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Vol. 5 No. 1

September 24, 2012


And the winners are... Winners announced for the 2012 Parade of Homes

The Housing & Building Association decorating. The coveted People’s Choice Awards are voted on each year by Parade (HBA) of Colorado Springs announced the winners of the People Choice Awards of Homes attendees. This year’s parade was attended by more than 9,500 guests, and the Industry Awards of Excellence from the 2012 Parade of Homes. This a 20% increase from 2011. The People’s year’s featured homes ranged in price Choice and Industry Awards of Excellence are both broken out into multiple from under $200,000 to more than $1,000,000. 24 homes, from categories divided by price Industry Awards of 18 builders, participated 20% increase point. across 15 communities. Excellence are then further Industry professionals in attendance broken out among the folfrom around the country lowing eight categories: Best judged the homes on a number of feaKitchen, Best Master Suite, Best Interior Design, Best Exterior, Best Landscape tures including: landscape design, floor plan, architectural exterior, and interior Design, Best Architectural Exterior, Best

Craftsmanship and Best Overall Home. On Wednesday, August 29, winners of both the People’s Choice and Industry Awards of Excellence were honored by the HBA at the Parade of Homes Awards Banquet held at the Freedom Financial Services Expo Center with more than 150 in attendance. Sponsors of this year’s banquet included Bank of Colorado and Godden/Sudik Architects.

sales series averaged close to a 6-month supply of homes in listed inventory, which is near the low end for market equilibrium, the home buyer and seller series showed a median selling time of just over six weeks. In such balanced market conditions, home prices generally rise 1 to 2 percentage points above the overall rate of inflation as measured by the Consumer Price Index.

New survey findings, combined with an analysis of historic credit scores and loan performance, show home sales could be notably higher by returning to reasonably safe and sound lending standards, which also would create new jobs, according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, said there would be enormous benefits to the U.S. economy if mortgage lending conditions return to normal. “Sensible lending standards would permit 500,000 to 700,000 additional home sales in the coming year,” he said. “The economic activity created through these additional home sales would add 250,000 to 350,000 jobs in related trades and services almost immediately, and without a cost impact.” A monthly survey* of Realtors® shows widespread concern over unreasonably tight credit conditions for residential mortgages. Respondents indicate that tight conditions are continuing, lenders are taking too long in approving applications, and that the information lenders require from borrowers is excessive. Some respondents expressed frustration that lenders appear to be focusing only on loans to individuals with the highest credit scores. Even though profits in the financial industry have climbed back strongly to

See Time on Market | 4

See Lending Standards | 3

Banquet Photos page 8 Award Winners page 12

quickly,” he said. “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country. This equilibrium is supporting sustained price growth, and homes that are correctly priced tend to sell quickly, while those that aren’t often languish on the market.” At the end July there was a 6.4-month supply of homes on the market at the current sales pace, which is 31.2 percent below a year ago when there was a 9.3-month supply. There are consistent and related findings between annual consumer research in NAR’s Profile of Home Buyers and Sellers, and sets of data in the existinghome sales series, that show current market conditions are comparable with median selling time in balanced markets. In periods where the existing-home

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Homes selling more quickly, time on market down with tighter supplies A new measure shows the typical amount of time it takes to sell a home is shrinking, and for traditional sellers is now in the range of historic norms for a balanced market, well below the cyclical peak reached in 2009, according to the National Association of Realtors®. The median time a home was listed for sale on the market was 69 days in July, down 29.6 percent from 98 days in July 2011. The median reflects a wide spectrum; one-third of homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months. Lawrence Yun, NAR chief economist, said there is a clear relationship between inventory supply and time on marYun ket. “As inventory has tightened homes have been selling more

Home sales and job creation would rise with sensible lending standards

Rose Kelly

Sr. Loan Officer

National News............ Page 2 Local News................ Page 12 On the Move.............. Page 17 Local Expert.............. Page 18 Around the Corner....... Page 19

Tobi Mondejar Loan Officer

Tom Susemihl Sr. Loan Officer

Aric Ulmer Loan Officer

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

(719) 331-4512 (719) 659-1362 (719) 439-7413

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National News More proposed updates to compliance regulations: What you need to know 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.


s the Consumer Financial Protection Bureau (CFPB) continues to exert its influence, By Jon Paukovich the impact on the mortgage industry, Ent — and therefore the home purchase market, will be significant. One area the CFPB is seeking comment on is on their proposed redefinition of

the Annual Percentage Rate (APR). This rate is quoted with loan applications to assist borrowers in comparing the costs of different loan offers between competing lenders. The APR is a confusing calculation that defines which fees are considered part of the cost of the loan and what is considered part of the actual real estate transaction. Unfortunately, despite its wide spread use for decades, most research has shown that consumers have very little under-

standing of the APR. The basic element of the CFPB’s proposal is to add to the list of costs that should be included in the APR. It will exhibit an increase in the “costs” of loans but doesn’t necessarily clarify the concept of APR itself. By increasing the APR, more loans will be categorized as “high cost,” which, in turn, would require more restrictions and disclosures. Home buyers may then think they aren’t qualifying for a “prime” loan and may think they are actually get-

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:

