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Vol. 6 No. 7

March 31, 2014

New FHA guidelines may open doors for challenged buyers

February existing-home sales remain stale partly due to weather ary. “We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained inventory, restrictive mortgage lending standards and housing affordability less favorable than a year ago,” he said. “Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year.” The median existing-home price for all housing types in February was $189,000, which is 9.1 percent above February 2013. “Price gains have translated into an additional $4 tril-

Housing starts hold steady in February Nationwide housing starts were virtually unchanged in February, inching down 0.2 percent to a seasonally adjusted annual rate of 907,000 units, according to newly released data from the U.S. Department of Housing and Urban Development and U.S. Census Bureau.

lion of housing wealth recovery over the past three years,” Yun added. Distressed homes – foreclosures and short sales – accounted for 16 percent of February sales, compared with 15 percent in January and 25 percent in February 2013. Eleven percent of February sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in February, while short sales were discounted 11 percent. Total housing inventory at the end of February rose 6.4 percent to 2.00

See February Sales | 2 “Continuing the January trend and in line with our recent surveys, builders are in a holding pattern. Poor weather is keeping many from getting into the field and they continue to face challenges related to a shortage of lots and labor,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. “While housing construction is in a recent lull due to unusual weather conditions, we expect to see an improvement as the winter weather pattern subsides and builders prepare for the spring selling season,” said NAHB

HBa Breakfast with the Builders (Part 2)

Empire title woodland Park St. Patrick's Party

PaGE 5

PaGE 9

PaGE 12

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Branch Manager

These new FHA manual underwriting guidelines should be viewed as a positive change for everyone who helps southern Coloradans pursue home ownership.

See Housing Starts | 3

Peak Producers kick-off Reception

Chad Denny

Buyers facing financing hurdles may find it a bit easier to obtain a Federal Housing Administration (FHA) loan thanks to upcoming changes in the FHA’s manual underwriting guidelines. While a number of the new guidelines are poised to open the door to more financially-challenged borrowers, one change stands out: the use of residual income. Beginning April 21, 2014, residual income may be included as a compensating factor in manually underwritten FHA mortgage applications. Residual income could make up for borrow- By Jon Paukovich ers’ credit blemishes that Ent — used to result in loan disqualification. Soon, it may mean more people qualifying for more FHA loans. While common in the qualifying of borrowers for Veterans Administration loans, residual income can be a good indicator of a borrower’s ability to repay. Residual income may be used as a compensating factor when that income meets – or exceeds – FHA established dollar thresholds, which are based on household size, geographic location and annual income level. Residual income is calculated by subtracting FHA qualified expenses from gross income, as shown in the example below:

Debbie Havens

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Home prices continued to show solid growth in most of the country due to limited inventory conditions, but rising prices and severe winter weather caused existing-home sales to slip in February, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.4 percent to a seasonally adjusted annual rate of 4.60 million in February from 4.62 million in January, and 7.1 percent below the 4.95 million-unit level in February 2013. February’s pace of sales was the lowest since July 2012, when it stood at 4.59 million. Lawrence Yun, NAR chief economist, said conditions in February were largely unchanged from Janu-

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vey, 56 percent of younger buyers who took longer to save for a downpayment identified student debt as the biggest obstacle.” Brown notes the survey results are for recent homebuyers. “It’s clear there are other people who would like to buy a home that are not in the market because of debt issues, so we can expect a lingering impact of delayed home buying,” Brown added. All-cash sales comprised 35 percent of transactions in February, up from 33 percent in January and 32 percent in February 2013. Individual investors, who account for many cash sales, purchased 21 percent of homes in February, compared with 20 percent in January; they were 22 percent in February 2013. Seventy-three percent of investors paid cash in February. Single-family home sales edged down 0.2 percent to a seasonally adjusted annual rate of 4.04 million in February from 4.05 million in January, and are 6.9 percent below the 4.34 million-unit level in February 2013. The median existing single-family home price was $189,200 in February, up 9.0 percent from a year ago. Existing condominium and co-op sales declined 1.8 percent to an annual rate of 560,000 units in February from 570,000 in January, and are 8.2 percent below a year ago. The median existing condo price was $187,900 in February, which is 9.8 percent above February 2013. Regionally, existing-home sales in the Northeast fell 11.3 percent to an annual rate of 550,000 in February, and are 12.7 percent below February 2013. The median price in the Northeast was $237,800, up 1.5 percent from a year ago. Existing-home sales in the Midwest declined 3.8 percent in February to a pace of 1.00 million, and are 12.3 percent below a year ago. The median price in the Midwest was $140,900, which is 8.6 percent higher than February 2013. In the South, existing-home sales rose 1.5 percent to an annual level of 1.98 million in January, but are 0.5 percent below February 2013. The median price in the South was $163,400, up 8.3 percent from a year ago. Existing-home sales in the West rose 5.9 percent to a pace of 1.07 million in February, but are 10.1 percent below a year ago. The median price in the West was $279,400, up 18.0 percent from February 2013.

