colorado springs real estate journal
DESCRIPTION
January 31, 2011TRANSCRIPT
Vol.3 No.5 www.csrej.com January 31, 2011
Peak Producers Holiday Charity Event
AroundTown
MUCHMORE
INSIDE!
Heritage Title & Ent Ski Trip
PAGE 3 PAGE 10PAGE 7
PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO
National News ................. Page 2Local News ..................... Page 10On the Move ................... Page 13Local Expert ................... Page 14Around the Corner ............ Page 15
December existing-home sales jump
Yun
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Honest & Ethical Service from People You Know.
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www.dora.state.co.us/real-estate/index.htm
203K
EXPE
RT
Housing activity moving to higher ground in 2011
The Economy: The Real Estate Market:
What the experts think about Colorado in 2011
Information was compiled from various sources including Colorado Department of Labor Statistics, Colorado Census Facts, Wall Street Journal, National Association of REALTORS®, Colorado State University- Everitt Real Estate Center, Colorado University Leeds School of Business, Summit Economics LLC and more…
© Copyright Colorado Association of Realtors. Reprinted with permission.
• Colorado'seconomywillgrow,butslow• Coloradowillgainapproximately10,100jobs
with most sectors growing, except for theconstruction, manufacturing, informationandgovernmentsectors.
• Thestrongestsectorforprojectedjobgrowthin Colorado will be the professional andbusiness services sector, which is home tomany high-paying jobs including engineers,computer systems designers and scientificresearchanddevelopmentgroups.
• Thetwosectorsexpectedtolosethemostjobsin 2011 are construction and government.They anticipate the construction sectorwill
lose 7,000 jobs in 2011. The governmentsector will lose 1,800 – the first loss in 20yearsofdetailedsectorstatistics.
• Tourism industry will experiencemoderateincreases in hotel occupancy rates, roomrates,casinorevenuesandskiervisits.
• Colorado's unemployment rate for 2011 isexpectedtoincreaseto8.8from8.2percentattheendof2010andlowerthantheprojectednationalunemploymentrateof9.6percent.
• Consumer Confidence about FutureConditions–Notgoodbutnotasbad
• Minimum wage increases to $7.36 an hourand$4.34anhourfortippedemployees
• Mortgageratesareexpectedtoincreaseslowlyduringtheyear.• ColoradoHomePricesareexpectedtodecline2.09%.• Housingre-salesareexpectedtoslightlydecrease• Lackofnewconstructionwillcreatemoredemand• Commercial lendingtosteadily improve…becauseof record
highbankprofits• Rentsstabilize…becauseofverylownewlybuiltinventory• Capratefalls…pricefloorestablishedandbecauseofimprovedin-
vestorconfidence(tomovemoneyoutoflowyieldingTreasuries)
Housingwillseegradualimprovementsinactivitythisyear as the nation’s economy and jobmarket continuetomovetohigherground,establishingmomentumthatwillproducemoreconsiderablegainsin2012,accordingtoeconomistswhoappearedattheNAHBInternationalBuilders’ShowinOrlandoonJan.12.
“Thisyear’sspringsellingseasonwillbebetterthanlastyear’s,”saidNAHBChiefEconomistDavidCrowe,withjobgrowthprovidingastrongerstimulusinthehousingmarketthanlastyear’staxcreditsforhomebuyers.
Crowe forecasted 575,000 single-family home startsin 2011, a 21% climb over an estimated 475,000 unitsstartedin2010,whichinturnshoweda7%gainfromthe442,000homesstartedin2009.
Multifamily,which ispoised toprofit fromadispro-portionatenumberofGenYmembersmovingintothehousingmarket,hasseenthebottomofthecycle,hesaid,andwillseeitsstartsrise16%thisyearto133,000units,withafurther53%increasein2012to203,000units.
Builders’ access to the credit theyneed to start newhomesremainsthefragilecomponentoftheNAHBfore-cast,Crowesaid.Sofar,smallbuildershaveexperiencedextremedifficultyinobtainingfinancing,andrectifyingthesituationassoonaspossibleisthetoppriorityoftheassociation.
Moreencouraging is a rebound in theconfidenceof
consumers,whomid-2010“froze inplace, facedwithalot of uncertainty,” he said.A recent pickup in durablepurchases for such items as automobiles and furnitureindicates that consumers are less afraid todayof losingjobsandincome.
Therecessiondelayedasmanyastwomillionhouse-holdformationsoverthepastfewyears,headded,asin-dividualsdoubledupwithfamilyandfriendstoweatheradismaljobmarket.Thesehouseholdswillbegintoformas jobs improve, and they “are thenext tomove into anewhomeorapartment.”Theeconomyshouldbeadd-
Existing-home sales rose sharply in December,whensalesincreasedforthefifthtimeinthepastsixmonths, according to the National Association ofREALTORS®.
