colorado springs real estate journal
DESCRIPTION
February 23, 2009TRANSCRIPT
Vol.1 No.12 www.csrej.com February 23, 2009
ALSO INSIDEPAgE 4PAgE 3 PAgE 6 PAgE 8
NAHREPMeeting
HBABreakfastw/the Builders
Tri LakesMarketingForum
WCRLuncheon
PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO
National News ................. Page 2Local & State News ........... Page 5On the Move ................... Page 9Local Expert ................... Page 10Around the Corner ............Page 11
Source: Springsgov.com. For more information please visit their website.
Broker fees bill dies in committee
Realtors advocate quick implementation of
Stimulus Package
Page 11
PPAR JanuaryHousing Stats
released by Jay Gupta, Past Chairman
CAR worked diligently and suc-cessfully to get SB 28 out of commit-tee with CAR President Amy Dorsey testifying on behalf of Colorado RE-ALTORS®. However, the commit-tee report was never signed and the bill was brought back to committee where it was then “postponed indefi-nitely” earlier this week, rendering the bill dead.
In November of 2008, the Colo-rado Division of Real Estate (DRE) doubled many of its license fees and quadrupled one. Although CAR be-lieves that maintaining an active, well-funded and efficient DRE is essential to protect the public interest, REAL-TORS® deserve adequate notification and the proper justification when new fee increases are proposed.
CAR feels the upside of this defeat is we got to tell our story and many more decision-makers are now aware of how the Division handled the in-crease of real estate broker fees, the state of the housing economy and the people who make their business real estate.
The Association knew this would be a tough bill and will continue its involvement and monitoring of the directions and activities of the Colo-rado Real Estate Commission.
© Copyright Colorado Association of REAlTORS. Reprinted with permission.
Now that the American Re-covery and Reinvestment Act has been signed by President Obama, the National Association of Real-tors® is looking forward to swift implementation.
“We are pleased that Congress and the administration have taken prompt action to address the cur-rent economic crisis,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage Dallas-Fort Worth. “Job creation and tax cuts are going to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.”
An economic recovery is not possible without a housing recov-ery, and the legislation contains
two important housing provi-sions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the re-payment requirement of earlier legislation. In addition, the credit availability has been extended un-til December 1.
“These important provisions will help bring first-time home buyers to the market and reduce housing inventory,” said Mc-Millan. NAR estimates that the home buyer tax provisions could
NAR estimates that the home buyer tax provisions
could stimulate up to 300,000 additional home sales
Springs' top 25 accident-prone intersections
Business plans, working capital crucial in lean times
Briargate Pky. & Powers Blvd.1. Palmer Park Blvd. & Space Center Dr.2. Rangewood Dr. & Vickers Dr.3. Nevada Ave. & Southgate Rd.4. Lake Ave. & Venetucci Blvd.5. N. Powers Blvd. & Research Pky.6. Barnes Rd. & Powers Blvd.7. N. Carefree Cir. & Tutt Blvd.8. Fountain Blvd. & Union Blvd.9. Airport Rd. & Academy Blvd.10. Powers Blvd. & Union Blvd.11. Dublin Blvd. & Union Blvd.12. Austin Bluffs Pky. & Stetson Hills Blvd.13. Milton Proby Pky. & Powers Blvd.14. Bijou St. & Chelton Rd.15. Airport Rd. & Cir. Dr.16. St. Elmo Ave. & Nevada Ave.17. Colorado Ave. & Pikes Peak Ave.18. Bijou St. & Cascade Ave.19. N. Carefree Cir. & Oro Blanco Dr.20. Powers Blvd. & S. Carefree Cir.21. Platte Ave. & Meade Ave.22. Barnes Rd. & Tutt Blvd.23. New Center Point & Carefree Cir.24. Platte Ave. & Academy Blvd.25.
To survive today’s tough economic times, builders need to develop de-tailed business plans that clearly spell out their cash flow projections and fu-ture performance, according to busi-ness management experts at an Inter-national Builders’ Show seminar in Las Vegas last month.
