colorado springs real estate journal
DESCRIPTION
March 23, 2009TRANSCRIPT
Vol.1 No.14 www.csrej.com March 23, 2009
ALSO INSIDEPAgE 6PAgE 3 PAgE 8
NAHREPMeeting
WCRLuncheon
Empire Title'sDirect Connect
PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO
National News ................. Page 2Local & State News ........... Page 6On the Move ................... Page 9Sales & Motivation ............Page 10Around the Corner ............Page 11
Realtors recommend responsible lending principles
Tax credit key to selling homes, marketing experts say
Deadline approaches for CAR/NAR applications
CHFA announces new home lending products
Page 6
PPAR FebruaryHousing Stats
released by Jay Gupta, Past Chairman
CHFA positions itself to meet changing economy
CHFA (Colorado Housing and Finance Authority) announced new home finance products, as well as expanded partnerships and financial operations today. The organization, which was established in 1973 by the Colorado State Legislature to finance
affordable housing and small business, said the changes are part of its efforts to weather the unprecedented changes in the economy.
"I think it is safe to say nearly every-one has been impacted by the economic downturn. Just as families and businesses are reevaluating how they operate, so is CHFA. These adjustments are designed to position CHFA to manage an unchartered environment," said Milroy A. Alexander, CHFA executive director and CEO.
CHFA's new home finance products, the CHFA HomeOpener and CHFA HomeOpener Plus, are available to both first time and non-first time homebuy-ers. Key for buyers is the availability of down payment and closing cost assis-tance through CHFA. Recent changes in federal legislation have greatly restricted the permitted types of down payment as-sistance, which has been ia struggle for buyers wanting to enter the housing mar-ket. Because of its unique status as "an instrumentality of government," CHFA is one of the few remaining resources of-fering down payment assistance, which is in strong demand.
CHFA has implemented a new re-quirement for a minimum credit score of 580, and maximum debt-to-income ratio of 45 percent on manually underwrit-ten loans to qualify. CHFA notes these new requirements are designed to ensure CHFA is keeping pace with current lend-ing standards, and not inadvertantly at-tracting subprime lenders or borrowers to its products.
'The reality is that lenders are look-ing very closely at all of their borrowers. CHFA has always done this by requiring our loans to be fully documented. These new requirements allow us to continue our practice of sound due-dilligence,"
noted Alexander. "Also, if a borrower is not in a position to buy a home today, it is in their best interests to take some time to improve their credit and budget situation, and re-enter the market when the time is better for their long-term fi-nancial stability."
What isn't changing about CHFA's home finance products? The Ho-meOpener and HomeOpener Plus offer 30-year fixed interest rates. CHFA has al-ways provided its customers with a fixed interest rate to offer borrowers payment stability. CHFA will continue its require-ment for customers to complete a home-buyer education course as a condition of qualification. The classes are free and of-fered both in person and online. CHFA also will continue its practice of servicing all of its own loans in-house. Addition-ally, CHFA will continue to require bor-rowers to bring a minimum of $1,000 to the table as good faith money towards the purchase of their home.
CHFA has established a new partner-ship with Ginnie Mae for its HomeOpen-er and HomeOpener Plus lending prod-ucts. As in the past, CHFA will purchase the loans made by their lender partners,
Time is ticking away to apply to be-come a 2009/2010 CAR Officer and/or NAR Director.
CAR is now accepting applications for 2009/2010 Officers and NAR Directors positions. The open positions are:
CAR President-Elect• CAR Treasurer •2 NAR Directors• (one 1-year term, and one 3-year term) 6 District Vice President-Elect •positions (Metro District, Moun-tain District, Northeast District,
Northwest District, Southeast District, Southwest District)
The Officers and NAR Directors ap-plications are due no later than 5:00 PM on April 1, 2009. Interviews for these positions will take place on April 22nd and 23rd, 2009 at the CAR offices.
Visit www.coloradorealtors.com to obtain a free application.
© Copyright Colorado Association of REAlTORS. Reprinted with permission.
Realtors® care about protecting consumers from unfair lending practices and are impor-tant allies in those efforts. That is the message National Association of Realtors® President Charles McMillan delivered to the House Fi-nancial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit in testimony today.
“As we have seen recently, abusive lending erodes confidence in the nation’s housing system, strips equity from homeowners and damages lo-cal and national economies,” said McMillan, a bro-ker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
In 2005 NAR adopted a set of Responsible Lend-ing Principles to encourage lending practices that en-
Home builders may be underestimat-ing the mileage they can derive from the recently enacted $8,000 tax credit for first-time home buyers and should be doing whatever they can to actively pro-mote it with their prospective buyers, ac-cording to residential marketing experts participating in an NAHB teleconference on March 16.
“Home builders and their sales and
marketing teams can use the credit to clear off excess inventory,” NAHB Presi-dent and CEO Jerry Howard told the more than 900 association members who called in for the presentation, which in-cluded a question and answer session on specifics of the provisions governing the use of the credit.