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September 24, 2012

National News ting a sub-prime loan, which could potentially affect their buying decision. Some lenders may also decide not to proceed with a loan if it falls into the “high cost” category because of the additional disclosures required and the potential liability for missing one. ​ The CFPB is working to make consumers better in-

Lending Standards from 1 pre-recession levels, lending standards still remain unreasonably tight. Yun said all it takes is a willingness to recognize that market conditions have turned in the wake of an overcorrection in home prices, with all of the price measures now showing sustained gains. “There is an unnecessarily high level of risk aversion among mortgage lenders and regulators, although many are sitting on large volumes of cash which could go a long way toward speeding our economic recovery. A loosening of the overly restrictive lending standards is very much in order,” he said. Respondents to the NAR survey report that 53 percent of loans in August went to borrowers with credit scores above 740. In comparison, only 41 percent of loans backed by Fannie Mae had FICO scores above 740 during the 2001 to 2004 time period, while 43 percent of Freddie Mac-backed loans were above 740. In 2011, about 75 percent of total loans purchased by Fannie Mae and Freddie Mac, which are now a smaller market share, had credit scores of 740 or above. There is a similar pattern for FHA loans. The Office of the Comptroller of the Currency has defined a prime loan as having a FICO score of 660 and above. However, the average FICO score for denied applications on FHA loans was 669 in May of this year, well above the 656 average for loans actually originated in 2001. Loan performance over the past decade shows the 12-month default rate averaged just under 0.4 percent of mortgages in 2002 and 2003, which is considered normal. Twelve-month default rates peaked in 2007 at 3.0 percent for Fannie Mae loans and 2.5 percent for Freddie Mac loans, clearly showing the devastating impact of risky mortgages. Yun said home buyers in recent years have been highly successful. Since 2009, the 12-month default rates have been abnormally low. Fannie Mae default rates have averaged 0.2 percent while Freddie Mac’s averaged 0.1 percent, which are notable given higher unemployment in the timeframe. Under normal conditions, existing-home sales should be in the range of 5.0 to 5.5 million. “Sales this year are projected to rise 8 to 10 percent. Although welcoming, this still represents a sub-par performance of about 4.6 million sales,” Yun said. “These findings show we need to return to the sound underwriting standards that existed before the aberrations of the housing boom and bust cycle, and thoroughly re-examine current and impending regulatory rules that may cause excessively tight standards.”

formed. The current effort to consolidate the upfront disclosures seems to be a step in that direction. However, it’s important the industry pay attention and comment on the CFPB proposals to help them understand impacts to the real estate market. The current effort to redefine the longstanding APR calculation could have adverse impacts. Comparing APR’s on different types of loans and terms could be confusing, especially since consumers really don’t understand it. As with their other proposals, the CFPB is seeking comments on their website at Educating consumers is very important. The mortgage

process can be overwhelming to some borrowers when trying to sift through all the disclosures and understand the rates and terms. That is why it is vital to have a knowledgeable lender in your corner that can sit down with your clients and clearly explain all the details and answer your client’s questions. Home ownership is a dream of many consumers, and it’s our job as lenders and realtors to help them get there with ease. Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at

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National News Time on Market from 1 “Our current forecast is for the median existing home price to rise 4.5 to 5 percent this year and about 5 percent in 2013, which is somewhat stronger than historic norms because of the inventory shortfall that is most pronounced in the low price ranges,” Yun said. CPI growth is projected at 2.1 percent for 2012 and 2.3 percent next year. From 1987 through 2011, analysis of the NAR Profile of Home Buyers and Sellers series showed the typical time on market was 6.9 weeks, while the existing-home sales series showed an average supply of 7.0 months, just above the high end for a balanced market. The new measure of days on market shows a lon-

ger selling time than the historic findings which measured traditional sellers of non-distressed homes. The new series include short sales that typically took three months or longer to sell. “Factoring out short sales, the median time on market for traditional sellers appears to be in the balanced range of six to seven weeks,” Yun explained. During the peak of the housing boom in 2004 and 2005 when inventory supplies were historically low, averaging 4.3 months over the two-year peak period, the median selling time was 4 weeks. Prices in that time frame were bid up and rose at an annual rate of 10.3 percent, historically higher than the 3.1 percent average growth in CPI during the period. In the economic downturn, time on market for non-

distressed sellers peaked at 10 weeks in 2009 with a 10.0-month annualized supply. The median price fell 12.9 percent that year, which was the biggest annual decline on record. “Ironically, if housing construction doesn’t pick up to normal levels within two years, supply shortages could be sustained for an extended period and lead to above average appreciation,” Yun said. “Therefore, any unnecessary hindrance to housing starts, such as excessive local zoning regulations or stringent bank capital rules for construction loans, should be carefully reexamined.” © Copyright National Association of Realtors. Reprinted with permission.

Ground Breaking Celebration for The Pinery at the Hill August 24, 2012

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Colorado Springs Real Estate Journal

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National News

Commercial real estate recovering at a slower pace

September 24, 2012

estate performance information.

New York City, at 10.0 percent; and New Orleans, 12.8 percent. Office rent is projected to increase 2.0 percent this year and 2.6 percent in 2013. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, should be 24.1 million square feet in 2012 and 47.8 million next year.

