colorado springs real estate journal
DESCRIPTION
May 11, 2009TRANSCRIPT
Vol.1 No.17 www.csrej.com May 11, 2009
ALSO INSIDEPAgE 7PAgE 3 PAgE 10
CommissionUpdate Course at Land Title
NAHREPCinco De Mayo at Norris Penrose
Metro Brokers New Downtown Office
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
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See Page 8
Housing, economic growth now heading to higher ground
Pending home sales rise, housing affordability near record
The nation’s housing industry and the economy have just about seen the worst of the painful downturn that greatly in-tensified since last September’s turmoil in the financial markets, according to econ-omists speaking on April 23 at NAHB’s Construction Forecast Conference.
And despite a continuation of rising unemployment well into next year, al-though at a slowing pace, housing in this year’s second half is expected to begin gradually leading the economy to higher ground, they said.
“There’s a lot of skepticism out there. This is a very deep hole we’re in,” ac-knowledged NAHB Chief Economist David Crowe. But he said thereare sev-eral reasons to believe that “the housing recession is nearing an end and housing will return on a very slow basis.”
Crowe said that new single-family home sales probably reached their trough in the first quarter of this year, hitting a record low of 320,000 on a seasonally ad-justed annual basis, down from about 1.2 million at their peak.
Sales for 2009 are projected to total 364,000, he said, 24% below the 2008 level, and then climb 48% next year to 539,000.
The onset of a recovery in single-family housing starts should trail closely behind
sales, with production hitting its cyclical low in the current business quarter at an annual rate of 330,000.
About 360,000 single-family homes are expected to be started this year, he said, a 42% decline from 2008, which will be followed by a 45% rise to 523,000 units in 2010.
Battered even more severely than single-family builders by the shrinking availability of acquisition, development and construction (AD&C) financing, multifamily starts are not expected to show signs of recovery until next year, bottoming out in the third or fourth quarter at a seasonally adjusted annual rate of 110,000, he said.
According to NAHB’s forecast, mul-tifamily production will total 130,000 units this year, which would be 55% be-
low last year’s level, and slow 3% further in 2010, to a total of 126,000 units.
Crowe indicated that housing mar-kets are now struggling in all parts of the country as the result of the deepening slump in the overall economy and job losses that have escalated to above the 600,000 level in recent months.
However, he said, prime conventional conforming home mortgage interest rates, which are now at a generational low of roughly 4.75% — along with low home prices and the $8,000 first-time home buyer tax credit — have greatly im-proved housing affordability, generating a notable increase in prospective home buyer traffic that should begin translating into a pickup in sales.
MAME Awards
"housing in this year’s second half is expected
to begin gradually leading the economy to
higher ground"
Pending home sales rose with many first-time buyers taking advantage of his-torically good housing affordability con-ditions, according to the National Asso-ciation of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on con-tracts signed in March, increased 3.2 per-cent to 84.6 from a level of 82.0 in Febru-ary, and is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This in-crease could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special pro-grams allow buyers to use it as a downpay-ment,” he said. “We need several months
of sustained growth to demonstrate a re-covery in housing, which is necessary for the overall economy to turn around.”
NAR’s Housing Af-fordability Index re-mained near record highs. The affordabil-ity index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent
values and assumptions over time, which examines the relationship be-tween home prices, mortgage interest rates and family income; tracking be-gan in 1970.
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year
Yun
The [affordability] index remains 30.8 percentage points higher than a year ago.
See Affordability page 3
Congress omits limiting mortgage interest deduction
A controversial White House revenue-rais-ing provision to limit deductions for mortgage interest, state and local taxes and charitable contributions for high-income earners was omitted from the annual budget resolution (S.Con.Res. 13) completed by House and Senate lawmakers last week.
NAHB aggressively opposed this provi-sion from the outset because of its potentially damaging impact on the housing industry, and many in Congress quickly declared it “dead on
arrival.” The House Budget and Senate Budget com-
mittees inserted specific language in the bud-get resolution to underscore that they were not including the President’s proposals to limit tax deductions, leaving the consideration of specific revenue offsets to the tax-writing committees in the Congress.
“Unless expressly provided, this resolution
See Higher Ground page 4
See Interest Deduction page 5
2 Colorado Springs Real Estate Journal www.csrej.com May 11, 2009
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To help Americans continue to achieve their dreams of homeownership, there must be a balance between safeguarding consumers in the lending process and en-suring reasonable access to mortgage capital. That is the message that the National Association of Realtors® de-livered to Congress today, reiterating its support of com-prehensive legislation to reform mortgage lending.
At a House Financial Services Committee hearing, NAR President Charles McMillan testified that reform to the mortgage lending system is needed to restore consumer confidence in the economy and the housing market. “Historically low mortgage rates and a signifi-cant tax credit for first-time home buyers have begun to bring people back to the housing market. However, we need wholesale reform of the mortgage lending sector to give consumers the protection they need and the confi-dence necessary to expedite the housing recovery,” said McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
The recently introduced Mortgage Reform and Anti-Predatory Lending Act of 2009, H.R. 1728, con-tains many of the reforms NAR has been seeking, but McMillan cautioned against overregulation. “We must strike an appropriate balance between safeguarding con-sumers and making sure they have access to mortgages at a reasonable cost. Undue regulation of the mortgage market could be as harmful to consumers as the lack of regulation that led to irresponsible lending and other abuses,” McMillan said. “We must be sure there are no unintended consequences here.”
