August 27, 2012

Vol.4 No.12 www.csrej.com August 27, 2012

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National News ........... page 2Local News ............... page 12On the Move ............. page 17Local Expert ............. page 18Around the Corner ...... page 19

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Tom SusemihlSr. Loan O� cer(719) [email protected] #208307State Lic #100013573

Rose KellySr. Loan O� cer(719) [email protected] #10326State Lic #100020386

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Housing starts edge down 1.1 percent, permits rise in July

Yun to lead CAR Convention Town Hall

Second quarter metro area home prices rise, limited inventory capping salesMedian existing single-family home prices

are rising in more metropolitan areas, but a lack of inventory – notably in lower price ranges – is limiting buyer choices in an increasing number of markets around the country, according to the latest quarterly report by the National As-sociation of Realtors®.

Th e median existing single-family home price rose in 110 out of 147 metropolitan statistical areas(MSAs) based on closings in the second quarter in comparison with same quarter in 2011; three areas were unchanged and 34 had price declines. In the fi rst quarter of 2012 there were 74 areas showing price gains from a year earlier, while in the second quarter of 2011 only 41 metros were up.

A separate breakout of income requirements to buy a home on a metro basis shows a wide range of conditions, but most buyers had ample income in the second quarter assuming they could meet mortgage credit standards.

Lawrence Yun, NAR chief economist, said home prices are set to rise in even more markets during upcoming quarters. “It’s most encourag-ing to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners. Inven-

tory has been trending down and home builders are still under-producing in relation to growing demand,” he said. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.”

Th e national median existing single-family home price was $181,500 in the second quarter, up 7.3 percent from $169,100 in the second quar-ter of 2011. Th is is the strongest year-over-year increase since the fi rst quarter of 2006 when the median price rose 9.4 percent, but even with the gain the current price is 20.1 percent below the record set in 2006.

Th e median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed higher by a relatively small share of upper-end transactions.

Distressed homes – foreclosures and short sales which sold at deep discounts – accounted for 26 percent of second quarter sales, down from 33 percent a year ago.

Total existing-home sales,3 including single-family and condo, slipped 0.7 percent to a sea-sonally adjusted annual rate of 4.54 million in the second quarter from 4.57 million in the fi rst quar-

We all want to know what forces and trends will be shaping the industry in the next few years as we continue to try to rebound from a recession. Dr. Lawrence Yun, Tom Clark and Dick Clark will be providing facts and trends about the real estate industry, Colorado's economy and international opportunities in real estate at the CAR Convention Town Hall meeting on Monday, October 15 from 8:30am – 10:30am. Th e Convention will be held at the Sheraton Denver Downtown Ho-tel. Don't miss it! Register today at www.coloradorealtors.com .

© Copyright Colorado Association of Realtors. Reprinted with permission.

Yun

Nationwide housing production edged down 1.1 percent to a seasonally ad-justed annual rate of 746,000 units in July, according to newly released fi g-ures from HUD and the U.S. Census Bureau. However, builders pulled more permits for planned new-home projects than they have in any month since August of 2008.

“While many builders believe that the outlook for housing is considerably brighter than it has been in years, we are being very careful about keeping inventories tight and not building ahead of demand,” noted Barry Rutenberg, chairman of the National As-sociation of Home Builders (NAHB) and a home builder from Gainesville, Fla. “At the same time, builders are drawing more permits for new construction so we can accommodate buyers and renters as they return to the marketplace.”

“Our latest surveys confi rm builders’ increased confi dence about future home buyer demand, and that’s refl ected in today’s permit numbers,” agreed NAHB Chief Economist David Crowe. “Increasingly, housing is re-emerging as a traditional and much-needed source of strength in local economies as builders are able

See Housing Starts page 9

See Inventory page 11

2 www.csrej.com Colorado Springs Real Estate Journal August 27, 2012

director of advertisingRachelle Nardo

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director of publishingJosh Olson

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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.

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:

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National News

Builder confi dence continues to improve in August

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Builder confi dence in the market for newly built, single-family homes im-proved for a fourth consecutive month in August with a two-point gain to 37 on the National Association of Home Build-ers/Wells Fargo Housing Market Index (HMI), released today. Th is gain builds on a six-point increase in July and brings the index to its highest level since Febru-ary of 2007.

“From the builder’s perspective, cur-rent sales conditions, sales prospects for the next six months and traffi c of prospec-tive buyers are all bett er than they have been in more than fi ve years,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “While there is still much room for improvement, we have come a long way from the depths of the recession and the outlook appears to be brightening.”

