Embed Size (px)
DESCRIPTION
July 13, 2009
Citation preview
Vol.1 No.21 www.csrej.com July 13, 2009
ALSO INSIDEPAgE 8PAgE 7PAgE 4
Elite Title SolutionsAll-American Picnic
Cordera Hard Hat Tour
WCRRust Wo(man)Competition
PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO
National News ................. Page 2Local & State News ........... Page 6On the Move ................... Page 9Local Expert ................... Page 10Around the Corner ............Page 11
The new sales contract is now mandatory, but issues remain
Big boost in housing demand expected from Echo Boomers
Section 4.3 Form of Funds; Time of Payment; Funds available, of the con-tract to buy and sell ( CBS1 -7-09 ) now includes “any loan proceeds”. This em-phasizes that the buyer will be in default if the loan does not fund at the closing table. The inclusion created a last minute concern for the Colorado Association of Realtors. A letter from the president of CAR questioned the need to include loan proceeds in this section. As a result of that letter a task force to study this is-
sue was called for by the Real Estate Commission.
The Task Force has had their first meeting. Look for this issue to be clari-fied in the next contract revision, but not before the first of next year. No major changes are anticipated at
this time.Section 10.8 Carbon Monoxide
Alarms is new and has forced this mid-year contract change. Most Realtors are aware of the change. They know that the alarms must be installed to sell a home.
More importantly we can not market a home that does not have them installed. This law requires a listing Realtor to re-move a home from the MLS, remove the sign, and stop all advertising and show-ings of property that does not have car-bon monoxide alarms installed. This will be tough on Realtors with REO listings. They must protect their client sellers the banks, and at the same time get them to comply with this Colorado law. Realtors working with buyers must be carful not to sell any property that does not have alarms installed. No it is not alright to write on a home without alarms, but in-
clude in Additional Provisions that they be installed by closing. Homes without alarms cannot be marketed, period.
Section 30 Colorado Foreclosure Pro-tection Act . This section is the most prob-lematic. The legislature changed the “trig-ger” on this act. The legislature moved it from the Notice of Election and Demand to the point that a borrower is 30 days de-linquent in payment. That change will in-clude most of the short sales. If the buyer is an owner occupant, no problem. Show it and sell it on the new contract form. If
By Paul goldenbogenKeller Williams Partners—
See Sales Contract page 10
Depicting the current housing down-turn in sobering terms, the 2009 "State of the Nation’s Housing" report released by Harvard University’s Joint Center for Housing Studies on June 22 nevertheless gives home builders firm assurances of a resurgence in demand once the echo-boom generation gains a footing in the housing market.
Born from 1981-2000, members of the echo-boom generation, Harvard says, will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances.
“While the economic crisis has damp-ened household growth, the sheer size of the echo-boom generation will give a powerful boost to long-run housing de-mand,” the report says.
However, “a severe and prolonged re-cession,” according to the housing econo-mists at Harvard, could reduce immigra-tion, which is a key driver of household growth.
Two household growth projections were made for this year’s report: one based on the latest population projection from the Census Bureau in which annual net immigration increases from 1.1 mil-
lion in 2005 to 1.5 million in 2020, and more than 2.0 million by 2050; and one in which these immigration assumptions are cut by half as the result of a worse than expected recession.
Even under the weaker scenario, in which there would be 2.3 million fewer household formations in 2010-2020, av-erage annual household growth can be expected to be comparable to the growth experienced from 1995-2005 as mem-bers of the echo-boom move into the prime household formation and home buying ages of 25 to 44.
“The number of echo boomers aged
25 to 44 will eclipse the number of baby boomers when they were those same ages by more than 5.9 million,” according to the report.
The second annual Remodeled Homes Tour featured 10 different homes throughout El Paso County. Tour go-ers had the opportunity to visit all of the beautifully remodeled homes and talk one-on-one with the remodelers and ho-meowners. This was a great opportunity for all attending to see the quality work that the remodelers offer and get ideas about how they could fix up their home as a way to increase its value. For the re-modelers, it was a great opportunity to showcase their skills and talk with poten-tial clients
The tour had a variety of remodel-ing projects this year, including whole house remodels, kitchens, bathrooms and an outdoor living area. Our Associa-tion has some of the best, highly-skilled remodelers in the area and the Housing and Building Association was honored to give them the opportunity to show off their great work in this annual event. The featured Remodelers this year were Mark Witte with DreamMaker Bath & Kitchen; Nathan Liljestrand with Cus-tom Creations, Ltd.; Scott Roland with
Roland Construction and Kenton Pass with Kenton Pass & Co.
The Tour was a great example of how a professional remodeler works closely with their clients listening to their needs and desires, and then creates the dreams of their clients into what their newly re-modeled home will look like. It takes the cooperation and hard work of many people for the Tour to be a success. Each home in the tour is someone’s residence and it was great having the homeown-ers available at a number of the sites so that attendees could not only ask about aspects of the remodel but also about the positive experience they had with their re-modeler. The Remodelers and their staff were also on site and answered questions about the different changes that went
into completing the project that helped make the homeowner’s dream a reality through the skill of their remodeler.