“The industry is in a survival mode today. Lenders are more involved in home building operations so now is the time to enhance your systems and processes,” said Steve Hays, partner-in-charge of RubinBrown’s Home Builder Services Group.
Stressing that monitoring key fi-nancial numbers and ratios is critical to achieve operating success, Hays said that total direct costs of construc-tion should be no more than 80% of the home sales price.
“Direct construction costs, the ‘sticks and bricks’ that go into a home, are the biggest cost that a home builder incurs,”
said Hays. “The characteristics of the best builders are the ability to monitor and manage these costs.”
To better manage overhead, Hays suggested that builders should cross-train their staff members to keep them productive; walk through their job sites often to identify needless waste and opportunities for savings; review each income statement to look for cost sav-ings; and budget warranty costs and units closed in prior years to avoid un-known surprises.
Operating expenses are another area builders need to focus on, according to Felicia Malter, a partner in Rubin-Brown’s Assurance Services Group. For example, to decrease sales expenses, she suggested that builders construct no more than the number of model homes needed, review the days and hours that sales agents staff the model homes and
See Lean Times page 4
See Stimulus page 3
2 Colorado Springs Real Estate Journal www.csrej.com February 23, 2009
NATION
Expanded TALF will encourage commercial real estate investment
Despite price declines, metal thefts continue to hit home builders hard
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The U.S. Treasury’s announcement that commer-cial mortgage-backed securities will now be accept-ed as eligible collateral for the Term Asset-Backed Loan Facility (TALF) will encourage investment in the commercial real estate market, according to the National Association of Realtors®.
Over the past year, the broader credit crisis that has permeated the world’s capital markets has in-creasingly curtailed commercial lending activity. Banks have tightened their credit standards and reduced loan volume while the commercial mort-gage-backed securities market has stopped func-tioning effectively. Without liquidity, commercial borrowers face a growing challenge of refinancing maturing debt and the threat of rising delinquen-cies and foreclosures.
“A severe lack of credit threatens commercial real estate and poses significant risks for the whole economy,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Broker-age in Dallas-Fort Worth. “Expanding the TALF and opening it up to commercial mortgage-backed
securities is a movement in the right direction, and welcome news for the American economy.”
The announcement implements policy direc-tions recommended and endorsed by NAR’s Real-tors® Commercial Alliance through its Commercial Economic Stimulus Work Group. The work group developed a plan to address high-priority issues like lack of credit to avoid further losses in the commer-cial real estate markets as a part of the national eco-nomic recovery plan.
“Though much still remains to be done, this policy decision will help reassure investors in the vital commercial real estate sector, which provides more than 9 million jobs and generates roughly 70 cents out of every dollar in local government bud-gets,” said RCA Chair Robert Toothaker. “There is no secondary market for commercial mortgages, so it is important to encourage lenders and investors whose activity will be essential in refinancing the performing commercial real estate loans in the mar-ketplace, many of which are due to reset soon.”
Under the new approach, TALF credit facilities
will be extended to newly originated AAA-rated securities backed by commercial real estate loans. “This important measure will enhance liquidity and ease the lending crisis facing commercial markets,” said Toothaker.
Expanding the TALF program to include com-mercial mortgage-backed securities has been a key part of NAR’s message to policymakers and is inte-gral to the commercial economic stimulus plan de-veloped by the association’s commercial leaders.
“NAR is encouraged by this positive announce-ment and will continue to work with Congress and the regulatory agencies as further policy options are considered to address the crisis in the credit market and ensure overall economic recovery so that real estate will once again lead the economy to recov-ery,” Toothaker said.
© Copyright National Association of REAlTORS. Reprinted with per-
mission.
Even though copper prices have declined more than 50% from six to eight months ago, when cop-per fetched as much as $4 a pound, the theft of copper and other nonferrous metals from building sites across the country continues to plague home builders.
Many states have already passed laws regulating scrap metal sales or criminalizing scrap metal theft. States also have expanded the scope of these laws from just copper to more general nonferrous met-als. Metal theft laws are on the books in 33 states.
