colorado springs real estate journal
DESCRIPTION
April 25, 2011TRANSCRIPT
Vol.3 No.8 www.csrej.com April 25, 2011
PPAR Wine & Beer Tasting
HBA Spike Party
MUCHMORE
INSIDE!
Empire Title Direct Connect
PAGE 4 PAGE 19PAGE 13
PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO
National News ................. Page 2Local News ..................... Page 10On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19
The importance of pre-approvals
Wally RoyBranch Manager(719) [email protected]#305901
Aric UlmerLoan O� cer(719) [email protected]#257977
Sharon HigashiLoan O� cer(719) [email protected]# 100019804
Bev CreswellLoan O� cer(719) [email protected]#301804
Honest & Ethical Service from People You Know.
5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8
HELPFUL TIP:Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website:
www.dora.state.co.us/real-estate/index.htm
203K
EXPE
RT
Realtors applaud bill to speed lender response to short sales
Minimum 20% down a danger to home buyers, housing recovery, paper says
A new bill to improve the process for approving short sales may soon bring re-lief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale requests.
The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.).
“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.
“Realtors® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancel-
ling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.
NAR has been actively pushing the lending industry to improve the process for approving short sales, which repre-sent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Con-gress to pass the bill quickly.
With the proposed Qualified Resi-dential Mortgage (QRM) rules recently proposed by federal regulators, “the government is throwing a devastating, unnecessary and very expensive wrench into the American dream,” according to a statement released last week by NAHB and five other groups.
Issued on April 14, the day prior to a hearing on the QRM regulations by the House Subcommittee on Capital Mar-kets and Government Sponsored Enter-prises, the white paper charged that the proposal would force credit-worthy bor-rowers to delay home purchases or pay higher mortgage rates, would impede a fragile housing recovery and would dis-courage the restoration of a healthy pri-vate lending market for home purchases.
In addition to NAHB, the groups that prepared the paper — “Proposed QRM Harms Creditworthy Borrowers
and Housing Recovery” — included the Center for Responsible Lending, the Community Mortgage Banking Proj-ect, the Mortgage Bankers Association, the Mortgage Insurance Companies of America and the National Association of Realtors®.
The paper voiced par-ticular concern over the minimum 20% downpay-ment required for a QRM.
Based on 2009 income and home price data, the paper says, it would take 14 years for the typical American family to save for a 20% downpayment and almost nine years to be able to put 10% down.
“Even 10% downpayments create sig-nificant barriers for borrowers, especially in higher-cost markets,” the paper says.
“This will significantly delay or deter aspirations for homeownership, or re-
quire first-time buyers to seek govern-ment-guaranteed loan programs or enter the non-QRM market, with higher inter-est rates and riskier product features.”
Existing home owners would also be harmed by the rules. Based on data from Core-Logic, nearly 25 million current home owners would be denied access to lower rate-QRMs to refinance their homes because they do not cur-
rently have 25% equity.Further analysis of CoreLogic data,
the paper says, demonstrates that sound underwriting and product features like documentation of income and type of mortgage have a larger impact on re-ducing default rates than high down-
“Even 10% downpayments
create significant barriers for borrowers”
The home buying process can be a stress-ful time for a buyer. They are faced with sev-eral choices to make that can sometimes seem overwhelming. Where should we live? What can we afford? Who should our agent be? What kind of loan is right for me? All these questions can be confus-ing and make it difficult for a buyer to know where to start.
A good rule of thumb to alleviate these stresses is to start with a pre-ap-proval. Since sales contracts typically only give buyers three days to apply for a mortgage, most buyers don’t have the
By Jon PaukovichEnt—
See Short Sales page 5
See Downpayments page 7 See Pre-Approvals page 7
2 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
Director of AdvertisingRachelle Nardo
Director of PublishingJosh Olson
Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related 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 trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.
We welcome the submission of articles, photos and press releases. Please email any considerations to:
• Article SubmissionPlease submit articles no longer than 700 words in a Word document with an accompanying byline and appropriate contact infor-mation. A headshot is also welcomed. Please submit headshot in JPG format.
• Press ReleasesPlease submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format at-tached to the same email.
• On the MovePlease submit a short bio no more than 150 words for any-one that has joined your team in a Word document or direct-ly in an email. A headshot may also be attached to the email as a JPG.
This is for any business in the industry (Real Estate, Build-ers, Title Companies, Mort-gage Companies, etc.)
• Photos/EventsPlease attached pictures in JPG format in an email with any notes or captions direct-ly in the email or in a Word document.
Office: 719.205.1299Fax: 719.550.4373
www.csrej.com
Colorado Springs Real Estate Journal LLC3608 Galley Rd | Colo Springs, CO 80909
Not affiliated with The Colorado Springs Business Journal
National News
4% COMMISSION
on theTotal Contract
Price*
Model Home at:
2312 Red Edge Heights, Colorado Springs 80921
719.598.8900
Why bring your buyersto Copperleaf Homes?• Quality, Custom Homes from $300,000 and Up• Complimentary architectural concept drawing
and detailed option pricing prior to signing contract for all qualifi ed buyers
• Effi cient build times• Exceptional included features• Award-Winning CUSTOM builder• Very fl exible, we never say “No”• Colorado Company• We build in most communities in El Paso,
Douglas, and Teller counties
*Conditions – some terms and conditions apply - this offer is valid until 12/31/11
www.copperleafhomes.com
ALSO:
50%of Your Commission isPaid within 2 Weeks
of contract and deposit
Realtors® now have access to an errors and omissions insurance program from the National Association of Realtors®’ newest REALTOR Benefits® Partner, Victor O. Schinnerer & Company, Inc.
“Realtors® help consumers invest in their future through home ownership,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “E&O insurance helps Realtors® pro-tect their own business investment while they’re helping buyers, sellers and inves-tors achieve their real estate goals.”
Coverage is available to members in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands through Continental Casualty (CNA), a top-rated insurance carrier. Rates vary based on the type of coverage needed, area of specialty, and previous claims his-tory. The program offers a wide range of deductibles and claim limits as well as several premium credits, as allowed by state law. This includes a credit for being
a Realtor®, holding select NAR designa-tions, continuing education, use of stan-dard contracts, use of home warranties, and risk management programs. Schin-nerer’s program also supports a broad range of real estate specialties including residential and commercial, property management, appraisal, and more.
“NAR is pleased to work together with Schinnerer to provide a first-class pro-gram for Realtors®,” said Bob Goldberg, NAR senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “With over 28 years of real estate errors and omissions insurance experience, Schin-nerer has developed a program proven to adapt to our dynamic real estate industry. Schinnerer also understand the fluidity of the market and continually researches the industry to observe trends, adjusting their policies to match.”
Coverage was recently updated to in-clude use of the Internet, such as web-
sites, social networking, video hosting, and blogging. In addition, educational pieces and risk management services are available to policyholders. Schinnerer has developed a toolbox that includes a risk management newsletter, blog up-dates, webinars, and a toll-free hotline to discuss potential claims with a real estate claims specialist.
