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Vol. 5 No. 2

October 29, 2012 Election Day is Tuesday, November 6, 2012

Mortgage rates are at historic lows, but for how long? Currently, Government Sponsored port by the Federal Reserve to purchase massive amounts ($40 billion plus per Enterprises (GSEs) Fannie Mae, Freddie Mac, and Ginnie Mae month) of mortgage backed are involved in 95 percent of securities has resulted in a first mortgage transactions. perfect scenario of extremely Portfolio lenders - like credit low interest rates. This has made it a very attractive time unions and community banks - who like to hold onto their to purchase residential real portfolio and service loans for estate. However, as we start their customers, account for By Jon Paukovich to close out 2012 and look most of the other 5 percent. towards 2013, there are cirEnt This fact, coupled with supcumstances that could begin —

to affect this positive environment. First, the Federal Housing Finance Agency (FHFA), the regulator for the GSEs, has outlined its priorities for the future. Its primary mission is to wean the market off of Fannie Mae and Freddie Mac and bring private capital back into the mortgage market. One of its steps will be evident in the next month as the GSEs increase their fees to guarantee a loan amount by one-tenth of 1 percent. This could translate into an ex-

tra one-eighth of a percent on mortgage rates. This is likely a step that will continue as the FHFA wants to keep charging more for Fannie Mae and Freddie Mac guarantees until the rate of return becomes attractive enough for private investors to become interested in taking on this risk. Second, private capital for mortgages is very low, with a few

See Mortgage Rates | 4

Housing starts, permits post big gains in September ability and appraisal issues, as well as the increasing cost of building homes due to rising materials prices and a declining inventory of buildable lots.” “Today’s strong report corresponds with the significant gains we’ve seen in builder confidence over the past year, and confirms our view that a housing recovery is solidly underway in a growing number of markets nationwide,” added NAHB Chief Economist David Crowe. “That said, we are now almost at the half-way mark in terms of what would be considered a normal amount of new-home construction in a healthy economy, and we need to see consistent improvement like this over an extended period to get back to where the market should be in terms of generating jobs and economic growth.” The overall gain in new-home construction in September was reflected across both the single and multifamily sectors, with the first posting an 11 percent gain to a rate of 603,000 units – the best pace since August of 2008 – and the second posting a 25.1 percent gain to

See Housing Starts | 11

September existing-home sales down but prices continue to improve September existing-home sales debut are 11.0 percent above the 4.28 million-unit pace in September 2011. clined modestly, but inventory continued to tighten and the national Lawrence Yun , NAR chief economist, said the market trend median home price recorded its seventh back-to-back monthly inis up. "Despite occasional monthcrease from a year earlier, accordto-month setbacks, we're experiencing a genuine recovery," he ing to the National Association of Realtors®. said. "More people are attemptYun ing to buy homes than are able to Total existing-home sales, which are completed transactions that include qualify for mortgages, and recent price single-family homes, townhomes, conincreases are not deterring buyer interest. dominiums and co-ops, fell 1.7 percent Rather, inventory shortages are limiting sales, notably in parts of the West." to a seasonally adjusted annual rate of 4.75 million in September from an upwardly revised 4.83 million in August, See Prices | 8

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Nationwide production and permitting of new homes rose sharply in September to their highest levels in more than four years, according to newly released figures from HUD and the U.S. Census Bureau. A 15 percent gain brought the pace of new housing construction to a seasonally adjusted annual rate of 872,000 units, while an 11.6 percent gain brought the pace of permit issuance to 894,000 units. These were the strongest numbers seen in both categories since July of 2008. “Builders are responding to the rising demand for new homes as consumers begin to feel more confident about their local markets and put back into motion purchasing plans that were on hold during the recession,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “Yet, while September’s surge in activity is certainly encouraging, we need to remember that we still have a long way to go back to a fully functioning market -- and in order to get there, significant challenges must still be addressed in terms of credit avail-

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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

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National News

Builder confidence edges higher in October 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.

Builder confidence in the market for newly built, single-family homes edged slightly higher for a sixth consecutive month in October, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The latest, onepoint gain brings the index to 41, its strongest level since June of 2006. “Many builders are reporting increases in the number of serious buyers vis-

iting their sales offices, and the overall confidence measure is much higher than it was at this time last year,” noted NAHB Chairman Barry Rutenberg, a home builder from Gainesville, Fla. “The concern is that, even though demand for new homes is rising, overly tight credit conditions are still constraining new building and new purchases at a time when that kind of economic activity and the job growth it generates are greatly needed.”

“The slight gain in builder confidence this month is an indication that, while still moving forward, the speed at which the housing recovery is proceeding is being moderated by the various constraints such as tight credit, difficult appraisals and more recently, the limited inventory of buildable lots in certain markets,” explained NAHB Chief Economist David

See Confidence | 4

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

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Come to Flying Horse today. 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 community preferred Builders: 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.

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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

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October 29, 2012

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National News Confidence from 2 Crowe. “These are the complicating factors that make it difficult for builder confidence to reach and surpass the 50-point mark, at which an equal number of builders view sales conditions as good versus poor.” Derived from a monthly survey that NAHB has been conducting for the past 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder percep-

tions 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. Following substantial increases in the

previous month, the HMI components measuring current sales conditions and sales prospects for the next six months each remained unchanged in October at 42 and 51, respectively. Meanwhile, the component measuring traffic of prospective buyers increased 5 points to 35, its highest level since April of 2006. Builder confidence continued to improve in three out of four regions in October. Looking at three-month moving averages, the HMI gained two points in

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the Midwest and West to 42 and 44, respectively, and three points in the South, to 39. A three-month moving average for the Northeast’s HMI held unchanged at 29. Editor’s note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be found at www.nahb. org/hmi. More information on housing statistics is also available at http://www. The above article has been provided to you compliments of the National Association of Home Builders.