The remodelers who participated were pleased that so many people came out to see their work. All reported that those at-tending took their cards and promotional materials with several of the remodelers getting solid leads and several contracts from those attending. “This event is a great marketing opportunity,” said Mark Witte. “I can show people pictures of my work but for them to actually be able to walk through and see it up close….that’s marketing I can’t get anywhere else.” Many of the remodelers echo the same sentiments and will be keeping an eye
Remodeled Homes Tour is a success
See Remodeled Homes page 7
See Echo Boomers page 5
2 Colorado Springs Real Estate Journal www.csrej.com July 13, 2009
NATION
Ent.com
Ent is a community-chartered credit union • Equal Opportunity Lender • Federally insured by NCUA © Ent Federal Credit Union, 2009 • Ent is a registered trademark of Ent Federal Credit Union.
FREEDOM IShaving a partner you can trust.
Tom Bechtel(719) 550-6486
Marcus Brown(719) 550-6408
Josh Callens (Denver)(720) 833-3324
Diane Danner(719) 550-6441
Tony Sloan(719) 550-6439
Suzi Gradisar (Pueblo)(719) 296-2107
Brad Shaw(719) 550-6995
Lisa Shoblo(719) 550-6480
ENT - A REALTOR’S LENDING PARTNERAs a realtor, it’s important to help your buyers �nd the home they’re most comfortable in. At Ent, we’re here to make it easy for them to �nd the �nancing they’re comfortable with! Ent o�ers a wide variety of mortgage loan options* to �t 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!
For more information, call one of our Mortgage Loan O�cers or visit Ent.com/Mortgage
*Standard credit quali�cations apply. Loans are subject to �nal credit approval. Property insurance is required. Financing available on homes throughout Colorado.
Alex Deboer(719) 550-6482
Stephanie Dombrowski(719) 550-6485
Carol Flynn(719) 550-6470
Cathy Gonzalez(719) 550-6431
McMillan
Pending home sales record fourth straight monthly gain
More states help first-time home buyers monetize tax credit
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Real-tors®.
The Pending Home Sales Index, a forward-looking in-dicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.
Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the appli-cation of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becom-ing more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”
The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago. In the Midwest the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008. The index
in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago. In the West the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residen-
tial Brokerage in Dallas-Fort Worth, said the appraisal issue is complicated. “We see that distressed homes often are selling for 20 percent less than normal homes in the same area, but some appraisals don’t distinguish between traditional homes and distressed property,” he said. “In many cases appraisers from outside the area are being used, but as everyone knows real estate is local and appraisals should be done by an expert with local exper-tise.”
McMillan said sellers shouldn’t hesitate to speak with an appraiser about their home. “Sellers should feel free to tell an appraiser about improvements and renovations to their home, and how it compares with other homes in the neighborhood,” he said.
“Also, if recent sales in the neighborhood were dis-counted, but not similar to your home in terms of qual-ity or condition, that should be pointed out. It wouldn’t hurt to put all this in writing, especially if an appraiser is not familiar with your area. A Realtor® could offer guid-ance and information to help you with this process.”
NAR’s Housing Affordability Index remains at his-toric highs. The affordability index fell to 171.6 in May from an upwardly revised 178.8 in April, which was the highest on record dating back to 1970. “Under these conditions the typical family would devote only 14.6 percent of gross income to mortgage principal and inter-est, which is one of the lowest percentages on record,” Yun said.
The HAI is a broad measure of housing affordabil-ity using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
A median-income family, earning $60,800, could af-ford a home costing $296,700 in May with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordabili-ty conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of what a median-income family can afford. The affordable price was significantly higher than the median existing single-family home price in May, which was $172,900.
The first-time buyer tax credit also is benefiting the market. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” Yun said.
Existing-home sales should trend up through the end of the year, with normal local market differences. “The big question is how much the appraisal issue will impact the ability of contracts to go to closing,” Yun said. “We are currently conducting a study to assess the degree to which new appraisal rules are impacting home sales.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, rep-resenting 1.2 million members involved in all aspects of the residential and commercial real estate industries.
© Copyright National Association of REAlTORS. Reprinted with permission.
With the recent addition of Nebraska, Texas and Vir-ginia, 13 states have now taken steps to monetize the $8,000 tax credit for first-time home buyers so that it can be used for downpayments and closing costs.
The other 10 states with programs are: Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New
Mexico, Ohio, Pennsylvania and Tennessee.Among the provisions of the latest state initiatives:According to the Nebraska Investment Finance Au-
thority’s Web site, first-time home buyers can get a sec-ond mortgage loan in an amount up to 85% of their ex-pected federal first-time home buyer tax credit (not to
exceed $6,800). The loan will be structured as a second mortgage, with the expectation that it will be paid by the borrower from their tax credit refund. If the second mortgage loan is repaid within 120 days of loan closing,
See Monetize Tax Credit page 3
July 13, 2009 www.csrej.com Colorado Springs Real Estate Journal 3
Director of AdvertisingRachelle Nardo
Director of PublishingJosh Olson
Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published twice a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.
CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.
Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.
We welcome the submission of articles, photos and press releases. Please email any considerations to:
Article Submission•Please submit articles no lon-ger than 700 words in a Word document with an accompa-nying byline and appropri-ate contact information. A headshot is also welcomed. Please submit headshot in JPG format.
Press Releases•Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format at-tached to the same email.