NAR believes the current definition of mortgage orig-inator as “any person who assists a consumer in obtain-ing or applying to obtain a residential mortgage loan” is too broad, since Realtors® as part of their normal level of service provide advice, counsel and assistance across all
aspects of the real estate transaction. In addition, NAR supports the safe harbor provisions in the legislation, but as written, these provisions may be too narrow.
“The safe harbor should include more products than 30-year fixed-rate mortgages. We need to protect more home buyers from risky lending products, and that re-quires some flexibility in financing terms,” McMillan said.
NAR supports regulations that require lenders that make subprime mortgage loans to establish appropriate escrow accounts. Borrowers making at least a 20 percent downpayment should have the option to budget for these payments independently.
NAR also believes that a strong and independent ap-
praisal industry is vital to restoring faith in the mortgage origination process. “H.R. 1728 strikes a good balance by strengthening the accountability and oversight of ap-praisers while creating new consumer protections,” said McMillan.
“We applaud the efforts of this committee and the au-thors of H.R. 1728. This bill is a major step in the right direction and we look forward to working with Congress to adjust and improve the legislation to make it even more meaningful and safe for all consumers,” McMillan said.
© Copyright National Association of REAlTORS. Reprinted with permission.
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Rebecca has been in the Title Industry as a closer for 12 years working Commercial, Builder, Refi nance & Residential transactions. She also has experience in the commercial real estate industry as an agent assistant. Her strengths as a closer are; follow through, consistency and a positive attitude. Regardless of the situation in a transaction, Rebecca maintains an even temperament. In our current industry, it is important for the agent and/or the lender to be the focal point to help cultivate your client relations.Rebecca Gossage
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Karen has been in the Title Industry for 9 years and in the Real Estate Industry for over 15 years. She has experience in closing Residential, Commercial, Builder and Short Sale Closings. Customer Service is Karen’s # 1 priority and she is the best at catering to all her clients needs. She believes in working as a team with the agents and lenders to get the closing done in a timely, professional manner. With the continuing changes in Real Estate, Karen is proactive in staying in front of the change.Karen Weller
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Part 3
May 11, 2009 www.csrej.com Colorado Springs Real Estate Journal 3
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Buyers of new homes need to act soon to get tax creditNot affiliated with The Colorado Springs Business Journal
MEtRO BROkERS OPENS NEW DOWNtOWN OFFICEAPRIL 8, 2009
Above: Brian Miller of Empire Title and Mike Scanlan with Metro Brokers.
Above: Erik Schneider with Metro Brokers and Scott Vaughan of Pulte Homes.
ago. In the West the index increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent to 82.3 but is 8.2 percent higher than March 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residen-tial Brokerage in Dallas-Fort Worth, said the increase in buying power is
quite remarkable. “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he said. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
A median-income family, earning $61,100, could afford a home cost-
ing $291,600 in March with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Af-fordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The afford-able price was notably higher than the median existing single-family home price in March, which was $174,900.
© Copyright National Association of REAlTORS.
Reprinted with permission.
NATION
Left: Dakota Schaefer of Pulte Homes, Lori DeWitt, Renee Sousa and Doug DeWitt with Metro Brokers.
With only about seven months re-maining before the $8,000 tax credit for first-time home buyers is scheduled to expire, home builders should be convey-ing the message that prospective buyers looking for a newly built home need to make decisions soon if they want to be able to take advantage of the federal in-centive, according to NAHB.
“We have received many inquiries from potential home buyers asking if a sales contract on a new home by the Nov. 30 deadline will be sufficient to receive the first-time home buyer tax credit,” said NAHB Chairman Joe Robson. “They have been surprised to find out that they must complete the purchase of the new home before they are qualified.”
Home buyers may qualify for the tax credit if they purchase the home on or af-ter Jan. 1 but before Dec. 1, 2009. A pur-chase occurs when the title to the home transfers, typically on the day of closing
of the home sale.In the case of an owner-built home, in
which the eventual home owner does not purchase the home from a builder, the date the home buyer takes occupancy of the house is considered the purchase date.
In all cases, a signed sales contract is not sufficient to claim the tax credit.
Mike Dishberger of Sandcastle Homes, Inc., in Houston, said that building a home from scratch can take anywhere from four to six months, depending on the floor plan and location. “Builders are ready and willing to work with potential home buyers to get them into the new home of their dreams, but time is run-ning out to make those dreams a reality while also benefiting from the $8,000 tax credit.”
“Buyers also need to keep in mind that it takes time on the front end to se-lect a community, a builder, a floor plan
and the options they want in the home before the first shovel hits the dirt,” said Kevin Enyeart of Gale Home Builders in Kansas City, Mo. “Often it can take up to a month to complete this process in order to ensure the customer is satisfied with the home they will be living in many years down the road.”
It is important that home buyers un-derstand the time requirements and get the process started with a home builder today if they want their new home com-pleted in time to claim the tax credit.