“We are thrilled to offer this quality program to Realtors® across the country,” said Jim Snyder, Senior Vice President and manager of Schinnerer’s Real Es-tate E&O Program. “We are well-versed
New errors and omissions insurance benefit provides protection for Realtors
“We are thrilled to offer this quality program to Realtors® across the country.”
See E&O Insurance page 9
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 3
*All awards are given through ERA Franchise Systems LLC. 5 star rating based off of internal ERA rankings.
Get Tips on How to Build Your Real Estate Career
For information on JOINING our ELITE Team of Professionals contact Cathrine Sullivan at 719.593.1000
TOP 10 Overall ERA FranchiseTop 10 overall ERA Franchise producer in 2010.
Join a National Award Winning TEAM
#1 ERA Franchise In the NationTop producer in 2010 within it’s respective division.
2011 ED Bilinkis Memorial Award RecipientNational award recognizes the top ERA Franchise for fund raising for MDA (Muscular Dystrophy Association) in 2010.
2011 Circle of Light Award FinalistRecognized as one of the Top 3 ERA Franchises in the nation, for 2010 community philanthropic endeavors.
2010 Gene Francis Memorial Award Finalist Recognized as a finalist for the Top All-Around ERA Company in the nation.
www.ColoradoSpringsRealEstateCareers.com
TAKE CHARGE OF YOUR CAREER
4 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
PPAR Holds Its Annual PSF Wine and Beer Tasting Event April 7, 2011
4% Com
mission
* www.OrlaHomes.com
719-237-6455 Mark McWilliams� e Gold Medal Team
• 2 Car Garages Standard •• From 1,450 Square Feet •
• Convenient Location •• Self Financed for Longevity •
From the $130’sNEW TOWNHOMES
The Glen at Sand Creek
E Platte Ave
Airport Rd
Mur
ray
S A
cad
emy
Blv
d
24
24
S Po
wers
Blv
d
HOMESREADYNOW!!!
MLS# 437379MLS# 673871MLS# 612282
2 min. to Peterson AFB • 12 min. to Ft. Carson • 10 min. to Downtown5 min. to Powers Blvd. Shopping • 7 min. to Citadel Mall.
L O C A L B U I L D E R S I N C E 1 9 9 2 & G O I N G S T R O N G !
On Thursday, April 7, the Pikes Peak As-sociation of REALTORS® Government Af-fairs Committee held its annual PSF Wine and Beer Tasting Event held at the Cot-tonwood Center for the Arts in the Main Gallery. Attendees were able to enjoy net-working with fellow real estate profession-als as well as appreciating the fine artwork on display and being able to tour 2 floors of working artists’ studios.
“It was a great opportunity to emphasize why REALTORS® need to understand the importance of politics in their business and enjoy a wonderful cultural event,” said Hank Poburka, 2011 PSF Chairman for PPAR.
Above: Barb Asbury of Peak Realty and Consulting, LLC and 2011 PPAR Chairperson of the Board and her husband George enjoying the art.
Below: Creighton Thomas, Jodie and her husband Tony.
Below: Steve Bach of Bach Real Estate Partners, LLC and Mayoral Candidate.
Above: Randy Reynolds of Prudential Rocky Mountain and 2011 President of the Colorado Association of REALTORS®.
Above: Harry Salzman of Salzman Real Estate Services and Tim Leigh of Hoff & Leigh Management, Inc. and newly elected City Councilman-At-Large.
Left: Darrell Wass of RE/MAX Advantage Realty, Inc., Darrell's wife Kari and Brent McPherson with Land Title Guarantee Co.
Below: Donna Major of RE/MAX Real Estate Group, Renate Carrier of Equity Colorado, Jim Martin of ERA Shields Real Estate and Jack Beuse of Paradigm Real Estate.
Below: Betsy Thinger, Ed Behr, Dianna Daily and Mike MacGuire all of The Platinum Group.
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 5
National News
10. Short Sales are 32% of today’s closings. 9. Short Sales are complex, time consuming and require specific knowledge and expertise. 8. Continually changing government guidelines and lender policies are daunting, not to mention what’s up with MARS….??? 7. Short Sales can bog down your business. Outsource the administrative duties and focus on what you do best! 6. Stop referring your Short Sales to another agent. You may not only miss out on a commission or potentially worse, a referring client for life! 5. You will have a whole team supporting your transaction at Fidelity National Title Company. 4. Utilizing RealtyTMS®, a professional third-party facilitator, can give Buyer's agents more comfort in showing and selling your listing. 3. Short Sale statistics show it takes approximately 40 - 80 hours of administrative time to manage a transaction. 2. Are you on hold too long?????? Avoid this frustration by letting us help.
and the #1 reason…
1. Let’s “get it closed!!”
We are partnering to provide you the most experience in short sales support!
Karen [email protected]
Lisa [email protected]
Terry [email protected]
Shirlee [email protected]
Debbie [email protected]
Greg WolffVice [email protected]
www.adamsmortgage.com
Elizabeth Elmer264-4399
LMB# 100030062
Matt Shtatman930-5434
LMB# 100011277
Dana Hines955-3670
LMB# 100030255
Harry Venik338-3879
LMB# 100030058
PhotoCoMing
Soon
Kim Gilbertson955-3677
LMB# 100011206
1155 Kelly Johnson Blvd. Suite 480 Colorado Springs, CO. 80920
719-593-8778Fax: 719-593-2280
Local UnderwritingFHA/VA Loans
Superior Service
KnowledgeProfessionalism
Enthusiasm
One advertisement away.
csrej.com
Rates as low as $150/moPhone: (719)205-1299
Email: [email protected]
Thousandsof Realtors,
®
“As the leading advocate for home ownership and housing issues, Realtors® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and ser-vicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlin-ing short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers and the entire community.”
© Copyright National Association of Realtors. Reprinted with permission.
Short Sales from page 1
6 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
[email protected] | www.csrej.com
the best gift this spring...
Plant your seeds now and watch your
business grow.
{ growth }
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 7
National News
Hardly Living?Join us. Start living again!
Real Living A Leading ResidentialReal Estate Company
719.599.9000
If you’re ready to grow, we’re ready to invest in you.Contact John Moher or Charlie Brown for a confidential conversation about your real estate career: [email protected] [email protected]
The future of real estate rests with the Real Living agent. Our job is to support our agents every step of the way by developing an outstanding brand and marketing program, advanced technology and tools, and training that sets us apart from other practitioners.
To help our agents achieve business excellence, Real Living has developed a package of services unparalleled in the industry.
We believe in our agents, their skills and commitment to the profession and the customer. And we believe our role is to help them lead the industry in productivity and profits.
• ConsumerFriendlyAgentWebsite(MLSIntegrated)
• ContactManagementSystem• MobileApplications• 360*MarketingPlatform• CentralizedShowingService
• E-Leads• FullTimeREO&CorporateRelocationDept.• CompanyFormsandeContractsOnline• Listing&UnderContractAdministrators• ProfitSharing
An Independently Owned and Operated Firm
Fax: 719.534.7411Brent McPherson
Sara Martin719.231.1900
Stick Newland719.338.6657
Owned and operated by Colorado families since 1967 Serving the Pikes Peak Region for almost 40 years!
Contact your local Land Title Service Representative Today!