Existing-homesales,whicharecompletedtrans-actionsthatincludesingle-family,townhomes,con-dominiums and co-ops, rose 12.3percent toa seasonallyadjustedan-nual rateof5.28million inDecem-ber from an upwardly revised 4.70millioninNovember,butremain2.9percentbelowthe5.44millionpaceinDecember2009.
LawrenceYun,NARchiefeconomist, said salesareonanuptrend.“Decemberwasagoodfinishto2010,whensalesfluctuatemore thannormal.Thepatternoverthepastsixmonthsisclearlyshowingarecovery,”hesaid.“TheDecemberpaceisnearthevolumewe’re expecting for2011, so themarket is
See December Sales page 9 See 2011 Activity page 4
2 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
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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.
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National News
Builder confidence in themarket fornewly built, single-family homes heldunchangedatarelativelylowlevelof16forathirdconsecutivemonthinJanuary,accordingtothelatestNAHB/WellsFar-goHousingMarketIndex(HMI),whichwasreleasedonJan.18.
"Asweemerge from the traditionallyslowholidayseason,builderscontinueto look for signs of improvement inthe economy, home buyer demandand builder and consumer creditconditions," said 2011 NAHBChairman Bob Nielsen, ahome builder from Reno,Nev. "Unfortunately, a se-vere lack of constructionfinancing, and widespreaddifficulties in obtaining ac-curate appraisal values, con-tinuetolimitbuilders'abilitytoprepareforanticipatedimprove-mentsinbuyerdemandin2011."
"The HMI and its subcompo-
nent indexes are holding steady follow-ingabelow-expectationsfinishin2010,"noted NAHB Chief Economist DavidCrowe.
"At this point, housing remains onthe sidelines of a weak economic re-covery as consumers and builders waitfor clear andconsistent indications that
jobsandeconomicoutputarereviv-ing,” Crowe said. “Meanwhile, theproblemsthatbuilderscontinuetoconfront in obtaining productionfinancing,andinmaintainingper-forming linesof credit, threatentosignificantlyslowtheonsetofahousingrecovery."
Derived from a monthlysurvey that NAHB has beenconducting for more than
20 years, the NAHB/Wells Fargo HousingMarket Index gaugesbuilderperceptionsof
current single-family
home sales, sales expectations for thenext six months and the traffic of pro-spectivebuyers. Scores fromeach com-ponentare thenused tocalculatea sea-sonallyadjustedindexwhereanynumberover50indicatesthatmorebuildersviewconditionsasgoodthanpoor.
WhiletheHMIcomponentsgaugingcurrent sales conditions and sales ex-pectations for thenext sixmonthsbothheldsteadyfromthepreviousmonth,at16 and25, respectively, the componentgauging traffic of prospective buyersedgedupasinglepointto12inJanuary.
HMI scores rosebyonepoint in theMidwestand fourpoints in theWest inJanuary,to14and15,respectively.Mean-while, the HMI fell two points in theNortheastandonepointintheSouth,to20and17,respectively.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Builder confidence remains unchanged in January
January 31, 2011 www.csrej.com Colorado Springs Real Estate Journal 3
Karen [email protected]
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Peak Producers Holiday Charity EventDecember 9, 2010
Above: Shelley Lajudice with Lajudice Marketing Group, Roxanne Nice with Campbell Homes, Stephanie Hawthorne with Empire Title and Mike Brown with Wells Fargo.
Above: Mike Vann with Homerun Electronics, John and Jean Wheaton with RE/MAX Properties, and Ruth Ann and Hank Poburka with The Platinum Group.
Right: Barry Boals with RE/MAX Real Estate Group, Vince and Nancy Rusinak with Rusinak Real Estate.
Left: Chris Stephens, Lisa Robinson with Nextage Pikes Peak Properties, Diane Hartman with Johnson United Storage and Moving Company, and Bill McAfee with Empire Title.
4 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
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inga“solid”200,000jobsmonthlyin2012,hesaid.TheU.S.economywillreceiveaboostfromthemas-
sivetaxpackageenactedattheendoflastyear,hesaid,includingmoreincomegoingintothepocketsofwageearnersthankstoaone-year2%reductioninSocialSe-curitytaxes.Thiswillcontributetothegrossdomesticproductstrengthening fromthe2.5%rangeto3.5%to3.8%byyear’send.
Alsoputtingconsumers inbetter shape to return tothehousingmarket,thehouseholddebtburdenhasde-clinedto12%ofdisposableincomeandthesavingsratehasdroppedto5%followingthehighersavingsthatoc-curredduringtherecession—bothmarkingareturntothemorenormallevelsofthe1990s.
New-homesales,Croweprojected,“willstruggle”butbegin following employment gains, reaching 405,000for theyear,up fromanestimateofabout320,000 for2010.
Thehousingrecoverywillstartupslowlythisyear,hesaid,becauseitwillbedrivenbysuchrelativelylowhous-ing production states asNorthDakota and the PlainsStates,withTexasthemostpowerfulofthebunch.Tra-ditionalbulwarksofhousingactivitysuchasCaliforniaandFlorida,ontheotherhand,willnotbeamongthestateswhosehousingmarketsrecoverthefastest.