Office Markets Vacancy rates in the office sector are expected to fall from an estimated 16.1 percent in the third quarter to 15.6 percent in the third quarter of 2013. The markets with the lowest office vacancy rates presently are Washington, D.C., with a vacancy rate of 9.4 percent;

Industrial Markets Industrial vacancy rates are forecast to decline from 10.7 percent in the third quarter of this year to 10.5 percent in the third quarter of 2013. The areas with the lowest industrial vacancy rates currently are Orange County,

See Commercial Real Estate | 10

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Positive underlying fundamentals continue to support all of the major commercial real estate sectors, but a slowdown in job creation and ongoing tight loan availability has tempered growth in some areas, according to the National Association of Realtors® quarterly commercial real estate forecast. Lawrence Yun, NAR chief economist, said there are mixed results among the commercial sectors. “Job creation in the second quarter was about half of what we saw in the first quarter, which is moderating demand in the office sector,” he said. “Industrial and warehouse space is holding on better because imports and exports have advanced. While exports to Europe generally are down, trade has been robust with India, China and other Asian nations, along with Brazil, Mexico and our strongest trading partner – Canada.” Although still positive, dampened demand is slightly moderating rent growth with the exception of the multifamily market. “Sharply higher demand for apartments is causing rents to rise at faster rates,” Yun said. “A return to normal household formation will mean even lower vacancy rates and higher rents in the future.” The current commercial real estate cycle has been driven by shifts in demand without an oversupply of new construction. “The difficulty small businesses have in getting commercial real estate loans for leasing or purchase is keeping a lid on demand,” Yun explained. “Multifamily is the only commercial sector with a notable growth in new space, with some lending provided through government loans.” With the exception of multifamily, vacancy rates remain above historic averages seen since 1999. Over that timeframe the typical vacancy rate has been 14.4 percent for the office market, 10.1 percent in industrial, 8.1 percent for retail and 5.8 percent in multifamily. Vacancy rates are marginally declining and rents are modestly rising in all of the sectors, but significant changes in the outlook are unlikely before the end of the year. Many corporate decisions on spending and job hiring are on hold given uncertainty over the upcoming elections, whether Congress will effectively avoid a “fiscal cliff,” and unsettled issues such as health care and banking/financial regulations. "Overall companies hold plentiful cash reserves, but they are hesitant to hire without clarity over how these outstanding issues will impact the bottom line,” Yun said. "Commercial real estate gains could be thwarted if lending from small and community banks dry up from excessive regulatory compliance costs, and if international big-bank capital rules are applied to smaller lending institutions,” Yun added. NAR’s latest Commercial Real Estate Outlook1 offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc.,2 a source of commercial real


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National News Keller Williams Realty ranked highest in Customer Satisfaction Among Home Buyer and Seller Segments by J.D. Power and Associates According to the J.D. Power and Associates 2012 Home Buyer/Seller Satisfaction StudySM released yesterday, Keller Williams Realty, Inc. ranks highest in customer satisfaction in both the homebuyer and home seller segments. Keller Williams Realty, Inc. achieved the highest scores in all measured factors across both segments, receiving the highest Power Circle RatingSM among its competitors overall. “We are so proud to have our associates be recognized once again for leading the industry with the influence

and reputations they have in their local communities. They continually demonstrate not only their level of talent, but their commitment to serving our communities with the utmost integrity and highest level of service,” Mark Willis, CEO of Keller Williams Realty, Inc., stated. “Congratulations to all Keller Williams Realty associates. They have certainly earned this prestigious distinction.” The fifth annual J.D. Power and Associates study measures customer satisfaction with the largest national real es-

tate companies within the home buyer and seller segments. Scores are determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services. For the home-selling segment, agent/salesperson; marketing; office; and variety of additional services are examined. J.D.Powerand Associatesstated, “[The uncertain economic times] present a challenge for the real estate companies

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Commercial Real Estate from 7 Calif., with a vacancy rate of 4.6 percent; Los Angeles, 4.8 percent; and Miami at 6.8 percent. Annual industrial rent is likely to rise 1.7 percent in 2012 and 2.4 percent next year. Net absorption of industrial space nationally is seen at 59.8 million square feet this year and 67.2 million in 2013. Retail Markets Retail vacancy rates are projected to decline from 10.9 percent in the third quarter to 10.7 percent in the third quarter of 2013. Presently, markets with the lowest retail vacancy rates include San Francisco, 3.8 percent; Fairfield County, Conn., 3.9 percent; and Long Island, N.Y., and Orange County, Calif., both at 5.3 percent. Average retail rent is forecast to rise 0.8 percent this year and 1.3 percent in 2013. Net absorption of retail space should be 10.3 million square feet this year and 20.1 million in 2013. Multifamily Markets

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Colorado Springs Real Estate Journal

The apartment rental market – multifamily housing – is expected to see vacancy rates drop from 4.3 percent in the third quarter to 4.2 percent in the third quarter of 2013; vacancy rates below 5 percent generally are considered a landlord’s market with demand justifying higher rents. Areas with the lowest multifamily vacancy rates currently are Portland, Ore., at 2.0 percent; New York City and Minneapolis, both at 2.2 percent; and New Haven, Conn., and San Jose, Calif., both at 2.4 percent. Average apartment rent is likely to increase 4.1 percent in 2012 and another 4.4 percent next year. Multifamily net absorption should be 219,300 units this year and 236,600 in 2013. The Commercial Real Estate Outlook is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR. The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate. Approximately 78,000 NAR and institute affiliate members specialize in commercial brokerage and related services, and an additional 232,000 members offer commercial real estate services as a secondary business. © Copyright National Association of Realtors. Reprinted with permission.

