CSREJ - September

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Vol. 9 No. 1

September 26, 2016

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2016 Parade of Homes Industry Awards and People’s Choice Awards The Housing & Building Association of Colorado Springs (HBA) announced the winners of the People’s Choice Awards and the Industry Awards of Excellence for the 2016 Parade of Homes. This year’s featured homes ranged in price from less than $100,000 to more than $1,500,000. 24 builders presented 27 homes located among 17 communities throughout the Pikes Peak Region for the 62nd Annual Parade of Homes.

Industry professionals from around the state judged

the homes on a number of features including landscape design, floor plan, architectural exterior, and interior decorating. The coveted People’s Choice Awards is voted on each year by Parade of Homes attendees. The People’s Choice and Industry Awards are both broken out into multiple categories divided by price point. Industry Awards are then further divided among the following eight categories: Best Kitchen, Best Master Suite, Best Interior Design, Best Exterior, Best Landscape Design,

All About Home Design - Cottage at Millhaven

Best Architectural Exterior, Best Craftsmanship and Best Overall Home.

On Thursday, August 25, winners of both the People’s Choice and Industry Awards were honored by the HBA at

the Parade of Homes Awards Banquet held at the Pinery at The Hill with more than 240 in attendance. Peak FM’s Goose was the emcee of the evening. The sponsors of this year’s Award

banquet was AXIA Home Loans, Peak Lighting and the Pikes Peak Regional Building Department.

Reception Photos | 5 Awards | 7

At $175M, listing could break U.S. record erty has not been occupied for awhile as the younger descendants have moved on, says David Ogilvy, the listing agent for the property.

The estate could shatter the previous record for the priciest U.S. home – a home in New York’s Hamptons that sold in 2014 for $147 million, Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultants, told the Associated Press.

The Great Island features a stone mansion, 21-stall horse

stable, polo field, private beach and dock, and a boathouse. The estate is located on Long Island Sound and connected to the mainland by man-made strips of land. Several additional homes also are located on the property. © Copyright National Association of Realtors. Reprinted with permission.

Photos courtesy of www.christiesrealestate.com

HBA Parade of Homes Awards

Parade of Homes Award Winners

Jay Gupta's August Housing Stats

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Honest & Ethical Service from People You Know.

5333 North Union Blvd. Suite 100, Colorado Springs, CO 80918

HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website.

Regulated by the Colorado Division of Real Estate, Corp NMLS #3113.

Chad Denny

Branch Manager

Debbie Havens

Sales Manager

Sharon Ballinger

Sr. Loan Officer

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

mobile Issue (Beta)

A 63-acre island estate in Darien, Conn., could potentially become the highest paid for a residential property in the U.S., that is if a buyer is found to pay the $175 million asking price, the Associated Press reports.

The estate, known as the Great Island, has been owned since around 1900 by the family and descendants of William Ziegler, an industrialist whose fortunes were attributed to baking powder.

The main house on the prop-

Edward Duncan

Will Michaloski

Marianne Elep Turner

Loan Officer

Loan Officer

Loan Officer

4 7 13 14 15

(719) 331-2750 chad.denny@academy.cc

(719) 380-1778 debbie.havens@academy.cc

(719) 491-2500 sharon.ballinger@academy.cc

(719) 264-1968 edward.duncan@academy.cc

(719) 232-7553 will.michaloski@academy.cc

(719) 264-1952 marianne.elepturner@academy.cc

NMLS #665068 State Lic #100037389

NMLS #653845 State Lic #100018256

NMLS #347297 State Lic #100019804

NMLS # 1383947 State Lic #100500423

NMLS #1058945 State Lic #100044854

NMLS #231308 State Lic #100029888

In Depth Will eMortgages make mortgage loan officers obsolete?

Not affiliated with The Colorado Springs Business Journal

Colorado Springs Real Estate Journal LLC 4655 Fencer Road, Colo Spgs, CO 80911

director of Advertising Rachelle Nardo

rachelle@csrej.com

director of Publishing Josh Olson

josh@csrej.com Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published once a month and distributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Building Association and many other industryrelated professionals.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

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. Email josh@csrej.com your submissions or questions.

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One of the most common predictions I hear is that technology will lead to the demise of the By Jon Paukovich Ent mortgage loan officer — (MLO). It’s an understandable assumption. While lenders and their vendors have made major digital strides, especially in the areas of online applications and disclosure document e-signings, the fact is we still lag well behind other industries in respect to digital efficiencies for mortgage loan borrowers. In fact, 15 years ago it was predicted that electronic mortgages and electronic closings would be common place in “just a few years.” Yet, e-closings are still rare.

What may surprise you is that even millennials appreciate that when making perhaps the biggest financial decision of their life, part of the process will be offline. According to a National Mortgage News post, the generation known for preferring to do everything online and on their own schedule still at least wants “the ability to interact with an expert to answer questions and provide advice.”

And it’s why having the MLO at the heart of the loan process is still a very good thing. Because unlike software or a call center located in another state, a MLO can provide tailored

options and advice. They not only understand the local housing market, they also stay current on local lending programs. By having a conversation with each borrower about their financial challenges and goals, a MLO can ascertain whether a down payment assistance program, a conventional loan with mortgage insurance or some other loan product may be in the borrower’s best interest.