See Tax Credit page 4
See CHFA page 7
See Lending Principles page 3
2 Colorado Springs Real Estate Journal www.csrej.com March 23, 2009
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Accolades grow for NAR's Green Designation
Realtors get the right tools, right now
The National Association of Realtors® has received an Award of Excellence for its Green Designation, a program de-signed to equip Realtors® with advanced knowledge on green building practices and green property features.
The recognition was granted through the Associations Advance America pro-gram from the American Society of As-sociation Executives and The Center for Association Leadership. The Green
Designation is now eligible to be consid-ered for a Summit Award – the top rec-ognition for association programs from ASAE and CAL. NAR is one of only 21 organizations nationally to receive the AAA award for 2009.
“Realtors® are industry innovators who consistently find ways to provide their clients with cutting edge service,” said NAR President Charles McMillan, a broker with Coldwell Banker Residen-
tial Brokerage in Dallas-Fort Worth. “As green building issues become more im-portant to buyers, sellers and businesses, more and more Realtors® are adding value to the real estate transaction by develop-ing green business practices. The Green Designation is an excellent example of innovation in this area.”
NAR’s Green Resource Council con-fers the Green Designation, which was launched in November 2008 at the RE-
ALTORS® Annual Conference and Expo. The Green Designation program includes 18 hours of coursework, and Realtors® who have earned the designation are pre-pared to help consumers and clients in their search for environmentally friendly properties and work to incorporate green principles into their own practice.
“NAR’s program truly embodies the spirit of the Associations Advance Amer-ica campaign. It is an honor and an in-spiration to showcase this activity as an example of the many contributions asso-ciations are making to advance American society,” said 2008-2009 AAA Commit-tee Chair Janet C. Gibbs, chief financial officer for Feeding America.
The AAA program is a national com-petition which recognizes associations that propel America forward – with in-novative projects in education, skills training, standards-setting, business and social innovation, knowledge creation, citizenship, and community service.
© Copyright National Association of REAlTORS. Reprinted with permission.
To help Realtors® meet their clients’ needs and succeed in today’s economic climate, NAR is offering its roster of business-building resources to members for free or at significantly reduced costs through the association’s new “Right Tools, Right Now” initiative.
“NAR is the most trusted resource for real estate information, and we want to en-sure that Realtors® have easy access to these powerful resources in today’s market,” said NAR President Charles McMillan, a bro-ker with Coldwell Banker Residential Bro-kerage in Dallas-Fort Worth. “Every NAR division is contributing to this initiative so that Realtors® can better service their cli-ents and enhance their business.”
More than 300 resources are being of-fered through “Right Tools, Right Now.” Realtors® can take advantage of education and online training opportunities, access NAR publications and research, attend conventions and events, and obtain tech-nology services for free or at a discount. Local and state associations and boards also have access to resources and materi-als through the initiative.
Among the many useful tools available to Realtors® at no cost are eProduct ver-sions of the 2007 and 2008 NAR Profile of Home Buyers and Sellers and the 2007 Profile of Buyer’s Home Feature Prefer-ences, as well as valuable information on short sales, foreclosures, business tips and marketing.
For more information on the products, publications, services and enhancements available through the “Right Tools, Right Now” initiative, visit www.REALTOR.org/RightTools. © NAR
March 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 3
EMPIRE TITLE'S DIRECT CONNECT W/ERIN TOLLMARCH 12, 2009
Director of AdvertisingRachelle Nardo
Director of PublishingJosh Olson
Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published twice a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.
CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.
Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.
We welcome the submission of articles, photos and press releases. Please email any considerations to:
Article Submission•Please submit articles no lon-ger than 700 words in a Word document with an accompa-nying byline and appropri-ate contact information. A headshot is also welcomed. Please submit headshot in JPG format.
Press Releases•Please submit press releases directly into an email or an attached Word document. A PDF is acceptable but not preferred. Please include any photos in JPG format at-tached to the same email.
On the Move•Please submit a short bio no more than 150 words for any-one that has joined your team in a Word document or direct-ly in an email. A headshot may also be attached to the email as a JPG.
This is for any business in the industry (Real Estate, Build-ers, Title Companies, Mort-gage Companies, etc.)
Photos/Events•Please attached pictures in JPG format in an email with any notes or captions direct-ly in the email or in a Word document.
Office: 719.217.3433Fax: 719.550.4373
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Above: Debbie Havens with Universal Lending Corporation, geny Hawkins and Landon Stovall, Jr. with Merit Co.
Above: Jon Hoffman and Chris Lutyen of RealTeam Real Estate Center with Bobbi Price (center) of Prudential Professionals.
Above: Back – gordon Dean and Ray Brown. Front – Kevin Conolty, Todd Zulauf and Ben Quigley with RE/MAX Advantage.
Above: Marla Burkette with Merit Co, and Jim Skadden with Keller Williams Hope Realty.
Above: Back – Lori Wollaston, Natalie Koonce, Doreen Hussmann, Bill McAfee (President), Stephanie Hawthorne. Front – Elisa Sundahl, Ronda McAfee, Rebecca gossage, Karen Weller all of Empire Title.
Above: Larry Becht, Sandy Daniels and Tanya Stevenson-Becht with Park Ave. Properties.