In addition to the Nov. 30 deadline, home buyers must also have not owned a home in the three years prior to the pur-chase and have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers in order to qualify for the tax credit
© Copyright National Association of REAlTORS. Reprinted with permission.
Affordablility from page 1
4 Colorado Springs Real Estate Journal www.csrej.com May 11, 2009
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Moving forward, the housing market should derive strength from pent-up demand and demographics, which hold the potential for strong household growth. Annual household formations are forecasted to average 1.532 million for the period of 2009 to 2013, compared to an average of 1.247 during 2004 to 2008. Providing “an extra push” will be the echo boom generation, the children of the post-World War II baby boom, the oldest of which are now in their late 20s, he said.
Following a 6.3% decline in real growth in the gross domestic product in the fourth quarter of 2008, the worst since the early 1980s, deterioration in this year’s first quarter should be almost as bad, Crowe said, with a drop in GDP of about 5.2%. The current quarter should show that “some of the worst is past,” he said, with a decline in growth of perhaps something just above 1%, demonstrating that consumers are slowly coming back to life and paving the way for a return to positive terri-tory in the following quarters.
Housing a Leading Indicator
“It’s not going to be much of a recovery at all, but some recovery is better than no recovery,” said Maury
Harris, managing director and chief U.S. economist at UBS Investment Bank.
As a result of the massive fiscal stimulus package that is now making its way through the economy, a gradually waning credit crunch and the nation’s household savings rate stabilizing at a higher level, Harris said he was pro-jecting 2% positive GDP grown in this year’s third quar-ter, followed by 2.5% growth in the fourth quarter and 2.2% growth in 2010.
Harris said that the unemployment rate should peak at 9.3% in the fourth quarter of this year before subsid-ing gradually in 2010, but “you can get a turnaround in housing before employment improvement.” Unemploy-ment typically continues to rise for a period of time after the economy returns to growth.
“Housing is a leading indicator,” he said. “Sales turn up before unemployment peaks….You don’t have to get a big share of the population enthusiastic [about buying a home] before there is a housing upturn.”
He added that all of the major housing price indexes are overstating the decline in the value of housing. The Case Shiller House Price Index, for example, “which gets all the attention,” now has prices on average down 28% from their peak and is likely to hit bottom at the end of the year showing a 33% erosion. The index, however, is
“skewed to areas with a lot of foreclosures,” he said.Sales transaction indexes aren’t providing an accurate
picture of “what’s really happening to real estate wealth,” he said, because 45% of existing home sales currently are foreclosures that are not typical of the existing housing stock.
Harris forecasted 530,000 total housing starts this year, followed by production of 720,000 units next year, but he said there was a risk that the AD&C credit crunch, particularly among smaller builders, could result in low-er numbers if lending fails to sufficiently ease.
The credit crunch won’t end overnight, he said, “but it is a question of degree and starts to be ameliorated.” UBS analysis of bank lending standards, based on data from the Federal Reserve’s Senior Loan Office Opinion Survey, showed that the share of banks tightening stan-dards on business and household loans started declining early this year, although tightening continued to be more pervasive than at any point in the last two recessions.
Harris added that he was in disagreement with those who forecast that further increases in household savings rates this year will prolong the recession. The savings rate climbed from roughly 0% in 2008 to under 5% now, he said, and “if it goes up to 10% to 11%, kiss the recovery goodbye this year.”
Although savings rose to that level in bad recessions 25 to 30 years ago, he said, “people already have saved more money” and savings will average 6% this year be-cause low interest rates are not especially encouraging and, despite setbacks, Americans continue to have siz-able amounts of wealth in their housing and financial holdings.
A Transition to Better Times
“We’ve been through a tough time. It’s been exacer-bated by the credit markets shutting down and turning the lights out,” said James Glassman, senior economist for JP Morgan Chase. But by this fall there will be gen-eral confidence “that we’re on the road to recovery and the tide is turning.”
Working to stabilize the economy is the fiscal response from the federal government, which he called “appropri-ate” and “bold,” along with efforts by the Federal Re-serve focused on promoting the flow of credit back into the credit markets.
Glassman said there is reason to be hopeful the econ-omy is now moving into a transitional period because “it was blanketed by storms that are now passing.”
A doubling in oil prices between the summers of 2007 and 2008 shifted $2.5 trillion from consumers to producers, slowing down the economy of every de-veloped country by 1% to 2%, he said. Now, although “there is nothing good going on” for consumers, it looks like consumer spending was up in the first quarter, he said, and that can be attributed to the recent collapse in oil prices, which represents a $300 billion annual benefit to consumers.
The “debacle in the housing market” also appears to be passing, he said. Housing prices are no longer inflated and have returned to their normal levels in relation to household income. Glassman added that he was skepti-cal that there will be much more downward correction in housing prices.
“The minute prices are within reach, people begin to think differently about housing,” he said. “As things be-come more affordable, people want to own.”
With credit beginning to return, some pent-up con-sumer demand is being released, he said.
Glassman said that current fiscal and monetary poli-cies to stimulate the economy are not inflationary at a time when joblessness is far higher than it should be and inflation is too low.