Mortgage Rates from 1 jumbo deals having extraordinary credit criteria (i.e. very low loan-to-values and very high credit scores) hitting the market in the last two years. The FHFA has also directed the GSEs to eliminate the preferential pricing they used to give the large lenders in exchange for their volume commitments. Thus, smaller lenders will be on a more even playing field. The third factor has to do with proposed international banking standards known as Basel III. A goal of this agreement is to strengthen capital standards for banks. One of the proposals puts restrictions on how much mortgage servicing rights can count towards capital. Some of the larger national banks have huge mortgage servicing portfolios and therefore valuable servicing rights. The value of servicing is an important component in determining mortgage rates, so if the value of these is limited, it could affect future rates. So, while mortgage rates are at historically low levels, there are number of factors that could push them back up in the not too distant future. Then again, they might not depending on how the economy performs. There are many unknowns in the mortgage industry, and we all have to adapt to the continuous changes. As lenders, we can’t control what regulations we must adhere to, or what rates we’ll be given, but we can make sure we are upto-date on the latest changes. If you have a knowledgeable lender in your corner, your clients can rest assured they will be well-informed throughout the mortgage process. We might not be able to predict what rates we’ll see in the future, but we know that home ownership will always be a goal of most Americans. It’s our job to make sure our clients and members can realize that dream and have a positive, informed home buying experience along the way. 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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October 29, 2012

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National News Prices from 1

counted for 24 percent of September sales (13 percent were foreclosures and 11 percent were short sales), up from 22 percent in August; they were 30 percent in September 2011. Foreclosures sold for an average discount of 21 percent below market value in August, while short sales were discounted 13 percent. Total housing inventory at the end September fell 3.3 percent to 2.32 million existing homes available for sale, which represents a 5.9-month supply 4 at the current sales pace, down from a 6.0-month supply in August. Listed inventory is 20.0 percent below a year ago when there was an 8.1-month supply.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.47 percent in September from 3.60 percent in August; the rate was 4.11 percent in September 2011. The national median existing-home price for all housing types was $183,900 in September, up 11.3 percent from a year ago. The last time there were seven consecutive monthly year-over-year increases was from November 2005 to May 2006. Distressed homes - foreclosures and short sales sold at deep discounts - ac-

"The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production," Yun said. The median time on market was 70 days in September, unchanged from August, but down 30.7 percent from 101 days in September 2011. Thirty-two percent of homes sold in September were on the market for less than a month, while 19 percent were on the market for six months or longer. NAR President Moe Veissi, brokerowner of Veissi & Associates Inc., in Miami, said some buyers who could


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easily afford a mortgage can't assume they'll get one. "Home buyers need to be more focused on the mortgage process in the current environment where lenders and banking regulators are being risk averse," he said. "Shopping for competitive mortgage terms is a good idea, but it may be more important to find a bank that is willing to work with you given your credit history. Realtors® can often recommend lenders that may have more reasonable Veissi underwriting standards." First-time buyers accounted for 32 percent of purchasers in September, compared with 31 percent in August; they were 32 percent in September 2011. All-cash sales were at 28 percent of transactions in September, up from 27 percent in August; they were 30 percent in September 2011. Investors, who account for most cash sales, purchased 18 percent of homes in September, unchanged from August; they were 19 percent in September 2011. Single-family home sales declined 1.9 percent to a seasonally adjusted annual rate of 4.21 million in September from 4.29 million in August, but are 10.8 percent higher than the 3.80 million-unit level in September 2011. The median existing single-family home price was $184,300 in September, up 11.4 percent from a year ago. Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 540,000 in September, but are 12.5 percent above the 480,000-unit pace a year ago. The median existing condo price was $181,000 in September, which is 10.0 percent higher than September 2011. Regionally, existing-home sales in the Northeast fell 6.3 percent to an annual level of 590,000 in September but are 7.3 percent above September 2011. The median price in the Northeast was $238,700, up 4.1 percent from a year ago. Existing-home sales in the Midwest slipped 0.9 percent in September to a pace of 1.10 million but are 19.6 percent higher than a year ago. The median price in the Midwest was $145,200, up 7.0 percent from September 2011. In the South, existing-home sales increased 0.5 percent to an annual level of 1.93 million in September and are 14.2 percent above September 2011. The median price in the region was $163,600, up 13.1 percent from a year ago. Existing-home sales in the West fell 3.4 percent to an annual pace of 1.13 million in September but are 0.9 percent above a year ago. With continuing inventory shortages in the region, the median price in the West was $246,300, which is 18.4 percent higher than September 2011. © Copyright National Association of Realtors. Reprinted with permission.

Colorado Springs Real Estate Journal

October 29, 2012

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National News Discounted Sprint plans make it easier for Realtors to connect

© Copyright National Association of Realtors. Reprinted with permission. October 29, 2012

269,000 units – the best pace since September of 2008. Combined single and multifamily starts rose in all but one region of the country in September, with a 6.7 percent gain in the Midwest, a 19.9 percent gain in the South and a 20.1 percent gain in the West. Only the Northeast posted a decline, of 5.1 percent.