Above: Mickie Holt with RE/MAX Advantage, Ruth Henley and Laura ginnett with Keller Williams Clients Choice, and Kerry Brill with Merit Co.
Above: Chuck and Joe Ishmael of Trademark Real Estate with Mart Lou Risinger with Cherry Creek Mortgage Co. (center).
Above: Kim Raymond with Prudential Professionals, Pat Thrasher and Nancy Murray with Keller Williams Clients Choice.
sure consumers have affordable mort-gage choices and are protected in the real estate transaction. The principles also call for ensuring strong underwriting, eliminating prepayment penalties, elimi-nating mortgage flipping, strengthening enforcement against predatory and abu-sive lending practices, and maintaining the independence of appraisers and the appraisal process.
While NAR’s written testimony fur-ther detailed the responsible lending practices that NAR has advocated for many years, the focus of McMillan’s tes-timony was appraisal independence. “Realtors® believe that a strong and inde-pendent appraisal industry is vital to re-storing faith in the mortgage origination process,” said McMillan.
With a record of supporting legislation that strikes the proper balance of over-
sight and consumer protection, NAR has endorsed legislation that would strength-en the independence of the appraisal process by ensuring appraisers serve as an unbiased arbiter of a property’s value.
To protect consumers, NAR recom-mended that lenders be required to in-form each borrower of how property
value was determined and provide them with a copy of each appraisal at no addi-tional cost. NAR also called for stronger penalties against anyone who improperly influences the appraisal process, federal support for better state enforcement, and enhanced education and qualifications
for appraisers.“The irresponsible and abusive lend-
ing that occurred during the past few years has taken a toll on our communi-ties and our nation. Now is the time to correct these problems to ensure we do not face the same circumstances in the future,” McMillan said. “Realtors® are proud to encourage responsible lending and we stand ready to work with Con-gress to ensure that the nightmare of foreclosures does not overshadow the American Dream of homeownership. As the leading advocate for homeownership and the real estate industry, NAR will continue to address issues facing Ameri-cans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial properties.”
© Copyright National Association of REAlTORS. Reprinted with permission.
“The irresponsible and abusive lending that occurred during the past few years has taken a toll on our communities and our nation."
Lending Principles from page 1
4 Colorado Springs Real Estate Journal www.csrej.com March 23, 2009
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Suggesting that it is “the best kept secret in the world” in quarters of the housing industry where it can do the most good, Dan Levitan, MIRM, CMP, of Levitan and Associates in Fort Lauderdale, Fla., noted that “except for large and regional builders, we are not doing what we should to promote this tax credit.”
Big builders have placed major banners heralding the tax credit on their Web sites, Levitan said, and Lennar and Centex have added flash productions that enable visitors to click through to information explaining the credit and the availability of attractive mortgage interest rates. “This shows us how important this tax credit is to us today in getting the buyer motivated and giving us an excuse to get in contact with that prospect and get them excited,” he said.
While the marketplace has remained slow since the credit became available as part of the massive stimulus package signed into law on Feb. 17, Levitan said that production builders are reporting that they have sold homes based on the availability of the credit in tandem with other programs they have been running to attract reluctant buyers.
“We are using it as a tool to stay in contact with our
customers and differentiate ourselves from others who aren’t promoting the credit,” Levitan said.
Educating consumers about the credit is key, and NAHB has created a detailed list of frequently asked questions that association members can deploy to pro-vide information to the home-buying public at www.fed-eralhousingtaxcredit.com. Members of the association can bolster their businesses with a range of promotional materials posted at www.nahb.org/economicstimulus.
The Real Deal
Levitan said that home builders associations have been leading efforts to promote the credit. Among them, the Greater Birmingham Association of Home Builders, in partnership with the Birmingham Association of Real-tors®, is highlighting the first-time buyer tax advantage in its “The Real Deal” campaign, a five-day event on April 16-20 that will push sales of new and resale homes listed by members of the associations.
The goal of the program, which can be franchised by other HBAs around the country, is geared to getting the local housing market moving again, and it is being pub-licized through a television, radio and print media blitz and sponsorships through leading area businesses.
“Get something like this going with your local home
builders association,” Levitan advised teleconference participants. When “everyone is working together, we ought to be able to sell tens of thousands of houses this year using the tax credit.”
Educating Salespeople
Gaye Orr, MIRM, CMP, of Coldwell Banker Advan-tage New Homes in Raleigh, N.C., said that builders need to educate their salespeople on the tax credit if they want their promotions to yield success. “We in the industry should really be up to speed on this. Your salespeople on the front line need to be comfortable with it,” she said. In the meantime, consumers are walking into sales offices “with more questions than they have answers for.”
Although it may take a tax professional to determine for prospective buyers how best to take advantage of the credit, letting people know just a few options — such as how to speed up receipt of the money from the credit — “can get people off the fence,” she said.
The credit also has significant relevance for house-holds in the trade-up market, she said, who have to sell their departure residences first before they can move to a new home, suggesting that not only first-time buyer sales agents need to have expert knowledge on how the credit works.
Combined with the availability of the credit, teaming up with a local financing company to provide financing incentives and convincing the sellers of existing homes to reduce their prices will “help sell departure residenc-es,” Orr said.