“Th is fourth consecutive increase in builder confi dence provides further evi-

dence of the gradual strengthening that’s occurring in many housing markets and providing a needed boost to local econ-omies,” said NAHB Chief Economist David Crowe. “However, we are still at a very fragile stage of this process and builders continue to express frustration regarding the inventory of distressed properties, inaccurate appraisal values, and the diffi culty of accessing credit for both building and buying homes.”

Derived from a monthly survey that NAHB has been conducting for the past

25 years, the NAHB/Wells Fargo Hous-ing Market Index gauges builder percep-tions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” Th e survey also asks builders to rate traffi c of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

Every HMI component posted gains in August. Th e components gauging cur-rent sales conditions and traffi c of pro-spective buyers each rose three points, to 39 and 31, respectively, while the component gauging sales expectations in the next six months inched up one point to 44. All were at their highest levels in more than fi ve years.

See Builder Confi dence page 4

August 27, 2012 Colorado Springs Real Estate Journal www.csrej.com 3

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Regionally, builder confidence rose nine points to 42 in the Midwest and two points to 35 in the South, but declined nine points to 25 in the Northeast and three points to 40 in the West in August. For the August HMI release, NAHB is introducing an alternative trend compar-ison of regional HMIs by also showing a three-month moving average of each region’s index. The current three-month moving averages show a two-point de-cline to 29 in the Northeast, a five-point gain to 35 in the Midwest, a three-point gain to 32 in the South and a three-point gain to 38 in the West.

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

On August 1, Realtors® Federal Credit Union merged with Northwest Federal Credit Union to better serve its mem-bers. Members of the Realtors® Federal Credit Union, now a division of North-west Federal Credit Union, have greater access to service centers, financial loans, banking services and much more.

“As the fastest growing credit union in the country last year, the Credit Union

proved to be a crucial business advantage for Realtors®,” said Moe Veissi, broker-owner of Veissi & Associates Inc., in Mi-ami. “This merger will continue to add benefits and services for credit union members while providing services and products that meet the specific needs of the National Association of Realtors® members and their families.”

Northwest Federal Credit Union is a

$2.2 billion credit union headquartered in Herndon, Va., with a 65-year history of financial strength and stability. Cred-it Union members now have access to Northwest Federal’s six Northern Vir-ginia branch locations and 4,600 shared branch service centers nationwide, fee-free business checking and debit cards, mortgage loans, commercial real estate loans, business lines of credit and more.

Access to members’ accounts, including account number(s), user name and pass-word, convenient online banking, Mem-ber Care Center and website services will remain unchanged.

“We’re excited about this merger and the opportunity to provide NAR’s Re-altor® members and their families with a greater variety of personal and busi-ness products and resources that will help them achieve their unique financial goals; that could not have been achieved for several more years at our present RFCU growth rate,” said 2002 NAR President and Realtors® FCU Chair-man of the Board, Martin Edwards, Jr., CCIM, from Memphis, Tenn. “While members can still enjoy the benefits of an Internet-based Credit Union, the merger with NWFCU will not only expand vir-tual access, but also allow in-person fi-nancial transactions.”

All Realtors® and their families, as well as NAR’s institutes, societies and coun-cils, are eligible to become Credit Union members. NAR staff and the staffs of state and local Realtor® associations and boards and their families are also eligible.

Realtors® Federal Credit Union, a Division of Northwest Federal Credit Union, is a member benefit offered by NAR and is a partner in the REALTOR Benefits® Program. NAR’s REALTOR Benefits® Program offers practical solu-tions for Realtors® on the products and services they use every day. The pro-gram includes offerings from nearly 30 companies in a variety of categories, recognized as leaders in their respec-tive industries. For details, please visit www.REALTORSFCU.org or call Mem-ber Care at 866-295-6038.

© Copyright National Association of Realtors. Reprinted with permission.

Credit union merger provides greater services for Realtors

Builder Confidence from page 2


National News

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Builder confi dence in the 55+ housing market shows improvement in the 2nd quarterBuilder confi dence in the 55+ housing market for

single-family homes showed improvement in the second quarter of 2012 compared to the same period a year ago, according to the National Association of Home Build-ers’ (NAHB) latest 55+ Housing Market Index (HMI) released today. Th e index more than doubled year over year from a level of 13 to 29, which is the highest second-quarter reading since the inception of the index in 2008.

“Builders and developers in the 55+ housing segment continue to show increased confi dence in the market,” said NAHB 50+ Housing Council Chairman W. Don Whyte. “As the share of 55+ households continues to grow in all regions across the country, we have a unique opportunity to create communities that address specifi c needs of the mature homebuyer.”

