index. The current three-month moving averages show a two-point decline to 29 in the Northeast, a five-point gain to 35 in the Midwest, a three-point gain to 32 in the South and a three-point gain to 38 in the West. The above article has been provided to you compliments of NAHB and Nation’s Builder News. August 27, 2012

National News

Builder confidence in the 55+ housing market shows improvement in the 2nd quarter Builder confidence in the 55+ housing market for single-family homes showed improvement in the second quarter of 2012 compared to the same period a year ago, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. The index more than doubled year over year from a level of 13 to 29, which is the highest secondquarter reading since the inception of the index in 2008. “Builders and developers in the 55+ housing segment continue to show increased confidence in the market,” said NAHB 50+ Housing Council Chairman W. Don Whyte. “As the share of 55+ households continues to grow in all regions across the country, we have a unique opportunity to create communities that address specific needs of the mature homebuyer.”

The 55+ single-family HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffic). An index number below 50 indicates that more builders view conditions as poor than good. Although all index components remain below 50, they increased considerably from a year ago: Present sales more than doubled (from 12 to 30), while expected sales for the next six months increased 17 points to 35 and traffic of prospective buyers rose nine points to 22. The 55+ multifamily condo HMI remains the weakest of the 55+ housing market indices, but the trend is upward as the index increased 11 points year over year to 19, also the highest second-quarter reading since the

inception of the survey. All index components showed an increase compared to a year ago as present sales rose 10 points to 18, expected sales for the next six months

See 55+ Market page 6

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National News 55+ Market from page 5 increased 10 points to 20 and traffic of prospective buyers climbed 12 points to 19. The 55+ multifamily rental indices recovered substantially last year, and are now holding steady: Present production climbed three points to 31, expected future production increased three points to 32, current demand for existing units dropped one point to 42 and expected future demand decreased two points to 42. “We are seeing buyers slowly return to the 55+ housing market as home prices begin to improve” said NAHB Chief Economist David Crowe. “This helps unlock some of the pent-up demand from 55+ consumers who have been sitting on the sidelines until they are able to sell their current homes at a reasonable price.”

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National News Housing Starts from page 1 to put more of their crews back to work. But two things that are slowing this process considerably are the challenges that builders continue to face in accessing credit for viable new projects and the difficulty of obtaining accurate appraisals on new homes.” After four consecutive months of gains, single-family housing starts fell back 6.5 percent to a seasonally adjusted annual rate of 502,000 units in July. Meanwhile,

multifamily starts posted a 12.4 percent gain to 244,000 units, their strongest pace since February. On a regional basis, combined single- and multifamily starts declined 1.3 percent in the Northeast, 3.5 percent in the South and 5.3 percent in the West, but rose 17 percent in the Midwest in July. Issuance of new building permits, which can be an indicator of future building activity, rose 6.8 percent to a seasonally adjusted annual rate of 812,000 units in July – the fastest pace in nearly four years. Single-family per-

mits rose 4.5 percent to 513,000 units (their best pace since March of 2010) while multifamily permits rose 11.2 percent to 299,000 units. Permit issuance rose in three out of four regions in July, with the Northeast registering a 12.2 percent gain, the South a 5.8 percent gain and the West a 14.0 percent gain. The Midwest posted a 4.2 percent decline. The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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August 27, 2012

Below: Lorie Skabo with Keller Williams Partners, Brian Miller and Stephanie Hawthorne with Empire Title.

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Colorado Springs Real Estate Journal