She also recommended holding home buyer seminars on the tax credit, an “old school” approach that is “tried and true,” nevertheless. “Mention the word stimulus and people’s eyes start to glaze over,” she said. “Offer past prospects the chance to come in and find out what this means for them.”
Rob Dietz, NAHB’s director of tax issues, said that the credit is “an important benefit,” with 35% to 40% of the home buying market consisting of first-time buyers. He stressed that buyers need to close on their principal residence on or after Jan. 1 of this year and before Dec. 1 to qualify.
To get the proceeds from the credit into the hands of buyers faster, filers can amend their 2008 tax returns to include 2009 home purchases. Although it is no “silver bullet” for monetizing the credit so that it can be used for a downpayment, prospective buyers who know that they will be completing settlement on a home within the eligible time period can adjust their payroll withholdings to save up money for the closing, he said.
Some state housing finance agencies — most notably Missouri, followed by Delaware and reportedly Pennsyl-vania and Alabama — have or are establishing programs that will lend prospective buyers money against the credit that can be applied as a downpayment.
An audio version of the teleconference is available at www.nahb.org/teleconference.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Tax Credit from page 1
March 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 5
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RE/MAX PROPERTIES LuXuRy HOME TOuRFEBRuARy 19, 2009
Facebook, YouTube spreadingthe word on tax credit
NAHB is utilizing popular social net-working technology to educate first-time home buyers — typically newly-married couples or recent college grads in their 20s and 30s — about the new $8,000 tax credit.
Social networking sites, such as Fa-cebook and YouTube, are becoming the most popular way for people around the world to connect with each other and share information.
A page for the first-time home buyer tax credit has been created on Facebook, which currently has 175 million active users. People can “become a fan” of the page and access the latest information and resources on the tax credit, includ-ing a consumer-focused Q&A video and television public service announcement. Visitors can also link directly to NAHB’s
Federal Housing Tax Credit Web site, which provides even more information for consumers.
NAHB has also set up its own channel on YouTube, which is the leader in online video and the premier destination world-wide to watch and share original videos with more than 200 million unique us-ers each month. People can also see the videos referenced above and subscribe to NAHB’s video-sharing page.
NAHB is encouraging friends and family to join the Facebook group and visit the NAHB YouTube channel to help get more consumers off of the fence and into their first home.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Below: Eric Pegler of Harvest Financial and Tony Clement of RE/MAX Properties tour a home.
Left: Chuck Allen and Judy Arends of RE/MAX Properties.
Above: The tour sponsors. Back – Eric Pegler of Harvest Financial, Scott West of Wells Fargo, Kristen Kuhlman of Blue Ribbon Home Warranty and Joslin Wagle of Allstate Insurance. Front – Scott Whitbeck of Home Team Inspection, Kathleen Davies of Todays Homes, Lawrence Nagle of Floor & Window Treatment and Ruthie Lohrig-Kline of Unified Title. Not pictured – Corina Salas of Salas Staging, Sandy Bond of Wells Fargo Bank and Ken Valdez of Farmers Insurance.
6 Colorado Springs Real Estate Journal www.csrej.com March 23, 2009
LOCAL & STATE
DisclaimerThis representation is based in whole or in part on information from the
Pikes Peak REALTOR® Services Corp. (“RSC”) or its PPMLS. Content is deemed reliable; however, neither the RSC nor the PPMLS nor PPAR nor Gloriod & Associates nor Jay Gupta guarantees or is in any way responsible for its accuracy. Data maintained by RSC does not reflect all real estate ac-tivity in the market. Information is deemed reliable but not guaranteed. All rights reserved. Unauthorized reproduction is prohibited.
February Stats DashboardPPMlS All Areas (S.F. / Patio Homes):
# of New Listings: 1,312# of Active Listings: 4,996# of Listings Sold: 504% of Active Listings Sold: 10%Total Sold Volume: $104,328,396Median Price: $178,000Average Price: $207,000Sale to List Price Ratio: 96.5%Average Days On Market: 96 Days
El Paso County (S.F. and Patio Homes)
# of New Listings: 1,000# of Active Listings: 4,155# of Listings Sold: 456% of Active Listings Sold: 11%Total Sold Volume: $95,936,313Median Price: $180,000Average Price: $210,386Sale to List Price Ratio: 96.9%Average Days On Market: 95 Days
PPMLS New Listings Re-caplisting Inventory continues to shrink - This is crucial step to market stabilization
S.F./Patio Existing Homes:From Jan 09 to Feb 09: 1.6%From Feb 08 to Feb 09: (21.5)%Year-to-Date 2008: 3,175Year-to-Date 2009: 2,604New Listings Dropped: (18)%
Active Listings Analysis El Paso CountyS.F. / Patio Homes February 2008:
4,155 Active Listings by Price Range :76% Active under $400,00024% Active over $400,0008% between $400 to $500,00010% between $500 to $800,0006% Active over $800,000
Sold Listings AnalysisEl Paso County (S.F./Patio Homes Jan 09):
456 Sold Listings by Price Range:94% Sold under $400,0006% Sold over $400,0002% between $400 to $500,0003.5% between $500 to $800,0000.2% Sold over $800,000
Existing Home Sales AnalysisS.F./Patio Existing Homes:
In the midst of the unprecedented economic crisis, Colorado Springs' housing market has done amaz-ingly well:Jan 09 to Feb 09 22.4%Feb 08 to Feb 09 (6.6)%Year-to-Date 08: 964 HomesYear-to-Date 09: 845 HomesChange: (12.3)%
Median Price Short Term FluctuationsWhen the median price increases, it can be reflective of the •fact that more expensive than inexpensive homes sold during that period.