million existing homes available for sale, which represents a 5.2-month supply at the current sales pace, up from 4.9 months in January. Unsold inventory is 5.3 percent above a year ago, when there was a 4.6-month supply. The median time on market for all homes was 62 days in February, down from 67 days in January and 74 days on market in February 2013. Short sales were on the market for a median of 94 days in February, while foreclosures typically sold in 60 days and non-distressed homes took 61 days. Thirty-four percent of homes sold in February were on the market for less than a month. Fundraiser Results by Salesperson



Feb 2013


Jan 2014


Feb 2014


Median Time on Market (Days) 80







62 Feb 2013

Jan 2014

Feb 2014

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 4.30 percent in February from 4.43 percent in January; the rate was 3.53 percent in February 2013. First-time buyers accounted for 28 percent of purchases in February, up from 26 percent in January, but down from 30 percent in February 2013. NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, said student debt appears to be a factor in the weak level of first-time buyers. “The biggest problems for first-time buyers are tight credit and limited inventory in the lower price ranges,” he said. “However, 20 percent of buyers under the age of 33, the prime group of first-time buyers, delayed their purchase because of outstanding debt. In our recent consumer sur-

© Copyright National Association of Realtors. Reprinted with permission.

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March 31, 2014

National News

Realtors® applaud Senate action on Flood Insurance Affordability bill The following is a statement by National Association of Realtors® President Steve Brown: "Realtors® applaud the U.S. Senate for passing the Homeowner Flood Insurance Affordability Act, H.R. 3370, to curb flood insurance rate hikes for homes and commercial properties. Brown "We appreciate the Senate’s swift action on the legislation, which is a responsible and balanced solution to the skyrocketing flood insurance premiums affecting residential and commercial properties that were unintentionally triggered by the Biggert-Waters reforms to the National Flood Insurance Program. "As the leading advocate for home and property owners, NAR applauds this bill for the relief and protection it will bring to businesses and families nationwide, who are experiencing financial hardship because of the extreme and sudden premium increases. We believe this legislation will bring relief to property owners by ensuring a slow and steady phase in of risk-based increases. "Realtors® praise the Senate for their bipartisanship on this important issue and thank Sens. Robert Menendez (D-N.J.), Johnny Isakson (R-Ga.) and Mary Landrieu (D-La.) for their leadership and advocacy for the bill. NAR urges President Obama to quickly sign the legislation into law."

“extreme and sudden premium increases”

DON’T BE FOOLED! How many leads are you getting? Have you looked at the 2013 comScore results? Real Estate Franchise Website Unique Visitors December 2013 YTD



24,000,000 22,000,000 20,000,000 18,000,000 16,000,000









© Copyright National Association of Realtors. Reprinted with permission.






All Data From:

Builder confidence treads water Builder confidence in the market for newly-built, single-family homes rose one point to 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. “The March HMI mirrors last month’s sentiment, as builders continued to be affected by poor weather and difficulties in finding lots and labor,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “A number of factors are raising builder concerns over meeting demand for the spring buying season,” said NAHB Chief Economist David Crowe. “These include a shortage of buildable lots and skilled workers, rising materials prices and an extremely low inventory of new homes for sale.” Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. The index’s components were mixed in March. The component gauging current sales conditions rose one point to 52 and the component measuring buyer traffic increased two points to 33. The component gauging sales expectations in the next six months fell one point to 53. The three-month moving averages for regional HMI scores all fell in March. The Northeast dropped three points to 35, the Midwest fell three points to 53, the South posted a four-point decline to 49 and the West registered a two-point drop to 61. The above article has been provided to you compliments of the National Association of Home Builders.


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Housing Starts from 1

The above article has been provided to you compliments of the National Association of Home Builders. March 31, 2014

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Chief Economist David Crowe. “Competitive mortgage rates, affordable home prices and an improving economy all point to a continuing, gradual strengthening of housing activity through the rest of the year. Moreover, building permits, which are less dependent on weather and are a harbinger of future building activity, rose above 1 million units in February.” Single-family housing construction rose 0.3 percent in February to a seasonally adjusted annual rate of 583,000 units while multifamily starts edged 2.5 percent lower to a 312,000-unit pace. Regionally, combined housing starts activity was mixed in the month, posting gains of 34.5 percent in the Midwest and 7.3 percent in the South and declines of 37.5 percent in the Northeast and 5.5 percent in the West. Issuance of new building permits rose 7.7 percent to a seasonally adjusted annual rate of 1.02 million units in February. Single-family permits edged down 1.8 percent to 588,000 units and multifamily permits rose 27.6 percent to 407,000 units. Regionally, overall permits rose 6.3 percent in the Northeast, 9.9 percent in the South and 17.9 percent in the West but declined 11.8 percent in the Midwest.




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Colorado Springs Real Estate Journal

March 31, 2014

2014 Peak Producers Kick-Off Reception February 25, 2014

Above: Doreen Hussmann, Karen Kirouac and Karen Weller of Empire Title.

Above: Caryn Becker of Century 21 Curbow Realty between Doreen Hussmann and Bill McAfee of Empire Title.

Above: Stephanie Tanis and Irene Tanis, RE/MAX Performance.

Above: Bobbi Price of The Platinum Group Realtors.

Above: Michael Podoyak, Empire Title, with Jade Baker, The Platinum Group.

