Colorado Springs Real Estate Journal

Vol.1 No.6 www.csrej.com November 24, 2008

aLso insiDepage 2 page 7 page 8 page 10 page 13page 5

Tons of Local events

PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ................. page 2Local & State News ...........page 9On the Move ................... page 12Local Expert ................... page 13new contest! ................. page 14

Vol.1 No.6 www.csrej.com November 24, 2008

Housing affordability rises to highest level in four years

With home prices decreasing and interest rates holding at historically low levels, the number of potential home buyers nationwide who can af-ford to buy new and existing homes has reached the highest level in more than four years, according to NAHB’s Housing Opportunity Index (HOI).

According to the latest HOI read-ings, 56.1% of all new and existing homes that were sold during the third quarter were aff ordable to families earning the national median income

of $61,500, far higher than the 40.4% of families who could aff ord homes at the peak of the housing boom.

“If there is a silver lining to this crisis, it would be that some housing markets have become more aff ordable with a larger inventory to choose from,” said NAHB Chairman Sandy Dunn. “But this is undeniably a crisis and Congress needs to act on a housing stimulus to get the market moving again."

Home prices rise in some metros, buyers more active in other areas

Realtors help buyers, sellers, with short sales solutions

Four out of fi ve metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the Na-tional Association of Realtors®.

In the third quarter, 28 out of 152 metropolitan statistical areas showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros experienced declines. NAR’s track of metro area home prices dates back to 1979.

NAR President Charles McMillan, a broker with Coldwell Banker Resi-dential Brokerage in Dallas-Fort Worth, said price comparisons in many areas are like apples and or-anges. “A very large proportion of dis-tressed home sales are taking place at discounted prices compared to more

normal conditions a year ago,” Mc-Millan said. “It’s very challenging to understand proper valuation, given the diff erences between distressed sales and a larger share of traditional homes in sound condition. Under these circumstances, it’s extremely important for consumers to be armed with the professional expertise Real-tors off er.”

Distressed sales – foreclosures and short sales – accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9.0 percent lower than the third quarter of 2007. A year ago, when there were signifi cantly fewer distressed transactions, the me-dian price was $220,300. Th e median price is where half of the homes sold for more and half sold for less.

Total state existing-home sales, in-

cluding single-family and condo, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up 2.6 percent from 4.91 million units in the second quarter, but remain 7.7 percent below the 5.46 million-unit pace in the third quarter of 2007.

Lawrence Yun, NAR chief econo-mist, said conditions continue to range widely. “A patt ern of sharply higher sales in areas with large price declines is well established,” Yun said.

“Aff ordability conditions have consis-tently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of stimulus decisions.”

According to Freddie Mac, the na-tional average commitment rate on a 30-year conventional fi xed-rate mort-

When families lose their homes to foreclosure, communities, the hous-ing market and the economy all suf-fer. Short sales are one way that some troubled homeowners can avoid fore-closure, and Realtors® at the Short Sales Solutions session today at the 2008 REALTORS® Conference & Expo gained valuable insights into how to facilitate these complex sales.

“Homeowners who are struggling to make their mortgage payments must have more options available to them to avoid foreclosure,” said Na-tional Association of Realtors® Presi-dent Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Short sales can benefi t not only the homeowner in question, but also buyers, lenders and

the surrounding community. With their established lender relationships and insights into complicated real es-tate transactions, Realtors® can add real value for both sellers and buyers interested in short sales.”

A short sale is a transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the bal-ance due on the loan. Th e lender of-

See Short Sales page 8

See Prices page 4

See Affordability page 2

2 Colorado Springs Real Estate Journal www.csrej.com November 24, 2008

NatioN

Banning Lewis ranch Broker open housenovemBer 6, 2008

The two most affordable major housing markets in the country dur-ing this year's third quarter were In-dianapolis and Youngstown, Ohio, according to the HOI. In both places, 91% of the homes sold in the third quarter were affordable to families earning the areas' median household incomes of $65,100 and $52,000, re-spectively.

Also among the most affordable major metropolitan areas were Grand Rapids-Wyoming, Mich.; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich., in that order.

Springfield, Ohio, where 92.9% of all homes sold in the third quarter were affordable to families earning that area’s median household income of $54,500, was the most affordable smaller metro market with popula-tions under 500,000.

New York-White Plains-Wayne, N.Y.-N.J., was the nation’s least afford-able major housing market for the second consecutive quarter. In the New York market, 10.6% of the new and existing homes sold during the third quarter were affordable to those earning the area’s median family in-come of $63,000.

Other major metro areas at the bot-tom of the housing affordability chart included San Francisco-San Mateo-Redwood City, Calif.; Nassau-Suf-folk, N.Y.; Los Angeles-Long Beach-Glendale, Calif.; and Miami-Miami Beach- Kendall, Fla., in that order.

Among smaller metro areas, mar-kets at the bottom of the affordabil-ity chart were San Luis Obispo-Paso Robles, Calif.; Santa Cruz-Watson-ville, Calif.; Napa, Calif.; and Bend, Ore., respectively.