He noted that it will take some time to reduce the ex-isting slack in the economy, and “we need a lot of growth to claw our way back to full employment.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
“the minute prices are within reach, people begin to think
differently about housing”
Higher Ground from page 1
May 11, 2009 www.csrej.com Colorado Springs Real Estate Journal 5
NATION
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does not assume any of the specific revenue offset proposals provided for in the Presi-dent’s budget,” the resolution said. “Decisions about specific revenue offsets are made by the House Committee on Ways and Means and the Senate Committee on Finance, which are the tax writing committees.”
The budget includes a procedural “reconciliation” provision that would allow Senate Democrats to pass legislation on health care and education with a simple majority of 51 votes rather than the 60 that are usually required to overcome a filibuster. Democrats say they only plan to use reconciliation if bipartisan talks on these issues break down.
Both the House and Senate budget resolutions were approved largely along party lines, with four Senate Democrats — including Arlen Specter (D-Pa.), who switched parties, and 17 House Republicans opposing the budget blueprint. No Republican in either chamber voted for the budget.
To gain the support of fiscally conservative blue dog House Democrats concerned about deficit reduction, House Speaker Nancy Pelosi (D-Calif.) and Majority Leader Steny Hoyer (D-Md.) pledged to enact strict pay-as-you-go, or PAYGO rules, in the consideration of four bills expected to come up later this year. The bills would extend relief from the alternative minimum tax to prevent millions of Americans from being subject to the tax, increase Medicare payments to doctors, modify the estate tax and extend expiring middle-class tax cuts.
PAYGO requires all new tax cuts or spending to be offset by other spending de-creases or revenue increases.
Overall, S.Con.Res. 13 would authorize an increase in the federal debt from 55% of the gross domestic product to approximately 67% of GDP in fiscal year 2014. The reso-lution provides for $1.086 trillion in discretionary spending for the House and Senate Appropriations Committees in fiscal year 2010, approximately $10 billion less than the White House budget proposal.
The annual budget resolution provides guidance for House and Senate lawmakers to lay out the spending priorities of Congress for the next few years. One of its primary goals is to establish the annual 302(b) allocations, which tell the House and Senate Ap-propriations Subcommittees how much money they are allowed to spend on govern-ment programs and departments for the next fiscal year
The budget resolution has absolutely no force of law and the President is not re-quired to sign it.
The budget process completes the first phase of annual appropriations negotia-tions.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
The following is a statement from National Association of Realtors® President Charles McMillan:
“NAR mourns the loss of former Congressman and Secretary of Housing and Urban Development Jack Kemp, who died over the weekend at the age of 73. We extend our sincerest sympathies to his family and friends.
“Assuming the reins of HUD during a turbulent time, Mr. Kemp was able to restore the agency’s reputation, which had been battered over the years. During his tenure, he advocated the need for public housing tenant ownership, increased subsidies for low-income renters, expand-ed social services for the homeless and elderly, and tax changes to help first-time home buyers.
“As a result of the groundwork he laid at HUD, the Home Investment Partnerships Program (HOME) was created. HOME helps states and localities create new afford-able housing by providing block grants for use with low-income housing tax credits and other programs. The program’s success continues to this day.
“Jack Kemp understood the importance of creating housing opportunity for all. Al-though we are saddened by this news, Realtors® look forward to keeping the dream of homeownership for families alive, which is something Mr. Kemp was extremely pas-sionate about.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s larg-est trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
© Copyright National Association of REAlTORS. Reprinted with permission.
Kemp
Realtors recognize Kemp's contribution to homeownership
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Interest Deduction from page 1
6 Colorado Springs Real Estate Journal www.csrej.com May 11, 2009
LOCAL & STATE
Purely Ponds 'Parade of Ponds' supports local charity Patterson Group joins Luxury Real EstateWe would like to announce the Third Annual Purely
Ponds Parade of Ponds. This self guided pond tour will be held from 9am-5pm on Saturday and Sunday, June 27th – 28th, 2009. The Parade of Ponds will hold 30 plus tour stops throughout Colorado Springs, Monu-ment, Falcon and surrounding areas.
Purely Ponds has once again partnered with the Boys and Girls Club of the Pikes Peak Region. For 121-years this charitable organiza-tion has delivered quality programs and a unique experience for the youth of the Front Range. They’re mission is simple: To inspire and enable all young people, especially those who need us most, to realize their full potential as productive, responsible and caring citizens. The Boys & Girls Club of the Pikes Peak Region fills a critical need. Building character through everyday leader-ship and guidance in behavior and attitude, the trained professional staff provide nationally recognized programs that help young people succeed in school, stay healthy, learn important life skills, pursue inter-ests in the arts and sports, and explore vocational choices. To learn more about the Boys & Girls Clubs of the Pikes Peak Region, visit www.bgcppr.org or call (719) 570-7077. Last year, Purely Ponds contributed $3500 to this organization. Purely Ponds will proud-ly donate all of the net profits from ticket sales to this great charity.
Water features are today’s hottest trend in landscap-ing. This is a great chance for our water feature own-ers and serious water gardeners to share their piece of paradise with the public. In addition, this is an excel-
lent community event and opportune time to show our support of the local Boys & Girls Club.
Our ecologically balanced waterscapes facilitate relaxation to the soothing sounds of water, a peace-ful panorama of the naturalistic water garden, and a
friendly fish community. It offers an experience of tranquility that transcends today’s stressful world. Countless satisfied homeowners readily profess that adding a wa-ter feature to their landscape was the best investment they’ve ever made.