The most common legislative approach establish-es regulations requiring scrap metal buyers to iden-tify sellers and keep detailed records of purchases. Among the most recent legislative developments at the state and federal level:
Three bills were introduced this month in Oregon. •House Bill 2422 bans the sale or purchase of a cata-lytic converter unless the seller or purchaser has a permit issued by the Department of Transportation. Two other House bills — 2421 and 2423 — pro-pose stricter penalties for metal thieves and require scrap metal businesses to maintain sales records.
In Michigan, Governor Jennifer M. Granholm signed •legislation at the beginning of January that makes a person who knowingly buys or sells stolen scrap metal subject to felony penalties, including imprisonment for up to five years, a fine of up to $5,000, or both.
While it failed to pass in last year’s lame duck Con-•gress, the National Copper Theft Prevention Act of 2008, sponsored by Rep. Bart Stupak (D-Mich.), is likely to make a return in the current session. If passed, the law would require better recordkeeping by copper recyclers and prohibit cash payments of more than $500. The bill provides for a civil penalty of up to $10,000.
In addition to a legislative solution, local initia-tives are crucial to limiting copper thefts.
See Wire Thefts page 4
February 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 3
WCR LuNCHEONFEBRuARy 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.
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NATION
Not affiliated with The Colorado Springs Business Journal
Above: Ann Brown with Land Title, Virginia Berry with Approval Reverse Mortgage, Ruthie Lohrig–Kline with Unified Title and Roxene Ballard with Lone Pine Properties.
Right: Ellen Hayden with First Impressions, and Toni Sparks with The Rawhide Company.
Above: Ann Brown with Land Title, Virginia Berry with Approval Reverse Mortgage, Ruthie Lohrig–Kline with Unified Title and Roxene Ballard with Lone Pine Properties.
Right: Jared May with Stuart Scott, Ltd, Bill Hurt with ERA Shields and Ron Pipkin with Stewart Title.
Left: Laurie Klipfel with The Platinum Group, Micheal Podoyak with North American Title Company, Susan Craig and Noreen McConnell with Avalar Real Estate Solutions.
stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from being “un-derwater” on their mortgage, which can often lead to foreclosure.
The bill also reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac. “These higher loan limits are important to make mortgages affordable regardless of where you live. This will also help re-duce inventory and improve liquidity in the overall mortgage market,” Mc-Millan said.
NAR commended President Obama and Congress for including resource allocation for neighborhood stabilization efforts to help com-munities purchase and rehabilitate foreclosed and vacant properties. This funding will protect communi-ties across the country and preserve home values from further decline. Realtors® also praised the provision to help America’s wounded warriors who need to move or relocate.
NAR’s housing policy agenda also includes better foreclosure mitiga-tion efforts and lower interest rates for homeowners and buyers. These components in support of a housing recovery are expected to be addressed in the coming days.
NAR pledged to continue to work with President Obama, Congress and the regulators to make housing stabi-lization a key component of any fed-eral recovery plans.
“NAR will continue representing Americans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial proper-ties. We believe that positive steps are being taken to improve the housing market, and it is important that we keep moving forward with our ef-forts,” McMillan said.
The National Association of Real-tors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residen-tial and commercial real estate indus-tries.
© Copyright National Association of REAlTORS.
Reprinted with permission.
"An economic recovery is not possible without a housing recovery"
Stimulus from page 1
4 Colorado Springs Real Estate Journal www.csrej.com February 23, 2009
NAHREP MEETINgFEBRuARy 11, 2009
For Information About Vanguard Homes’ Offerings Please Contact
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NATION
Georgia is leading the charge nationally to crack down on metal thefts with the creation of its Active Metal Theft Task Force. One of its functions is to e-mail theft alerts to a distribution list in order to bring immediate attention to stolen prod-ucts that may be presented for sale.
“Metal theft continues to be a thriv-ing industry in Atlanta” reports Chris Burke, vice president of government affairs for the Greater Atlanta Home Builders Association. “The theft task force here has grown from just being the city of Atlanta to include police departments and private industry from around the region.”