As we’ve seen over the last few years, the mortgage loan process itself continues to change. Even if someone bought a home just three years ago, the current process will essentially be brand new to them. Establishing a one-to-one relationship with a MLO who can be relied upon to answer questions and ultimately lead a bor-

rower through the process efficiently not only reduces stress (for the buyer and everyone else involved) but also helps ensure the loan closes.

While digital innovations are appreciated by consumers for streamlining some processes and by lenders for improved efficiencies, an electronic equivalent of having a MLO present at the closing table has yet to be rolled out. So far, there’s no “eMLO” who can answer last minute borrower questions or manage an unforeseen glitch.

While there will undoubtedly continue to be many new digital innovations to help us all better serve homebuyers, to paraphrase Mark Twain, the demise of the mortgage loan officer has been greatly exaggerated.

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719-494-8112

719-494-3194

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Colorado Springs Real Estate Journal

September 26, 2016

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National News

Most real estate firms confident about profits

Owners:

Patti Walter, Matt Hall, Ashley Bush

WWW.LEGACYTITLE-LLC.COM “empowering our associates to make the difference”

MEET A C L

Julie Nicks brings over 20 years of title experience to Legacy Title as a closer. She is a native to Colorado Springs; so she knows the people, as well as the area.

Julie is married with 4 kids and enjoys camping, hiking and skiing.

O S E R Don’t forget about our Continuing Education classes.

Check out our website to see upcoming classes that are available. We also have an email that goes out on Mondays to let you know about classes as well. Give us a call, and we’ll get you signed up!

American Society of Home Inspectors America’s Oldest, Most Trusted Organization for Professional Home Inspectors

A certified ASHi Home inSpector possesses the skills, training, knowledge and experience to evaluate the overall condition of the biggest investment your client will ever make!

The majority of real estate firms say they're confident about profitability next year, and many plan on continuing recruitment efforts to keep up with the growth of their competition, a new report shows.

The National Association of REALTORS® 2016 Profile of Real Estate Firms surveyed real estate firm executives and NAR members about the business makeup and activity of firms, as well as their outlook for the future.

"For a second year in a row, a majority of real estate firms have a positive outlook on profitability, with 91 percent of all firms expecting their net income to increase or remain the same over the next year," says Tom Salomone, NAR President and broker-owner of Real Estate II, Inc. in Coral Springs, Fla. "Although there is an overwhelmingly positive outlook, low inventory and high prices have led to an overall decrease in real estate firm’s sales volume since last year’s report."

Here are some highlights from the real estate firms report: Sales Expectations: While real estate firms expect slightly less profitability, overall they remain confident in seeing an increase in net income next year.

• Sixty-four percent of real estate firms surveyed say they expect their net income to increase in the next year.

• Sixty-seven percent of commercial real estate firms expect their profitability to improve.

Recruitment and Competition: According to the report, a perception of increased competition from traditional and virtual firms will up their recruitment efforts in the future.

• Forty-seven percent of firms reported they are actively recruiting sales agents in 2016, up from 44 percent in 2015.

• Forty-three percent of real estate firms expect to see more competition next year from non-traditional firms.

• Forty-six percent of firms think competition from virtual firms will increase next year, which is up from 41 percent who answered this way in 2015.

Biggest Challenges: Real estate firms continue to worry about adapting new technology and the general status of the housing market, and also expressed concern over working with the Gen Y demographic.

• The top three concerns for firms right now are: Profitability (49 percent), keeping up with technology (48 percent), and the current state of housing inventory (48 percent).

• Nearly half of firms are concerned with Generation Y’s ability to buy a home.

• Forty-six percent of firms are concerned about the recruitment of Gen Y and Gen X real estate professionals. © Copyright National Association of Realtors. Reprinted with permission.

To find your inspector, log onto www.ASHI-SouthernColorado.org

Homes are getting more affordable Housing affordability may finally be showing signs of improvement, according to a new analysis of American Community Survey data.

About 33.6 percent of households were cost-burdened in 2015, which means they spent more than 30 percent of their incomes on housing costs. That's down from 34.6 percent a year earlier, according to Jed Kolko, chief economist at job site Indeed, and senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley.

Low mortgage rates are one factor helping to improve affordability. Renters are also seeing improvement, which may be aided by recent income gains that are outpacing rent growth, Kolko notes.

About 49 percent of renters were cost-burdened in 2015, which means they spent more than 30 percent of their incomes in rent, compared to about 50 percent a year earlier. That is the lowest percentage since 2008, according to Kolko’s analysis.

Also notable, single-family home ownership has seen its biggest rise since 2007. Single-family ownership rose to 65.7 million owner-occupied single-family homes in 2015 compared to 65.2 million a year earlier. © Copyright National Association of Realtors. Reprinted with permission.

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Colorado Springs Real Estate Journal

September 26, 2016

HBA Parade of Homes AWARDS PARTY August 25, 2016 @ The Pinery at the Hill

Photos by Perceptive Image Creations September 26, 2016

Colorado Springs Real Estate Journal www.csrej.com

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Stephanie, Lori, Amy, Bobbi & Jade.

The Bobbi Price Team with the Platinum Group Realtors is proud to be the exclusive representative of two very special interactive builders.