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

National Association of Realtors installs 2009 OfficersCharles McMillan, a Realtor® from Irving, Texas,

was installed today as 2009 president of the Nation-al Association of Realtors® at the association's Board of Directors meeting during the REALTORS® Con-ference & Expo here. More than 20,000 Realtors® and guests from the United States and abroad at-tended the annual meeting this year.

In 2008, McMillan was NAR president-elect, and he was NAR first vice president in 2007. He also served twice as NAR Region X vice president, which comprises Texas and Louisiana. A Realtor® for more than 20 years, he is a broker with Cold-well Banker Residential Brokerage in Dallas-Fort Worth.

McMillan was president of the Texas Association of Realtors® in 1998, and named Texas “Realtor® of the Year” in 2000. He was president of the Greater Fort Worth Association of Realtors in 1991, and

was selected as GFWAR’s “Realtor of the Year” in 1986.

Vicki Cox Golder, a Realtor® from Tucson, Ariz., is 2009 president-elect. A Realtor® for 35 years, Cox Golder owns Vicki L. Cox & Associates in Tucson, specializing in commercial, farm and land broker-age, as well as building and development. In 2005, she was NAR’s Region XI vice president, represent-ing Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming. Cox Golder was president of the Ar-izona Association of Realtors® in 1994, and served

as president of the Tucson Association of Realtors® in 1991. She was named “Realtor® of the Year” by her local peers in 1989.

Realtor® Ron Phipps from Warwick, R.I., is 2009 first vice president. A Realtor® for more than 30 years, Phipps is broker/president of Phipps Realty in Warwick, specializing in residential brokerage. In 2003, he was NAR’s Region I vice president; the region comprises Connecticut, Maine, Massachu-setts, New Hampshire, Rhode Island and Vermont. Phipps was president of the Rhode Island Associa-tion of Realtors® in 2000. He was also president of the statewide Multi-Listing Service (MLS) in 1993. He was named Rhode Island’s “Realtor® of the Year” in 1995.

James L. Helsel Jr., a Realtor® from Lemoyne, Pa.,

2009 NAR PresidentCharles McMillan

Above: Jim martin with ERA Shields and Linda moneymaker with RE/MAX Properties. Above: matthew Tisthammer with Banning

Lewis Ranch watches as caryn Becker with Century 21 Curbow Realty spins the money wheel.

Above: Diane and Jim La Fever with RE/MAX Properties.

Above: shannon cook and John cassiani with Banning Lewis Ranch and Jenna Thompson with Classic Homes.

Above: Judy coffey with Capital Pacific Homes, roxene Ballard with Lone Pine Properties and Don Dinwoodie with McGinnis GMAC Real Estate.

Above: sonya anyanwu with ERA Shields, ric hernandez with Banning Lewis Ranch and glenda miller with New Home Connections at Heritage Realty.

Affordability from page 1

See NAR Officers page 7

November 24, 2008 www.csrej.com Colorado Springs Real Estate Journal 3

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Director of publishingJoshua 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 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.

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gage rose to 6.32 percent in the third quarter from 6.09 percent in the second quarter; the rate was 6.55 percent in the third quarter of 2007. Last week, Fred-die Mac reported the 30-year fi xed fell to 6.14 per-cent.

Th e largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent.

Th e steepest declines in single-family home prices in the third quarter were in three California markets: the Riverside-San Bernardino-Ontario area, where the median price of $227,200 dropped 39.4 percent from a year ago, followed by Sacramento-Arden-Ar-cade-Roseville at $212,000, down 36.8 percent from the third quarter of 2007, and San Diego-Carlsbad-San Marcos, where the price dropped 36.0 percent to $377,300. “Th ese areas have seen some of the strongest sales gains with some reports of multiple bidding,” Yun said.

Th e largest single-family home price increase in the third quarter was in the Elmira, N.Y., area, where the median price of $105,000 rose 12.5 percent from a year ago. Next was Decatur, Ill., at $93,400, up 8.7 percent from the third quarter of 2007, followed by the Bloomington-Normal, Ill., area, where the third-quar-ter median price increased 8.1 percent to $168,400.

Th e typical seller purchased their home six years ago and is experiencing net equity gains. Th e nation-al increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 per-cent of metro areas are showing six-year price gains.

Median third-quarter metro area single-family home prices ranged from an aff ordable $65,800 in the Saginaw-Saginaw Township North area of Michigan to $650,000 in the San Jose-Sunnyvale-Santa Clara

area of California. Th e second most expensive area was San Francisco-Oakland-Fremont, at $615,700, followed by Honolulu at $615,000.

Other aff ordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $74,300, and South Bend-Mishawaka, Ind., at $88,000.

In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $210,800 in the third quarter, down 7.1 percent from $227,000 in the third quarter of 2007. Sixteen metros showed annual increases in the me-dian condo price and 41 areas had price declines.

Th e strongest condo price increases were in the Dallas-Fort Worth-Arlington area, where the third quarter price of $149,900 rose 11.1 percent from a year earlier, followed by Bismarck, N.D., at $148,000, up 11.0 percent, and the Houston-Baytown-Sugar Land area, where the median condo price of $134,100 rose 8.1 percent from the third quarter of 2007.