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August 27, 2012

National News Inventory from page 1 ter, but were 8.6 percent above the 4.18 million pace during the second quarter of 2011. At the end of the second quarter there were 2.39 million existing homes available for sale, which is 24.4 percent below the close of the second quarter of 2011 when there were 3.16 million homes on the market. There has been a steady downtrend since inventories set a record of 4.04 million in the summer of 2007. According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged a record low 3.80 percent in the second quarter, down from 3.92 percent in the first quarter and 4.66 percent in the second quarter of 2011. NAR President Moe Veissi, brokerowner of Veissi & Associates Inc., in Miami, said buying power is historically high. “Home buyers today can stay well within their means. Record low mortgage interest rates and an over-correction in home prices have opened the door to many potential buyers,” he said. “What we need now is additional inventory in the lower price ranges, so we hope banks will be releasing more foreclosure inventory into the market. With gains apparent in all of the price measures, banks also should have more confidence in expanding mortgage credit to home buyers using safe but sensible standards,” Veissi said. A breakout of incomes needed to purchase a median-priced existing single-family home by metro area shows the typical buyer has ample income. Required income amounts are determined using several downpayment percentages, assuming a mortgage interest rate of 4 percent and 25 percent of gross income devoted to mortgage principal and interest. The national median family income was $61,000 in the second quarter. However, to purchase a home at the national median price, a buyer making a 5 percent downpayment would only need an income of $39,900. With a 10 percent downpayment the required income is $37,800, while with 20 percent down the necessary income is $33,600. “Because the income required to buy to a typical home is very manageable by historical standards, any further decline in mortgage interest rates will have little effect. Changes in underwriting guidelines would have a far greater impact,” Yun said. In the condo sector, metro area condominium and cooperative prices – covering changes in 53 metro areas – showed the national median existingcondo price was $178,000 in the second quarter, up 7.5 percent from the second quarter of 2011. Twenty-nine metros showed increases in their median condo price from a year ago and 24 areas had declines. First-time buyers purchased 34 percent of all homes in the second quarter, compared with 33 percent in the first quarter and 35 percent in the second quarter of 2011. Historically they are close to 40 percent of the market. The share of all-cash home purchases was 29 percent in the second quarter, down from 32 percent in the first quarAugust 27, 2012

ter; it was 30 percent in the second quarter of 2011. Investors, who make up the bulk of cash purchasers and compete with first-time buyers, accounted for 19 percent of all transactions in the second quarter, down from 22 percent in the first quarter; they were 19 percent a year ago. Regionally, existing-home sales in the Northeast slipped 0.6 percent in the second quarter but are 10.6 percent above the second quarter of 2011. The median existing single-family home price

in the Northeast declined 1.6 percent to $241,300 in the second quarter from a year ago. In the Midwest, existing-home sales rose 1.3 percent in the second quarter and are 16.2 percent higher than a year ago. The median existing single-family home price in the Midwest rose 7.5 percent to $149,400 in the second quarter from the same quarter in 2011. With tight inventory, existing-home sales in the West fell 5.3 percent in the

second quarter but are 3.0 percent higher than a year ago. The median existing single-family home price in the West jumped 13.4 percent to $234,000 in the second quarter from the second quarter of 2011. “Inventory is pretty tight in all prices ranges in most of the West except for the upper end, which accounts for the sharp price gain,” Yun noted. © Copyright National Association of Realtors. Reprinted with permission.

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Colorado Springs Real Estate Journal


See how to get ahead with the Business Accelerator Program.

Don’t with let the work you have to do interfere with erfere the work you live to do. Local News The Business Accelerator Program is a one-of-a-kind coaching program to help you step past challenges and stride to your full potential. It offers live and interactive programs, plus on-demand resources made with small businesses in mind. There is no cost to participate. Just sign up at

Don’t let the have to to do do interfere interferewith with Don’tto letget thework work you you See how ahead with the Business Accelerator Program. Day of service brings more than 100 Coldwell gram. the thework workyou youlive live to to do.

on’t let the work you have to doBanker interfere with The Business Accelerator Program is a one-of-a-kind coaching program to help Residential you step past Brokerage Professionals ep past and stride to your full potential. It offers live and interactive programs, plus on-demand demand echallenges work you live to do. together tosign help those in need resources made with small businesses in mind. There is no cost to participate. Just up at See AcceleratorProgram. Program. Seehow howtotoget getahead aheadwith with the the Business Business Accelerator

Business AcceleratorProgram Programisisaaone-of-a-kind one-of-a-kind coaching coaching program TheThe Business Accelerator programtotohelp helpyou youstep steppast past challenges and stride yourfull fullpotential. potential.ItItoffers offers live live and interactive challenges and stride toto your interactiveprograms, programs,plus pluson-demand on-demand resources made with smallbusinesses businessesininmind. mind. There There is is no atat resources made with small no cost cost to to participate. participate.Just Justsign signupup Nigel Cass Agency, Inc.