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
market to their customer niche to avoid wasting their ad budget.
Declaring that net income is the most important number for builders, Malter told seminar attendees that if they had a bad year in 2008, they need to look at their balance sheet and make it as clean as possible moving forward so that when the market does bounce back, they will be poised for sales.
Malter also suggested that builders should strive to keep their debt-to-eq-uity at no more than a 4:1 ratio.
She also noted that businesses that generally maintain a large amount of working capital will be more success-ful since they will have more latitude to expand and improve operations.
With banks tightening lending standards across the board, Malter
said that builders need to be prepared for lenders requiring them to oper-ate with less land, to construct fewer specs and model homes, to restruc-ture covenants on debt-to-equity ra-tio and to maintain higher net worth requirements.
“I can’t stress enough that you must maintain an open and honest com-munication with your lenders,” added Hays. “Keep lenders informed on what is going on with your business. They don’t want any surprises.”
Efficiency and productivity ratios are also areas that builders should fo-cus on, according to Steve Maltzman of SMA Consulting in Redlands, Ca-lif.
“How productive is your sales team? You need to track the total sales per number of full-time employees and number of starts or closings per
superintendent,” he said.Other key measurements include
sales and marketing data, such as re-ferral ratios, defined as total sales or traffic divided by the number of cus-tomer referrals.
“Referral ratios are typically our best and cheapest resources,” said Maltzman, who added that builders who improve these ratios through follow-ups with their customers typi-cally sell more homes.
In gauging their bottom line, Maltz-man also urged builders to keep a close eye on quality measurements, such as the number of punch list items that must be serviced on each home before closing and total service request items per number of homes under warranty.
The above article has been provided to you compli-
ments of NAHB and Nation’s Builder News.
Wire Thefts from page 2 Lean Times from page 1
February 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 5
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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.
January Stats OverviewPPMlS All Counties (S.F. / Patio Homes):
# of New Listings: 1,291# of Active Listings: 4,925# of Listings Sold: 413% of Active Listings Sold: 8.4%Total Sold Volume: $82,039,972Median Price: $173,000Average Price: $198,644Sale to List Price Ratio: 96.6%Average Days On Market: 92 Day
El Paso County (S.F. and Patio Homes)
# of New Listings: 1,132# of Active Listings: 4,022# of Listings Sold: 372% of Active Listings Sold: 9.2%Total Sold Volume: $75,420,371Median Price: $174,450Average Price: $202,742Sale to List Price Ratio: 96.9%Average Days On Market: 89 Days
PPMLS New Listings Re-caplisting Inventory continues to shrink - This is crucial step to market stabilization
S.F./Patio Existing Homes:From Dec 08 to Jan 09: (44.7)%From Jan 08 to Jan 09: (14.1)%Year-to-Date 2008: 1,503Year-to-Date 2009: 1,291New Listings Dropped: (14.1)%
Active Listings Analysis El Paso CountyS.F. / Patio Homes January 2008:
4,022 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):
372 Sold Listings by Price Range:94% Sold under $400,0006% Sold over $400,0003% between $400 to $500,0002.4% between $500 to $800,0000.8% 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 compared to much of the country:Year-to-Date 08: 465 HomesYear-to-Date 09: 380 HomesChange: (18.3)%
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
Days On the Market (DOM)
PPMLS All Areas - January 2008:Total Active Listings: 4,925 (S.F./Patio Homes)Listings Sold: 413 8.4%Sold in 0 - 30 days 28%Sold in 31- 60 days 18%Sold in 61- 90 days 17% [63%]Sold in 91- 120 days 13% [76%]Sold in 120+ days 24%
SummaryIn summary, I would like to suggest to prospective buyers
that right now may be the best time to buy a home. Let me provide you some critical reasons for your consideration:
Everyone is aware that the current economic crisis has dragged •housing prices down dramatically. Now, to revitalize America's economy, the government is speedily working to finalize the de-tails of an unprecedented financial rescue package that could include billions of dollars in aid for struggling homeowners. In response, JPMorgan Chase and Citigroup Inc. announced plans to temporarily halt foreclosures. It is expected that as the rescue package stabilizes the housing market, the prices will start to climb again.