September 24, 2012

National News

A place for real estate professionals from any company to conduct business – with conference rooms, offices, a coffee house style work area, training area and all the technology and services you need. We have a great downtown location with plenty of free parking.

Keller Williams from 10 to really work closely with the customers and really hold their hand through the entire process to make them feel more comfortable in the decisions. Keller Williams has set itself apart by performing high in all the areas that are most important to customers specifically with the agent, the offices, and the services that they provide.” “Our agents go above and beyond to help their clients at one of the most personal times in their lives – when they are buying or selling a home. We are incredibly honored and humbled that our associates have been recognized yet again for their incredible levels of service,” says Mary Tennant, President of Keller Williams Realty, Inc. Disclaimer: Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers in the proprietary J.D. Power and Associates 2012 Home Buyer/ Seller StudySM. Study based on 2,994 total evaluations measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April 2012. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2012. Your experiences may vary. Visit

Real estate business centers Grand opening September 6, 2012


Virtual Office Packages Starting at $199 Professional Downtown Office spaces from 100sq ft to 440sq ft for individuals/teams Lots of Free Parking Day Offices and Conference Space Hi-Tech with On-Site Tech Support Receptionist

719.635.5709 .com/RealEstateBusinessCenters

John Cornett 20 Boulder Crescent, Suite 200 Colorado Springs CO 80903

We’re not the only ones

committed to your

SUCCESS. Unified Title Company is proud to announce its exclusive sponsorship of Both companies strive to provide real estate professionals with the tools and resources necessary to succeed in today’s marketplace. Colorado owned and operated since 1972 September 24, 2012

Colorado Springs Real Estate Journal


Local News

2012 Parade of Homes People’s Choice Awards and Industry Awards of Excellence HBA is proud to announce the winners of the 2012 Industry Awards of Excellence and People’s Choice Awards as follows:

$300,000 - $350,000   Ron Covington Homes - The Estate    

2012 Parade of Homes Industry Awards of Excellence

Classic Homes - The Rosewood

• Best Architectural Exterior • Best Interior Design

Century Communities - The Residence 4020

$250,000 - $300,000 Saint Aubyn Homes - Burgess

• Best Craftsmanship • Best Floor Plan • Best Kitchen • Best Landscaping • Best Master Suite • Best Overall

• Best Landscaping

Reunion Homes - Cascade • Best Floor Plan • Best Kitchen • Best Master Suite • Best Overall • Best Architectural Exterior • Best Craftsmanship • Best Interior Design

$400,000 - $500,000   Challenger Homes - Jackson   • Best Architectural Exterior • Best Craftsmanship • Best Floor Plan • Best Interior Design • Best Kitchen • Best Landscaping • Best Master Suite • Best Overall

Challenger Homes - Jackson

• Best Interior Design • Best Architectural Exterior

Oakwood Homes - Augusta     • Best Floor Plan

Vanguard Homes - Aylesbury • Best Craftsmanship • Best Kitchen • Best Landscaping • Best Master Suite • Best Overall

$600,000 - $850,000   Bella Vita Custom Homes Bella Panoramico


lvd .

Woodmen Rd.

Stapleton Dr.

Stetson Hills

Peterson Rd.

y em ad Ac

d. y Bl v em ad Ac

Powers Blvd.

Woodmen Rd.

Bl vd . Union Blvd.

Powers Blvd.



Blv d.

Research Pkwy.

Mt. Princeton Dr.

Meridian Rd.

Towner Dr.

Briargate Pkwy.

Capital Peak Way

Londonderry Dr.

Barnes Rd.


“It’s not just my business to know quality craftsmanship –it’s my livelihood. So when clients come to me and say, ‘Who builds the best homes in the Pikes Peak Region?’ I give it to them straight–Campbell. Dollar for dollar, nobody brings more to the picture, and seller to buyer, nobody does more to make a new owner feel at home.”

Map not to scale.

Neighborhoods Indigo Ranch at Stetson Ridge

From the mid $200s .............(719) 550-8360 Model located at 6290 Silver Nugget Drive


From the mid $300s .............(719) 282-9250 Model located at 4883 Steamboat Lake Court

Falcon Hills

Sharon Roshek Coldwell Banker 1st Choice Realty Sales Professional since 1982

From the low $300s ..............(719) 494-8010 Model located at 9064 Rockingham Drive

Meridian Ranch and The Gables

From the mid $200s .............(719) 495-6147 Model located at 10302 Capital Peak Drive

(719) 266-9780 or visit *Must present or mention ad at time of contract. Prices, availability, and incentives subject to change without notice.


