colorado springs real estate journal
DESCRIPTION
July 25, 2011TRANSCRIPT
Vol.3 No.11 www.csrej.com July 25, 2011
Renters say owning a priority
Around TownMUCHMORE
INSIDE!HBA Cares:Macy's Story
PAGE 2 PAGE 8 PAGE 14
PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO
National News ................. Page 2Local News ..................... Page 13On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19
Kevin BentBranch Manager(719) [email protected]#251284
Aric UlmerLoan O� cer(719) [email protected]#257977
Sharon HigashiLoan O� cer(719) [email protected]#347297
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 8HELPFUL 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
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33 Homes in 2011 Parade of Homes
The Housing & Building As-sociation of Colorado Springs (CSHBA) announced that 33 homes by 25 home builders from the Colorado Springs area have selected to participate in the 2011 Parade of Homes.
This year’s parade homes will highlight the latest in construc-tion technology, sustainable liv-ing, and interior design. Main sites will be located at Gold Hill Mesa, Cordera and Flying Horse. In addition to the main sites, many of this year’s homes are scattered throughout Colo-rado Springs showcasing some of the finest neighborhoods in El Paso County.
The 33 beautiful new homes and neighborhoods in the Pa-rade of Homes will be open every day starting August 5 and runs through August 21, the hours this year are from 10:00 am. to 6:00 pm. Tickets will be on sale at all local Safeway Stores begin-
ning July 18, 2011. Admission is $10.00 for adults 18 to 64 and $5.00 for 65 and over, ticket in-cludes a navigational map. One ticket will allow visi-tors to tour the Parade of Homes at their lei-sure during these 17 days. When you visit only 24 of the Parade Homes you will be eligible to enter to win a $2500 Shopping Spree at La Z Boy Fine Furni-ture. You may also enter online at www.cshba.com.
The Parade of Homes offers variety in price and location. The homes are scattered across a broad spectrum of prices. A to-tal of 11 homes are priced below $300,000, while two are priced more than $1,000,000. There are 22 communities within the tour.
FEATURING:• AllianceBuildersColorado• AspenViewHomes• BellaVitaCustomHomes• ClassicHomes• ChallengerHomes• ComitoBuildingandDesign• CopperleafHomes• CreekStoneHomes• GJGardnerHomes• GoetzmannCustomHomes• JMWestonHomes• KellerHomes• MasterBiltHomes• Murphy'sCustomHomes• OakwoodHomes• PikePeakHabitatforHumanity• ReunionHomes• RichmondAmericanHomes• RockyMountainCommunity
LandTrust/ChallengerHomes• RonCovingtonHomes• SaddletreeHomes• SaintAubynHomes• TiffanyHomes• VanguardHomes• VantageHomes
MAIN SITESGold Hill Mesa
CorderaFlying HorseTightmortgage
lendingseenasbiggestobstacletostronghousingrecovery
Housing and the economy won’t stay caught in their current “soft patch” much longer and are slowly headed for higher ground later this year and in 2012 and 2013, but conditions would be considerably brighter if leaders in Washington were adequately addressing what needs to be done to end the housing crisis, Ken-neth Rosen, chair of the Fisher Center for Real Estate and Urban Economics at the University of California at Berkeley, told an au-dience at PCBC on June 22 in San Francisco.
“The recovery is happening,” said Rosen. “It just isn’t as strong as we’d like and housing is the weak link.”
The gross domestic product is likely to grow a subpar 2.4% this year compared to 4.0% “if housing were running on all four cylin-ders,” he said, and growth is likely to hit 3.0% for 2012, still below the 4% to 5% range that is typical for the early stages of an upturn.
A source of nagging concern for consumers, the job market has a long way to go, he said, with only about 2 million private-sector jobs gained following a loss of 8.8 million during the recession.
Job creation, which slowed down this spring, should be back on track in the fall, he said, and monthly gains this year should average between 175,000 and 200,000, roughly twice the pace of 2010. That would move the unemployment rate down to 8.9% by the end of this year and 8.1% at the close of 2012.
Unfortunately, the construction industry, which accounted for one-fourth of the nation’s job losses in a recession that was three times worse than any that preceded it, won’t be staging a come-back this year, he predicted.
If the economy bounces back in this year’s third and fourth
quarters, as he expects, Rosen said that 10-year Treasuries should start moving back toward 4%, from about 3% currently, and subsequently rise into the 4%-5% range and higher.
The Federal Reserve should now be pushing its federal funds interest rate up to 2.5%, from close to zero, he said, noting that the central bank’s current stance is “not helping investors and savers,” who are receiving next to no interest, and is underestimat-ing inflation.
Tight Mortgage Lending StandardsAt this stage, Rosen said, single-family housing is
struggling to recover because of overly tight credit conditions, and housing ought to be leading the
economy forward. But “that’s not happening, as if no one in Washington cares anymore.”
(In a July 7 Washington Post news story on a town hall meeting via Twitter the previous day, President Obama was quoted as saying, "The con-tinuing decline in the housing market is something that hasn't bottomed out as quickly as we expect-ed," later adding that his Administration's efforts to help struggling home owners were "not enough.")
“There is a very big anti-homeownership bias coming out of Washington and we are going to have to fight for everything we have,” Rosen said.
Tight credit standards are housing’s biggest prob-
See Tight Lending page 7
See 2011 Parade page 13
2 Colorado Springs Real Estate Journal www.csrej.com July 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.
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NationalNews
meridianranch.com
Take a short drive for a long list ofreasons to discover Meridian Ranch
of the ordinaryNOT OUT OF THE WAY.
Sevenoutof10renterssayowningisatoppriorityMost Americans still believe that own-
ing a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. Accord-ing to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.
Seven in 10 Americans also agreed
that buying a home is a good financial de-cision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how af-fordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong ma-jority (71 percent) believe a 20 percent
down payment requirement could have a negative impact on the housing market.