These builders are known for their integrity, quality, professionalism, and their personal interaction with the families who build homes with them.

Gray Homes www.grayhomesinc.com 719 536 4304 Dave Gray has been building homes for over 12 years in Colorado Springs. His experience, knowledge, and style are reflected in his homes. From innovative product lines not seen in Colorado Springs to clean, modern luxury, Dave Gray has the ability & knowledge to accommodate any family or lifestyles of all types. Catering to his clients needs, you will see Dave throughout the home building process, which is a process like no other. Dave Gray is excited to offer his homes to families in Wolf Ranch starting in the low $400’s. Customer Satisfaction isn’t just a myth, it’s a legend at Gray Homes. For more information on “move in ready” homes, please visit them at their model: 5916 Fergus Drive, COS, CO 80924

Chartercraft Homes www.chartercrafthomes.com 719 536 4303 Marty Christiansen has hand crafted over 450 homes in Colorado Springs and the surrounding rural areas since 1992. Chartercraft has over 20 floorplans and Marty personally meets with every buyer to allow the family’s to put their personal footprint on each of them. Currently building in 4 Way Ranch and Park Ridge, Chartercraft is no stranger to building homes on personal home sites. Homes starting in the mid $400s. Chartercraft also offers home sites with acreage and stunning views. For more information on “move in” ready homes, please visit them at: 13516 Gilbert Rd., Peyton, CO 80831

For Additional information, you can contact Stephanie Hawthorne at: 719 210 0480

Our preferred lending team

MARCY LANGLOIS Mortgage Loan Originator (719) 265-5147 mlanglois@pmglending.com NMLS# 452580

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RICH DILLMAN Sales Manager (719) 201-8193 rich.dillman@caliberhomeloans.com NMLS# 298994

Colorado Springs Real Estate Journal

September 26, 2016

Local News Parade of Homes from 1 HBA is proud to announce the winners of the 2016 Industry Awards of Excellence and People’s Choice Awards as follows: Less than $275,000 Oakwood Homes - Surrey • Best Kitchen​ • Best Master Suite • Best Interior Design • Best Floor Plan • Best Architectural Exterior • Best Landscaping • Best Craftsmanship • Best Overall Home

• Best Architectural Exterior • Best Overall Home $475,000 - $550,000 Vanguard Homes - Ramsgate​ • Best Landscaping Classic Homes – The San Isabel​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan • Best Architectural Exterior • Best Craftsmanship • Best Overall Home

$850,000 - $935,000 Saddletree Homes – Buena Vista II​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan • Best Architectural Exterior • Best Landscaping • Best Craftsmanship • Best Overall Home

Kirella Homes – Villa di Torre​ • Best Kitchen • Best Architectural Exterior • Best Craftsmanship • Best Overall Home $1,000,000 - $1,500,000​ Galiant Homes – La Visiere​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan • Best Architectural Exterior • Best Landscaping • Best Craftsmanship • Best Overall Home More than $1,500,000

$940,000 - $1,000,000​ Hammer Homes – The Retreat​ • Best Master Suite $630,000 - $775,000 $300,000 - $350,000​ Windsor Ridge Homes - Arlington​ • Best Landscaping • Best Craftsmanship Oakwood Homes - Volante​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan

Tuscany Homes – The Milan​ • Best Architectural Exterior • Best Landscaping • Best Craftsmanship

Alliance Builders - Beaumont​ • Best Interior Design • Best Floor Plan • Best Landscaping ​

Keller Homes – The Glencrest​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan • Best Overall Home

All About Home Design – Cottage at Millhaven​ • Best Kitchen • Best Master Suite • Best Interior Design • Best Floor Plan • Best Architectural Exterior • Best Landscaping • Best Craftsmanship • Best Overall Home Photos by Perceptive Image Creations

People’s Choice Page 9

LOCAL EXPERTS We have helped more than 1-million Colorado customers realize their real estate dreams.

Since we work only in Colorado, our accuracy is unrivaled. Beyond being the state’s leader in title insurance and closing services, we are social leaders too, supporting local charities and events. So, put your trust where you are treated like a neighbor, because you are.

Over 40,000 Successful Closings Yearly | Since 1967 | www.ltgc.com

September 26, 2016

Colorado Springs Real Estate Journal www.csrej.com

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Colorado Springs Real Estate Journal

* Pricing, bonuses, and features are subject to change without notice. Offer valid on new contracts August 17 October 31, 2016. Last Updated on 09/17/16

September 26, 2016

Local News 2016 People’s Choice: Under $275,000 Oakwood Homes – Surrey $300,000 - $350,000 Windsor Ridge Homes – Arlington $475,000 - $550,000 Vanguard Homes – Ramsgate $630,000 - $775,000 Hi Point Home Builders – The Velvet Hammer $850,000 - $935,000 Jayden Homes – The Grandview $940,000 - $1 million Garden of the Gods Homes – The Manitou $1 million to $1.5 million Galiant Homes – La Visiere More than $1,500,000 All About Home Design – Cottage at Millhaven The Parade of Homes also recognized the Main Sites: The Farm; Flying Horse.