Metro area median existing-condo prices in the third quarter ranged from $112,600 in the Greens-boro-High Point, N.C., area to $456,300 in the San Francisco-Oakland-Fremont area. Th e second most expensive condo market reported was the New York-Wayne-White Plains area of New York and New Jer-sey at $324,000, followed by Honolulu at $322,000.

Other aff ordable condo markets include the In-dianapolis area at $113,500 and the Cincinnati-Middletown area of Ohio, Kentucky and Indiana, at $117,300 in the third quarter.

Regionally, existing-home sales in the West rose 13.1 percent in the third quarter to an annual rate of 1.15 million and are 12.4 percent above a year ago.

Th e median existing single-family home price in the West was $266,300 in the third quarter, which is 21.4 percent below the third quarter of 2007. Th e only reported metro price increase in the West was in

Farmington, N.M., at $193,600, up 1.7 percent from a year ago.

In the Midwest, existing-home sales rose 2.7 per-cent in the third quarter to a pace of 1.15 million but remain 10.6 percent below a year ago.

Th e median existing single-family home price in the Midwest declined 5.5 percent to $159,900 in the third quarter from the same period in 2007. Aft er Decatur and Bloomington-Normal, the next strongest metro price increase in the Midwest was in the Wichita, Kan., area, where the median price of $125,300 was 5.5 percent higher than a year ago, followed by Champaign-Urbana, Ill., at $146,400, up 2.7 percent.

In the South, existing-home sales slipped 1.4 percent in the third quarter to an annual rate of 1.87 million and are 13.8 percent lower than the same period in 2007.

Th e median existing single-family home price in the South was $174,200 in the third quarter, down 3.7 percent from a year earlier. Th e strongest price increase in the South was in the Tulsa, Okla., area, at $139,800, up 5.1 percent from a year ago, followed by Amarillo, Texas, with a 4.2 percent gain to $128,300, and the New Orleans-Metairie-Kenner area of Loui-siana at $166,800, up 4.1 percent.

In the Northeast, existing-home sales declined 1.6 percent in the third quarter to a level of 863,000 units and are 11.7 percent below a year ago.

Th e median existing single-family home price in the Northeast fell 6.5 percent to $267,700 in the third quarter from the same period in 2007. Aft er Elmira, the strongest price increase in the Northeast was in the Trenton-Ewing, N.J., area, at $342,500, up 4.2 percent from the third quarter of 2007, followed by Buff alo-Niagara Falls, N.Y., with a median price of $114,200, up 3.0 percent.

© Copyright National Association of REALTORS. Reprinted

with permission.

Prices from page 1


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*The John Laing Homes ad printed in our November 10th issue listed incorrect commissions. Commissions should have started at 4%.

sms LisTing TournovemBer 12, 2008

remains as NAR treasurer in 2009. A Realtor® for 34 years, Helsel is a partner with RSR Realtors®, a full-service real estate company in Harrisburg, Pa. He served as NAR 2002 Region II vice president, which comprises New Jersey, New York and Penn-sylvania. In 1994, Helsel was president of the Penn-sylvania Association of Realtors®. In 2001, his state peers named him “Realtor® of the Year.”

Gary Thomas, a Realtor® from Orange County, Calif., is 2009 vice president and liaison to govern-ment affairs. A Realtor® for more than 30 years, Thomas is president of RE/MAX Real Estate Ser-vices in Orange County, specializing in residential brokerage. In 2001, he served as president of the California Association of Realtors®, and was also awarded the “Realtor® of the Year” by his state peers. Thomas was president of the Saddleback Associa-tion of Realtors® in 1987, now known as the Orange County Association of Realtors®.

Steve Brown, a Realtor® from Dayton, Ohio, is 2009 vice president and liaison to committees. A Realtor® for more than 30 years, Brown is broker-owner of Irongate Inc. In 2005, he was Region VI vice president, which comprises Ohio and Michi-gan. In 2002, Brown was president of the Ohio As-sociation of Realtors®. At the local level, Brown was president of the Dayton Area Board of Realtors® in 1995, and was selected Broker-Owner of the Year by the board in 1998.

NAR’s 2009 regional vice presidents are:

Bonnie Guevin, Manchester, N.H., Region I (Connecticut, Maine, Massachusetts, New Hamp-shire, Rhode Island and Vermont); Joseph Canfora, East Islip, N.Y., Region II (New Jersey, New York and Pennsylvania); Dale Ross, Potomac, Md., Re-gion III (Delaware, District of Columbia, Maryland, Virginia and West Virginia); Jane Cox, Lancaster, Ky., Region IV (Kentucky, North Carolina, South Carolina and Tennessee); Russell Grooms, Jack-

sonville, Fla., Region V (Alabama, Florida, Georgia and Mississippi);

Cathy Sherman Bittrick, Grand Rapids, Mich., Region VI (Michigan and Ohio); Stan Sieron, Bel-leville, Ill., Region VII (Illinois, Indiana and Wiscon-sin); Scott Louser, Minot, N.D., Region VIII (Iowa, Minnesota, Nebraska, North Dakota and South Dakota); Doug Smith, Little Rock, Ark., Region IX (Arkansas, Kansas, Missouri and Oklahoma);

Connie Kyle, Baton Rouge, La., Region X (Loui-siana and Texas); Keith Kelley, Las Vegas, Nev., Re-gion XI (Arizona, Colorado, Nevada, New Mexico, Utah and Wyoming); Jim Johnston, Pocatello, Ida-ho, Region XII (Alaska, Idaho, Montana, Oregon and Washington); and Toby Snitkin Bradley, Santa Barbara, Calif., Region XIII (California, Guam and Hawaii).