“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “How-
See Renters page 5
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 3
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4 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
Your Cherry Creek Mortgage Teamin Colorado Springs
What you can expect when working with us at Cherry Creek Mortgage:~ Committed to honesty and integrity in all our activities ~ Passionate about serving others ~ Keen to learn, adapt and improve ~ Committed to profitable growth ~ Focused on managing risk
“Cherry Creek Mortgage Company (CCMC)
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What you can expect Cherry Creek Mortgag
ANNOUNCING
With 25 Years of Mortgage Lending Experience, staffed with incredibly knowledgeable individuals, we’ve remained dedicated and true to our core values.
Please CONTACT one of our seasoned professionals to explore the options that are available to your customers. You’ll be glad you did.
Colorado Springs North Branch7680 Goddard Street Suite 201, Colorado Springs, CO 80920Branch Manager - Melanie Henn NMLS# 206264Phone: 719-434-8394
Colorado Springs Schneider Branch502 East Pikes Peak Ave #200, Colorado Springs, CO 80903Branch Managers - Alice Schneider NMLS# 252027 andGrant Schneider NMLS# 252034 Phone: 719-433-7651
Colorado Springs Branch3625 Lehman Drive, Bldg. A, Colorado Springs,CO 80918 Branch Manager - Bill White NMLS# 60634 Phone: 719-260-7777
Interest rates are at a 40 year low. House values are where they were 10 years ago. There is NO better time for yourbuyers and sellers to take action.
Pam Childs
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Rich List
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Grant Schneider
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Alice Schneider
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Sigrid Smith
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Kristi Gates
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Samantha Broughton
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Bill White
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Cell: 719-210-2730
Courtney Kline
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Everett Nordby
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Cell: 719-337-1843
Harvey Hoover
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15yrs NMLS# 279666
Cell: 719-291-2426
Jan Whitehead
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10yrs NMLS# 273083
Cell: 719-243-0354
Jeff Chapdelain
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Cell: 719 332 Jeff (5333)
Joy Bathelmes
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Mark Turney
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Sandie Guenther
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Rebecca Stewart-Hunt
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Cell: 719-460-3426Mary Lou Risinger
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Bob Manderfield
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July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 5
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ever, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors® are strongly urging regulators to go back to the drawing board on the proposed rule.”
Defining the QRM rule is important because it will determine the types of mort-gages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20 percent down will have to choose between higher fees and rates today – up to 3 percentage points more – or a 9-14 year delay while they save up the necessary down payment.
Over half – 51 percent – of self-described “working class” home owners as well as younger non-college graduates (51 percent), African Americans (57 percent) and His-panics (50 percent) who currently own their homes reported that a 20 percent down payment would have prevented them from becoming home owners.
Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaf-fordable for Americans. Eighty-two percent of respondents cited these as the top ob-stacle, followed by having confidence in one’s job security.
The survey also found respondents were adamantly against eliminating the mort-gage interest deduction. Two-thirds of Americans oppose eliminating the tax benefit, while 73 percent believe eliminating the MID will have a negative impact on the hous-ing market as well as the overall economy.
“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” said Phipps. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to cur-rent programs or incentives don’t jeopardize our collective futures.”
When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a prob-lem in their area.
The 2011 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,250 adults nationwide, with an oversample of interviews of those living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
NAR’s Housing Opportunity Program, www.realtor.org/housingopportunity, was created in 2002 to encourage local Realtor® associations to create initiatives that help increase housing opportunities available to consumers and make affordable housing more readily available in their communities.
© Copyright National Association of Realtors. Reprinted with permission.
TODAyS HOMES AT P.F. CHANGSJune 30, 2011
Above: Cindy Stimits and Shelley Farmer with Heritage Title Company, Lillian Lucian and Marsha Malacara with Peoples Mortgage.
Renters from page 2
6 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
It Doesn’t Hurt to Look.Dazzling New Models, Gorgeous Neighborhoods, Attractive New Pricing.
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Finished homes, ready for immediate move-in? Newly released homesites? Golf course
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So don’t wait. If you’re looking for a new direction in life, follow your impulses.
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GOETZMANN HOMES - (719) 488-6890The Village of Saratoga - Priced from the $300s13312 Clinet Dr.
VANGUARD HOMES - (719) 487-8957The Villages of Solera, Syrah, and Saratoga Priced from the mid $300s13353 Clinet Dr.
CLASSIC HOMES - (719) 495-1619The Village of Sonoma - Carefree Living Villas Priced from the mid $410s13135 Thumbprint Ct.
CLASSIC HOMES - (719) 466-5700Encore at Flying Horse Active Adult Living - Priced from the mid $320s13060 Penfold Dr.
COPPERLEAF HOMES - (719) 598-8900The Villages of Calistoga2312 Red Edge Heights
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For more information on newly released “view” lots – Call Flying Horse Realty (719) 886-4800
Pricing & availability subject to change.
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 7
NationalNews
We’re Moving! Heritage Title Company’s Northern Colorado Springs (Tiffany Square) office is moving to a new location.
Effective July 25th, our new address will be: 1150 Kelly Johnson Blvd., Suite 140.We look forward to seeing you soon at our new location!
For more information, contact:
www.heritagetco.com
TERRYWILLIAMS
KERYNDERUBIS
EILEENWOLFF
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JIMBRAVERMAN
104 South Cascade, #102
Colorado Springs, CO 80903
phone 719.475.8800
Downtown Office
1150 Kelly Johnson Blvd., Suite 140
Colorado Springs, CO 80920
phone 719.592.9933
North Office (NEW ADDRESS!)
lem today. As the result of tight mortgage requirements, 30% to 40% of people who want to buy a home can’t, he said.
At the peak of the housing boom, when excessively easy credit prevailed and “anybody who could fog a mirror could get 100% financing” is the time when the banks should have been tight-ening. Now, at the bottom of the market, is when conditions should be loosened.
“It makes no sense whatsoever,” he said. In Washington, banking regulators “are not doing the right thing.”
He cited Lew Ranieri, the “godfather” of mortgage finance, and others who be-lieve mortgage lending has become over-ly restrictive and who are “trying to get the ear of somebody, but there’s nobody to listen.”
Ordinarily, first-timers would be ac-counting for 50% of home sales, but “that’s down now because it’s harder to qualify,” Rosen said.
“The low-end consumer is not feeling very good,” he said, but there is “some light at the high-end of the housing market."