Saddletree Homes - Rhapsody     • Best Architectural Exterior • Best Interior Design • Best Kitchen • Best Overall

Over $950,000    Copperleaf Homes - The Ensemble     • Best Kitchen

• Best Architectural Exterior • Best Craftsmanship • Best Floor Plan • Best Interior Design • Best Landscaping • Best Master Suite • Best Overall

Murphy's Custom Homes - Tranquil Casa

• Best Craftsmanship • Best Landscaping

Sell a finished Campbell Home and earn a 4% commission on total sales price and a $500 Visa gas card!*

Powers B

• Best Master Suite • Best Floor Plan

Murphy's Custom Homes Tranquil Casa   

$350,000 - $400,000    Hi Point Home Builders The Summit

Reunion Homes - Cascade

Goetzmann Custom Homes Crestwood

Colorado Springs Real Estate Journal

Peoples Choice Awards

$250,000 - $300,000 Reunion Homes - Cascade $300,000 - $350,000 Century Communities The Residence 4020 $350,000 - $400,000   Hi Point Home Builders The Summit

$400,000 - $500,000     Majestic Custom Homes Villa Pacific $600,000 - $850,000     Saddletree Homes - Rhapsody More than $950,000 Copperleaf Homes - The Ensemble Hub Site Community Awards

Banning Lewis Ranch Meridian Ranch Flying Horse


from CSREJ

La-Z-Boy Furniture Galleries provided a grand prize of a $2,500 shopping spree. Parade goers who visited 21 builders in the Parade and either registered at one of the homes or on-line were entered into the grand prize drawing. This year’s winner is Doyle Minton a resident from Colorado Springs, CO. HBA would also like to thank the following Parade of Homes Sponsors for their generous support: Presenting Sponsor The Gazette Title Sponsors Freedom Financial Services Champion of Colorado Springs La–Z–Boy Furniture Galleries Mike Shaw Buick – GMC Corporate Sponsor American Furniture Warehouse Media Sponsors KKTV, Clear Channel Official Ticket Outlet Safeway Artwork provided by September 24, 2012

Local News

The Young Professionals Network supports the Pikes Peak Habitat for Humanity The Colorado Springs Chapter of the Young Professionals Network (CSYPN), a Council of the Pikes Peak Association of REALTORS® (PPAR), is proud to support the Pikes Peak Habitat for Humanity by volunteering on one of their construction projects. Pikes Peak Habitat for Humanity is dedicated to building affordable homes that give low-income families the chance to experience the pride, dignity, and selfsufficiency of homeownership. “It was a blessing to be able to take the time to give back to a community seeking to provide safe, affordable homes for their families through the Habitat for Humanity program,” said Darcy Ciambello. “It would be a privilege to go back and continue these efforts, alongside with the families, until the last nail has

been hammered.” “I had a blast knowing that my hard work was going to benefit families in need of affordable housing,” agreed Mariana Wager. YPN focuses on helping young real estate professionals, ages 40 and under, to excel in their careers by giving them the tools and encouragement to become involved in their REALTOR® Association and the community.

YPN was launched in 2006 by NAR REALTOR® Magazine as a way to help the younger generation of REALTORS® build a stronger link within the real estate community. The local chapter of YPN was established in November of 2011. PPAR was founded in 1902 and currently represents nearly 3,000 REALTORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit

em pow er •

—vb 1. to give or delegate power or authority to 2. to give ability to; enable or permit

RE/MAX Properties, Inc. has em•pow•er•ed over 54 of our agents to increase their business in the first quarter of 2012 by 50% or more over 2011’s first quarter.

Mariana Wagner, Derek Wagner, Brandon Smith, Michele Van Metre, Tony Rose, Brooke Mitchell, Chris Cowles, and Darcy Ciambello.

We have the tools, technology, education, coaching, staff, and infrastructure to em•pow•er YOU! We em•pow•er you to become a RE/MAX Properties, Inc. Broker Associate with flexible financial options.

Influential real estate speakers coming to CAR Convention Catch Your Waves of Opportunity! Get the latest real estate information and tips from some of the best speakers in the real estate industry at the 2012 CAR Convention. Influential speakers such as Dr. Lawrence Yun, Nicole Nicolay, Mark Porter, John G. Miller, G. William James and a host of other great speakers have the knowledge, know how and expertise to add to your overall business and personal success! Don't miss this great opportunity October 14-16! Learn more about the Convention and register today at!


Isn’t it time to em•pow•er your career? Call Joe Clement at 719-540-6421 or Tom Downing at 719-226-9145

Making Your Job Easier with FOUR Convenient Office Locations!

news? let us


email: September 24, 2012


1740 Chapel Hills Dr. Colorado Springs, CO 80920 Office: (719) 598-4700 Fax: (719) 598-9308


2630 Tenderfoot Hill St. Colorado Springs, CO 80906 Office: (719) 576-5000 Fax: (719) 576-1746


216 N Tejon Colorado Springs, CO 80903 Office: (719) 635-7653 Fax: (719) 576-1746


1761 Lake Woodmoor Dr. Monument, CO 80132 Office: (719) 487-6100 Fax: (719) 481-8112

RE/MAX Properties, Inc. is independently owned and operated.