© Copyright National Association of REALTORS. Reprinted with permission.

Left: chad white of Paradigm Real Estate grabbing a breakfast burrito provided by King’s Chef Diner.

Above: mikeal Taylor of Farmers Insurance, sarah schaefer of Design Inspirations, John wilson of Heritage Realty, maureen haigh of Flying Horse Realty, chad white of Paradigm Real Estate, amy cavender of Simplified Mortgage Solutions, James aust of Austin & James Properties and shauna whaley of Simplified Mortgage Solutions.

Above: Dave moore and maureen haigh in front of their listing in High Forest Ranch.

Above: sarah schaefer of Design Inspirations, John wilson of Heritage Realty and eric Lipstein of Aspen View Homes.

Below: Donna schmidt of Aspen View Homes pointing out some details of their model in Forest Meadows.

Right: Lisa pixley of RE/MAX Advantage showing off her listing on the tour.

Below: Tracie hudson of Legacy Title handing out cards for the poker game.

NAR Officers from page 2


The us economy anD emerging TrenDsnovemBer 11, 2008

NatioN

ten receives a higher amount of the remaining loan balance than it would from the sale of the property after a foreclosure. This helps support home values in the surrounding communi-ty. Short sales also help homeowners maintain some level of credit.

According to Freddie Mac, of ho-meowners who have loans that enter into the foreclosure process, 50 per-cent did not have any contact with the lender before foreclosure began. One of the most valuable services Realtors® can provide to clients who may be facing a foreclosure is guiding them through the lender’s short sale process and facilitating communica-tion, according to session panelists

Michael and Stacey Spikes of Amer-ica’s Home Rescue.

“The process for short selling an FHA loan is different than the pro-cess for shorting a Veterans Admin-istration or conventional loan,” said Stacey Spikes. “Knowing the type of loan the seller has, and understanding the proper steps for short selling that loan and the order of those steps, is critical.”

Homeowners who are having dif-ficulty making their mortgage pay-ments and who may be considering a short sale must generally meet three qualifying criteria: they must be be-hind on their payments, be able to prove a legitimate hardship, and have little or no equity in their home.

While a typical real estate transac-

tion involves two real estate profes-sionals, a seller, a buyer, and the buy-er’s lender, a short sale can include all of these parties in addition to the seller’s loan servicer, housing coun-selor, junior lienholders, mortgage investors and mortgage insurers. In addition to the number of parties in-volved, Realtors® say there are many reasons for the difficulty in complet-ing a short sale. These include bur-densome paperwork, appraisals that do not consider the sellers’ duress or number of foreclosures in the com-munity, over-burdened loss mitiga-tion departments, and the complica-tions created by second mortgages.

NAR has created a working group to examine the problems and difficul-ties surrounding short sales and to

educate its members on how to best work with their clients through this process. NAR is also reaching out to its partners in the housing and mort-gage industry to encourage adoption of principles and practices to stream-line the short sale process.

“Short sales give many families in financial difficulties the possibility of salvaging their credit and avoiding the embarrassment of a foreclosure,” said Gaylord. “Realtors® across the coun-try stand ready to help, and NAR will work hard to ensure that short sales are a viable alternative to foreclosures whenever possible.”

© Copyright National Association of REALTORS. Reprinted with permission.

Above: Jay carden, Lisa and gordy riegel and shelley pelle with RE/MAX Prpoerties.

Above: Bob smith of Platinum Real Estate Group, Brian Bridgeford and Tom Downing with RE/MAX Properties.

Above: Jim and Lani Damm and Jera Burns with RE/MAX Properties.

Above: ron mangiarelli and Larry emerson with RE/MAX Properties and Brian cooper with Unified Title.

Above: cindy stimits, Lisa simon, marion martinez, shannon Livingston and shannon Truelove with Unified Title.

Brought to you by: RE/MAX Properties, Inc., Unified Title, and Wells Fargo Home Mortgage.

Above: shannon Le roy with RE/MAX Properties, Donna norman and ruthie Lohrig–kline with Unified Title. Above: Lisa Tickle, Dawne Leone and

Dianna Doyle with RE/MAX Properties.

Above: Betty conrad, scott mullennix, mike gumucio and Bob Landry with RE/MAX Properties.

Above: Tony and Joe clement of RE/MAX Properties join speaker John Tuccillo, Economist, Consultant, Author, PhD and former Chief Economist of the National Association of Realtors (middle).

Short Sales from page 1


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Penrose Hospital is opening two new state-of-the-art operating rooms to continue meeting the healthcare needs of the Colorado Springs community.

Th ese large ORs off er greater versatility using the best equipment, including robotics. Th e additions bring the total ORs at Penrose Hospital up to 13 and expand specialty surgeries such as heart, bariatric, advanced laparoscopic, vas-cular and more.