La-Z-Boy Furniture Galleries provided a grand prize of a $2,500 shopping spree. Parade goers were able to enter the drawing at any Parade home or online. This year’s winner is Madison Yates of Colorado Springs, CO. Penrose St. Francis Health Systems presented a prize of an Apple Watch was offered to attendees who visited all of the Parade homes and either registered their ticket at one of the homes or entered online. The winner of this prize is Sandra Burley of Colorado Springs, CO.

HBA would also like to thank the following Parade of Homes sponsors for their generous support: Presenting Sponsor: The Gazette.

Title Sponsors: Mortgage Solutions Financial, Farmers Insurance, La–Z–Boy Furniture Galleries, Mike Shaw Buick – GMC. Official Ticket Outlets: Safeway, Albertsons Military Ticket Outlets: Mike Shaw Buick-GMC, USAA. Media Sponsors: Cumulus Media stations, KOAA. Photos by Perceptive Image Creations

Campbell Homes Announces

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www.campbellhomes.com September 26, 2016

Colorado Springs Real Estate Journal

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Local News COLORADO SPRINGS AREA

Housing Stats Dashboard Colorado Springsand AreaSales Analysis COMPILED AND ANALYZED BY:

Housing Stats and Sales Analysis Jay Dashboard Gupta, BME MA MRE CRS CMRS SRES CDPE Compiled and analyzed by: 2008 PPAR Chairman and 2010 REALTOR® of the Year

Jay Gupta , BME MA MRE CRS CMRS Region SRES CDPE CAR Research Committee Southeast Spokesperson

® WithChairman over 2-Billion personal and managed 2008 PPAR andin2010 REALTOR of thesales Year CAR Research Committee Southeast RegionRocky Spokesperson Berkshire Hathaway Home Services Mountain, REALTORS® With over 2-Billion in personal and managed sales ® For comments & questions, contact: JayKGupta@gmail.com Berkshire Hathaway Home Services Rocky please Mountain, REALTORS www.ColoradoSpringsHomesAndStats.com For comments & questions, please contact: JayKGupta@gmail.com www.ColoradoSpringsHomesAndStats.com

Housing Stats Dashboard

Single Family/Patio Homes Sold Through Pikes Peak MLS Month / Year / Change % New Listings Active Listings Monthly Sales YTD Sales % of Active Listings Sold Monthly Sold Volume YTD Sold Volume Median Price Average Price % of List Price Received Average Days on Market Months' Supply % of Sold Listings … Sold in 0 to 30 Days … Sold in 31 to 60 Days … Sold in 61 to 90 Days … Sold in 91 to 120 Days … Sold in 121+ Days

August 2015 1,558 3,378 1,383 9,034 40.9% $378,087,246 $2,436,858,262 $241,468 $273,381 98.8% 72 2.4 months 27.8% 31.1% 16.0% 9.0% 16.2%

Sales Analysis

August 2016 1,595 2,660 1,452 10,243 54.6% $429,614,003 $2,909,462,692 $265,000 $295,877 99.4% 28 1.8 months 73.3% 13.8% 6.2% 2.6% 4.1%

Change 2.4% (21.3)% 5.0% 13.4% 13.7% 13.6% 19.4% 9.7% 8.2% 0.6 % (61.1)% (25.0)% 45.5% (17.3)% (9.8)% (6.4)% (12.1)%

Single Family/Patio Homes Sold Through Pikes Peak MLS Month and Year

August 2015

August 2016

Price Range Under $199,999 $200,000 to $299,999 $300,000 to $399,999 $400,000 to $499,999 $500,000 to $599,999 $600,000 to $799,999 $800,000 to $999,999 $1,000,000 to $1,999,999 Over $2 million

30.7% 40.7% 16.2% 7.2% 2.9% 1.4% 0.4% 0.4%

1.3 months 1.9 months 3.1 months 3.5 months 5.9 months 12.1 months 17.3 months 20.8 months

19.4% 45.1% 20.9% 8.0% 3.2% 2.5% 0.4% 0.4%

1.1 months 1.2 months 1.8 months 3.0 months 4.2 months 6.8 months 16.7 months 19.3 months

0.1%

12.0 months

0.1%

30.0 months

Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of August 2015 and 2016. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained

by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

Jay Gupta’s Observations and Remarks:

Plant your seeds now and watch your business grow.

rachelle@csrej.com 719.439.0773 | www.csrej.com

• 93.4% Single Family/Patio Homes Sold in August 2016 were Priced Under $500,000 – The exceptionally low inventory in this price range is providing an excellent opportunity to list and sell properties as there are plenty of buyers ready and willing to buy.

• 5.7% Single Family/Patio Homes Sold in August 2016 were Priced Between $500,000 to $800,000 – There is a great opportunity for buyers and sellers to buy and sell in this price range with a reasonably balanced supply and demand situation.

• 0.9% Single Family/Patio Homes Sold in August 2016 were Priced Over $800,000 – It is an opportune time for buyers to buy in this price range as there is a wide selection of properties to choose from and there are motivated sellers.

• Historically Low-Interest Rates – During the 2005-2006 record-setting real estate market, the interest rates were hovering around 6%. The current historically low-interest rates are providing financially qualified home buyers an incredible opportunity to stretch their buying power and lock-in the low rates for 30-years. It is important to keep in mind that every 1% increase in the interest rate reduces the borrowing power by 10% for the same monthly payments.