Similarly, a decrease in the median price can indicate that more •
inexpensive than expensive homes sold during that period.
Median Price Relevancy: For measuring changes in the hous-ing price, Median Price has greater possibility for accuracy over a long period of time to balance the mix of expensive and inexpensive homes sold during that period.
Importance of Pricing RightSale Price to listing Price Ratio
El Paso County (S.F. / Patio Homes 2008)June 97.1% Sold 14.5% DOM 90July 97.3% Sold 15% DOM 89August 96.8% Sold 13.4% DOM 79September 96.7% Sold 13.2% DOM 95October 96.3% Sold 12% DOM 82November 97.5% Sold 10% DOM 83December 96.1% Sold 11% DOM 98January 96.9% Sold 9.2% DOM 89
February 96.6% Sold 11% DOM 95
Days On the Market (DOM)
PPMLS All Areas - February 2008:Total Active Listings: 4,996 (S.F./Patio Homes)Listings Sold: 504 10%Sold in 0 - 30 days 26%Sold in 31- 60 days 19%Sold in 61- 90 days 15% [60%]Sold in 91- 120 days 14% [74%]Sold in 120+ days 26% [100%]
SummaryIt is indeed A GREAT TIME TO BUY:
Homebuyer Tax Credit – As much as an $8,000 tax credit to •first-time buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
Mortgages are at Historically low Rates currently hovering be-•low 5%. It is important to remember that a $5,000 drop in price of a property reduces the monthly payment by $27 on a 30 year loan at 5%, whereas a 1% increase in mortgage inter-est rates to 6% would boost the monthly payments by $125.
Recently, the FHA loan limit for a single family home in El Paso •county was increased from $271,050 to $325,000 with a down payment requirement of 3.5%.
Generally speaking, currently there are motivated sellers and a •good selection of properties to choose from.
Home ownership is the key to building long-term wealth.•
Home ownership can lead to many, many years of Happy •Memories.
© Jay Gupta, Past Chairman PPAR Board. Reprinted with permission. For more information or questions please contact Jay at [email protected].
NAHREP MEETINgMARCH 11, 2009
PPAR February housing stats released by Jay Gupta
Left: Wally Kunstmann with Assisted Services Co, Christine Kimberling with Title America and Dan Roda with Keller Williams Partners.
Below: Cheryl Marantino with Re: Fresh Re: Design and Tracie Hudson with Title America.
Below: Hector Hernandez with Inside Edge Real Estate Inc, Joel glaze with Contingo Development, Ken Valdez with Farmers Insurance and Kevin Betts with Security Title.
Right: Jose garcia with Denali Stone, Claudia guzman with Keller Williams Hope Realty and Keith Loader with Ameri Dream.
March 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 7
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Coldwell Banker Residential Brokerage hosts Gala, Annual Awards Celebration
Coldwell Banker Residential Brokerage, Colorado’s leading real estate company, recently hosted its annual awards celebration at the famed Broadmoor Hotel in Colorado Springs. The gala affair recognized Coldwell Banker’s top performing real estate professionals for 2008 in an action-packed format showcasing truly re-markable achievements by dedicated broker associates who enjoyed success in trying market conditions. The event was hosted by Chris Mygatt, President of Coldwell Banker Residential Brokerage in Colorado.
Honorees included Coldwell Banker’s top 10 teams, partnerships, and individuals for 2008, in addition to various levels of achievement for the year and special in-dividual office awards. Coldwell Banker also recognized top-performing relocation professionals, two rising star broker associates who enjoyed outstanding success dur-ing their first full year in the business, and others for their performance involving Coldwell Banker Commer-cial, Coldwell Banker Home Loans, Guardian Title, and Coldwell Banker Home Protection.
“The Broadmoor Hotel is a truly remarkable facility and the perfect setting for Coldwell Banker to honor its top-performing professionals,” said Mygatt. “We are dedicated to creating exceptional real estate experiences for our clients, so it is only appropriate that the company creates an exceptional awards experience for its agents. I am extremely proud of our leading broker associates who exemplify perseverance, dedication and excellence during one of the most challenging real estate markets in history. With so many companies and businesses strug-gling to merely keep their doors open, Coldwell Banker is well poised and positioned to weather the present eco-nomic conditions while also providing our agents with the recognition they deserve.”
