CSREJ - January

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Vol. 10 No.5

January 29, 2018

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Where Amazon’s HQ2 may help housing most Amazon has narrowed its choices for the home base of its second headquarters, known as HQ2, down to 20 cities, and the stakes are huge. The winning city will garner up to 50,000 new high-paying jobs as well as a promise from Amazon to invest $5 billion in the local economy. In total, 238 cities and regions submitted applications to Amazon, promising tax breaks and other incentives to lure the online giant.

“Amazon’s decision on where it will locate its second U.S. headquarters has the power to transform the local housing market,” says Javier Vivas, director of economic research at realtor. com®. “The city that gets selected will immediately see a boost to jobs and

wages, pushing home values up and triggering new construction in neighborhoods within commuting distance of the headquarters location.”

Amazon narrowed the list to 20:

• • • • • • • • • • •

Atlanta Austin, Texas Boston Chicago Columbus, Ohio Dallas Denver Indianapolis Los Angeles Miami Montgomery County, Md.

• Nashville, Tenn.

• Newark, N.J. • New York • Northern Virginia • Philadelphia • Pittsburgh • Raleigh, N.C. • Toronto • Washington, D.C.

“The impact is likely to be more material for smaller markets and those equipped to handle the growth,” Vivas says. “From a housing perspective, Pittsburgh, Indianapolis, and Raleigh, N.C., all offer relative affordability and less inventory constraints, and they would benefit from a new wave of jobs. New York, Los Angeles, Denver, and Boston are markets that have already seen a fair share of growth and inventory challenges, and affordability would be further constrained.”

Amazon has been relatively quiet during its selection process and what

low from obtaining this information, and they cannot alter its display once Zillow presents it unless they hire a broker that is party to the Zestimate agreement.”

Zillow told GeekWire that some of its partnership programs do include the option of moving the Zestimate elsewhere on the page.

See Zillow | Page 4

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HBA Past Presidents Luncheon

Banning Lewis Ranch Santa Sprint 5K

Jay Gupta's December Housing Stats

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from several interested buyers. But EJ MGT asserts in its lawsuit that some brokers who partner with Zillow are able to “conceal” the Zestimates on their listings, which typically appears just below the list price.

“In essence, Zillow is disseminating misleading and inaccurate pricing information that has gained prominence because of Zillow’s market power, and charging downstream participants to hide this negative information that Zillow, itself, acknowledges to be inaccurate,” the lawsuit states. “Further, members of the public have no way to prevent Zil-

“New York, Los Angeles, Denver, and Boston are markets that have already seen a fair share of growth and inventory challenges, and affordability would be further constrained.”

“Getting from 238 to 20 was very tough; all the proposals showed tremendous enthusiasm and creativity,” Holly Sullivan, Amazon’s head of economic development, said in a statement. “Through this process, we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.”

Amazon plans to select a winner for its HQ2 site later this year, but its current headquarters will remain in Seattle, where it employs 40,000 people. The company has exploded in growth since it was founded in 1994, and it is seeking to expand to accommodate its growth nationwide.

Zillow faces new lawsuit over ‘Zestimates’ In a lawsuit filed this month, a New Jersey brokerage is accusing Zillow of hiding its “Zestimate” home valuation tool on certain residential listings at the request of brokers who have special contracts with the site.

The brokerage, EJ MGT, says Zillow’s actions violate federal antitrust laws.

The case stems from a listing the brokerage had in Cresskill, N.J., that appeared on Zillow. The eight-bedroom, 10-bathroom home was listed for just under $7.8 million, but the home’s Zestimate came in at $3.7 million. EJ MGT argues that the discrepancy in value caused a loss in business

all it is looking for, except to say it prefers a metro with a population greater than 1 million and a city that has the ability to attract and keep strong technical talent.

National News............ Page 4 Local News................ Page 8 On the Move.............. Page 13 Local Expert.............. Page 14 Around the Corner....... Page 15

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January 29, 2018

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National News Zillow from 1 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.

However, the tool does appear on every listing except for those in which there is not enough data available, Zillow spokeswoman Emily Heffter says.

The company issued Zillow: The Zestimate the following statement in response to the law- is intended to be a suit: “We believe the starting point ... claims in this case are without merit. The Zestimate is intended to be a starting point for determining a home’s value, which is why we provide it, for free, on more than 100 million homes across the country. As a company, we always seek to create advertis-

ing products that add value for consumers and advertisers, and we intend to vigorously defend ourselves against this lawsuit.”

Last year, Zillow faced a lawsuit that alleged its Zestimate tool constituted an appraiser valuation and created a “tremendous roadblock” to selling a home. The case was eventually thrown out by a judge.

Zillow states on its website that its Zestimate is an estimate of a home’s value, which it calculates through a proprietary algorithm. Zillow updated its algorithm last year and has called its home valuation tool more accurate than ever before. © Copyright National Association of Realtors. Reprinted with permission.

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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January 29, 2018

National News

Have we seen the last of 3% mortgage rates?

Average fixed-rate mortgages rose for the second consecutive week and, for the first time since last summer, the 30-year fixed-rate mortgage shot above 4 percent, Freddie Mac reports in its weekly mortgage market survey.

“This is the highest weekly average for the 30-year fixed-rate mortgage since May of 2017,” says Len Kiefer, Freddie Mac’s deputy chief economist.

“Some may be wondering if this is the last time we’ll see a three handle on the 30-year mortgage rate. Never say never, but inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth, and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate mortgage, is building."

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 18: • 30-year fixed-rate mortgages: averaged 4.04 percent, with an average 0.6 point, up from last week’s 3.99 percent average. Last year at this time, 30-year rates averaged 4.09 percent.

• 15-year fixed-rate mortgages: averaged 3.49 percent, with an average 0.5 point, increasing from last week’s 3.44 percent average. A year ago, 15-year rates averaged 3.34 percent.