Inadditiontostimulativefiscalandmonetarypolicy,FreddieMacChiefEconomistFrankNothaftsaid thathousingaffordabilityanddemographictrendswillhelpsupportgrowinghousingdemand.
Thirty-yearfixed-ratemortgagesdipped to4.25% inthefinalquarterof2010,hesaid,thelowestlevelsincetheearly1950s.While thathas sincemovedupcloserto5%,homefinancingisstillavailableat“aphenomenalrate,”accordingtoNothaft.
Also,citingresearchfromHarvardUniversity'sJointCenter for Housing Studies, Nothaft said that house-holdsshouldbegrowingatanaverageannualrateof1.2millionto1.5millionoverthenextfiveto10years,sug-gestingtheneedforasharpincreaseinhousingproduc-tion;halfofthe500,000to600,000startsofthepasttwoyearswereneededjusttoreplacethenumberofhomesbeingremovedfromthehousingstock.
Whiletherewillcontinuetobesupplyoverhangsinsome important largemarkets, by and large the hous-ingpriceslumpshouldbottomoutbythemiddleofthisyear,hesaid,andpriceincreasesarealreadyoccurringinsomelocalareas.Thatshouldattractprospectivebuyerswhohavebeenprocrastinatinguntiltheyseepriceshitbottom.
“Potentialbuyerswhohaveresourcestobuybutwanttobuyatthebottomarelikelytostartcomingintothemarketinthespringtime,”hesaid.
Fixed-ratemortgageswillmoveupfromtheircurrent4.75%tothe5.75%rangebytheendofthisyear,hefore-casted.Thiswillpushtotalsingle-familymortgageorigi-nationsdownabout30%below the2010 level as refi-nancingsfallsharplyinthefaceofrisingmortgagerates.
Whilea20%increaseinhousingproductionin2011isgoodnewsforhousing, toput things inperspective,Nothaftsaidthatthisgainisfromanextremelylowlevel,withsingle-familyproductiondecliningabout80%frompeaktotrough.
A builderwhowas starting 50 homes a year at thepeakofthecycle in2005builtonly10homesin2009and2010,hesaid.“A20%increasemeansyoubuild12homesin2011.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Realtors® who work with buy-ersnowhaveanewresourceavail-ablethroughtheABR®AppfortheiPhone.Availablenowthrough theiTunes store, this new benefit willhelp Accredited Buyer’s Represen-tative(ABR®)designeesgrowtheirbusinesswhilealsoconnectingwithhomebuyers.
TheABR®iPhoneAppisthelat-est resource from theNationalAs-sociation of Realtors®’ Real EstateBuyer’sAgentCouncil.Thispower-fulandpracticalappwasdevelopedbyJacobs&Clevenger,amultichan-nel marketing communicationsfirm, working in close partnershipwiththeNAR.
“The ABR® iPhone App is onemore resource that helpsRealtors®add value to the real estate trans-action,” said NAR President RonPhipps,broker-presidentofPhippsRealty inWarwick, R.I. “Realtors®apply technology to enhance busi-nessprocesses and client relations,
andtheresourcesavailablethroughtheABR®iPhoneAppareextremelypractical both as a professional re-source and when out in the fieldwithbuyers.”
TheABR®AppfortheiPhoneisdesignedtohelpbuyers’agentsac-cess useful member benefits whileon thego.Usershave access to re-sources for home buyers, financecalculators, marketing tips and ar-ticles from Today’s Buyer’s Rep,REBAC’s monthly membershipnewsletter. Realtors® can also usetheapptoshareusefularticleswithpotentialbuyersviae-mail.
“Today’s agents are increasinglyusing smart phones in their day-to-day business,” said Marc Gould,executivedirectorofREBAC.“Thisapplication not only allows NARmembers access to the many toolsandresourcesavailablethroughRE-BAC membership, but also it pro-vides themwiththeability tosharetheseresourceswithtoday’sbuyers.”
Agents interested in learningmore about the ABR® App foriPhone or the ABR® Designationcan contact REBAC at 800-648-6224orvisitwww.rebac.net.
© Copyright National Association of Realtors. Reprinted with permission.
New ABR app for iPhone helps Realtors connect with buyers
2011 Activity from page 1
January 31, 2011 www.csrej.com Colorado Springs Real Estate Journal 5
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6 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
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8 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
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getting much closer to an adequate, sustainable level.The recovery will likely continue as job growth gainsmomentum and rising rents encourage more rentersinto ownership while exceptional affordability condi-tionsremain.”
Thenationalmedianexisting-homepriceforallhous-ingtypeswas$168,800inDecember,whichis1.0per-centbelowDecember2009.Distressedhomesrosetoa36percentmarketshareinDecemberfrom33percentinNovember,and32percentinDecember2009.