Stability yOu Can tRuSt• Owned and Operated
by Colorado Families since 1967
• Land Title uses only the highest rated, financially sound underwriters
• Escrow funds safeguarded through daily reconciliation, audits & dual controls
• All operations are in Colorado – nothing is sent out of state
payments — a fact ignored by the narrowly drawn QRM that has been proposed.
CoreLogic statistics on loans origi-nated between 2002 and 2008 show that “boosting downpayments in 5% increments has only a negligible im-pact on default rates, but it signifi-cantly reduces the pool of borrowers that would be eligible for the QRM standard,” according to the paper.
The paper finds that moving from a 5% to a 10% downpayment on loans that already meet strong underwrit-ing and product standards reduces defaults by only two- or three-tenths of one percent. However, that in-crease would eliminate from 7% to 15% of borrowers from qualifying for a lower-rate QRM loan.
The paper notes that “Congress considered and rejected establishing high minimum downpayments be-cause they are not a significant factor in reducing defaults compared to oth-er underwriting and product features.
“In fact, the three sponsors of the QRM provision have sent letters to the regulators saying that they inten-tionally did not include downpay-ment requirements in the QRM.”
By impairing the ability of millions of households to qualify for low-cost financing, the report adds, the restric-tive QRM that has been proposed could frustrate efforts to stabilize the housing market.
“Some private estimates have concluded that 5% risk retention could result in a three-percentage point rise in interest rates for loans funded through securitization,” the paper says. “In other words, today’s 5% market would become an 8% in-terest-rate market.”
Even if those estimates are too high, “even a one-percentage point increase in interest rates could be devastating to a fragile housing mar-ket,” the white paper says.
NAHB analysis shows that ev-ery one percentage point increase in mortgage rates prevents 4 mil-lion households from being able to qualify for the median-priced home. By that estimate, a three-percentage point increase would price out more than 12 million households.
The paper also says that the pro-posed QRM definition would make matters worse for those markets that have been hit the hardest by the hous-ing crisis.
As the result of price declines in Nevada, Arizona, Georgia, Florida and Michigan, “at least two out of three home owners there do not have at least 25% equity in their homes that would allow them to refinance with a lower-rate QRM. Six out of 10 would not be able to move and put
20% down on their next home.”As for the impact of the QRM
rule on the mortgage mar-ket, the paper quotes mortgage securitization pioneer Lew Ranieri, who
said: “The proposed very narrow QRM definition will
allow very few potential home owners to qualify.
“As a result, it will complicate the withdrawal of the government’s guar-antee of the mortgage market. I fear it will also delay the establishment of broad investor confidence necessary for the reestablishment of the resi-dential mortgage-backed securities market.”
The paper also points out that “risk retention is a viable option only for the largest banking institutions that have balance sheets to handle it.
“In 2000, the top five lenders ac-counted for less than 29% of total mortgage originations. Today, just three FDIC-insured banks control nearly 55% of all single-family mort-gage originations.
“By creating such a narrow QRM market, the proposed rule will reduce competition from community-based lenders and accelerate consolidation of the mortgage finance market. In short, the proposal creates real systemic risk, while doing little to relieve it.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Downpayments from page 1
time to really evaluate their options and shop around. Instead, they hastily decide on a mort-gage based on one factor, like monthly payment, alone. This can be risky. A hasty mortgage de-cision can mean the buyer is in a product that doesn’t really work for them, or they are with a company they ultimately won’t be happy with. When buyers quickly jump into financing, it’s easy to miss some important facts about the lender or the loan product.
However, getting pre-approved assures the buyer that they are in the right loan program that meets their specific needs. They will be more comfortable as they start to shop because they’ll know what they can afford up front and they’ll know their payment, rate and loan terms. Pre-approved buyers will also be more comfortable with the lender and understand the entire fi-nancing process up front. Having a pre-approval gives them more buying power when they start shopping – an offer accompanied with a pre-approval letter may be more attractive to a seller.
Just like selecting a new home, selecting a lender to get pre-approved is very important. You’ll want to partner with a lender that has a knowledgeable staff of loan officers that can guide your buyer through the many loan options available to them. When a buyer chooses a loan that matches their goals and objectives, they will be ready to shop with confidence and enjoy the home buying experience much more. It will al-low them to focus on just one life changing deci-sion – choosing their perfect home.
Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal
Credit Union. He can be reached at [email protected]
Pre-Approvals from page 1
8 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
- A Realtor-Friendly Atmosphere - Quick, Easy Paperwork- 3% Commission on Total Sale Price
Plus a $1,500 Bonus
We’ll make this short and sweet.
Sell a home during our inventory-close out in the Villages of Solera and Syrah, and we’ll present you with a big, fat $1,500 bonus in addition to your three-percent sales commission.
Surprises? Fine Print? Red tape? There won’t be any.
But because only seven of these luxury properties remain, what you will be up against is a lot of stiff competition.
Got a client who’s dreamed of living in fabulous, fully-appointed house? One with builder upgrades and a coveted Social Fitness Membership to the Club at Flying Horse? Then you’d better get moving. Because these beauties going fast, and when they’re gone, they’re gone—forever.
(719) 494-8112 • www.vhco.com13485 Cedarville Way, Colorado Springs, CO
Luxury Living at a Price You Never thought Possible - vantage homes offered from $335,500
- Granite slab kitchen counter - Hardwood floors - Finished lower level - Central air conditioning - Three-car garage - Tile flooring in master - New construction warranties - Social Fitness Membership to the Club at Flying Horse - Landscape package - Upgraded undermount kitchen sink/faucet fixtures - Energy efficient construction - Exterior stucco and stone finishing
Vantage Homes in The Villages of Solera and Syrah at Flying Horse from $335,500.*Home photography represents model home. Pricing and availability subject to change. Packages available through Vantage Homes Preferred Lender.
And You’ll Ride off With A fistful of dollARs.
including:
sell A neW, luxuRY homeDuriNg Our HistOric FiNaL-iNveNtOrY cLOse-Out iN FLYiNg HOrse,
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 9
National News
www.chicagotitlecolorado.com
CHICAGO TITLEof Colorado
Chicago Title of Colorado is proud to introduce Mobile Apps for the iPhone, iPad and AndroidTitleNow makes work on-the-go more productive.
Introducing, Chicago Title’s first mobile app that works exclusively with www.chicagotitlecolorado.com services provided through our Premier Services Platform. With TitleNow, you can get immediate property information on your iPhone, iPad or Android wherever you are,whenever you need it.
*If you are not already a registered user please go to www.chicagotitlecolorado.com and click on the “Register” link or contact yourlocal sales representative. To find a local office or sales representative go to www.chicagotitlecolorado.com and click on “Office Locator”.
What does TitleNow do? With TitleNow, you can search for real time property information like property address, mailing address, legal description, parcel and tract information, tax information, property characteristics, transfer history, nearby properties, comparable sales and plat maps.
TitleNow lets you search for property information by what you know:• Property Address • Owners’ Name • Assessor’s Parcel Number (APN)
You can also view “Near By” properties using the iPhone or iPad built-in GPS, or a smartphone running the Android operating system with built-in GPS. In addition, TitleNow allows you to:• Save recent searches for easy retrieval later • Share property information with clients or the office
*Use of TitleNow requires that you have a registered account on www.chicagotitlecolorado.com.