• 5-year hybrid adjustable-rate mortgages: averaged 3.46 percent, with an average 0.3 point, unchanged from last week’s average. A year ago, 5-year ARMs averaged 3.21 percent.

For the first time since last summer, the 30-year fixed rate mortgage rose above 4 percent.

© Copyright National Association of Realtors. Reprinted with permission.

January 29, 2018

REPORT:

Homes are getting even less affordable Nationwide housing affordability dropped again and is down compared to a year ago, the National Association of REALTORS® reports. Mortgage rates are higher than a year ago and the increase in borrowing costs is one culprit for higher payments among borrowers, as are higher home prices.

Mortgage rates are up 37 basis points from a year ago, while median family incomes rose 4 percent.

“Inventory conditions are very tight and that is not healthy for affordability,” NAR reports on its Economists’ Outlook blog. “Less inventory will cause rising home prices, which tend to benefit the homeowner and not the potential home buyer.”

The median sales price for a singlefamily home sold in November in the U.S. was $248,800, up 5.4 percent from a year ago.

The Midwest posted the largest increases in prices at 8.9 percent, NAR reports. The West saw an uptick of 7.7 percent and the South saw a 4.3 percent increase. The Northeast had the smallest price increase of all the major regions at 3.3 percent.

Nevertheless, all four regions saw a decrease in affordability compared to a year ago. The Midwest had the biggest drop of 8.8 percent, followed by the West with a 7.2 percent decrease, the South at 5.3 percent, and the Northeast at 2.6 percent, according to NAR’s Housing Affordability Index.

Still, the most affordable region in the U.S. is the Midwest, while the West remained the least affordable region, according to NAR’s index. © Copyright National Association of Realtors.

Reprinted with permission.

Colorado Springs Real Estate Journal www.csrej.com

5

National News Why your clients hate automated messages If you’ve set up automated replies to prospect inquiries online, you may be saving time—but turning off potential customers. Only 14 percent of consumers say they will respond to a message they perceive to be automated, while the rest say they’ll ignore it and move on to another service or professional, according to a new white paper produced by Move Inc.’s Realsuite business solution platform for real estate professionals.

The vast majority of consumers in the study, “Shift Happens: How to Capture, Communicate, and Close in Today’s ‘On Demand’ World,” say they crave personalized communication from an agent as they undergo the real estate process. Three of the top five qualifiers consumers use when selecting an agent cannot be replaced by technology, the study found. Consumers seek greater transparency every step of the way, and three out of four home buyers want an online system to track the offer-to-close process. Buyers say agents’

insider knowledge of upcoming assessments, homeowner association fees, and neighborhood details is just as critical to them as information on pricing trends, recent sales, and days on market.

“This is a critical time for real estate professionals,” says Luke Glass, executive vice president of industry platforms for Move, the operator of realtor.com®. “The emergence of technology and automation has greatly improved the real estate process in some ways, yet these findings reveal that many agents are failing to leverage technology, or to use it properly, at key points along the journey—to the detriment of the agent-client relationship. … Finding the right balance between automation and personalization is critical to an agent’s ability to deliver an exceptional experience, yield more closed business, and bring more repeat and referral business into the pipeline.” © National Association of Realtors. Reprinted with permission.

3 Ways your buyers can prevent wire fraud With scammers increasingly targeting real estate transactions, the National Association of REALTORS® is teaming up with the FBI and brokerage Realty Executives International to educate the industry on how to identify and help clients avoid wire fraud schemes. A particular cause for concern is hackers who send fake emails to home buyers on the cusp of closing on a property purchase, providing bogus wiring instructions. Hundreds of millions of dollars have been stolen from consumers who fall prey to such scams.

“We believe the way to stop these scammers in their tracks is by educating clients to identify, avoid, and report potential fraud,” says Alysia Heun, vice president of franchise services at Realty Executives. “By raising awareness in the real estate industry on how these scams are being carried out, we can create a united front fighting against and working to shut down this devastating trend.”

Realty Executives highlights three ways to help protect buyers from scammers: • Pay attention to how wire instructions are sent. It is best to only accept instructions that are secure and encrypted.

• Before buyers wire funds to an individual or company, urge them to call to verify the wire instructions independently with the title company or closing agent.

• Be very watchful of any changes. Inform your clients that wire instructions rarely change. If they receive an email saying that any wiring instructions have changed, urge them to confirm the validity with the real estate agent or title company.

“The best defense against this type of scam is having multiple checkpoints with your title company and agent to ensure everything you are being instructed to do is legit—and phone is best. Just make sure you’re talking to the right person,” Realty Executives urges in a blog post. © National Association of Realtors. Reprinted with permission.

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January 29, 2018

National News NAR's 2017 Profile of Home Buyers and Sellers A strengthening U.S. economy, rising home values and the ongoing stretch of remarkable job creation sparked both growing demand and ability to purchase a home over the past year. While supply and affordability constraints are indeed making homebuying a challenging endeavor for many households, data from NAR's 2017 Profile of Home Buyers and Sellers reveals some hopeful news: an overwhelming majority of successful buyers obtained a mortgage and made a down payment of less than 20 percent.

Attention REALTORS®

Join us for

Breakfast with the Builders

Wednesday, February 14, 2018 Chapel Hills Mall Event Center (Upper Level) 8:30-11:00 AM Visit with the premier builders and developers in Colorado Springs and find out where the new home inventory is for your clients.

FREE FOR LICENSED REALTORS® All REALTORS® must register to attend at cshba.com/events.

Amazon from 1

Email shirley@cshba.com for more information.

Meanwhile, Apple is starting a race of its own to find a location to build a second campus. However, Apple says it will not be conducting a public bidding process. The company estimates it will bring up to 20,000 jobs to the selected city for its second campus.