• A Comparison of August 2016 Sales Data with Previously Record Setting August 2006 – Active Listings are down by 56%. Months’ Supply is down at 1.8 from 5 months in 2006. Monthly Sales are up by 19.8%. YTD Dollar Sales Volume is up by 31.7%. Average Sale Price is up by 8.7%. Median Sale Price is up by 17.8%.

• Note: Even in a hot real estate market with low inventory, not every property listed For Sale sells. Buyers generally buy realistically priced properties offering competitive values.

See Housing Stats | 11

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Colorado Springs Real Estate Journal

September 26, 2016

Local News Local Realtor raises and donates $6,600 for homeless veterans Colorado Springs Realtor® & Broker/Owner of Infinite Horizons Realty, Brian L. A. Wess, presented a donation for over $6,600 to the El Paso County Homeless Veterans Coalition to assist with costs related to the Coalitions Annual Homeless Veteran Stand Down and Transitional Housing Initiative that will take place on 18 October 2015 at the Colorado Springs Auditorium.

As Founder/Organizer of the Annual Defenders of Freedom: Veterans Recognition Ride that benefits programs that directly assists local severely wounded, fallen or at risk U. S. Military Veterans and their families, Wess, who is a U.S. Army Cold War Veteran himself, has put on this annual event for 9 Years now.

With nearly 300 participants on over 200 Motorcycles the 9th Annual Defenders of Freedom: Veterans Recognition Ride, "The Longest Law Enforcement Escorted Motorcycle Charity Procession in the State of Colorado", was once again a great success generating $6,600 this year which brings the total amount of donations this event has given Veterans Charities over the past 9 years to almost $60,000.

See Motorcycle Ride | 12

Choosing The Right Title Company

DOES Make The Difference Ask Yourself....

Would you invest your parents retirement funds or your own 401K in in a Limited Liability Company (LLC)?

Would you put your money in a Bank that is not FDIC insured?

“The Broker knew or should have known,” are words no one wants to hear. Today, more than ever, real estate professionals need to ask the right questions and understand the differences between title companies.

Is Your Title Company?

FIDELITY

• •

   

•

A designated underwriter or wholly owned subsidiary An agency A Limited Liability Company, LLC

OTHER

 

Wholly owned subsidiaries are responsible for both Title and Settlement Services whereas some entities are only responsible for the settlement side.

FIDELITY Does your Title Company carry Cyber Insurance to protect your Sellers Proceeds or Buyers Funds from computer hacking?

If so, how much?

Housing Stats continued from 10 August 2016 Sales Analysis By MLS Areas

OTHER

  $10 Million $____

Compiled by Jay Gupta Single Family/ Patio Homes

MLS Area

# of Months' # of Active Sold Supply Listings Listings

Black Forest Briargate Central East Fountain Valley Manitou Springs Marksheffel Northeast Northgate Northwest Old Colorado City Powers Southeast Southwest Tri-Lakes West Woodland Park

Median Price $

Average Price $

SP to Avg. List DOM %

All Real Estate Market Activity is "Local" 87 24 3.6 12,235,100 470,000 183 121 1.5 45,964,975 349,000 106 86 1.2 19,896,728 217,450 100 87 1.1 19,458,518 220,000 289 207 1.4 48,592,956 232,500 38 8 4.8 2,797,500 326,500 33 27 1.2 7,307,793 254,900 144 118 1.2 32,984,322 261,250 122 39 3.1 18,718,176 438,800 85 39 2.2 14,742,149 355,000 43 36 1.2 9,009,959 202,500 179 147 1.2 38,191,942 250,000 53 69 0.8 13,148,750 185,500 234 72 3.3 29,486,065 299,500 171 72 2.4 32,732,873 422,500 45 24 1.9 7,593,700 284,950 70 31 2.3 9,613,600 295,000

509,795 379,875 231,357 223,661 234,748 349,687 270,659 279,528 479,953 378,003 250,276 259,809 190,561 409,528 454,623 316,404 310,116

98.7 99.5 99.4 99.6 100.2 98.4 100.6 99.2 99.3 98.9 99.1 99.9 100.8 97.6 98.7 99.2 97.8

Sales Volume $

35 29 19 24 30 47 32 21 43 36 31 17 13 43 32 32 32

Fidelity National Title through Fidelity National Financial (FNF) is insured up to $10 Million per event.

For more information contact your Fidelity Sales Team!

Disclaimer: This representation is based in whole or in part on information from the Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS for the period of August 2016. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. © Copyright Jay Gupta. All rights reserved. Unauthorized reproduction is prohibited.

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September 26, 2016

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Colorado Springs Real Estate Journal

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11

Local News Motorcycle Ride from 11

don’t

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bank

on

advertising

Veterans Organizations like the VFW Warriors District 5 help to offset the costs of the event and Law Enforcement Escort so the monies collected the day of the event can go directly to the charity and ultimately the service members they help. 98.1 KKFM continued their tradition of donating some radio air time to advertise the event as they have since 2011.

What was originally planned as a one-time event has now become the longest yearly event of its kind in Southern Colorado and the unofficial kick off of the charity ride season. "While I had originally planned this as a one time event,” says Wess, “there has been so much support and encouragement from participants, sponsors and the community each year for the benefit of such a worthy cause that I feel compelled to continue the event as long as I’m able despite the many challenges and the hundreds of hours it takes each year.”