Th e 55+ single-family HMI measures builder senti-ment based on a survey that asks if current sales, pro-spective buyer traffi c and anticipated six-month sales for that market are good, fair or poor (high, average or low for traffi c). An index number below 50 indicates that more builders view conditions as poor than good. Al-though all index components remain below 50, they in-creased considerably from a year ago: Present sales more than doubled (from 12 to 30), while expected sales for the next six months increased 17 points to 35 and traffi c of prospective buyers rose nine points to 22.

Th e 55+ multifamily condo HMI remains the weak-est of the 55+ housing market indices, but the trend is upward as the index increased 11 points year over year to 19, also the highest second-quarter reading since the

inception of the survey. All index components showed an increase compared to a year ago as present sales rose 10 points to 18, expected sales for the next six months

See 55+ Market page 6


National News

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increased 10 points to 20 and traffic of prospective buyers climbed 12 points to 19.The 55+ multifamily rental indices recovered substantially last year, and are now

holding steady: Present production climbed three points to 31, expected future pro-duction increased three points to 32, current demand for existing units dropped one point to 42 and expected future demand decreased two points to 42.

“We are seeing buyers slowly return to the 55+ housing market as home prices begin to improve” said NAHB Chief Economist David Crowe. “This helps unlock some of the pent-up demand from 55+ consumers who have been sitting on the sidelines until they are able to sell their current homes at a reasonable price.”


55+ Market from page 5


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EMpiRE titlE paRadE of HoMES BuS touRAugust 9, 2012

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to put more of their crews back to work. But two things that are slowing this process considerably are the chal-lenges that builders continue to face in accessing credit for viable new projects and the difficulty of obtaining ac-curate appraisals on new homes.”

After four consecutive months of gains, single-family housing starts fell back 6.5 percent to a seasonally ad-justed annual rate of 502,000 units in July. Meanwhile,

multifamily starts posted a 12.4 percent gain to 244,000 units, their strongest pace since February.

On a regional basis, combined single- and multifam-ily starts declined 1.3 percent in the Northeast, 3.5 per-cent in the South and 5.3 percent in the West, but rose 17 percent in the Midwest in July.

Issuance of new building permits, which can be an in-dicator of future building activity, rose 6.8 percent to a seasonally adjusted annual rate of 812,000 units in July – the fastest pace in nearly four years. Single-family per-

mits rose 4.5 percent to 513,000 units (their best pace since March of 2010) while multifamily permits rose 11.2 percent to 299,000 units.

Permit issuance rose in three out of four regions in July, with the Northeast registering a 12.2 percent gain, the South a 5.8 percent gain and the West a 14.0 percent gain. The Midwest posted a 4.2 percent decline.


National News

Housing Starts from page 1


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ter, but were 8.6 percent above the 4.18 million pace during the second quarter of 2011.

At the end of the second quarter there were 2.39 million existing homes avail-able for sale, which is 24.4 percent below the close of the second quarter of 2011 when there were 3.16 million homes on the market. Th ere has been a steady downtrend since inventories set a record of 4.04 million in the summer of 2007.

According to Freddie Mac, the nation-al commitment rate on a 30-year con-ventional fi xed-rate mortgage averaged a record low 3.80 percent in the second quarter, down from 3.92 percent in the fi rst quarter and 4.66 percent in the sec-ond quarter of 2011.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buying power is historically high. “Home buyers today can stay well within their means. Record low mort-gage interest rates and an over-correction in home prices have opened the door to many potential buyers,” he said.

“What we need now is additional in-ventory in the lower price ranges, so we hope banks will be releasing more fore-closure inventory into the market. With gains apparent in all of the price mea-sures, banks also should have more con-fi dence in expanding mortgage credit to home buyers using safe but sensible stan-dards,” Veissi said.

A breakout of incomes needed to purchase a median-priced existing sin-gle-family home by metro area shows the typical buyer has ample income. Required income amounts are deter-mined using several downpayment per-centages, assuming a mortgage interest rate of 4 percent and 25 percent of gross income devoted to mortgage principal and interest.

Th e national median family income was $61,000 in the second quarter. How-ever, to purchase a home at the national median price, a buyer making a 5 per-cent downpayment would only need an income of $39,900. With a 10 percent downpayment the required income is $37,800, while with 20 percent down the necessary income is $33,600.

“Because the income required to buy to a typical home is very manageable by historical standards, any further decline in mortgage interest rates will have litt le eff ect. Changes in underwriting guide-lines would have a far greater impact,” Yun said.

In the condo sector, metro area condominium and cooperative prices – covering changes in 53 metro areas – showed the national median existing-condo price was $178,000 in the sec-ond quarter, up 7.5 percent from the second quarter of 2011. Twenty-nine metros showed increases in their me-dian condo price from a year ago and 24 areas had declines.

