Colorado Springs Real Estate Journal

Vol.1 No.22 www.csrej.com July 27, 2009

ALSO INSIDEPAgE 5 PAgE 8PAgE 3

CB&T Mortgage Open House

Coldwell Banker Raises $2.6 Million

NAHREPIndependenceDay Celebration

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

Woman accused in Florida not a Realtor

Page 6

PPAR JuneHousing Stats

Compiled and analyzed by Jay Gupta, Past Chairman

Statewide mortgage credit certificate program launches

First time homebuyers looking to take ad-vantage of today's competitive home prices and the $8,000 federal tax credit may have an-other reason to buy a home. CHFA (Colorado Housing and Finance Authority) has launched a statewide Mortgage Credit Certificate program, which gives qualifying first time homebuyers even greater tax benefits from homeownership than traditionally available.

"CHFA's Mortgage Credit Certificates will supercharge a first time homebuyer's federal tax savings by allowing the certificate holder to claim 20 percent of the mortgage interest paid annually, dollar-for-dollar, against their federal tax obligation," said Karen Harkin, CHFA's di-rector of home finance.

Harkin contin-ued, "The remain-ing 80 percent of the mortgage inter-est paid can con-tinue to be used as an itemized de-duction, which is typically how all mortgage interest is treated." Because

they aren't paying as much towards taxes, first time homebuyers have more money left in their paychecks to put towards their mortgage pay-ment."

To be eligible for a CHFA Mortgage Credit Certificate you must be a first time homebuyer in Colorado and meet the income and purchase price guidelines for the census tract and county where you live. CHFA has a tool on their web-site, www.chfainfo.com, to help homeowners identify the income and purchase price limits for their area. For example, in targeted Den-ver Metro Areas, homebuyers with three or more people in their household can earn up to $106,400 annually with a maximum purchase price of $417,000.

Homeowners who refinance out of an adjust-able rate mortgage originated after Dec. 31, 2007 and before Jan. 1, 2008, and obtain a long-term fixed rate mortgage are also eligible to apply for a CHFA Mortgage Credit Certificate.

Harkin commented on the program saying, "While select counties have chosen to make Mortgage Credit Certificates available, this is

The following is a statement by the National Association of Real-tors:

Many news outlets are erroneously reporting that Pamela Long Wiggins, charged today for murder in Florida, is a Realtor.

The National Association of Real-tors can confirm that she is not a Real-

tor, which is a protected trademark of the National Association of Realtors, and is not synonymous with real es-tate agent.

It is unknown whether Wiggins holds a Florida real estate license.

Copyright National Association of REAlTORS. Reprinted with permission.

Downpayment, closing costs still greatest obstacles to homeownership, NAR survey shows

Most Americans still consider hav-ing enough money for downpayment and closing costs to be the biggest obstacles to buying a home. Thats ac-cording to the 2009 National Hous-ing Pulse Survey, an annual survey released today by the National Asso-ciation of Realtors.

The survey, which measures how affordable housing issues affect con-sumers, also found job security con-cerns to be the highest in seven years of sampling. Two-thirds of Americans think job layoffs and unemployment are a big problem; eight in 10 cite these issues as a barrier to homeown-ership.

Homeownership is an invest-ment in your future; however, sav-ing for a downpayment and closing costs is still too great of an obstacle

for 82 percent of house hunters look-ing to take advantage of the current market, said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in

Dallas-Fort Worth. Monetizing the $8,000 first-time buyer tax credit for downpayment or closing costs on FHA-insured mortgages is a positive first step. Our hope is that the tax credit will be extended and expanded to all home buyers and will help bring stability to the housing market and enable more Americans to achieve the

dream of homeownership."Despite the challenges with the

economy and housing market, 83 per-cent of Americans still believe buying a home is a good financial decision. Three-fourths of those surveyed also believe now is a good time to buy a home, a number that has increased steadily the past two years. In fact, one-third of renters are thinking more about buying a home than they were a year ago.

While Americans are seeing more stability in the real estate market, uncertainty persists. The number of those who feel buying and selling ac-tivity has stabilized or stayed nearly the same has grown significantly, from 18 percent last year to 26 percent this

One-third of renters are thinking more about buying a home than they were a year ago.