TitleNow. Available on the Android Market and at the App Store.
Colorado Springs Downtown Office 2 North Cascade Avenue, Suite 125 Colorado Springs, CO 80903 office: 719.471.1058 fax: 719.471.7546
Colorado Springs North Office 7680 Goddard St., Suite 120 Colorado Springs, CO 80920 office: 719.593.1661 fax: 719.593.1044
Rich FeaselBusiness Development
Cell: 719.482.4755 [email protected]
Andrea TuckerBusiness Development Cell: 719.649.1353 [email protected]
for more information please contact your local colorado springs representatives
All data is deemed reliable, but not guaranteed.Copyright © 2010 Chicago Title. All Rights Reserved.All other trademarks and copyrights are the property of their respective holders.
Cherry Creek Mortgage - Team Schneider at Ft Carson's EGGsperience April 16, 2011
Above Left: Alice Schneider and Dzelal Hrustanovic of Reunion Homes.
Above: Mark Pledger of Metro Brokers, Grant Schneider and Lisa Reyes of The Masters Real Estate Group.
Left: Scott Ignatius of The Masters Real Estate Group and Grant Schneider.
Right: Ruthie Lohrig-Kline of Unified Title.
Above: Cherry Creek Mortgage - Team Schneider. Alice Schneider, Sigrid Smith, Kristi Gates and Grant Schneider.
in the real estate industry and understand the potential liabilities Realtors® face. Our errors and omissions cov-erage can provide members with peace of mind and a sense of security.”
To sign up for the program and learn more information, Realtors® can visit www.realtor.org/realtor_benefits/ benefits_partners/eoinsurance.
NAR’s REALTOR Benefits® Program offers practical solutions for Realtors® on the products and services they use every day. The program includes offerings in a vari-ety of categories from nearly 30 companies recognized as leaders in their respective industries.
Victor O. Schinnerer & Company, Inc. is one of the largest and most experienced underwriting managers of professional liability and specialty insurance programs in the world. Schinnerer now serves more than 46,000
insureds in various specialty industries through inde-pendent insurance agents and brokers.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, rep-resenting 1.1 million members involved in all aspects of the residential and commercial real estate industries.
© Copyright National Association of Realtors. Reprinted with permission.
E&O Insurance from page 2
10 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
around townERA Shields Real Estate wins national award for extraordinary community leadership
Realtornewoffice?in the
Make sure they’re getting the
[email protected] and Grant Schneider
Are your potential clients on the Path2Buy?
Help them realize that the American Dream of owning a home is STILL ALIVE!
Is your lender coaching your clients through the process of identifying and resolving the issues that are holding them back from buying their home?
Alice SchneiderNMLS# 252027
Grant SchneiderNMLS# 252034
Call Us Today.
OFFICE: 719.433.7651 FAX: 719.465.3409www.ColoradoHomesandLoans.com
5 0 2 E . P i k e s P e a k A v e , S t e 2 0 0 . C o l o r a d o S p r i n g s , C O 8 0 9 0 3
Copyright © 2011 Cherry Creek Mortgage. Loan products are not available outside of CO. In Colorado: to check license status of your mortgage broker visit: http://eservices.psiexams.com/crec/search.jsp. NMLS Company ID# 3001
At Team Schneider, we are Certifi ed Path2Buy Coaches and will help your clients get on the Path 2 Buying their home.
Path2Buy…7½ Reasons why the real estate market is stagnant
1. Job Security2. Down Payment3. Credit Scores4. Debt To Income Ratio Guidelines5. Debt To Income Comfort Zone6. Mis-Information7. Mobility/Liquidity7.5 Waiting For The Bottom
ERA Shields Real Estate was recognized recently for its annual fundraising efforts to support the Muscular Dys-trophy Association (MDA). The Colorado Springs bro-kerage, which raised nearly $50,000 for MDA in 2010, received the prestigious Ed Bilinkis Memorial Award at the 2011 ERA® International Business Conference, held March 17-20 in Las Vegas, N.V.
The award is named for an ardent ERA supporter and major benefactor who raised significant funds on behalf of MDA.
Each year ERA Shields Real Estate hosts the Expres-sions of Hope Art Show to benefit Colorado Springs MDA. This year’s event is scheduled for May 5th. ERA Shields Broker/Owner Bill Hurt expects to have raised more than $500,000, in the preceding six years the com-pany has hosted the event.
"The entire team at ERA Shields is heavily invested in making our community a better place. We live here too, so investing in our future just makes good sense. Our primary efforts have focused on children and families at risk, housing, and quality of life organizations, but I am particularly proud of the work we do on behalf of the MDA," said Bill Hurt.
In recognition of ERA Shields Real Estate’s broad scope of philanthropic efforts, the company was also named as one of three finalists for ERA Franchise Systems new Cir-cle of Light for Community Leadership Award.
Since 1977, ERA brokers and sales associates have
collectively raised over $30 million to fund research and provide services to help the more than one million Americans affected by neuromuscular diseases. As the sole corporate sponsor of MDA from the real estate in-dustry, ERA Real Estate has consistently been among the top corporate contributors to the organization each year.
With 2 locations, ERA Shields Real Estate specializes in residential real estate in Colorado Springs, Pueblo, Castle Rock and Woodland Park and has serviced these areas for over 26 years. ERA Shields agents are all full-time professional advisors who strive to deliver superior service to their clients. They are national leaders in the real estate industry and offer the latest in technology to ensure the best home buying and selling experience in the nation.
Local News
Above: Garden of the Gods, Realtor Open House - March 29, 2011.
Above: Dash and Dine at Village at Skyline - April 12, 2011.
Above: April Leads Group - April 13, 2011.
Send us your PHOTOS!
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 11
A huge thanks to all those Realtors® who brought in clients or
sold a home with Aspen View!
COMMUNITIES
No purchase necessary!
$20,000 Giveaways
Pow
ers
Blac
k Fo
rest
Vollmer
Woodmen
Forest MeadowsFrom the $180s
I-2585-87
Foun
tain
Mes
a
Mesa Ridge
C and S
Ohio
Freedom HeightsFrom the $180s
Fontain
Mesa Rdg
Markshe� el
Powers
I-2585-87 Lorson Ranch
From the $190s
UP TO CASHWIN IN
IN 2011
6% Co-Opon
Select Inventory!
Up to $12kin
Buyer Incentives!
Congratulations to our fi rst quarter winner of $5,000!!! Iris McKenzie
Don’t forget, this promotion is still availablefor the second quarter of 2011.
The next drawing will be in July, so bring in a client and register to win the $5,000 cash prize!!*
*See sales associate for more details
Sold Out!
12 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
Open Sat. & Sun. from 1-4
Woodmen
Meridian
Wal-M
artN
FALCON
GJG
Falcon Design Center719.495.7664
visit gjgardnerhomes.com11605 Meridian Market View Unit 130
Falcon, CO 80831
25+ Years Strong and Proudly LocalSpecial Offer:*• Granite Tops • Wood Flooring
• Maple Cabinets• 9’ Ceilings on Main Floor
• 92% High Efficiency Furnace
3.5% Commission
*Contact Design Center for full details. Payment is principle and interest only assuming FHA loan, 3.5% down payment, 30 year, 4.5 % interest FHA loan with buyer paid closing costs in addition to down payment.Pictures are for illustrative purposes only features and inclusions may vary by location. *Some restrictions may apply.