On the Move•Please submit a short bio no more than 150 words for any-one that has joined your team in a Word document or direct-ly in an email. A headshot may also be attached to the email as a JPG.
This is for any business in the industry (Real Estate, Build-ers, Title Companies, Mort-gage Companies, etc.)
Photos/Events•Please attached pictures in JPG format in an email with any notes or captions direct-ly in the email or in a Word document.
Office: 719.217.3433Fax: 719.550.4373
www.csrej.com
Colorado Springs Real Estate Journal LLC3608 Galley Rd | Colo Springs, CO 80909
Not affiliated with The Colorado Springs Business Journal
NATION
Banning Lewis Ranch Management Company, LLC is the master developer of Banning Lewis Ranch, not a Guest Builder. The consumer should look to the Guest Builders for more information regarding homes. Pricing reflects base prices, which are subject to change without notice. The broker co-op commission amount is based on current information from the Guest Builders. Such commissions and the method of calculation thereof are determined by the Guest Builders and are subject to change in the future without notice at the discretion of the Guest Builders. Banning Lewis Ranch Management Company does not set or limit broker commissions. The Homeowner Value Package (Banning Lewis Ranch Metro District Operating Fee) is a required $91 per month fee for Northtree residents. For tax credit information refer to www.irs.gov and www.hud.gov. * Richmond Homes is expected to open for sale in July.
OVER 40 PLANS. 8 NEIGHBORHOODS. OPEN DAILY. NOW SELLING.* Visit LearnMoreAboutBLR.com or give us a call at (719) 522-2432$8,000
Tax Credit for
First-time
Buyers
in 2009
more valuemore value
great lifestyle
The Bayberry Collection by Oakwood Homes From the upper $100s
The Cherrydale Collection by Todays HomesFrom the low $200s
The Hawthorn Collection by Capital Pacific HomesFrom the low $200s
The Lindenbury Collection by Classic HomesFrom the upper $200s
The Mapleton Collection by Classic HomesFrom the low $200s
The Oakmont Collection by Capital Pacific HomesFrom the mid $200s
The Pinery Collection by Capital Pacific HomesFrom the upper $200s
A New Home Collection by Richmond HomesGrand Opening in JulyFrom the mid $200s
Visit LearnMoreAboutBLR.com or give us a call at (719) 522-2432
Tax Credit for
First-time
in 2009
new homes
Brokers come discover. . . Brokers come discover. . . Guest Builder co-ops at 4% or more!
the interest rate and monthly payment amount on the first mortgage will be re-duced by a pre-determined amount.
The Texas Department of Housing and Community Affairs provides two op-tions for first-time home buyers: the 90-Day Down Payment Assistance Program and the Mortgage Advantage Program. While they both provide assistance of
up to 5% on the first lien mortgage, the 90-Day program maxes out at $7,000 and the Mortgage Advantage Program’s limit is $6,000. Repayment times also vary for the two programs, at 90 days and 120 days, respectively.
In Virginia, home buyers have up to a year to pay back the interest-free second mortgage provided by the Virginia Hous-ing Development Authority (VHDA) based on a home buyer’s qualification for
the first-time home buyer tax credit. The loan is up to 5% of the sales price and to qualify the home buyer must have a min-imum credit score of 620 and participate in a free VHDA homeownership educa-tion class prior to loan approval.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Monetize Tax Credit from page 2
4 Colorado Springs Real Estate Journal www.csrej.com July 13, 2009
legacy l title l group group group Empowering Our Associates To Make A Difference
(719) 442-1900LegacyTitle-LLC.com2 North Cascade, Suite 215
Great Tools for Realtors®
Postcard/Flyer Design & Printing• Great Lead Sources/FARM Lists• Property Profi le Books•
BIGGER DOESN’T MEANSTRONGER.
HOMES READY NOW
New Options Bigger Bedrooms 1,200 – 3,000 Finished Square FeetBetter Pricing
FOREST MEADOWSWoodmen Rd & Black Forest Rd
(719) 266-3763
FREEDOM HEIGHTSC and S Rd & Fountain Mesa Rd
(719) 382-1256
www.aspenviewhomes.net
$170’sHomes from the170
NEWFloorplans!
WCR RuST WO(MAN) COMPETITIONJuNE 23, 2009
Above: Darrell Harrison with Stewart Title Company, Michele Van Metre with PPAR, Feli Camp with Wells Fargo Home Mortgage and Ruthie Lohrig-Kline with Unified Title.
Above: Mary Fryer (WCR President) with CSI Real Estate Group and Judy Carty with ERA Shields.
Above: Cathy gonzalez with Ent Federal Credit Union, and Renate Carrier (WCR President-Elect) with Keller Williams Hope Realty.
Above: Barbara Asbury with Prudential and Ellen Philbrick with CSI Real Estate Group.
July 13, 2009 www.csrej.com Colorado Springs Real Estate Journal 5
NATION
For Information Please Contact
“With the number of households in this age group projected to increase between 2.0 million and 3.4 mil-lion, the demand for rentals and starter homes will surge,” the Joint Center says. “Meanwhile, with their longer life spans and sheer numbers relative to the preceding gen-eration, the baby boomers will add dramatically to the number of households over 65. This will lift demand for retirement communities as well as services and home improvements that help seniors age in place.”
