CSREJ - July

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Vol. 9 No. 11

July 31, 2017

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63rd Annual HBA Parade of Homes starts this week

Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS® reported this month.

Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.

“Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” says NAR chief economist Lawrence Yun. “The demand for buying a home is as strong as it has been since before the Great Recession. Listings in affordable price ranges continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment

of would-be buyers on the sidelines.”

Here’s a closer look at some of the top housing indicators in June from NAR’s latest report: Home prices: The median existing-home price for all housing types was $263,800, up 6.5 percent from a year ago. It’s now the highest median price on record.

Inventories: The supply of existing homes available for sale dropped 0.5 percent to 1.96 million units. That’s 7.1 percent lower See Sales | Page 5

WHAT TO EXPECT

This year's Parade will feature 24 homes by 19 builders, with featured communities at Banning Lewis Ranch and Sanctuary Pointe. Many of this year's homes will be scattered throughout Colorado Springs and Monument, showcasing some

HBA Party on the Patio

Jay Gupta's June Housing Stats

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Branch Manager (719) 264-1967

Honest & Ethical Service from People You Know.

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Parade Homes are open Wednesday - Sunday from 10am to 6pm August 2 - 20, 2017.

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of the finest neighborhoods in El Paso County, as well as two homes in Woodland Park and one in Elbert.

Homes range from just 2,700 square feet to almost 7,000 square feet, at prices from $330K to more than $1.8M! The Parade runs 10 AM-6 PM Wednesdays through Sundays, August 2-20. (Homes will be closed Mondays and Tuesdays.)

National News............ Page 4 Local News................ Page 6 On the Move.............. Page 13 Local Expert.............. Page 14 Around the Corner....... Page 15

Mobile Issue (Beta)

Home sales dip as buyers get ‘tripped up’

The 63rd Annual Parade of Homes is brought to you by the Housing & Building Association of Colorado Springs. The Parade of Homes offers consumers a first-hand look at the current trends and the newest innovations in new home design and technology. This annual event showcases the latest design trends in affordable living to luxury dream homes complete with every amenity imaginable.

Plus this year enter to win $50,000 in vehicles from Mike Shaw Buick GMC, a $2,500 shopping spree from La-Z-Boy Furniture Galleries and even an Apple Watch just for visiting all the homes!

"Colorado Springs has enjoyed great growth over the last few years and continues to see a steady pace of home building in 2017. Combine this with the fact that our city consistently ranks highly in the national 'Best Of ' lists and it's easy to see why this is such a great place to live. Let the Parade of Homes bring you home." -HBA President Mark Long, Vanguard Homes

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July 31, 2017

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3

National News

Buyers accept ‘extreme commutes’ for affordability

Not affiliated with The Colorado Springs Business Journal

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

Director of Advertising

Some buyers are willing to accept an “extreme commute”—a minimum of two hours each way between work and home—in return for the tranquility of the outer ’burbs, a larger property, and more land at a lower price than the city. As The New York Times puts it, these buyers are following an old real estate adage: “Drive until you qualify.”

“Technological changes have made it more possible to redefine the workplace,” says Mitchell L. Moss, director of the Rudin Center for Transportation at New York University. “Even in New York City, which has been famous for not allowing people to work at “21 percent of home, there is now more tolercommuters ance of flexible time.”

Data is sparse on how many spent 60 people embark on an extreme minutes commute. The U.S. Census Bureau, which defines a “long or longer commute” as 60 miles each traveling to way, reported in 2013 that 21 work” percent of commuters spent 60 minutes or longer traveling to work. New York State, at about 16 percent, had the highest rate of long commuters, followed by Maryland and New Jersey, both at about 15 percent.

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.

719.439.0773

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Meig Walz with Coldwell Banker in Madison, Conn., told the Times that she is seeing more extreme commuters from New York. Madison is about 15 minutes east of New Haven, Conn., and halfway between New York and Boston.

It can take more than two hours each way.

“We are now getting more middle- and upper-level executives with young families looking for prime waterfront property,” Walz said. Buyers are purchasing four- and five-bedroom waterfront homes in Madison for about $2 million, which is half of what they would pay in Fairfield County. They also get lower taxes in Madison. © Copyright National Association of Realtors. Reprinted with permission.

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July 31, 2017

National News

Foreclosures now ‘unicorns’ of housing market Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, are down 20 percent from the same period a year ago, according to the Midyear 2017 U.S. Foreclosure Market Report from ATTOM Data Solutions.

“With a few local market exceptions, foreclosures have become the unicorns of the housing market: hard to find but highly sought after,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.

Foreclosures are fading overall, but there has been a notable uptick in some areas. “These divergent foreclosure trends are likely the result of the big banks and government agencies selling off distressed loans over the past few years to non-bank entities that are now foreclosing on an increasing volume of that deferred distress,” Blomquist says.

The states with the highest foreclosure rates in the first half of 2017 were:

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Sales from 1 than a year ago; unsold inventory is at a 4.3-month supply at the current sales pace.

Days on the market: Fifty-four percent of sold homes were on the market less than a month. Properties took an average of 28 days to sell, down from a timeline of 34 days a year ago. Short sales spent the longest amount of time on the market at 102 days, foreclosures sold in 57 days, and nondistressed homes took a median of 27 days to sell.