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More than 100 real estate professionals and support personnel with Coldwell Banker

e how to get ahead with the Business Accelerator Program. Residential Brokerage recently gathered at locations in metro Denver, Colorado Springs 5520 Library Lane Colorado Springs, CO 80918 Bus: (719) 599-7445

let the work you have to do interfere with work you live to do.

and Fort Collins to help victims of wildfires and recent tragedies. The inaugural Day

of Service on August Business Accelerator Program is a one-of-a-kind coaching program to help you step past1 was an overwhelming success as volunteers enges and stride to your full potential. ItNigeloffers live and interactive programs, plus on-demandunloaded trucks, stocked Cass Agency, Inc. 5520 Library Lane shelves, urces made with small businesses in mind. is no cost to participate. Justdistributed sign upfood at and household goods, Colorado Springs, There CO 80918 Bus: (719) 599-7445 and performed a variety of other tasks to help Thanks from our family to yours. those in need. Nigel Cass Agency, Inc. 5520 Library Lane Colorado Springs, CO 80918 Bus: (719) 599-7445

’t let the have to to do do interfere interferewith with n’t letget thework work you you wwork to ahead with the Business Accelerator Program. our community spirit and the generosity of our workyou youlive live to to do.

We’re proud to be part of a select group of American Family Insurance agencies to be recognized by J.D. Power Nigel Cass Agency, Inc. and Associates for providing “An Outstanding Customer 5520 Library Lane American Family Mutual Insurance and its Subsidiaries Experience” as a Company Distinguished Insurance Agency. The best Colorado Springs, CO 80918 American Family Insurance American Family Mutual Insurance Company Company and its Subsidiaries part is Company theWIthe recognition comes from you, our customers. Let us American Family Insurance Bus: (719) 599-7445 Home Office –with Madison, 53783 Business ow ahead Accelerator Program. howtotoget getAmerican ahead with the Business Accelerator Program. Family Mutual Insurance Company and its Subsidiaries © 2011 004919— 02/11our commitment and dedication to providing you American Family Insurance Company show you siness AcceleratorProgram Programis isaaone-of-a-kind one-of-a-kind coachingservice program you past ess Accelerator coaching program help youstep step past with outstanding customer andtoto inhelp finding the right ges and stride yourfull fullpotential. potential.ItItoffers offers live live and interactive programs, on-demand and stride totoyour interactive programs, plus on-demand insurance toplus fit your needs.

“The Day of Service was a true testament to

agents, staff and others who worked tirelessly to those victimized by recent fires and tragedies,” said Chris Mygatt, president of s Accelerator Program is a one-of-a-kind coaching program help to help you step past Coldwell Banker Residential Brokerage in Colorado. “I couldn’t be more proud of our nd stride to your full potential. It offers live and interactive programs, plus on-demand caring professionals who understand how vital it is to give back to the communities in which we live, work and play. It was an amazing day, and we encourage everyone es made with small businesses mind. There There is is no cost to Just atat cost to participate. Just sign up at ade with small businesses mind. There isupupno made with small businesses ininmind. noin cost to participate. participate. Justsign sign throughout our great state to do what they can to help those whose lives have changed Nigel Cass Agency, Inc. dramatically due to recent events.” 5520group Library Lane We’re proud to be part of a select of American Nigel Cass Agency, Inc. Colorado Springs, CO 80918 Day of Service volunteers gathered at the Habitat for Humanity Restores in DenFamily Insurance 5520 agencies to be recognized by J.D. Power Library Lane Bus: (719) 599-7445 ver, Wheat Ridge and Littleton to assist customers, and the Colorado Aids Proj Bus: (719) 599-7445“An Outstanding and Associates for providing Customer ect Food Bank to unload and hand out food, and to organize shelves. In Colorado Experience” as a Distinguished Insurance Agency. The best Springs, volunteers performed a variety of services at the Pikes Peak Habitat for Hupart is the recognition Nigel Casscomes Agency, Inc. from you, our customers. Let us manity Restore and the Colorado Springs Salvation Army. In Fort Collins, volun5520 Library Lane Inc. Nigel Cass Agency, Colorado Springs, 5520 Library LaneCO 80918and dedication to providing you show youCompany our commitment American Family Mutual Insurance and its Subsidiaries teers helped stock shelves, unload goods, and move inventory at the Fort Collins Fire Bus: (719) 599-7445 Colorado Springs, CO 80918 American Family Insurance Company Bus: (719) 599-7445 with outstanding customer service and in finding the right Relief Distribution Center. Home Office – Madison, WI 53783 Home Office – Madison, WI 53783 © 2011 004919— 02/11