Issuance of new building permits, which can be an indicator of future building activity, also registered significant gains in both the single-family and multifamily sectors in September. Singlefamily permits rose 6.7 percent to a seasonally adjusted annual rate of 545,000 units while multifamily permits rose 20.3 percent to 349,000 units. In both cases, these were the highest permit numbers since July 2008.

Regionally, permit issuance rose across the board in September, with the Northeast posting a 6.0 percent gain, the Midwest posting a 19.5 percent gain, the South posting a 10.5 percent gain and the West posting an 11.3 percent gain. The above article has been provided to you compliments of the National Association of Home Builders.

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

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!

Gleneagle Dr.

When working with a real estate professional, home buyers and sellers count on their agent to be accessible and easy to reach any time of day. The National Association of Realtors® is making this even easier for its members through a new collaboration with Sprint through the REALTOR Benefits® Program, which provides members with significant savings on wireless phone service plans. Through the new Sprint discount program, NAR members save 18 percent on select wireless monthly service plans and 20 percent on select accessories for use with wireless handsets “NAR members save and devices. 18% on select wireless These dis- monthly service plans” counts are available to all Realtors®, whether they are new or existing Sprint customers. “Realtors® are at the heart of the deal,” said NAR President Moe Veissi, brokerowner of Veissi & Associates Inc., in Miami. “Real estate is a 24/7 business and clients depend on us to be accessible and available. NAR recognized the need for affordable and reliable cell phone service plans, and this exciting program with Sprint is a tremendous benefit for members. As an innovative company, Sprint can provide Realtors® with what they need most in their wireless communication needs. This new benefit will not only improve client relations, but also can help Realtors® grow their business.” Under the program, members may add additional phone lines to their account and the discount will apply to eligible rate plans as long as the lines are attached to the NAR member’s account. Another added benefit is Sprint’s current Buyback Program, which provides a credit of up to $300 on a Sprint account in exchange for old eligible devices, including those from other carriers, to be reused or recycled. Sprint services are available to members based in the continental U.S., Hawaii, Puerto Rico and the U.S. Virgin Islands. “Sprint is making it easier for Realtors® to get the right cell phone on the right service plan at a great price,” said Kimberly Green-Kerr, regional vice president-Sprint. “We are pleased to work with NAR to provide members with some exciting discounts. In addition, we offer a suite of wireless solutions that can help Realtors®, including unlimited data on smartphones, a robust messaging platform and location-based services for navigation and agent safety.” To obtain these offers members can order via phone, online, or in a Sprint retail store. For full details on how to obtain these offers visit 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.

Housing Starts from 1

Classic Homes – (719) 481-9828 Priced from the $270s New Model Now Open! 15530 Short Line Ct., Monument, CO

Baptist Rd.

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


Local News

Colorado Western Title opens office in Colorado Springs 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

Kim Gross, Carmen Kolson, Nettie Palace (center front), Ty Earls, Lynn Henschen.

Nettie Palace, President of Colorado owned Colorado Western Title, is pleased to announce the opening of their newest office located in Colorado Springs. Located at 6005 Delmonico Drive, Suite 178, Colorado Western Title also has offices in Denver and Castle Rock. With over 150 years of combined expertise, local staff includes well-known faces to the Colorado Springs housing and real estate market including • ​Carmen Kolson, Vice President • ​Lynn Henschen, Director of Business Development • ​Kim Gross, Escrow Support • ​Ty Earls, Title Examiner

Joseph Burkes Executive Vice President, Southern Colorado 719-355-3730 719-593-1661

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

Get the power and financial strength of Chicago Title of Colorado behind your next transaction. 7680 Goddard Street, Suite 120 Colorado Springs, CO 80920 719-593-1661

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

Colorado Western Title is a customeroriented, technology-driven, strategically competitive, real estate information and transaction management company. Colorado Western provides title insurance and related information services required for settlement by the real estate and mortgage industries. Locally owned, Colorado Western title offers residential and commercial closing services as well as short-sale transaction management. For information on Colorado Western Title or to speak with a representative, visit our offices located at 6005 Delmonico Dr. or call 719.358.2295, or online at

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Colorado Springs Real Estate Journal

October 29, 2012

Local News

HBA Grill-n-Chili roundup October 17, 2012

Continuing the tradition An Advertorial

Colorado Springs Oldest Builder offers quality and experience unmatched in the Pikes Peak region. When Realtors take buyers out to look at homes they often don’t consider a new home. A new home gives families the opportunity to customize almost every detail, from the color selections to the lot location. Not only does a new home not have the bumps and bruises of a pre-owned home, but it also has a warranty for the buyer, so if any problems arise, a builder can help remedy the situation. At New Generation Homes, they have been building new homes for over 50 years and have the knowledge and know-how to make the new home buying process a fun and exciting endeavor. Founded in 1958 as Widefield Homes by Jules H Watson, New Generation Homes is the oldest new home builder in Colorado Springs. After Jules retired, his sons Mark and Frank took over in 1995 and aptly renamed the company “New Generation Homes”. Now, with the assistance of the third generation of family members, New Generation Homes continues to build quality homes. New Generation Homes builds homes for a wide range of homebuyers. This includes entry level to move down buyers and everywhere in between. New Generation Homes has a wide variety of floor plans and features designed to fit every families needs. Even with a large number of military families who are often looking for a short term home, New Generation Homes finds that they have one of the highest rates of current customers buying second and third homes. This is a testament to the quality and reliability not only of the construction but also the customer service within the organization. “Having built homes in Colorado Springs for over 50 years our family knows that quality is the most important feature in any home. With military families having subsidized housing and interest rates at record low levels, there has never been a better time to buy a quality new home,” says Frank Watson. “Many families are finding that they can build a beautiful new home for the same cost as a pre-owned home.” “In addition, families that are choosing to build new homes are able to build equity and grow the value of their homes throughout the time they are living there. Instead of paying rent and in the end seeing no return, or pouring money into fixing up an older home, families are building a foundation for their financial future.” Over the years, new homes built by New Generation Homes have held their values through the changes in the