All-cash sales: Cash transactions made up 18 percent of home sales, the lowest figure since 2009. Individual investors accounted for the biggest bulk of cash sales—13 percent—unchanged from a year ago.

Distressed sales: Foreclosures and short sales made up 4 percent of sales, which matches the lowest share recorded last September since NAR began tracking such data in October 2008. Foreclosures comprised 3 percent of sales, while short sales made up 1 percent.

1. New Jersey 2. Delaware 3. Maryland 4. Illinois 5. Connecticut 6. Nevada 7. Florida 8. South Carolina 9. Ohio 10. New Mexico

First-time buyers: First-timers accounted for 32 percent of sales, down from 33 percent a year ago.

“It’s shaping up to be another year of below-average sales to first-time buyers despite a healthy economy that continues to create jobs,” Yun says.

“Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.” © Copyright National Association of Realtors.

Reprinted with permission.

. . . SO IS USING

On a metro level, the cities (with populations of at least 200,000) with the highest foreclosure rates in the first half of 2017 were:

1. Atlantic City, N.J.: 1.71% of housing units with foreclosure filings 2. Trenton, N.J.: 1.02% 3. Philadelphia, Pa.: 0.79% 4. Rockford, Ill.: 0.74% 5. Baltimore, Md.: 0.69% © Copyright National Association of Realtors. Reprinted with permission.

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Local News

CAR’s top 4 legislative successes at the Capitol in 2017 1) Construction Litigation Reform

CAR, along with the Homeownership Opportunity Alliance, championed compromise legislation that is the first step in the right direction to building more attainable housing for all Coloradans while also protecting homeowners and giving them a voice in whether or not to pursue litigation. After more than four years of negotiations on construction litigation reform, we are thrilled to announce that this was signed by the Governor in May. The informed consent compromise bill does not prevent individual owners who have a legitimate construction issue from seeking a legal remedy. But, more importantly, it protects homeowners by ensuring that unit owners are aware of a potential lawsuit that could impact selling or refinancing their home.

The legislative also tightens up voting procedures by requiring a majority of homeowners to approve initiating a legal action against a builder rather than leaving that decision solely to a homeowner’s association board. The bill also includes an opportunity for builders and homeowners to meet and attempt to resolve any disputes instead of pursuing litigation.

2) Licensed Real Estate Brokers and Subdivision | Developers Sunset:

Every 10 years the Division of Real Estate and Real Estate Commission (Commission) are up for review at the legislature. In this 2017 session, CAR

was actively involved from the very beginning to define the components of the legislation that will continue to regulate our members for the next decade.

This bill was signed by the Governor. CAR amended the bill several times throughout the legislative process to improve the bill for our members: First, CAR successfully removed the DORA Sunset Report recommendations that our Members told us they did not like: • Recommendation 9 made changes to the development of the annual update course.

• Recommendation 2 suggested attorneys be more involved in broker transactions by requiring attorney-client relationships when using standard forms, which contradicts longstanding legal precedent under the Conway Bogue decision.

Next, CAR worked with stakeholders in the Senate to: • Retain language that conforms Colorado law with RESPA and maintain protections around referral fees.

• Remove unnecessary and restrictive language concerning requirements for the new property manager seat on the Real Estate Commission.

Finally, in the House, CAR again worked with stakeholders to: • Provide a necessary statutory definition for “standard

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• forms” used in real estate transactions.

• Current statute does not define standard forms or provide guidance about using standard forms.

• Ensure the Real Estate Commission has the necessary flexibility to promulgate rules that determine the methods by which brokers can demonstrate their knowledge and experience to become supervising brokers.

3) Prevent Marijuana Diversion to Illegal Market:

House Bill 17-1220, places limits on the number of marijuana plants that can be possessed or grown on a residential property. Large residential marijuana grows and the manufacturing operations they often bring with them have many consequences, including obvious health and safety concerns, an increase of both human and automobile activity, extensive odors, and potential stigmatization of adjacent properties. All of which are inconsistent with residential neighborhoods. CAR worked with the Governor’s office and other stakeholders to decrease the marijuana grey market and its effects on real estate. The bill was signed by the Governor.

• First, the bill maintains local control. If your local jurisdiction has a plant count ordinance, that law is the ruling authority.

See Legislation | Page 8

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July 31, 2017

Not Just A Bargain Basement, A Free Finished Basement.

CLASSIC HOMES AND THE VILLAGE OF MILAN AT FLYING HORSE. IT’S THE WINNING COMBINATION. For a very limited-time, now through September 2017, finished basements are on the house when you build a new home with Colorado Springs Best Home Builder in Colorado Springs Best Home Development. Plus, all new homes in The Village of Milan include a coveted Social Fitness Membership in The Club at Flying Horse!

But hurry! While the list of reasons for owning a Classic in The Village of Milan goes on and on, the opportunity for a Free Finished Basement stops here.