In California — where San Francisco and the Silicon Valley are very strong, San Diego is slowly getting better, Or-ange County is suddenly somewhat bet-ter, Los Angeles is lagging and the Inland Empire and Sacramento are the weakest performers — homes are at their most affordable level in 20 years, he said.
“If you have 20% down and a high FICO score, now is the time to lock in financing, the cost of which will be go-ing up over the next two years,” he said,
raising the concern that mortgage rates could be ascending just as the housing recovery is shifting into high gear.
In the meantime, builders should be building 1.1 million single-family homes a year (compared to a yearly pace of 419,000 starts in May) and demograph-ics ought to be supporting rising levels of demand, with 45 million echo boomers waiting in the wings to enter the job and housing markets over the next decade and 20% of the population nearing retirement.
New Policies NeededImmigration is also an important part
of the housing demand equation, and it could be buttressed by “stapling a green card to every foreign graduate” of a U.S. university. “We are giving up 1% of GDP a year because we are making it so hard for people [immigrants] to get here,” he said.
Attention also needs to be given to selling off the 1.6-million unit overhang of houses. “We need to clean them up and get rid of them, and get this done. But government doesn’t know how to do it,” Rosen said.
“I don’t see a big upturn until we get policy changes in Washington, maybe in 2013. In the meantime, they’re going to scapegoat the industry.”
Among the things that need to be done to put housing back on its feet, Rosen said that credit standards should be eased at Fannie Mae, Freddie Mac and the Federal Housing Administration.
Housing also needs to raise its profile. “If we solve the housing problem, we will really help the economy and job cre-ation,” he said.
To solve the foreclosure “hangover,” Washington needs to pursue “a forceful foreclosure abatement policy working with the top 20 banks,” and that effort should be overseen by a “buck stops here” housing czar who can get the job done.
Arizona Coming Back SlowlyIn addition to offering some encour-
aging news about improving economic conditions on the West Coast, Rosen observed that there are states beginning to do well — such as Texas, Alaska and North Dakota — and even areas whose economies have sunk to the bottom of the heap as the result of badly overheated housing markets during the boom are showing signs of progress.
From beleaguered Arizona, Elliott Pollack, CEO of Elliott D. Pollack & Company, said that that state’s recovery got underway at the start of this year, far behind the U.S. overall, and still has some serious mending to do to recapture lost population and jobs, "so it won’t be until 2013, ’14 or ’15 before things get good again.”
Foreclosures in the state are beginning to recede, he said, but remain very high and half of the home mortgages in Ari-zona are underwater. For the time being, “there are too many vacant homes and not enough household formations,” Pol-lack said.
The average price of a new Arizona home is far above the price of re-sales, which are dominated by foreclosures and short sales. Newly constructed homes are 170% more expensive, compared to 130% during normal times.
However, by 2015, re-sale home pric-es will be 50% higher than today, he pre-dicted. “When the market clears, you’re going to start making money.”
“When the balloon re-inflates, this will all be a bad memory," Pollack said, with Phoenix going from 6,000 new housing units a year back to 30,000 to 40,000. The boom “is out there somewhere,” he said.
John Silva, managing director and chief economist for Wells Fargo Securi-ties, said that due diligence is in order because the fundamentals that drive the economy are changing. Manufacturers who have strong growth abroad have been grabbing hold of global economic growth to achieve solid profits, but small businesses are still languishing.
In the housing market, which “has been building bigger and bigger homes for smaller and smaller families,” de-mand is now veering in new directions, to smaller homes closer to the city.
“Commercial real estate is coming back in many areas,” he added.
Silva questioned the absence of a strong dollar policy in the U.S. “The dol-lar has been going downhill for seven or eight years,” he complained, generating stronger exports but also raising prices for U.S. consumers.
“We import more than we export in the U.S.,” he said, “so we are paying more for a weaker dollar.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Tight Lending from page 1
8 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
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Above: Prof. Jun Harada with Stony Brook Real Estate Group, teaching Business class PPCC.
Below: Susan Van Dam with Galvan and Gardner Real Estate is also the owner of Chicks Espresso in Fountain.
Below: Teresa Smith with Classic Homes at Barnstormers.
Above: Joan Musgrove with Assist to Sell in Widefierld.
Above: Thornton Willis, JR, Abigail Divine, Norma J. Alexander and Robert Ward with Merit Co.
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 9
antlersridgeestatesSpectacular 2.5-acre Lotsat Off-the-Rack Prices.
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Talk about trophy properties. Lots in Antlers Ridge start as low as $45,000. And because each is large enough (2.5 acres) to accommodate a sweeping range of floorplans and architectural styles, you’re able to live on a grand scale no matter what your budget. Who’s right for the Antler’s Ridge Estates? Anyone who loves fresh air, blue skies, and the excitement of the Colorado lifestyle. So dream big. Call or drop by Antler’s Ridge today. But hurry. Only 40 of these highly-desirable parcels will be sold, and when they’re gone, they’re gone—along with the unique chance to live a life most can only dream about. Antlers Ride Estates. Trophy lots at off-the-rack prices.
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10 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
NationalNews
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)
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Mule Deer (From the $180’s)
Cuchares Ranch (From the $180’s)
Lorson Ranch (From the $180’s)
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Gold Hill Mesa (From the $190’s)
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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
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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
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Hwy. 105
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Making Life Better.
By Scott R. Saunders
J. Paul Getty famously said, “Buy when everyone else is selling and hold when everyone else is buying.” Many commercial brokers believe that present market condi-tions provide an unprecedented buying opportunity to lock in significant real estate investment returns. Despite the opinion of some real estate professionals, however, many investors remain on the fence. While each investor must carefully consider their own financial objectives and risk tolerance before jumping back into the market, we’ve listed a few reasons investors should consider in assessing today’s real estate purchase opportunities:
1. 1031 EXCHANGE OPPORTUNITY
Investors with low basis properties may utilize Inter-nal Revenue Code § 1031 to defer tax on the sale of one underperforming asset to acquire one or more discount-ed replacement properties that may enhance cash flow and provide higher long term investment returns.