“The awards celebration also presented the perfect venue for introducing new programs and benefits for our clients and associates, including expanded online marketing and expanded Internet presence,” Mygatt continued. “We have also developed new agent train-ing programs, comprehensive new marketing programs, including eMarketing tools, plus upgrades to our offices and our exclusive online transaction management pro-gram called HomeBase. We had a fantastic turnout for the 2009 awards gala and I wish to thank all participants and personally congratulate our award winners for their performance in 2008.”
Coldwell Banker’s Kevin Risen, executive vice president; Ja-son Golliher, broker associate, and Kathy Macleod, manag-ing broker, from the company’s West Metro office; and Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado.
but instead of holding the loan on their books, CHFA will sell the asset as a Ginnie Mae security. CHFA will re-tain the servicing of the loan, ensuring CHFA customers experience no difference in customer service. CHFA has been rated by the U.S. Department of Housing and Ur-ban Development (HUD) as a Tier One Loan Servicer.
"CHFA is always looking to acquire capital at the most affordable rate possible so we can pass those sav-ings along to our customers. Our new partnership with Ginnie Mae offers CHFA an alternative to the munici-pal bond market. We will issue more bonds as the bond market thaws, but working with Ginnie Mae gives us a new tool in our toolbox so we can provide customers with the most competitive interest rates possible," said Alexander.
Also new for CHFA, was the Authority's first single family Mortgage Revenue Bond issuance since June 2008. CHFA issued $90 million in fixed rate, single fami-ly Mortgage Revenue Bonds (MRBs) on March 4, 2009. This issue is one of only four housing bond issues in the nation since the first of the year. Demand for CHFA bonds was strong, with a total of $218.9 million in or-
ders received. CHFA attributes the positive response to pent-up demand for housing bonds, and to the strength and stability of CHFA. All of the bonds are rated AAA by Standard and Poor's and Moody's. $28 million, or 31 percent of the bonds were sold to Colorado retail inves-tors. Prior to the bond market's freezing and economic collapse in the fall of 2008, CHAF had traditionally is-sued housing bonds every quarter. However, market conditions had prevented CHFA from moving forward until now.
"Businesses cannot pretend the economic environ-ment hasn't changed," said Alexander. "Taking this time out to re-position is the prudent, and the right thing to do for Colorado and our customers. CHFA will contin-ue to explore even more partnerships and roll out other new products in all of our lending divisions - home, multifamily, and small business finance, as the year pro-gresses."
CHFA HomeOpener and HomeOpener Plus are available through CHFA's statewide network of partici-pating lenders. Visit www.chfainfo.com to find a CHFA lender in your area, or call CHFA's Denver office at 800.877.2432 or West Slope office at 800.877.8450.
CORRECTION:In our March 9th issue, we mistakenly in-serted a quote on page 10 of the Local Expert column. We would like to apolo-gize to Jo Stinett for any inconvenience.
CHFA from page 1
8 Colorado Springs Real Estate Journal www.csrej.com March 23, 2009
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LOCAL & STATE
There is a new real estate bro-kerage in town! Freedom Real Estate Group opened their doors on March 1, 2009! Freedom Real Estate Group is owned by Realtors who are already well known in the Teller County area- Joe & Julie Watson, DJ Young, Stacey Lehner and Julie Limoge. Joe Watson is the designated broker. He and Julie have been in the real estate business for more than 20 years, working in Teller and El Paso Counties. They are also active in Kiwanis. DJ Young has been listing and selling mountain property in Teller and Park Counties for nearly 20 years. DJ serves on the Teller County Habitat for Humanity board and volunteers for the Little Chapel in the Hills food pantry ministry.
Freedom in Woodland Park
Local Realtor on HGTVJeff Robinson of Century 21 Curbow Realty featured on House Hunters
In September 2007 Pie Town Productions contacted Mercie Cur-bow with CENTURY 21 Curbow Realty looking for agents with clients who would be willing to participate in an episode of House Hunt-ers. A great story was needed, plus the agent and client needed to have a bit of personality. Jeff Robinson was working with Marcus Garcia in the search for a new home for himself and his dog Bullet. It was determined that they had the best story, right energy and were willing to go the extra mile for filming.
Jeff and Marcus worked with the Pie Town crew of three, which included a cameraperson, an audio engineer, and a
director. They spent five days filming the project over the course of five months. The House Hunter episode premiered on March 5, 2009 on HGTV. Jeff really enjoyed the filming and the opportunity to see how the TV production came to-gether.
As a Desert Storm veteran Jeff has a keen understanding of the needs of mili-tary members in transition. After much searching Jeff found the perfect home for Marcus and Bullet in Claremont Ranch. They worked well together as Marcus is a US Navy Reservist just getting back from Iraq. Jeff looks forward to helping other military members as they relocate into the community of Colorado Springs and the surrounding area.
Below: Sterling Campbell with Air Academy Federal Credit Union and Carla Starkie with Stewart Title.Below: Donna Major with RE/MAX
Real Estate Group, Peter Robberson with Welcome Home Inspections and Marsha Markwalder with RE/MAX Real Estate Group.
Right: Terry De La O–Kunkel with TDK Realty and Investment Co, Ellen Hayden with First Impression and Ruthie Lohrig-Kline with Unified Title.