Award-winning Hometown Builder since 1989 A+ BBB Rating Best Home Builder (10 Years Running) – Gazette’s Best of The Springs Best Home Developer – Gazette’s Best of The Springs Best Home Development (Flying Horse – 2 Years Running) – Gazette’s Best of The Springs Best Home Builder (10 Years Running) – Colorado Springs Business Journal Ranked 3rd in the Nation for Builders with Most Productive Employees – Builder Magazine More Floorplans than any other local Builder In-house Design Studio

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*Applies to new build construction homes, and only when financed through Classic Homes’ preferred lenders. Valid on new contracts written from 5/8/17 – 9/30/17. Offer applies only to Classic Homes in filings 2 and 4 in The Village of Milan. Limitations on floorplans and home sites may exist. Cannot be combined with any other incentives or discounts. Pricing and availability subject to change without notice. See Sales Counselor for details.

July 31, 2017

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7

Local News Legislation from 6

inspection requirements pertaining to their cultivation of marijuana plants.

• If there is no local law, then the new statewide plant count is limited to 12 plants in or on a residential property.

• However, for those local jurisdictions that do not have a local plant count limit, the statewide limit of 12 plants can be increased to 24 plants if the medical marijuana patient or caregiver registers with the state licensing authority, provides notice to that local jurisdiction, and follows any local jurisdiction disclosure and

CAR supported this legislation because large residential grows can interfere with a homeowner’s quiet enjoyment of their most sacred place; their home. Further, the current medical marijuana grow regulations do not respect the financial investment residential property owners have made in what is often their single largest investment.

4) Commission Transparency Bill:

House Bill 17-1358, would have required a bro-

ker in a real estate transaction to disclose their commission in writing for any sale or lease of real estate, either as part of the contract or in another such document. Brokers would also have been required to disclose their fees or the basis for calculating their fees on all marketing materials relating to any specific property, including on-line multiple listing services.

• As expected, this legislation was viewed as highly unnecessary and, as a result, was killed in the first committee by a vote of 11-2. In fact, several committee members from both politi-

BUZZ WITH THE Bs

at Weidner Field featuring a Goal Kickoff with Ziggy from the Switchbacks

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Colorado Springs Real Estate Journal

July 31, 2017

Local News cal parties conveyed that they believe the free market should be allowed to work between flat-free and full service brokers/agents, and further, that government should not be asked to intervene on behalf of one company.

• Fees are disclosed to all brokers through the MLS and among all parties and their brokers through their respective brokerage agreements. Further, a real estate commission is completely voluntary, negotiable and often varies depending on the type of transaction.

CAR actively worked to defeat this bill. It was initiated by one company to codify its own business model and improve its bottom line by recommending legislation that would force its business plan on an entire industry. HB 1358 was entirely unnecessary and did not provide any additional information to consumers that are not already available to them. Broker compensation and fees are already transparent to the appropriate consumers – the parties to the real estate transaction. © Copyright Colorado Association of Realtors. Reprinted with permission. See more at coloradorealtors.com

Local RE/MAX agents named among “America’s Best” The Treasure Davis Team, The Distinctive Group (Tiffany Lachnidt), The Wheaton Team, The Hermes Team, The Ian Stone Team, The Dianna Doyle Group, and The Clement Group; as well as Ted Bachara, Val Bays, Donna Hilderbrand, Jill McFeron, Pam Palone, Lana Rodriguez, and Vicki Westapher with RE/ MAX Properties, Inc. are among the 2,506 RE/MAX agents and teams featured in the 2017 REAL Trends “America’s Best Real Estate Agents” survey. The agents included in the survey represent less than one percent of all real estate professionals in the United States.

“Our agents number one priority is to help their clients have the best possible experience when selling or buying a home,” said Clement. “Being recognized alongside so many hard working and dedicated real estate professionals is an accomplishment, and we’re honored to have

our agents named among ‘America’s Best’.” Said Joe Clement, Broker/ Owner of RE/MAX Properties, Inc. The REAL Trends “America’s Best Real Estate Agents” survey ranks participating agents in the United States based on residential transaction sides and sales volume of the previous year.

To qualify, an individual must have closed 50 transaction sides or $20 million in closed sales volume and a team must have closed 75 transaction sides or $30 million in closed sales volume last year.

Roughly 20% of all individual agents and team leaders featured in this year’s edition of the annual survey were members of the RE/MAX network. For the third straight year, RE/MAX qualified more agents than any other brand.

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Local Stats COLORADO SPRINGS AREA

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

Housing Stats Dashboard and Sales Analysis

JayCompiled Gupta, BME MA MRE CRS CMRS SRES CDPE and analyzed by:

2008 ,PPAR 2010 REALTOR® of the Year Jay Gupta BMEChairman MA MREand CRS CMRS SRES CDPE

CAR Research Committee Southeast Region Spokesperson

2008 PPAR Chairman and 2010 REALTOR® of the Year With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® With over 2-Billion in personal managed Berkshire Hathaway Home Services Rocky Mountain, REALTORS® For comments & questions, please contact: JayKGupta@gmail.com For comments & questions, please contact: JayKGupta@gmail.com www.ColoradoSpringsHomesAndStats.com www.ColoradoSpringsHomesAndStats.com

Housing Stats Dashboard

FRAUD IN A REAL ESTATE TRANSACTION HAS THE POTENTIAL TO AFFECT EVERY PARTICIPANT.

Single Family/Patio Homes Sold Through Pikes Peak MLS

The best defense is vigilance and a determination to TRUST, BUT VERIFY when suspicions arise. At North American Title, we are committed to working closely with our real estate agent customers and their clients to raise awareness of fraud schemes that can wreak havoc on a real estate transaction.