See New Generation Homes | 14



let us

know October 29, 2012

The Winners Best Red Chili – Heritage Title 2nd Place – Godden Sudik Architects Best Green Chili – Buffalo Gals 2nd Place – Heritage Title Best Grilled Chicken – Heritage Title 2nd Place – Jim Whitlock Insurance Best Desserts – Fusion Sign 2nd Place – Region Building Department Booth Theme – Aspen View 2nd Place – Heritage Title

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SD 19: SD 21: SD 25: SD 26:

SD 4: Mark Scheffel * SD 12: Bill Cadman * SD 17: Matt Jones SD 18: Rollie Heath *

27: David Balmer Local NewsSD SD 28: Nancy Todd

Lang Sias Jessie Ulibarri Mary Hodge * Dave Kerber

SD 35: Larry Crowder

SD 29: Morgan Carroll * SD 31: Pat Steadman *

2012 CAR recommended candidates for office The Colorado Association of REALTORS® Political Action Committee (CARPAC),HOUSE based in part on recommendations by a team of REALTORS® who interviewed candidates for these races, HD 33: Dianne Primavera HD 17: Mark Barker * HD 1: Jeanne Labuda approved the following candidates: (* CAR Friendly Incumbent) HD 34: Steve Lebsock HD 18: Jennifer George HD 2: Mark Ferrandino *

HD 50: Skip CarlsonRealtor Party HD 51: Brian DelGrosso * HD 52: Joann Ginal HD 35: Brian Vande Krol HD 19: Amy Stephens * HD 3: Brian Watson STATE LEGISLATIVE HD 55:CANDIDATES Ray Scott * HD 37: Spencer Swalm * HD 20: Bob Gardner * HD 4: Dan Pabon * The Colorado Association of REALTORS® Political Action Committee (CARPAC), based in part on recommendations by a team of 56: Kevin HD 38:REALTORS® Kathleen Conti * for these races, approvedHD HD 21: Lois Landgraf HD 5: Crisanta Duran * who interviewed candidates the following candidates: Priola * SD 4: Mark Scheffel * SD 18: Rollie Heath * SD 25: Mary Hodge * SD 28: Nancy Todd SD 35: Larry Crowder HD 57: Bob Rankin HD 39: Polly Lawrence HD 22: Justin Everett HD 6: Lois Court * SD 12: Bill Cadman * SD 19: Lang Sias SD 26: Dave Kerber SD 29: Morgan Carroll * SENATE SD 35: SD 27:58: David Balmer 19: Lang Sias SD 4:Cynthia Mark Scheffel * Acree SD HD Don Coram * Larry Crowder HD 40: * HD 23: Rick Enstrom HD 7: Angela Williams * SD 17: Matt Jones SD 21: Jessie Ulibarri SD 27: David Balmer SD 31:* Pat Steadman * SD 28: Nancy Todd SD 21: Jessie Ulibarri SD 12: Bill Cadman SD 29:59: MorganJ. Carroll * 17: Matt Jones Melton SD 25: Mary Hodge * HD Paul Brown * HD 41:SD Jovan HD 24: Sue Schafer * HD 8: Beth McCann* SD 31: Pat Steadman * SD 26: Dave Kerber SD 18: Rollie Heath * HD 60: James Wilson HD 42: Rhonda Fields * HD 25: Cheri Gerou * HD 9: Celeste Gamache HOUSE HD 62: Ed Vigil * HD 50: Skip Carlson HD 43:HD 1:Frank McNulty * HD 27: Libby Szabo * HD 11: Ellyn Hilliard HD 33: Dianne Primavera HD 17: Mark Barker * Jeanne Labuda HD 51: Brian DelGrosso * HD 34: SteveHD HD 18: Jennifer George HD 2: Mark Ferrandino * Polly Lawrence HD 39: Joann Ginal 25: Cheri Gerou * HD 1: Jeanne Labuda HD 13: Claire Levy HD 14: Dan Nordberg HD 28: AmyHD HD 63: Lebsock Lori52: Saine HD 44:HD 3:Chris Holbert *HD 19: Amy Stephens * Attwod HD 52: Joann Ginal HD 35: Brian Vande Krol Brian Watson HD 55: Ray Scott HD 37: Spencer Swalm * HD 20: Bob Gardner * HD 4: Dan Pabon40: * HD Cynthia Acree * HD 55: Ray Scott * * HD 27: Libby Szabo * HD 2: Mark Ferrandino * HD 15: Mark Waller * HD 64: Tim HD 45:HD 5:Carole Murray * 21: Lois Landgraf HD 29: Robert Ramirez * HD 14: Dan Nordberg HD 38: Kathleen Conti *Dore HD 56: Kevin Priola * HD Crisanta Duran * HD 57: Bob Rankin HD 39: PollyHD Lawrence 22: Justin Everett HD 6: Lois Court 41: * HD Jovan HD Melton 56: Kevin Priola * HD 28: Amy Attwod HD 3: Brian Watson HD 16: Janak Joshi * HD 58: Don Coram* * HD 40: CynthiaJerry Acree * Sonnenberg HD 23: Rick Enstrom Angela Williams * HD 65: HD 47:HD 7:Clarice Navarro-Ratzlaff HD 30: Jenise May HD 15: Mark Waller * 59: J. Paul Brown * HD 41: Jovan Melton57: BobHD HD 24: Sue Schafer HD 8: Beth McCann* HD 42: Rhonda Fields ** HD Rankin HD 17: Mark Barker * HD 29: Robert Ramirez * HD 4: Dan Pabon * HD 60: James Wilson HD 42: Rhonda Fields * HD 25: Cheri Gerou * HD 9:Perry Celeste Gamache HD 49: Buck HD 32: Dominick Moreno HD 16: Janak Joshi * 62: Ed Vigil * * HD 43: FrankHD McNulty * HD 43: Frank HDMcNulty 58: DonHDCoram HD 18: Jennifer George HD 30: Jenise May HD 5: Crisanta Duran * 27: Libby Szabo* * HD 11: Ellyn Hilliard HD 63: Lori Saine HD 44: Chris Holbert * HD 28: Amy Attwod HD 13: Claire Levy HD 32: Dominick Moreno HD 44: Chris HD Holbert * * HD J. Paul Brown HD 19: Amy Stephens * HD 6: Lois Court * * CAR Friendly Incumbent. HD 64: Tim Dore * HD 45: Carole Murray59: * 29: Robert Ramirez HD 14: Dan Nordberg HD 65: Jerry Sonnenberg * HD 47: Clarice Navarro-Ratzlaff HD 30: Jenise May HD 15: Mark Waller * HD 33: Dianne Primavera HDJoshi45: CaroleHDMurray * HD 20: Bob Gardner * HD 7: Angela Williams * HD 49: PerryHD Buck 60: James Wilson 32: Dominick Moreno HD 16: Janak * * CAR Friendly Incumbent. HD 62: Ed Vigil * HD 34: Steve Lebsock HD 47: Clarice Navarro-Ratzlaff HD 21: Lois Landgraf HD 8: Beth McCann* HD 63: Lori Saine HD 35: Brian Vande Krol HD 49: Perry Buck HD 22: Justin Everett HD 9: Celeste Gamache CONGRESSIONAL CANDIDATES The national Political Carlson Action Committee (RPAC), based in part on recommendations from the Colorado Association of HD 64: Tim Dore HD 37: Spencer Swalm * HDREALTOR® 50: Skip HD 23: Rick Enstrom HD 11: Ellyn Hilliard REALTORS® Political Action Committee (CARPAC) has endorsed the following congressional candidates: HD 65: Jerry Sonnenberg HD 38: Kathleen Conti * HD 51: Brian DelGrosso * HD 24: Sue Schafer * HD 13: Claire Levy The national REALTOR® CD 5 –Colorado Doug Lamborn CD 1 – Diana DeGette Political Action Committee (RPAC), based in part on recommendations from the Association of* ®