See Obstacles page 4

See Credit Certificate page 7

2 Colorado Springs Real Estate Journal www.csrej.com July 27, 2009

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Faulty appraisals harming housing and the economyTwenty-six percent of builders are seeing signed sales

contracts fall through the cracks because appraisals on their homes are coming in below the contract sales price, according to a nationwide survey conducted by NAHB.

Home builders are increasingly concerned that inap-propriate appraisal practices are needlessly driving down home values. This, in turn, is slowing new home sales, causing more workers to lose their jobs and putting a drag on the economic recovery, said NAHB Chairman Joe Robson.

The survey showed that nearly 60% of the builders are reporting that inadequate appraisals are causing serious problems in the market, with the biggest problem being comparables of new single-family homes that are too of-ten based on foreclosures and distressed sales.

Lost home sales are killing jobs, deepening the hous-ing slump and hurting local economic activity, said Robson, who noted that construction of 100 single-fam-ily homes generates 324 local jobs, $21.1 million in local income and $2.2 million in taxes and other revenue for local governments in the first year.

Of those who are reporting appraisal problems, 54% said that the appraisal amount was actually less than the cost of building the home.

Robson said that foreclosure and distressed sales should not be used without appropriate adjustments to reflect the expenditure that would be required to bring them up to the condition and quality that represents a reasonable alternative for the home buyer.

Clarification on Appraisals From Freddie Mac

In what Robson called a step in the right direction, Freddie Mac on July 10 issued a Guide Bulletin publicly stating that it does not require appraisers to use Real Estate Owned (REO), foreclosures or short sales in se-lecting comparable sales to provide an accurate opinion

on home values based on market data. Freddie further stipulated that appraisers must certify that comparable sales chosen are those most similar to the subject prop-erty.

The clarification came as a result of NAHB efforts led by Immediate Past Chairman Sandy Dunn to resolve concerns over inappropriately low appraisals stemming from the use of distressed properties as comps.

The associations concerns were communicated di-rectly to Freddie Mac officials, who were asked to pro-vide more explicit guidance on the appropriate use of comparables in distressed markets.

Exacerbating the AD&C Credit Crunch

While the appraisal practices currently in use are tak-ing a heavy toll on the housing market, they are also further exacerbating economic distress by affecting the availability of acquisition, development and construc-tion (AD&C) credit.

Falling appraised values for land and subdivisions un-der development have led some financial institutions to stop lending to developers and builders, to demand ad-ditional equity and even to call performing loans, Rob-son said.

If the spigot for housing production loans is cut off, there can be no housing recovery, and this has major im-plications for the economy as a whole, said Robson.

NAHB is calling on housing and federal financial regulators to adopt clear, concise regulatory guidance that will allow appraisers to develop realistic valuations based on sales that are truly comparable.

In neighborhoods where the comps include a large number of short sales or foreclosures, appraisers should have the option of expanding the geographic area or ex-tending the time frame for eligible sales to get a more representative picture of the value of homes sold in the area.

You cant compare a well-constructed new home with a foreclosed property that has been vacant for months and was probably neglected for a long time before it was vacated, said Robson. Acting now to establish proper regulatory guidelines for those who use distressed or foreclosed properties as comps when determining home values will help to stabilize home prices and home sales and put people back to work.

The above article has been provided to you compliments of NAHB and Nations Builder News.

Lost home sales are killing jobs, deepening the housing slump and hurting local economic activity.

60% of the builders are reporting that inadequate appraisals are causing serious problems in the market.

July 27, 2009 www.csrej.com Colorado Springs Real Estate Journal 3

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published twice a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

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NAHREP CELEBRATES INDEPENDENCE DAy AT BANNINg LEWISJuLy 8, 2009

Housing starts and permits up strongly in JuneHome builders responded to im-

proved market conditions and the im-pending expiration of the first-time home buyer tax credit in June by posting substantial gains in nationwide housing starts and permits, according to figures released by the U.S. Commerce Depart-ment last week.

Commerce reported a 3.6% gain in overall housing starts to a seasonally adjusted annual rate of 582,000 units and an 8.7% gain in permit issuance to 563,000 units.

The upcoming expiration of the first-time home buyer tax credit on Dec. 1 is encouraging some builders to get homes started now so that they can be complet-ed in time for clients to take advantage of this attractive buying incentive, said NAHB Chairman Joe Robson. How-ever, there is still much concern about the difficulty of financing new-home production and continuing weakness in the job market.