Below: PatRuffin with Colorado Springs Teen Court, Inc, Lynn Edgin with Keller Williams Hope Realty and
Feli Camp with Wells Fargo Home Mortgage.
Above: Back – Cheryl Dingwell with CSI Mortgage, Julie Volk with Diversified Lending, Ann Brown with Land Title, Barbara Asbury with Prudential Professionals and Renate Carrier with Keller Williams Hope Realty. Front – Darrell Harrison with Stewart Title and Michele Van Metre with PPAR.
March 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 9
ON ThE MOvE
Rhonda Scharfenberg RE/MAX Properties
Rhoda Scharfenberg has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their South Office at 2630 Tender-foot Hill Street, Suite 100.
Scharfenberg is originally from Chagrin Falls, OH – a small town about forty-five minutes from Cleveland. She is a member of Women’s Council of Realtors and is actively supports Relay for Life and Springs Rescue Mis-sion. Scharfenberg is also an avid quilter.
With over three years experience in the New Home Sales, Sharfenberg is eager to expand her client services and specializes in working with first time home buyers. She states, “I enjoy helping people find the home they love and assisting them in selling their current home.” Sharfenberg chose to join RE/MAX Properties, Inc. be-cause of their reputation in the community.
Christina Haygood RE/MAX Properties
Christina Haygood has joined RE/MAX Properties, Inc., Southern Colorado’s largest real estate company, as a broker associate in their North Office at 1740 Chapel Hills Drive.
Haygood has gained a wealth of customer service skill in her 10-year bartending career. She easily translated those people skills into her career as a real estate profes-sional. With more than two years experience, Haygood is focusing on Residential Sales. She says, “I grew up in Pennsylvania, but moved overseas when I was in high school. Having gone to 5 high schools in four years, I’ve gained great insight into the moving process.” Haygood continues, “I’ve always worked with people and I love looking at houses. So, it seemed like the natural choice to become a Broker Associate. I feel RE/MAX Proper-ties, Inc. will give me the best opportunity to further my career.”
Jerry Costanzo G.L. Costanzo & Associates
While fluctuations in the housing market continue to make headlines, experts in the field are preparing for the inevitable growth and impact of the housing recovery.
Jerry Costanzo has completed the stringent require-ments of the National Association of Homebuilders to be designated as “Master Certified Sales Professional” (MSCP).
Costanzo, principal of G.L. Costanzo & Associates, Inc., is an active member of the Housing and Building Association of Colorado Springs and joins an elite group of industry professionals. He is the first such designee in southern Colorado and one of five in state.
“Forecasting future trends is an integral part of our business model,” commented Costanzo, President and Founder of New Homes Research, the operating compa-ny of G.L. Costanzo & Associates, Inc. “We assist our cli-ents in determining the right products, in the right loca-tions, for the right customers, at the right price through the right sales team.”
In addition to his two masters degrees, Costanzo has achieved the highest level of NAHB designation as a Member of the Institute of Residential Marketing (MIRM), Certified Active Adult Specialist in Housing (CAASH) and Certified Sales Professional (CSP). He serves as a University of Housing (NAHB) instructor and is a former board member of the National Sales and Marketing Council and the 50+ Council.
The MCSP designation requires completion of aca-demic courses, a minimum of three years experience and required continuing education.
Charles E. Walk, Sr Keller Williams Partners Realty
Charles E. Walk, Sr has joined Keller Williams Part-ners Realty.
Charles, a native of Detroit, Michigan, completed 24 years of active duty in the US Army and retired in Colo-rado Springs in 1992. He started his own business, PC Rescue Services in 1994, and provided computer sales and services to Colorado Springs as the owner and tech-nician for 12 years. Throughout both career ventures he learned and applied the art of customer service to caring for soldiers, their families and the community of com-puter users.
Charles is a devoted father of 3 adult sons and a grand-father of 8. Charles enjoys watching sporting events and staying in shape with regular exercise and bowling. As a family man, former military member and a caring indi-vidual, he continues to focus on the quality of customer service that a home buyer or seller would expect from a true Real-estate professional.
New Agents at Keller Williams Partners Realty
Keller Williams Partners Realty would like to wel-come the following agents to our office, we are very hap-py to ad them to our office: Steven Wright*, Kim Butler, Juanita Simkins, and David Wick. *Phone unavailable.
Be a Part of this SectionSee Page 3 for Details
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
Butler Simpkins Wick
10 Colorado Springs Real Estate Journal www.csrej.com March 23, 2009
SALES & MOTIvATION
Managing your time and your goals
By Charlie RoterSales Trainer—
What is success to you? Ask yourself these questions:
1. How can you be more successful?2. Why is it so difficult to focus your energy on your goals?3. Why are you always running out of time?
Time UtilizationThe $86,400 question – If you had a bank that credited your
account each morning with $86,400, that carried over no bal-ance from day to day, and allowed you to keep no cash in your account, and every evening canceled whatever part of the amount you had failed to use during the day, what would do? Draw out every cent, of course!
You do have such a bank, and its name is “time”. Every morning, it credits you with 86,400 seconds. Every night, it rules off, as lost, whatever you failed to invest in a good purpose. If you fail to use the day’s deposits, the loss is yours.