Home Office – Madison, WI 53783 © 2011 004919— 02/11

Thanks from our family to yours.

© 2011

insurance to fit your needs.

004919— 02/11

Above: Paty Valko, Irina Riley, Darcy Lee, Chris Vawter, Camellia Coray, Kathleen Peak, and Brandi Glasser volunteer their time and labor to help wildfire victims during Coldwell Banker Residential Brokerage's Day of Service on August 1st.

Nigel Cass Agency, Inc. 5520 Library Lane Nigel Cass Agency, Inc. Springs, CO 80918 Colorado 5520 Library LaneBus: (719) 599-7445 Bus: (719) 599-7445

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nly Mutual Family Insurance Insurance Company Company andHome its Subsidiaries Office – Madison, WI 53783

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Left: Brandi Glasser, Darcy, Kathleen Peak, and Chris Vawter of Coldwell Banker Residential Brokerage in Colorado Springs help victims of wildfires during the company's Day of Service on August 1st.

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HBA remembers their early leaders

l Insurance Company and its Subsidiaries American Family Mutual Insurance Company nce Company and its Subsidiaries 53783 American Family Insurance Company /11

It is with deep sadness that the Housing & Building Association of Colorado Springs shares with you the passing of two former members who contributed greatly to our industry.

Home Office – Madison, WI 53783 © 2010

001776 – Rev. 10/10

Colorado Owned & Operated Since 1972

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Bud Shepard Bud Shepard passed away Tuesday July 31, 2012 in Scottsdale, AZ after a lengthy illness. Services will be Tuesday August 14, 2012 at 1 p.m. at Woodmen Valley Chapel. Swan Law will be handling the arrangements. Along with his brother Bruce, the Shepards were among the city’s early real estate developers and their signature project was Village Seven — a complete community of homes, schools, parks and shopping developed in the late 1960s and early 1970s southeast of Academy Boulevard and Austin Bluffs Parkway in what was then the outskirts of the city. Bud was president of the Housing & Building Association in 1958 and was the second person to receive the Builder/Developer Member of the Year award in 1962. In 1999, along with Dave Sunderland, Bud and Bruce received the very first Founders Award for their significant contributions to quality development in our community. Marilyn Dewell Marilyn J. Dewell passed away after a long battle with cancer on August 3, 2012 at Pikes Peak Hospice. Memorial Services will be held at 10:00 a.m., Friday, August 10, 2012 at the Shrine of Remembrance "America the Beautiful" Chapel. Inturnment will be at the Shrine of Remembrance Chapel Mausoleum, Ethel Merman Columbarium. In lieu of flowers, contributions may be made in Marilyn's memory to the Pikes Peak Hospice Foundation, 2550 Tenderfoot Hill Road, Colorado Springs, Colorado 80906 Marilyn moved to Colorado Springs in 1970 where she became active in the home building industry. She married Lyman A. Dewell on August 3, 1974. In 1978 she was awarded "Builder of the Year" by the Housing & Building Association of Colorado Springs and was the first woman elected to the HBA Board of Directors.