EVENT HIGHLIGHTS • 94 Peak Producer Members this year + 10 Team Members • Board of Directors: Darrell Wass, Re/Max Advantage - President; Jade Baker, The Platinum Group - Vice President; Candice Graham, 8z Real Estate - Secretary; Bill McAfee, Empire Title - Treasurer; Peggy Carmack, Empire Title - Coordinator; Brian Boals, Re/Max Real Estate Group - Board Member; and, Bryan Seale, BHHS Rocky Mountain - Board Member • Pledged its support this year again to Catholic Charities and the Marian House

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Local Lending Experts Tom Bechtel (719) 550-6486 NMLS ID #459317

Josh Callens (Denver) (720) 833-3324

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Stephanie Dombrowski (719) 550-6485

Shirley DuVal (719) 550-6408

Cathy Gonzalez (719) 550-6431

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Suzi Gradisar (Pueblo) (719) 296-2107

Mary Greenwood (719) 550-6482

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National News The importance of due diligence when selecting a 1031 Exchange Qualified Intermediary By Scott R. Saunders Asset Preservation, Inc.

Have you examined your qualified intermediary ("QI") lately? Are you sure your exchange funds are secure? Real estate investors, and their tax/legal advisors, should be aware of the importance of proper due diligence before selecting a QI. Although a small number of states have enacted regulations governing IRC Section 1031 exchange QI companies, there are no Federal regulations regarding QI’s and the safeguarding of exchange funds. Accordingly, it is important for both the taxpayer and the taxpayer’s tax/legal advisors to perform due diligence before choosing a QI company. The importance of this can be seen in Winters v. Dowdall (Winters v. Dowdall 63 A.D. 3d 650 (2009) 882 N.Y.S. 2d 100). In that case, the taxpayer sold a relinquished property in New York and retained Patrick Dowdall, of the law firm Dowdall and Associates, P.C. ("Dowdall"), purported experts in the field, to provide guidance with their 1031 exchange, and specifically with the selection of a QI. Dowdall selected Atlantic Exchange Company, LLC ("AEC") to act as QI. During the course of the exchange, the taxpayer’s proceeds were stolen by AEC and Edward Okun, AEC’s sole member. The taxpayer’s loss was over $604,000. The taxpayer argued that his loss was caused by Dowdall’s legal malpractice, including: • Failure to properly investigate AEC before selecting them as QI; • Failure to confirm that AEC was sufficiently bonded before recommending AEC as the QI; and • Failure to confirm that the taxpayer’s exchange proceeds were deposited into an account on behalf of the taxpayer as required by the terms of the exchange agreement. The Court determined that Dowdall did not adhere to their duty to perform sufficient due diligence because they did not sufficiently investigate the QI prior to recommending the QI to the taxpayer. Dowdall had represented that they were experts on the subject of 1031 tax deferred exchanges, and the taxpayer had relied upon these representations in hiring Dowdall. The Court specifically determined that the advice given by Dowdall was negligent, and was the proximate cause of the damage to the taxpayer. Tax, legal and financial advisors should realize the importance of performing sufficient due diligence before recommending a qualified intermediary to facilitate a 1031 exchange on behalf of their clients. This due diligence should consist of an examination of the practices of the QI regarding the handling of client funds, and the security measures offered by the QI in the event of loss. Asset Preservation is a leader in the §1031 exchange industry and provides the most up-to-date information. For more information on the author, Scott Saunders, visit to view his professional biography. Please call toll-free: 800-282-1031 or email: if you are interested in publishing this article or would like others on the subject of investment real estate and §1031 tax deferred exchanges.

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Gina Marill (719) 550-6478

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Colorado Springs Real Estate Journal

March 31, 2014

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March 31, 2014

Colorado Springs Real Estate Journal

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Local News

CAR March Capitol Connection

Colorado Budget Forecast The quarterly economic forecast was released Tuesday. CAR is tracking 11 bills that have been stalled in Appropriations waiting for the release of this forecast. While this report is showing some growth, not every tax incentive bill that has been introduced in the Legislature will have funding. It is still unclear how the Legislature will prioritize these bills; however, we will know more what this priority list looks like after the Long Bill, the Colorado Budget Bill, is debated next week. To view the full report, visit 2014 Session Midpoint We are halfway through the 2014 Legislative Session, and there is still much more to come. About 470 bills have been introduced this session, and it is predicted that

there will be approximately 50 “late bills” or bills that have been approved by the Senate President or Speaker of the House for introduction after the deadlines. Bills targeting the business community that have been long discussed for introduction but not introduced include, but are not limited to, the following: • Construction defects; • Restrictions on oil-and-gas fracking; • Workers’ compensation changes; and • Telecommunications reform and rural access to broadband. CAR will be following closely any introduced construction defects legislation. We will keep you posted on these topics when and if the legislation is introduced. HB 1125 HOA Publish Member Info with Permission HB14-1125, Concerning the circumstances under which a unit owners’ association may disclose contact information for members and residents under the “Colorado Common Interest Ownership Act”, passed the Senate on 3rd Reading and is awaiting the Governor’s signature. Current law prohibits a Home Owners Association (HOA) from sharing the personal contact information of members or residents in a common interest community. This bill permits an HOA to publish members’ and residents’ contact information, provided the person gives the HOA prior written consent. CAR supports this legislation, and we are pleased to see it make its way through the process.