Todays report was in keeping with our forecasts for some glimmers of im-provement on the single-family side in the second quarter, and also with the results of our latest builder surveys, said NAHB Chief Economist David Crowe. Many remain very cautious, however, in the face of the severe tightening of credit for acquisition, development and construc-tion financing and increased instances of low appraisals tied to improper use of dis-tressed properties as comps, both of which threaten to derail a housing and economic recovery going forward.

Single-family housing starts rose for a fourth consecutive month in June, post-

ing a 14.4% gain to a seasonally adjusted annual rate of 470,000 units, while sin-gle-family permits rose for a third con-secutive month, posting a 5.9% gain to 430,000 units.

Meanwhile, multifamily activity, which characteristically displays greater month-to-month volatility, was true to form. Multifamily starts posted a 25.8% decline following an unsustainably large gain in the previous month, to 112,000 units. Multifamily permits rose 18.8% to 133,000 units from an abnormal low in May.

Regionally, housing starts were mixed, with the Northeast and Midwest

posting big gains of 28.6% and 33.3%, respectively, and the South and West posting declines of 1.4% and 14.8%, re-spectively. However, the declines in both the South and West were entirely driven by dips in multifamily production.

Permit issuance was up in all regions in June, with the Northeast posting a 5.4% gain, the Midwest a 3.4% gain, the South a nearly 14% gain and the West a nearly 2% gain.

The above article has been provided to you compliments of NAHB and Nations Builder News.

Above: Lillian Lucian with Peoples Mortgage, Keith McKinney of Todays Homes and Carolina Lutze with Herman Group Real Estate.

Left: NAHREP Board members Roger Hernandez, Marianne Snygg, gloria Mendoza, Herminio Maldonado Jr., and Kim Raymond.

The upcoming expiration of the first-time home buyer tax credit on Dec. 1 is encouraging some builders to get homes started now so that they can be completed in time for clients to take advantage of this attractive buying incentive.

4 Colorado Springs Real Estate Journal www.csrej.com July 27, 2009

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year. However the majority (58 percent) report that ac-tivity in their market has slowed.

Regarding home sales, nearly eight in 10 say its hard-er to sell a home in their area today than it was a year ago, despite the fact that nearly three-fourths of respondents

say home prices are less expensive. Large home invento-ries could be to blame; 44 percent cite concerns about the high number of homes and condos for sale in their area.

While nearly three-fourths of Americans are con-cerned about the local drop in home values, respondents expect to see more stability in the near future. Nearly

seven in 10 expect local home prices to remain about the same in the next three months; only 18 percent expect prices to further decrease. The drop in prices has im-proved affordability, and consequently, concerns about the lack of affordable housing are the lowest theyve been in seven years of polling 34 percent say its one of their biggest worries, down from 41 percent two years ago.

Foreclosures remain a real concern among survey respondents. Slightly more than half (51 percent) say foreclosures are a big to moderate problem in their area. However, the rate of foreclosures is generally seen as sta-bilizing; 41 percent say the rate of foreclosures in their area is about the same as last year.

Ninety-two percent of respondents said neither they nor members of their immediate family have experi-enced a foreclosure in the past year, yet it is still a per-sonal concern for many. One in five respondents said they are very or fairly worried that they will have difficul-ty making their mortgage payments over the next year. Thirty-two percent say its a big or moderate worry that they, or a member of their family, may have their home repossessed or foreclosed because they are unable to pay rising monthly mortgage payments.

In 2008, more than half of respondents (54 percent) were open to the federal government taking a more ac-tive role in overseeing mortgage and lending practices the number dropped this year to 47 percent. This could be because 42 percent of Americans believe the country is back on the right track, more than double the number last year (16 percent).

Regarding financing, seven in 10 Americans cite a lack of confidence in their ability to be approved for a home loan as an obstacle to homeownership. The same num-ber also say that banks are making it too hard to qualify for a loan (71 percent) and that fewer mortgage options offered by banks have made it harder for them to buy a home (71 percent). The perception of qualifying for a loan as a huge obstacle is especially high among minori-ties.

Home buyers need protection from risky lending products but also need access to mortgages at a reason-able cost. While there has been some easing of credit in the mortgage market, the availability of credit continues to be an issue for many qualified home buyers, said Mc-Millan.

The 2009 National Housing Pulse Survey is conduct-ed by American Strategies and Myers Research & Strate-gic Services for NARs Housing Opportunity Program. The telephone survey was among 1,250 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percent-age points.