Purely Ponds Parade of Ponds tickets and tour map will be avail-able May 15th at just ten dollars per ticket. Our sponsor, Pioneer Sand, will have tickets books available at all three Pioneer Sand locations in Colorado Springs, Monument, and Black Forest. You can also purchase tickets by mail; please send $10 per ticket and 75¢
for postage to Purely Ponds, 380 Saddlemountain Rd., Colorado Springs, CO 80919. Please make checks payable to Purely Ponds. For more information on Purely Pond’s ecosystem-friendly wa-ter gardening or the Purely Ponds Parade of Ponds, contact Chris Oberg at [email protected] or by phone at 719-896-0026. Please visit our website at www.purelyponds.com.
Purely Ponds is the local water feature specialist. We specialize in design and installation of the areas most natural experience in ponds, pondless water-falls, streams, and stone fountains. Purely Ponds is a member of the Better Business Bureau and Housing & Building Association.
Luxury Real Estate is pleased to announce the inclu-sion of Kevin Patterson of the Patterson Group in its pres-tigious network of fine high-end estate brokers and firms. Kevin Patterson and The Patterson Group were selected to represent Colorado Springs, CO at the invitation of CEO/Publisher John Brian Losh. Mr. Losh extends membership invitations to brokers and firms throughout the world who consistently demonstrate expertise in the marketing of luxury properties. Currently, Who's Who in Luxury Real Estate includes more than 1,400 members with properties in 108 countries and nearly every state in the U.S.
This exclusive group's properties can be viewed on the network's award-winning Web site LuxuryRealEstate.com, the most-viewed real estate Web site expressly dedicated to luxury properties. The site features more than 50,000 of the world's finest for-sale listings with an aver-age price of more than $2 million. Accord-ing to the Web information service Google Analytics, LuxuryRealEstate.com receives more than 3 million page views per month, more than any other luxury-property site on the Internet.
"Among the ever-increasing number of real estate bro-kerages Kevin Patterson and the Patterson Group stands out as exceptional, consistently practicing the highest level of personal and ethical service particularly in the complex area of marketing luxury properties," Mr. Losh said. "I am confident that doing business with Kevin and his team at the Patterson Group will be a delightful and rewarding experience." The 2009 edition of Who's Who in Luxury Real Estate's annual membership directory is available by calling The Patterson Group or writing to: Who's Who in Luxury Real Estate, 2110 Western Avenue, Seattle, Washington 98121.
Patterson
May 11, 2009 www.csrej.com Colorado Springs Real Estate Journal 7
LOCAL & STATE
NAREB to open Colorado Springs chapterAn introduction from the Nation Association of Real Estate Brokers:
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
Inventory Homes Available for Immediate Move In CenturyCommunities.com
Colorado’s choice for upscale townhome living
ANNuAL COMMISSION uPDAtE COuRSE At LAND tItLE APRIL 29, 2009
We are opening a new chapter of NAREB here in the Springs. NAREB is a nationally recognized, multi-cultural non-profit organization that is not yet repre-sented here in Colorado Springs. Our goal is to change that with Colorado Springs Realtist Association.
The national web address is www.nareb.com. The National Association of Real Estate Brokers (NAREB®) is comprised of African American professionals in the real estate industry. Our membership includes residential and com-mercial real estate sales agents and brokers, loan officers and mortgage brokers, title companies, appraisers, insurance agents, developers,CPA's and any other profes-sional that will join us in networking to better serve our community.
Our national goal is to bring together
the nation's minority professionals in the real estate in-dustry to promote the meaningful exchange of
ideas about our business and how best to serve our clientele.
Our members are called "REALTISTS®", a term which incorporates the many disci-
plines we represent. Although composed principally of African Americans, the RE-
ALTIST® organization embraces all qualified real estate practitioners and
affiliates who are committed to achieving the ideals of our vision, which is "Democ-racy in Housing". No person shall be denied
membership for reasons predicated upon race, creed, sex, or color.
It would be great if you could as-sist in helping us get started. Sponsors
are also welcome. All members and sponsors that sign on as we start this new chapter will always be recognized as or founding members or sponsors here in Colorado Springs and all members will also have their information posted on the national website.
We would love to have you join us as a member , but any assistance and/or referrals you can offer would be greatly appreciated.
We are planning our first official meeting mid- May, anyone interested is invited. Please contact us for more information.
THANKS,
Othelia Schultz GRIBroker/OwnerPEAK VIEW HOMES REALTY LLC719-392-1163 PH 1-888-414-0472 FAX
Above: Randy Slaybaugh, Ann Brown and Rich Feasel with Land Title.
Left: Realtor continuing education with Oliver Frascona of Frascona, Joiner, Goodman & Greenstein, P.C.
Above: The class of Realtors looks on.
Right: Lindsey Nigon with LaPlata Communities, Ann Brown with Land Title, Dan Weihmiller with Epic Real Estate Group and Diane Betzer with Keller Homes.