The yearly event that took place in Colorado Springs and El Paso County on Armed Forces Weekend, Sunday, 22 May 2016 recognizes all those who serve and have served this country and gives back to those who defend our freedoms and have selflessly sacrificed so much for our country. The event consists of a procession of motorcycles escorted by the Colorado Springs Police and the El Paso County Sheriff 's Office on a route over 40 miles from Compassion International near Northgate through Colorado Springs and El Paso County ending out in Falcon. This year’s event even garnered National media coverage on Fox News’ “The Five” program.

The beneficiary of this year’s ride, The 18th Annual “Stand Down” for El Paso County Homeless Veterans, saw an increase of about 35% to about 240 Homeless Veterans served at last year’s Stand Down event when about 13 Homeless Veterans were also identified for the Transitional Housing initiative that seeks to assist qualified homeless veterans into a more stable housing situation.

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719.439.0773 rachelle@csrej.com 12

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Colorado Springs Real Estate Journal

September 26, 2016

On the Move

Petersen, Hubert, macdonnell RE/MAX Properties We are pleased to announce that Andreana Petersen has joined RE/ MAX Properties, Inc. Andreana chose RE/MAX Properties, Inc. because of the genuine greeting and conversation as well as the presentation and tools provided.

She is honored to have a position with a company who has integrity and 30 years of history within the community.

Andreana speaks Greek fluently and holds a BA degree in Advertising.

Her professional background consisted of owning a construction company as well as working with local businesses and national corporations with strategically planned advertising campaigns to grow their business.

She plans on bringing those experiences to her Real Estate career and using them to help her clients with their real estate needs.

We are pleased to announce that Mark Hubert has joined the Sane Ray Team at RE/MAX Properties, Inc. Mark chose RE/MAX Properties, Inc. because of the company’s strong market presence which he feels will give him the best exposure for long term success.

RE/MAX Properties, Inc. is excited to see what the future has in store for Mark and warmly welcomes him to the team!

We are pleased to announce that Lauren MacDonnell has joined The Gold Medal Team at RE/MAX Properties, Inc. Lauren grew up in Colorado and RE/MAX Properties, Inc. was a very familiar name. When she started her real estate career, she knew that it was a name she wanted to work for. Lauren, having a military background, hopes to help military families with their real estate needs.

Jeremy Hudson Ent Credit Union Ent Credit Union is pleased to announce the promotion of Jeremy Hudson to mortgage loan officer.

Hudson will be the second mortgage loan officer dedicated to serving members in the Pueblo area from Ent’s Pueblo Main location at 300 West 5th Street.

“Adding Jeremy to our mortgage September 26, 2016

lending team supports our commitment to member service in the growing Pueblo market,” said Skip Wells, Ent’s vice president of mortgage lending.

During his eight-year career with Ent, Hudson has held a number of member service positions of increasing responsibility, and most recently served as Ent’s South Service Center coordinator.

Hudson received a bachelor’s degree in economics from the University of Northern Colorado.

Danny Bargeron recently joined RE/MAX Real Estate Group and paired up with Lauren Schneider to create an amazing team with extensive military home sales experience.

Danny brings 15+ years of military experience to the team. He has been in real estate since 2015 and lived in Colorado Springs since 2008. He is originally from Georgia, where is family still resides. However, Danny and his wife Sara love the outdoors, hiking, camping, kayaking and playing softball.

dave Genevich EXIT Realty Pikes Peak My experience in finance and accounting, engineering, construction and sales allows me to provide my sellers and buyers service from multiple perspectives.

I’ve been married to my wife for over 25 years. During that time we’ve bought and sold a number of homes, and relocated across the country three times. Our last move was to Colorado Springs from the Chicago area, so my daughter could continue pursuing her competitive athletic career. Being able to draw upon my life experiences to help you realize your goals is very rewarding, and the reason I do what I do. My promise is to render the best services and counsel I can provide.

forsythe, murtz, Bargeron RE/MAX Real Estate Group RE/MAX Real Estate Group is pleased to welcome Bill Forsythe to the team! Bill brings a wealth of knowledge and experience with his 35+ years in real estate. He has many areas of expertise including residential, commercial and vacant land. Bill and his real estate partner, Marygood, cherish their 8 children and 12 grandchildren and love their adventures in Hawaii.

New to RE/MAX Real Estate Group is Teresa Murts! Teresa’s new adventure of real estate began in November 2015 just after moving to Colorado Springs after living in the Northern suburbs of Chicago. She transferred to Colorado Springs with retailer Trader Joe’s to be an intrical part of opening a new store in town.

Teresa has 4 children and 1 grandson and soon to be married this fall! Her fun spirit combined with her knowledge in real estate will make her very valuable to her clients and our group.

Sanders, Quinn, Schafer, Nichols, Byrd RE/MAX Real Estate Group Dave Sanders has been a fulltime realtor since shortly after retiring from the United States Air Force.

He is a certified Military Relocation Professional (MRP). Wether you are a first time home buyer, a seasoned investor, or selling your property, he has the resources, equipment, knowledge and expirence to assist you. His goal is to continue to lend his knowledge, skills and services even after you have settled in or sold your home.

Long-term, mutually beneficial relationships are one of his strengths.