Copyright National Association of REAlTORS. Reprinted with permission.

NatioN

A slight improvement in sales conditions helped nudge builder confidence in the market for newly built, single-family homes up two points to its highest level since September 2008, according to the NAHB/Wells Fargo Housing Market Index (HMI), released on July 16.

The HMI rose two points to 17 in July as builders saw an improvement in current sales conditions but contin-ued to express concerns about the future.

Builders are seeing slightly better sales conditions this month as consumers take advantage of the first-time buyer tax credit, low interest rates and attractive home prices, but many remain quite concerned about the road that lies ahead, said NAHB Chairman Joe Robson. A true recovery in the housing market and overall econ-omy cannot take place until the continuing foreclosure crisis is abated and a decent flow of credit is restored to housing production. Meanwhile, the stalled jobs market is a major concern to builders and potential home buy-ers alike.

Although todays HMI is positive news that helps confirm the market is bouncing around a bottom, the gain was entirely contained in the component gauging current sales conditions, while the component gauging sales expectations for the next six months remained vir-tually flat for a fourth consecutive month, said NAHB Chief Economist David Crowe. Builders recognize the recovery is going to be a slow one and that we are facing a number of substantial negative forces.

For example, said Crowe, a quarter of all new-home sales are falling through due to appraisal issues that are tied to the use of distressed and foreclosed properties as comps.

This is a tremendous obstacle for a housing market that is struggling to get back on its feet, as is the lack of available credit for acquisition, development and con-struction financing, he said.

Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions

of current single-family home sales, sales expectations for the next six months and traffic of prospective buyers. Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 in-dicates that more builders view sales conditions as good than poor.

Two of the three HMI component indexes posted gains in July. The index gauging current sales conditions rose three points to 17, while the index gauging traffic of prospective buyers rose a single point to 14. Mean-while, the index gauging sales expectations for the next six months remained flat at 26.

Regionally, the South posted the biggest HMI gain, with a five-point increase to 20. The Northeast posted a three-point decline, to 16, while the Midwest and West were each unchanged, at 14 and 15, respectively.

The above article has been provided to you compliments of NAHB and Nations Builder News.

Slightly better sales conditions lift builder confidence in July

Obstacles from page 1

July 27, 2009 www.csrej.com Colorado Springs Real Estate Journal 5

CB&T MORTgAgE OPEN HOuSEJuLy 16, 2009

Above: Christa Miranda with Coldwell Banker Cheyenne Mountain Realty, Dan Donivan with RE/MAX Advantage, Stephanie Hawthorne with Empire Title, Patrick Rios with RE/MAX Properties, Bill McAfee with Empire Title and Carl Henson with RE/MAX Advantage.

Above: Renee Sousa with Metro Brokers Downtown, Sharon Regier with CB&T Mortgage, Lori DeWitt with Metro Brokers Downtown, Joe Kaiser with New Home Associates of Colorado and Jill Webb CB Title.

Above: Terry VanArnam and Judy Marshall with Judy Marshall Realty, Steve Schneider with CB Title and Insurance, Bruce bugno with Colorado Appraisal Advantage and Wally Roy with CB&T Mortgage.

Below: Kathleen Peak and Diana Knopp with Coldwell Banker Residential Brokerage.

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Long before I came to Heritage I had heard how Heritages front desk was the best example of how customers calling or coming in for Real Estate Services should be handled. Our staff is always professional, willing to assist, and above all friendly and welcoming. I love coming into the offi ce and having that dependable friendly greeting. Since a portion of my business is property management its important to me to have a Broker and offi ce that supports me and all the tasks relative to my work. Also, our offi ce complex is in a prime location. I am proud to give my clients directions to my offi ce which always is clean, neat and makes me look good!! Come check us out... were here to answer all your questions.

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6 Colorado Springs Real Estate Journal www.csrej.com July 27, 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.