Ashwood$259,900
2769 square feetWalk Out, Golf Course Lot
Vaulted Ceilings on Main FloorNearby Recreation Center
3
22.5 Hickorywood $183,900
1359 square feet
$899/month
3
22 Sprucewood $194,900
1424 square feet
$952/month
5
Available Now!
3 3
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 13
INTRODUCING
www.heritagetco.com
TERRYWILLIAMS
KERYNDERUBIS
EILEENWOLFF
SHELLYFARMER
JIMBRAVERMAN
104 South Cascade, #102
Colorado Springs, CO 80903
phone 719.475.8800
Downtown
6805 Corporate Drive, #120
Colorado Springs, CO 80920
phone 719.592.9933
3673 Parker Boulevard, #130
Pueblo, CO 81008
phone 719.546.1801
PuebloTiffany Square
Empire Title's Direct Connect with Lee Honish April 6, 2011
Above: Dave Kaercher, Pearl Figueroa and Bill Van Tol with RE/MAX Properties, Inc.
Above: Lee Honish "the Short Sale Genius", Bill McAfee with Empire Title and Trent Chapman.
Above: Forrest Williams and Diane Hartman with Johnson United Moving and Storage, Stephanie Hawthorne and Doreen Hussmann with Empire Title.
Above: Rhonda Brennan with Mountain Desert Realty and Michael Podoyak with Empire Title.
Above: Noreen and Craig McConnell of Avalar Real Estate Solutions, Carrie Johnson with ERA Herman Group and Glen Sayler with Midnight Solutions.
Above: Dianne Vogt and Bob Glasgow with Cool Colorado Homes, Inc. and Jerry Allen with Keller Williams Hope Realty.
14 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
Local News
Classic Homes celebrates 10,000th home closingClassic Homes, the area’s leading locally owned
homebuilder and developer, celebrated its 10,000th home closing on Friday, March 25th with a surprise clos-ing party for new homeowners Jack and Hollis Julson.
Classic kicked off its “Countdown to 10,000” in early February when the company had only 14 closings to go before hitting this milestone. Anyone who visited the Classic corporate office or any of its 13 model home lo-cations around town could see that the excitement was building – the daily closings were being tacked city-wide
on whiteboard displays. Then, on Friday, March 25th, the Julson family happily walked into the corporate of-fice to close on their new home in Wolf Ranch…and changed everything, including the large “Countdown to 10,000” whiteboard prominently placed in the lobby of the Classic office. At 3:35 P.M. Hollis Julson proudly erased the 9,999 from the board and wrote 10,000 in its place along with their names and the date. “The entire Classic Homes staff has been phenomenal to work with. They have made building our own home not only easy,
but absolutely fun! They're extremely knowledgeable, their crews are professional and do top-notch work, and as things progressed with our home they made sure we understood everything, every step of the way. They made us feel like we were valued customers and we're extremely happy with their results.” said Jack Julson.
To commemorate the occasion, in addition to shower-ing the family with personalized gift baskets, Classic also presented a generous charitable contribution of $1,000 toward the charity of the Julson’s choice. Active in Boy Scouts with their two young boys, the family chose to make the donation to Pack 70. Mrs. Julson graciously thanked Classic Homes President, Joe Loidolt, and the entire Classic team assuring them that their “donation was going to a wonderful group of boys who thoroughly enjoy participating in Scouts;” She went on to explain how “many of these boys are military children whose fa-thers are currently deployed and some of these kids have been very unfortunate in having lost their fathers in the line of duty. Classic’s donation will be put to good use in helping make certain these boys make it to Scout Camp.”
“We have enjoyed much success in our 21-year his-tory,” said Dan Winter, Executive Vice President and Partner of Classic Homes. “Our success is a reflection of the hard work and diligence of our dedicated employ-ees and the teams of subcontractors and craftsmen we employ throughout our developments. This responsibil-ity is reflected not only through the homes we build and the communities we create, but through our commit-ment to the many cultural, philanthropic and charitable organizations we are proud to support within our City. Together with the Julson Family, Classic is proud to sup-port Boy Scouts of America Pack 70.”
Classic Homes currently builds in 17-communities in El Paso County from Monument to Fountain and east to Meridian Ranch. For a complete list of Classic Com-munities, visit www.classichomes.com.
Don’t risk your commission
with a rookie!
With 38+ Years of Experience in the Real Estate Industry YOUR Clients are OUR Clients and They Always Come FIRST!
Put mr. exPerience to work For you!
Spec ad for Cherry Creek Mortgage Company—Team Schneider 1/3 page color
Is Your Lender Closing Your Loan in 30 days or Less? We Are!!!
Is Your Lender Too Busy Doing Refinancing to Close Your Loans? At Cherry Creek Mortgage, Purchases are Our #1 Priorities.
Pic of Team Schneider (we will provide soon)
Alice Schneider LMB100018027 Grant Schneider
LMB2100018028 Brett Andrus
LMB100018072
At Cherry Creek Mortgage—Team Schneider, we provide the following TOOLS that help make MORE SALES,
from a Lender that INVESTS IN YOU. Team Schneider’s Realtor Success Suite Home Buyers Scouting Report Custom E-Property Sites ColoradoHomesandLoans.com We Have Opening Slots for HBM Program. Contact Us for Free Presentation on How We Can Help You Reach More Buyers.
Call Us Today. OFFICE 719.433.7651, FAX 719.465.3409 502 E. Pikes Peak Ave, Ste 200. Colorado Springs, CO 80903 www.ColoradoHomesandLoans.com
Pic of Family Playing in front of Home
Cherry Creek Logo
• 16yearsasaRealtorandBroker/FormerOwnerforRE/MAX
• 18yearsinthemortgageindustry
• MemberofthePresidentsClubeveryyearsince1992
• Over2,200loansoriginatedfrom1992topresent
• WeDoAllLoans:FHA,VA,Jumbo,etc.
• WeCloseDealsin3Weeks(average)
• WeAreAvailable&YouCanContactUs24/7
• WeFundOurOwnLoansincluding:Processing,Underwriting,Funding
• OnlineApplicationsAvailable
• QuickResponsePre-Quals
Courtney Kline has the experience you want and deserve in today’s topsy-turvy mortgage world.
Cherry Creek Mortgage offers the flexibility of a privately held company.
Cherry Creek Mortgage has multiple investors that offer excellent rate options for the consumer.