CD 6 – Mike Coffman CD 7 – Ed Perlmutter

CD 2 – Jared Polis CD 3 – Scott Tipton CD 4 – Cory Gardner

REALTORS® Political Action Committee (CARPAC) has endorsed the following congressional candidates:

CD 5 – Doug Lamborn CD 6 – Mike Coffman CD 7 –from Ed Your Perlmutter 3 – Scott Tipton (RPAC), based in part on recommendations countsAssociation • Bring thisof guide with you when you vote The national REALTOR® PoliticalCD Action Committee the voice Colorado CD 4 – Cory Gardner REALTORS® Political Action Committee (CARPAC) has endorsed the following congressional candidates: CD 1 – Diana DeGette

CONGRESSIONAL CD 2 – JaredCANDIDATES Polis CD 1 – Diana DeGette CD 2 – Jared Polis

CD 3 – Scott Tipton CD 4 – Cory Gardner

CD 5 – Doug Lamborn CD 6 – Mike Coffman

CD 7 – Ed Perlmutter

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Colorado Springs Real Estate Journal

New Generation Homes from 13

market as good as or better than any other builder in town. “Because we have high standards for quality and never play games with our pricing, our homeowners can rest assured that the value of their home is safe investment.” When asked what the biggest difference is between New Generation Homes and other builders in a similar price range, Frank immediately goes back to their longevity. “We keep things simple and we focus on quality. That’s what we have done for over 50 years. When a buyer comes in to our homes and learns about our company, it gives them a piece of mind. It gives them faith in our company knowing we have been here for so long and built so many homes. If we were building poor quality homes or had terrible customer service we wouldn’t still be here. Our longevity just goes to show that we have been doing things the right way for a long time.” New Generation has been around so long that they have become part of the community. Just two blocks from New Generation Home’s office is Watson Junior High School. The school is named after Jules Watson for his commitment to the community and his role in building the Widefield area. When Ryan Watson, the third generation to be involved at New Generation Homes, was asked about the school he said, “Every time I drive by that school it makes me smile. To know that our family has played such an important role in this community for so long is something so special to me. It shows that our company isn’t just about slapping a bunch of houses together and moving to the next batch of open lots. It is about developing a community and a place where people can call home.” ​New Generation Homes has been building homes for 54 years and if you ask them they all say they would love to be able to be here for another 54 years. With a commitment to quality and community, it is no surprise to see why they have been so successful. October 29, 2012

Hot on Homes 2012 Realtor/Builder Expo October 18, 2012

New Home Join Gold Hill Mesa and Genesis Medspa for a

Charming New Homes from $220’s - $700’s

November 15 from 4:30 to 8:30 p.m. Details on our Facebook page.