Colorado Springs Real Estate Journal


Local News

Local Servicing. Local


eKEY and iPhone 5 compatibility If you plan to purchase an iPhone 5 and to use it as your eKEY, please read the following: Dear Customer, Apple has announced that the new iPhone 5 will be orderable in September. This new phone has an updated operating system called "iOS 6" and a different connector called "Lightning." The Lightning connector is much smaller than Apple's previous 30-pin connector. As a result, the current eKEY iPhone Adapter will not plug directly into the new iPhone 5. Apple also announced it will release a 30 pin to Lightning adapter. Supra will obtain an iPhone 5 and Lightning adapter from Apple as quickly as possible. Please be advised that, until we have tested our application and eKEY adapter with Apple's products, we cannot confirm that they will operate correctly. Supra customers who wish to run the eKEY application on an iPhone 5 may want to consider delaying their purchase of the iPhone 5 until Supra's testing is complete. Supra plans to support the iPhone 5. We will confirm compatibility as soon as we obtain technical information from Apple and will make engineering changes to our products if required. We are also exploring a fob/adapter design that may not require Apple's Lightning adapter, and we will provide more information on that as it becomes available. Thank you, Supra Support Team

Tom Bechtel (719) 550-6486

Marcus Brown (719) 550-6408

NMLS ID #459317

NMLS ID #459319

Josh Callens (Denver) (720) 833-3324 NMLS ID #417733

Diane Danner (719) 550-6441

Alex de Boer (719) 550-6482

NMLS ID #459328

NMLS ID #459320

Stephanie Dombrowski (719) 550-6485 NMLS ID #459321

Carol Flynn (719) 550-6470

Cathy Gonzalez (719) 550-6431

NMLS ID #422162

NMLS ID #459322

Photo courtesy of Apple. Thanks to for the tip.

Griffis/Blessing tabbed to manage Fountain Valley Shopping Center Griffis/Blessing, Inc.'s Commercial Property Services Group has been awarded management of Fountain Valley Shopping Center located at 5520-5698 S US Highway 85-87 in Fountain, CO. The 36,439-square-foot shopping center is home to 24 tenants, including Dollar General, Select Physical Therapy, Independent Records, Bridge to Awareness, Smith Chiropractic, and Schnitzel King. "We are excited about this assignment because it offers a great opportunity for us to apply our experience working with distressed shopping centers," says Senior Vice President Rick Davidson, CPM®. "The center is located in a highly trafficked, highly desirable location along US Highway 85-87 in Fountain, and we're looking forward to leveraging that fact working with the leasing team of Jim Spittler, John Egan, Chad Moynahan and Mark Ernster from NAI Highland, LLC, throughout this assignment." The center will be managed by the team of Portfolio Manager Suzan Parra and Management Assistant Carrie Lanning.

Suzi Gradisar (Pueblo) (719) 296-2107 NMLS ID #459323

Brad Shaw (719) 550-6995

Lisa Shoblo (719) 550-6480

NMLS ID #459325

NMLS ID #422164

Partner with our experienced mortgage lenders for the local market knowledge and experience that will help your buyers find the right loan.

Contact one of our mortgage loan officers today! • (719) 574-1100 or 800-525-9623 Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado. Ent is a community-chartered credit union | Federally insured by NCUA © Ent Federal Credit Union, 2012 • Ent is a registered trademark of Ent Federal Credit Union.


Colorado Springs Real Estate Journal

September 24, 2012

imortgage anniversary celebration September 6, 2012

Protecting our insured is our first priority.


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Strength …

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The history of the Fidelity Companies traces back

150 years We’ve been operating in the Colorado market for almost 65 years The Fidelity Family of Companies carry the highest level of Errors and Omissions Insurance with a Fidelity Bond/Computer Crime Policy insuring up to $10 million per claim Background checks are done on all new employees

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Greg Fowler 719-425-7042

Carla Starkie 719-266-2702

Terry Davis 719-338-7878

Shirlee Dobbs 719-640-9454

Debbie Wilson, CTIS 719-252-0486

Greg Wolff, CTIS Vice President 719-459-9653

Service ▪ Strength ▪ Stability

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September 24, 2012

Colorado Springs Real Estate Journal


• 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

Use your smartphone and a QR Reader application to see an exclusive tour of Meridian Ranch.


Discover why Realtors love selling here! Colorado Springs Real Estate Journal

September 24, 2012

On the Move Julie Bonicelli-Oliva JaxSun Properties Julie is a Colorado Springs native with a passion for all aspects of buying and selling real estate. An avid investor, she has been investing in the Springs market since 2008. Julie knows the city extremely well and specializes in the areas of Old Colorado City, Manitou Springs, The Broadmoor, Downtown, and Fountain. Julie's degree in Anthropology and extensive world travels helps her relate to everybody she meets. Her excellent negotiation skills and ability to thrive during the market downturn are proof of her abilities for a successful transaction. When she's not working, Julie enjoys hiking with her rescued dog, Ava, and traveling overseas.

Susan Luhrberg Humphreys Weichert Realtors Pikes Peak Group New Realtor Susan Lohrberg Humphreys has joined the residential sales team at WEICHERT, REALTORS® - Pikes Peak Group. Broker/Owner Monika B. Newman made the announcement as Humphreys is completing the Weichert Fast Track training program, “Fast Track is a given,” Newman said. “As the name implies, the training is unequalled in putting new agents on the fast track to success in today’s changing real estate environment.” In addition to outstanding training, the agency offers a time-proven set of Weichert systems and tools for both new and experienced agents, including support during transactions, an Internet leads system direct to agents, and marketing support, “all of which enable them to perform professionally and to provide unequaled service to their clients.”

life here in the Springs since 2004. Prior to becoming a full time Realtor, I had been a General Contractor performing every aspect of home construction and development, and am able to bring those years of knowledge and experience to my clients. My true passion is anything and everything that has to do with Real Estate, but I also enjoy hiking the Incline, playing guitar, and enjoying everything Colorado has to offer.

