Colorado Springs Real Estate Journal

Vol.3 No.8 www.csrej.com April 25, 2011

PPAR Wine & Beer Tasting

HBA Spike Party

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INSIDE!

Empire Title Direct Connect

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National News ................. Page 2Local News ..................... 0On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19

The importance of pre-approvals

Wally RoyBranch Manager(719) [email protected]#305901

Aric UlmerLoan O� cer(719) [email protected]#257977

Sharon HigashiLoan O� cer(719) [email protected]# 100019804

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Honest & Ethical Service from People You Know.

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HELPFUL TIP:Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website:

www.dora.state.co.us/real-estate/index.htm

203K

EXPE

RT

Realtors applaud bill to speed lender response to short sales

Minimum 20% down a danger to home buyers, housing recovery, paper says

A new bill to improve the process for approving short sales may soon bring re-lief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.).

“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

“Realtors® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancel-

ling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which repre-sent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Con-gress to pass the bill quickly.

With the proposed Qualified Resi-dential Mortgage (QRM) rules recently proposed by federal regulators, “the government is throwing a devastating, unnecessary and very expensive wrench into the American dream,” according to a statement released last week by NAHB and five other groups.

Issued on April 14, the day prior to a hearing on the QRM regulations by the House Subcommittee on Capital Mar-kets and Government Sponsored Enter-prises, the white paper charged that the proposal would force credit-worthy bor-rowers to delay home purchases or pay higher mortgage rates, would impede a fragile housing recovery and would dis-courage the restoration of a healthy pri-vate lending market for home purchases.

In addition to NAHB, the groups that prepared the paper — “Proposed QRM Harms Creditworthy Borrowers

and Housing Recovery” — included the Center for Responsible Lending, the Community Mortgage Banking Proj-ect, the Mortgage Bankers Association, the Mortgage Insurance Companies of America and the National Association of Realtors®.

The paper voiced par-ticular concern over the minimum 20% downpay-ment required for a QRM.

Based on 2009 income and home price data, the paper says, it would take 14 years for the typical American family to save for a 20% downpayment and almost nine years to be able to put 10% down.

“Even 10% downpayments create sig-nificant barriers for borrowers, especially in higher-cost markets,” the paper says.

“This will significantly delay or deter aspirations for homeownership, or re-

quire first-time buyers to seek govern-ment-guaranteed loan programs or enter the non-QRM market, with higher inter-est rates and riskier product features.”

Existing home owners would also be harmed by the rules. Based on data from Core-Logic, nearly 25 million current home owners would be denied access to lower rate-QRMs to refinance their homes because they do not cur-

rently have 25% equity.Further analysis of CoreLogic data,

the paper says, demonstrates that sound underwriting and product features like documentation of income and type of mortgage have a larger impact on re-ducing default rates than high down-

“Even 10% downpayments

create significant barriers for borrowers”

The home buying process can be a stress-ful time for a buyer. They are faced with sev-eral choices to make that can sometimes seem overwhelming. Where should we live? What can we afford? Who should our agent be? What kind of loan is right for me? All these questions can be confus-ing and make it difficult for a buyer to know where to start.

A good rule of thumb to alleviate these stresses is to start with a pre-ap-proval. Since sales contracts typically only give buyers three days to apply for a mortgage, most buyers don’t have the

By Jon PaukovichEnt—

See Short Sales page 5

See Downpayments page 7 See Pre-Approvals page 7

2 Colorado Springs Real Estate Journal www.csrej.com April 25, 2011

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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.

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Realtors® now have access to an errors and omissions insurance program from the National Association of Realtors®’ newest REALTOR Benefits® Partner, Victor O. Schinnerer & Company, Inc.

“Realtors® help consumers invest in their future through home ownership,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “E&O insurance helps Realtors® pro-tect their own business investment while they’re helping buyers, sellers and inves-tors achieve their real estate goals.”

Coverage is available to members in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands through Continental Casualty (CNA), a top-rated insurance carrier. Rates vary based on the type of coverage needed, area of specialty, and previous claims his-tory. The program offers a wide range of deductibles and claim limits as well as several premium credits, as allowed by state law. This includes a credit for being

a Realtor®, holding select NAR designa-tions, continuing education, use of stan-dard contracts, use of home warranties, and risk management programs. Schin-nerer’s program also supports a broad range of real estate specialties including residential and commercial, property management, appraisal, and more.

“NAR is pleased to work together with Schinnerer to provide a first-class pro-gram for Realtors®,” said Bob Goldberg, NAR senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “With over 28 years of real estate errors and omissions insurance experience, Schin-nerer has developed a program proven to adapt to our dynamic real estate industry. Schinnerer also understand the fluidity of the market and continually researches the industry to observe trends, adjusting their policies to match.”