8 Colorado Springs Real Estate Journal www.csrej.com May 11, 2009
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LOCAL & STATE
Best Newsprint (Half page and Over)Pulte Homes
Best Print CampaignThe Becky Gloriod Team
Best Sales Office/Showroom Assoc.Coutura Design Inspirations
Best Landscape Design (700,000-900,000)Timberline landscaping (Stone Crossing)
Best Landscape Design – (1.2-1.5 Mill)Stonegate Homes
Best Landscape Design – (2 Million+)Moeller Custom Properties
Best BrochureRichmond American Homes
Best Logo – BuilderClassic Homes - Encore
Best Logo – AssociateAllegory Advertising
Best Remodeling Project – Res. KitchenHammers for Hire Design/Build
Best Remodeling Project – Res. BathBeckony Kitchens & Baths
Best Remodeling Project – Res. ExteriorKenton Pass & Company
Best Web Site – National BuilderRichmond Homes
Best Web Site – Local BuilderClassic Homes
Best Web Site – AssociateNationwide Flooring & Design Center
Best Web Site – DeveloperBanning lewis Ranch
Best Interior Design for a New Home ($501,000-$700,000)Classic Homes (Greenspire)
Best Interior Design for a New Home ($1,200,000. - $1,500,000. )Drexel Heritage Colorado Springs
Best Interior Design – New Home ($1,500,000. - $2,000,000.)C R Shea Homes (Casa Estancia)
Best Interior Design – New Home ($2 Million and over)Moeller Custom Properties (Villa de Grace)
Best Signage – Off-SiteBanning lewis Ranch
Best Architectural Design for a New Home ($100,000-$300,000)Capital Pacific Homes (Mount Rosa)
Best Architectural Design – New Home ($501,000-$700,000)Classic Homes (Greenspire)
Best Architectural Design – New Home ($1,200,000. - $1,500,000.)Falcon Crest Homes (The Saxton)
Best Architectural Design – New Home ($1,500,000. - $2,000,000.)C R Shea Homes (Casa Estancia)
Best Architectural Design – New Home ($2,000,000 and over)Flying Horse Signature Homes (TheResidence)
Best Radio SpotFront Range Cabinets
Best Special Promotional EventFlying Horse
Best Single Special Promotional PieceBraintree Marketing
Best Salesperson of 2008Classic Homes (Teresa Pacheco)
Best TV SpotTodays Homes
Best New Home – Mulit-Family ($100,000-$300,000)Century Communities (The Augusta)
Best New Home – Detached ($100,000-$300,000)Capital Pacific Homes (Mount Rosa)
Best New Home – Detached ($501,000-$700,000)Classic Homes (Greenspire)
Best New Home – Detached ($1,200,000. - $1,500,000.)Stonegate Homes (Sierra Vista)
Best New Home – Detached ($1,500,000. - $2,000,000.)C R Shea Homes (Casa Estancia)
Best New Home – Detached ($2,000,000 and Over)Moeller Custom Properties (Villa de Grace)
2008 Grand AwardMoeller Custom Properties
The Winners:
Classic Homes
Stonegate Homes Flying Horse
Moeller Custom Properties (Grand Award-Winner)
Coutura Design Inspirations
PRESENTING SPONSORSherman & Howard
ENTERTAINMENT SPONSORThe Broadmoor
PlATINUM SPONSORSERA Shields Real EstateThe GazetteWells Fargo Home Mortgage
GOlD SPONSORS land Title GuaranteeStonegate Homes
Photos by Sharp Designs, Inc.
’09 budget giving you a headache?Don’t sacrifi ce your image by cutting your art budget.
LOGOS|BUSINESS CARDS|ADSAND MUCH MORE
MAME AWARD
May 11, 2009 www.csrej.com Colorado Springs Real Estate Journal 9
ON ThE MOvE
Paul goldenbogen Keller Williams Partners
Keller Williams Partners has some wonderful news we would like to share with you. We would like to announce some wonderful additions to our office. Please help us wel-come aboard Paul Goldenbogen. Paul is a past president of the Pikes Peak Association of Realtors and has been Realtor of the Year. He holds an NAR designation as a certified resi-dential broker. Paul obtained his Colorado Broker's license in 1982, and joined Heritage Realty as President in 1988. In recognition of Paul's achievement and expertise, the Gover-nor of Colorado appointed him to The Colorado Real Es-tate Commission, where today (2008) he sits as Chairman of the Real Estate Commission.
New Home Connection We would all like to welcome aboard Bob and Glenda
Miller from Heritage Realty. The New Home Connection Team consists of 15 members they are Ken Asher, Rebecca Ball, Robin Barron, Lance Freiss, Laura Gordon, Lois Ha-tridge, Gwen Reese, David Reyhons, Yesenia Rivera, Mary Ann Robertson, Mai Thy Rob-inson, Marilyn Shockley and Rachelle Staker. They have two support members as well, Millie Lujan and Courtney Schaeffer.
More New AgentsWe would also like to announce more new members Diane
Hensley, Hank Fryer, Garrie Fox, Suk Young, Elizabeth Kim, Jeany Rush, Pat Dinsmore, Bob Culbertson, Monica Maul
and Michelle Weibie. Welcome to all our new additions to the Keller Williams Part-ners Family!
terry Shattuck Spiers Real Estate
Terry Shattuck, after 20 years at Re/Max Properties Inc., has made a change in affiliation. Terry is now with Spiers Real Estate. Though this involves a bit of culture shock, he is excited about new challenges and opportuni-
ties! Though Terry will still be involved with all types of residential properties, his specialties are vintage homes and homes with huge shops and garages which appeal to car nuts and other hobbyists. Terry is an area native and, as such, is committed to maintaining the character of the region while allowing for normal expansion.