Housing markets can benefit from new corporate headquarters. Vivas points to the example of Toyota moving its headquarters to Plano, Texas, a Northern Dallas suburb. Toyota's announcement in May 2014 coincided with major growth in Plano. The median home sales price in the city increased 3.8 percent between 2014 and 2015. Price increases have been minimal since Toyota opened its Plano campus last year.

Thank you to our event sponsors!

© Copyright National Association of Realtors. Reprinted with permission.

 January 29, 2018

Send us your PHOTOS!

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Local News

HBA secures bigger, better space for Home Shows at Chapel Hills Mall The location will offer distinct advantages for exhibitors and the public The Housing & Building Association of Colorado Springs (HBA) announced in December that its 2018 home shows would be hosted in Chapel Hills Mall’s lower level Event Center, as well as in two storefronts on the upper level. As of last week, in an unprecedented agreement, all three shows will be taking place entirely in the upper-level space previously rented by Gordmans.

The new upper-level location will offer more space for both exhibitors and attendees, with the added benefit of all vendors - including landscapers – being in one centralized area, as well as an outside entrance that offers an abundance of parking just steps away. It will also allow vendors the opportunity to feature their products alongside national department stores like Dillards, Dick’s Sporting Goods and Macy’s.

2018 HBA Home Show Schedule Owners:

Ashley Bush, Matt Hall, Patti Walter

WWW.LEGACYTITLE-LLC.COM

Legacy Title is excited to announce Andrew Newland to our Business Development Team! Andrew is new to the Title Business but has been around the industry his whole life, because of his father Stick Newland.

Please join us in welcoming Andrew to the Legacy Team!

• February 23-25: Home & Garden Show - Take in the sights, sounds and smells of outdoor Colorado living as you wind through spectacular landscape displays to gather ideas for your own backyard.

• March 23-25: Home Remodeling & Landscape Show – This is a can’t-miss show for DIYers! Gather new ideas for enhancing the interior of your home, from state-of- the-art kitchens and energy-efficient windows, to siding, decks and beyond.

• April 20-22: Home Show – Whether you’re improving your current home or building brand new, this show offers the convenience of talking with local builders, remodelers and other industry professionals all in one place to get you started.

HBA announces new event for Associate Members in 2018 The Builder Product Expo is an industry-specific trade show for Associate members to exhibit the absolute newest and best products and services to Colorado Springs-area builders and remodelers. With its exclusive target audience of industry professionals, this show offers a great way for trade members to gain exposure for their businesses and keep an eye on their competition all in one place. Free for builders, developers and remodelers!

The Expo will take place on April 12 at the Chapel Hills Mall. Register at http://bit.ly/2CWdM34

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January 29, 2018

HBA PAST PRESIDENTS LUNCHEON December 15, 2017 @ The Club at Flying Horse

The HBA held its annual Past Presidents Lunch in December at the Club at Flying Horse to honor Immediate Past President Mark Long, review the state of the Association and the strategic plan for the next year, and to catch up on life after their service. The HBA's leadership team has been guiding their mission since 1950. They look forward to building on that legacy in 2018.

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BANNING LEWIS RANCH SANTA SPRINT 5K December 9, 2017 @ Banning Lewis Ranch Academy

Runners, walkers, and well behaved (leashed) dogs participated in an event that benefited the Banning Lewis Ranch Academy Foundation, with proceeds going towards the Banning Lewis Preparatory Academy capital campaign.

All participants received a custom designed finisher's medal and photos with Mr. & Mrs. Claus after the race.

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January 29, 2018

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 and analyzed by: CRS CMRS SRES CDPE

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

CARChairman Research and Committee Southeast ®Region of theSpokesperson Year 2008 PPAR 2010 REALTOR With over 2-BillionSoutheast in personalRegion and managed sales CAR Research Committee Spokesperson With over 2-Billion in personal managed Berkshire Hathaway Home and Services Rockysales Mountain, REALTORS® 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

Single Family/Patio Homes Sold Through Pikes Peak MLS December 2016 763 1,536 1,236 15,318 80.5% $355,096,303 $4,383.276,336 $255,000 $287,294 99.3% 40 1.2 months

December 2017 846 1,350 1,206 16,337 89.3% $389,717,920 $5,139,440,493 $285,000 $323,149 99.4% 33 1.1 months

60.3% 17.5% 9.1% 4.4% 8.7%

67.3% 14.0% 8.6% 3.6% 6.4%

Sales Analysis

Change 10.9% (12.1)% (2.4)% 6.7% 8.8% 9.7% 17.3% 11.8% 12.5% 0.1% (17.5)% (8.3)%

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.

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 you and your client throughout the real estate transaction process.

7.0% (3.5)% (0.5)% (0.8)% (2.3)%

Single Family/Patio Homes Sold Through Pikes Peak MLS December 2016 December 2017 % of Total Months % of Total Months Price Range Monthly Supply Monthly Supply Sales Sales Under $199,999 21.1% 0.6 months 9.4% 0.8 months $200,000 to $299,999 46.4% 0.6 months 46.6% 0.4 months $300,000 to $399,999 18.1% 1.8 months 25.0 % 1.1 months $400,000 to $499,999 8.0% 1.9 months 10.0% 2.3 months $500,000 to $599,999 3.1% 3.4 months 4.6% 2.4 months $600,000 to $799,999 2.6% 4.7 months 3.2% 3.3 months $800,000 to $999,999 0.5% 11.3 months 0.5% 10.7 months $1,000,000 to 0.2% 27.7 months 0.7% 9.3 months $1,999,999 Over $2 million 0.0% Infinite 0.0% Infinite 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 December 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.