ALLEN TAYLOR has lived in Colorado Springs for 17 years. He is new to real estate but is ready to start this new phase of his life. Allen says he’s very excited about learning to become a highly successful Real Estate agent. Outside of Real Estate Allen loves spending time with his wife and 2 daughters. You will usually find him at a soccer field or in a gym watching them play volleyball. “I enjoy all sports but I am a huge hockey fan.”

RON JOHNSON has been a resident of Colorado Springs since 1978. Ron loves this town and has been involved in real estate here since 1983. He’s been a full time Realtor since 1990. What thrills him is building connections in the community and creating positive change in people's lives. His desire and insight into building these "connections" serves all his clients well. Ron does have his GRI and CNE designations. “My passions are Real Estate and music. I play lead guitar in two Classic Rock" bands.”

Brad Schmitt Coldwell Banker Residential Brokerage Brad Schmitt, a member of the U.S. Green Building Council and City of Colorado Springs Historical Preservation Board, has joined Coldwell Banker Residential Brokerage in Colorado Springs as a broker associate. “We are pleased to welcome Brad to our top producing team of real estate

professionals,” said Zane Whitfield, managing broker for Coldwell Banker Residential Brokerage in Colorado Springs. “Brad’s 20 years of experience in the commercial and residential construction business will be invaluable as he grows his business with Colorado’s leading real estate company.” Schmitt is a licensed general contractor in several states and a member of the Pikes Peak Association of Realtors and the Colorado Association of Realtors. He earned his bachelor’s degree in building construction from the University of Florida and chose Coldwell Banker Residential Brokerage because of the company’s national name recognition, great reputation, comprehensive training programs, and excellent management. Schmitt supports Habitat for Humanity, the United Way, the Alpine Autism Center, and Autism Speaks. He coaches youth sports, including soccer, softball, and basketball, and enjoys hiking, fishing, and Colorado’s great outdoors.

Ask me about our one point

Short Sale

Escalation Program With the top 4 National Lenders Whether it is a traditional transaction or a short sale transaction, enlist the power of a truly professional and service oriented team.

Kate Zeh-Adams Sales Executive

Tami Thomas Escrow Officer 719-232-2365 719-355-3741

Amanda Payne Escrow Officer

Joseph Burkes Executive Vice President, Southern Colorado

Owen, Ryan, Johnson, Taylor. RE/MAX Properties ANDREA OWEN was born and raised in Brazil. She moved to the United States in 2003 and now lives in the western part of the county with her husband David, son Nicholas and dog Hunter. Andrea started in Real Estate as an investor. She purchased a few rental properties herself and decided she wanted to help others to find the best deals. Whether assisting in finding a first home, acquiring a “dream home”, relocating with the military, purchasing investment property, or selling a home; Andrea will advocate for her clients best interest. MIKE RYAN’s first obtained my Real Estate license back in 1992 while living in Boulder Co. and have been enjoying September 24, 2012 719-355-3730 719-593-1661

Chicago Title of Colorado- A National Title Company with Local Expertise!

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2 North Cascade Avenue, Suite 125 Colorado Springs, CO 80903 719-471-1058 Colorado Springs Real Estate Journal


Local Expert

“Once again other cities are way ahead of

Colorado Springs, and that makes me happy.”


Empire Title of Colorado Springs

 

Empire Title of Woodland Park

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


 

  

   

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                

 

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 

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 



ooking at our local real estate market brings us to some very fundamental economic principals. The demand for residential real estate is growing rapidly in certain price ranges and the supply in these price points cannot keep up. This pushes prices up in the lower end creating jobs in the construction industry. What created this scenario is really very simple. Interest rates and affordable home prices are driving demand. Lack of supply By Bill McAfee Empire Title was caused by relatively low speculative building. Other cities — were appreciating at higher rates than Colorado Springs so we did not have the overbuilding like many other cities. In cities like Las Vegas and Phoenix you can still drive into neighborhoods where very few people live. The over-building is apparent. In Colorado Springs it is virtually impossible to find neighborhoods which have been over-built. When the economy declined here, building permits were being pulled at rates we hadn’t seen since the 1960’s. The lack of speculative building, except in the high end homes, and the absence of new builds has created a low supply of homes. The rental market is so vibrant that sellers are choosing to rent instead of selling. All of this has contributed to a supply that cannot keep pace with the current demand. In fact, the current number of single family residential listings for single family and patio homes, calculated on a 12 month running average, is as low as we have had since before 2003 (Slide 1). Furthermore, inventory levels on all price ranges below $300,000.00 are less than six months. Six months would be normal for these price ranges. This leads us to the demand that exists in our current market (Slide 2). Interest rates at historic lows have contributed to the buying over the last two years. People can qualify to buy a home even though incomes have declined. The U.S. Census records indicate that the Median Household Income for El Paso County is $55,904. This was updated in June of this year. On a running average, except for a brief period this year and a brief period in 2009 and 2010, prices are equivalent to the summer of 2004 (Slide 3). Our market can be summed up as very good below $250,000.00. Similarly, if you are a buyer in this price range you have missed the bottom of the market. Don’t get too arrogant as sellers, for overpricing in this market by $5,000.00 can lead to no showings and no sales. The $300,000.00 to $500,000.00 price range is on the rebound and sellers who are selling in the $250,000.00 and below price ranges are moving up. Buyers can still find deals but they will be bought up quickly, shrinking the supply even more. Sellers in this market must still price right but you do not have to give away the farm. The above $700,000.00 range still has too much inventory, and low demand will continue to hold prices down. I am glad that Colorado Springs lagged behind in the speculative building which took place in 2005, 2006 and 2007. In this case it is nice to be behind and that is exactly why we will rebound faster than cities who over-built, over-priced, and over-sold during the boom times. It will be nice to look in the rearview mirror for a change and watch other cities wipe the dust out of their eyes.