First-time buyers purchased 34 per-cent of all homes in the second quarter, compared with 33 percent in the fi rst quarter and 35 percent in the second quarter of 2011. Historically they are close to 40 percent of the market.

Th e share of all-cash home purchases was 29 percent in the second quarter, down from 32 percent in the fi rst quar-

ter; it was 30 percent in the second quar-ter of 2011. Investors, who make up the bulk of cash purchasers and compete with fi rst-time buyers, accounted for 19 percent of all transactions in the second quarter, down from 22 percent in the fi rst quarter; they were 19 percent a year ago.

Regionally, existing-home sales in the Northeast slipped 0.6 percent in the sec-ond quarter but are 10.6 percent above the second quarter of 2011. Th e me-dian existing single-family home price

in the Northeast declined 1.6 percent to $241,300 in the second quarter from a year ago.

In the Midwest, existing-home sales rose 1.3 percent in the second quarter and are 16.2 percent higher than a year ago. Th e median existing single-family home price in the Midwest rose 7.5 per-cent to $149,400 in the second quarter from the same quarter in 2011.

With tight inventory, existing-home sales in the West fell 5.3 percent in the

second quarter but are 3.0 percent high-er than a year ago. Th e median existing single-family home price in the West jumped 13.4 percent to $234,000 in the second quarter from the second quarter of 2011. “Inventory is prett y tight in all prices ranges in most of the West except for the upper end, which accounts for the sharp price gain,” Yun noted.

© Copyright National Association of Realtors. Reprinted with permission.

Inventory from page 1


Local News

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American Family Mutual Insurance Company and its SubsidiariesAmerican Family Insurance CompanyHome Office – Madison, WI 53783 © 2011 004919— 02/11

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American Family Mutual Insurance Company and its SubsidiariesAmerican Family Insurance CompanyHome Office – Madison, WI 53783

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Nigel Cass Agency, Inc.5520 Library LaneBus: (719) 599-7445http://www.nigelcass.com

Thanks from our family to yours.We’re proud to be part of a select group of American

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American Family Mutual Insurance Company and its SubsidiariesAmerican Family Insurance CompanyHome Office – Madison, WI 53783

© 2010 001776 – Rev. 10/10

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HBA remembers their early leaders

Day of service brings more than 100 Coldwell Banker Residential Brokerage Professionals together to help those in need

It is with deep sadness that the Housing & Building Association of Colorado Springs shares with you the passing of two former members who contributed greatly to our industry.

Bud ShepardBud Shepard passed away Tuesday July 31, 2012 in Scottsdale,

AZ after a lengthy illness. Services will be Tuesday August 14, 2012 at 1 p.m. at Woodmen Valley Chapel. Swan Law will be han-dling the arrangements.

Along with his brother Bruce, the Shepards were among the city’s early real estate developers and their signature project was Village Seven — a complete community of homes, schools, parks and shopping developed in the late 1960s and early 1970s south-east of Academy Boulevard and Austin Bluffs Parkway in what was then the outskirts of the city.

Bud was president of the Housing & Building Association in 1958 and was the sec-ond person to receive the Builder/Developer Member of the Year award in 1962. In 1999, along with Dave Sunderland, Bud and Bruce received the very first Founders Award for their significant contributions to quality development in our community.

Marilyn DewellMarilyn J. Dewell passed away after a long battle with cancer

on August 3, 2012 at Pikes Peak Hospice. Memorial Services will be held at 10:00 a.m., Friday, August 10, 2012 at the Shrine of Remembrance "America the Beautiful" Chapel. Inturnment will be at the Shrine of Remembrance Chapel Mausoleum, Ethel Mer-man Columbarium. In lieu of flowers, contributions may be made in Marilyn's memory to the Pikes Peak Hospice Foundation, 2550 Tenderfoot Hill Road, Colorado Springs, Colorado 80906

Marilyn moved to Colorado Springs in 1970 where she became active in the home building industry. She married Lyman A. Dewell on August 3, 1974. In 1978 she was awarded "Builder of the Year" by the Housing & Building Association of Colorado Springs and was the first woman elected to the HBA Board of Directors.

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More than 100 real estate professionals and support personnel with Coldwell Banker Residential Brokerage recently gathered at locations in metro Denver, Colorado Springs and Fort Collins to help victims of wildfires and recent tragedies. The inaugural Day of Service on August 1 was an overwhelming success as volunteers unloaded trucks, stocked shelves, distributed food and household goods, and performed a variety of other tasks to help those in need.