“Th ese are the most beautiful operating rooms I’ve ever seen,” said Susan Broussard, Director of Perioperative Services at Penrose-St. Francis Health Ser-vices. “Th ese will provide the fi nest equipment and facilities for our physicians, staff and most importantly our patients.”

Locally owned Robert Scott Custom Homes has opened their newest model home in Pinecrest at Pine Creek. Situ-ated on over a half acre home site at 9831 Highland Glen Place in Pine Creek, Natures Beauty is open Wednesday through Sunday from noon to 5:00 p.m. Located within award winning Acad-emy School District 20 and priced at $1,550,000, Natures Beauty by Robert Scott Custom Homes is located within minutes of the Pine Creek Golf Club, Th e Promontory Shops at Briargate, and some of the areas fi nest dining.

Th is “Eco Chic” model home is fi ve star rated by Energy Star and profession-ally decorated by Drexel Heritage Interior Design and Home Furnishings.

Headquartered in Colorado Springs since 1993, Robert Scott Custom Homes builds new homes in the fi nest luxury communities in the Pikes Peak Region. Built 100% by local craft smen, award winning Robert Scott Custom Homes are available from the $500,000s. All Robert Scott Custom Homes are fi ve star rated by Energy Star for energy effi ciency, providing homeowners with a more com-fortable living environment and overall performance.

For additional information on Robert Scott Custom Homes visit the on-site sales offi ce at 9831 Highland Glen Place in Pine Creek or call 719.499.6754.

Congratulations,

Marilyn Shockley!of New Home Connection

Marilyn recently closed on a $3,000,000+ very special new custom home. Both her buyer client and the builder are very pleased with her 14-month professional eff ort.

Great work, Marilyn!

Glenda Miller - New Home ConnectionPaul Goldenbogen - Heritage Realty

Susan Broussard, Director of Periopera-tive Services at Penrose-St. Francis Health Services, points out new equipment to Fran Jackson, PSF Bariatric Program Coordinator, and Julie Cox, PSF Marketing Coordinator, in one of two new operating rooms at Penrose Hospital Nov. 13, 2008.

These large ORs offer greater versatility using state-of-the-art equipment, including robot-ics. The additions bring the total number of ORs at Penrose Hospital up to 13 and expand specialty surgeries such as heart, bariatric, ad-vanced laparoscopic, vascular and more.


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

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

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

We don’t succeed unless you do!

LoCaL & StatE

Benefi ts of the membership in theHBA Sales and Marketing CouncilSales + Marketing Ideas Magazine

Stay up-to-date with the valuable sales and marketing information in each issue of the award-winning magazine. Th is bimonthly magazine features the latest information on market research, advertising, market-ing plans, model merchandising, sales and sales management, and more.

Get Insider Info with the Sales + Marketing Channel

Enjoy access to exclusive articles from the brightest minds in the in-dustry on topics ranging from sales, marketing, advertising and branding to merchandising, public relations, and sales training. See up-to-the-min-ute research and survey results.

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Enter "Th e Nationals" - Th e Na-tional Sales and Marketing Awards, the largest and most prestigious na-tional sales and marketing competi-tion in the industry. Th e Nationals recognizes those who have demon-strated a commitment to innovation and imagination.

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Sales and marketing resources are at your fi ngertips with the Sales & Mar-keting Resource Center - a collection of journal articles, books, audio and videotapes, and research tools.

Connect with Peers and Industry Leaders

Network with colleagues and in-dustry leaders at NSMC and IRM events, seminars, and educational programs held across the country and at the International Builders' Show.

For more information, please contact Shirley Rouse at the HBA. (719) 592-1800, ext 17 or email [email protected].

meriDian ranch BuiLDer BreakFasTnovemBer 7, 2008

Vistas at Norwood1. Condosfrom the $140’sAustin Bluffs and Rangewood(719) 272-4300

Vistas at Norwood2. Townhomesfrom the low $170’s Austin Bluffs and Rangewood (719) 375-3543

Barrington Heights 3. from the 190’sRangewood and Dublin (719) 528-5130

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Real Estate Answers, patsy henderson with ERA Shields and mark vaszary with Place Called Home Realty.

Left: enid Beitzel of Enid Beitzel Realty, sharon sutherland with Gloriod & Associates, and shelley La Judice with La Judice Marketing Group.

Right: susan and ron craig with Avalor Real Estate Solutions and michelle Bowles with CB & T Mortgage.


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Enjoy the freedom to focus on your move, not your mortgage, with Ent’s $300 Mortgage Guarantee. We’ll guarantee to meet your appraisal and mortgage loan commitment deadlines* or we’ll give you a $300 credit towards your HUD 1 settlement statement at loan closing. Visit ent.com/mortgage for an online application and free loan pre-qualification, or call us at (719) 574-1100 ext. 5602 or 800-525-9623 ext. 5602.

*Appraisal and loan commitment dates are based on the original sales contract. “Appraisal deadline” is the date of completion and availability of the final appraisal documentation. Loan commitment date is subject to receipt of completed application and required supporting documentation no less than 10 business days prior to scheduled commitment date; appraisal commitment means we would need to receive the contract five business days prior to the appraisal deadline. Loan commitment is subject to underwriting approval. Veterans Administration (VA) and Federal Housing Administration (FHA) loans are excluded. This offer may be terminated without notice at Ent’s discretion. Any guarantees on pending commitments will be honored.