Among other results related to household growth that will be felt in the home building industry:
The ethnic diversity of the echo-boomers will ac-•celerate household growth among Hispanics and Asians. “Even under low immigration assumptions, Hispanic household growth will increase from 3.5 million in 1998-2008 to 4.5 million in 2010-2020, while Asian household growth will increase from 1.5 million to 2.5 million. White household growth, in contrast, will slow sharply from 4.3 million to 3.3 million, and black household growth will slip from 2.4 million to about 2.2. million.
Married couples without children — including emp-•ty-nesters — will be the fastest growing household type, followed closely by single-person households. “While the number of married couples with children will fall by nearly a million among whites, it will in-crease by more than a million among Asians and Hispanics.”
Housing now occupied by many older white baby •boomers will be well suited to the needs of younger and generally larger minority households, although there is a question about whether minority house-holds, with their lower incomes, will be able to af-ford these homes.
“As the baby boomers and older generations begin to turn over their homes to younger households, adjust-ments to the existing stock are likely, both through re-modeling and pricing,” the report says. “The first wave of change will occur in the inner suburbs of large metro-politan areas where people now in their 70s and 80s are concentrated, then fan out to the outer suburbs as the baby boomers start to downsize.”
“With the echo baby boom driving demand for starter homes and apartments and the baby boom powering de-mand for homes suited to older Americans,” the design professions will be called upon to deploy new technolo-gies and designs to meet the aesthetic tastes and func-tional needs of a new, more diverse younger generation on the one hand and a generation in need of home modi-fications to help them age more safely and healthfully in place on the other,” said Mohsen Mostafavi, dean of the Harvard University Graduate School of Design.
Finding the Bottom
Housing analysts at the Joint Center were less opti-mistic about the near-term outlook for housing, with “withered” housing demand struggling to get out from under the weight of crushing job losses, house price de-flation and tighter credit standards.
“The best that can be said of the market is that house price corrections and steep cuts in housing production are creating the conditions that will lead to an eventual recovery,” said Eric Belsky, executive director of the Joint Center. “For now, markets remain under considerable stress.”
On hand for the release of the report in New York, Gary Garczynski, president of NAHB in 2002, said that the association is “perhaps a tad more optimistic about the immediate outlook for housing” than the Joint Cen-ter.
“We believe that we are at or very near the bottom of the market,” Garczynski said. “Existing home sales are rising, new home sales have bottomed, the inventory of unsold homes is slowly being whittled down and the de-cline in home values appears to be moderating. Equally important, builders and consumers appear to be a little more confident than they were three to six months ago.”
He also cited the beneficial effects of a significant rise in housing affordability and the $8,000 federal tax credit for first-time home buyers, but voiced agree-ment with the Joint Center’s view that rebuilding the housing finance system and restoring the flow of credit to home builders is critical to turning around the hous-ing market.
“The credit crunch for builders has seriously undercut the nation’s housing delivery system. Until we get credit flowing to builders for construction and development loans, it will be tough to revive this economy,” Garczyn-ski said.
“Moreover, the nation’s housing finance system needs to be shored up. Today, nearly all new mortgage origina-tions are government backed — flowing through Fannie Mae and Freddie Mac or insured or guaranteed by FHA
and VA.” Also, “the private market for jumbo loans is vir-tually nonexistent....Private investors must regain their confidence and get back in the market before the jumbo loan market can turn around.”
Garczynski said that the recovery is likely to be slow and spotty, beginning in places that did not experience unsustainable increases in housing production during the boom years. “Generally speaking, housing markets closer to the urban core and job centers could be on the leading edge of the recovery. Outlying rings of metro-politan areas will recover later once the inventory of un-sold units declines to more normal levels.”
He also noted that demand for infill and higher den-sity development could increase markedly in the period ahead. “This will require a spirit of cooperation between builders and the local officials who control the zoning and development process,” he said. “Hopefully, this will lead to greater acceptance of the smart growth principles NAHB has been advocating since the beginning of this decade.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Harvard: Echo-boom generation will boost annual average household growth to more than 1.25 million during the decade of 2010-2020 — even under the worst of circumstances.
Echo Boomers from page 1
6 Colorado Springs Real Estate Journal www.csrej.com July 13, 2009
LOCAL & STATE
SINCE 1969
SINCE 1969
FOCUSED ON OUR VISION FOR SUCCESS!
Who is Merit Company—Real Estate?•
Answer: A full service Real Estate Company celebrating 40 years of Real Estate service to Colorado Springs.
Is Merit Company primarily Property Management?•
Answer: No. Although Merit Company is the largest Property Management Company in the Pikes Peak Region, we also have four residential Sales Offices, five managing brokers and our own mortgage company. Have you ever had a Listing that wouldn’t sell? Let Merit Property Management rent it for you, and it is yours when it is time to sell again.
Why should I join Merit Company?•
Answer: The only way to sell more houses is to be in front of more people. Merit puts people in front of our Associates. Also:
“CELEBRATING 40 YEARS OF REAL ESTATE SERVICE”
RESERVE YOUR PLACE AT MERIT !For a confidential interview call Allan at (719) 598-4884
Free Merit signs•
Four prime sales offices •(You have a key to each)
Five Managing Brokers •(Open door policy)
Free long distance•
Ongoing skill development •(What value is training if you don’t have customers?)