2. ATTRACTIVE PURCHASE PRICES
Many distressed sellers (and some banks) are selling investment properties at deep discounts and accepting offers that are below current replacement costs. Recent reports indicate that lenders are selling foreclosed prop-erties (often referred to as ‘real estate owned’ or “REO” property) at an average discount of 28% below prices be-ing paid for comparable non-distressed properties in the same market.
3. HISTORICALLY LOW FINANCING COSTS
The Fed’s stimulus efforts, such as QE2 (“Quantita-tive Easing 2”), have resulted in historically low interest rates, making the cost of debt service exceptionally at-tractive. Qualified real estate investors can take advan-tage of today’s low interest rates to bolster cash flow and
lock in better long-term investment returns.
4. INFLATION HEDGE
With many econo-mists predicting that inflation will increase at some point in the fu-ture, hard assets, like in-vestment real estate, can provide a hedge against the declining value of money in an inflationary environment. Additionally, ownership of leased real estate can provide an investor with increased income as rent rates also tend to rise in inflationary pe-riods.
5. YIELD
Financial institutions are paying very low yields on money market accounts and other conservative invest-ments. In contrast, many investment properties are gen-erating returns in the 7-9% range, providing considerably better yields than many other competing investments.
6. LESS COMPETITION
Foreign ownership of U.S. investment real estate is in-creasing. Foreign investors see U.S. real estate as a solid investment in a stable economy, and the lower value of the dollar has made U.S. real estate an even more attrac-tive bargain. These two trends will increase demand, which will drive up prices on certain types of investment property. By buying now, investors can stay ahead of the competition.
7. DESIRABLE PRODUCT CLASSES
Some classes of investment property are experienc-ing considerably more demand than supply. For ex-ample, in the multi-family segment, demand for rentals
has increased as foreclosures have mounted and there is little new multi-family construction in the pipeline to meet such increased demand. As a result, multi-fam-ily rents are increasing and many experts project this trend to accelerate.
8. WORST PRICE DECLINES ARE OVER
Property values nationally have declined by 30% or more since the market peak in 2006, Many economists believe we are at an important pivot point where prices will stabilize and begin to increase (albeit at lower appre-ciation rates than in the past). If investors wait too long, they may find they are facing competing bids and higher prices to close. Buying before demand picks up in the nearly inevitable recovery locks in today’s bargain prices.
9. REAL ESTATE IS LOCAL
Despite national statistics about real estate prices, most investors are aware that real estate is local and supply/demand and investment returns are determined by local market conditions. Many investors are using 1031 ex-changes to exchange out of areas that are not projected to perform well and into areas where the local economy is more robust and investment returns are more favorable.
Financial professionals tell their customers it is al-most impossible to ‘time the market’ and purchase in-vestments at the very lowest point and later sell these same assets at near market peaks. The concept is fraught with many problems and, as a result, most financial advi-sors caution customers to not pursue this approach. De-spite this advice, investors often wait until it’s too late to purchase and miss opportunities. Don’t be left out.
Scott Saunders is a Senior Vice President for Asset Preservation, a leading national 1031 exchange Qualified Intermediary. He can be reached at [email protected] or 800-282-1031.
Best purchase opportunity in decades 9 Reasons Why Real Estate Investors Should Buy Property Now
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 11
NationalNews
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Upcoming FHA Changes: What They Mean to You
As the Federal Government continues to evaluate its domi-nant role in the housing market, there are upcoming planned changes that could have some affect on the availability of home loans in our market area. These changes will be important to monitor as they could limit the loan options that are available to your client.
Federal Housing Administration (FHA) loans have recently been a major component of purchase financing, especially to first time homebuyers. About three years ago, in response to the housing crisis, Congress allowed the FHA to significantly increase its maximum loan amounts. In our market, the maximum loan amount has been $325,000 and in some high cost areas - like San Francisco - the maximum loan amount was $729,750. This was helpful to the market because FHA has lower down payment requirements - typically 3.5% - and more flexible credit qualify-ing. FHA loans involve more documentation and analysis and usually take more time to process, but for those willing to go through the effort, they have been an attractive home financing alternative. The increased loan limits also improved refinance op-portunities for borrowers who would otherwise be unable to refinance into a conventional loan be-cause of a drop in home equity or credit problems.
The increased loan limits have been helpful, but they may not stay increased for long. The legisla-tion that approved and extended the higher loan amounts expires on September 30, 2011. The loan amount in our market would drop from $325,000 to $271,050. That’s a $53,950 drop that certainly would affect some homebuyers and those interested in refinancing. It will be important to monitor the loan amount because some lenders may start implement-ing the new loan limits prior to the actual October 1, 2011 implementation date.
FHA is also looking to tighten borrower debt-to-income ratios and place a hard cap on them. The goal is to push the FHA delinquency rate lower and bolster the FHA’s
By Jon PaukovichEnt—
“Legislation that approved and extended the higher loan amounts expires on September 30, 2011.”
See FHA Changes page 17
12 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
5 3 3
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Highlights of the Parade include: • G.J. Gardner Northgate features a LEED certi-
fied (Leadership in Energy and Environmental De-sign) home – a first for the Colorado Springs Parade of Homes! Located in the west side’s Gold Hill Mesa, this energy efficient custom home will showcase a geother-mal sourced heating and cooling system along with roof mounted solar panels.
• This year’s Parade will also feature Ron Covington Homes in the new Broadmoor View at Spring Creek community. The community features brownstone style townhomes; alley loaded ranch homes and two story traditional neighborhood homes with covered balconies and walk-out style homes with unobstructed views of the Front Range.
• Copperleaf Homes’ custom home in University Park features 2 master suites on one level answering the need for multiple master suites for today’s multi-generational families.
• CreekStone Homes’ has the ability to offer the FEEL of a custom home without the COST of a custom home! Refreshing interior finishes and a main level master bed-room make this a must see.
• Masterbilt Homes’ is scenically located in The Pre-serve at Greenland. At an elevation of 7,352 feet, Parade visitors will, feel like they live in the mountains with abun-dant wildlife and miles of open space and trails nestled in the trees and rolling hills of Northern El Paso County. With an average home site size of nearly 1 acre, The Pre-serve at Greenland is conveniently located just 30 minutes between Colorado Springs and Denver 30.