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

To learn more about how you can join us in our fight against fraud, visit www.nat.com/COPreventFraud Count on North American Title to protect The Genuine. The Original. you and your client throughout the real estate transaction process.

COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100

©2017 North American Title Group, LLC and its subsidiaries. All Rights Reserved. | CO 17-10536 R 05.03.17

Overhead Door Company COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 of Colorado Springs, Inc. Colorado Springs, CO 80920 t: 719.598.5355

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June 2017 2,278 2,162 1,743 7,638 80.6% $568,676,887 $2,379,687,642 $285,250 $3326,263 100.3% 26 1.2 months

77.0% 10.2% 4.5% 1.9% 6.4%

81.0% 7.8% 3.3% 2.5% 5.5%

Sales Analysis

Change 10.8% (18.1)% 5.6% 4.5% 18.0% 16.8% 16.5% 8.7% 10.6% 0.6% (16.1)% (25.0)% 4.0% (2.4)% (1.2)% 0.6% (0.9)%

Single Family/Patio Homes Sold Through Pikes Peak MLS June 2016 June 2017 % of Total Months % of Total Months Price Range Monthly Supply Monthly Supply Sales Sales Under $199,999 20.5% 0.6 months 10.1% 0.8 months $200,000 to $299,999 41.9% 1.0 months 45.9% 0.5 months $300,000 to $399,999 20.7% 1.9 months 23.2 % 1.3 months $400,000 to $499,999 10.0 % 2.2 months 11.0% 1.9 months $500,000 to $599,999 3.5% 3.8 months 4.5% 2.8 months $600,000 to $799,999 2.9% 5.2 months 4.2% 3.4 months $800,000 to $999,999 0.2% 25.5 months 0.9% 6.3 months $1,000,000 to 0.3% 24.4 months 0.2% 28.8 months $1,999,999 Over $2 million 0.0% Infinite 0.0% Infinite

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June 2016 2,056 2,639 1,651 7,306 62.6% $486,983,077 $2,042,852,578 $262,500 $294,962 99.7% 31 1.6 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 June 2016 and 2017. 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 The Colorado Springs-area single family/patio homes housing market had record high sales in June 2017 with 18 percent fewer active listings compared with June 2016. There was a welcome modest increase in sales of properties priced over $600,000. However, the strongest demand remained for single family/patio homes priced under $300,000.

Unprecedented Supply and Demand Imbalance Since 1997 (Single Family/Patio Homes) • June 2017: 2,162 Active Listings 1,743 Sales 80.6% Listings Sold 1.2 Months Supply • June 2007: 6,870 Active Listings 1,118 Sales 16.3% Listings Sold 6.1 Months Supply • June 1997: 3,909 Active Listings 655 Sales 16.8% Listings Sold 6.0 Months Supply ‘Price Segmented’ Supply and Demand Analysis • 90.2% of Single Family/Patio Homes Sold in June 2017 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.

•

8.7% of Single Family/Patio Homes Sold in June 2017 were Priced Between $500,000 and $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.

•

1.1% of Single Family/Patio Homes Sold in June 2017 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.

•

A Comparison of June 2017 Sales Data with Previously Record Setting June 2006 – Active Listings are down by 62.1% – Months’ Supply is down at 1.2 from 4.2 months in 2006 – Monthly Sales are up by 28.6% – YTD Sales are up by 24.4% – Monthly Dollar Sales Volume is up by 60.7% – YTD Dollar Sales Volume is up by 52.7% – Average Sale Price is up by 24.9% – Median Sale Price is up by 26.8%

•

Historically Low-Interest Rates: During the 2005-2006 record-setting real estate market, the interest rates were hovering around 6%. The current historically low 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 amount of monthly payments.

In recent months, interest rates have started to move upward and additional small increases are anticipated in the coming months.

•

Note: It is important to keep in mind that 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 | Page 11

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Colorado Springs Real Estate Journal

July 31, 2017

Tech Corner

QUALITY SIGNAGE at BUDGET $$’s with QUICK TURNAROUND

By Danny Cruz North American Title It goes without saying that technology is changing the way real estate agents are marketing their business and interacting with their clients.

However, a disruption in the industry only achievable through recent advancements is threatening to change the way buyers and sellers transact altogether. The emergence of companies like Opendoor and OfferPad have undoubtedly inspired larger players like Zillow and Redfin to join the bandwagon. Many industry professionals have now been familiarized with Zillow Instant Offers which allows potential sellers to receive a “cash offer” on their home and close on the day of their choosing. Redfin Now and the others have very similar models. The bottom line with these new online alternatives is this: sellers now have the ability to sell their homes without having to stage, prep, photograph, and inspect their home, nor do they have to encounter the uncertainty of whether or not the buyer on the other side is going to walk away or delay closing. What is the cost? Most programs will range anywhere from 6-10%. Not surprisingly, there is a flood of questions erupting from the industry. How do they determine value? What about title and other closing costs? Is there any negotiation involved? And, more importantly, where does the real estate agent fit into this picture? All of these questions and more are addressed at each of these individual companies’ websites. But the one question the industry should really be asking is this: how should agents be changing their business models to adapt?