Courtney KlineMortgage Loan OfficerLicense #346600
Office: 719.260.7777Cell: 719.492.4092Fax: [email protected]
Also contact my assistant Stephanie: 719.277.9231
6 2 6 5 L e h m a n D r. , C o l or a d o Spr i n g s , C O 8 0 9 1 8w w w. S p r i n g s Ho m e Mo r t g a g e . c o m
Campbell Homes, LLC. 4850 Austin Bluffs Pkwy., Colorado Springs, CO Toll Free: 888-966-9790 • Local: (719) 266-9780 • Fax: (719) 266-9775
A s plumbing contractors, we know new homes inside and out. Which is why we’re sold on Campbell
Homes. The pros at Campbell Homes go beyond industry standards—even those found in expensive custom homes--bringing uncompromising quality to every detail of the fl oorplan! No wonder Campbell Homes is a standard fi xture in the best neighborhoods. Their craftsmanship is legendary.” John and Connie Claren
Springs Custom Plumbing Jessica Heights at Feathergrass
Cordera
Pronghorn Meadows
Indigo Ranch atStetson Ridge
Falcon Hills
Meridian Ranch
The Gables
For more Testimonials, Locations and Information visit us at CampbellHomes.com
Lisa Chandler (CB Title), Jack & Hollis Julson (Homeowners), Theresa Anderson (CB&T Mortgage) and Adam Pillmore (Classic Homes).
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 15
Local News
© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.
Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA
*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.
Ent – A Realtor’s Lending PartnerAs a realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!
Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in-house. Ask about our $300 Mortgage Guarantee, too!
Contact one of our Mortgage Loan Officers, today.
Freedom is
having a par tner you can trust.
Learn more in person, online, or by phone.
Ent.com/Mortgage (719) 574-1100 ext. 5602 or
800-525-9623 ext. 5602
Tom Bechtel(719) 550-6486
Marcus Brown(719) 550-6408
Josh Callens (Denver)
(720) 833-3324
Diane Danner(719) 550-6441
Alex Deboer(719) 550-6482
Stephanie Dombrowski
(719) 550-6485
Carol Flynn(719) 550-6470
Cathy Gonzalez(719) 550-6431
Suzi Gradisar (Pueblo)
(719) 296-2107
Brad Shaw(719) 550-6995
Lisa Shoblo(719) 550-6480
Tony Sloan(719) 550-6439
empowering our associates to make a differenceLegacy Title Group, LLC
(719) 442-190025 North Cascade, Suite 215Colorado Springs, CO 80903
Be one of the � rst 50 Realtors® to try our new online Seller’s Net Sheet and get your name in for some cool prizes.
Try Our New Seller’s Net Sheet
www.LegacyTitle-LLC.com
Over a thousand Colorado Springs Realtors® have used Legacy Title Group for
their professional closing services.
Find us.
The Platinum Group, REALTORS® is proud to announce it is the recipient of three Leading Real Estate Companies® of the World Mem-ber Achievement Awards. The awards were presented March 9 at the 2011 Conference of Leading Real Estate Companies® of the World held at The Cosmopolitan of Las Vegas in Ne-vada. The conference attracted 800 real estate brokers, owners, managers, relocation profes-sionals, sponsors and guests from across the U.S. and eight countries worldwide.
The Platinum Group received the 2010 Award of Excellence for Outgoing Referral Production for their company-size category. This award is presented to the member firm assisting the highest volume of relocating clients per sales associate. Platinum also received the prestigious 2010 Crown of Excellence Award recognizing the firm with the highest level of relocation performance overall within their company-size category. Additionally, the Fast Tracker Award, presented to only one member company seen as generating the highest level of referral performance in their first full calendar year as a member of the Network, was presented to Platinum.
“To earn distinction among the premier member firms of Leading Real Estate Com-panies® of the World is an impressive accomplishment” said LeadingRE President/CEO Pam O’Connor. “By earning one of our prestigious Member Achievement Awards, a company has been recognized for its outstanding contributions to the communities it serves and for its active involvement in our Network. And The Platinum Group is the recipient of three of these awards.”
Christine Fullen, CRP, Director of Relocation and Business Development for The Platinum Group, REALTORS® was a speaker at the event.
Fullen was asked to join a panel of relocation professionals to discuss business de-velopment strategies within the corporate market. With 18 years of relocation experi-ence, Chris has won both regional and national corporate relocation awards, personally receiving Relocation Professional of the Year. She holds her CRP (Certified Reloca-tion Professional) designation, the only one of its kind in the industry that formally recognizes those who have mastered an extensive body of knowledge on the principles and practices of relocation and laws governing and affecting corporate relocation. She belongs to the national Relocation Directors Council, where directors are chosen for membership because of experience, education, and dedication to serving corporations and their employees.
The Platinum Group receives three Achievement Awards
16 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
Alphie Hutmacher of Coldwell Banker Residential Brokerage recognized as a Peak Producer
Alphie Hutmacher, a leading bro-ker associate with Coldwell Banker Residential Brokerage in Colorado Springs, has been recognized as a Peak Producer for 2010 by the Pikes Peak Association of Realtors (PPAR). To qualify as a Peak Producer, PPAR members must rank among the top 10 percent of all members in total sales volume.
Those who achieve the Top Producer recognition must also support charitable activities that give back to the community and show a willingness to share their networking skills, experience and real estate knowledge to raise the level of professionalism within the PPAR.
“Alphie is a hard working, conscientious real estate professional known for her superior customer service, and she is very deserving of this award,” said Don How-ell, managing broker for Coldwell Banker Residential Brokerage in Colorado Springs. “She helps her clients make educated decisions and conducts each transaction with the highest integrity.”
Hutmacher has garnered several prestigious awards during her career, including Coldwell Banker Residen-tial Brokerage’s International President’s Circle award for 2010. She is a USAA Relocation Specialist and member of REALTAC, an organization of real estate profession-als committed to supporting and serving the Pikes Peak region. Hutmacher is an REO Specialist, a CARTUS Certified Relocation Specialist, and is certified by the Department of Housing and Urban Development.
Hutmacher successfully lobbied for more than eight years for the construction of a city recreation center at Cottonwood Creek Park in Colorado Springs. She has served as assistant campaign coordinator for School Dis-
trict 11 and School District 38 ballot initiatives. Hutm-acher was the assistant coordinator for School District 11’s Open Book Program and is a volunteer coordinator for multiple campaigns and non-profit organizations. She earned her associate’s degree in business from the University of North Dakota.
Irina Riley of Coldwell Banker Residential Brokerage earns Seniors Real Estate Specialist designation
Irina Riley, a leading broker associ-ate with Coldwell Banker Residential Brokerage in Colorado Springs, has earned the Seniors Real Estate Spe-cialist (SRES) designation from the National Association of Realtors.
Completion of the SRES designa-tion course is an essential step for Realtors in under-standing the distinct real estate goals, concerns, and needs of seniors today. The course looks at key differ-ences in housing options, from age-restricted communi-ties to age-in-place design to assisted living. The course also looks at the ins-and-outs of reverse mortgages, the use of pensions, 401k accounts, and IRAs in real estate transactions, among other important aspects of serving senior clients.
“Congratulations to Irina for being focused on con-tinuing education and advancing her career through enhanced knowledge and expertise,” said Don Howell, managing broker for Coldwell Banker Residential Bro-kerage in Colorado Springs. “Adults age 50 and older represent more than 20 percent of the U.S. population. This is an important market, and conscientious real es-tate professionals should know how to serve their spe-cific real estate needs.”
Riley is a member of the Pikes Peak Association of Realtors and holds several other special designations
recognizing the successful completion of stringent con-tinuing education courses in real estate. She serves the diverse real estate needs of clients throughout El Paso, Teller, Park and Douglas counties.