30547_Ent_300Mortgage_4.875x7.5.indd 1 5/23/08 10:07:02 AM

LandAmerica Spotlight

LandAmerica is proud to announce a ground breaking business model.

The new model will reduce our number of physical locations, yet increase the number of LandAmerica representatives available to provide Superior Service to our customers.

We are excited of what this means for our future and our industry. Our customers are finding new, smart and innovative ways to operate. We believe that in today’s market, there may be comfort in doing it “the way it’s always been done,” but now is the time for a new, aggressive, forward-thinking, customer-focused approach.

We are going where our customers are! We are doing this without raising costs to your clients, we are using a model that benefits you; bybeing available longer hours and having unlimited locations for your closings. We will have the opportunity to spend more time working to meet your needs.

We are calling our model the “New Frontier” because it is a completely new way of doing business.

We look forward to the opportunity to visit with you to talk about the LandAmerica “New Frontier”.

104 S. Cascade Avenue, Suite 102Colorado Springs, CO 80903

(719) 475-8800

www.landamco.com

To see available homes in Pine Creek, take the Briargate Pkwy. exit 151 to Chapel Hills Dr. and follow the signs or visit PineCreek.com/AvailableHomes.

GOLF COURSE LIVING, CLOSE TO EVERYTHINGGOLF COURSE LIVING, CLOSE TO EVERYTHING

The area’s top homebuilders. Academy District 20 schools. The Promenade Shops at Briargate. The Pine Creek Golf Club. A down-to-earth community feel. The reasons to live in Pine Creek are many. Unfortunately, the opportunities aren’t.

Don’t miss your chanceto own a new home in pine creek.Only a few new homes remain in one of Colorado Springs’ most desirable master-planned communities.

Single-Family Homes From the $400s

SADDLETREE HOMES719.282.2340

VANTAGE HOMES719.282.6535

Low-Maintenance Homes From the upper $300s to the upper $500s

CLASSIC HOMES 719.282.3969

KELLER HOMES719.598.2614

YELLICO-LEACH CO, INC.719.380.1768

Custom Homes COPPER VALLEY BUILDERS 719.598.8224

C.R. SHEA HOMES719.633.7999

ROBERT SCOTT CUSTOM HOMES719.599.3770

SYMPHONY HOMES719.266.9136

COR-4437_Showcase_PC_FR1.indd 1 8/20/08 5:09:31 PM


oN tHE MoVE

carolina Lutze Heritage Realty

Carolina Lutze has joined Heritage Realty as a Broker Associate.

Carolina holds a GRI designation from the Colo-rado Association of Realtors. Carolina was born and raised in Mexico. She is fl uent in Spanish and has worked as a Certifi ed Spanish Interpreter here in Colorado Springs. She has lived in Colorado since 1977 and has developed a loyal real estate follow-ing. She serves on the Quick Response Team for the New Home Connection at Heritage Realty.

David reyhons Heritage Realty

David Reyhons has joined Heritage Realty as a Broker Associate.

David is a Colorado native and has lived in the Manitou Springs and Old Colorado City area for many years. David is a member of the NEW HOME CONNECTION, an award winning sales and mar-keting team that specializes in Relocation.

sharon roubicek PrudentialProfessional Realtors

Prudential Professionals are excited to announce another experienced real estate broker has joined its

family of REALTORS®. Sharon Roubicek, GRI is a veteran of real estate sales. She is very knowledge-able in pricing properties to get the quickest trans-action, at the highest price with the lowest amount of inconvenience. Ms. Roubicek also works very closely with mortgage professionals to help her buy-ers fi nd the right program for their needs. Sharon knows that one size does not fi t all. Real Estate is a very personal transaction. Sharon Roubicek,GRI looks forward to hearing from you.

kenneth wixom Harris Group Realty

Harris Group Realty is pleased to announce Ken-neth Wixom has joined its fi rm and the Barbara Harris Team as an Associate Broker. Ken has been an active professional in the community with ex-tensive Business Development experience for over the past 23 years and is a successful business owner. Originally from Wisconsin he enjoys the outdoors and sports.

robert wylie PrudentialProfessional Realtors

We are pleased to announce that Robert Wylie, an experienced REALTOR®, has joined the Pruden-tial Professional team. He specializes in residen-tial property in the greater Colorado Springs area. Robert’s experience has allowed him to develop a great knowledge of our real estate market. Regard-less if the property is large or if it is small, Robert gives each client his undivided att ention. Robert is a member of the Pikes Peak, Colorado and National Association of REALTORS®.

claudia Flores PrudentialProfessional Realtors

Bill Havens, Managing Broker, recently shared with the Prudential Professional team the addition of another broker to their fast growing organization. Claudia Flores is an experienced broker. Mrs. Flores has chosen to live in Colorado Springs because of the great quality of life. She enjoys the active Colo-rado life style. Claudia enjoys working in real es-tate. Regardless if she is working with a buyer or a property owner, Claudia works to make sure that the real estate transaction is a smooth as possible. She is always paying att ention to the many details of a real estate transaction. Claudia has joined the Prudential offi ce located at 4065 N. Sinton Road.