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Colorado Springs Real Estate Journal

September 24, 2012

Around the Corner Thursday, September 27

Wednesday, October 15

Friday, October 19

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

Grill n Chili Roundup 5pm – 7:30pm @ Freedom Expo Center

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

Wednesday, October 3

Thursday, October 18

Super Realtor Symposium 8:30am – 12:30pm @ DoubleTree See Empire's ad on page 18 for details. 719-884-5300

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

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

Thursday, October 4

* 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.

Masterminds Networking Group 7:30am – 9am @ Canon National Bank RSVP to David Alley, 719-632-3526 B.L.E.E.P. (Black Forest & Eastern Marketing Group) 8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

Thursday, October 25 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592


us your



Dazzling new MoDels, gorgeous neighborhooDs,

attractive new Pricing.

Friday, October 5 Pikes Peak Exchangors 8am – 9:30am @ Valley High Country Club Realtor Rocktober Fest 5:30pm – 9pm @ ProRodeo Hall of Fame 719.633.7718 x114

Wednesday, October 10 Advanced eContracts 10am – 12pm @ Empire Title 719-884-5300

Thursday, October 11 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592 Women's Council of Realtors 11am – 1pm @ Clarion Hotel (I-25 & Bijou) Donna Major: 719-439-3037

Friday, October 12 Pikes Peak Exchangors 8am – 9:30am @ Valley High Country Club HBA 2 Man Scramble Golf Tournament 12pm – 5pm @ Kissing Camels Golf Club

Sunday, October 14-16

Luxury living has come a long way in the past few of years. But you don’t have to look hard (or far) to discover how much more home your money can buy in today’s competitive marketplace.

flyinG Horse AVAilABle Homes

Just come to Flying Horse. With five new, fully-furnished models, (and three new neighborhood village areas), we’ll show you the best and newest that contemporary Colorado living has to offer.

classic Homes - (719) 495-7297

Finished homes, ready for immediate move-in? Newly released homesites? Golf course views? You’ll find them right here—along with custom floorplans from award-winning builders, and a dizzying choice of lots in any of our eight neighborhood villages. And, all new homes come with Membership in The Club at Flying Horse—the crowning jewel in our much-celebrated community, and one of its most compelling features. So don’t wait. If you’re looking for a new direction in life, follow your impulses.

Come to Flying Horse today.

2012 CAR Convention Sheraton Denver Downtown

for more information on newly released lots – call flying Horse realty (719) 886-4800 or visit the flying Horse Welcome center: 2409 flying Horse club drive, colorado springs, co 80921

Tuesday, October 16

community preferred Builders:

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

Bella Vita Custom Homes, *Classic Homes, *Copperleaf Homes, *Goetzmann Custom Homes, *Hammer Homes, Majestic Custom Homes, *Saddletree Homes, Saint Aubyn Homes, Symphony Homes, Vanguard Homes, Vantage Homes *Builders listed in italics showcase fully decorated model homes in Flying Horse.

13135 Cake Bread Heights Paired-patio Ranch Plan, 2 bed / 2 bath / 3 car garage $353,731 - Available Now - MLS #746108 saint Aubyn Homes - (719) 264-8888

13242 Crane Canyon Loop 4 bed / 4 bath / 3 car garage $359,000 - Available Now - MLS #728158 Vantage Homes - (719) 494-8112

2463 Cinnabar 4 bed / 3 bath / 3 car garage $379,900 - Available Now - MLS #724440 Vanguard Homes - (719) 487-8957

1102 Crystal Basin 4 bed / 3 bath / 3 car garage $389,988 - Available November - MLS #727038 classic Homes - (719) 495-7297

2445 Veneto Way 3 bed / Study / 2.5 bath / 3 car garage $412,580 - Available October - MLS #745221 Bella Vita custom Homes - (719) 499-2122

13494 Drytown Grove 4 bed / 4 bath / 3 car garage $679,000 - Available Now - MLS #739386 copperleaf Homes - (719) 598-8900

2312 Red Edge Heights 6 bed / 6 bath / 3 car garage $1,375,000 - Available Now

Send us

*Pricing and availability subect to change.


Photos email: September 24, 2012

Flying Horse Welcome center 2409 Flying Horse club Drive, coloraDo springs, co 80921 patio Homes | toWnHomes | single-Family Homes custom Homes & Homesites | active-aDult living | ten neigHborHooD village areas

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.

September 24, 2012  

Our September Issue.

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