Free copies•
Unparalled leads program •(40% of closings in 2008 were generated by the company)
In house Mortgage Company•
Office space and cubicles •available
Property Management•
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
Our business is growing;
Let us help you grow yours
Introducing our Escrow Team:
Even during economic hardship, Empire Title has expanded its business and staff to assist our clients. Since opening our doors in 2003, we have remained one of the top 3 Title Companies in Colorado Springs. We try to cater your needs by offering a variety of Escrow Offi cers with Experience, Expertise, & Knowledge. As a local provider, we have much to contribute to the communities in which we do business and have no intention of moving in and out of markets as economic conditions change. We are well rooted.
Natalie (Rains) has over 10 years experience. Working with different aspects of the industry has really given her a wide variety of real estate experience which makes her a valuable resource & an asset to your team. Natalie’s strengths are her customer service, understanding of even the most complex transaction & ability to smoothly present any closing while making all parties feel at ease. In this challenging market, it is also very important to have someone who feels comfortable working with short sale transactions & that has represented over a third of Natalie’s recent closings.
Natalie KoonceEscrow Offi cer
Sharon has been a real estate closer for over 30 years. She has experienced all the real estate cycles Colorado Springs has to offer. Sharon is an accomplished professional with an unparalleled work ethic. Her ability to multitask and keep customer satisfaction is effortless. She makes sure that each of her clients has their questions answered and their concerns at rest. Sharon still enjoys the challenges our current market represents.
Sharon MyersEscrow Offi cer
Part 1
As adjustable rate mort-gages are continuing to adjust, more and more home owners are finding themselves with a higher payment they can’t afford. While some try to re-finance and face lower home values, others might look to foreclosure as their last op-tion. However, there are still good resources available right here in Southern Colorado that can help strug-gling homeowners. In some cases, fore-closure can be completely avoided by us-ing an assistance program.
The Credit Union Homeowner Assis-tance and Relief Program (CU HARP) was implemented in early 2009 and fo-cuses on reducing interest rates and pay-ments for a two year period (or longer) for struggling homeowners who have their loans through a credit union. This program offers real help to credit union members facing financial difficulties. Lo-cal credit unions have been working with members who qualify for this program to help them stay in their homes.
There is also the Homeowner Afford-ability and Stability Program (HASP) that was implemented by the Obama ad-ministration. This program is also avail-
able through most lenders and offers similar refinance and loan modification op-tions. Local lenders will be familiar with the qualifica-tion requirements of these programs and can advise ho-meowners on which program is best for them.
The most important thing for homeowners facing a hardship to do is talk to their lender. As soon as a borrower detects they may have difficulty making a mortgage payment, they should contact their lender immediately. The last thing a homeowner, or a lender, wants to do is go through the foreclosure process. If a homeowner is unable to connect with their lender, they should try using the free assistance from a housing counselor at the Colorado Foreclosure Hotline at 877-601-HOPE. By using programs like CU HARP or HASP, more and more ho-meowners will be able to find some relief and stay in their homes.
For more information about CU HARP or HASP, visit Ent.com/HARP.
Mr. Paukovich oversees the direction and manage-ment of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]
By Jon PaukovichEnt—
Help still available to prevent foreclosure!
24 builders to participate in 2009 Parade of Homes
The Housing & Building Associa-tion of Colorado Springs (CSHBA) today announced that 24 home build-ers from the Colorado Springs area have been selected to participate in the 2009 Parade of Homes.
Each builder will design and con-struct at least one Parade home high-lighting the latest in construction, design and energy efficient technolo-gies. The Main Site will be located at Cedar Heights; Cedar Heights was established by the award winning de-sign team of Nichols & Comito. This community is surrounded by national parkland on three sides, and boasting over 300 acres of private open space. Cedar Heights enjoys a close-in loca-tion just 10 minutes from downtown Colorado Springs.
The 55th annual Parade of Homes opens August 7 and runs seventeen days to August 23.
Trish Sorvald, Director of Develop-ment for HBA, said the 2009 Parade of Homes builders are:
Acuff Homes Allentown Homes
Capital Pacific Homes Classic Homes
Colorado Custom Homes
Copperleaf Homes CreekStone Homes
Electra Homes Hi-Point Home Builders, llC
Homes by Michael Hall Kenton Pass & Company
MasterBilt Homes Murphy's Custom Homes
Nichols & Comito Oakwood Homes
Richmond American Homes
Robert Scott General Contractors
Saddletree Homes Solid Rock Custom Homes
Solomon’s Construction, llC
Tara Custom Homes Trammell Crow Residential
Vanguard Homes Yellico - leach Home
The 2009 Parade of Homes will showcase 29 homes in 19 communi-ties across El Paso and Teller Coun-ties. In this 55th year, HBA is proud to be able to bring this highly success-ful event to the people of the entire Pikes Peak region. Sorvald, said, “The Parade of Homes offers the general public a first-hand look at the current trends and greatest innovations in new home design. This event showcases the latest design trends in affordable living to luxury dream homes complete with every amenity imaginable. The Parade also demonstrates Colorado Springs area builders’ work while benefiting a local charity. A portion of the ticket proceeds from the Parade will benefit HBA Cares, the philanthropic arm of CSHBA, which recently completed construction of the John Zay Guest House at Penrose Hospital.”
For more information, please visit www.cshba.com, or call 719-592-1800.