• Comito Building and Design is showcasing two homes in this year’s Parade of Homes, one in Cedar Heights with 2,600 total square feet of outdoor living space with both fire and water features and stunning 360 degree views of Pikes Peak and downtown city lights and the other in Star Ranch where custom features include all lighting, multimedia, music, security, etc. is controlled via an iPhone or iPad and a resident bear and two cubs!
• Classic Homes located in Flying Horse steps out of the box in this year’s Parade of homes with the first and only Pottery Barn home. All furniture, art, drapery and accessories are Pottery Barn exclusives.
• Alliance Builders has a favorite spot for lounging in front of a fire, or soaking in the warmth of the sun in the “garden room” located near the kitchen and covered deck. The garage boasts room for four cars, PLUS an at-tached motor home garage with space for a 40’ RV, “big boy toys”, or a custom workshop.
• Keller Homes is showcasing two homes this year; Haven at Cumbre Vista where you can enjoy indoor, outdoor living in a chic, low maintenance community. And, the Jackson at Cordera, a fresh look at contempo-rary, easy living.
The Parade of Homes will also display two homes for low-income families, one with Habitat for Humanity and another with Rocky Mountain Community Land Trust. The Habitat of Humanity home includes solar electric and hot water.
As always, the Parade of Homes is easy to navigate with the comprehensive Guidebook and web site. Free Guidebooks are available at any Parade Home. The
Guidebook includes a list homes by builder and or lo-cation. The website will have the Map and Guidebook as well as a list of the Parade Builders with their contact information.
The Parade of Homes is partnering up with Champion of Colorado Springs and Care and Share in support of their Campaign “Close the Window on Hunger”
got news?
2011 Parade from page 1
See 2011 Parade page 14
14 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
LocalNews
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HBA Cares: Macy's StoryBy John RickmanPresident, HBA Cares
I recently became aware that Macy Helm, the five-year-old daughter of Brandon Helm of Warren Manage-ment Group and his wife Kelly, is in the hospital in Chicago. Other than to say that it has been a two-year bat-tle with no end in sight, I won't try to explain the disease, but will instead invite you to view this video - http://youtu.be/NZDn8Itkymw. An impor-tant update is that the operation they reference in the video took place last month, but the disease started attack-ing her new kidney within ten hours of the surgery. That means the fight will go on. Kelly and Macy are looking at another month at a minimum in Chi-cago, with Brandon flying back to Chi-cago on weekends as often as he can.
As you can imagine, the costs of medical care, travel, and lodging are significant. Brandon has not asked for our help, but it is obvious that he and his family need assistance. Please con-
sider assisting one of our own in one of the following ways:
1) An account for donations to help cover Macy's medical expenses and travel and lodging expenses has been set up at First Bank of Colora-do Springs, 5830 Stetson Hills Blvd, Colorado Springs, CO 80923. Please make your checks payable to Brandon Helm or Kelly Helm and put "Acct 228-650-3551" on the memo line of your check. You can then drop off the check at any First Bank or mail it to the address above.
2) The fence in the Helm's back yard was put in when the house was built in 1984 and is literally falling down in our mild Colorado breezes. Many of the posts are broken off at ground level, so the fence needs to be replaced instead of being repaired. The Helms have three Schnauzers, so the fence is a necessity. If any of you out there can put together a project to replace the fence, it would take a big load off their minds.
3) Brandon's car, a Ford Focus, has
been overheating and has to be re-paired. It is probably a minor repair, but he obviously has not had time to get it taken care of. If any of you are capable of evaluating/repairing the problem and/or have a mechanic that would help out, please see what you can do.
If you are able to help on items 2 or 3, please let me know so I can put you in direct contact with Brandon. Contacting me first will allow me to coordinate efforts if we have several of-fers so we don't end up with multiple groups working independently on the same issues.
Thanks in advance for your support. Please distribute as widely as you can throughout your organizations.
Video link available at www.hbacares.org
Each summer, as the need increases and food and financial donations decrease, Care and Share Food Bank for Southern Colora-do is forced to reduce food drive allocations to partner organizations by 36% - or 20,000 pounds of food - each month. To alleviate the need for this reduction, Care and Share re-quires an additional 270,000 pounds of food. In order to operate the summer feeding pro-grams at their current capacity, they must also raise an additional $250,000. From June 1 – August 21, 2011, they are embarking on the campaign to “Close the Window on Hunger”. During this campaign, community partners and the public will be invited to participate in a number of community programs and events to help them meet their goal. The Parade of Homes is asking for attendees to donate non perishable items at any Parade Home during August 5 thru the 21.
The Colorado Springs Housing & Building Association would like to thank our major supporters of the Parade of Homes. The Gazette, Champion Windows of Colorado Springs, Mike Shaw Buick Pontiac, la – Z – Boy Fine Furniture and Wells Fargo. And, a special thanks to our newest supporters, Hanson HotSpring Spas, Comcast and Peak Satellite & Technologies. Our media partners K-lite 103.9 and KKTV–11.
2011 Parade from page 13
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 15
LocalNews
Bob Manderfield is Cherry Creek Mortgage Company’s top producer in loan purchases for 2011
Bob Manderfield, Senior Loan Officer, was once again recognized by Cherry Creek Mortgage as a top producer for the month in its most recent production cycle. This recognition comes on the heels of Bob’s 2010 Annual Production Award as the top originator in the country for Cherry Creek Mortgage in total purchase loans closed, quite a remark-able feat given the state of the economy.
Bob is the longest tenured originator in Colorado Springs with Cherry Creek and works out of its downtown branch where he specializes in VA and FHA home loans. Cherry Creek Mortgage is a nationally recognized mortgage origination company based in Greenwood Village, CO, established in 1987, it produced $3.35Billion in closed home loans in 2010. It operates in 14 states with 249 Loan originators and is an Equal Housing Lender.
Kathleen Peak of Coldwell Banker Residential Brokerage earns Seniors Real Estate Specialist Designation
Kathleen Peak, a leading broker associate with Coldwell Banker Residential Brokerage in Colorado Springs, has earned the Seniors Real Estate Specialist (SRES) designation from the National Association of Realtors (NAR).