REGISTER TODAY for the CAR Mid-Session Legislative Update Webcast REALTORS® are hard at work every day promoting home ownership and protecting your interests at our State Capitol. Join us for a review of the critical issues having an impact on the real estate industry this Spring. The webcast is being held Wednesday, March 26th at 9AM. To register, visit Register Now for REALTOR® Party Convention NAR’s Midyear Meetings have been renamed the “REALTOR® Party Convention and Trade Expo”. Registration—which is free for members—is now open for the REALTOR® Party Convention & Trade Expo May 12-17, 2014, in Washington, D.C. For registration or more details, visit GRAB THE APP! Download the REALTOR® Action Center Mobile App The REALTOR® Action Center mobile app is now available for download for the iPhone and Android. Simply search for NAR Action Center in your respective app markets. This app is designed to help members Vote, Act and Invest on the go. It will help you increase your state and local Federal Call for Action participation rates, allow members a quick and efficient way to invest in RPAC, and provide you a way to track your REALTOR® Party activities and so much more. © Copyright CAR. Reprinted with permission.

Email etiquette in today’s busy world By Chris Lutyen

Realteam Real Estate Center, Inc.

It seems like today we are continually being bombarded with emails whether it is for business or personal. I receive over 100 emails per day on average so it is more important than ever in today’s business to have good email etiquette. Most real estate agents continually rely on their email to keep them in contact with their clients and other agents that they are working with. This article is to help create a guideline for creating and sending good quality emails. The first thing that you want to think about when sending an email is who am I sending this to. Is this one of my clients? Is this a business associate like another agent or a title representative? Should I send this email to multiple people? I prefer to put the target person in the To box and then if someone else needs to see a copy of the email then carbon copy (cc) them. If you carbon copy someone then both parties will know that the other party received that email. When sending emails to a group of people then it is very important to use the Blind Carbon Copy (bcc). The reason why you want use bcc is so everyone on the list does not automatically see ev-


eryone else's email address and it also prevents people from using the reply all feature. The only time that it is safe to cc a group of people is when you are looking for responses from everyone and you expect them to reply all. In essence that would be like having a meeting where everyone is going to put in their opinion. The next step in sending an email is putting a subject in the subject line. This is a space that you want to tell the recipient a one-line reason why you are sending this email. When we used to send letters we would put an RE: at the top of the letter indicating what we were writing about. When choosing a subject remember to be specific but also keep in mind who we are sending this to. For example if you are sending a new contract to your closer it would be a good idea to put the property address in the subject line. This lets the closer know right away that this email pertains to that address. We are now ready to give a salutation at the beginning of the email. It is polite to start with "Dear" or "Hello" although using "Hello" is a little more informal. I personally like using "Hello" because I want my recipient to feel like we have a connection and that I am not just sending out a formal letter. In the body of the email is where we are going to give our message. Think about what you want to say to your

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recipient. Keep it to the point and remember that sarcasm or jokes do not come across well in writing. Do not write in all caps or the recipient will think you are yelling at them. The recipient cannot hear the tone in your voice or your body language. I personally try to keep emails short and to the point because your audience typically has a short attention span to any one email. Email is a great tool but don't be afraid to pick up the phone if you really need to work something out. In the body of email it is a good idea to use the first paragraph to address the reason why you are sending it and then start a new paragraph to address how you suggest to solve any problems. The end salutation should be warm and make your recipient feel like it was a pleasure to read your email. Here are some examples: Sincerely, Warm Regards, Thank you, or you can even use Have a great day. In closing remember that email is a great business tool but your recipients receive many emails so make sure to use good etiquette and respect your recipients time.

March 31, 2014

HBA Breakfast with the Builders (Part 2) February 12, 2014

Additional photos by Amy Cox with Perceptive Image Creations.


builder me Ho



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March 31, 2014

Colorado Springs Real Estate Journal



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Colorado Springs Real Estate Journal

March 31, 2014

Local News Get Ready: 2014 Pikes Peak Region Open House Weekend The Pikes Peak Association of REALTORS® is holding the Pikes Peak Region Open House Weekend on April 26 & 27. This event is an opportunity for interested buyers to tour available houses on the market and learn about the benefits of homeownership in a low pressure environment. For sellers, this event provides a high-visibility effort to promote traffic and drive home sales. For participating REALTORS®, this is an opportunity to connect with consumers in their communities about the housing issues that matter most to them as well as provide expert insight into the local housing market. PPAR will be conducting a marketing campaign on radio and television, geared toward the public during the month of April to help promote consumer awareness and encourage participation in this exciting event. PPAR will also provide marketing resources to participating REALTORS® to help stimulate consumer interest. These materials will include items for printed advertising, such as flyers for the open houses and customizable pieces for newsletters and emails, and online resources, such as a video and web banners advertising the event that REALTORS® can put on their websites. PPAR will also be giving away prizes to prospective buyers who register at participating open houses and to REALTORS® who are hosting them. Brokerages are encouraged to rally widespread interest among their agents to increase the scope and power of this event. To participate in this event: • List participating open houses in