It is important to understand the long term impact of a low •interest rate mortgage. For example, the monthly payment on a $250,000 fixed rate, 30 year mortgage at 6% interest is about $1,500. For the same amount of monthly payment, at 5% interest rate a borrower can borrow almost $30,000 more and at 4% interest almost $64,000 more.
Right now, there is a good selection of properties to choose from.•
Home ownership is the key to building long-term wealth.•© Jay Gupta, Past Chairman PPAR Board. Reprinted with permission. For more information or questions please contact Jay at [email protected].
PPAR January Housing Stats released by Jay Gupta
6 Colorado Springs Real Estate Journal www.csrej.com February 23, 2009
BREAKFAST WITH THE BUILDERS
Todays Homes
G.J. Gardner Homes
Journey Homes Vantage Homes Allegory Advertising Colorado Publishing Company
Ron Covington Homes Cordera Wolf Ranch
A: Kevin Thomas of RealEstate.com tries out Wii Bowling at Pulte Homes’ booth. B: Teri Wojcik of Keller
Williams Clients Choice Realty and Therese lorentz of Prudential Professional Realtors. C: Jerry and Jeff
Clark of RE/MAX Advantage. D: Jay Gupta of Gloriod & Associates and Jim Martin of ERA Shields.
E: Stephen Horch of RealEstate.com, Tali Kremmel of Prudential Professional Realtors and Jerry Hunn of
Prudential Professional Realtors. F: Waynette Rand, Gay Chartier and Barbara Harris of Harris Group Realty.
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WR Starkey Mortgage. J: Anita Roland, Carole Newhouse and Ann Patterson of Century 21 Metro Alliance.
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February 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 7
www.Wolf-Ranch.comor call 719.597.WOLF(597.9653)
Wolf Ranch is the future of Colorado Springs, with neighborhoods that are master planned around the way families want to live, and a Community Council to help weave a strong social fabric. � e community o� ers some of the most spectacular views of the Rocky Mountain Front Range and ultimately, Wolf Ranch will feature a town center, over 300 acres of open space and parks, 10 miles of trails, a 14-acre lake and a variety of community recreation amenities, including swimming pools.
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8 Colorado Springs Real Estate Journal www.csrej.com February 23, 2009
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FEBRuARy 12, 2009
Peoples National Bank opens at 19 North TejonPeoples National Bank, a com-
munity bank and mortgage com-pany serving El Paso County for over 30 years, re-opened its 7th location in Colorado Springs on Monday, February 2, at 19 North Tejon Street in downtown Colo-rado Springs.
The newly renovated location, a 3,700 square foot space on the street level of 19 North Tejon, is owned by 19 N. Tejon Partners, LLC, which LandCo Equity Partners, a local real estate de-veloper, is a member. The bank will primarily serve as a busi-ness banking hub offering free seminars, financial planning, loan advisement and consulta-tion, and a community room for
area businesses.“Peoples National Bank has a
wide variety of mortgage, loan and investment services to of-fer individuals and companies throughout the region,” says Brendan Zahl, Senior Vice Presi-dent of Peoples National Bank. “Our downtown location will specifically serve local business-es, offering expanded services to
meet the growing needs of com-mercial and small business own-ers.”
Award-winning Senger Design Group brings an urban-styled perspective to the space, capi-talizing on natural light features through the building’s enlarged windows, soft toned interior and modern hues to serve progressive downtown clients in the heart of the city.
“Growth in downtown Colo-rado Springsis vital to our city’s future,” says Jim Brodie, CEO, LandCo Equity Partners. “We are thrilled an established, local-ly owned bank is joining down-town’s business base in the heart of town.”
Above: Wayne Curtis and Darleen Deans with RE/MAX Properties, Mike Law with Merrill Lynch, Shirley Dobbs with Security Title and Don Rott with Farmers State Bank.