Completion of the SRES designation course is an essential step for Realtors in understanding the distinct real estate goals, concerns, and needs of seniors today. The course looks at key differences in housing options, from age-restricted communities 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 Kathleen for being focused on continuing education and ad-vancing her career through enhanced knowledge and expertise,” said Bob Lambert, assistant managing broker for Coldwell Banker Residential Brokerage in Colorado Springs. “Adults age 50 and older represent more than 20 percent of the U.S. popula-tion. This is an important market, and conscientious real estate professionals should know how to serve their specific real estate needs.”
Peak earned her real estate license in 2004 and is a member of the Pikes Peak As-sociation of Realtors, the Colorado Association of Realtors, and the NAR. She holds several additional special designations recognizing the successful completion of strin-gent continuing education courses in real estate.
Peak earned her bachelor’s degree from St. Olaf College in Minnesota and her MEd from the University of Minnesota. Prior to pursuing a career in real estate, she was named Minnesota’s Mathematic Teacher of the Year for 2003. Peak supports the Sal-vation Army, Urban Peak, and the Woodmen Valley Chapel.
Meridian Ranch is excited to an-nounce the grand opening of the new Vantage Homes model home in our Colorado Springs Golf Community.
Locally owned Vantage Homes’ newest model home in Meridian Ranch is the ranch style Appaloosa II. Open daily to 5 p.m., the model home is located at the corner of Mt. Belford Way and Capital Peak Way in Meridian Ranch.
“Not only are we excited to model one of Vantage Homes’ most popular floor plans, we’re thrilled to be part of this Colorado Springs master planned community. Meridian Ranch is one of our most popular new home communities in the Pikes Peak Region offering superior recreation amenities and the best schools in Colorado Springs.” said Robyn Flak, Vantage Homes in Meridian Ranch sales representative.
The 3,299 square foot Appaloosa II model is a beautiful stucco ranch style home with a 3-car garage on a corner home site. The open floor plan features a formal dining area and great room with eat-in kitchen with Corian countertops, stainless steel appliances and hardwood floors. The Master Suite includes a walk-in closet, luxurious 5-piece bath and bay window. A second bedroom, full bath and ample laundry room complete the main level. Vantage Homes offers fully finished lower levels which (in this case) includes 2 large bedrooms, a recreation room, bath, and is pre-plumbed for wet bar.
Offering main level master, two-story, and ranch style living, new Vantage Homes in Meridian Ranch start in the mid $200s.
Meridian Ranch. Out of the ordinary, not out of the way. For additional informa-tion on new Colorado Springs homes, visit MeridianRanch.com
For more information on Vantage Homes in Meridian Ranch call Robyn Flak at 719- 495-2766 or visit online at VantageHomesColorado.com.
Vantage Homes in Colorado Springs opens new model home in Meridian Ranch
16 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
LocalNews
New Westside homes & townhomes from the $160s - $600s. (719) 633-2202 | Models Open Daily GoldHillMesa.com
142 S. Raven Mine DriveAsk about our 2011 Realtor Bonus Program!
Come tour a variety of furnished homes and townhomes thoughtfully crafted by fi ve local builders exclusively for Gold Hill Mesa. Featuring brand new furnished models, highlights include:
• A cozy yet elegant 2-Story by Challenger Homes. The perfect combination of location, space and function at an affordable price.
• JM Weston Homes’ most popular townhome plan featuring three bedrooms (master on main fl oor) and a 2-car attached garage.
• The charming, award-winning Garcia rancher by CreekStone Homes features a spacious great room, colorful tiled fi replace and oversized windows.
• G.J. Gardner’s energy-effi cient showcase home, with geothermal sourced heating/ cooling and roof mounted solar panels.
• And... the last opportunity to buy NEW original John Laing single family homes.
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One hundred golfers at the Colo-rado Housing and Finance Authority’s (CHFA) J. David Barba Golf Tourna-ment raised $85,000 for Rebuilding To-gether Metro Denver and Rebuilding Together Colorado Springs last week. Funds will be evenly split, with each or-ganization receiving $42,500 to support their work retrofitting homes for low income seniors, veterans, and disabled homeowners.
“Colorado Springs Rebuilding To-gether will use the money raised to sup-port our Ramp It Up! program which provides free wheelchair ramp instal-lation to elderly and disabled home-owners, including active duty soldiers
returning from Iraq and Afghanistan,” said Executive Director Lee Mizer. “Each ramp costs us about $5,000 to install and we have approximately 15 people on our waiting list, so this money will make a tremendous difference in our ability to serve our community,” said Mizer.
Rebuilding Together Metro Denver will use the proceeds to support their Emergency Repair Services and A Home for All Seasons programs. “We are so grateful for this contribution to our or-ganization,” said Metro Denver Devel-opment Director Jolynn Snyder. She continued, “Our programs provide criti-cal home repairs, such as fixing a broken furnace or water heater, as well as help
retrofitting homes for greater ease and accessibility, like installing grab bars in a bathroom.”
This is the seventh year Colorado Housing and Finance Authority (CHFA) has held a golf tournament with proceeds benefiting a local nonprofit whose work coincides with CHFA’s mission of afford-able housing and economic development. The 2011 tournament was held at The Ranch Golf Course in Westminster, Colo-rado. The annual event was created and named in memory of longtime CHFA board member and former State Auditor J. David Barba, who passed away in 2002. It serves as a reminder of his passion for the game of golf, and for helping others.
Other recent beneficiaries of CHFA’s J. David Barba golf tournament include:
• 2004: Colorado Coalition for the Homeless; • 2005: Food Bank of the Rockies;• 2006: Senior Housing Options;• 2007: Urban Peak and Energy
Outreach Colorado;• 2008: Warren Village; • 2009: Porter-Billups Leadership Academy• 2010: The Gathering Place
For more information about Re-building Together Colorado Springs, including donation opportuni-ties or requests for assistance visit www.rebuildingtogethercs.org or call (303) 519-0056. To donate or sponsor a project for Rebuilding Together Metro Denver call (303) 217-2071. Applica-tions for assistance from Rebuilding To-gether Metro Denver may be submitted by calling (720) 524-0840 or online at www.rebuildingdenver.org.