Carl Henson RE/MAX Advantage
Carl Henson has recently returned to the RE/MAX Real Estate organization and is now a Broker Associate as part of the RE/MAX Advantage team located at the en-trance to University Park. Carl first joined the RE/MAX organization in 1998, and has earned numerous awards such as the 100% club each year there after, and in 2001 and 2002 he accomplished Platinum Club status. Carl graduated from the Floyd Wickman's "Sweathog" real es-tate school and is Quality Service Certified. He is a Dale Carnegie graduate and obtained an AB under graduate degree and a Master's degree. Carl enjoys flying when
time permits and has his private pilot license with instru-ment rating. Carl's areas of Specialization are Residential properties, Relocation and Mountain property in Teller County. His Mission Statement: "I am professionally committed to increasing my knowledge & skills to pro-vide the best possible service for my clients."
Juanita Simkins Avalar Real Estate
Juanita Simkins is working at the Avalar Real Estate Solu-tions office in Falcon, CO .
Juanita is competent, friendly, and focuses on achieving the goals of her buyers and sellers. Her upbeat personality helps her to develop close relationships with her clients. Her motto is “Service, kindness, dedication and a willing-ness to go the extra mile.”
“Having lived now in the Colorado Springs area for 8 years, I’ve come to love this community & I’m convinced it’s one of the most beautiful, family-oriented and desirable places to live in the 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
Asher
Hensley
Ball Hatridge
Miller
Fryer
Robinson
Rush
Barron Reese
Fox
Shockley
Dinsmore
Freiss
Staker
Maul
Rivera
Young
Robertson
Kim
Realtornewoffice?in the
Let us know!See Page 3 for details
10 Colorado Springs Real Estate Journal www.csrej.com May 11, 2009
LOCAL EXPERT
By kennen CohanAsset Preservation Inc.—
A recent law in Colorado provides new protections for real estate investors who utilize a qualified intermediary (QI) to complete a tax deferred exchange involving property located in the State. HB 09-1254 (the “QI Act”) was signed by Governor Ritter on April 16, 2009. The new QI law establishes regulations governing QIs who participate in tax deferred exchanges in-volving investment property located in Colorado.
In enacting the new rules, the Legislature responded to several recent cases involving QIs located in or doing business in Colorado that resulted in significant financial losses for Colorado real estate investors. The first case involved a local Breckenridge attorney who sometimes served as a QI for real estate investors, “Royal” Scoop Daniel. Mr. Daniel went missing in April of 2007 and appears to have absconded with exchange proceeds esti-mated at $1.5 million dollars. The second case involved Investment Exchange Group (“IXG”) based in Denver. IXG was one of several independently owned and oper-ated QI’s acquired by 1031 Tax Group, LLC, a holding company based in Virginia controlled by Ed Okun, a Florida based real estate entrepreneur. Following 1031 Tax Group’s acquisition of IXG, the holding company
sought exchange funds from IXG to com-plete exchanges for clients of its other sub-sidiary QIs. When IXG refused to cooper-ate and deposited its exchange funds with a Colorado court, 1031 Tax Group filed a petition for bankruptcy protection. Loses to Colorado investors resulting from the 1031 Tax Group bankruptcy are estimat-ed at $14 million dollars, but total losses
generated by 1031 Tax Group may exceed $132 million dollars. Finally, in November of 2008, a large national QI, LandAmerica Exchange Services, Inc. (LandAm), a subsidiary of LandAmerica Financial Group, Inc., be-came unable to advance cash to close transactions for its clients and filed for bankruptcy protection in New York. The funding difficulty appears to have resulted from LandAm’s investment of exchange proceeds in certain investments that became illiquid in the recent financial meltdown. Losses from the LandAm failure are still be-ing tallied.
Highlights of Colorado’s 1031 Exchange Consumer Protection
The new law applies to QIs who: (i) maintain an office in Colorado, or (ii) to QIs located outside
Colorado who teach seminars or who participate in exchange transactions involving the transfer of invest-ment property located in the State. A QI subject to the QI Act must:
Change in Control: Notify all current clients of any change in control within two (2) business days after the date of the change.
Financial Insurance and Errors and Omission Insur-ance or Deposits: The QI must maintain adequate insur-ance specifically, a Fidelity bond of at least $1 million and Errors and Omission (E & O) insurance of at least $250,000 or deposit cash or irrevocable letters of credit in at least the amounts specified above.
Withdrawal Authorization: Requires both the QI and taxpayer’s authorization for the withdrawal of exchange proceeds on deposits over $250,000.
Investment of Exchange Funds: Requires written no-tification from the QI to the taxpayer of the manner in which exchange proceeds held on behalf of the taxpayer will be deposited and invested. These provisions also prohibit the commingling of exchange proceeds among multiple taxpayers.