Through his 26 years in the USAF, Dave has moved 13 times and understands the anxiety that comes with buying and selling a home and the worry of relocating. Dave has been a Colorado Springs resident since 2007 where he is working on his second masters degree (Masters of Business Administration) and enjoying time with his family, traveling and playing softball.

Holly Quinn has been in the industry for 20+ years. Starting out as an investor, turned house flipper and realtor. She brings a vast knowelegde base to buyers and sellers. She has a degree in marketing and design from Texas A&M, is a certified Military Relocation Professional (MRP) and a graduate of the Real Estate Institue (GRI) and currently finishing up a Luxury Home Buyer and Seller designation. Holly followed her active duty Army spouse all over the world before settling down in Colorado Springs in 2005. She enjoys hanging out with her husband, children and new grandson.

Langlee Schafer moved to Colorado Springs in 1986 and has an ex-

Colorado Springs Real Estate Journal

tensive knowledge of the geographic are as well as 20+ years of experience dealing with structure and servicing the community. Her southern upbringing has taught her that kindness, true concern and friendly hospitality as a must in life. She focuses on the quality of care not the quantity of clients. Langlee loves to travel and really enjoys being on the beach! She is married and has an awesome kid!

Autumn Nichols comes to real estate from a lead EDDA (expended duties dental assistant) of a multi Dr. practice here in Colorado Springs.

She has a bachelors of science in Human Biology with an emphasis in predental and graduated Magna Cum Laude from the University of Colorado. Fort Carson brought her father and family to Colorado Springs in 1995 and she is the wife of an active duty Air Force member. They have 5 children together and wouldn’t trade her life for anything!

Theresa Byrd joined the Sanders and Quinn team in July. Her goal is to help prospective clients with all their housing endeavors. She brings prior military (USMC) experience and previous mortgage industry experience to the group. Theresa graduated from American Military University in 2014 with a Bachelor’s degree in Child and Family Development. She enjoys spending time with her family, playing poker and watching her daughter on the soccer fields!

moreland, Schlosser, Loncar, Smith Classic Homes at Sanctuary Pointe Construction: Loren Moreland and Steve Schlosser: Loren Moreland has been named Project Manager for Sanctuary Pointe and will oversee the development of the community for Classic Companies. Moreland has been with Classic for more than 20 years. Steve Schlosser as Construction Manager; he recently celebrated his 15th anniversary with Classic.

SALES: Tina Loncar and Teresa Smith: Classic Homes names Teresa Smith and Tina Loncar as the new home sales counselors for the company’s newest community – Sanctuary Pointe. Teresa has been with Classic Homes for 20 years and Tina has been with the company for more than 13 years. www.csrej.com

13

Local Expert

Has the fall arrived already?

It’s September, but we just experienced 80 degree weather a couple of weeks ago. Football season has begun, but I have yet to rake a single leaf. The calendar says autumn commences on the 22nd of this month … but has the “fall” already started?

The fall I’m referring to is the one we could someday experi- By michael Podoyak Empire Title ence in our real estate market after these months and years of — growth and prosperity. How hard we’ll fall – if we even fall at all – will be determined by many factors: available inventory, rising prices and job market strength, to name the most obvious.

Number of Sales Per Month 1,800

1,452

1,600 1,400 1,200 1,000 800 600 400 200 0 Jun-16 Feb-16 Oct-15 Jun-15 Feb-15 Oct-14 Jun-14 Feb-14 Oct-13 Jun-13 Feb-13 Oct-12 Jun-12 Feb-12 Oct-11 Jun-11 Feb-11 Oct-10 Jun-10 Feb-10 Oct-09 Jun-09 Feb-09 Oct-08 Jun-08 Feb-08 Oct-07 Jun-07 Feb-07 Oct-06 Jun-06 Feb-06 Oct-05 Jun-05 Feb-05 Oct-04 Jun-04 Feb-04 Oct-03 Jun-03

Since our peak in June when nearly 1,700 residential homes were sold through the Pikes Peak Multiple Listing System, we have seen two consecutive monthly drops in that number. However, the 1,452 properties sold in August still ranked amongst the four strongest months in the history of Colorado Springs real estate.

With home sales continuing to breeze along while the number of active listings are free falling (just 2,660 listed on the PPMLS in August), the median sales price last month for our area hit a record high of $265,000 – marking the third record month out of the last four.

Median Sales Price $290,000

$ 265,000 $270,000

$250,000

$230,000

$210,000

$190,000

$170,000

$150,000 Jun-16 Feb-16 Oct-15 Jun-15 Feb-15 Oct-14 Jun-14 Feb-14 Oct-13 Jun-13 Feb-13 Oct-12 Jun-12 Feb-12 Oct-11 Jun-11 Feb-11 Oct-10 Jun-10 Feb-10 Oct-09 Jun-09 Feb-09 Oct-08 Jun-08 Feb-08 Oct-07 Jun-07 Feb-07 Oct-06 Jun-06 Feb-06 Oct-05 Jun-05 Feb-05 Oct-04 Jun-04 Feb-04 Oct-03 Jun-03

Excitedly, maybe the biggest fall we’ve seen locally has been the plummeting “Days on Market.” In August, homes were listed for sale an average of just 28 days. That compares to 72 days on market only six months before and 110 days on market as of February 2015, the highest number of days that we’ve experienced over many years.