“Themodestrise indistressedsales,whichtypicallyare discounted 10 to 15 percent relative to traditionalhomes,dampened themedianprice inDecember,buttheflatpricetrendcontinues,”Yunexplained.
TotalhousinginventoryattheendofDecemberfell4.2percentto3.56millionexistinghomesavailableforsale,whichrepresentsan8.1-monthsupplyat thecur-rentsalespace,downfroma9.5-monthsupply inNo-vember.
NAR President Ron Phipps, broker-president ofPhippsRealtyinWarwick,R.I.,saidbuyersarerespond-ing to very good affordability conditions despite tightmortgage credit. “Historically low mortgage interestrates,stablehomeprices,andpent-updemandaredraw-inghomebuyersintothemarket,”Phippssaid.“Recenthomebuyershavebeensuccessfulwithverylowdefaultrates,giventheoutstandingperformanceforloansorigi-natedin2009and2010.”
AccordingtoFreddieMac,thenationalaveragecom-mitment rate for a 30-year, conventional, fixed-ratemortgagerose to4.71percent inDecember from4.30percentinNovember;theratewas4.93percentinDe-cember2009.
AparallelNARpractitioner survey showsfirst-timebuyerspurchased33percentofhomesinDecember,upfrom32percent inNovember,butarebelowa43per-centshareinDecember2009.
Investorsaccountedfor20percentoftransactionsinDecember,upfrom19percentinNovemberand15per-centinDecember2009;thebalanceofsalesweretore-peatbuyers.All-cashsaleswereat29percentinDe-cember, compared with31percent inNovember,butupfrom22percentayear ago. “All-cash saleshave been consistentlyhigh at about 30 percentofthemarketoverthepastsixmonths,”Yunsaid.
Single-family home sales jumped 11.8 percent to aseasonally adjusted annual rate of 4.64million inDe-cemberfrom4.15millioninNovember,butare2.5per-centbelowthe4.76millionlevelinDecember2009.Themedianexistingsingle-familyhomepricewas$169,300inDecember,down0.2percentfromayearago.
Existing condominium and co-op sales surged 16.4percenttoaseasonallyadjustedannualrateof640,000inDecemberfrom550,000inNovember,butremain5.2
percentbelowthe675,000-unitpaceoneyearago.Themedian existing condopricewas$165,000 inDecem-ber,whichis7.4percentbelowDecember2009.
Regionally, existing-home sales in the Northeastjumped 13.0 percent to an annual pace of 870,000 inDecemberbut are 5.4 percent belowDecember 2009.ThemedianpriceintheNortheastwas$237,300,whichis1.4percentbelowayearago.
Existing-homesalesintheMidwestrose11.0percentinDecembertoalevelof1.11millionbutare4.3percentbelowayearago.ThemedianpriceintheMidwestwas$139,700,up3.3percentfromDecember2009.
IntheSouth,existing-homesalesincreased10.1per-
centtoanannualpaceof1.97millioninDecemberbutare2.5percentbelowDecember2009.ThemedianpriceintheSouthwas$148,400,unchangedfromayearago.
Existing-homesalesintheWestsurged16.7percenttoanannual levelof1.33million inDecemberbutre-main 1.5 percent belowDecember 2009.ThemedianpriceintheWestwas$204,000,down5.6percentfromayearago.
© Copyright National Association of Realtors. Reprinted with permission.
Investors accounted for 20 percent of transactions in December
December Sales from page 1
10 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
Local News
Why Work With Us?A Full Spectrum of Mortgage ProductsVA, FHA, conventional and first-time homebuyers —we are a leader in purchase money lending.
Competitive PricingCompare our rates to the national lenders —you’ll be pleasantly surprised.
The Best AdvisorsOur experienced, responsive loan advisors are supported by local underwriting and funding support. This means worry-free transactions that typically take 30 days from application to close.
Call one of our expert Loan Advisors and put them to work on your next deal: 719.228.1130.
A D i v i s i o n o f C e n t r a l B a n c o r p
One South Nevada Avenue, Suite 230Colorado Springs, CO 80903
719.228.1130 | CentralBancorp.com
Theresa Anderson 785.7101
John Draper 534.7473
Shauna Bowers 785.7121
Richard Phillips785.7118
Jean Tindill785.7114
Meet Our Experienced Advisors
around town
Above: Brent McPherson with Land Title, Sharon Higashi with Academy Mortgage, Shirley Rouse with HBA, Mark Long with Vanguard Homes, Jen Gesick with Jen Barry Productions, and Chris Casey with Campbell Homes at Gold Hill Mesa for an SMC meeting.
Above: Erin Anderson with Erin Anderson Photography, Patti Danner with US Bankand Bobbi Price with The Platinum Group attend Leads Group at the Egg and I.
Above: Diane Hensley and Dakota Shafer with G.J. Gardner Homes at the Penrose Equestrian Center Home Show.