Above: Patricia Mellin with Richmond American Homes, John Wheaton with RE/MAX Properties and Joslin Nagle with Allstate Insurance.
Above: Matt Hall with Legacy Title, Susan Shields with Prudential Professional Realtors and Betty Morgan with Designs by Betty.
February 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 9
ON ThE MOvE
Dianna Chadick PrudentialProfessional Realtors
Prudential Professionals are excited to announce an-other experienced real estate broker has joined its family of REALTORS®. Dianna Chadick is a veteran of real es-tate sales. She is very knowledgeable in pricing proper-ties to get the quickest transaction, at the highest price with the lowest amount of inconvenience. Ms. Chadick also works very closely with mortgage professionals to help her buyers find the right program for their needs. Dianna knows that one size does not fit all. Real Estate is a very personal transaction. Dianna Chadick looks for-ward to hearing from you.
Kelly Miller Heritage Realty
Kelly Miller has joined Heritage Realty. Kelly special-izes in all areas of Colorado Springs and Pueblo. She is dedicated to giving each client the time and service they need until they feel safe and secure with their decisions. Kelly holds the A.B.R and G.R.I. designations. She also has 23 years experience in Manufacturing Management.
Kelly is also interested in helping children in need. She sponsored eight families that were relocating from New Orleans.
New Agents at PrudentialProfessional Realtors
Alan Armour We are pleased to announce that Alan Armour, an
experienced REALTOR®, has joined the Prudential Professional team. He specializes in residential and income property in the greater Colorado Springs area. Alan’s experience has allowed him to develop a great knowledge of our real estate market. Regard-less if the property is large or if it is small, Alan gives each client his undivided attention. Alan is a mem-ber of the Pikes Peak, Colorado and National As-sociation of REALTORS®.
Cynthia SmithPrudential Professionals are excited to announce
another experienced real estate broker has joined its family of REALTORS®. Cynthia Smith is a veteran of real estate sales. She is very knowledgeable in pricing properties to get the quickest transaction, at the highest price with the lowest amount of incon-
venience. Ms. Smith also works very closely with mortgage professionals to help her buyers find the right program for their needs. Cynthia knows that one size does not fit all. Real Estate is a very per-sonal transaction. Cynthia Smith looks forward to hearing from you.
John MachWe are pleased to announce that John Mach, an
experienced REALTOR®, has joined the Pruden-tial Professional team. He specializes in residen-tial property in the greater Colorado Springs area. John’s experience has allowed him to develop a great knowledge of our real estate market. Regardless if the property is large or if it is small, John gives each client his undivided attention. John is a member of the Pikes Peak, Colorado and National Association of REALTORS®.
John Cafasso RE/MAX Advantage
John Cafasso has recently joined Re/Max Advan-tage as a Broker Associate. Originally from Massa-chusetts, John has been a resident of Colorado since 1992. He obtained his real estate license in 2000 and he obtained his Graduate of the Realtor Insti-tute, Certified Residential Specialist, & Eco Broker designations. In addition, John obtained his Mas-ters Degree in Public Administration at UCCS and was employed as a Probation Officer in El Paso & Jefferson Counties for six years. John has been a top producing REALTOR for 8 plus years and special-izes in residential resale and new homes along with Bank Owned properties just waiting for that smart investor or buyer looking for a great opportunity in the Pikes Peak Region. John,s motivation is to serve his clients and customers with the highest degree of professionalism and expertise possible and looks forward to serving your Real Estate needs.
The Colorado Best Team Heritage Realty
The Colorado Best Team has joined Heritage Re-alty. Pictured are (top): Marie Nowak, Brandi Ris-ley, Bon Kalita; (bottom): Kelly Miller, Nancy Weaver; (not shown): Denise James and Juelle Whinnery.
The team proudly holds
Masters, Court Reporting, Paralegal degrees as well as A.B.R. and G.R.I. designations. They have over 25 years of background experience in customer ser-vice and sales.