The statistics suggest that it would be a fallacy to think our real estate market has fallen on hard times already. This fall from grace over the last two months since our sales apex need not be as scary as The Fall of the House of Usher written by Edgar Allen Poe, nor as historic as the fall of the Roman Empire. It will not be as mythological as the fall of Troy from the Trojan horse, nor as dramatic as the American band The Fall of Troy with its appropriately titled single from this year, “Suck-O-Matic.”

Maybe we autumn-not be concerned at all. Perhaps home sales are down simply because … it’s fall. Don’t allow yourself to fall prey to negativity or fear.

This recent drop in home sales is likely the result of it being just this time of year.

At least, that is my be-leaf.

got pictures? josh@csrej.com

14

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Colorado Springs Real Estate Journal

September 26, 2016

Around the Corner 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.

Tuesday, September 27 Council Of Elite Property Managers 3pm-5pm @ PPAR www.ppar.org

Tuesday, October 11 High Performance Homes – More than Sticks and Bricks 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Thursday, September 29 Mandatory Ethics Course 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

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

Friday, September 30 Sanctuary Pointe Oktoberfest & Community Unveiling Celebration 11am-12pm @ Sanctuary Rim Dr. and Baptist Rd., Monument, CO 80132 RSVP: 719-785-3313 or Info@SanctuaryPointeColorado.com

Commission Update 9am-1pm @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 Thursday, October 13 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

Thursday, October 6 B.L.E.E.P. (Black Forest & Eastern Marketing Group) 8:30am-10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

Women’s Council of Realtors Luncheon 11am-1pm @ Hotel Eleganté 719-633-7718 Ext. 110 llittlefield@ppar.org YPN (Young Professionals Network of REALTORS) 3pm-4pm Meeting @ PPAR (board room) 4pm-6pm Social @ Red Martini (downtown) Michele VanMetre: 633-7718 mvanmetre@ppar.org

Friday, October 7 Annual Commission Update 8:30am-12:30pm @ PPAR www.ppar.org Saturday, October 8 Home Buying Seminar 10am-12pm @ Ent (Galley Service Center) Ent.com/Seminars 719-550-6670

8

Mandatory Ethics Course 1pm-5pm @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 2016 Mortgage Loan Originator Update 8am-4pm @ Legacy Title asalladay@legacytitle-llc.com Tuesday, October 18 Intro To Escrow 9am-10am @ Legacy Title asalladay@legacytitle-llc.com Annual Commission Update 1:30pm-5:30pm @ PPAR www.ppar.org Wednesday, October 19 Basics of the Title Commitment 3pm-5pm @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 RE/MAX Real Estate Group Open House 4pm-8pm @ 12265 Oracle Blvd Thursday, October 20 Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Tuesday, October 25 Understanding Mold 9am-12pm @ Legacy Title asalladay@legacytitle-llc.com Wednesday, October 26 Buyer Mastery 11:30am-4pm @ Legacy Title asalladay@legacytitle-llc.com Annual Commission Update 8:30am-12:30pm @ PPAR www.ppar.org Thursday, October 27 International Real Estate 9am-1pm @ Legacy Title asalladay@legacytitle-llc.com

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2016 Real Estate Contract 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

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COLORADO SP R INGS’ P R EM IER M O R TG AG E L E ND E R

Norm Phillips Area Manager NMLS #193010

Matt Shtatman Sales Manager NMLS #236852

Mark Lane Loan Advisor NMLS #292595

Jo Baddgor Loan Advisor NMLS #871665

Brent J. Phillips Loan Advisor NMLS # 1466319

(719) 387-0024 • A X I A H O M E LO A N S . C O M / C S September 26, 2016

Colorado Springs Real Estate Journal

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15

Life Is Grand.

The rule of threes. It’s a classic, right?

Well, now it’s a Classic, too. he stars aligned, the pieces fell into place, everything came up roses, and voila, we are now in the enviable position (or should we say positions?) of offering not one, but three exciting yet decidedly different choices in neighborhoods in Monument, Colorado. All on the Baptist Road corridor. Classic Homes. We’re here, there, and everywhere you want to be.

Take the Grand Tour

GRAND UNVEILING

GRAND OPENING

SANCTUARY POINTE On the western edge of Black Forest, this much-anticipated neighborhood is now in development. With choice lots up to ½ acre, homesite reservations are suggested. Join the interest list at ClassicHomes.com/SanctuaryPointe

FOREST LAKES If you’re a stranger to the Forest Lakes community but a fan of Colorado’s great outdoors, this splashy new community is for you.

Take a tour today, or learn more at ClassicHomes.com/ForestLakes

Sanctuary Pointe | 719-495-7297 Homes priced from the $400s Sold from Flying Horse Model: 2057 Ripple Ridge Rd. Colorado Springs, CO 80921

www.ClassicHomes.com

GRAND CLOSING PROMONTORY POINTE Only a few homesites remain, so your chance to live in the rarified air of Promontory Pointe is becoming, well, rare. Browse our closeout inventory at: ClassicHomes.com/PromontoryPointe

Forest Lakes & Promontory Pointe | 719-481-9828 Homes priced from the $400s Model Home: 2919 Waterfront Dr. Monument, CO 80132