Be a part of this sectionsee page 3 for Details

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By kennen cohanAsset Preservation Inc.—

LoCaL EXPERt

Tri-Lakes markeTing ForumnovemBer 13, 2008

Th roughout much of the 20th century and into the new millen-nium, capital gains have been taxed at a lower rate than other income or were only partially exposed to taxation. Th e rationale for the lower rate is that it encourages capi-tal formation and investment, fosters risk-taking and off sets the eff ect of in-fl ation on capital gains. History has shown the tax rate applied to capital gains and dividends has a substantial impact on the way taxpayers handle income from capital. Th e Tax Reform Act of 1986 signifi cantly reduced the diff erential between capital gain taxes and ordinary income taxes. More re-cently, the Jobs and Growth Tax Re-lief Reconciliation Act of 2003 low-ered the rates on long-term capital gains to 15% from 20% for taxpayers in the 25% bracket or higher and low-

ered the 10% rate to 5% for taxpayers in the 10% and 15% tax brackets. Th ese rates became eff ec-tive May 6, 2003. In 2008, the 15% rate remains the same but the 5% rate is reduced to zero. Th e Tax Increase Prevention and

Reconciliation Act (signed into law on May 17, 2006) extends these rates through the end of 2010. In 2011, the capital gain rates are set to return to the old 20% and 10%.

Although tax rates on capital gain scheduled to increase to 20% in 2011, many taxpayers believe that future tax rates will be infl uenced by the outcome of the Presidential race. Senator (now President-Elect) Obama has stated he is in favor of having the capital gain tax rates in-creased and would probably like to see them in the 20-25% range. Sena-tor McCain has stated he would

like to see the 2003 temporary rate reduction of 15% made permanent. When it comes to selling in a taxable sale at today’s low rates or using a tax deferred exchange to reinvest in like kind property, does it matt er what future tax rates turn out to be? Th e answer may surprise you.

Sell Today at a 15% Rate Vs. Exchanging

Lets compare the after tax result for a taxpayer who sells today at the current 15% maximum rate versus the same taxpayer who elects to de-fer all capital gain taxes using a 1031 exchange. In each case, the taxpayer sells at a capital gain tax rate of 20% in the future.

Assume the following: A taxpayer is selling an investment property for $1 million with $200,000 remain-ing debt and $800,000 equity; the taxpayer’s adjusted cost basis is $300,000 and his gain is $700,000,

of which $200,000 is depreciation re-capture (taxed at 25%) and $500,000 (taxed at 15%) is the remaining eco-nomic gain; the taxpayer is in the top Federal tax bracket and their state tax rate is 7%. Also assume the aft er-tax sale proceeds are reinvested into a mutual fund for 5 years yield-ing 8% simple interest and the ex-change proceeds are reinvested into another investment property with a 25% down payment (75% LTV) and that the investment property appre-ciates an average of 6% for the next 5 years. Assume fi ve years later the capital gain rate is 20%, the deprecia-tion recapture is $80,128 ($320,512 at 25%; $3,200,000 purchase price - $700,000 deferred gain = $2,500,000 / 39 years straight line depreciation of $64,103/year x 5 years) and the state tax remains at 7%.

Capital Gain Tax Rates: The Known, the unknown & why exchange now

Above: spero stavros, virginia Zenner and craig clum with The Signature CO.

Above: Bev kjoss with Prospect Mortgage and alice sweatman with Keller Williams Clients Choice.

Above: kim rossbach with McGinnis GMAC Real Estate, kevin Trigueiro with Kastle Group, katherine Froehler with The Platinum Real Estate Group, richard strom with Richard Strom Appraisals and Bud weis with McGinnis GMAC Real Estate.

Above: Jamie may with North American Title CO, Darrell harrison with Stewart Title and mike podoyak with North American Title CO.

Above: wayne curtis with RE/MAX Properties, melissa keese with Ent Federal Credit Union and Doreen hussmann with Empire Title grabbing some breakfast.

See Capital Gains page 14


SaLES & MotiVatioN

know your market?

Identify one of the following pieces of information for a

chance to win a free eBlast!

addressseller’s agent/Broker

Hint:

80831

Email your answers with subject “Contest” to:[email protected]

Wherein the

is thisWorld

Listing?

All listing accurate when published. All listings located within the Pikes Peak Region.

6% RealtorCommissionOn Freedom Heights Inventory Homes

Now featuring:

TOP 10 TIPS For Today’s Market

407-294-7614 • www.melindabrody.com

Visit our website for over 50 FREE articles, FREE e-newsletter, and full training product line… Get Melinda in a Box

10 Tips for Today’s Market1 Ask EVERYONE to buy-don’t “curb qualify.”

2 Develop a weekly personal marketing plan to bring in qualified traffic. Take an entrepreneurial approach.

3 Stay away from negative news, negative TV reports, negative co-workers. Learn to spin your customer’s negativity into the reason to move ahead.