The team specializes in Property Management, Residential Sales including Bank Owned and Short Sales. The team goal is finding the right home for their clients, whether it be a purchase or rental.
Tiffany Lachnidt Keller Williams Clients Choice
Tiffany Lachnidt is a natural leader. Her talent is demonstrated daily with the team of professionals she has carefully chosen to create The Distinctive Group. Tiffany is a native Coloradan and in less than four years has become a leader in the real estate and investment community of Colorado Springs, CO. She has chosen to make her home over the past few years with Keller Williams Clients’ Choice Realty.
“We have never seen an economic situation the likes of what we see today. Through education and communication with consumers, banks and the real estate community we are striving to help the recov-ery effort one client at a time. One distressed home-owner at a time”. Lachnidt said at a recent workshop she held.
“I am teased by my colleagues and other pro-fessionals in the Real Estate and investment com-munity, as the “Short Sale Queen”. You can call me anything, as long as my Team and I are able to keep people out of foreclosure.
Brooke Barrett New Home Associatesof Colorado
Hi, my name is Brooke Barrett and I recently joined New Home Associates of Colorado. I am originally from Upstate New York, but once I visited Colorado Springs I knew this was the place I wanted to live my life. I love my job and take pride in finding my clients the right home for their particular situa-tion. I have been working with military families for 7 years now and realize the difficulties that arise in changing stations. In my spare time I enjoy hiking with my Golden Retriever. We also enjoy camping, fishing and spending time with friends.
The more things change, the more some stay the same.
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10 Colorado Springs Real Estate Journal www.csrej.com February 23, 2009
Foreclosure investors not exempted from FHA seasoningBuyers at foreclosure auc-
tions must purchase with cash (eliminating much competition), often don’t have the opportunity to inspect the interior of the property, and risk being re-deemed out by junior lien holders. Generally, foreclo-sure buyers acquire proper-ties at below their retail fair market value. While it is intuitive that they should be exempted from FHA’s seasoning requirements when flipping prop-erty, foreclosure buyers are not so exempted.
The commonsensical premise of the FHA sea-soning requirements is that the rapid resale of a property at a price over the acquisition price makes the resale price suspect, therefore making the financing that funds the flip transaction, and is secured by the flipped property, suspect. Federal regulation 24 CFR Part 203.37 restricts the avail-ability of FHA mortgage insurance for properties that are re-sold less than 90 days following the date of acquisition by the seller.
The regulation provides that the 90 day clock starts on “the date the seller acquired the property.” Title passes at closing when the seller delivers, and the buyer/flipper accepts, the deed. Yet some FHA underwriters interpret the regulation to start the 90 day clock later, on the date on which the flipper’s acquisition deed is recorded.
Under Colorado law, title passes to the holder of the certificate of purchase eight business days after
the foreclosure auction, unless a junior lien holder files a notice of intent to redeem. If no intent to re-deem is filed, the public trustee later issues a “Con-firmation Deed” merely confirming that title passed after the expiration of the eighth business day. But the public trustees cannot issue the deed until 15 business days after the auction, and the deed typi-cally doesn’t get issued or recorded for another several business days. FHA underwriters who use the recording date to start the clock impede the in-vestor’s ability to sell the property to an FHA buyer for essentially three weeks (20%) beyond the true FHA 90 day waiting period.
Can the contract come before the 90 day period if it closes after the 90 day period? The rule states that the re-sale date is “the date of execution of the sales contract that will result in the FHA mortgage insurance.” Therefore, the contract that closes for
the resale of the property must be mutually execut-ed more than 90 days after the lender’s acquisition.
There are logical exceptions to the FHA season-ing requirements, for example the resale of real es-tate owned (REO) by lenders. Yet if someone other than the foreclosing lender acquires title at the fore-closure auction by outbidding the foreclosing lend-er, the investor doesn’t benefit from an exception. The lack of an exception for foreclosure buyers in-hibits the speed with which affordable housing can be sold to owner occupants.