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Custom Designed Yard Signs Regardless of whether or not the industry approves, the hard fact that agents must face is that these alternatives are rising because a demand for a different kind of experience, some would even argue a better experience, exists. Going through the specifics of what each of these online real estate transactions offer to the consumer, it is easy to pick out the “problems” that they are aiming to solve. They all promote a hassle-free, stress-free, and easy transaction that gives control back to the buyer or seller. Flippers and investors have actively worked business in this manner for decades, but with technology advancing as rapidly as it is, more and more sellers are considering alternatives that could potentially net them a little less with the promise of convenience. Is it not all that different from how every other industry is evolving? Of course, advancements like these almost always come with turbulence, but the end result is being achieved. Thus, as agents look at the next ten years, the wise will pay attention to these disruptors and take a lesson. They will adapt and streamline processes. They will listen to the pains more closely than the paycheck. Ultimately, they will thrive when their colleagues who scoffed end up closing shop.

Realtor Yard Signs Custom Banners Brochure Boxes In-Stock Riders

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Housing Stats continued from 10 June 2017 Sales Analysis By MLS Areas Compiled by Jay Gupta Single Family/ Patio Homes

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

# of Months' # of Active Sold Supply Listings Listings

Median Price $

Average Price $

SP to Avg. List DOM %

All Real Estate Market Activity is "Local" 78 17 4.6 9,969,500 571,000 190 127 1.5 49,384,500 386,000 79 96 0.8 24,744,897 228,500 67 76 0.9 18,687,507 236,250 198 282 0.7 72,236,352 259,825 27 6 4.5 2,515,204 397,500 51 60 0.9 20,036,927 316,750 92 129 0.7 37,428,535 270,000 130 68 1.9 33,052,223 472,455 78 45 1.7 18,405,600 370,000 37 22 1.7 5,642,031 248,500 94 196 0.5 55,311,503 272,000 56 107 0.5 22,929,581 208,000 184 91 2.0 40,652,604 421,000 185 108 1.7 55,004,379 479,649 36 25 1.4 9,061,057 285,000 53 29 1.8 12,741,669 389,895

586,441 388,854 257,759 245,888 256,157 419,200 333,948 290,143 486,062 409,013 256,455 282,201 214,295 446,731 509,299 362,442 439,367

99.2 99.7 101.9 101.2 100.9 99.4 99.9 100.5 99.5 99.6 100.5 100.8 101.7 99.2 99.1 99.5 98.8

Sales Volume $

52 30 11 7 30 27 55 10 49 12 15 13 12 37 36 13 73

719.439.0773 rachelle@csrej.com

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 June 2017. 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.

July 31, 2017

Colorado Springs Real Estate Journal www.csrej.com

11

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12

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Colorado Springs Real Estate Journal

July 31, 2017

On the Move Maria Tchamitchian Pink Realty Maria Tchamitchian, is a Realtor whose main goal is to help people find a place to call home. Born in Canada and raised in Cyprus, she moved to Colorado Springs six years ago with her family.

Maria has a passion for music and studied classical music at the Royal music school in London, University of Nicosia and University of Colorado. She is currently studying law and has a great passion for learning.

Baretich, Davis Structure Real Estate Group Kara Baretich is a Colorado native and received her Bachelor of Arts degree from the University of Colorado.

As a former educator, Kara has been working with Colorado families for the past 10 years and takes pride in supporting and fulfilling the dreams of her clients. She has a diverse knowledge of the Colorado Springs area, including local school districts, and her expertise will help guide you to an area most beneficial to the needs of your family. Kara’s meticulous eye for detail and ability to envision a useful space serves well when staging homes to sell quickly. She thrives on hard work and building lasting relationships built on trust and integrity and is passionate in serving the community she continues to call home. Her skill to quickly and effectively solve problems is valuable when overseeing the entire process to ensure your real estate experience is a positive one.

Kara and her husband Rob, have two vibrant, beautiful, young daughters and adore spending quality time exploring all the fun things Colorado has to offer.

Niki Davis, Drawing from her experience as a new home consultant, Niki has built a reputation for her refreshingly friendly customer care and proven ability to guide buyers to obtain the best value for their dream home and to assist sellers to a smooth, stress-free sale of their home. Niki loves seeing the sparkle in the eyes of her clients when they have found “the one”.

Niki is submerging herself in the new home industry for Colorado Springs and surrounding areas. She continues to educate herself in building codes, land sales, changes to build standards, and much more. By working closely with energy experts and building professionals she provides clients with the most up to date information across the board and saves July 31, 2017

them hours of high pressure sales office pitches, as well as time doing independent research deciphering inaccurate information. Specializing in land, development, custom and new construction provides buyers and sellers access to someone who fully understands the importance of quality, price to build, and cost to live.

Niki’s business model is to help you "be served not sold". Her client dedication and love of helping others are what motivate her most.

with today’s real estate market.

Debra McSweeney chose RE/ MAX Properties, Inc. because of the company’s professional culture as well as the training that is provided to its agents. Debra will also be attending the Agent Mastery Program which is a 9-week training and year-long mentorship program geared towards training agents that are new to real estate as well as helping experienced agents with today’s real estate market.