Golfersraise$85,000tohelpseniors,veterans,anddisabledhomeowners
Coldwell Banker Residential Broker-age in Colorado Springs held its annual Night at the SkySox on Friday, July 8, 2011, when the Colorado Springs Sky-Sox hosted the Salt Lake Bees at 7:05 p.m. at Security Service Field.
The SkySox are the Triple-A affiliate of the Colorado Rockies Major League Baseball Club. The SkySox scored five runs in the sixth inning to beat the Salt Lake Bees before nearly 8,400 fans.
The annual Night at the SkySox is a special client appreciation event that rec-ognizes past, present and future home buyers and sellers working with Coldwell Banker Residential Brokerage real estate professionals. Agents invited hundreds of clients to the SkySox game and more than 11,000 to enjoy the Night at the Rockies in Denver held on Thursday, July 14, 2011 at Coors Field.
“The Night at the SkySox client ap-preciation evening provides us with the opportunity to reconnect with past cli-ents and their families while networking with current and future customers,” said Bob Lambert, assistant managing broker
for Coldwell Banker Residential Broker-age in Colorado Springs. “The real estate business tends to be stressful for agents and clients because of the complexities of buying and selling a home. But the Night at the SkySox lets everyone relax, make new friends and have a good time at a great venue watching an exciting game of baseball.”
Broker associates with Coldwell Bank-er Residential Brokerage in Colorado Springs recently e-mailed thousands of e-Postcard invitations to their sphere of clients, and then followed up by phone to personally invite them to the compli-mentary night at the SkySox.
Coldwell Banker Residential Brokerage hosts Annual Night at the SkySox Client Appreciation Event
July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 17
OntheMove
Wade G CauseyMerit Company
My name is Wade G. Causey and I am proud to be associated with the Merit Company Real Estate Group. The Merit Group is a company of high integrity, great brokers, and broker associate. I am a Colorado native of pioneer descendants born and raised in Colorado Springs. I went to grade school, junior high, and high school in Colorado Springs. My Colorado Real Estate license was earned and issued in 2004.
Kim HenderlongMerit Company
My name is Kim Henderlong I am originally from Sunny Naples Florida and have been a military spouse for 12 years. The military brought us to beautiful Colo-rado Springs in the fall of 2004 and by the spring of 2005 I was off and running in my Real Estate Career. I took a short hiatus in 2010 and I am so happy to be back in business.
I am so excited about joining Merit's team it is almost overwhelming. Four locations, family-owned and op-erated for over 40 years and the largest property man-
agement company in town. I am very impressed by the wealth of knowledge and family atmosphere this real es-tate company holds. A big thank you to Merit Co. for the opportunity and support.
Keli KonczakReal Living - Select Properties
Experienced Broker Associate Keli Konczak has joined the select group of productive agents at Real Liv-ing - Select Properties. Keli specializes in properties
located in Teller County where she calls home, yet she also conducts business in all areas of El Paso County. Technology, lead-generation, and support are just a few of the reasons Keli made the move, and we at Real Liv-ing - Select Properties are excited to have her as part of our team.
See Page 2 for details
newoffice?
Alice 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
4850 Austin Bluffs Pkwy., Colorado Springs, CO Toll Free: 888-966-9790 • Local: (719) 266-9780 • Fax: (719) 266-9775
Campbell Homes gives you 10,000 more reasons to sell a new Campbell Home in 2011 with the Campbell Homes
Realtor Rewards Program.
DETAILS: Selling Realtor’s name will be entered into a drawing for $10,000 cash. Prize will be awarded at an awards ceremony when twenty homes are sold and closed by Colorado Springs Realtors. Offer subject to change without notice.
Sell any new Campbell Home in 2011and we will enter you into our Realtor Rewards
Drawing for $10,000 cash!
Mutual Insurance Fund. FHA is also considering scal-ing back the automated underwriting approval and driv-ing lenders to conduct more manual reviews to ensure the borrowers had adequate income and savings. These FHA changes could make it more difficult for some con-sumers to qualify for a home loan, so it will be important to keep a close eye on these changes.
While we can’t control what these government regu-lated loan programs do, we can work closely with each home buyer and see what products work best for their unique situation. There are several loan programs out there, and a good lender will sit down with your client and find the best option to meet their individual finan-cial needs. As more and more changes happen to the FHA loan structure, it is more important than ever to consult with a buyer to explore all their options. When you partner with a knowledgeable lender – one who stays current with all of the loan program changes – you can be confident that your clients are receiving the best loan options for them.
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]
FHA Changes from page 11
18 Colorado Springs Real Estate Journal www.csrej.com July 25, 2011
LocalExpert
www.etcos.com
“We Don’t Succeed Unless You Do!”
Empire Title of Colorado Springs 5755 Mark Dabling Blvd. Ste 110
Colorado Springs, CO 80919 Phone: (719) 884-5300 Fax: (719) 884-5304
Empire Title of Woodland Park
509 Sco Avenue | Woodland Park, CO 80863 Phone: (719) 686-9888 Fax: (719) 686-8208
Gena DeMasters Short Sale Officer 8 Yrs Experience [email protected]
Elizabeth Elston Escrow Officer
13 Yrs Experience [email protected]
Elizabeth prioritizes her clients needs above all. Her customer service is never short of flexibility,
service and professionalism. She is excited to establish her core beliefs at Empire Title. Eliza-beth is a Colorado native and very active with
community involvement. We are thrilled to have her join our team!
Michael J. PodoyakEmpire Title—
If you are the type of person that tends to “work for the weekend”, then July 2011 has been an excellent month for you! It is the first month in 823 years that has had five Fri-days, five Saturdays and five Sundays. That is also significant because existing homes for sale spend an average of 823 years on the market. I am exaggerating, of course. It just seems that way to many sellers and to the real estate agents working with them. In most cases, however, the exact oppo-site is true. Let me explain...