Stylish New Townhomes from the $170’s Dream


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View the Paper Online, Anytime. October 29, 2012

Colorado Springs Real Estate Journal


Caliber funding football Party October 12, 2012

It sounds like it’s from a movie, but a Parker, Colorado family and a title company both say the Russian Mafia stole money from wire transfers. A family refinanced their home with a local title company. At some point when the funds were being transferred to the bank, $277,000 disappeared. Since the loan was supposed to have been paid off during the transfer and it was not, the Parker family basically has two mortgages on their home. Foreclosure proceedings were started and the title company involved has since gone out of business.

Eileen Wolff with Heritage Title, Gary Schorg, Sally Hepworth, and Ivan Acosta with Caliber Funding and Elizabeth Elston with Empire Title.

Working with the right title company is a critical component of any real estate transaction. Fidelity National Title Insurance Company is one of

the largest underwriters in the nation backed by its rock-solid financial strength.

The history of the Fidelity Companies traces back 150

years and we have been operating in the Colorado market for almost 65 years.

Debbie Sherman, Susan Koutantos, Cheri Lesiak and Debbie Vahey with Keller Williams Partners, and Colleen Stricklin- Sheil with Empire Title.

The Fidelity Family of Companies carry the highest

level of Errors and Omissions Insurance with a Fidelity Bond/Computer Crime Policy insuring up to $15 million dollars per claim.

Don’t leave your client or yourself unprotected! Know the company backing your title policy. Fidelity National Title Company is that company.

Greg Fowler 719-425-7042

Carla Starkie 719-266-2702

Lori Sorrels and Rich Dillman with Caliber Funding and Lee Elmstedt with Epic Real Estate Group and Arleen Elmstedt. Terry Davis 719-338-7878

Greg Wolff, CTIS Vice President 719-459-9653

Shirlee Dobbs 719-640-9454

Dana Lynch 719-322-3966

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.


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Colorado Springs Real Estate Journal

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

October 29, 2012

On the Move Rick LaFave Ent Ent is pleased to announce the hiring of Rick LaFave as their director of mortgage lending. In this new role, he will oversee Ent’s mortgage production and servicing departments. LaFave came to Ent from H&R Block where he served as a district manager and franchise consultant for five years. LaFave has a bachelor’s degree from William Carey University and has been in the financial services industry for more than 14 years. He has also worked in the credit union industry for nearly four years, serving as the mortgage lending manager at Bellco Federal Credit Union.

Daun Rae Brookbank Hi-Point Home Builders Hi-Point Home Builders is thrilled to announce the addition of Daun Rae Brookbank to their family. Daun Rae has been involved in all aspects of new residential construction and remodels since 1994, and will be a tremendous asset to an already solid building group. With her tremendous vision and passion for creating beautiful and inviting spaces she can guide our customers seamlessly through the building process. Her knowledge of LEED and Green Building principles will only enhance the already environmentally savvy team.

Nease, Weis, Vancil Griffis/Blessing Griffis/Blessing, Inc. is proud to announce the addition of three new members to its Commercial Property Services Group. Jeremiah Nease, CPM®, and Jennifer Weis join Griffis/Blessing Commercial as a Portfolio Manager and Management Assistant, respectively. Dan Vancil also joins Griffis/Blessing Commercial after spending two years as a Service Technician and seven years as a Service Manager with Griffis/Blessing's Multifamily Property Services Group. "Jeremiah, Jennifer, and Dan each bring a specific skill set to Griffis/Blessing that will make them a valuable part of the team," says Senior Vice President Rick Davidson, CPM®. "Jeremiah's prior property management experience, Jennifer's real estate brokerage administrative experience, and Dan's maintenance experience on the multifamily side of our or-

ganization, which requires a varied skill set, provide each of them with a diverse foundation with which to address different situations."

Siegle, Martinez, Frazier, Causey, Serna, Manning, Bunch, Looper, Lentz, Craig Keller Williams Partners Anali Siegle has been in the real estate field for approximately three years. Prior to joining Keller Williams, Anali worked in property management. She has lived in Colorado Springs for fourteen years. As a new licensee, we look forward to providing her with exceptional training.

Scott Martinez just received this real estate license and has started his career with Keller Williams Partners. He is already providing valuable insight by serving on our Technology committee. He gained his tech experience by working on the Geek Squad at Best Buy. He has lived in Colorado Springs for twenty-one years and has served in the United States Air Force. Sareet Frazier holds a BA in Business and Marketing. She has been living in Colorado Springs for fifteen years and has been in real estate for eight of those. She has also traveled the world working as a flight attendant for various airlines. As a world traveler, she is fluent in Hebrew and German. She is a person of great compassion and is an advocate for individuals with disabilities. Wade Causey is a long time Colorado Springs resident and has been in real estate for eight years. The following are not pictured:

Michael Serna has had his license for seven years and plans to specialize in property management. He has been in the Colorado Springs area for 25 years. Ryan Manning has an extensive background in accounting. He is a certified public accountant with a bachelor's degree in accounting. He has worked as a auditor for public accounting firms in Louisville, KY and in Colorado Springs, CO. He is new to real estate and is excited to bring his experience over to sales. Kurt Bunch absolutely loves movies and has been in real estate for three years. He is a mortgage loan originator and is excited to make the transition to house sales. He is also the owner of Shuga's Restaurant and Bar and plans to win the State Games in 2013 for traditional recurve archery. We also would like to welcome Marsha Looper, Rebecca Lentz, and Jessica Craig.