Coverage was recently updated to in-clude use of the Internet, such as web-

sites, social networking, video hosting, and blogging. In addition, educational pieces and risk management services are available to policyholders. Schinnerer has developed a toolbox that includes a risk management newsletter, blog up-dates, webinars, and a toll-free hotline to discuss potential claims with a real estate claims specialist.

“We are thrilled to offer this quality program to Realtors® across the country,” said Jim Snyder, Senior Vice President and manager of Schinnerer’s Real Es-tate E&O Program. “We are well-versed

New errors and omissions insurance benefit provides protection for Realtors

“We are thrilled to offer this quality program to Realtors® across the country.”

See E&O Insurance page 9

April 25, 2011 www.csrej.com Colorado Springs Real Estate Journal 3

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On Thursday, April 7, the Pikes Peak As-sociation of REALTORS® Government Af-fairs Committee held its annual PSF Wine and Beer Tasting Event held at the Cot-tonwood Center for the Arts in the Main Gallery. Attendees were able to enjoy net-working with fellow real estate profession-als as well as appreciating the fine artwork on display and being able to tour 2 floors of working artists’ studios.

“It was a great opportunity to emphasize why REALTORS® need to understand the importance of politics in their business and enjoy a wonderful cultural event,” said Hank Poburka, 2011 PSF Chairman for PPAR.

Above: Barb Asbury of Peak Realty and Consulting, LLC and 2011 PPAR Chairperson of the Board and her husband George enjoying the art.

Below: Creighton Thomas, Jodie and her husband Tony.

Below: Steve Bach of Bach Real Estate Partners, LLC and Mayoral Candidate.

Above: Randy Reynolds of Prudential Rocky Mountain and 2011 President of the Colorado Association of REALTORS®.

Above: Harry Salzman of Salzman Real Estate Services and Tim Leigh of Hoff & Leigh Management, Inc. and newly elected City Councilman-At-Large.

Left: Darrell Wass of RE/MAX Advantage Realty, Inc., Darrell's wife Kari and Brent McPherson with Land Title Guarantee Co.

Below: Donna Major of RE/MAX Real Estate Group, Renate Carrier of Equity Colorado, Jim Martin of ERA Shields Real Estate and Jack Beuse of Paradigm Real Estate.

Below: Betsy Thinger, Ed Behr, Dianna Daily and Mike MacGuire all of The Platinum Group.


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10. Short Sales are 32% of today’s closings. 9. Short Sales are complex, time consuming and require specific knowledge and expertise. 8. Continually changing government guidelines and lender policies are daunting, not to mention what’s up with MARS….??? 7. Short Sales can bog down your business. Outsource the administrative duties and focus on what you do best! 6. Stop referring your Short Sales to another agent. You may not only miss out on a commission or potentially worse, a referring client for life! 5. You will have a whole team supporting your transaction at Fidelity National Title Company. 4. Utilizing RealtyTMS®, a professional third-party facilitator, can give Buyer's agents more comfort in showing and selling your listing. 3. Short Sale statistics show it takes approximately 40 - 80 hours of administrative time to manage a transaction. 2. Are you on hold too long?????? Avoid this frustration by letting us help.

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“As the leading advocate for home ownership and housing issues, Realtors® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and ser-vicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlin-ing short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers and the entire community.”

© Copyright National Association of Realtors. Reprinted with permission.

Short Sales from page 1


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payments — a fact ignored by the narrowly drawn QRM that has been proposed.

CoreLogic statistics on loans origi-nated between 2002 and 2008 show that “boosting downpayments in 5% increments has only a negligible im-pact on default rates, but it signifi-cantly reduces the pool of borrowers that would be eligible for the QRM standard,” according to the paper.

The paper finds that moving from a 5% to a 10% downpayment on loans that already meet strong underwrit-ing and product standards reduces defaults by only two- or three-tenths of one percent. However, that in-crease would eliminate from 7% to 15% of borrowers from qualifying for a lower-rate QRM loan.

The paper notes that “Congress considered and rejected establishing high minimum downpayments be-cause they are not a significant factor in reducing defaults compared to oth-er underwriting and product features.

“In fact, the three sponsors of the QRM provision have sent letters to the regulators saying that they inten-tionally did not include downpay-ment requirements in the QRM.”

By impairing the ability of millions of households to qualify for low-cost financing, the report adds, the restric-tive QRM that has been proposed could frustrate efforts to stabilize the housing market.

“Some private estimates have concluded that 5% risk retention could result in a three-percentage point rise in interest rates for loans funded through securitization,” the paper says. “In other words, today’s 5% market would become an 8% in-terest-rate market.”