“The Day of Service was a true testament to our community spirit and the generosity of our agents, staff and others who worked tirelessly to help those victimized by recent fires and tragedies,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “I couldn’t be more proud of our caring professionals who understand how vital it is to give back to the communities in which we live, work and play. It was an amazing day, and we encourage everyone throughout our great state to do what they can to help those whose lives have changed dramatically due to recent events.”

Day of Service volunteers gathered at the Habitat for Humanity Restores in Den-ver, Wheat Ridge and Littleton to assist customers, and the Colorado Aids Proj-ect Food Bank to unload and hand out food, and to organize shelves. In Colorado Springs, volunteers performed a variety of services at the Pikes Peak Habitat for Hu-manity Restore and the Colorado Springs Salvation Army. In Fort Collins, volun-teers helped stock shelves, unload goods, and move inventory at the Fort Collins Fire Relief Distribution Center.

Above: Paty Valko, Irina Riley, Darcy Lee, Chris Vawter, Camellia Coray, Kathleen Peak, and Brandi Glasser volunteer their time and labor to help wildfire victims during Coldwell Banker Residential Brokerage'sDay of Service on August 1st.

Left: Brandi Glasser, Darcy, Kathleen Peak, and Chris Vawter of Coldwell Banker Residential Brokerage in Colorado Springs help victims of wildfires during the company's Day of Service on August 1st.


Local News

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Not too many years from now, a new generation of children will have grown up in the community of Meridian Ranch that over 1,000 families now call home. Most of them will have no knowledge of all the hard work and financial support it took in the early 2000's for the education of Meridian Ranch students to become recognized Statewide. They will only know Meridian Ranch as a master-planned development complete with amenities, such as local schools, not found in most compa-rable communities.

They won’t know that it was GTL, Inc. (Devel-oper of Meridian Ranch) that donated the land and contributed to the $3.5 million it took to build what is now the Meridian Ranch Elemen-tary School. In addition, few people will know it was GTL, Inc., that donated the 70 acres to build Meridian Ranch’s High School. Today Falcon High School is strategically located within walk-ing distance and will have a road connecting it to the Meridian Ranch Elementary School. All part of the master plan, GTL, Inc. will be connecting Lon-donderry Drive from the Meridian Ranch Elemen-tary School to the Falcon High School, (August of 2014). Perhaps, however, the generation being

Better schools making for a better neighborhood!Meridian Ranch supports education & local schools

Housing starts expected to increase in Colorado resort townsBy Dr. Lawrence Yun, NAR Senior Economist

Vacation homes are generally purchased by higher income households. In the past year, 44 percent of all vacation home buyers earned six-figure incomes. The purchases also had higher down payments, higher cred-it scores, and more collateral backing compared to other mortgages. Despite better underwriting and essentially low subprime lending for vacation homes, vacation and resort destinations have suffered disproportionately more than the overall housing market. Simply put, the collateral damage of the credit crunch from the sub-prime mess whacked the market that did not encounter subprime lending.

Home sales fell sharply in places like Steamboat Springs, Glenwood Springs, and Vail, Colorado, by 70 to 80 percent from peak 2006 levels. The good news is that a recovery is taking place in these resort destina-tions in 2012. The dollar volume of home sales activ-ity has been running 10 to 30 percent higher this year versus last. But even with the increases so far, the dol-lar volume of business still remains at less than half the peak level activity of 5 to 6 years ago.

New home construction in particular has been hard hit in the Colorado Mountain areas. The chart below shows the year-to-date figures on housing permits. Be-cause most of the permits eventually translate into hous-ing starts, the chart is a good indication of new home construction activity in several resort communities in Colorado. Note that local peaks are always in December because it covers the full 12 month year-to-date. Also note the painful degree of collapse in the past 3 years versus what it had been.

Looking ahead, though, the existing home sales re-

covery that is already taking place will likely strengthen even more in 2013. The stock market wealth is one im-portant driver of vacation home purchases and the Dow Jones Industrial Average or the NASDAQ index has es-sentially doubled from the cyclical low point in 2009. Though getting a mortgage for a vacation home is much tougher to get (due to the collateral damage fallout from the subprime lending mess) there will be an increasing number of vacation home sales from better conditions of all-cash deals from cashing in on the good stock mar-ket recovery. Falling existing home inventory will then mean a greater need for housing permits to be issued.

Don’t miss his presentation at the CAR Conven-tion Town Hall meeting on Monday, October 15 from 8:30am – 10:30am at the Sheraton Denver Downtown Hotel.