COLORADO SPRINGS – DOWNTOWN 102 N. Cascade Ave. | Suite 330 Colorado Springs, CO 80903 t: 719.578.4100 COLORADO SPRINGS – NORTH 8610 Explorer Drive | Suite 105 Colorado Springs, CO 80920 t: 719.598.5355 www.nat.com/CO

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Unprecedented Supply and Demand Imbalance (Single Family/Patio Homes)

January 30, 2017

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Builders pick up the pace this winter

What makes a healthy housing market? According to SmartAsset, it is one that shows stability, affordability, and in which homeowners are able to easily sell their homes with a low risk of losing money over the long run.

The healthiest housing market in the country: Edgewood, Ky., a suburb of Cincinnati. Homes in Edgewood

Call Rachelle // 719.439.0773 rachelle@csrej.com

is still the fourth highest single-family pace since the Great Recession, and single-family starts also posted solid gains for the year,” says Granger MacDonald, chairman of the National Association of Home Builders. “Builders remain confident and we expect further growth in the single-family market in the year ahead.”

Across the country, combined single and multifamily housing production increased 31.2 percent in the Midwest; 23.5 percent in the West; and 18.5 percent in the Northeast.

The South was the only major region to post a loss, dipping 1.4 percent last month.

"This report represents firm growth for housing in 2016, as single-family starts rose 9 percent and multifamily production was down slightly," says Robert Dietz, NAHB’s chief economist. "We expect that 2017 will be another year of gradual, steady improvement in the housing market.

Multifamily starts have been volatile in recent months, but should level off as supply meets demand. Meanwhile, single-family production continues to gain momentum but is limited by supply-side headwinds."

Single-family permits – a gauge of future construction – increased 4.7 percent to 817,000 units in De-

spent an average of 56.3 days on the market, significantly less than the national average of 169.6 days.

Indeed, seven of the top 10 markets in the U.S. are located in towns within the Midwest region, including three markets that are in Michigan.

To determine the healthiest housing markets in the country, SmartAsset took into account factors like

the percentage of homeowners with negative equity; the average time a for-sale home spends on the market; affordability as the monthly cost of owning a home (and as a percentage of household income in each county and city); among other factors.

HBA Board Installation

HBA Holiday Party

Jay Gupta's November Housing Stats

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Honest & Ethical Service from People You Know.

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

© Copyright National Association of Realtors.

Reprinted with permission.

Trump puts a halt to FHA mortgage cuts Just hours after being sworn in, President Donald Trump moved to suspend a plan to reduce the Federal Housing NAR officials Administra“disappointed” tion’s mortgage insurance premiums that was set to go into effect on Jan. 27. The plan had been announced just a few days ago by the outgoing Obama administration and Housing and Urban Development head Julian Castro.

The reduction in premiums by 25 basis points, or a quarter percentage point, “has been suspended indefinitely,” according to an FHA news release.

See FHA | 5

See Healthiest Markets | 5

Festival of Lights

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

cember. That is the highest level in 2016. Multifamily permits, however, dropped 9 percent to 393,000 units, the Commerce Department reports.

Sharon Ballinger

Will Michaloski

Marianne Elep Turner

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

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

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

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

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

NMLS #665068 State Lic #100037389

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Branch Manager

Debbie Havens

National News ........... Page 2 Local News ............... Page 7 On the Move ............. Page 13 Local Expert ............. Page 14 Around the Corner ...... Page 15

Sales Manager

Sr. Loan Officer

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Loan Officer

Active Listings 1,350 Sales 1,206 Listings Sold 89.3% Months’ Supply 1.1 Active Listings 5,385 Sales 644 Listings Sold 12.0% Months’ Supply 8.4 Active Listings 2,873 Sales 572 Listings Sold 19.9% Months’ Supply 5.2

‘Price Segmented’ Supply and Demand Analysis • 91.5% of Single Family/Patio Homes Sold in Year of 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.

•

Vol. 9 No. 5

America’s 10 healthiest housing markets

The Colorado Springs-area housing market exploded in 2017, surpassing previously recordsetting year-to-date sales volume for Single Family/Patio Homes sales in 2005 by a whopping 60%, while the inventory of listings was down by 65.4%. Compared to 2016, in 2017 the single family-patio home sales were up by 6.7%, sales volume was up by 17.3%, the average price was up by 9.9%, and the median price was up by 9.4%. The strongest demand was for properties priced under $400,000.

Dec 2017: Dec 2007: Dec 1997:

PRSRT STD US POSTAGE PA ID PERMIT 745 COLO SPGS CO

Housing production nationwide edged up 11.3 percent on a seasonally adjusted basis in December due to a surge in multifamily construction, the Commerce Department reported this week. Multifamily production – often viewed as volatile month-to-month – surged 57 percent to 431,000 units in December.

Single-family starts, on the other hand, fell 4 percent to a seasonally adjusted annual rate of 795,000 units. But builder sentiment remains high for the single-family market’s outlook.

“Despite the slight dip in singlefamily production, December’s rate

Jay Gupta’s Observations and Remarks

• • •

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

Mobile Issue (Beta)

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

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

7.5% of Single Family/Patio Homes Sold in Year of 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.