Even if those estimates are too high, “even a one-percentage point increase in interest rates could be devastating to a fragile housing mar-ket,” the white paper says.

NAHB analysis shows that ev-ery one percentage point increase in mortgage rates prevents 4 mil-lion households from being able to qualify for the median-priced home. By that estimate, a three-percentage point increase would price out more than 12 million households.

The paper also says that the pro-posed QRM definition would make matters worse for those markets that have been hit the hardest by the hous-ing crisis.

As the result of price declines in Nevada, Arizona, Georgia, Florida and Michigan, “at least two out of three home owners there do not have at least 25% equity in their homes that would allow them to refinance with a lower-rate QRM. Six out of 10 would not be able to move and put

20% down on their next home.”As for the impact of the QRM

rule on the mortgage mar-ket, the paper quotes mortgage securitization pioneer Lew Ranieri, who

said: “The proposed very narrow QRM definition will

allow very few potential home owners to qualify.

“As a result, it will complicate the withdrawal of the government’s guar-antee of the mortgage market. I fear it will also delay the establishment of broad investor confidence necessary for the reestablishment of the resi-dential mortgage-backed securities market.”

The paper also points out that “risk retention is a viable option only for the largest banking institutions that have balance sheets to handle it.

“In 2000, the top five lenders ac-counted for less than 29% of total mortgage originations. Today, just three FDIC-insured banks control nearly 55% of all single-family mort-gage originations.

“By creating such a narrow QRM market, the proposed rule will reduce competition from community-based lenders and accelerate consolidation of the mortgage finance market. In short, the proposal creates real systemic risk, while doing little to relieve it.”

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

Downpayments from page 1

time to really evaluate their options and shop around. Instead, they hastily decide on a mort-gage based on one factor, like monthly payment, alone. This can be risky. A hasty mortgage de-cision can mean the buyer is in a product that doesn’t really work for them, or they are with a company they ultimately won’t be happy with. When buyers quickly jump into financing, it’s easy to miss some important facts about the lender or the loan product.

However, getting pre-approved assures the buyer that they are in the right loan program that meets their specific needs. They will be more comfortable as they start to shop because they’ll know what they can afford up front and they’ll know their payment, rate and loan terms. Pre-approved buyers will also be more comfortable with the lender and understand the entire fi-nancing process up front. Having a pre-approval gives them more buying power when they start shopping – an offer accompanied with a pre-approval letter may be more attractive to a seller.

Just like selecting a new home, selecting a lender to get pre-approved is very important. You’ll want to partner with a lender that has a knowledgeable staff of loan officers that can guide your buyer through the many loan options available to them. When a buyer chooses a loan that matches their goals and objectives, they will be ready to shop with confidence and enjoy the home buying experience much more. It will al-low them to focus on just one life changing deci-sion – choosing their perfect home.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal

Credit Union. He can be reached at [email protected]

Pre-Approvals from page 1


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Cherry Creek Mortgage - Team Schneider at Ft Carson's EGGsperience April 16, 2011

Above Left: Alice Schneider and Dzelal Hrustanovic of Reunion Homes.

Above: Mark Pledger of Metro Brokers, Grant Schneider and Lisa Reyes of The Masters Real Estate Group.

Left: Scott Ignatius of The Masters Real Estate Group and Grant Schneider.

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in the real estate industry and understand the potential liabilities Realtors® face. Our errors and omissions cov-erage can provide members with peace of mind and a sense of security.”

To sign up for the program and learn more information, Realtors® can visit www.realtor.org/realtor_benefits/ benefits_partners/eoinsurance.

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The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, rep-resenting 1.1 million members involved in all aspects of the residential and commercial real estate industries.

© Copyright National Association of Realtors. Reprinted with permission.

E&O Insurance from page 2


around townERA Shields Real Estate wins national award for extraordinary community leadership

Realtornewoffice?in the

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ERA Shields Real Estate was recognized recently for its annual fundraising efforts to support the Muscular Dys-trophy Association (MDA). The Colorado Springs bro-kerage, which raised nearly $50,000 for MDA in 2010, received the prestigious Ed Bilinkis Memorial Award at the 2011 ERA® International Business Conference, held March 17-20 in Las Vegas, N.V.

The award is named for an ardent ERA supporter and major benefactor who raised significant funds on behalf of MDA.

Each year ERA Shields Real Estate hosts the Expres-sions of Hope Art Show to benefit Colorado Springs MDA. This year’s event is scheduled for May 5th. ERA Shields Broker/Owner Bill Hurt expects to have raised more than $500,000, in the preceding six years the com-pany has hosted the event.

"The entire team at ERA Shields is heavily invested in making our community a better place. We live here too, so investing in our future just makes good sense. Our primary efforts have focused on children and families at risk, housing, and quality of life organizations, but I am particularly proud of the work we do on behalf of the MDA," said Bill Hurt.