Harry Venik is now a star at VIP Mortgage!

A mortgage professional for over twenty years, Harry specializes in Conventional, FHA, VA, construction loans, investment loans and refinancing in Colorado.

-Harry Venik NMLS# 291694 LMB#100030058

Harry Venik 719.338.3879 or 719.323.6190 7660 Goddard St., Suite 100 Colorado Springs, CO 80920 REGULATED BY THE DIVISION OF REAL ESTATE



See Page 2 for details October 29, 2012

NMLS# 403053 | V.I.P NMLS# 145502 | V.I.P BK# 0909074

V.I.P. Mortgage Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. V.I.P. Mortgage Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage Inc. are not coming directly from HUD or FHA.

Colorado Springs Real Estate Journal


Local Expert

Could you ask for more?

Empire Title of Colorado Springs

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 

   ♦ ♦ ♦ ♦ ♦

        

    

  

 

 

 




When we look at the Colorado Springs market, there are many things that come to mind; historic low interest rates, low inventory levels, listings as low as we have seen in a decade, and an unexplained increase in consumer buying. Part of the explanation for consumers purchasing homes in our market has to do with the historic low interest rates that we are seeing in the market. The federal government recently announced By Bill McAfee that Operation Twist will continue for the next 12 months. OpEmpire Title eration Twist involves the Federal Reserve purchasing our own — Treasuries thus keeping long term interest rates low. The deterioration of Greece, Spain and other European countries has also lead to the demand for our 10 year bonds and notes. These two factors have lead to a huge increase in the demand for 10 year debt instruments. As demand increases, prices of these notes and bonds go up forcing the yields down. Long term mortgage rates are tied to these debt instruments. Barring some unforeseen world event or deterioration in the capital markets, long term rates will likely stay down for the next 6 – 12 months. Buyers may read this and think there should be no rush to purchase a home, but there are other factors which must be considered such as inventory levels and the number of listings available to buyers. Inventory levels are calculated by taking the number of homes purchased over a 12 month period to get a monthly average. Once a monthly average is established we simply divide the number of listings by the number of homes selling each month. This gives us a calculation of how many months it would take to sell the current active listings. In our local market, 6 months would be a normal range. As of the end of September, the monthly average was 4.98 months. Simply put, our inventory levels are low when comparing to the number of buyers purchasing homes. This is translating into an increase in both median and average prices. Not only are inventory levels declining, but the number of actual listings available for sale are as low as they have been in over the last 10 years. On a 12 month running average at the end of September, there was 3,555 homes available for sale. Looking at historic data, this is a range that we haven’t seen since 2002. Part of the reason listings are down is the effect that a red hot rental market is having. The rental market here is almost at a zero vacancy rate, 3% - 5% would be considered normal. Some people are renting homes rather than selling them because in certain price ranges it makes economic sense. People are buying homes for the above factors and some that may not be able to be explained. Home buyers during the month of July purchased 973 homes. I had to go back to 2007 to find a month where this many homes were purchased. The $250,000 and below market is seeing multiple offers and in some cases, bidding wars. This is also something we haven’t seen since 2007. Sellers should look at this data and be happy but not over confident. Over pricing your home by $5,000 in this price range could be the difference of having showings. Consumers who are selling homes in the $250,000 and below range seem to be moving up into the $300,000 - $500,000 range. Interest rates are propelling this market as well. Buyers seem to be shrugging off bad economic news and taking advantage of market conditions which we are fortunate to have. So you ask me what else could we ask for? Positive job creation, local and federal governments that support business, regulation, for regulation sake, and a cheese burger in paradise.

Colorado Springs Real Estate Journal

October 29, 2012

Around the Corner Thursday, November 1 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 VA Training for Realtors 8:30am – 12:30pm @ Real Estate Business Centers (Breakfast Provided) 719.442.1900

2NAR Ethics Update Course 8:30am – 12:30pm @ Fidelity National Title 719.268.0358

Gold Hill Mesa Holiday Open House 4:30pm – 8:30pm Details on their Facebook page

Wednesday, November 15

Friday, November 16

CTM eContracts 10am – 12pm @ Real Estate Business Centers

Pikes Peak Exchangors 8am – 9:30am @ Valley High Country Club Independent Brokers Forum 9am – 10:30am @ PPAR

Mandatory Commission Update Course w/Lunch Provided 12pm – 4pm @ Empire Title Woodland Park 719-884-5300

Tuesday, November 20 NARPM Meeting 11am – 1pm @ Clarion Hotel (314 W. Bijou) Porsche Harvey, 599-9664

Wednesday, November 28 Title Commitments 2pm – 4pm @ Empire Title 719-884-5300

Send event details to

3.8% Medicare Surcharge Tax and Advanced 1031 Exchanges 1pm – 4pm @ Fidelity National Title 719.268.0358

Wednesday, November 7 Mandatory Commission Update Course 8:30am – 12:30pm @ Empire Title 719-884-5300 Department of Veteran Affairs 9am – 1pm @ DeVry University 719.268.0358

Thursday, November 8 Farm and Land 8am – 9:30am @ Maggie Mae's Larry Prewett: 719-332-0592 Mortgage Loan Orinators Update Course 8:30am – 1:30pm @ Real Estate Business Centers (Lunch Included) 719.442.1900 Myths, Mistakes & Mayhem in the Short Sale Process 9am – 11am @ Empire Title 719-884-5300

Crossing Are Going Fast.

Luxury living is still within your reach. But only for a limited time.



offering the last of its choice, one-third acre, hillside lots.