• Pick up blue and white REALTOR® balloons from the PPAR office to display at your open houses to increase visibility. • Use provided promotional materials to encourage buyers and sellers to participate in this event. • Collect the “Golden Tickets” from open house visitors during the event. o The “Golden Tickets” must be received by PPAR by end of business day on May 2nd, 2014 o The registration forms can be: • Dropped off at PPAR’s offi ce at 430 N. Tejon St., 80903 • Mailed to PPAR‘s offi ce • Faxed to 719-476-8140 • Have blank “Golden Tickets” at your Open House for visitors who didn’t bring one. o Go to (use the Public Site, Don’t login to the MLS) o Using the "Open House Search" icon on the main page, find your listing o Click on the “Golden Ticket” icon on the lower right hand side o Print as many copies as you would like o Make sure the “Golden Tickets” have your Open House address and MLS# listed • REALTORS® are also encouraged to hold a mini-drawing at their open house for a prize, such as a basket or gift card. Visit the PPAR Events page at http:// for more information on this event.


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Experience the sophisticated beverages and savory food of the Colorado Mountain Brewery at the Roundhouse while enjoying networking with other professionals in the real estate industry! Have fun while protecting your business and industry!

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Tickets are $49 per person and include food and beverage tastings.

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RSVP with Michele at or 633-7718 ext 114 by Monday, April 21st. Sponsored By:

90 S. Cascade Avenue, Suite 950 Colorado Springs, CO 80903

(closing and presentation office only, available by appointment)


Revenues generated benefit the REALTORS® Political Action Committee, which is used to support or defeat legislation that impacts the local real estate industry and ultimately your business!

March 31, 2014

Colorado Springs Real Estate Journal

361 W. Highway 24, Suite 100 Woodland Park, CO 80863 719-687-3081

© Fidelity National Title Company, 2014. All Rights Reserved. Underwritten by Fidelity National Title Insurance Company.


Local News

ERA Herman Group Real Estate gets bigger Shorewood, which posted $1.7 billion in 2013 sales with its nine Manhattan Beach, Calif.-based offices and 250 brokers, will keep its name, the companies announced Feb. 27. "Through this relationship we have this unique opportunity to keep the Shorewood name, brand and logo while tapping into these incredible avenues for growth, which is a win-win," said Roger Herman, president and CEO. Roger Herman added, "One of the most exciting announcements and opportunities that came out of the ERA Powered relationship is the acquisition of a very significant corporate

relocation contract in Los Angeles County which will create incredible opportunities for growth for agents and customers”. Herman Group was started in Denver in 2004 and joined real estate franchisor ERA Franchise Systems LLC of Madison, N.J., in 2010. Herman will be the new president and CEO of the company and Shorewood founder Arnold Goldstein has been named chairman emeritus. "As a local company with nearly 45 years of service to the South Bay community, I'm thrilled that the legacy and heritage of Shorewood Realtors

will be preserved, providing avenues for enhanced customer service for clients and positioning the firm to lead in this market for the next generation," said Goldstein. This purchase by Colorado business man Roger Herman, makes the Denver-based company the largest division of the parent company ERA Real Estate in North America with offices in Colorado Springs, Boulder, Fort Collins, Pueblo, Miami and Las Vegas. ERA has more than 2,300 offices in the United States and 33 countries.

QSC Platinum recipients Joel Gazibara of ERA Shields Real Estate in Colorado Springs, Colorado was awarded the highest level of service achievement in the real estate industry, Quality Service Certified® Platinum. Vicki Westapher of RE/MAX Properties, Inc. in Colorado Springs, CO has repeated the previous year’s achievement of being granted the highest level of service achievement in the real estate industry, Quality Service Certified® Platinum. The award is in recognition of earning 100% client service satisfaction in 2013, as measured by Leading Research Corporation (LRC).

EMPiRE titlE woodland PaRk'S 2nd annual St. PatRiCk’S PaRtY March 12, 2014



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Colorado Springs Real Estate Journal

March 31, 2014

On the Move

Hovland, latsios, Short Keller Williams Partners Please join us in welcoming Michelle Hovland to our Keller Williams Partners Family. Michelle holds a Bachelors of Science in Hotel, Restaurant & Tourism Management. She also holds a Master of Business Administration. She has lived in Colorado Springs for a year and is very excited to get started with her real estate career! Keller Williams Partners would like to welcome Louis Latsios as the newest member of our family! Louie has called Colorado Springs homes for the last 6 years. He holds a BA in History with a minor in Anthropology, and was a Reischer Family Scholarship recipient. He is also a member of the National Society of Leadership and Success. Louie is excited begin his career in real estate, as it will give him the opportunity to interact with the community and help families find their ideal homes. Please join us in welcoming Marc Short to the Keller Williams Partners family. Marc was lucky enough to move to El Paso County in 1965 when his Dad transferred here after a tour in Vietnam. The traditional values of Loyalty, Honor, Commitment, and Accountability were taught early in his family and carry through in his life to this day. From the All Natural Grown Vegetables he sells at Farmer’s Markets to helping families find just the right house to call “home”, Marc is honored to serve his community.