In recognition of ERA Shields Real Estate’s broad scope of philanthropic efforts, the company was also named as one of three finalists for ERA Franchise Systems new Cir-cle of Light for Community Leadership Award.

Since 1977, ERA brokers and sales associates have

collectively raised over $30 million to fund research and provide services to help the more than one million Americans affected by neuromuscular diseases. As the sole corporate sponsor of MDA from the real estate in-dustry, ERA Real Estate has consistently been among the top corporate contributors to the organization each year.

With 2 locations, ERA Shields Real Estate specializes in residential real estate in Colorado Springs, Pueblo, Castle Rock and Woodland Park and has serviced these areas for over 26 years. ERA Shields agents are all full-time professional advisors who strive to deliver superior service to their clients. They are national leaders in the real estate industry and offer the latest in technology to ensure the best home buying and selling experience in the nation.

Local News

Above: Garden of the Gods, Realtor Open House - March 29, 2011.

Above: Dash and Dine at Village at Skyline - April 12, 2011.

Above: April Leads Group - April 13, 2011.

Send us your PHOTOS!

[email protected]


A huge thanks to all those Realtors® who brought in clients or

sold a home with Aspen View!

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Empire Title's Direct Connect with Lee Honish April 6, 2011

Above: Dave Kaercher, Pearl Figueroa and Bill Van Tol with RE/MAX Properties, Inc.

Above: Lee Honish "the Short Sale Genius", Bill McAfee with Empire Title and Trent Chapman.

Above: Forrest Williams and Diane Hartman with Johnson United Moving and Storage, Stephanie Hawthorne and Doreen Hussmann with Empire Title.

Above: Rhonda Brennan with Mountain Desert Realty and Michael Podoyak with Empire Title.

Above: Noreen and Craig McConnell of Avalar Real Estate Solutions, Carrie Johnson with ERA Herman Group and Glen Sayler with Midnight Solutions.

Above: Dianne Vogt and Bob Glasgow with Cool Colorado Homes, Inc. and Jerry Allen with Keller Williams Hope Realty.


Local News

Classic Homes celebrates 10,000th home closingClassic Homes, the area’s leading locally owned

homebuilder and developer, celebrated its 10,000th home closing on Friday, March 25th with a surprise clos-ing party for new homeowners Jack and Hollis Julson.

Classic kicked off its “Countdown to 10,000” in early February when the company had only 14 closings to go before hitting this milestone. Anyone who visited the Classic corporate office or any of its 13 model home lo-cations around town could see that the excitement was building – the daily closings were being tacked city-wide

on whiteboard displays. Then, on Friday, March 25th, the Julson family happily walked into the corporate of-fice to close on their new home in Wolf Ranch…and changed everything, including the large “Countdown to 10,000” whiteboard prominently placed in the lobby of the Classic office. At 3:35 P.M. Hollis Julson proudly erased the 9,999 from the board and wrote 10,000 in its place along with their names and the date. “The entire Classic Homes staff has been phenomenal to work with. They have made building our own home not only easy,

but absolutely fun! They're extremely knowledgeable, their crews are professional and do top-notch work, and as things progressed with our home they made sure we understood everything, every step of the way. They made us feel like we were valued customers and we're extremely happy with their results.” said Jack Julson.

To commemorate the occasion, in addition to shower-ing the family with personalized gift baskets, Classic also presented a generous charitable contribution of $1,000 toward the charity of the Julson’s choice. Active in Boy Scouts with their two young boys, the family chose to make the donation to Pack 70. Mrs. Julson graciously thanked Classic Homes President, Joe Loidolt, and the entire Classic team assuring them that their “donation was going to a wonderful group of boys who thoroughly enjoy participating in Scouts;” She went on to explain how “many of these boys are military children whose fa-thers are currently deployed and some of these kids have been very unfortunate in having lost their fathers in the line of duty. Classic’s donation will be put to good use in helping make certain these boys make it to Scout Camp.”

“We have enjoyed much success in our 21-year his-tory,” said Dan Winter, Executive Vice President and Partner of Classic Homes. “Our success is a reflection of the hard work and diligence of our dedicated employ-ees and the teams of subcontractors and craftsmen we employ throughout our developments. This responsibil-ity is reflected not only through the homes we build and the communities we create, but through our commit-ment to the many cultural, philanthropic and charitable organizations we are proud to support within our City. Together with the Julson Family, Classic is proud to sup-port Boy Scouts of America Pack 70.”

Classic Homes currently builds in 17-communities in El Paso County from Monument to Fountain and east to Meridian Ranch. For a complete list of Classic Com-munities, visit www.classichomes.com.