4 Sell value and how your Builder is unique and different. BE DIFFERENT!

5 Have a compelling, personalized model demonstration.

6 Demo the dirt-only show two home sites (even if you have 200!).

7 Follow up with personal notes. Don’t just email or voice mail.

8 Follow up to the kids and pets. Yes, Fido is the new “kid.”

9 Avoid cancellations by keeping in touch AFTER they sign. Be the ultimate resource for them and their one point contact to avoid buyer’s remorse. Don’t dump them.

10 Develop a conversational opening dialogue. Interview them and take notes while they are talking about their needs, wants, and situation.

The Book Melinda is reading now……Marketing Outrageously by Jon Spoelstra

Sell in 2008:• $174,000 owed in capital gains ($50,000 deprecation recapture; $75,000 Federal taxes: $49,000 state taxes)

Exchange in 2008:• $0 owed in capital gains (No taxes recognized under IRC Section 1031)

Sell/Reinvest a� er-tax proceeds in a mu-• tual fund: $626,000 ($800,000 - $174,000 taxes owed)

Exchange/Reinvest $800,000 gross pro-• ceeds in property: $3,200,000 (4 x $800,000)

5 Years Later - Sell:• $876,400 in mutual fund assets (Assuming an 8% return - the S & P 500 historical average)

5 Years Later - Exchange:• $1,760,000 equity ($4,160,000 in value - $2,400,000 loan)

5 Years Later - Paying taxes at 20%:• $464,225 ($4,160,000 sales price - $2,500,000 cost basis = $1,660,000 x appli-cable tax rates;) $80125 depreciation recapture [$320,512 x 25%]; $267,900 Federal taxes [$1,339,500 x 20%]; $116,200 state taxes [$1,660,000 x 7%]

Th e exchanger has $419,375* more equity and almost a 48% bett er rate of return - even if paying taxes at a higher 20% rate - than the taxpayer who sells today and paid taxes at 15%. And this calcula-tion does not even include the additional taxes that would be owed aft er the sale of the mutual fund. Tax deferral and reinvestment of the entire net eq-uity into replacement property yields a bett er in-vestment return — even if capital gain taxes rates increase to 20%.

* $1,760,000 equity - $459,200 taxes = $1,295,775; Aft er-tax equity 5 years later - $1,295,775 - $876,400 = $419,375

For more information on §1031 tax deferred exchanges, call 1-800-282-1031 or email: [email protected]. This information is not intended to replace qualifi ed legal and/or tax advisors. Every tax-payer should review their specifi c transaction with their own legal and/or tax counsel. © 2007 Asset Preservation, Inc. All rights reserved.

Capital Gains from page 13


aRoUND tHE CoRNER

DECEMBERMonday, December 1Energy Star Summit8am @ Hyatt Regency - Denver Tech [email protected] / 719-592-1800www.cshba.com

Wednesday, December 3REALTAC8am @ PPAR Conference Room633-7718

Ownership & Encumbrance1pm @ Ent Federal Credit Union mariamm@uni� edtitle.com719-955-7084

HBA Holiday Party5pm @ Southside Johnny’[email protected] / 592-1800

Thursday, December 4Closing the Problem Property9am @ Security Title719-268-0386 / [email protected]

Wednesday, December 10World Class Customer ServiceTime TBA @ HBA Offi [email protected] / 719-592-1800www.cshba.com

How to Buy a Home and Finance Repairs FHA Streamline 203K9am @ LandAmericaRSVP: 719-475-8800

Thursday, December 11WCR Holiday Auction11am @ Marriott [email protected] / 393-3532

Saturday, December 13Reverse Mortgages10am @ Ent (Campus Drive)Register at Ent.com/Seminars or call 719-550-6998

Thursday, December 18Pikes Peak Marketing Forum8am @ Colorado Springs Country ClubRuthie Lohrig-Kline: 492-3998

Saturday, December 20First-Time Home Buyers10am @ Ent (Galley Rd)Register at Ent.com/Seminars or call 719-550-6998

JANUARYThursday, January 8WCR Luncheon “The Finer Elements of Charisma”11am @ Marriott Hotel [email protected] /393-3532

Wednesday, January 21Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]

Saturday, January 31HBA Annual Awards Dinner [email protected] | 719-592-1800

FEBRUARYThursday, February, 12WCR Luncheon“Guerilla Selling in Hard Times”11am @ Marriott Hotel [email protected] / 393-3532

Friday, February 13Breakfast With The Builders8am @ Doubletree [email protected] / 592-1800

MARCHFriday, March 6-8HBA Home & Garden Show1 pm @ Phil Long Expo [email protected] / 719-592-1800

Thursday, March 12WCR Luncheon “Business Planning”11am @ Marriott Hotel [email protected] /393-3532

Wednesday, March 18Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]

APRILThursday, April 9WCR Meeting “Think Like a Spy” (on Identity theft)11 am @ Marriott Hotel [email protected] / 393-3532

Saturday, April 18thHBA MAME AwardsBroadmoor International [email protected] / 719-592-1800

NOVEMBER & DECEMBER

HBA Cares Warm Clothing DriveNew and Used Socks, Hats,

Coats, Boots, Gloves etc. Anytime @ HBA Of� ceCall Helen at 592-1800

Ent Holiday Food DriveFood Items and Monetary Donations

Any Ent Location

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Documents

Colorado Springs Real Estate Journal