Gauch, Grandy, Payne North American Title Cindy Gauch: In 1996 I started my first job in the title industry as a sales representative. representative. I had no clue what I was doing, didn't know the language of the title insurance world, but was

driven by a strong work ethic and a desire to help people make progress in achieving their goals. Today, 18 years later I still find joy in connecting people to the possibilities all around them. Over the past years my passion has been to give back to charitable organizations for women who needed encouragement and direction to rebuild their lives. I have been involved with Liza’s Place, Rocky Mountain Land Trust and WIC. My husband and I enjoy many outside activities, hiking, biking and treasure hunting. Norell Grandy: She began her career in the title insurance world in 1978 in San Francisco, California. While getting her real estate license, she heard about "escrow" and never looked back. It was the beginning of a great and interesting career. She moved to Colorado Springs in 1984 to be closer to her family, and fell in love with Colorado. Growing up in Idaho, she was thrilled to be so close to skiing, hiking and the mountains. She's been privileged to work in every aspect of the business. Her calling, and favorite part of the business is closing real estate transactions, whether it be refinances, residential sales or commercial transactions. She loves the variety of people and transactions. She strives to make the entire process as smooth as possible for all involved. Closings, big or small, can be a complicated process and she wants to exceed the expectations of our customers. She will deliver great customer service in this always changing and challenging industry. Amanda Payne: I was born in Alliance, Nebraska. Home of the world famous Carhenge! Daughter of a Green Beret, I spent my childhood moving around and living many exciting places. In 1984, we settled in Woodland Park, and I am so proud to call Colorado home ever since. I have lived in the Colorado Springs area for over 25 years and graduated from the University of Colorado. My husband and I love to hike, camp, fish and hunt all over the state. I have been in the real estate community since 2006. I soon discovered I had found my passion as an escrow officer. In the beginning I worked with an affiliated real estate office and conducted many classes about the contract, title commitment and HUD. Education has always

been one of my passions. My experience in closing includes short sales, new government programs, FSBOs and working with our military community for their housing needs.

Montoya, McElroy V.I.P. Mortgage Diana Montoya has been in the real estate industry for over 30 years. She has managed mortgage and title companies throughout her career. She has an extensive knowledge of the area and loves helping realtors grow their business. Her title and lending background enables her to assist her clients with up to date information. She enjoys working with clients from all backgrounds. Her desire is to assist them with their real estate needs. Diana has been actively involved in the community. She has served on many committees such as program chairman for the HBA (Housing and Building Association) for 14 years. She also served as President of Colorado Springs Mortgage Lender’s Association. Diana enjoys spending time with her lovely daughters, golfing and traveling. Supporting the new V.I.P. Mortgage offices in Salida, Maureen McElroy holds a Bachelor’s degree in both Business Management and Psychology from Luther College, in Decorah, IA. Her focus each day is the borrower; from the beginning of a client’s application, through closing. “Since the day I was warmly welcomed, by Jack Teegardin and Courtney Kline, the support has been nothing short of spectacular. The atmosphere is very different from any other corporate environment I have been exposed to over the years," said McElroy. She is involved in the community and was recognized as the Kiwanian of the Year for her club in Salida, in 2005-2006, and is an active member of the Sunrise Rotary Group. During her free time, she enjoys spending time with her husband, son, and future daughter-inlaw, alpine and cross country skiing and snowing shoeing in the winter and rafting, fly fishing the Upper Arkansas River and hiking and camping during the warmer months.

Vicky Holt ERA Herman Group Real Estate It is with great pleasure, we are proud to announce Vicky Holt has been promoted to Regional Director of Southern Colorado. Vicky has been a dedicated and valued asset with ERA Herman Group. In her eight years with ERA Herman Group she has proven her leadership skills time and again and held many positions with the company. Vicky’s immense contract knowledge and her training and coaching abilities have made her a respected team member and contributed to the growth of many new and seasoned agents. Vicky will continue to head the compliance for our Denver and Southern Colorado Regions in addition to Director of Training for these regions.

Stephanie Hawthorne The Platinum Group Realtors Throughout my career I have been fortunate to experience many facets of the real estate industry; from sales and marketing to both production and custom home building to the title business. Still, I find nothing more rewarding than helping families make quite possibly the largest investment in their life. I started in the industry at 19 years of age and now with over 15 years of real estate experience I can say the only thing that is guaranteed is change! Being skilled and able to adapt and overcome these changes has been my strength. I can even say I enjoy these challenges! Home buying and selling can be a stressful process which I help alleviate through open lines of communication and driven results. My integrity and loyalty is reflected in everything I do and I have been blessed with great success. I love every aspect of what I do, especially building lasting relationships with strong foundations. Personal attention to my clients’ needs will always come first and foremost…and I strive to have fun along the way!

Send your 150-word (or less) new agent bio and photo to:


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Our philosophy of growth is to invest in what we believe in. That is why we recently opened a downtown location. We invite you to get to know our dependable, knowledgeable and experienced team of professionals. We look forward to helping grow your business along with ours.