© Copyright National Association of Realtors. Reprinted with permission. See Schools page 16


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The Best Kept Secret in Town[oops]

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Diane HartmanRelocation [email protected]

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Additional Discounts for Realtors® and their clients with contracted moves:

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paRadE of HoMES REaltoR Vip paRtyAugust 1, 2012

Above: Shelley Lajudice with The Marketing Group, Doug Woods with Meridian Ranch, Michael Welch, Brittany Wall and Judy Coffey with Richmond Homes.

Above: Bob Lambert with Coldwell Banker, Brenda Hoeckel with RE/MAX Properties, and Diana Knopp with Coldwell Banker.

Above: Joan Valverde and Janet Mall with Keller Williams Clients Choice and Brenda Kelso with ERA Herman Group.

Above: Gerry Lee with Weichert Realtors, Jerry Costanzo with GL Costanza & Associates, and Karen Monroe with Residential Mortgage of Colorado.

Left: Don Horn with Majestic Custom Homes


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Local News

Griffi s/Blessing, Inc. has been selected by the Ridgeview Shopping Center Associa-tion to manage the 67.18 acre shopping cen-ter located at Powers Blvd. and Stetson Hills Blvd. on the city’s Northeast side. Th e shop-ping center consists of 18 parcels containing 204,878 square feet of buildings, one of which remains undeveloped. Anchored by King Soopers, other tenants include Firestone, Starbucks, Subway, First Bank, Arby's, As-cent Cycling, Carl’s Jr, Wendy’s, and Manitou Jack's. As Senior Vice President, Rick David-son, CPM®, notes, experience was a signifi cant factor in his team's selection to manage this unique property.

"We were selected by the property owners because of our experience in handling large commercial offi ce, industrial and retail as-

sociations," says Davidson. "Th is association has unique characteristics because of the mix of the property owners: some who are local, some whose business may occupy all or part of one of the buildings, and some who live out-side of Colorado.” Th e project will be managed by the team of Portfolio Manager Suzan Parra and Management Assistant Carrie Lanning.

Headquartered in Colorado Springs, CO with an additional offi ce in Denver, Griffi s/Blessing, Inc. currently manages over 4 mil-lion square feet of commercial space, and more than 4,000 apartment units located along Colorado’s Front Range. Th e company has provided award-winning property man-agement and real estate investment services throughout Colorado since 1985. For more information, visit www.griffi sblessing.com.

Griffi s/Blessing tabbed to manage Ridgeview Association property

raised now in Meridian Ranch will someday realize the quality of the education they received from the Meridian Ranch schools that are in the Falcon School District 49.

In fact, the reading scores are up across the board in the Falcon School District 49. Th e 2011-12 school year Transitional Colorado Assessment Program (TCAP) data shows the School District continues to perform well above the state average in reading at every grade level. In addition, the Falcon School District 49 is also greatly exceeding the State average in nearly every grade level in writing. In math, scores are signifi cantly above the State’s average at the elementary and middle school levels and consistent with the State numbers in high school grades. In science, the District scores at or above the state average in all grade levels.

Falcon High School (located in Meridian Ranch) achieved the high-est score in the school’s history in tenth grade science, scoring twelve points above the state average. Falcon Virtual Academy also saw signifi -cant gains, which accompany a signifi cant gain in enrollment. Th e 2011-12 scores will now be used as a baseline for the schools moving forward.

To learn more about Meridian Ranch and its commitment to educa-tion and programs, visit www. MeridianRanch.com.

Schools from page 13


On the Move

Harry VenikV.I.P Mortgage

Courtney Kline, Branch Manager for V.I.P Mortgage Colorado Springs, is pleased to welcome Colorado Springs mortgage veteran, Harry Ve-nik, to the team of V.I.P Mortgage in Colorado Springs.

“Harry brings a strong and genuine belief in the principal of creating “cus-tomers for Life” Kline said in a recent interview. “Additionally, Harry’s knowl-edge and experience are the perfect compliment to our seasoned team with over 100 years of mortgage experience” he continued.

An avid basketball fan (and former player), Harry is a graduate of the Univer-sity of Iowa and a mortgage professional for over twenty years. Harry specializes in Conventional, FHA, VA, construction loans, investment loans and refinancing in Colorado.

Gina MarillEnt

Ent is pleased to announce the pro-motion of Gina Marill to mortgage loan officer. Marill is a Colorado native and has been with Ent for 10 years. Starting in a member service role, she quickly moved up the ranks and started working in Ent’s mortgage department in 2006. Most recently, she served as a senior mortgage loan consultant.

As a mortgage loan officer, Marill will serve the mortgage loan needs of Ent’s members located in El Paso and Teller county. She holds VA and FHA certi-fications and is well-versed in all other mortgage loan types including CHFA and conventional.