Jack Cox has joined RE/MAX Properties, Inc. Jack excels in developing a working relationship with his clients and works hard to make sure his clients are satisfied with all of their real estate need. Jack will also be attending the Agent Mastery Program which is a 9-week training and year-long mentorship program geared towards training agents that are new to real estate as well as helping experienced agents with today’s real estate market.

Kjoss, Gans, Azovska, Krieger, McSweeney, Cox RE/MAX Properties Beverly Kjoss has joined the Agent Mastery Program at RE/MAX Properties, Inc. Beverly has been a real estate agent for the last 8 years and she feels that the Agent Mastery program will help her elevate her real estate career to the next level. Before her career as a REALTOR®, Beverly was a teacher and Mortgage lender.

She uses the skills she learned from those backgrounds to help her clients with their real estate needs.

Jake Gans has joined the Agent Mastery Program at RE/MAX Properties, Inc. Jake choose RE/MAX Properties, Inc. because of the educational opportunities as well as the company’s great reputation for being the number one real estate office in Colorado Springs.

Svitlana Azovska has joined RE/ MAX Properties, Inc. Svitlana graduated from the Art Institutes International Minnesota with a Bachelor’s Degree in Interior Design. She is a highly creative and motivated designer and plans on using those skills to help her clients sell their house. Svitlana will also be attending the Agent Mastery Program which is a 9-week training and year-long mentorship program geared towards training agents that are new to real estate as well as helping experienced agents with today’s real estate market.

Tempe Krieger has joined Team Secundy at RE/MAX Properties, Inc. Tempe chose RE/MAX Properties, Inc. because of the company’s reputation as well as his friendship with Brad Secundy, team leader of Team Secundy. Tempe will also be attending the Agent Mastery Program which is a 9-week training and year-long mentorship program geared towards training agents that are new to real estate as well as helping experienced agents

Stevenson, Sorency Muldoon Associates Marshall Stevenson has been a successful Realtor for the past 13 years.

He has generated over 50 million dollars in residential sales, as of 2016.

Since 2003, Marshall has been a trusted Realtor in Clarksville, Tennessee and Fort Campbell, Kentucky, serving soldiers, locals, out of state individuals, and investors. Marshall is a member of the National Association of Realtors, Tennessee Association of Realtors, and the Colorado Association of Realtors. For the majority of his real estate career, he was a valuable member of the Associate Leadership Council.

In February 2017, Marshall moved to Colorado Springs and has fallen in love with this beautiful state.

In his free time, he loves to spend time with his son and travel with his wonderful girlfriend.

Boogie Sorency is a proud Colorado Native. He has resided in Colorado Springs with since 1989 and has eye witnessed the city-wide growth and expansion over the past 28 years. His past work history has included Real Estate Sales in Orlando Florida, to include rental property maintenance.

Boogie has held a wide array of positions and responsibilities in the Aviation industry as a mechanic, inspector in addition to performing as a program manager. Boogie worked as a Logistics Contractor Manager with the United States Air Force for 17 years. His most recent Maintenance Manager position at the United States Air Force Academy USAFA) utilized his Aviation Management talents and knowledge to oversee the maintenance side of

the Student Flight training program at USAFA. Boogie has a built a strong relationship with local Military due to his history in supporting the United States Airforce.

In his spare time, Boogie.. well , likes to boogie. Music is a big part of his life.

He is a self-taught musician playing but not mastering (his words) numerous instruments. In addition, Boogie participates in weekly worship team choir.

Boogie loves the outdoors and spends time with his family hiking, fishing and singing in the rain….or the sun!

Carlson, Hoyal Synergy Real Estate Group Steve Carlson: Prior to joining Synergy, I devoted 12 years as owner and operator to a prominent down town Colorado Springs restaurant.

Like purchasing and owning a home, dining out is a very passionate experience, it brings families and friends together creating everlasting memories. The success of my restaurant was delivering service to meet or exceed expectations with every guest that walked through my business doors.

My objective as a real estate agent is to exceed expectations, and to deliver total satisfaction to my client's real estate needs. Outside of my professional career, I love exploring my home state of Colorado by hiking, biking, and motorcycling. I love entertaining, cooking, and trying all the great restaurants that the Springs area offers.

Jeff Hoyal: I have lived in the Colorado Springs area since 1975 and have watched the city grow into an amazing community. I love Colorado Springs and the Colorado lifestyle.

Most of my career, I have been a businessman. I have owned three businesses in the area for a combined total of 32 years, giving me further insight into the market. I apply my successful business principles, knowledge and experience to real estate by providing my clients’ with the best information, service and value. In a competitive market you need a realtor that will work hard for you. One important business principle I have learned is, there is no substitute for hard work. Real estate transactions for most people are the highest value transactions they will make; I take a personal interest in every client and am dedicated to looking out for their best concern with integrity and honesty. My commitment is to make every transaction profitable, smooth and enjoyable.

As I stated earlier, I love Colorado and the beautiful Colorado mountains. I enjoy snowboarding in the winter and hiking in the summer.

Colorado Springs Real Estate Journal www.csrej.com

13

Local Expert

High Fives All Around The Colorado Springs real estate market continues to remain so strong, homeowners can’t help but give High Fives to their real estate agents, their neighbors and homebuyers … even By Michael Podoyak Empire Title their dogs, if they’ve been trained to perform such a feat. It is — quite impressive to see what the market has done since the start of the year and year over year; but it is especially eye opening to see how the real estate market has improved over just the last five years. Let’s take five minutes to cover the highlights.