Above: Jens Pedersen with Orla Homes, Anita Schimmel with The Masters RealEstate Group, Wanda Abramson with Stewart Title and Mindy Sachaj with TheMasters Real Estate Group at Pikes Peak Marketing Forum.
Above: Joseph Haddad with Haddad Investment Team, April Salladay with LegacyTitle, Kelly Ikenberry, Business Coach and Mark Lane with America's Mortgageattending a Business Plan workshop hosted by Legacy Title.
Cornerstone Mortgage Compa-ny continues to grow and recentlyopened its newest branch inColo-rado Springs. The new location isthe23rdofficetoopeninColoradosince the company expanded intothestateinearly2010.
Branch Manager Jean Danielljoined Cornerstone along withLoanOfficerDottieAnderson andProcessor Becca Taylor-Mercil toopen the first branch in ColoradoSprings. Cornerstone’s Coloradoheadquarters are located in FortCollins,andthecompanyhas loca-tionsacrossthestateincitiessuchasDenver,Pueblo,SteamboatSpringsandGrandJunction.TheColoradoSpringsofficeislocatedat240Writ-ersWay,Suite100.
“Weareveryexcitedtobejoininganamazingcompanyatatimetheyareexperiencingsuchgrowth,”Dan-iellsaid.“Cornerstone’sprincipleofplacing the needs and goals of the
client above all else closely alignedwith our beliefs, which made thetransition an exciting opportunity.I believe joining Cornerstone willbenefitourclientsandallhomebuy-ersinColoradoSprings.”
Cornerstone expanded intoColoradoandLouisianaearlierthisyear,andthecompanycontinuestoincrease their presence in all statesin which it operates. Cornerstonehas seen substantial growth in re-centyears,havingfunded$2billioninmortgages in2008 and$2.7bil-lion in2009.Since2006, the com-panyhasgrownfromservingclientsin just nine states to 13, and from500employeestomorethan900.
“I’mcertainCornerstone’sColo-radoSpringsbranchwillbringapos-itive change to the local residentiallendingmarket,” saidColoradoDi-vision President GeneHumphries.“Our topprioritiesare to fulfill thefinancial needs and goals of eachindividualclient,tomakethehome-financing process smooth andstreamlined and to close on timewithno surprises.Local homebuy-erswill soonseeanewstandardofmortgagelendingaswecontinuetogrow.”Theofficecanbereachedat719-749-7044.
Cornerstone Mortgage Com-pany is a full-service mortgagebankerwithmorethan76officesin13states,includingColorado,UtahandNevada.Founded in1988 andbased in Houston, Cornerstone isthe seventh-largest independentmortgage company in theU.S. andaTop30NationalLender.
F OR I MME DI AT E R E L E ASE : Monday, J anuary 17, 2011
Media Contact Sabrina Nowling
Public Relations Project ManagerOffice: 970-206-4663 x 32824
E-mail: [email protected]
C or ner stone M or tgage C ompany Opens New C olor ado Spr ings B r anch
C OL OR ADO SPR I NG S (J anuar y 17, 2011) — Cornerstone Mortgage Company continues to grow and recently opened its newest branch in Colorado Springs. The new location is the 23rd
office to open in Colorado since the company expanded into the state in early 2010.
Branch Manager Jean Daniell joined Cornerstone along with Loan Officer Dottie Anderson and Processor Becca Taylor-Mercil to open the first branch in Colorado Springs. Cornerstone’s Colorado headquarters are located in Fort Collins, and the company has locations across the state in cities such as Denver, Pueblo, Steamboat Springs and Grand Junction. The Colorado Springs office is located at 240 Writers Way, Suite 100.
“We are very excited to be joining an amazing company at a time they are experiencing such growth,” Daniell said. “Cornerstone’s principle of placing the needs and goals of the client above all else closely aligned with our beliefs, which made the transition an exciting opportunity. I believe joining Cornerstone will benefit our clients and all homebuyers in Colorado Springs.”
Cornerstone expanded into Colorado and Louisiana earlier this year, and the company continues to increase their presence in all states in which it operates. Cornerstone has seen substantial growth in recent years, having funded $2 billion in mortgages in 2008 and $2.7 billion in 2009.
Cornerstone Mortgage opens new Colorado Springs branch
got pictures?Send them to: [email protected]
January 31, 2011 www.csrej.com Colorado Springs Real Estate Journal 11
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12 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
Our Business is Growing;
let us help you grow yours.
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!
Even during economic hardship, Empire Title has expanded its business and staff to assist our clients. Since opening our doors in August 2003, we have remained one of the top 3 Title Companies in Colorado Springs. We try to cater your needs by offering a variety of Escrow Offi cers with Experience, Expertise, & Knowledge. As a local provider, we have much to contribute to the communities in which we do business and have no intention of moving in and out of markets as economic conditions change. We are well rooted.
Empire Title of Colorado Springs proudly welcomes Michael Podoyak as its new Marketing Manager.