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DOWNTOWN COLORADO SPRINGS 102 N. Cascade | Suite 330 Colorado Springs, CO 80903

NORTHERN COLORADO SPRINGS 1730 Chapel Hills Dr. | Suite 100 Colorado Springs, CO 80920

t: 719.578.4100 f: 719.352.0197 e:

t: 719.598.5355 f: 719.598.5366 e:

Map data © 2014 Google March 31, 2014

©2014 North American Title Group and its subsidiaries. All Rights Reserved. North American Title Group and its subsidiaries are not responsible for any errors or omissions, or for the results obtained from the use of this information. | CO14-4095 R 02-07-14

Colorado Springs Real Estate Journal


Local Expert

One good deed deserves another... Indeed it does

Empire Title of Colorado Springs

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Empire Title of Woodland Park

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   

 ♦  ♦   ♦  

      

 

In real estate transactions buyers and sellers see many legal documents. The documents we are going to talk about today By Bill Mcafee show ownership in Empire Title varying degrees. — We will discuss three types of conveyance deeds: General Warranty Deed, aka Warranty Deed; Special Warranty Deed; and, Quitclaim Deed. These deeds differ only in the amount of protection that the grantor (seller) warrants to the grantee (buyer). All three of these deeds do transfer title to real estate; they just vary in the degree of liability and protection that the seller gives to the buyer. The definition of a Warranty Deed according to the Colorado Real Estate Manual is a deed in which the seller warrants or guarantees title against defects that existed before the seller acquired title or that arose during the sellers’ ownership. It does not warrant against encumbrances or defects arising from the buyers’ own acts. There are certain covenants for warranty’s that are contained in general warranty deeds. The usual covenants are: A) Covenant of seizin, meaning the seller has ownership and has the right to convey it. In addition, the fact that the property is mortgaged or has certain restrictions does not breach this covenant. B) Covenant against encumbrances, meaning seller has no liens or claims against the property except those specifically excluded in the deed. C) Covenant of quiet enjoyment, meaning the seller guarantees the buyer will not be evicted or disturbed while possessing the property. Claims by third parties do not breach this covenant. D) Covenant of further assurance, guaranteeing that the seller will produce and deliver any other documents that are subsequently necessary to make a good title.

 

 

 

  

  

 

  

 


E) Covenant of warrant forever, guaranteeing that the buyer will have title and possession to the property (sometimes a part of quiet enjoyment). The Covenant of seizin and the Covenant against encumbrances will generally relate to the past and usually do not “run with land”. This means that the current buyer can sue the seller for any breach. Covenant of quiet enjoyment, Covenant of further assurance, and Covenant of warrant forever protect against any future defect and are considered to “run with the land”. This allows any subsequent buyer to sue for breach against any previous seller. Colorado Statute states that covenant of seizin, peaceable possession, freedom from encumbrances, and warranty contained in any conveyance of real estate or any interest there in, shall “run with the land”, and will be to the benefit of all subsequent buyers and lien holders. To sum up, a warranty deed will

Colorado Springs Real Estate Journal

give the most amount of protection to a purchaser of real estate - definitely a good deed. One good deed leads to another. Another deed to discuss is the Special Warranty Deed. Special Warranty Deeds warrant only against defects arising after the seller bought the property and not against defects arising before that time. This means a buyer purchasing real estate with a special warranty deed would only have guarantees and protection against those things that the seller created against the property. Any title issues created prior to the seller acquiring the property would not be warrantied. In simple terms, the buyer is only protected against the liens or defects which the last seller created. Buyer has no protections from any previous owners or encumbrances. Sometimes one good deed does not lead to another. A Quitclaim Deed warrants absolutely nothing. A Quitclaim deed conveys the sellers’ present interest in the land, if any. A Quitclaim deed is frequently used to clear up a technical defect in the chain of title or to release lien claims against the property. Examples of such deeds are corrections deeds and deeds of release. Simply put, the buyer does not receive any protection or warranties from the seller. If warranties or protection is important to you as a buyer, Quitclaim deeds may not be the deed for you. The type of deed that a buyer desires should always be based on good fundamental judgment and the advice from a real estate agent or attorney. If the buyer desires maximum protection against past events, then the warranty deed is for you. If the buyer is ok with a warranty and protection from the current seller only, then the special warranty is the deed for you. If no warranties or protection are desired by the buyer then the quitclaim deed will satisfy your need. As strange as it may seem, the title insurance policy that a buyer receives in a typical real estate transaction is not affected by the type of deed that the seller conveys to the buyer. Buyers may always desire a warranty deed; however, sellers such as banks, asset managers, and certain other government agencies may not be willing to issue one. In this case title insurance is very important as the buyer may not be able to get the warranties and guarantees that they want from the seller. Title insurance can step in for the shortfalls that special warranty deeds or quitclaim deeds or even general warranty deeds may not provide. One good deed deserves another.