Active Listings 8,000

7,000

Empire Title of Colorado Springs

5755 Mark Dabling Blvd., Ste 110, Colorado Springs, CO 80919 Phone: (719) 884-5300 - Fax: (719) 884-5304

www.etcos.com

6,000

5,000

2162

4,000

3,000

2,000

Empire Title of Woodland Park

www.empirewp.com

AND PROUD TO ALSO WELCOME ...

Empire Title of Canon City!

Rosie Butts 719-822-3030

0

Apr-17 Jan-17 Oct-16 Jul-16 Apr-16 Jan-16 Oct-15 Jul-15 Apr-15 Jan-15 Oct-14 Jul-14 Apr-14 Jan-14 Oct-13 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Apr-07 Jan-07 Oct-06 Jul-06 Apr-06 Jan-06 Oct-05 Jul-05 Apr-05 Jan-05 Oct-04 Jul-04 Apr-04 Jan-04 Oct-03 Jul-03

350 N. Pine St., Woodland Park, CO 80863 P.O. Box 9004, Woodland Park, CO 80866 Phone: (719) 686-9888 - Fax: (719) 686-8208

1,000

Active Listings: The number of Active Listings in the Pikes Peak Multiple Listing System in June shot up to 2,162 – the highest number since October 2016. Since January of this year, when the 1,331 Active Listings were the fewest number since we began keeping track more than 14 years ago, more and more listings have steadily hit the market, ultimately leading to 831 more homes on the market in six months – a 62% increase. However, five years ago in June 2012, there were 3,704 properties listed on the PPMLS – 71% more than there were last month.

Number of Sales Per Month

2,000

1743

1,800 1,600 1,400 1,200 1,000 800

Rosie@empirecanon.com

600 400

200

Empire is thrilled to announce our newest location!

Directly serving Fremont County and surrounding areas, this beautiful office will be located in Downtown Canon City at 1220 Main Street.

Rosie joins Empire with over three decades of title experience, most of it spent in Canon City.

As Branch Manager & Escrow Closer, she and her team are excited to serve you and your clients.

May-17 Feb-17 Nov-16 Aug-16 May-16 Feb-16 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Nov-10 Aug-10 May-10 Feb-10 Nov-09 Aug-09 May-09 Feb-09 Nov-08 Aug-08 May-08 Feb-08 Nov-07 Aug-07 May-07 Feb-07 Nov-06 Aug-06 May-06 Feb-06 Nov-05 Aug-05 May-05 Feb-05 Nov-04 Aug-04 May-04 Feb-04 Nov-03 Aug-03 May-03

0

Number of Sales Per Month: The 1,743 properties sold in June 2017 might very well be the highest number of sales in the history of the Pikes Peak region, beating the last highest we have of record in June 2016 by 92 properties. Since the lowest point this year - when 800 properties sold in February, which was the lowest point for two years prior – the number of sales has grown rapidly. In the next four months, 5,932 properties sold through the PPMLS – an increase in sales of 119% from February to June. Furthermore, the number of sales last month was 106% higher than the 846 sold in June 2012 – a total just slightly higher than what we saw with our February low-point.

Sales Prices: It sounds like a broken record to discuss again broken records, but milestones were conquered yet again last month in relation to local sales prices. The Median Sales Price in June 2017 reached a record $285,250 (35% higher than the $211,214 Median Sales Price five years before), and the Average Sales Price reached a record $326,263 (33% higher than the $245,938 five years before). Additionally, over 63% of the homes sold last month were priced at $250K or above. That price range accounted for only 28.4% of the sales in June 2012.

Sales as a % of Active Listings Previous 12 Month Average

80.0%

67.20%

70.0%

60.0%

50.0%

40.0%

30.0%

WE DON’T SUCCEED UNLESS YOU DO!

14

www.csrej.com

20.0%

10.0%

0.0%

May-17 Feb-17 Nov-16 Aug-16 May-16 Feb-16 Nov-15 Aug-15 May-15 Feb-15 Nov-14 Aug-14 May-14 Feb-14 Nov-13 Aug-13 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Nov-10 Aug-10 May-10 Feb-10 Nov-09 Aug-09 May-09 Feb-09 Nov-08 Aug-08 May-08 Feb-08 Nov-07 Aug-07 May-07 Feb-07 Nov-06 Aug-06 May-06 Feb-06 Nov-05 Aug-05 May-05 Feb-05 Nov-04 Aug-04 May-04 Feb-04 Nov-03 Aug-03 May-03

Empire Title is again grateful and honored for having been voted the Gold Winner by readers of the Colorado Springs Gazette as the best title company in the Pikes Peak Region Now for the fifth consecutive year!

Thanks for keeping us the #1 title provider in the region.

Sales as a Percent of Active Listings: For five of the last seven months, more than 80% of the listed properties in our area were purchased. In fact, the average for the previous twelve-months exceeded 67% - the highest percentage we have ever seen since keeping records, and leaps above the 19.3% sold five years ago.

Congratulations, Agents, for all your hard work over the years. Give yourselves a High Five!