December 2017 Sales Analysis By MLS Areas Compiled by Jay Gupta Single Family/ Patio Homes

MLS Area

# of Months' # of Active Sold Supply Listings Listings

Sales Volume $

Median Price $

Average Price $

SP to Avg. List DOM %

All Real Estate Market Activity is "Local" 49 17 2.9 9,020,290 432,000 155 78 2.0 30,606,705 381,000 38 51 0.7 13,441,717 231,000 19 82 0.2 20,605,000 243,500 122 208 0.6 55,291,733 261,500 9 6 1.5 2,401,900 350,000 71 32 2.2 11,753,888 341,500 45 73 0.6 22,549,225 285,000 91 38 2.4 17,046,581 415,000 32 39 0.8 17,335,500 425,000 16 19 0.8 5,181,997 230,000 51 119 0.4 34,232,513 280,000 28 91 0.3 19,275,235 215,000 94 63 1.5 28,991,480 355,000 105 51 2.1 24,502,589 454,500 17 21 0.8 6,866,744 282,400 19 14 1.4 4,997,500 311,500

530,605 392,393 263,563 251,280 265,825 400,316 367,309 308,893 448,594 444,500 272,736 287,668 211,815 460,182 480,442 326,987 356,964

97.0 100.0 98.9 99.4 100.2 98.1 100.6 99.6 99.1 98.4 101.5 100.1 100.4 97.4 99.2 98.9 98.1

•

1.0% of Single Family/Patio Homes Sold in Year of 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 Dec. 2017 Sales Data with Previously High Record Setting Dec. 2005 • Active Listings are down by 65.4% • Months’ Supply is down at 1.1 from 4.0 months in 2005 • Monthly Sales are up by 23.3% • YTD Sales are up by 24.6% • Monthly Dollar Sales Volume is up by 48.1% • YTD Dollar Sales Volume is up by 59.7% • Average Sale Price is up by 20.1% • Median Sale Price is up by 33.9%

•

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 (in the 4% range) 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.

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

•

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.

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 December 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.

January 29, 2018

Colorado Springs Real Estate Journal www.csrej.com

61 40 21 22 28 55 27 18 44 34 29 17 17 57 48 41 41

11

Tech Corner

Technology in Real Estate

By AJ Archuleta

Business Development Representative North American Title Company

Indisputably, technology has changed the face of the real estate industry. Take a look at some of the recent technological advancements we have seen over the last five years that demonstrate its exponential rate of growth.

Potential buyers no longer need to leave their current home to tour their next one when opting for a virtual reality tour. All that is needed is a tech-savvy listing agent to provide the floor plans or 3D video footage of the property. And with a 3Dprinted house, everything from the foundation to the roof, including the intricate details on the trim, banisters and crown molding can literally be printed to use for construction.

Using predictive analytics software, agents are able to focus their marketing efforts on a vetted group of potential buyers and sellers with a high ROI. These programs have an uncanny ability to predict that a seller is going to sell before the seller himself or herself knows. Also, cryptocurrency has become a disruptor in more than the financial industry. Bitcoin is budding in the real estate world as an up-and-coming payment option, especially in the midst of wire fraud and other online payment scams.

Finally, agents realize advertising through traditional outlets such as newspapers is less effective than highlighting their services in venues where their friends, family and acquaintances already are.

These agents have turned to Facebook, Instagram, LinkedIn and other social media platforms to gain a following and capitalize on referrals.

Technology is a wonderful thing but at times can seem terrifying. It creates opportunity for more – more creativity, more interaction and potentially more business. Yet, it can be unforgiving in that it forces those who have not changed to adapt and to do so quickly. At the rate technology is advancing, it is clear that if you have not yet adapted to this new environment, you will most certainly be drug unwillingly into it. As harsh as that sounds, I have found in my experience of teaching people from all walks of life and professions, there is a simple solution to riding the technology wave instead of getting washed under it.

The answer is quite simple – education. Taking the time now to learn, read and talk about technology will save you an immense amount of time trying to avoid, understand or work around it in the future.

That is why we have introduced this series of articles: to help you know what is currently happening in the tech world so you can use the information to your advantage. This month, we’ll start the conversation around Facebook. Be sure to check back each

Are you a Property Manager?

Check out the Landlord Symposium!!

Legal Concerns and the Courts Fair Housing Presented by HUD Getting the Most out of your Vendors 101 Hints and Tips for Property Managers A New Lease on Life Q and A with Professional Panel Inside the Real Estate Commission with Commissioner Carolyn Rogers MPM©, RMP©CRMC©

Thursday February 15, 2018 7:30 a.m. to 5:00 p.m.

Register at

coloradosprings.narpm.org

Questions… Please Contact: Robert Lynde, MPM©, RMP© Rob@MileStoneRES.com

*7 Hours Colorado Approved CE Credit *Continental Breakfast starts at 7:30 with Vendors *The most current info and trends available! *Over 20 Vendors *Vendor Give – a – ways thru out the day! *Real Life Application Register before noon February 12, 2018 NARPM Members: $95 NON- Members: $135 Registration after noon on 2/12/2108 All Attendees $160 A great day of learning and confirmation you are doing it right!

12

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Colorado Springs Real Estate Journal

month as we will go over your need-to-knows for Instagram, LinkedIn, Yelp! and more.

Extending your reach

On Jan. 11, 2018, Facebook founder Mark Zuckerberg announced a huge change to the way Facebook will be displaying content on each person’s newsfeed. Facebook’s new goal is to help each person have “more meaningful social interactions.” This means there will be fewer public and business posts appearing in each person’s feed and more posts from friends and family that have a higher chance of interaction – likes, comments, and shares. The advertisements that appear on a person’s feed will be prioritized by Facebook if they similarly encourage interaction.

What does this mean for you? Boosted posts and ads may not receive the same number of interactions that you are used to in the past.

This new algorithm Facebook is implementing does not interfere with the approach that we at North American Title teach: Be authentic. Create relationships. Don’t make everything an advertisement. The best way to get your post seen is to make it a conversation starter so it will rise to the top of your followers’ newsfeeds.

Facebook moves to limit the use of “engagement baiting”

Facebook also announced that in addition to promoting the reach of engaging posts, it will be limiting the reach of “engagement-baiting” posts. We’ve all seen those posts: “Share this with 10 friends to be entered into a drawing for an original Chia Pet,” “Like this post if you are a die-hard Beethoven fan,” or even, “Tag the friends who would protect you during a zombie attack.” Posts with this type of enticing content take advantage of Facebook algorithms by gaining a huge amount of likes, comments or shares to cause the post to rise in the newsfeed.