July 13, 2009 www.csrej.com Colorado Springs Real Estate Journal 7
LOCAL & STATE
Stability, Integrity, Professionalism.
Keep more of your moneyin your own pocket!!
You’re Invited to Come and Celebrate our Continued Success!!
Saturday July 18th, 2009From 2:00pm to 6:00pm
Check out our newly-remodeled offices and enjoy some great food and great company!
Wine & CheeseHors d’oeuvres
Door Prizes(Rockies Tickets, Lottery Tickets & More)
BROKER/AGENTOPEN HOUSE
100% Commission$100mo.*
ASK FOR ROCKY MANNING
Heritage Realty is dedicated to providing our Realtors the finest basic services at the lowest cost to maximize their income and freedom, allowing us to prosper as a business for the benefit of our Realtors, employees, clients, and customers.
We are 100% local and not a franchise.
(719) 548-0400 | www.heritagecsp.com
Call us today!
5265 N. Academy Blvd., Ste 3300Colorado Springs, CO 80918
* does not include hard costs or private office.
CORDERA HARD HAT TOuRJuNE 24, 2009
out at this year’s projects for entries for the 2010 Remodeled Homes Tour. Tickets were sold at all local area Safeway stores for $8.00 and the 2009 Remodeled
Homes Tour Magazine was available at each of the homes in the tour. A portion of the proceeds from the sale of the tickets went to support HBA Cares, the Housing & Building Associations philanthropic arm that provides housing and living assistance to individuals and families in need in the Pikes Peak Region.
At a time when the news is filled with stories about the crisis in the housing market, the Remodeled Homes Tour and the featured Remodelers benefited from another suc-cessful tour and gave tour goers an example of the endless ways to make their old house, new again.
As part of the Tour the Housing & Build-ing Association secured a grand prize for those who entered. The Grand Prize was a La Z Boy Recliner and a Flat Screen TV from Total Theater. We are happy to announce that Paul Fundingsland from Colorado Springs was the winner of the grand prize! For in-formation on next year’s Remodeled Homes Tour contact Trish Sorvald, Director of De-velopment with the Housing & Building As-sociation at (719) 592-1800 ext.16 or email at [email protected].
Above: gayle Trainor and Leslie Williams with Cutting Edge Realty, Lori DeWitt and Renee Sousa with Metro Brokers and Christina Hunt with Herman Group.
Above: Wally Roy and Sharon Regier with CB&T Mortgage, Jeff Stinson with Homestead USA, Karen Ahrens with Help-U-sell Summit Properties, Stephanie Hawthorne and Bill McAfee with Empire Title.
Above: Carla Carberry with Herman Group, Christina Molencamp with LaPlata Communites, Roxanne Nice with Campbell Homes, Tom Yukman with Herman Group, Lindsey Nigon with LaPlata Communities, Shelly Christofolis with Keller Williams Clients Choice andgene Beierle with Metro Brokers Pro Team.
Remodeled Homes from page 1
8 Colorado Springs Real Estate Journal www.csrej.com July 13, 2009
ON ThE MOvEELITE TITLE SOLuTIONS
ALL-AMERICAN PICNICJuLY 2, 2009
Open daily 10 am to 6 pm, except Sunday and Monday, 12 pm to 6 pm.
DRHortonColorado.com
Homebuyers Wanted!With a great central location, affordable pricing from $230’s and immediate availability, Claremont Ranch makes so much sense for new homebuyers!
*Prices, included features, availability and delivery dates are subject to change without notice or obligation. Square footages are approximate. Exterior elevations are an artists conception and may vary from elevation built. Buyers are not required to finance through DHI Mortgage as a condition of purchase or access to settlement services, however, incentives described above are only available by financing and closing through DHI Mortgage. Terms and conditions subject to credit approval, market changes and availability ©2009 DR Horton
Visit Claremont Ranch by taking I-25 to Constitution, exit east to Marksheffel, south to Colorado Tech, north on Velliguette or call 719.591.0233 today!
• 5 minutes from Peterson and Shriever AFB• 15 minutes from Ft. Carson Army Base• Military and Government employee discount incentives!• First-time buyers may qualify for $8000 tax credit
Direct: (719) 785-7109
Cell: (719) 930-9530
Direct: (719) 785-7110
Cell: (719) 229-5003
Building Lifelong Relationships Through an Environment ofPersonal Integrity and Professional Excellence
One South Nevada Avenue, Suite 230 . Colorado Springs, CO 80903 . centralbancorp.com
Wally Roy | Loan Advisor Sharon Regier | Loan Advisor
CB-0160 RealEstateJournal Ad-V3:Layout 1 6/23/09 3:25 PM Page 1
Above: Thea Lanum, Paul Shideler, Sherri Scherb, Michael Turner, Victoria Markowski, Amanda Jenkins, Renee Fogle, Peggi Schoning and Jim Schoning with Elite Title Solutions.
Above: Jason Brown, Jariah Walker and Jeff Walker with Walker Asset Management Realty.
Above: Jim Schoning cooks up a hot dog for Joe Seduikis with Exit Realty.
Above: Priscilla Tankersley with Keller Williams Clients Choice and Peggi Schoning with Elite Title Solutions.