Colorado Springs Real Estate Journal

August 27, 2012

Local News

Housing starts expected to increase in Colorado resort towns By Dr. Lawrence Yun, NAR Senior Economist Vacation homes are generally purchased by higher income households. In the past year, 44 percent of all vacation home buyers earned six-figure incomes. The purchases also had higher down payments, higher credit scores, and more collateral backing compared to other mortgages. Despite better underwriting and essentially low subprime lending for vacation homes, vacation and resort destinations have suffered disproportionately more than the overall housing market. Simply put, the collateral damage of the credit crunch from the subprime mess whacked the market that did not encounter subprime lending. Home sales fell sharply in places like Steamboat Springs, Glenwood Springs, and Vail, Colorado, by 70 to 80 percent from peak 2006 levels. The good news is that a recovery is taking place in these resort destinations in 2012. The dollar volume of home sales activity has been running 10 to 30 percent higher this year versus last. But even with the increases so far, the dollar volume of business still remains at less than half the peak level activity of 5 to 6 years ago. New home construction in particular has been hard hit in the Colorado Mountain areas. The chart below shows the year-to-date figures on housing permits. Because most of the permits eventually translate into housing starts, the chart is a good indication of new home construction activity in several resort communities in Colorado. Note that local peaks are always in December because it covers the full 12 month year-to-date. Also note the painful degree of collapse in the past 3 years versus what it had been. Looking ahead, though, the existing home sales re-

Better schools making for a better neighborhood! Meridian Ranch supports education & local schools

covery that is already taking place will likely strengthen even more in 2013. The stock market wealth is one important driver of vacation home purchases and the Dow Jones Industrial Average or the NASDAQ index has essentially doubled from the cyclical low point in 2009. Though getting a mortgage for a vacation home is much tougher to get (due to the collateral damage fallout from the subprime lending mess) there will be an increasing number of vacation home sales from better conditions of all-cash deals from cashing in on the good stock market recovery. Falling existing home inventory will then mean a greater need for housing permits to be issued. Don’t miss his presentation at the CAR Convention Town Hall meeting on Monday, October 15 from 8:30am – 10:30am at the Sheraton Denver Downtown Hotel. © Copyright National Association of Realtors. Reprinted with permission.

Not too many years from now, a new generation of children will have grown up in the community of Meridian Ranch that over 1,000 families now call home. Most of them will have no knowledge of all the hard work and financial support it took in the early 2000's for the education of Meridian Ranch students to become recognized Statewide. They will only know Meridian Ranch as a masterplanned development complete with amenities, such as local schools, not found in most comparable communities. They won’t know that it was GTL, Inc. (Developer of Meridian Ranch) that donated the land and contributed to the $3.5 million it took to build what is now the Meridian Ranch Elementary School. In addition, few people will know it was GTL, Inc., that donated the 70 acres to build Meridian Ranch’s High School. Today Falcon High School is strategically located within walking distance and will have a road connecting it to the Meridian Ranch Elementary School. All part of the master plan, GTL, Inc. will be connecting Londonderry Drive from the Meridian Ranch Elementary School to the Falcon High School, (August of 2014). Perhaps, however, the generation being

See Schools page 16

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Colorado Springs Real Estate Journal

August 27, 2012

• Five new model homes • Homes from the $200’s to the $500’s • Innovative Neighborhood Schools • 30,000 Sq. Ft. Recreation Center • Outdoor Pool • Antler Creek Golf Course • CreekView Grill • Neighborhood Parks & Paved Trails • Open Spaces & Views • Minutes to Peterson & Schriever AFB • Easy Access to I-25, Hwy. 24 & Colorado Springs Airport

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August 27, 2012

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Local News Schools from page 13