Martinez, delay, davies.RE/MAX Properties

Annette Martinez and her family relo-cated and made Colorado Springs their home three years ago. Annette is a ser-vice member’s spouse who understands the challenges of selling your home and relocating to a new community. Annette has lived all over the country, many times having to relocate her fam-ily while her spouse is deployed. “It’s definitely not an easy task. However, with my experience I believe I am well equipped to help any family relocate to the home of their dreams.” Annette is working on the Dave Kaercher Team.

Mark DeLay is a proud Colorado

Spring’s native and second generation Realtor. He obtained his Real Estate license in 1996 and has a strong back-ground in new homes, land develop-ment, vacant land and luxury homes. “I have 16 years worth of happy clients I see every day in the community. It’s truly an accomplishment to have helped that many clients purchase a home.”

Kathy Davies made Colorado Springs her home in 2003 and loves Colorado! Kathy has been licensed in real estate since 2004 and her primary focus is to make a positive difference in the lives of her clients. Kathy would like you to know that she is a dedicated, caring pro-fessional with a compassionate heart for people and understands that buying or selling a home is a very important, per-sonal decision.

Also, Kathy has a strong background in new home construction and stud-ied Interior Design for several years.

Her background in Interior Design has helped her to sell homes more quickly by using her expertise in staging. She understands the importance of really listening to each client because this is all about you.

Schafer, Strehlow, Stevens, Martinez, frickerKeller Williams Partners

Keller Williams Partners would like to welcome Langlee Schafer, David Strehlow, Alysa Stevens, Scott Marti-

nez, and Mike Fricker to our family. As new agents, we are excited to to be able to provide them with all the training they need to become top agents ad help us grow as a company. Welcome to the family!

See Page 2

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F l y i n g H o r s e W e l c o m e c e n t e r2 4 0 9 F l y i n g H o r s e c l u b D r i v e ,c o l o r a D o s p r i n g s , c o 8 0 9 2 1

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Finished homes, ready for immediate move-in? Newly released homesites? Golf course views? You’ll find them right here—along with custom floorplans from award-winning builders, and a dizzying choice of lots in any of our eight neighborhood villages. And, all new homes come with Membership in The Club at Flying Horse—the crowning jewel in our much-celebrated community, and one of its most compelling features.

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Local Expert

Here we are. Where are we going?

By Bill McafeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

WWW.ETCOS.COM

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We have seven months in the books; and compared to the fi rst seven months of last year, it’s defi nitely bett er. We have had some stability in demand and interest rates which has driven both Median and Average prices up. Foreclosure fi lings and list-ings are increasing which will have some eff ect on the market. Election years usually aff ect the market, and this could still hap-pen. Let’s see where we are.

Average Price and Median Price are up 2.8% and 4.6% respec-tively. Th is includes single family residences, townhomes, patio homes and condos. Th e factors driving the price increase are: low interest rates; low in-ventory levels; and, a lower number of listings. Buyers wanting to take advantage of low rates and favorable home prices are stimulating our local market. Until the last year and a half, building permits were being pulled at a rate equivalent to the 1960’s. With litt le new build inventory, listing levels as low as 2005 and increasing demand, life is good. Life is good especially for the $250,000 and below market. Th e $300,000 to $500,000 is rapidly improving, while the

$700,000 and above market is still over-supplied for the current demand. Th is is where we are cur-rently, now where are we going?

Foreclosures starts and listings are increasing. Foreclosure starts will continue to increase as states begin to pass legislation making it diffi cult for lenders to foreclose.

According to David McGrath Schwartz of Vegas, Inc., foreclo-sures in Clark County Nevada went from 4,000 in September of 2011 to 800 in October when the law took aff ect. Texas, Arizona, Hawaii, Virginia, and Washington D.C. are also considering changes in the foreclosure process. Lenders will try to beat legislative changes and foreclose on fi les that can be processed quickly. Th is will increase the number of foreclosure starts and eventually the number of bank-owned properties. Th is could have some downward ef-fect on price.

Another factor which may aff ect prices is the number of listings. Listings are start-ing to increase as the market improves. Sellers who were renting may begin to test the market. I do not believe that this will have a large impact because our rental market is so strong that sellers will not want to give up cash fl ow.

Election years can aff ect price and this year has been somewhat of an exception.

However, as both campaigns ramp up and as people began to hear negative ads, don’t be surprised to see home sales drop over the next several months. Th e election results can defi nitely have an impact on our local economy. If military spending drops and military jobs are eliminated or cut, Colorado Springs could defi nitely be aff ected. It is estimated that over 30% of our economy comes from military and the ancillary services that support it. On the national level job creation will defi nitely be a factor.