Having spent more than 17 years in the title industry, with 10 of them at his previous company, Michael has excitedly joined Empire Title to lead our marketing efforts and further our growth as the title leader in our community.
Michael is originally from Dayton, Ohio, where he and his wife moved from in 2000 to experience a phenomenon called fresh air and sunshine. His background involves market research, advertising, fi nance, mortgage lending and Pizza Hut Waiter (though not in that particular order). He has genuine enthusiasm for working with clients to grow their business with effi cient and effective techniques. His passion for promotion is infectious, and you’ll truly enjoy working with him and his sales team – Doreen Hussmann, Stephanie Hawthorne and Brian Miller. His creativity and experience as a stand-up comedian should only add to the fun.
If you’ve already been a client of Michael’s, it will certainly be a great pleasure and honor to build upon that relationship. If you’ve not yet worked with Michael or Empire Title, what are you thinking?! Let’s quickly get acquainted!
Michael PodoyakMarketing ManagerCell: (719) [email protected]
Local News
By Bill McAfeeEmpire Title—
twitter.com/csrej
Overall,2010wasanimprovementover2009.Wesawincreasesinbothaverageandmedianprices.Theinventorylevelswereslightlybetter.Thenumberofpeoplegoingintoforeclosuredecreasedby12%.Interestrates,whichareontherise,arestilllowbyhistoricalstandards(seeslide#2). Thesewereallareasof improvementthatgiveusreasonforoptimism.
Dampeningtheoptimismisthe7%decreaseinresidentialsalesand the6% increase innumberof listings. This is aquick lookbackandacomparisonof2009to2010.Nowlet’shavesomefunanalyzing the factors thatdrove themarketandwhat the futureholds.
Pricesimprovedbecauseofthelowinterestratesandthenewhomebuyerprogramwhichinvitedbuyersintothemarket.Thiscreateddemandinthepricerangesbelow$250,000andthede-mandoutpacedsupply. Veryfewnewhomesarebeingbuilt,sothe inventory is coming from bank-owned or REO’s. According tomy research, itseemsprobable that thenumberofREO’s tohit themarket thisyearwillbesignifi-cantlyhigher than2010. Couple thiswith an increase in interest rates, andwewilllikelyseea4%-5%decreaseinaverageandmedianprices.Thisdropinpricewillbesignificantlylessthanthe17%dropwehadsincethepeakof2007(seeslide#3).Bank-ownedpropertiesandincreasinginterestrateswillhavesomenegativeimpactin2011,but there are other factorswhichcouldoffsetthisimpact.
Firstofall,whencomparingthenumber of residential units soldon a monthly basis, we are sell-ingat a ratewhich is comparableto the early nineties. If the jobmarketandconsumerconfidenceimprove,demandcouldpickupinthelower-endmarkets.
Another factor that couldhelpthe real estate market is the re-emergence of investors. Vacancyrates are extremely low whichmeans the demand for rentals ishigh. Tough lending standards,verylittlenewmulti-familyrentalsbeingbuilt,peoplewhohavegonethrough the foreclosure or theshort sale process, and the mili-taryallcontributetotheboomingrentalmarket.
Themove-upmarketcouldim-provethisyearaspricesinthelow-er-endare increasingwhilepricesin the upper-end are flat due tolargeinventorylevels.
The price of REO’s will con-tinuetodeclineasbanksdumpin-ventory. Thiswillcreatedemandfor both primary and investmentbuyers.
Here is my prognostication:I believe 2011 will be similar to2010.Thenegativeimpactofrais-ing interest rates and the increas-ingnumberofREO’swillbeoffsetbymove-ups,investorsandanup-tickinconsumerconfidence. Westillneedtosellofftheexcesssupplyofbank-ownedproperties,andthe jobmarketmustimprovebeforewecanseetruerecovery.
Nowforyourhappythought!OnceREOinventoriesaredepleted,builderswillgobacktoworkcreatingjobs.Peoplewithjobscanbuyhomes.Peoplewhobuyhomescreatejobsforrealestateagents,lenders,titlecompanies,etc.Wewillcreateourownlittlerealestateboomwhichcouldleadustoaphrasewehavenotheardorsaidinalongtime:“Youarewelcometogointoaback-upposition,butIalreadyhaveacontractonthisproperty.”
DaretoDream!!
Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.
2009 vs. 2010: "Dare to dream"
January 31, 2011 www.csrej.com Colorado Springs Real Estate Journal 13
On the Move
Sally SheltonLand Title
LandTitleisexcitedtoannouncetheadditionof Sally Shelton to ourNorth-ernColorado Springs, CorporateDrivelocation.WithSally’s25yearsofmaster-ingtheartoftherealestateclosing,LandTitlewelcomedtheopportunitytohaveSally join our established team of ex-perts.Sally’sstrongreputationasacon-fident,accurateclosingprofessionalwillcontinue the strong tradition of highlyprofessional closers atLandTitle. As a“Certified Real Estate Closer” she con-tinues to educate herselfwith themostcurrent and up-to-date industry trends,toassistherinprovidingherclientswiththeservicethey’vecometoexpect.Sallywill join fellow closers Stephanie Mc-Cloy,AmandaCooper,LisaRubickandMary Kay Van Dorpe at Land Title’sNorthlocation(6215CorporateDrive).Please feel free to stopbyandwelcomeSallyorgiveusacallat719-268-0413.