Griffis/Blessing tabbed to manage Ridgeview Association property Griffis/Blessing, Inc. has been selected by the Ridgeview Shopping Center Association to manage the 67.18 acre shopping center located at Powers Blvd. and Stetson Hills Blvd. on the city’s Northeast side. The shopping center consists of 18 parcels containing 204,878 square feet of buildings, one of which remains undeveloped. Anchored by King Soopers, other tenants include Firestone, Starbucks, Subway, First Bank, Arby's, Ascent Cycling, Carl’s Jr, Wendy’s, and Manitou Jack's. As Senior Vice President, Rick Davidson, CPM®, notes, experience was a significant factor in his team's selection to manage this unique property. "We were selected by the property owners because of our experience in handling large commercial office, industrial and retail as-

you can

sociations," says Davidson. "This association has unique characteristics because of the mix of the property owners: some who are local, some whose business may occupy all or part of one of the buildings, and some who live outside of Colorado.” The project will be managed by the team of Portfolio Manager Suzan Parra and Management Assistant Carrie Lanning. Headquartered in Colorado Springs, CO with an additional office in Denver, Griffis/ Blessing, Inc. currently manages over 4 million square feet of commercial space, and more than 4,000 apartment units located along Colorado’s Front Range. The company has provided award-winning property management and real estate investment services throughout Colorado since 1985. For more information, visit

raised now in Meridian Ranch will someday realize the quality of the education they received from the Meridian Ranch schools that are in the Falcon School District 49. In fact, the reading scores are up across the board in the Falcon School District 49. The 2011-12 school year Transitional Colorado Assessment Program (TCAP) data shows the School District continues to perform well above the state average in reading at every grade level. In addition, the Falcon School District 49 is also greatly exceeding the State average in nearly every grade level in writing. In math, scores are significantly above the State’s average at the elementary and middle school levels and consistent with the State numbers in high school grades. In science, the District scores at or above the state average in all grade levels. Falcon High School (located in Meridian Ranch) achieved the highest score in the school’s history in tenth grade science, scoring twelve points above the state average. Falcon Virtual Academy also saw significant gains, which accompany a significant gain in enrollment. The 201112 scores will now be used as a baseline for the schools moving forward. To learn more about Meridian Ranch and its commitment to education and programs, visit www.

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Colorado Springs Real Estate Journal

August 27, 2012

On the Move Harry Venik V.I.P Mortgage Courtney Kline, Branch Manager for V.I.P Mortgage Colorado Springs, is pleased to welcome Colorado Springs mortgage veteran, Harry Venik, to the team of V.I.P Mortgage in Colorado Springs. “Harry brings a strong and genuine belief in the principal of creating “customers for Life” Kline said in a recent interview. “Additionally, Harry’s knowledge and experience are the perfect compliment to our seasoned team with over 100 years of mortgage experience” he continued. An avid basketball fan (and former player), Harry is a graduate of the University of Iowa and a mortgage professional for over twenty years. Harry specializes in Conventional, FHA, VA, construction loans, investment loans and refinancing in Colorado.

Kathy Davies made Colorado Springs her home in 2003 and loves Colorado! Kathy has been licensed in real estate since 2004 and her primary focus is to make a positive difference in the lives of her clients. Kathy would like you to know that she is a dedicated, caring professional with a compassionate heart for people and understands that buying or selling a home is a very important, personal decision. Also, Kathy has a strong background in new home construction and studied Interior Design for several years.

Her background in Interior Design has helped her to sell homes more quickly by using her expertise in staging. She understands the importance of really listening to each client because this is all about you.

Schafer, Strehlow, Stevens, Martinez, Fricker Keller Williams Partners

nez, and Mike Fricker to our family. As new agents, we are excited to to be able to provide them with all the training they need to become top agents ad help us grow as a company. Welcome to the family!


Keller Williams Partners would like to welcome Langlee Schafer, David Strehlow, Alysa Stevens, Scott Marti-


See Page 2

Dazzling new MoDels, gorgeous neighborhooDs,

attractive new Pricing.

Gina Marill Ent Ent is pleased to announce the promotion of Gina Marill to mortgage loan officer. Marill is a Colorado native and has been with Ent for 10 years. Starting in a member service role, she quickly moved up the ranks and started working in Ent’s mortgage department in 2006. Most recently, she served as a senior mortgage loan consultant. As a mortgage loan officer, Marill will serve the mortgage loan needs of Ent’s members located in El Paso and Teller county. She holds VA and FHA certifications and is well-versed in all other mortgage loan types including CHFA and conventional.