Our local market has some very good fundamentals, phenomenal interest rates, low inventory levels and prices that are comparable to 2004. Th ings to watch for are: fore-closure starts, military spending, and job creation. Our outlook is positive, and Colo-rado Springs may be at the beginning of a stable housing market. Even if we are not, it has been a fun seven months.


Wednesday, August 29Parade of Homes Awards Banquet5pm – 9pm @ Freedom Financial Expo Ctrwww.cshba.com

FREE Summer Concerts at Wolf Ranch Gateway Park6pm – 8pm w/ USAF Falconaires Alumni Band, USAF Academy Band "Falconaires" www.falconaires.net

Thursday, September 6Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

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

Mandatory Commission Update Course8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Real Estate Business Centers Grand Opening3pm – 7pm @ 20 Boulder Crescent Ste 200Johnny Cornett: 719-635-5709

Friday, September 7John Holcomb - Real Estate AttorneyFree Legal Roundtable9am – 10:30am @ 20 Boulder Crescent Johnny Cornett: 719-635-5709

Wednesday, September 12 eContracts Class for Beginners10am – 12pm @ Empire [email protected] 719-884-5300

Thursday, September 13Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

VA Training for Real Estate Agents8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Women's Council of Realtors11am – 1pm @ Clarion Hotel (I-25 & Bijou)Donna Major: 719-439-3037

Tuesday, September 18NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Porsche Harvey, 599-9664

Thursday, September 20Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie: 719.492.3998

FREE Shred Day (Max 4 Boxes)11am – 1pm @ Fidelity National Title 1277 Kelly Johnson Blvd. Call 590-1711 to RSVP

Friday, September 21Pikes Peak Exchangors8am – 9:30am @ Valley High Country [email protected]

Independant Brokers Forum9am – 10:30am @ [email protected]

Thursday, September 27Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Wednesday, October 3Short Sale Super Symposium10am – 12pm @ TBASee Empire's ad on page 18 for [email protected] 719-884-5300

Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

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Where The Height of Luxury Is Affordability.

All New Homes/Homesites contracted through 12/31/2012 comewith a coveted Social Fitness Membership in the Club at Flying Horse!

Classic Homes – (719) 481-9828Priced from the $270s

New Model Now Open!15530 Short Line Ct., Monument, CO

Vantage Homes – (719) 494-8122Priced from the $260s

New Model Now Open!15542 Short Line Ct. Monument, CO

Promontory Pointe in Monument, Colorado is the height of luxury. A�ordable luxury. Which means if you’ve been waiting for the right new home to come along, now’s the time to jump up, pack your bags, and get a move on!

Rolling hills? Dreamy mountain vistas? Spectacular properties up to an acre in size? Promontory Pointe has them all!

Along with oodles of amenities, both big and small, to lend color and nuance to your unique way of life.

Start living the dream. Discover true, a�ordable luxury in this dramatic new, picture-perfect community. See Vantage Homes or Classic Homes, and learn more about the incredible sites and breathtaking bargains at Promontory Pointe.

Promontor yPointeColorado.comElevate Your Standard Of Living. Come To Promontor y Pointe

*Pricing and availability subject to change. Some restrictions may apply to Club Social Fitnes Membership and purchasermust apply for membership within 30 days of home closing.

Baptist Rd.

Gleneagle D

r.

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For a Big

It’s back by popular demand—the “Hooked

on Classic” Realtor Recognition Program!

And that means we’ll be paying out more than line when we say thanks to all of our hard-working sales partners out there for promoting our properties!

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission. And as your closings increase, so will your bonuses—from $1,000 to $3,000!

The catch?You have to qualify to participate.

The 2012 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying Realtors will have a chance at other special prizes throughout the year!

So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

Here’s how it works—by the numbers…

AnglingCommission?Join the 2012 Hooked on ClassicRealtor Recognition Program.

on Classic” Realtor

Program Terms and Conditions:1) Hooked on Classic 2012 Bonus Incentives will be paid on all contracts

originated between 1/1/2012 and 12/31/2012 and must close by 2/15/2013.

2) 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.

3) All 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 earned on an individual REALTOR basis, team/o�ce

sales are not cumulative. 6) Bonus incentives will be awarded to the

individual agent listed on the contract. 7) Program subject to change without

notice.

*Pricing and availability subject to change.

1st Closing = 4% commission on base price and qualify for the Hooked on Classic Program.

2nd Closing = 4% commission on base price + $1,000 Bonus

3rd Closing = 4% commission on base price + $2,000 Bonus

4th Closing (and beyond) = 4% commission on base price + $3,000 Bonus

www.ClassicHomes.com/Hooked

Documents

August 27, 2012