Michael PodoyakEmpire Title
Having spentmore than 17 yearsinthetitleindustry,with10ofthemathispreviouscompany,MichaelhasexcitedlyjoinedEmpireTitletoleadourmarketingeffortsandfurtherourgrowthasthetitleleaderinourcom-munity.
Michael is originally from Day-ton, Ohio, where he and his wifemoved from in 2000 to experiencea phenomenon called fresh air andsunshine. His background involvesmarketresearch,advertising,finance,mortgage lending and Pizza HutWaiter(thoughnotinthatparticularorder). He has genuine enthusiasmforworkingwithclientstogrowtheirbusiness with efficient and effectivetechniques. His passion for promo-tion is infectious, and you’ll trulyenjoyworkingwithhimandhissalesteam–DoreenHussmann,StephanieHawthorneandBrianMiller.Hiscre-ativity and experience as a stand-upcomedianshouldonlyaddtothefun.
If you’ve already been a client ofMichael’s, itwill certainly be a greatpleasureandhonortobuilduponthatrelationship.Ifyou’venotyetworkedwithMichael or Empire Title, whatare you thinking?! Let’s quickly getacquainted!
See Page 2 for details
newoffice?
DOES ADVERTISING WORK?It just did.
facebook.com/csrejtwitter.com/csrej
14 Colorado Springs Real Estate Journal www.csrej.com January 31, 2011
Local Expert
© 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
ThestartoftheNewYearwillbringsomenewmortgagelend-ingrulesalongwithit.Withallthenewandchangingregulationsweseeinthisindustry,itcanbehardtokeeptrackofthemallandbeawareofhoweachofthemimpactsyourday-to-daybusiness.Whilewearen’tcertainaboutallthenewlawswe’llseein2011,wedoknowofthreethatshouldgointoeffectinthefirstquarter.Here’sabreakdownoftheonesweknowofandwhattheymeantoyou:
• SAFE Act–Thislawwasfirstpassedin2008butgoesful-lyintoeffectin2011.TheActestablishedanationwidedatabaseforregistrationandlicensingofmortgageoriginators.Eachoriginatorwillbegivena“uniqueidentifier”numberwhichwillstaywiththemeveniftheychangecompanies.Thisnumbermustbereadilyavailabletoborrowerssotheycanreviewthemortgageoriginator’semploy-menthistoryandiftheyhaveanyviolations.
• Risk Based Pricing Notice–ThislawwentintoeffectJanuary1,2011,andre-quireslendersthatextendcredittoproviderisk-basedpricingnoticesbasedonanin-dividual’screditreportiftheborrowershavenotreceivedthebestcreditavailabletomostconsumers.Thisnoticemustincludeseveralspecificdisclosuresbutisgenerallyintendedtoinformconsumersthattheratetheyreceiveisbasedontheircreditscoreandthatconsumerswithahighercreditscoregenerallyreceivebetterrates.
• Mortgage Loan Originator Compensation–ThislawgoesintoeffectApril1,2011butmayseea legalchallengebeforeit is implemented.Thefinalruleprohibitsmortgageloanoriginatorsfromreceivingcompensationbasedonthetermsandcondi-tionsofamortgageloan.Termsandconditionstypicallymeaninterestrate,variableversusfixedrate,andthelengthofthetermoftheloan.Italsoprohibitsloanoriginatorsfromsteeringborrowerstoaloanthatmaynotbeinthebestinterestsoftheborrowerbecausetheloanoriginatorwouldreceivegreatercompensationfromalender.Also,themortgageloanbrokermayonlyreceivecompensationfromeithertheborrowerorthelenderbutnotboth.
• Dodd-Frank Law-Thislawwaspassedin2010andwillbeimplementedoverthenext18monthsaswellastheestablishmentoftheConsumerFinancialProtectionBureau(tobeimplementedinJuly2011).Bothwillhavelastingimpactsonthemort-gagelendingindustrywhichmayverywellmakeitmorecostlyandtimeconsumingtocompleteamortgagetransaction.
Withallthenewandchangingregulations,itmakesitallthemoreimportanttoworkwithaknowledgeablelenderwhounderstandsandstayscompliantwiththerules.Weworkinafast-paced,busyindustryandthelastthingyouwanttodoishavetoworryaboutyourlender’scompliancewithnewlaws.Whenyouworkwithatrustedfinancialpartner,youandyourclientscanhaveconfidencethatthelendingsideofyourtransac-tionisdoneaccuratelyandwithinthemostcurrentregulations.