Have Some news? let us know! Email March 31, 2014

Around the Corner Thursday, Apr 3 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 2014 Real Estate Contract 9am-1pm @ Empire Title 719-884-5300

Saturday, Apr 5 Aspen View Homes at Spring Creek Grand Opening 11am-4pm @ Spring Creek

Wednesday, Apr 9 Mandatory Commission Update 9am-1pm @ Empire Title 719-884-5300

Thursday, Apr 10 Farm and Land 8:30am @ Rudy's on 8th Street Greg Wolff: 719-590-1711

Women's Council of Realtors The New Cyber-Consumer 11am-1pm @ The Sunbird Restaurant Michele: 719-633-7718 Working with the Veteran Homebuyer 9am-1pm @ Empire Title 719-884-5300

Saturday, Apr 12 Home Buying Seminar (for clients) 10am-12pm @ Ent (Galley)

Thursday, Apr 17

Thursday, Apr 24

Intro to Title & Escrow 9am-11am @ Legacy Title

Advancced Foreclosure & Short Sale 9am-1pm @ Empire Title 719-884-5300

Defining Your Brand with Style 3pm-5pm @ Legacy Title

Credit Management Luncheon 12pm-1pm @ Empire Title 719-884-5300

Friday, Apr 18

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.

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

Wednesday, Apr 23

Monday, Apr 14

Market Update Luncheon: 1st Qtr. Recap 12pm-1pm @ Empire Title 719-884-5300

Understanding Mold in the Restoration Industry 9am-12pm @ Legacy Title

Tuesday, Apr 15 NARPM Meeting 11am-1pm @ Clarion Hotel (314 W. Bijou) Alex Yoder, 719-213-9100

Wednesday, Apr 16 How to Sell HUD Homes 9am-12pm @ Legacy Title

NAHB Construction Forecast Webinar 12pm-2pm @ HBA PPAR Government Affairs RPAC Wine & Beer Tasting 5:30pm-8:30pm @ Cold Mountain Brewery at the Roadhouse Michele: 719-633-7718

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Here’s how it works —by the numbers…

Hooked On Classic

1st Closing

REALTOR RECOGNITION PROGRAM. The “Hooked on Classic” Realtor Recognition Program is back by popular demand! And that means we’ll be paying out more than line when we say thanks to all of our hard-working sales partners out there for promoting our properties! 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. So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

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


Sales Model – 6411 Wi nd River Point (80923) 719-573-2009 The Stanhope, 7663 Matchlock Hts 4 Bed, 3 Bath, 2 Car Ga rage, Ranch/Paired Patio Ho me 2,739 sq. ft., $274,90 0

Sales Model – 1155 Old 1) North Gate Rd (8092 719-694-8840 il, MLS #758969, The Va Dr l Tai w llo Ye 1528 4 Bed, Study, 2.5 Bath, y 3 Car Garage, 2-Stor 1 ,85 19 $4 ft., sq. 3,853


ttonwood Sales Model – 7163 Co 86-4995 9-8 71 Tree (80927) shmore, MLS #792575, The Ru e 8089 Hollygrap Ln. 2 Car 3 Bed, Loft, 2.5 Bath, ft., sq. 70 Garage, 2-Story, 2,7 0 $279,90

Sales Model – 1908 Tu rnbull Dr (80921) - 719-495-72 97 MLS #771555, The Bro ugham, 13255 Cake Bread Ht s 3 Bed, 2.5 Bath, 2 Ca r Garage, Ranch/Paired Patio Ho me 3,086 sq. ft., $379,90 0

INDIGO RANCH AT STETSON RIDGE Sales Model – 7104 Mustang Rim Dr (8092 3) 719-574-6610

2nd Closing


on Cast Your lineed these featur mes! Ho Quick Move-In BANNING LEWIS RANCH

4% commission on base price and qualify for the Hooked on Classic Program.


Closeout Inventory! wing No Model: Call for sho 719-390-6200 shmore, MLS #742530, The Ru 6885 Alliance Lp 4 Bed, 2.5 Bath, y, 2 Car Garage, 2-Stor 0 ,00 2,770 sq. ft., $249



Sales Model – 15530 Short Line Ct (80132) - 719-481-9828 MLS #782502, The Wi ndsor, 15676 Transcontinen tal Dr 3 Bed, 2.5 Bath, 3 Ca r Garage, 2-Story, 3,669 sq. ft., $407,722

Program Terms and Conditions:


ve Eagle Dr. Sales Model – 5906 Bra 50 -16 82 719-2

MLS #736981, The Alp ine, 7140 Mustang Rim Dr 3 Bed, 2.5 Bath, 2 Car Garage, 2-Stor y, 2,485 sq. ft., $293,095 *Pricing, availability, and program terms subject to change.

il, MLS #712584, The Va Dr g un 6223 Leon Yo 3 Car 4 Bed, Study, 2.5 Bath, ft., sq. 40 3,8 Garage, 2-Story, 0 $364,90



Sales Model – 5573 Ma jestic Dr (80919) - 719-323-4283 MLS #755625, The Ru shmore, 5573 Majestic Dr 3 Bed, Loft, 2.5 Bath, 2 Car Garage, 2-Stor y 2,770 sq. ft., $309,90 0

1) Hooked on Classic 2014 Bonus Incentives will be paid on all contracts originated between 1/1/2014 and 12/31/2014. Contracts must close to receive bonus. 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 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.

Win a Home. Save Lives. Learn more at

CSREJ - March  

March 31, 2014

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