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Lisa Chandler (CB Title), Jack & Hollis Julson (Homeowners), Theresa Anderson (CB&T Mortgage) and Adam Pillmore (Classic Homes).


Local News

© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.

Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA

*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.

Ent – A Realtor’s Lending PartnerAs a realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!

Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in-house. Ask about our $300 Mortgage Guarantee, too!

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empowering our associates to make a differenceLegacy Title Group, LLC

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The Platinum Group, REALTORS® is proud to announce it is the recipient of three Leading Real Estate Companies® of the World Mem-ber Achievement Awards. The awards were presented March 9 at the 2011 Conference of Leading Real Estate Companies® of the World held at The Cosmopolitan of Las Vegas in Ne-vada. The conference attracted 800 real estate brokers, owners, managers, relocation profes-sionals, sponsors and guests from across the U.S. and eight countries worldwide.

The Platinum Group received the 2010 Award of Excellence for Outgoing Referral Production for their company-size category. This award is presented to the member firm assisting the highest volume of relocating clients per sales associate. Platinum also received the prestigious 2010 Crown of Excellence Award recognizing the firm with the highest level of relocation performance overall within their company-size category. Additionally, the Fast Tracker Award, presented to only one member company seen as generating the highest level of referral performance in their first full calendar year as a member of the Network, was presented to Platinum.

“To earn distinction among the premier member firms of Leading Real Estate Com-panies® of the World is an impressive accomplishment” said LeadingRE President/CEO Pam O’Connor. “By earning one of our prestigious Member Achievement Awards, a company has been recognized for its outstanding contributions to the communities it serves and for its active involvement in our Network. And The Platinum Group is the recipient of three of these awards.”

Christine Fullen, CRP, Director of Relocation and Business Development for The Platinum Group, REALTORS® was a speaker at the event.

Fullen was asked to join a panel of relocation professionals to discuss business de-velopment strategies within the corporate market. With 18 years of relocation experi-ence, Chris has won both regional and national corporate relocation awards, personally receiving Relocation Professional of the Year. She holds her CRP (Certified Reloca-tion Professional) designation, the only one of its kind in the industry that formally recognizes those who have mastered an extensive body of knowledge on the principles and practices of relocation and laws governing and affecting corporate relocation. She belongs to the national Relocation Directors Council, where directors are chosen for membership because of experience, education, and dedication to serving corporations and their employees.

The Platinum Group receives three Achievement Awards


Alphie Hutmacher of Coldwell Banker Residential Brokerage recognized as a Peak Producer

Alphie Hutmacher, a leading bro-ker associate with Coldwell Banker Residential Brokerage in Colorado Springs, has been recognized as a Peak Producer for 2010 by the Pikes Peak Association of Realtors (PPAR). To qualify as a Peak Producer, PPAR members must rank among the top 10 percent of all members in total sales volume.

Those who achieve the Top Producer recognition must also support charitable activities that give back to the community and show a willingness to share their networking skills, experience and real estate knowledge to raise the level of professionalism within the PPAR.

“Alphie is a hard working, conscientious real estate professional known for her superior customer service, and she is very deserving of this award,” said Don How-ell, managing broker for Coldwell Banker Residential Brokerage in Colorado Springs. “She helps her clients make educated decisions and conducts each transaction with the highest integrity.”

Hutmacher has garnered several prestigious awards during her career, including Coldwell Banker Residen-tial Brokerage’s International President’s Circle award for 2010. She is a USAA Relocation Specialist and member of REALTAC, an organization of real estate profession-als committed to supporting and serving the Pikes Peak region. Hutmacher is an REO Specialist, a CARTUS Certified Relocation Specialist, and is certified by the Department of Housing and Urban Development.

Hutmacher successfully lobbied for more than eight years for the construction of a city recreation center at Cottonwood Creek Park in Colorado Springs. She has served as assistant campaign coordinator for School Dis-

trict 11 and School District 38 ballot initiatives. Hutm-acher was the assistant coordinator for School District 11’s Open Book Program and is a volunteer coordinator for multiple campaigns and non-profit organizations. She earned her associate’s degree in business from the University of North Dakota.

Irina Riley of Coldwell Banker Residential Brokerage earns Seniors Real Estate Specialist designation

Irina Riley, a leading broker associ-ate with Coldwell Banker Residential Brokerage in Colorado Springs, has earned the Seniors Real Estate Spe-cialist (SRES) designation from the National Association of Realtors.

Completion of the SRES designa-tion course is an essential step for Realtors in under-standing the distinct real estate goals, concerns, and needs of seniors today. The course looks at key differ-ences in housing options, from age-restricted communi-ties to age-in-place design to assisted living. The course also looks at the ins-and-outs of reverse mortgages, the use of pensions, 401k accounts, and IRAs in real estate transactions, among other important aspects of serving senior clients.