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]
By Jon PaukovichEnt—
New mortgage lending rules for the new year
legacy l title l group group group Empowering Our Associates To Make A Difference
(719) 442-1900LegacyTitle-LLC.com2 North Cascade, Suite 215
Great Tools for Realtors®
Postcard/Flyer Design & Printing• Great Lead Sources/FARM Lists• Property Profi le Books•
BIGGER DOESN’T MEANSTRONGER.
Find us on Facebook!facebook.com/csrej
January 31, 2011 www.csrej.com Colorado Springs Real Estate Journal 15
FEBRUARYWednesday, Feb 2REALTAC8:00am – 9:00am @ PPAR Conf. RoomRegister at members.ppar.com
Thursday, Feb 3IREM Economic Forecast Breakfast7:00am – 10:00am @ Doubletree HotelRegister at members.ppar.com
Southern Delivery System Tour8:00am – 3:30pm @ Conservation and Environmental Center, 2855 Mesa RoadKathy Wood at Colorado Springs Utilities: 719-668-8083 or [email protected]
B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10:00amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213
HBA Annual Awards Reception3:30pm – 6:00pm @ Antlers [email protected] 719-592-1800
Friday, Feb 4Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838
Class: GRI Working w/Buyers 8:30am – 3:30pm @ PPAR Training RoomRegister at members.ppar.com
Tuesday, Feb 8Class: Cloud Computing 29:00am – 11:00am @ PPAR Training RoomRegister at members.ppar.com
Oliver Frascona's 2011 Contracts Overview2:00pm – 5:00pm @ Air Academy FCU (Union and Powers) www.LTGC.com/classesEmily Weitzel: 719-634-4821
Wednesday, Feb 9Smoke and Odor Class11:30 – 1:00 pm @ Unified Title Contact Ruthie Lohrig-Kline 719-492-3998
Thursday, Feb 10Farm and Land8:00am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
Women's Council of Realtors11:30am – 1:30pmEmbassy Suites HotelRenate Carrier, 888-313-5928
Friday, Feb 11Class: GRI Working w/Sellers 8:30am – 3:30pm @ PPAR Training RoomRegister at members.ppar.com
HBA Annual Home Show (thru the 13th)10:00am – 7:00pm (4pm on Sunday)Barnes [email protected] 719-592-1800
Sunday, Feb 13Reunion Homes Grand Opening 12:00pm – 11:00am @ Wilshire RanchDzelal:719-499-5110dzelal@reunionhomescolorado
Friday, Feb 15Class: e-Property Sites 11:30am – 1:00pm @ PPAR Training RoomRegister at members.ppar.com
Wednesday, Feb 16Capture Investor Business & 1031 Exchange9:00am-12:00pm @ Wells Fargo Tower90 S. Cascade Avenue, 2nd Floor [email protected], [email protected]
HBA Battle on the IceDenver HBF vs Colorado Springs HBA4:00pm – 5:00pm @ Pepsi [email protected] 719-330-1739
Thursday, Feb 17Realtor Day at the CapitalAll Day at the Capital in DenverPre-register by Thursday, February 3, for only $50Register at coloradorealtors.com
Pikes Peak Marketing ForumPitch Your Listing8:00am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998
Friday, Feb 18Breakfast w/the Builders8:00am – 11:00am @ Mr. [email protected] 719-592-1800
Short Sales Simplified9:00am-4:00pm @ [email protected], [email protected]
Texas Hold'em Networking Event6:00pm – 10:00pm @ [email protected] 719-592-1800
Thursday, Feb 24Farm and Land8:00am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404
Friday, Feb 25Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838
Southern Delivery System Tour8:00am – 3:30pm @ Conservation and Environmental Center, 2855 Mesa RoadKathy Wood at Colorado Springs Utilities: 719-668-8083 or [email protected]
Class: GRI Broken Relationships8:30am – 3:30pm @ PPAR Training RoomRegister at members.ppar.com
Around the Corner
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.
Email [email protected] your
* Events subject to change. Please check with event/class holders for more detailed information inlcluding cost and registration dates.
Here’s to our Realtors,we love what you do.
Don’t forget to check us out at Breakfast at the Builders on February 18th, 2011. For the whole month of February Challenger Homes is celebrating our love for our Realtors.
There will be more exciting events to come this February. So be sure to check out our website for more information on our Realtor Events all Month Long.
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
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83
2424
N
SCHOOL DISTRICT 11
SCHOOL DISTRICT 2
Who buys a Challenger Home? Families looking to upgrade and want more house to call home. They’re our friends, neighbors, and co-workers. Moms and Dads looking for good homes in the right neighborhoods with exceptional schools for their children. First-time home buyers giddy with excitement over every lick of paint and strip of sod.
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
We couldn’t do it without you. In 2010 75% of our New Home Sales were through Realtors.
1NEWVillage 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 $170’s)
Lorson Ranch (From the $180’s)
Parkview (From the $150’s)
Gold Hill Mesa (From the $190’s)
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NEW