Prior to pursuing a career in real estate, Riley taught English at a middle school in Ukraine and served as an interpreter at the Joint-Venture Gold Mine in Russia. She earned her bachelor’s degree in English with a minor in German from Vinitsa Ostrovsky University.
Mike Slaback among "Top100"Mike Slaback, a top-producing real
estate professional with Real Living - Select Properties was honored with a national award for exceptional real es-tate sales performance in 2010.
Slaback is one of a select group of Real Living BrokerAssociates named nationwide to the group of "Top100" real estate profes-sionals based upon sales performance in 2010.
Mike was recognized for his real estate achievements that resulted in him being awarded position number 39 in the entire country for closed transactions.
"Our Top 100 awards honor the top Broker Associ-ates nationwide and I'm please that Mike Slaback is one of the industry's best of the best," said Harley E. Rouda, Jr., president of Real Living. "Mike has demonstrated that achieving this level of real estate performance re-quires a unique blend of dedication, people skills, tech-nical knowledge, hard work and determination."
1 Village Center (From the $200’s)
Northgate Estates (From the $300’s)
GreyHawk (From the $190’s)
Wildwood at Northgate (From the $150’s)
Stetson Ridge (From the $150’s)
Falcon Highlands (From the $170’s)
Falcon Terrace (From the $150’s)
Mule Deer (From the $180’s)
Cuchares Ranch (From the $180’s)
Lorson Ranch (From the $180’s)
Parkview (From the $150’s)
Gold Hill Mesa (From the $190’s)
2
3
4
5
6
7
8
9
10
12
11
Coming
Soon!
At Challenger Homes we are proud to say that we have been aColorado Springs New Home Builder for more than ten years.
Every Challenger Home is built with the highest level of quality workmanship. Challenger Homes offers a wide variety of price ranges in some of the most desirable neighborhoods
in Colorado Springs, with distinctive new home designs available at all locations.
Please visit one of our beautiful model homes today or check us out at MyChallengerHomes.com
And Realtors, make sure to check out our C.O.L.A. program (Commission on Loan Approval).
You could get paid half of your commission at loan approval! For more information visit the Realtor page on our website!
Making Life Better...One Home At a Time
719-598-5192MyChallengerHomes.com
Hwy. 105
SCHO
OL D
ISTRICT 20SCH
OO
L DISTRICT 38
SCHO
OL D
ISTRICT 49SCH
OO
L DISTRICT
3
Platte Ave.Platte Ave.
Drennan Rd.
Northgate Blvd.
Baptist Rd.
Woodmen Rd.
PETERSONAIR FORCE
BASE
FORT CARSON
AIR FORCEACADEMY
AIRPORT
Stetson HillsBlvd.
ConstitutionAve.
Bradley Rd.
Fontaine Blvd.
Acad
emy
Blvd
.
Uni
on B
lvd.
21st
St.
Pow
ers
Blvd
.Po
wer
s Bl
vd.
elRd
.
Nev
ada
Ave.
Uni
on B
lvd.
DOWNTOWN
Voyager Pkwy.
83
2
1
3
4
5
7
8
6
9
10
12
11
83
2424
N
SCHOOL DISTRICT 11
SCHOOL DISTRICT 2
Making Life Better.
Local News
gotnews?
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 17
On the Move
Joy JeromeKeller Williams Hope Realty
Keller Williams Hope Realty is pleased to welcome Joy Jerome, CRS, SFR. Joy graduated from the University of Minnesota with a Bachelor of Science degree. Since then, Joy has accumulated over 25 years experience in Real Estate in the Colorado Springs area. Joy is also the proud mother of three daughters who are now grown & gone! KW Hope is excited to include Joy’s incredible knowledge and personality to our KW family.
Are You Ready? June 4-5, 2011REALTOR® Nationwide Open House
Who says there's no such thing as a free lunch?
Come by Challenger Homes in Falcon Highlands on any given day and we'll serve you lunch. Come as you are or with a group and we'll feed you, give you great service and show you our beautiful homes. While you're here you will be able to experience our new model, the Man-chester. This home displays over 2,700 sq ft finished for under $230,000 on 1/4 acre! Plus, for a limited time we are giv-ing $10,000 towards options or upgrades and closing costs with one of our pre-ferred lenders. Some have programs with as little as 2% down and very competitive rates, plus $1 down for all VA Buyers. We have something for everyone!
Come on by and see what's new at Challenger in Falcon Highlands, former-ly called the Gables. What do you have to lose, but your appetite!
Head east on either Woodmen or Hwy 24 to Falcon, just Southwest of the Walmart. Or call Judy Coffey at 719-761-1842 to find out what's on the menu for the day! Can't wait to see you!
AN ADVERTORIAL:
18 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011
Local Expert
**As a settlement provider, you are under no obligation to send any future business to any sponsors from this event.
Major Sponsors:
Please RSVP to Cherrylyn at(719) 884-5300 or [email protected]
What is … Are you prepared to take advantage of Mobile Marketing in your real estate career? There are 4.1 billion mobile phones worldwide; 86% of Americans own a mobile phone. By 2013, more people will own “smart phones” than own personal computers and laptops. 68.7 million are frequent text users; in fact, 1.56 trillion texts were sent in America last year – triple what was sent in 2007. That is 52,083 texts sent every second. 97% of text messages are opened, 83% within the first hour received.
So, how does this information help grow your business? Find out in an exclusive preview presentation for a new texting program that can change the way realtors market their homes and their services, brought to you courtesy of …
Empire Title and Academy Mortgage:
Wednesday, May 4,2011 9-11am
Strategic Financial Partners Building 1755 Telstar Drive, Suite 501, Colorado Springs (Northeast corner of S.R. 83 & Research Blvd.) If you are a real estate agent that appreciates and enjoys cutting-edge technology and unique ideas, please don’t miss this seminar conducted by the pioneer of the iZigg 90210 Mobile Revolution, Dr. Scott Elliott. Breakfast will be provided, and we will be excited to have you join us!
www.etcos.com
Empire Title of Colorado Springs5755 Mark Dabling Blvd. Ste 110 | Colorado Springs, CO 80919
Phone: (719) 884-5300 Fax: (719) 884-5304
Empire Title of Woodland Park509 Scott Avenue | Woodland Park, CO 80863Phone: (719) 686-9888 Fax: (719) 686-8208
We Don’t Succeed Unless You Do!
By Bill McAfeeEmpire Title—
Be afraid, be very afraid!!!Be afraid of world events and acts of nature. Be afraid of $5.00 a gallon gas and regula-
tion without enforcement. Be afraid of government ownership in private industry. These are things we have little or no control over. Here are some things you do not need to be afraid of: population growth; the number of people going into foreclosure; inventory levels; new build inventory; and, the lack of investor speculation.
We do not need to be afraid that people are leaving our city in droves. In fact, the population of El Paso County has grown 3% from 2009 to 2010 and 20% from 2000 to 2010. The US Cen-sus Bureau estimates our population at 622,263. El Paso County is the most populated county in Colorado and has grown more than 105,000 since 2000. One thing that is not growing is the number of people going into foreclosure.