“Congratulations to Irina for being focused on con-tinuing education and advancing her career through enhanced knowledge and expertise,” said Don Howell, managing broker for Coldwell Banker Residential Bro-kerage in Colorado Springs. “Adults age 50 and older represent more than 20 percent of the U.S. population. This is an important market, and conscientious real es-tate professionals should know how to serve their spe-cific real estate needs.”

Riley is a member of the Pikes Peak Association of Realtors and holds several other special designations

recognizing the successful completion of stringent con-tinuing education courses in real estate. She serves the diverse real estate needs of clients throughout El Paso, Teller, Park and Douglas counties.

Prior to pursuing a career in real estate, Riley taught English at a middle school in Ukraine and served as an interpreter at the Joint-Venture Gold Mine in Russia. She earned her bachelor’s degree in English with a minor in German from Vinitsa Ostrovsky University.

Mike Slaback among "Top100"Mike Slaback, a top-producing real

estate professional with Real Living - Select Properties was honored with a national award for exceptional real es-tate sales performance in 2010.

Slaback is one of a select group of Real Living BrokerAssociates named nationwide to the group of "Top100" real estate profes-sionals based upon sales performance in 2010.

Mike was recognized for his real estate achievements that resulted in him being awarded position number 39 in the entire country for closed transactions.

"Our Top 100 awards honor the top Broker Associ-ates nationwide and I'm please that Mike Slaback is one of the industry's best of the best," said Harley E. Rouda, Jr., president of Real Living. "Mike has demonstrated that achieving this level of real estate performance re-quires a unique blend of dedication, people skills, tech-nical knowledge, hard work and determination."

1 Village Center (From the $200’s)

Northgate Estates (From the $300’s)

GreyHawk (From the $190’s)

Wildwood at Northgate (From the $150’s)

Stetson Ridge (From the $150’s)

Falcon Highlands (From the $170’s)

Falcon Terrace (From the $150’s)

Mule Deer (From the $180’s)

Cuchares Ranch (From the $180’s)

Lorson Ranch (From the $180’s)

Parkview (From the $150’s)

Gold Hill Mesa (From the $190’s)

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Soon!

At Challenger Homes we are proud to say that we have been aColorado Springs New Home Builder for more than ten years.

Every Challenger Home is built with the highest level of quality workmanship. Challenger Homes offers a wide variety of price ranges in some of the most desirable neighborhoods

in Colorado Springs, with distinctive new home designs available at all locations.

Please visit one of our beautiful model homes today or check us out at MyChallengerHomes.com

And Realtors, make sure to check out our C.O.L.A. program (Commission on Loan Approval).

You could get paid half of your commission at loan approval! For more information visit the Realtor page on our website!

Making Life Better...One Home At a Time

719-598-5192MyChallengerHomes.com

Hwy. 105

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PETERSONAIR FORCE

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Making Life Better.

Local News

[email protected]

gotnews?


On the Move

Joy JeromeKeller Williams Hope Realty

Keller Williams Hope Realty is pleased to welcome Joy Jerome, CRS, SFR. Joy graduated from the University of Minnesota with a Bachelor of Science degree. Since then, Joy has accumulated over 25 years experience in Real Estate in the Colorado Springs area. Joy is also the proud mother of three daughters who are now grown & gone! KW Hope is excited to include Joy’s incredible knowledge and personality to our KW family.

Are You Ready? June 4-5, 2011REALTOR® Nationwide Open House

Who says there's no such thing as a free lunch?

Come by Challenger Homes in Falcon Highlands on any given day and we'll serve you lunch. Come as you are or with a group and we'll feed you, give you great service and show you our beautiful homes. While you're here you will be able to experience our new model, the Man-chester. This home displays over 2,700 sq ft finished for under $230,000 on 1/4 acre! Plus, for a limited time we are giv-ing $10,000 towards options or upgrades and closing costs with one of our pre-ferred lenders. Some have programs with as little as 2% down and very competitive rates, plus $1 down for all VA Buyers. We have something for everyone!

Come on by and see what's new at Challenger in Falcon Highlands, former-ly called the Gables. What do you have to lose, but your appetite!

Head east on either Woodmen or Hwy 24 to Falcon, just Southwest of the Walmart. Or call Judy Coffey at 719-761-1842 to find out what's on the menu for the day! Can't wait to see you!