Martinez, DeLay, Davies. RE/MAX Properties Annette Martinez and her family relocated and made Colorado Springs their home three years ago. Annette is a service member’s spouse who understands the challenges of selling your home and relocating to a new community. Annette has lived all over the country, many times having to relocate her family while her spouse is deployed. “It’s definitely not an easy task. However, with my experience I believe I am well equipped to help any family relocate to the home of their dreams.” Annette is working on the Dave Kaercher Team. Mark DeLay is a proud Colorado Spring’s native and second generation Realtor. He obtained his Real Estate license in 1996 and has a strong background in new homes, land development, vacant land and luxury homes. “I have 16 years worth of happy clients I see every day in the community. It’s truly an accomplishment to have helped that many clients purchase a home.” August 27, 2012

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Colorado Springs Real Estate Journal


Local Expert

Here we are. Where are we going?

Empire Title of Colorado Springs

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  


  ♦ ♦ ♦ ♦ ♦ 

       


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We have seven months in the books; and compared to the first seven months of last year, it’s definitely better. We have had some stability in demand and interest rates which has driven both Median and Average prices up. Foreclosure filings and listings are increasing which will have some effect on the market. Election years usually affect the market, and this could still happen. Let’s see where we are. By Bill Mcafee Average Price and Median Price are up 2.8% and 4.6% respecEmpire Title tively. This includes single family residences, townhomes, patio — homes and condos. The factors driving the price increase are: low interest rates; low inventory levels; and, a lower number of listings. Buyers wanting to take advantage of low rates and favorable home prices are stimulating our local market. Until the last year and a half, building permits were being pulled at a rate equivalent to the 1960’s. With little new build inventory, listing levels as low as 2005 and increasing demand, life is good. Life is good especially for the $250,000 and below market. The $300,000 to $500,000 is rapidly improving, while the $700,000 and above market is still over-supplied for the current demand. This is where we are currently, now where are we going? Foreclosures starts and listings are increasing. Foreclosure starts will continue to increase as states begin to pass legislation making it difficult for lenders to foreclose. According to David McGrath Schwartz of Vegas, Inc., foreclosures in Clark County Nevada went from 4,000 in September of 2011 to 800 in October when the law took affect. Texas, Arizona, Hawaii, Virginia, and Washington D.C. are also considering changes in the foreclosure process. Lenders will try to beat legislative changes and foreclose on files that can be processed quickly. This will increase the number of foreclosure starts and eventually the number of bank-owned properties. This could have some downward effect on price. Another factor which may affect prices is the number of listings. Listings are starting to increase as the market improves. Sellers who were renting may begin to test the market. I do not believe that this will have a large impact because our rental market is so strong that sellers will not want to give up cash flow. Election years can affect price and this year has been somewhat of an exception. However, as both campaigns ramp up and as people began to hear negative ads, don’t be surprised to see home sales drop over the next several months. The election results can definitely have an impact on our local economy. If military spending drops and military jobs are eliminated or cut, Colorado Springs could definitely be affected. It is estimated that over 30% of our economy comes from military and the ancillary services that support it. On the national level job creation will definitely be a factor. Our local market has some very good fundamentals, phenomenal interest rates, low inventory levels and prices that are comparable to 2004. Things to watch for are: foreclosure starts, military spending, and job creation. Our outlook is positive, and Colorado Springs may be at the beginning of a stable housing market. Even if we are not, it has been a fun seven months.

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     

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Colorado Springs Real Estate Journal

August 27, 2012

Around the Corner Wednesday, August 29

Friday, September 21

Wednesday, October 3

Parade of Homes Awards Banquet 5pm – 9pm @ Freedom Financial Expo Ctr

Pikes Peak Exchangors 8am – 9:30am @ Valley High Country Club

FREE Summer Concerts at Wolf Ranch Gateway Park 6pm – 8pm w/ USAF Falconaires Alumni Band, USAF Academy Band "Falconaires"

Independant Brokers Forum 9am – 10:30am @ PPAR

Short Sale Super Symposium 10am – 12pm @ TBA See Empire's ad on page 18 for details. 719-884-5300