Mr. Goodman is a shareholder at the law firm of Frascona, Joiner, Goodman and Greenstein, P.C., in Boulder, Colorado. This article is provided as general information. Information is not provided as advice for a specific matter, nor does its publication create an attorney-client relationship. laws vary from one state to another. For legal advice on a specific matter, consult an attorney. Mr. Goodman may be contacted at [email protected].
It’s a dream vacation for two, just for doing what you do!
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* Offers, incentives and availability vary by community. The $20,000 amount is available on select homes and is not available on all homes in all communities. Vacation package is limited to new contracts on existing inventory homes only and must close on or before February 28, 2009. Vacation is limited to select destinations and includes airfare and hotel accommodations only and may not be redeemed for cash or any other goods or services. Vacation package is subject to Fly Free America® terms and conditions. Prices, terms and conditions are subject to change without notice. See on site sales representative for more details. Subject to lender approval.
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For more information call Todays Homes at 719.322.6800.
LOCAL EXPERT
By Jon goodmanAttorney—
& Jeremy Durham
FORECLOSED
February 23, 2009 www.csrej.com Colorado Springs Real Estate Journal 11
AROuNd ThE CORNERFEBRUARyTuesday, February 24Financing College: All About 529 Savings Plans6pm @ Ent (Galley)719-550-6095
Wednesday, February 25Rocky Mountain Community Land TrustInformational Workshop6pm @ 21 S. Wahsatch Ave.719-447-9300 ext 5
Thursday, February 26The Challenge of New Home Sales Management8am@ HBA Centennial, [email protected] 303-551-6724
Design/Build Solutions for Aging and Accessibility8am @ HBA Centennial, [email protected] 303-551-6724
Friday, February 27Business Management for Building Professionals8am@ HBA Centennial, [email protected] 303-551-6724
Saturday, February 28First-Time Home Buyers10am @ Ent (Campus Dr)719-550-6095
MARCHWednesday, March 4Rocky Mountain Community Land TrustInformational Workshop6pm @ 21 S. Wahsatch Ave.719-447-9300 ext 5
Thursday, March 5B.L.E.E.P8:30 am @ Latigo Trails Roxene 719-495-6213
Friday, March 6-8HBA Home & Garden Show1 pm @ Phil Long Expo [email protected] / 719-592-1800
Wednesday, March 11PP Energy Star Homes Committee 10 am @ Corderawww.pikespeakenergystar.com
NAHREP11:30 am @ East [email protected] / 719-635-NAHR
Thursday, March 12Empire Title's Direct Connect w/Erin Toll8am @ Mr. Biggs Event [email protected] / 719-884-5300
WCR Luncheon “Business Planning”11am @ Marriott Hotel [email protected] / 393-3532
Saturday, March 14Building a Home: Help from the Ground Up 10am @ Ent (Galley)719-550-6095
Wednesday, March 18State of the Economy8am @ Crowne Plaza [email protected] / 719-592-1800
Rocky Mountain Community Land TrustInformational Workshop6pm @ 21 S. Wahsatch Ave.719-447-9300 ext 5
Colorado Association of Real Estate Appraisers Meeting6:30pm @ Academy HotelGary Eisenbraun | [email protected]
Thursday, March 19Pikes Peak Marketing Forum8am @ Colorado Springs Country ClubRuthie Lohrig–Kline / 719-492-3998
Realtor Grand Opening Luncheon at Vanguard Homes11am @ 16648 Greyhawk In Jackson Creek
Tuesday, March 24Green Day at HBA11:30am @ HBA Office www.cshba.com
Saturday, March 28First-Time Home Buyers10am @ Ent (Galley)719-550-6095
APRILThursday, April 2B.L.E.E.P8:30 am @ Latigo Trails Roxene / 719-495-6213
Friday, April 3Breakfast w/the Builders of Banning Lewis Ranch8:30am @ Banning Lewis Ranch www.cshba.com
Thursday, April 9WCR Meeting “Think Like a Spy” (on Identity theft)11 am @ Marriott Hotel [email protected] / 393-3532
Saturday, April 18thHBA MAME AwardsBroadmoor International [email protected] / 719-592-1800
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