July 13, 2009 www.csrej.com Colorado Springs Real Estate Journal 9
ON ThE MOvE
Wanda Schemel Merit Real Estate
Wanda Schemel has joined Merit Real Estate, south-ern Colorado’s oldest Independent Real Estate Company. Wanda will be a Broker Associate at the Merit East Office at 6120 Tutt Blvd., in Colorado Springs.
Wanda has been a resident of the Pikes Peak region for 35 years. As an Air force family, Wanda was fortunate to travel and lived in England, New York, California and Col-orado. Prior to becoming a realtor, Wanda worked in the defense industry for many years. In 1995, she received her Real Estate license and some of her current designations are GRI, ABR and QSC.
Wanda has a real passion for Real Estate and her goal is to help people make good educated decisions they will be happy with for a lifetime. She strives to provide a quality of service that will create long term satisfaction and build lasting success and friendships. Her focus is in residen-tial sales, military relocation and first time home buyers. Wanda avows that “ People are my business and I strive to give them the very best of me”.
When Wanda is not working with clients, she enjoys spending time with family and traveling. She collects an-tique dolls and when time allows is fond of visiting an-tique shops.
Wanda has three children, five grandchildren and one great grandchild.
Kathleen Haas Merit Real Estate
Kathleen Haas has joined Merit Real Estate, southern Colorado’s oldest full service Real Estate Company. Kath-leen will be a Broker Associate at the Merit South Office at 6710 U.S. Hwy 85-87, Fountain, Colorado.
Kathleen had formal training as an interior designer prior to her Real Estate career. As a Realtor she loves help-ing people find homes that fit their needs and wants and can visualize them living in the home and enjoying family time.
When Kathleen is not working with clients, she en-joys spending time with friends and families that live in Colorado Springs. Her main goals are to be the best wife, mother and Realtor in Colorado Springs.
Kathleen is married with three young boys.
Realtornewoffice?in the
Make sure they’re getting the
LOCAL & STATE
Is this your Managing
Broker?
Not asRESPONSIVEas you like?
Re-Launch your Career with Colorado Springs’ #1 New Home Sales Team!
Sometimes the grass is Greener on the other side!
CALL TODAY 719-550-4277
And set up your 100% Confi dential
interview!
www.CoNewHome.com
No desk fees! • No copy fees!• Free e-contracts! • Extensive hands-on training! • Ride-with programs!• Specializing in new construction! • Earn those big new home • commissions and bonuses!Company provided leads! •
21 ▫ st century marketing program! 3 mall kiosks! ▫Extensive internet lead generation ▫
On call management team to answer • any question! Easiest, safest, and cheapest way • to re-start your career!
Established in 1969, Merit Company is the oldest independent real estate company in Colorado Springs. A well respected firm in the real estate industry, Merit is proud of its “Team of Professionals” and extraordi-nary reputation.
Merit has been family owned and operated since it was started by Jerry Brill. Today his son Kerry operates the company as President and CEO.
Merit Company is a full service real estate firm. In addition to satisfying the needs of Buyers and Sellers, Merit is the largest single family property management firm in town, managing approximately 600 homes. In order to expand the services offered to clientele, Merit opened New Life Mortgage in 2000. New Life Mort-gage continues to offer quality loan services for mort-gage needs.
Merit is currently in a huge growth mode. While a lot of companies are cutting back, Merit has hired a new Director of Sales and Marketing, John Tighe, to propel the company forward. Says John, “Merit is Col-orado Springs best kept secret”. Anyone looking for a
refreshing change in their real estate career should find out about Merit. With four strategically located offices, low monthly fees, ongoing skill development and an unparalled leads program (Approximately 40% of last years closings were generated by the company). Merit is growing with a targeted vision.
Merits philosophy is to apply the ideals of integrity, honesty and fairness to all and never forget that we do not exist without our clients.
To learn more about Merit and why it would make sense for you, contact Kerry Brill at (719) 598-4884.
Merit Company – celebrating 40 years of real estate service
SINCE 1969
SINCE 1969
10 Colorado Springs Real Estate Journal www.csrej.com July 13, 2009
LOCAL EXPERT
Residential & CommercialLandscaping Services
719-538-6016www.springslandscaping.cominfo@springslandscaping.com
Lawn Maintenance Yard Clean ups Hedge and Tree Trimming Aeration and fertilization Sprinkler Maintenance and Installation Custom Landscape Design/Builds Xeriscape Water Features Retaining Walls Hauling and waste removal Snow removal Free Estimates!
We don’t mean to make your neighbors jealous
...It Just Happens
Lawyers Title #1 in Service
Experience great service from your Lawyers Title Team in Colorado Springs. Our number one priority is to help real estate and lending professionals reach their goals. We ensure transactions close smoothly with high quality, and speed remains a priority. Our team is committed to providing customer closing solutions that are second to none.
We appreciate the loyalty of our customers and are looking forward to sharing our experience with those clients who are looking for the experience that Lawyers Title brings to the real estate transaction. Make Lawyers Title your #1 transaction provider.
Lawyers Title It’s a good deal more.
104 S. Cascade, Suite 102 Colorado Springs, CO 80903 719-475-8800
Don’t feel bad America! There’s so much talk these days about our carbon foot-print, global warming, and America’s outsized appetite for resources. Let’s look at this in an historical context – we consume more resources per capita because we pro-duce more and have more wealth – in other words we’ve earned it!