Facebook does not see these posts as meaningful social interactions even though some may be interesting to you. Instead, our recommendation for posting is to create engagement around your Value Proposition – your core values, experiences and expertise. Use these things to create valuable posts and conversations with your audience.

Star in your own movie

With the above guidelines in place, Facebook also will give priority to live videos, as they fall in line with its goal of “meaningful social interaction.”

We note that live videos have six times the engagement of other types of videos on Facebook.

Why not create a live video this week around your family or your business? As mentioned in our December article, the best way to get over the discomfort of doing video is to just hit “record.”

Stay tuned for next month’s tips on Instagram!

Have Some News?

Let us know!

Email: josh@csrej.com January 29, 2018

On the Move Lori Bircher Pink Realty I am an Indiana transplant moving to Colorado Springs in 1996. Moving to Colorado was by far the best decision I have ever made. As a resident and a professional in the Colorado Springs area, I am a great resource for information on the Real Estate Market. I am knowledgeable on new developments, school ratings, local amenities, public transportation and the hiking systems in the area. With 17 years as a Mortgage Banker, I am a great resource for all your financing questions. As a buyers agent and listing agent, I service the Colorado Springs, Fountain, Manitou Springs, Black Forest, Falcon, Calhan, Peyton, Monument and Woodland Park markets. I strive to deliver excellent Customer Service, I want to be your Agent and the Agent you refer to all your friends and family. My focus will always be to provide the best housing opportunities to both home shoppers and sellers.

Cruz, Mullenix, Arent RE/MAX Properties Danny Cruz has joined The Movement Team at RE/MAX Properties, Inc. Danny has extensive knowledge about the real estate process from his three years working in the Title Industry. Danny plans on using that knowledge as well as his love for local businesses, restaurants, and attractions, to help his clients with their real estate needs.

Jackie Mullenix has joined the Gold Medal Team at RE/MAX Properties, Inc. Jackie chose RE/MAX Properties, Inc. because she loves the people, culture, tools & systems, and training. She is detail oriented and truly cares to fulfill the needs of her clients. She has lived in Colorado since 1982 and knows both the Colorado Springs and Denver metro areas well.

Kasey Arent has joined the Treasure Davis Team at RE/MAX Properties, Inc. “Working for an organization such as RE/MAX Properties, Inc. means I will be working with an elite and reputable group of agents.

RE/MAX Properties, Inc. serves its community with the highest amount of skill and integrity,” Kasey says. She is skilled in management, human relations, and customer service. She is passionate about helping others and will always go the extra mile for her clients.

RE/MAX Properties, Inc. is excited to see what the future has in store January 29, 2018

for these three and warmly welcomes them to the team!

Carmen Skalski Structure Real Estate Group Carmen Skalski was born in Mexico and grew up in the greater Los Angeles area. She eventually moved to San Diego where she met her husband Eric in 1991. As a proud military spouse of nearly 27 years, Carmen has experienced all of the challenges and joys of finding her own family’s ‘next’ dream home and she thinks she has finally found the ‘one’ here in beautiful Colorado.

Blessed with a servant’s heart, Carmen is extremely passionate about giving back to her community and enjoys volunteering at her local church.

She has also had the distinct pleasure of helping other military families by serving as a command ombudsman on two occasions; the first at Naval Special Warfare Unit EIGHT in Panama City, Panama, and the other at SEAL Team ONE in Coronado, CA. As a Real Estate professional since 2005, Carmen truly understands the excitement and apprehension that can accompany the purchase or sale of a home.

Dustin Kimberlin Keller Williams Premier Realty The Kimberlin Group is pleased to announce their move to the new Keller Williams Premier Realty office. We learned long ago that to get what you want, you only need to help other people get what they want. The move to KW Premier Realty culture provides us with even greater opportunities to expand our vision of helping our clients and business partners live amazing lives.

Dustin has a wealth of knowledge and expertise in the real estate industry. He is a recognized top agent whose primary focus is exceeding customer expectations. The Kimberlin Group is an award-winning Keller Williams team that strives to be the gold standard in real estate services.

Jayme Newsome EXIT Realty Pikes Peak Coming from a background in Human Resources and Management, Jayme’s past positions required patience, persistence, attention to detail, and excellent communication and negotiation skills. Today, she is bringing those same skills and talents to EXIT Realty.

Jayme completed her Bachelor’s

Degree in Business Administration in 2011, and is currently a Graduate student with the University of Texas.

Jayme is double majoring in Human Resources Development and Business Administration, and hopes to complete both degrees within the next year. A lover of education, and intentional lifelong learner, Jayme plans on working towards her PhD upon completion of current education goals.

Jayme is a proud wife and mother, and has been with her husband for eighteen fabulous years. Jayme’s husband, Dustin, is a Navy Veteran who has made a career in emergency services as a firefighter/paramedic. The family enjoys hiking, camping, kids football games, and food! Jayme is an unashamed lover of babies, dogs, and our US Military.

chose to get into Real Estate for the freedom to run her own Career. She’s a hard-working individual who is eager to learn and help people find the perfect home.

Sarah Crandall is very excited to start her real estate journey here in Colorado Springs after being a KW agent in Clarksville. She has spent her whole life helping others and doesn’t want to stop now. Sarah is confident she can help families buy/sell homes and can’t wait to get started.

Craig Armogida has his MBA and has spent 20 years in the Air Force.

He has spent 3 years in Real Estate and has lived in Colorado Springs for 14 years, so he knows his way around.

Craig decided to go in to Real Estate because of his passion towards construction. KW knows he will be a great add to our team.

Kris Combs has lived in Colorado Springs for almost 4 years. He got his Bachelors in Communications and Graphic Design. This is why he decided to go into Real Estate; because he loves building and designing homes.