For more information on §1031 tax deferred exchanges, call 1-800-282-1031 or email: [email protected]. This information is not intended to replace qualified legal and/or tax advisors. Every tax-payer should review their specific transaction with their own legal and/or tax counsel. © 2009 Asset Preservation, Inc. All rights reserved.
1031 Exchange (QI) Law Enacted
NAHREP CINCO DE MAYO At NORRIS PENROSE EVENt CENtER MAY 1, 2009
Below: NARHEP at the Norris Penrose Event Center. Left: Traditional dancing celebrating
Cinco De Mayo.
Below: A band was also on hand to celebrate.
Right: Michetti throwers showing off their skills.
May 11, 2009 www.csrej.com Colorado Springs Real Estate Journal 11
AROuNd ThE CORNER
MayTuesday, May 12CTM eContracts Master Class1:30pm @ Title America (Wooten)510-0379 | [email protected]
Wednesday, May 13Understand Credit Scores9am @ Warren Management719-578-1100 | [email protected]
CHFA Programs9:30am @ Empire Title719-884-5300 | [email protected]
Owning & Conveying Real Property9:30am @ Title America (Goddard)510-0379 | [email protected]
NAHREP- General Meeting and Cinco de Mayo Lunch11am @ [email protected]
Estate, Probate, and Trust Title Issues1:30pm @ Title America (Wooten)510-0379 | [email protected]
Thursday, May 14Tri-Lakes Marketing Forum8:30am @ The Inn at Palmer Divide719-534-7444
Microsoft Outlook9am @ Stewart Title719-578-1100 | [email protected]
Basic Mold Info for Realtors9am @ Empire Title719-884-5300 | [email protected]
RE & the New Bankruptcy Act9:30am @ Title America (Goddard)510-0379 | [email protected]
WCR Meeting 11am @ Embassy [email protected] | 393-3532
Homeowner Assoc. & Title Issues9:30am @ Title America (Goddard)510-0379 | [email protected]
HBA Trap Shoot11:30am @ Isaac Walton Gun [email protected] | 592-1800
Myths, Mistakes, Mayhem in the Short Sale Process1pm @ Empire Title719-884-5300 | [email protected]
Tuesday, May 19Credit Scoring1:30pm @ Title America (Goddard)510-0379 | [email protected]
Wednesday, May 20Wills, Trusts, Estate Planning9am @ Empire Title719-884-5300 | [email protected]
Meth Class9am @ Stewart Title719-578-1100 | [email protected]
Meth Labs10am @ Title America (Goddard)510-0379 | [email protected]
Real Estate IRA Investing10:30am @ Empire Title719-884-5300 | [email protected]
Colorado Association of Real Estate Appraisers (CAREA) 6:30pm @ Academy HotelGary Eisenbraun: [email protected]
Thursday, May 21Revers Mortgage for Purchasing Real Estate9am @ Empire Title719-884-5300 | [email protected]
CTM eContracts - Advanced1:30pm @ Title America (Wooten)510-0379 | [email protected]
Wednesday, May 27Reverse Mortgages1:30pm @ Title America (Wooten)510-0379 | [email protected]
Saturday, May 30First-Time Home Buyers10am @ Ent (Galley)719-550-6095
JuneMonday, June 1HBA/PAC Golf Tournament6:30am @ Kissing Camels Golf Course at Garden o/t Gods Clubwww.cshba.com | [email protected]
Tuesday, June 2Colorado Foreclosure Law9am @ Stewart Title719-578-1100 | [email protected]
Saturday, June 6Building a Home10am @ Ent (Campus)719-550-6095
Saturday, June 6 - Sunday, June 7HBA Remodeled Homes Tour10am - 5pmwww.cshba.com | [email protected]
Wednesday, June 10Bankruptcy (2 CE Hours)10am-12pm @ CB TitleKate Stedem | [email protected]
Saturday, June 20Reverse Mortgages10am @ Ent (Campus)719-550-6095
turn
call
for details
friends
rachelle
719.205.1299
cash!your
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Heritage Realty is dedicated to providing our Realtors the fi nest basic services at the lowest cost to maximize their income and freedom, allowing us to prosper as a business for the benefi t of our Realtors, employees, clients, and customers.
We are 100% local and not a franchise.
(719) 548-0400 | www.heritagecsp.com
ERITAGEREALTY Stability, Integrity, Professionalism.
– These agents have already chosen Heritage –
100% Commission$100MO.
Call us today!
Sharon Derrickson(719) 200-5004
“Selling and managing properties in Colorado Springs, Falcon,
Peyton and Calhan”
Eddie Blalock, ABR, GRI(719) 232-8586
“Put my experience to work for you!”
Nancy Weaver(719) 231-9741
“Specializes in Property Management and Residential
Sales”
Donny Coram(719) 649-2500
“I fi nd the DEALS you’ve heard about”
Lee Milner, MS(719) 471-0365
“Colorado’s only geographic real estate broker”
Carol Taylor(719) 488-0746
“Colorado native proudly serving our diverse community with 24 years of real estate experience
and perspective”
Kelly Miller, ABR, GRI(719) 310-4462
“Specializes in Bank Owned and Short Sales”
Marie Nowak(719) 641-5302
“Marie has worked in sales for 25 years specializing in Residential
and Property Management”
5265 N. Academy Blvd., Ste 3300 | Colorado Springs, CO 80918