Now, having said that, there are plenty of enlightened citizens that are trying to reduce their impact on the planet. As the old saying goes, “Think globally, act lo-cally.” The home where you live is prob-ably the one place where an individual can have the greatest impact on reducing their resource consumption. By home, I mean the dwelling itself in which you reside. New Homes for instance are far more efficient in terms of utility con-sumption than homes that were built even a few short years ago. Especially if the Homebuilder you choose is a certi-fied Energy Star builder.
Energy Star Homes, you might guess, consume less en-ergy than a comparable sized standard home. They take less natural gas to heat, less elec-tricity to power light bulbs, and less power to run dish-washers and other appliances. Their thermostats can be set to heat or cool your home only
during the times that you specify.
Energy Star Homes are not only about energy efficiency though – Air Quality is an equally important component to the Energy Star equation. High Efficiency Furnaces are usually configured to draw fresh air from outside, before condition-ing it to the desired temperature. Of equal importance, the new furnaces are set to run the fan for roughly 20 minutes per hour, to keep air circulating in the
home- and, if you have a system with a variable speed motor, all of this will oc-cur while drawing less electricity than an average light bulb.
The best part is often, these New Homes can be had at prices that are very reasonable. Price wise they compare very favorably to re-sales in today’s real estate market. And oh, by the way, these days you can get a mortgage that won’t leave a big foot print on your wallet!
Mark long is the president of Vanguard Homes. For comments or questions, please contact Mark at (866) 481-2575.
By Mark LongVanguard Homes—
Don't feel bad America
LOCAL & STATE
the buyer is an investor, then the contract should be written by an attorney. That is the Real Estate Commissions position at this time. However, several attorneys are coming up with contracts that they feel are compliant with the law that we can use with investors. The Division of Real Estate is requesting guidance from attor-neys that are experts in the unauthorized practice of law area. This issue is still up in the air. The Real Estate Commission will likely issue some guidance to us af-ter the legal experts have been consulted. As a result of this problem, many Real-tors working with investors are bypass-ing short sale properties and selling only REO properties. The end result is the law is hurting the very people it was sup-posed to protect. Look for a change to this next January.
Paul first obtained a Real Estate Salesperson li-cense in 1976 and a Broker’s license in 1980, in Michigan. Paul obtained his Colorado Broker’s license in 1982. He holds a Certified Residential Broker (CRB) designation from the National Asso-ciation of Realtors and a Graduate Realtor Institute designation (GRI) from the Colorado Association of Realtors. Paul is Employing Broker of Keller Wil-liams, Partners Realty in Colorado Springs, a large full service real estate company.
Air Quality is an equally important component to the Energy Star equation.
Sales Contract from page 1
July 13, 2009 www.csrej.com Colorado Springs Real Estate Journal 11
AROuNd ThE CORNER
JuLYWednesday, July 15Housing Market Update7:30am @ HBA719-592-1800 | [email protected]
CTM eContracts9:30am @ Empire Title719-884-5300 | [email protected]
NAHREP Luncheon11am @ Community Partnership for Child Developmentwww.nahrepcos.org
Metro List Advantage (thru 16th)TBA @ Land Title719-634-4821
Thursday, July 16Meth Labs Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]
Real Estate IRA Investing10am @ Empire Title719-884-5300 | [email protected]
Myths, Mistakes in Short Sales1pm @ Empire Title719-884-5300 | [email protected]
Friday, July 17Advanced Social Networking7:30am @ The [email protected] | 719-592-1800
Wednesday, July 22Annual Commission Update Course8:30am @ Empire Title719-884-5300 | [email protected]
Concert: World's Truly Most Dangerous Summer Band6:30pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com
Thursday, July 23Advanced Foreclosure & Short Sale9am @ Empire Title719-884-5300 | [email protected]
Saturday, July 25First-Time Home Buyers10am @ Ent (Campus)719-550-6095
Tuesday, July 28Green Day at the HBA11:30am @ HBA719-592-1800 | [email protected]
Realtor Brunch10am @ 16648 GreyHawk/Jackson [email protected] | 266-0318
Wednesday, July 29Concert: Swing Connection6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com
Thursday, July 30HBA Rally Ride & Poker Run Kick Off Party5pm @ TBD719-592-1800 | [email protected]
AugustFriday, August 7 (thru 23)HBA Parade of Homeswww.cshba.com
Wednesday, August 12NAHREP Luncheon11am @ Community Partnership for Child Developmentwww.nahrepcos.org
Concert: Redraw the Farm6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com
Thursday, August 131031 Exchanges Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]
WCR Luncheon11am @ Embassy [email protected]
Wednesday, August 19Short Sale Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]
Wednesday, August 26Concert: Days Gone By6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com
septemberWednesday, September 2Parade of Homes Awards Banquet5:30pm @ USOC719-592-1800 | [email protected]
Thursday, September 10Advanced 1031 Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]
Wednesday, September 16HBA Chili Wing Ding Brew Fest719-592-1800 | [email protected]
Wednesday, September 23Mandatory Update Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]
turn
call
for details
friends
rachelle
719.205.1299
cash!your
into
send
eventus your
[email protected] | www.csrej.com
the best gift this year...
Plant your seeds now and watch your
business grow.
{ growth }