Kris looks forward to helping his clients with finding the perfect home!

Vela, Minnillo, Smith, Crandall, Armogida, Combs Keller Williams Partners

newRealtor

Shannell Vela has lived in Colorado Springs for the last 3 years but got into Real Estate by being a part of KW management over this last year. Shannell is honest and genuine. She is very excited to support families buying houses and KW couldn’t be happier to have her join Team Colorado.

Mike Minnillo has been in the USAF since 2007. He is bright and confident. Mike loves Real Estate and wants to build his own business that expresses financial freedom. Way to go Mike!

Shaquana Smith has lived in Colorado Springs for over 12 years. She loves Kayaking and traveling. She

in the

office?

Send a short bio (150 words or less) along with a photo to: josh@csrej.com

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13

Local Expert

Inventory Story

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

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

www.empirewp.com

Empire Title of Canon City

1220 Main St., Canon City, CO 81212 Phone: (719) 275-4900 - Fax: (719) 235-5029

www.empirecanon.com

“Once upon a midnight dreary, while I pondered, weak and weary…” the local real estate market was nothing to write home about, especially if you were a Seller in it. The low point – and “it was a dark and stormy night” indeed – came in January 2009 when the number of residential homes sold was just 8.4% of the By Michael Podoyak Empire Title homes listed in the Pikes Peak Multiple Listing Service. Nine — years ago this month, 413 homes closed out of the 4,925 listed on the MLS. “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness.” That time was not even when our area’s listings were at their highest. The previous peak, possibly of all time, hit prior to that in July 2007 with 7,065 homes listed for sale. The last peak came after, in July 2010, with 5,955 homes on the market. Also, though that was the lowest month of home sales since at least 2003, things certainly didn’t improve right away with only 464 homes sold the following January, 460 sold in January 2011 and 474 sold in January 2012.

Then, “all this happened, more or less.” Now, our real estate market is making history! The number of listings has steadily declined to 1,350 in December 2017 – among the three lowest months in decades. The number of homes sales has also been declining because of the lack of inventory. December saw the fourth consecutive monthly decline, dropping to 1,206 sales compared to the all-time peak of 1,743 this past June. This has resulted in a record percentage of listed homes sold last month of 89.33%!

Sales as a % of Active Listings

100.0%

89.33%

90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0%

Oct-17 Jul-17 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

0.0%

“Happy families are all alike; every unhappy family is unhappy in its own way.” With this drought of listings, we have broken another record in the number of months of inventory available. Theoretically, if not one more house was listed for sale, it would take just a single month to exhaust what is currently on the market.

Inventory in Number of Months

9.0 8.0 7.0 6.0 5.0

Empire Title

1.00

4.0 3.0 2.0 1.0 0.0

Dec-17 Oct-17 Aug-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 Jun-16 Apr-16 Feb-16 Dec-15 Oct-15 Aug-15 Jun-15 Apr-15 Feb-15 Dec-14 Oct-14 Aug-14 Jun-14 Apr-14 Feb-14 13-Dec Oct-13 Aug-13 Jun-13 Apr-13 Feb-13 Dec-12 Oct-12 Aug-12 Jun-12 Apr-12 Feb-12 Dec-11 Oct-11 Aug-11 Jun-11 Apr-11 Feb-11 Dec-10 Oct-10 Aug-10 Jun-10 Apr-10 Feb-10 Dec-09 Oct-09 Aug-09 Jun-09 Apr-09 1-Feb 1-Dec 8-Oct 8-Aug 8-Jun Apr-08 Feb-08 Dec-07 Oct-07 Aug-07 Jun-07 Apr-07 Mar 2006 Mar-2004

offers a tremendous variety of courses every month, and Bill McAfee provides you with the most educational and entertaining two or four hours that you’ve ever been mandated to sit through.

Months of Inventory December 2017

18.0

16.0

15.54

Don’t bring up the Rear when it comes to your continuing education. Look for Empire’s classes on the page to the right, Butt don’t wait too long to sign up - our classes are a kick, and they fill up fast. Be sure to register soon …

“Mule” be glad you did!

Number of Months

14.0

12.0

10.0

8.0

6.0

5.49

4.0 2.02

2.0 .46 0.0

Please think of Empire Title as your primary resource for all of your Escrow, Title, Short Sale and Marketing Needs.

WE DON’T SUCCEED UNLESS YOU DO!

14

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$140,000 $159,999

.27 $160,000 $179,999

.25 $180,000 $199,999

.29 $200,000 $249,999

.44 $250,000 $299,999

2.59

1.11

$300,000 $399,999

$400,000 $499,999

$500,000 $749,999

$750,000 $999,999

$1,000,000 $5,000,000

Of course, that is an extremely simplified story due to the disparity in home prices on the market. The median sales price in December 2017 of $285,000 tied for second for the all-time high in our area; first place was just $250 higher last June. Almost 63% of the homes sold last month did so at $250,000 or greater. For the year of 2017, nearly 59% sold at or above that price – especially challenging or impossible for first-time buyers and lower-income families.

For Buyers that find something they like in their price range, “My advice is, never do tomorrow what you can do today. Procrastination is the thief of time.”

In these market conditions, it can also be the thief of “…and they lived happily ever after.”