Colorado Springs Real Estate Journal

July 31, 2017

Around the Corner

Thursday, August 3 Trademarks, Copyrights and Patents: Intellectual Property 101 9am-11am @ Pikes Peak SBDC coloradosbdc.org

Thursday, August 17 CTM eContracts – Advanced 10am-12pm @ NAT – Cascade RSVP 719.373.5229, dcruz@nat.com Course for Creatives: Social Media and the Modern Artist 5:30pm-7pm @ Pikes Peak SBDC coloradosbdc.org

Tuesday, August 8 eContracts, Beginners 10am-12pm @ Empire Title rsvp@etcos.com 719-884-5300 Mandatory Update 10am-2pm @ NAT – Cascade RSVP 719.373.5229, dcruz@nat.com

Friday, August 18 Annual Commission Update 8:30am-12:30pm @ PPAR www.ppar.org

Wednesday, August 9 New Agent Lunch & Learn 1.0 11am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Wednesday, August 23 2017 Real Estate Contract 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

Digital Marketing Series: LinkedIn 9am-11am @ Pikes Peak SBDC Training Site Ent Credit Union (Campus Dr) coloradosbdc.org

Wire Fraud, Email, & Real Estate Scams 9am-12pm @ NAT – Cascade RSVP 719.373.5229, dcruz@nat.com Tuesday, August 29 Parade of Homes Awards Banquet 5pm-8pm @ The Antlers www.cshba.com

Quickbooks Online 12:30pm-5pm @ Pikes Peak SBDC coloradosbdc.org Thursday, August 10 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777 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 Boot Camp: Steps to Owning Your Business 11:30am-1:30pm @ Pikes Peak SBDC coloradosbdc.org Tuesday, August 15 NARPM Luncheon 11am-1pm @ Hotel Eleganté coloradosprings.narpm.org/events Lunch & Learn: Contract to Close 11:45am-1pm @ NAT – Explorer RSVP 719.373.5229, dcruz@nat.com Wednesday, August 16 Annual Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

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

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Colorado Springs Real Estate Journal www.csrej.com

15

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7078 DUTCH LOOP | IN THE GLEN | MLS# 6848822 SANTA MONICA | TWO STORY | 3 BD | 2.5 BA | TOTAL SQ. FT. 1,910

THIS HOME ONLY IS OFFERING A $21,445 PREFERRED LENDER INCENTIVE! Price: $275,000

The Santa Monica offers 1,910 finished square feet and an additional 844 unfinished square foot basement. With 3 bedrooms and 2.5 bathrooms, the Santa Monica includes a covered front porch, formal study, open foyer and upper level laundry room.

This particular Santa Monica comes with A/C and a back property line fencing.

With the incentive included, pricing is at $275,000 ($296,445 - $21,445) Please contact Blake Evans for more information.

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7054 DUTCH LOOP | IN THE GLEN | MLS# 8291511 SANTA MONICA | TWO STORY | 3 BD | 2.5 BA | TOTAL SQ. FT. 1,910

THIS HOME ONLY IS OFFERING A $21,445 PREFERRED LENDER INCENTIVE!

The Santa Monica offers 1,910 finished square feet and an additional 844 unfinished square foot basement. With 3 bedrooms and 2.5 bathrooms, the Santa Monica includes a covered front porch, formal study, open foyer and upper level laundry room. This particular Santa Monica comes with A/C and a back property line fencing.

With the Incentive included, Pricing is at $275,000 ($296,445 - $21,445) Please contact Blake Evans for more information.

(719)396-4399 Bevans@aspenviewhomes.net

Price: $275,000

8217 WAGON SPOKE TRL. | IN EAGLE SIDE VIEW | MLS: #7839787 IMPERIAL | TWO STORY | 4 BD | 2.5 BA | TOTAL SQ. FT. 3,198

THIS HOME ONLY IS OFFERING A $15,000 PREFERRED LENDER INCENTIVE! Price: $329,758

This two story Imperial features 4 bedrooms and 2.5 baths with a standard 3-car tandem garage, finished basement with a wet bar, fireplace on the main level, A/C, and a fenced in yard on a corner lot. The highlight to this Imperial is it offers a private master retreat away from secondary bedrooms with a fireplace and sitting room complete with a wet bar.

With the Incentive included, Pricing is at $329,758 ($344,758 - $15,000) Please contact Kristine Royer for more information (719)396-3469 Kroyer@aspenviewhomes.net

5210 ADANA DR. | IN SILVER HAWK | MLS: #5219156 IMPERIAL | TWO STORY | 4 BD | 2.5 BA | TOTAL SQ. FT. 3,198

The two story Imperial features 4 bedrooms, 2.5 baths, and a standard 3-car tandem garage. The Imperial offers a private master retreat away from secondary bedrooms, an owner’s spa, loft, upper level laundry room, open concept kitchen to a grand room, and a covered porch.

Price: $311,245 Please contact Lauren Hanshaw or Randi Bailey for more information.

(719)640-1601 Lhanshaw@aspenviewhomes.net or (719)985-0405 Rbailey@aspenviewhomes.net All builder incentives require the use of Builder Preferred Lender, prices may reflect all available incentives already applied to price reduction, please see Community Sales Specialists for complete details. Prices and availability subject to change without notice

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