AN ADVERTORIAL:


Local Expert

**As a settlement provider, you are under no obligation to send any future business to any sponsors from this event.

Major Sponsors:

Please RSVP to Cherrylyn at(719) 884-5300 or [email protected]

What is … Are you prepared to take advantage of Mobile Marketing in your real estate career? There are 4.1 billion mobile phones worldwide; 86% of Americans own a mobile phone. By 2013, more people will own “smart phones” than own personal computers and laptops. 68.7 million are frequent text users; in fact, 1.56 trillion texts were sent in America last year – triple what was sent in 2007. That is 52,083 texts sent every second. 97% of text messages are opened, 83% within the first hour received.

So, how does this information help grow your business? Find out in an exclusive preview presentation for a new texting program that can change the way realtors market their homes and their services, brought to you courtesy of …

Empire Title and Academy Mortgage:

Wednesday, May 4,2011 9-11am

Strategic Financial Partners Building 1755 Telstar Drive, Suite 501, Colorado Springs (Northeast corner of S.R. 83 & Research Blvd.) If you are a real estate agent that appreciates and enjoys cutting-edge technology and unique ideas, please don’t miss this seminar conducted by the pioneer of the iZigg 90210 Mobile Revolution, Dr. Scott Elliott. Breakfast will be provided, and we will be excited to have you join us!

www.etcos.com

Empire Title of Colorado Springs5755 Mark Dabling Blvd. Ste 110 | Colorado Springs, CO 80919

Phone: (719) 884-5300 Fax: (719) 884-5304

Empire Title of Woodland Park509 Scott Avenue | Woodland Park, CO 80863Phone: (719) 686-9888 Fax: (719) 686-8208

We Don’t Succeed Unless You Do!

By Bill McAfeeEmpire Title—

Be afraid, be very afraid!!!Be afraid of world events and acts of nature. Be afraid of $5.00 a gallon gas and regula-

tion without enforcement. Be afraid of government ownership in private industry. These are things we have little or no control over. Here are some things you do not need to be afraid of: population growth; the number of people going into foreclosure; inventory levels; new build inventory; and, the lack of investor speculation.

We do not need to be afraid that people are leaving our city in droves. In fact, the population of El Paso County has grown 3% from 2009 to 2010 and 20% from 2000 to 2010. The US Cen-sus Bureau estimates our population at 622,263. El Paso County is the most populated county in Colorado and has grown more than 105,000 since 2000. One thing that is not growing is the number of people going into foreclosure.

Foreclosures were down 12% comparing 2009 to 2010. Com-paring the first quarter of 2010 to 2011, they were down almost 20%. The long term trend for people entering into foreclosure is moving in the right direction. In fact, the data suggests we have bottomed out. One other statistic that is crucial in the foreclosure arena is the number of properties that have gone back to the banks. According to research derived from the El Paso County Public Trustee, there are approximately 6,278 proper-ties that have been foreclosed and have become bank owned since January 30, 2008. This data is through March 23, 2011. There is ongoing research to calculate how many of these properties have been sold back into the market. My prognosis is it will take two years to liquidate the current inventory. This does not include those properties which have not yet gone to sale. More positive news is inventory levels are improving.

Six months inventory is considered equilibrium between buyers and sellers. All price ranges below $249,999.00 are below 6 months. If the number of listings does not greatly increase this summer, the inventory levels will hold in check and it could create a strong market for the $249,999.00 and below price ranges. This could help offset the downward pressure from the bank owned properties.

Unlike bank owned properties, there is not an excess of new builds. In fact, the Gazette Telegraph just reported that building permits pulled in February were the lowest since before 1963. We do not have an over supply of new builds like Nevada, California, Florida and Arizona.

The prices in those states were increasing so rapidly that investors would write con-tracts with builders planning on flipping the property before the construction was com-pleted. That worked for a while. Money was also readily available to builders which made it easy to build spec homes. The financing that existed then is no longer available.

Financing has tightened and will probably not improve in the near term. Once the economy does improve, financing will likely improve at a slow pace. It will take the builders some time to gear up. Once they do, all the ancillary jobs that are created by the building industry will create a boom in our local economy. We do not have the ex-cess inventory that was created by wild investor speculation and overbuilding. We do not have neighborhoods built with no one living there. The fundamentals in our local real estate economy are lining up in a positive direction. Forbes, Money Magazine and CNN have all picked Colorado Springs in the top 10 for cities to recover. The real estate fundamental elements are in place for our region to rebound.

It is ok to be afraid of elements out of our control. However, there is no reason to be afraid of, population growth, the decrease in foreclosures, inventory levels in the lower end markets, little surplus in new builds, and the lack of speculation which kept us from dramatically overbuilding.

In conclusion, I would say be afraid of being overly pessimistic. Be afraid of not see-ing the positive elements in our local real estate economy. Be afraid to say it will never come back! Be afraid!

Average price was up and the median price showed no change. The number of residential units sold was down and inventory lev-els were up. The number of list-ings was down and foreclosure starts continue to decline at an increasing rate. Interest rates are still low by historic standards but are starting to trend up.