Premise:There is not enough time in the day to get all the things done you want to do! Accept
this premise and you are on your way to improving your use of time. If you still believe you can do everything you want to, you will remain as frustrated as you are right now.
Solution:Since you can’t do everything you want to, the logical solution is to begin eliminating
certain tasks. You do this by saying “NO” and separating your HIGH PAYOFF AC-TIVITIES from your LOW PAYOFF ACTIVITIES.
Make a listWhat are you doing with your time? Ask yourself this- “Is what I am doing right
now helping me to sell another home or helping me achieve a personal or professional goal?” Is today getting you one day closer to what you want to be, or what you want to have in life? Listed below are some common time wasters for real estate sales people:
Take the time to make a list of “time wasters” that you encounter which keep you from reaching your goals.
The Action PlanOrganize your plan into three parts:
Goals for the day – the core tasks you must get done. Prospect follow up, setting ap-1. pointments for return visits, Realtor activities, prospecting for referrals, etc.
Scheduled appointments, meetings, and blocks of time set aside for specific 2. responsibilities.
A to-do list of things you don’t want to forget and lower priority items you would like to 3. get done if possible.
Here is an excerpt from chapter four (Knowing Your Authentic Self) of True North, a book on leadership written by Bill George (Published by Jossey- Bass 2007):
“The advice to know yourself is thousands of years old. But knowing ourselves at the deepest level is not easy, as we are complex human beings with many aspects to our character. We are constantly evolving, as we test ourselves in the world, are influenced by it, and adapt to our environment – all in an attempt to find our unique place."
With over 20 years of experience in the housing industry in strategic sales and marketing roles, Charlie Roter, has worked with many major home building companies developing and communicating their company’s vision and strategy through training, positioning, branding, and associated growth initiatives. For questions or comments visit www.charlieroter.com.
High payoff activitiesDirectly related to your goals•Can’t be delegated •Might be unpleasant •Might be difficult to do•Tend to be risk-taking•High return on investment•
Low payoff activitiesNot related to your goals•Comfortable to do•Non- creative•Non- risk taking•Routine•Trivial•
Telephone interruptions•Inadequate planning•Attempting too much•Drop in visitors (not prospects)•Failure to delegate•Personal disorganization•Lack of self discipline•Inability to say “No”•
Procrastination•Meetings•Paperwork•Leaving tasks unfinished•Socializing•Confused responsibility•Poor communications•No goals•
Time Wasters:
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March 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 11
ArOuNd ThE COrNEr
MARCHTuesday, March 24Green Day at HBA11:30am @ HBA Office www.cshba.com
Wednesday, March 25Advanced Foreclosure & Short Sale9am @ Empire [email protected] / 719-884-530
Saturday, March 28First-Time Home Buyers10am @ Ent (Galley)719-550-6095
APRILWednesday, April 1Business Safety Seminar8am@ Falcon Police StationRSVP @ [email protected] 719-444-7276
Thursday, April 2B.L.E.E.P8:30am @ Latigo Trails Roxene / 719-495-6213
HBA Battle on Ice5:15pm @ Sertich Ice Arena [email protected] / 719-592-1800
HBA Membership After Hours6pm @ Central Bancorp [email protected] / 719-592-1800
NAHREP-Presents Nuestro Barrio6pm @ Latin [email protected]
Friday, April 3Breakfast w/the Builders of Banning Lewis Ranch8:30am @ Banning Lewis Ranch www.cshba.com
Wednesday, April 8NAHREP11:30am @ East [email protected]
Thursday, April 9Tri Lakes Marketing Forum8:30am @ The Inn at Palmer DivideKim Rossback / 534-7444
WCR Meeting “Think Like a Spy” (on Identity theft)11am @ Embassy [email protected] / 393-3532
Realtor Rally7:30am @ 700-14th St. Denver720-748-4872
Saturday, April 11Reverse Mortgages10am @ Ent (Galley)719-550-6095
Wednesday, April 15CHFA Homebuyer Education ClassTom Craddock / 576-0909 ext 222
Thursday, April 16Pikes Peak Marketing Forum8am @ Colo. Springs Country ClubRuthie Lohrig–Kline / 719-492-3998
Metro List AdvantageTBD @ Land Title719-634-4821
Friday, April 17On and Offline Marketing7:30am @ Crowne Plaza Hotelwww.cshba.com/ 592-1800
Saturday, April 18thHBA MAME AwardsBroadmoor International [email protected] / 719-592-1800
Thursday, April 23HOA's1pm @ Land TitleChristina / 719-634-4821
Saturday, April 25First-Time Home Buyers10am @ Ent (Campus Dr.)719-550-6095
March for Babies9am @ America the Beautiful ParkMarchforbabies.org / 473-9981
MAyFriday, May 8NAHREP State ConventionAll day in [email protected]
Wednesday, May 13NAHREP- General Meeting and Cinco de Mayo Lunch11am @ [email protected]
Thursday, May 14WCR Meeting “Put a Little Personality in Your Marketing”11am @ Embassy [email protected] / 393-3532
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