Foreclosures were down 12% comparing 2009 to 2010. Com-paring the first quarter of 2010 to 2011, they were down almost 20%. The long term trend for people entering into foreclosure is moving in the right direction. In fact, the data suggests we have bottomed out. One other statistic that is crucial in the foreclosure arena is the number of properties that have gone back to the banks. According to research derived from the El Paso County Public Trustee, there are approximately 6,278 proper-ties that have been foreclosed and have become bank owned since January 30, 2008. This data is through March 23, 2011. There is ongoing research to calculate how many of these properties have been sold back into the market. My prognosis is it will take two years to liquidate the current inventory. This does not include those properties which have not yet gone to sale. More positive news is inventory levels are improving.
Six months inventory is considered equilibrium between buyers and sellers. All price ranges below $249,999.00 are below 6 months. If the number of listings does not greatly increase this summer, the inventory levels will hold in check and it could create a strong market for the $249,999.00 and below price ranges. This could help offset the downward pressure from the bank owned properties.
Unlike bank owned properties, there is not an excess of new builds. In fact, the Gazette Telegraph just reported that building permits pulled in February were the lowest since before 1963. We do not have an over supply of new builds like Nevada, California, Florida and Arizona.
The prices in those states were increasing so rapidly that investors would write con-tracts with builders planning on flipping the property before the construction was com-pleted. That worked for a while. Money was also readily available to builders which made it easy to build spec homes. The financing that existed then is no longer available.
Financing has tightened and will probably not improve in the near term. Once the economy does improve, financing will likely improve at a slow pace. It will take the builders some time to gear up. Once they do, all the ancillary jobs that are created by the building industry will create a boom in our local economy. We do not have the ex-cess inventory that was created by wild investor speculation and overbuilding. We do not have neighborhoods built with no one living there. The fundamentals in our local real estate economy are lining up in a positive direction. Forbes, Money Magazine and CNN have all picked Colorado Springs in the top 10 for cities to recover. The real estate fundamental elements are in place for our region to rebound.
It is ok to be afraid of elements out of our control. However, there is no reason to be afraid of, population growth, the decrease in foreclosures, inventory levels in the lower end markets, little surplus in new builds, and the lack of speculation which kept us from dramatically overbuilding.
In conclusion, I would say be afraid of being overly pessimistic. Be afraid of not see-ing the positive elements in our local real estate economy. Be afraid to say it will never come back! Be afraid!
Average price was up and the median price showed no change. The number of residential units sold was down and inventory lev-els were up. The number of list-ings was down and foreclosure starts continue to decline at an increasing rate. Interest rates are still low by historic standards but are starting to trend up.
Likely scenario: continued softening in price due to the amount of bank owned inventory hitting the market. In-ventory levels will begin to improve as supply dwindles. Foreclosures continue on the positive trend and interest rates increase.
What does this mean for sellers? Pricing correctly is essential because your com-petition is bank owned properties. Interest rate increases will hurt purchasers' buying power. The increase in mortgage insurance rates will also have an adverse effect on buyers’ purchasing power.
What does this mean for buyers? Prices are great and may get better. If you are a cash buyer you might be able to procrastinate a little longer; however, you don’t know where the bottom is until the market rebounds. Buying close to the bottom is always good. Buyers who need to borrow money should not let the inevitable increase in inter-est rates take this opportunity away from you. If you have to borrow money to buy a home now is the time!Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.
2010-2011 Year Over Year Recap• Average Price 3.8%• Median Price 0.0%• Residential Units Sold 4.3%• Inventory Levels 8.9%• Number of Listings 1.1%• Foreclosures 19.8%• Interest Rates are at historic lows
April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 19
APRIL Tuesday, Apr 262011 CREC Mandatory Update Class9am – 1pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353
Wednesday, Apr 27Advanced Foreclosure and Short Sales9am – 11am @ Empire TitleRSVP: 884-5300, [email protected]
Thursday, Apr 28Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
The Estimator™10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]
Friday, Apr 29Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
MAY Wednesday, May 4iZigg Mobile Marketing9am – 11am @ Strategic Financial Partners Building. 1755 Telstar Dr #501RSVP: 884-5300, [email protected]
Thursday, May 5Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]
VA Training for Agents8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]
B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213
ERA Shields Real Estate6TH Annual Expressions of Hope Art Show Benefiting MDA (Muscular Dystrophy Association)6pm – 9pm @ Historic City AuditoriumPurchase Tickets at 719.593.1000
Friday, May 6Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
Saturday, May 7Home Buying Seminar10am – 12pm @ Ent (Galley Service Cntr)RSVP: [email protected] (719) 574-1100 ext 6670
Tuesday, May 10Short Sale Class w/Realty TMS and Fidelity National Title1pm – 3pm @ Fidelity National Title 1277 Kelly Johnson BlvdRSVP: 719-590-1711
Wednesday, May 11Short Sale Class w/Realty TMS and Fidelity National Title9am – 11am @ Fidelity National Title 1277 Kelly Johnson BlvdRSVP: 719-590-1711
Short Sale Class w/Realty TMS and Fidelity National Title1pm – 3pm @ Fidelity National Title Office at 150 Morning Sun Drive (Woodland Park)RSVP: 719-687-3081
CTM eContracts - Beginners1:30pm – 3:30pm @ Empire TitleRSVP: 884-5300, [email protected]
Thursday May 12Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
Tri-Lakes Marketing Forum8:30am – 10am @ Inn at Palmer DivideKim Rossbach: 719-534-7444
Women's Council of Realtors11:30am – 1:30pm @ Embassy Suites HotelRenate Carrier, 888-313-5928
Friday, May 13Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
Wednesday, May 18CTM eCotracts - Advanced10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]
Thursday, May 19Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998
HBA Trap Shoot11:30am – 4pm @ Isaac Walton Gun [email protected] 719-592-1800
Friday, May 20HBA Texas Hold'em Networking Event6pm – 10pm @ HBAwww.cshba.com 719-592-1800
Tuesday, May 24Barstool Economics & 10319am – 12pm @ Chicago Title [email protected] (719) 649-1353
Wednesday, May 252011 Annual Commission Update8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]
Thursday May 26Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
Friday, May 27Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
JUNE Saturday, June 4Building A Home: Help from Ground Up10am – 12pm @ Ent (Galley Service Cntr)RSVP: [email protected] (719) 574-1100 ext 6670
REALTOR® Nationwide Open HouseRuns through Sunday.
Monday, June 6HBA/PAC Golf Challenge7am – 2pm @ Kissing Camels Golf [email protected] 719-592-1800
Thursday, June 9Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]
Small Business Day8am – 1:30pm @ Doubletree Hotel(719) 255-3844 www.CSSBDC.org
Saturday, June 11,12HBA Remodeled Homes Tour10am – 5pm @ Various Locationswww.cshba.com 719-592-1800
Saturday, June 18Home Buying Seminar10am – 12pm @ Ent (Campus Dr.)RSVP: [email protected] (719) 574-1100 ext 6670
Around the Corner
* Events subject to change. Please check with event/class holders for more detailed information including cost and registration dates. Email events to [email protected]
HBA Spike Party April 12, 2011
Photos by Amy Cox.