Likely scenario: continued softening in price due to the amount of bank owned inventory hitting the market. In-ventory levels will begin to improve as supply dwindles. Foreclosures continue on the positive trend and interest rates increase.

What does this mean for sellers? Pricing correctly is essential because your com-petition is bank owned properties. Interest rate increases will hurt purchasers' buying power. The increase in mortgage insurance rates will also have an adverse effect on buyers’ purchasing power.

What does this mean for buyers? Prices are great and may get better. If you are a cash buyer you might be able to procrastinate a little longer; however, you don’t know where the bottom is until the market rebounds. Buying close to the bottom is always good. Buyers who need to borrow money should not let the inevitable increase in inter-est rates take this opportunity away from you. If you have to borrow money to buy a home now is the time!Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.

2010-2011 Year Over Year Recap• Average Price 3.8%• Median Price 0.0%• Residential Units Sold 4.3%• Inventory Levels 8.9%• Number of Listings 1.1%• Foreclosures 19.8%• Interest Rates are at historic lows


APRIL Tuesday, Apr 262011 CREC Mandatory Update Class9am – 1pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353

Wednesday, Apr 27Advanced Foreclosure and Short Sales9am – 11am @ Empire TitleRSVP: 884-5300, [email protected]

Thursday, Apr 28Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

The Estimator™10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]

Friday, Apr 29Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

MAY Wednesday, May 4iZigg Mobile Marketing9am – 11am @ Strategic Financial Partners Building. 1755 Telstar Dr #501RSVP: 884-5300, [email protected]

Thursday, May 5Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]

VA Training for Agents8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

ERA Shields Real Estate6TH Annual Expressions of Hope Art Show Benefiting MDA (Muscular Dystrophy Association)6pm – 9pm @ Historic City AuditoriumPurchase Tickets at 719.593.1000

Friday, May 6Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

Saturday, May 7Home Buying Seminar10am – 12pm @ Ent (Galley Service Cntr)RSVP: [email protected] (719) 574-1100 ext 6670

Tuesday, May 10Short Sale Class w/Realty TMS and Fidelity National Title1pm – 3pm @ Fidelity National Title 1277 Kelly Johnson BlvdRSVP: 719-590-1711

Wednesday, May 11Short Sale Class w/Realty TMS and Fidelity National Title9am – 11am @ Fidelity National Title 1277 Kelly Johnson BlvdRSVP: 719-590-1711

Short Sale Class w/Realty TMS and Fidelity National Title1pm – 3pm @ Fidelity National Title Office at 150 Morning Sun Drive (Woodland Park)RSVP: 719-687-3081

CTM eContracts - Beginners1:30pm – 3:30pm @ Empire TitleRSVP: 884-5300, [email protected]

Thursday May 12Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

Tri-Lakes Marketing Forum8:30am – 10am @ Inn at Palmer DivideKim Rossbach: 719-534-7444

Women's Council of Realtors11:30am – 1:30pm @ Embassy Suites HotelRenate Carrier, 888-313-5928


Wednesday, May 18CTM eCotracts - Advanced10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]

Thursday, May 19Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998

HBA Trap Shoot11:30am – 4pm @ Isaac Walton Gun [email protected] 719-592-1800

Friday, May 20HBA Texas Hold'em Networking Event6pm – 10pm @ HBAwww.cshba.com 719-592-1800

Tuesday, May 24Barstool Economics & 10319am – 12pm @ Chicago Title [email protected] (719) 649-1353

Wednesday, May 252011 Annual Commission Update8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]

Thursday May 26Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404


JUNE Saturday, June 4Building A Home: Help from Ground Up10am – 12pm @ Ent (Galley Service Cntr)RSVP: [email protected] (719) 574-1100 ext 6670

REALTOR® Nationwide Open HouseRuns through Sunday.

Monday, June 6HBA/PAC Golf Challenge7am – 2pm @ Kissing Camels Golf [email protected] 719-592-1800

Thursday, June 9Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]

Small Business Day8am – 1:30pm @ Doubletree Hotel(719) 255-3844 www.CSSBDC.org

Saturday, June 11,12HBA Remodeled Homes Tour10am – 5pm @ Various Locationswww.cshba.com 719-592-1800

Saturday, June 18Home Buying Seminar10am – 12pm @ Ent (Campus Dr.)RSVP: [email protected] (719) 574-1100 ext 6670

Around the Corner

* Events subject to change. Please check with event/class holders for more detailed information including cost and registration dates. Email events to [email protected]

HBA Spike Party April 12, 2011

Photos by Amy Cox.

Colorado Springs Real Estate Journal

Documents

Transcript of Colorado Springs Real Estate Journal