Thursday, September 6 Masterminds Networking Group 7:30am – 9am @ Canon National Bank RSVP to David Alley, 719-632-3526

Thursday, September 27 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.


us your



B.L.E.E.P. (Black Forest & Eastern Marketing Group) 8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213 Mandatory Commission Update Course 8:30am – 12:30pm @ Empire Title 719-884-5300 Real Estate Business Centers Grand Opening 3pm – 7pm @ 20 Boulder Crescent Ste 200 Johnny Cornett: 719-635-5709

Friday, September 7 John Holcomb - Real Estate Attorney Free Legal Roundtable 9am – 10:30am @ 20 Boulder Crescent Johnny Cornett: 719-635-5709

Wednesday, September 12 eContracts Class for Beginners 10am – 12pm @ Empire Title 719-884-5300

Where The Height of Luxury Is Affordability. Promontory Pointe in Monument, Colorado is the height of luxury. Affordable luxury. Which means if you’ve been waiting for the right new home to come along, now’s the time to jump up, pack your bags, and get a move on!

Thursday, September 13 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592 VA Training for Real Estate Agents 8:30am – 12:30pm @ Empire Title 719-884-5300

Rolling hills? Dreamy mountain vistas? Spectacular properties up to an acre in size? Promontory Pointe has them all!

Women's Council of Realtors 11am – 1pm @ Clarion Hotel (I-25 & Bijou) Donna Major: 719-439-3037

Along with oodles of amenities, both big and small, to lend color and nuance to your unique way of life. Start living the dream. Discover true, affordable luxury in this dramatic new, picture-perfect community. See Vantage Homes or Classic Homes, and learn more about the incredible sites and breathtaking bargains at Promontory Pointe.

All New Homes/Homesites contracted through 12/31/2012 come with a coveted Social Fitness Membership in the Club at Flying Horse!

Tuesday, September 18 NARPM Meeting 11am – 1pm @ Clarion Hotel (314 W. Bijou) Porsche Harvey, 599-9664

Thursday, September 20

FREE Shred Day (Max 4 Boxes) 11am – 1pm @ Fidelity National Title 1277 Kelly Johnson Blvd. Call 590-1711 to RSVP

Classic Homes – (719) 481-9828 Priced from the $270s

Gleneagle Dr.

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

New Model Now Open! 15530 Short Line Ct., Monument, CO

Baptist Rd.

Send us


photos email: August 27, 2012

Vantage Homes – (719) 494-8122 Priced from the $260s New Model Now Open! 15542 Short Line Ct. Monument, CO

*Pricing and availability subject to change. Some restrictions may apply to Club Social Fitnes Membership and purchaser must apply for membership within 30 days of home closing.

Elevate Your Standard Of Living. Come To Promontor y Pointe


Colorado Springs Real Estate Journal


Angling For a Big

Commission? Join the 2012 Hooked on Classic Realtor Recognition Program. It’s back by popular demand—the “Hooked on Classic” Realtor Recognition Program!

So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

And that means we’ll be paying out more than line when we say Here’s how it works—by the numbers… thanks to all of our hard-working 1st Closing = 4% commission on sales partners out there for base price and qualify for the promoting our properties! Hooked on Classic Program.

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission. And as your closings increase, so will your bonuses—from $1,000 to $3,000! The catch? You have to qualify to participate.

2nd Closing = 4% commission on base price + $1,000 Bonus 3rd Closing = 4% commission on base price + $2,000 Bonus 4th Closing (and beyond) = 4% commission on base price + $3,000 Bonus

The 2012 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying Realtors will have a chance at other special prizes throughout the year!

Program Terms and Conditions: 1) Hooked on Classic 2012 Bonus Incentives will be paid on all contracts originated between 1/1/2012 and 12/31/2012 and must close by 2/15/2013. 2) 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. 3) All 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 earned on an individual REALTOR basis, team/office sales are not cumulative. 6) Bonus incentives will be awarded to the individual agent listed on the contract. 7) Program subject to change without notice. *Pricing and availability subject to change.

August 27, 2012  

Our August issue.

August 27, 2012  

Our August issue.