Captivating views, natural wonders, celebrated living—they all

await you in this garden of earthly delights where, like any great

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

venue, admission is limited and availabilities are scarce.

If you’re ready to own a piece of something truly special, see us

Friday, November 9

builders are at the ready with a generous portfolio of contemporary

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

too. But either way, be sure to hurry as remaining homesites are

Mortgage Loan Orinators Update Course 8:30am – 1:30pm @ Real Estate Business Centers (Lunch Included) 719.442.1900

expected to meet with brisk sales.

A neighborhood bridging nature and home:




Wednesday, November 14 Mandatory Commission Update Course 8:30am – 12:30pm @ Empire Title 719-884-5300

• •

Stone Crossing Preferred Builders * 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.

Acuff Homes 719-488-8676

Saddletree Homes 719-593-2900

Goetzmann Homes 719-488-6890

Vantage Homes 719-494-8112

Hi-Point Homes 719-287-3495

Vanguard Homes 719-487-8957

Randal Homes 719-599-3244 Northgate Road

email: October 29, 2012

Voyager Parkwa


U.S. Air Force Academy Northgate

Stone Crossing

Bridle Oaks Lane



a rkw Interquest Pa

Exit 153




Take I-25 to Interquest Parkway, Exit 153.Turn north (left) on Voyager Parkway and east (right) on Middle Creek Parkway to Bridle Oaks Lane. From here, just follow the signs to Phase Four.



Middle Creek Parkway


rs Inte

Send us

• • •

Availability as of 10/15/12 Site plan concept represents the plans and guidelines for Stone Crossing as currently proposed and are subject to change without notice at the sole discretion of the developer.

Luxury homes on one-third acre lots Privacy and views 21.9 acres of preserved native terrain

& plaza with open pavillion at Water’s Edge Connections to the La Foret Trail and Santa Fe Trail Mary Kyer Park and da Vinci Academy, a District-20 School, are within walking distance of a community

Final Phase Available Lots Contact Randy Reynolds 719-499-5833 Lot


Sq. Ft.

1 9 17 20 22 23 24 25 28 35 43 44 46 49 50 51 59 65 3A - 2

12315 Woodmont Drive 12658 Woodruff Drive 12567 Woodruff Drive 12513 Woodruff Drive 12477 Woodruff Drive 12459 Woodruff Drive 12441 Woodruff Drive 12423 Woodruff Drive 12406 Creekhurst Drive 12476 Creekhurst Drive 12517 Creekhurst Drive 12497 Creekhurst Drive 12467 Creekhurst Drive 12437 Creekhurst Drive 12427 Creekhurst Drive 12407 Creekhurst Drive 1744 Valley Stream Ct 12314 Woodmont Drive 12427 Oak Hollow Ct

11,086 18,266 17,574 13,000 13,000 12,350 13,000 12,277 13,646 11,440 19,689 18,323 14,237 12,441 14,124 12,101 14,840 12,000 25,618

Price SOLD! $128,000.00 RESERVED! $133,000.00 $133,000.00 $133,000.00 $133,000.00 SOLD! RESERVED! SOLD! $176,000.00 $176,000.00 $133,000.00 $122,000.00 $128,000.00 UNDER CONTRACT $160,000.00 $160,000.00 $170,000.00

Colorado Springs Real Estate Journal


Angling For a Big


Join the 2012 Hooked on Classic Realtor Recognition Program.

It’s back by popular demand—the “Hooked on Classic” Realtor Recognition Program!

closings increase, so will your bonuses—from $1,000 to $3,000! The catch? You have to qualify to participate.

And that means we’ll be paying out more than line when we say So don’t wait. thanks to all of our hard-working Call or visit your nearest Classic sales partners out there for Homes Sales Model today and promoting our properties! get outfitted for the biggest With each qualified closing, we’ll adventure ever. be handing out cash. Cold hard Here’s how it works—by the numbers… cash, along with a handsome 4% commission. And as your 1st Closing = 4% commission on base

Featured Inventory

Ready For Quick Move-in! MLS #768581 LORSON RANCH 6869 Alliance Loop (80927) 4 bed, 3 bath, 3 car garage • 2,891 Sq. Ft. 2-Story Plan • $262,355 Call 719-390-6200

MLS #717798 BANNING LEWIS RANCH 8029 Hollygrape Lane (80927) 4 bed, 2.5 bath, 3 car garage • 2,613 Sq. Ft. Ranch Plan • $279,990 Call 719-886-4995

MLS #737302 MERIDIAN RANCH 10967 Klondike Drive (80931) 5 bed, 3 bath, 3 car garage • 4,241 Sq. Ft. Ranch Plan - Former Model Home! • $407,282 Call 719-494-1101

MLS #719599 PROMONTORY POINTE 15676 Soo Line Way (80132) 4 bed, 2.5 bath, 3 car garage • 3,727 Sq. Ft. 2-Story Plan • $338,250 Call 719-481-9828

price and qualify for the Hooked on Classic Program.

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.

MLS #746108 FLYING HORSE 13135 Cake Bread Heights (80921) 2 bed, 2 bath, 3 car garage • 3,226 Sq. Ft. Ranch-style Paired Patio Home • $360,047 Call 719-495-7297

MLS #730162 WOLF RANCH 6041 Leon Young Drive (80924) 4 bed, 3 bath, 2 car garage • 2,744 Sq. Ft. Ranch Plan • $301,109 Call 719-282-1650

October 29, 2012  

Our October issue.

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