Colorado Springs Real Estate Journal

January 29, 2018

Around the Corner Saturday, February 3 HBA Annual Awards 5pm-9pm @ Cheyenne Mountain Resort www.cshba.com Tuesday, February 6 CTM eContracts – Beginners 10am-12pm @ Empire Title rsvp@etcos.com 719-884-5300 Behind the Scenes look at how Lenders/ Lending REALLY works- Todd Pazol 1pm-4pm @ Legacy Title asalladay@legacytitle-llc.com Wednesday, February 7 Annual Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300 CAR Economic Summit 8am-4pm @ Brown Palace Hotel - Denver www.coloradorealtors.com Thursday, February 8 Farm and Land 8:30am @ The Egg and I - Chapel Hills Charlie Triplett: 719-896-1777

CAR Realtor Day at the Capital 8am-4pm @ Brown Palace Hotel - Denver www.coloradorealtors.com Wednesday, February 14 HBA Breakfast with the Builders 8:30am-11am @ Chapel Hills Mall www.cshba.com Annual Commission Update 1pm-5pm @ Empire Title Woodland Park lori@empirewp.com 719-686-9888 Wire Fraud 9am-11am @ Legacy Title asalladay@legacytitle-llc.com Thursday, February 15 NARPM Landlord Symposium 7:30am-5pm @ Hotel Eleganté coloradosprings.narpm.org Annual Commission Update 8:30am-12:30pm @ PPAR ppar.org Annual Commission Update 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

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

Employing Broker: License Law Jeopardy 8:30am-12:30pm @ Legacy Title asalladay@legacytitle-llc.com

USDA/Rural Development + Lunch 10a-2:30p @ Empire Title Woodland Park lori@empirewp.com 719-686-9888

Tuesday, February 20 Transferring Title of Probate & Trust Estates 10am-11am @ Empire Title rsvp@etcos.com 719-884-530

Seller Mastery- Bruce Gardner 8:30am-1pm @ Legacy Title asalladay@legacytitle-llc.com

2018 ACU 12:30pm-4:30pm @ Legacy Title asalladay@legacytitle-llc.com

Village Center at Woodmoor $546,484 17970 Gypsym Canyon Court, Monument

Available January 2018. Stunning 2-story model home with fantastic mountain vews. Professionally designed interior and a fully landscaped yard. You’ll love entertaining in the gourmet Kitchen with oversized leathered granite countertop and double ovens. Other features include stone fireplace in Great Room, main level Office, 5 Bedrooms, finished Basement with wet bar, luxurious Master Suite. This is a “wow” home. Contact Fred Heedt at monument@campbellhomes.com or 719.494.8010.

Wednesday, February 21 Mold: Basics, Risks, Myths & Methods 9am-12pm @ Empire Title rsvp@etcos.com 719-884-5300 Roofing Red Flags- What an Agent Needs to Know 9am-11am @ Legacy Title asalladay@legacytitle-llc.com Thursday, February 22 2018 Real Estate Contract 9am-1pm @ Empire Title rsvp@etcos.com 719-884-5300

send

us your

event

info

josh@csrej.com

*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.

2018 AD DEADLINES Deadline

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Meridian Ranch $449,802 10953 Checo Way, Peyton

Available Now! Spacious “Raintree” ranch home on a 1/4 acre site! 4 BR, 3.5 BA with 3,956 square feet including a finished Basement. Main level Office with built in bookshelves, hardwood floors, Maytag stainless steel appliances in Kitchen, walk-in pantry, gas fireplace in Great Room, Master Bedroom on main level with vaulted ceilings. Finished Basement with surround sound and wet bar. Contact Roxanne Nice at meridianranch@ campbellhomes.com or 719.418.3969.

NEW MODELS NOW OPEN IN NORTH FORK, MERIDIAN RANCH AND CORDERA! Building in Cordera • Meridian Ranch • Quail Brush Creek • Monument • North Fork

January 29, 2018

Colorado Springs Real Estate Journal www.csrej.com

15

COLORADO SPRINGS

County Line Rd.

The Dunes

Old Denver Rd.

105

HOMES NOW FROM THE MID 200’S* AT SELECT COMMUNITIES

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Baptist Rd.

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Monument

WHERE WE BUILD

Londonderry Dr.

Paint Brush Hills

3

Woodmen Rd. Woodmen Rd.

5

Powers Blvd.

Dublin

Falcon

6

*

Marksheffel RD.

25 Broadmoor View

Dublin North

.

Blvd

Union Blvd.

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Colorado Springs Downtown

4

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7

Silver Hawk

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8

21

9

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5. Broadmoor View From the upper $200’s Now Open for Pre-sales!

(719) 375-3187

*

The Glen

Mesa Ridge Pkwy

Now Open!

From the upper $200s 9513 Prairie Dove Dr. - (719) 896-4381 East on Woodmen Rd., north on Meridian Rd., west on Stapleton Dr. to model.

*

Lorson Ranch

1. The Dunes

From the mid $300’s 1764 Sandy Shore Lane - (719) 358-7583 From I-25 South, go east on Hwy. 105 or from I-25 North, go west on Hwy. 105 and turn north on Woodmoor Dr.

2. Paint Brush Hills

2

Stapleton Dr.

3. Shiloh Mesa

From the low $300s 8078 Codrington Pl. - (719) 327-0228 From I-25, east on Woodmen Rd., north on Marksheffel Rd.

4. Dublin North

From the low $300’s 6494 Donahue Dr. - (719) 424-7299 The Dublin North community is located just east of Powers Blvd. on Dublin Blvd.

6. Spring Creek

From the mid $200’s 898 Antrim Loop - (719) 375-3187 South on I-25, east on Hwy. 24, south on Union Blvd. and follow the signs to Aspen View Homes.

7. Silver Hawk

From the upper $200’s 5120 Adana Dr. - (719) 445-0130 Powers to Hancock West to Community.

8. Lorson Ranch From the mid $200’s Coming Soon!

9. The Glen

From the mid $200’s 7688 Bigtooth Maple DR - (719) 313-9413 From Powers: Take Mesa Ridge Pkwy, east to Spring Glen Dr., north to model.

From Marksheffel: Take Mesa Ridge Pkwy, west to Spring Glen Dr., north to model.

(719) 382-9433• AspenViewHomes.com The best move you’ll ever make.