Slightly more than 75% of the homes being sold in El Paso County have a sales price of under $250,000. Empire Title president Bill McAfee calculates that there is an inven-tory of homes in the price ranges below $250,000 of about five to six months, which is considered the benchmark in a healthy market. Granted, the time a home spends on the market increases exponentially with the sales price; but, the majority of homes be-ing sold in our area are generally moving at a faster rate than expected.
So what crosses your mind as a real estate agent when you come across a home with an expired listing, especially one priced below $250,000? There are many agents who specifically pursue expired listings, and if that is a marketing strategy you are examin-ing, there are some considerations to explore. For example: if you are exposed to sellers who are going through a divorce, contemplating a transfer, vague about where they’re moving or exclaim,
“We don’t have to sell”, proceed with extreme caution. It is possible they are still test-ing the market or simply not exceptionally motivated sellers.
Should you find yourself in the position of interviewing sellers of an expired listing, there are five exemplary questions that should be asked without exception:
1. Why do you think the home didn’t sell?2. Did you receive any offers?3. How many showings did you have?4. How did the past agent market your home?5. What changes are you willing to make in order to sell?
The answers should extinguish any anxiety you may have by exhibiting the willing-ness of the seller to actually, you know, sell. Was the home priced too high? Does it need staged? Are the sellers flexible? Excuse me, but you wouldn’t buy expired milk, so you should at least exercise caution when examining expired listings. With a little experi-ence, these opportunities can prove to be exhilarating instead of exhausting.
Expirationequalsexasperation?Notexactly.
By Michael J. Podoyak, Marketing ManagerEmpire Title of Colorado Springs, LLC
One advertisement away.
csrej.com
Rates as low as $150/moPhone: (719)205-1299
Email: [email protected]
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July 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 19
JuLYWednesday, July 27HUD SELLING BROKER TRAINING10am – 12pm @ Embassy [email protected]
Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Dick Cunico Little Big Band (PP Jazz & Swing Society)FREE & Open to the Public
Thursday, July 28Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592
August Wednesday, August 3CTM eContracts for Beginners10am – 12pm @ Empire [email protected] 719-884-5300
Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Ceol CeiliFREE & Open to the Public
Thursday, August 4Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]
2011 Annual Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300
B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213
Friday, August 5Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
Friday, August 5–21HBA Parade of [email protected] 719-592-1800
Wednesday, August 10Myths, Mistakes & Mayhem in the Short Sale Process9am – 11am @ Empire [email protected] 719-884-5300
Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Allen/Rose Quartet (PP Jazz & Swing Society)FREE & Open to the Public
Thursday, August 11Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592
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
Tuesday, August 16NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)csnarpm.org, Jorgette Krsulic with Colorado Casa Realtors : 719-227-7200
Wednesday, August 17The Market Update & Luncheon 12pm – 1pm @ Empire [email protected] 719-884-5300
Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Jones and RaineFREE & Open to the Public
Thursday, July 18Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998
Shortsale and How it Affects Title9am – 1pm @ Wells Fargo DowntownRSVP: Brandy Ragon at 719-357-2972 or Rich Feasel at 719-482-4755 [email protected]
Friday, August 19Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855
HBA Texas Hold'em Networking Event5pm – 9pm @ [email protected] 719-592-1800
Tuesday, August 23CREC Update Course9am – 1pm @ Wells Fargo DowntownRSVP: Brandy Ragon at 719-357-2972 or Rich Feasel at 719-482-4755 [email protected]
Wednesday, August 24New Agent Training Seminar 9am – 12pm @ Empire [email protected] 719-884-5300
Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: Sofa KillersFREE & Open to the Public
Thursday, August 25Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592
PPAR Annual Membership Meeting9am – 10:30 @ Crowne [email protected]
Wednesday, August 31Wolf Ranch Concert in Gateway Park6pm – 8pm, Band: USAF Academy Band “Falconaires” (PP Jazz & Swing Society)NOTE: Falconaires Concert courtesy of U.S. Air Force, a public service concert. If unforeseen military commitment arises, it will take precedent and the
concert will be canceled.
AroundtheCorner
* Events subject to change. Due to space, please check with event/class holders early for more detailed information including cost and registration dates. Email events to [email protected]
Reel in the CashDuring the 2011 “Hooked on Classic” Realtor Recognition Program.
If you love making deals, get ready to land the big one.Because the “Hooked on Classic” Realtor Recognition Program is back in action, and we’re paying out cash and bonuses for all qualified sales brought in by our hard-working partners in the field.
That’s right. Cash and bonuses. Plus a nice 4% commission on the side. You won’t be the only fish in the pond—expect the competition to be cutthroat—but if you work hard, you’ll discover that the opportunities are endless, and the rewards are rich.
The catch? You have to qualify to participate.So don’t wait. The tournament starts now, and the sooner you get your gear in order, the sooner you’ll start reeling in cash and bonuses (up to $3,000 as your closings increase)!
Visit any Classic community and get outfitted for the biggest adventure of the summer.
- 1st Closing = 4% commission on base price and realtor qualifies for the Hooked on Classic Program. (Classic will send you a welcome letter along with a Starbuck’s card after your first sale.)
- 2nd Closing = 4% commission on base price + $1,000 Bonus- 3rd Closing = 4% commission on base price + $2,000 Bonus - 4th Closing (& beyond) = 4% commission on base price + $3,000 Bonus
Here’s how it works—by the numbers…
*Program Terms and Conditions:Bonus incentives will be paid on ALL contracts written between 5/16/2011-12/31/2011 and payable upon closing of 2nd qualifying home. 1.) You must be an active Colorado licensed real estate agent and must have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. Questions concerning bonus commissions will be resolved solely at the discretion of Classic Homes. 2.) All eligible contracts must be originated May 16, 2011 – December 31, 2011. 3.) Bonus commissions will be paid at closing. 4.) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5.) Bonus commissions are offered on an individual REALTOR basis, team/office sales are not cumulative and do not qualify. All incentives will be awarded to the individual agent listed on the contract. 6.) Program terms and conditions are subject to change without notice.
The 2011 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying realtors will be invited to quarterly Hooked on Classic networking events where Classic will recognize the top producers. Qualifying agents will have a chance at other special prizes!