June Stats DashboardPPMlS All Areas (S.F. / Patio Homes):

# of New Listings: 1,625# of Active Listings: 5,126# of Listings Sold: 873% of Active Listings Sold: 17%Total Sold Volume: $196,764,579Median Price: $194,700Average Price: $225,388Sale to List Price Ratio: 97.5%Average Days On Market: 89 Days

El Paso County (S.F. and Patio Homes)

# of New Listings: 1,401# of Active Listings: 4,141# of Listings Sold: 809% of Active Listings Sold: 19.5%Total Sold Volume: $184,258,452Median Price: $195,500Average Price: $227,760Sale to List Price Ratio: 97.5%Average Days On Market: 87 Days

PPMLS New Listings Re-caplisting Inventory continues to shrink - This is crucial step to market stabilization

S.F./Patio Existing Homes:From May 09 to June 09: 4.1%From June 08 to June 09: (7)%Year-to-Date 2008: 10,289Year-to-Date 2009: 8,778New Listings Dropped: (14.7)%

Active Listings Analysis El Paso CountyS.F. / Patio Homes June 2009:

Active Listings by Price Range :73% Active under $400,00027% Active over $400,0008.5% between $400 to $500,00012.3% between $500 to $800,0006.5% Active over $800,000

Sold Listings AnalysisEl Paso County (S.F./Patio Homes June 09):

809 Sold Listings by Price Range:91.5% Sold under $400,0008.5% Sold over $400,0004.5% between $400 to $500,0003.3% between $500 to $800,0000.75% 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:May 09 to June 09 4.9%June 08 to June 09 0.7%Year-to-Date 08: 4,296 HomesYear-to-Date 09: 3,894 HomesChange: (9.4)%

Importance of Pricing RightSale Price to listing Price Ratio

El Paso County (S.F. / Patio Homes 2009)February 96.6% Sold 11% DOM 95March 96.8% Sold 12% DOM 92April 96.6% Sold 15.3% DOM 93May 97.5% Sold 19% DOM 85June 97.5% Sold 19.5% DOM 87

Days On the Market (DOM)

PPMLS All Areas - June 2009:Total Active Listings: 5,126 (S.F./Patio Homes)Listings Sold: 873 17%Sold in 0 - 30 days 37%Sold in 31- 60 days 18%Sold in 61- 90 days 13% [68%]Sold in 91- 120 days 7% [75%]Sold in 120+ days 25% [100%]

Colorado Foreclosure DashboardForeclosure Filing: number has to do with how many borrowers have become seriously delinquent on their loans.

Foreclosure Sale: numbers generally indicate how many households have lost all equity in the home as the result of a home being sold to another party at auction, including the mortgage company, an inves-tor, or others.

YEAR FILINGS CHANGE SALES CHANGE2003 13,573 6,258 2004 16,801 24% 7,782 24%2005 21,782 30% 12,699 63%2006 28,435 30% 17,451 37%2007 39,915 40% 25,320 45%2008 39,307 -(2)% 21,301 -(16)%Q1 '09 10,745 -(8%) 4,354 -(26%)(1st quarter stats of 2009 compared to first quarter of 2008)

SummaryIn the midst of unprecedented economic crisis, here are some highly encouraging indicators dem-onstrating incremental recovery in housing:

Closed Sales and Pending Home Sales Bas on Contracts Signed are up significantly:

Closed Sales PendingJan to Feb 09: 22% Up 16%Feb to Mar 09: 12.3% Up 25%Mar to Apr 09: 25.1% Up 18%Apr to May 09: 17.5% Up 9%May to Jun 09: 4.9% Record High

New Listing Inventory is continuing to Shrink

Jan June 08 vs. 09: Down (14.7)%

In closing, I would like to remind Buyers that it is A GREAT TIME TO BUY:

Homebuyer Tax Credit The legislation pro-vides for as much as an $8,000 tax credit to first-time buyers for the purchase of a principal residence (The American Recovery and Rein-vestment Act of 2009.)

Monetized Tax Credit can be used for down payment or closing costs.

Mortgages are at Historically Low Rates cur-rently hovering below 5%.

FHA Loan Limit: Recently, the FHA Loan limit for a single family home in El Paso county was increased to $325,000 with a down payment re-quirement of 3.5%.

Generally speaking, currently there are moti-vated 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].

PPAR June housing stats compiled and analyzed by Jay Gupta

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July 27, 2009 www.csrej.com Colorado Springs Real Estate Journal 7

LoCaL & StatE

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On June 20, 2009, at the Grand Lawn at Cordera, at Briargate Parkway and Powers, over 5000 area residents laced up their walking shoes and battled heart disease and stroke head on when they participated in the Colo-rado Springs Start! Heart Walk. This 5k walk and 1 mile family walk promotes fitness and fun, while helping to save lives from the No. 1 and No. 3 killers of all Ameri-cans. The event raises funds to support heart disease and stroke research and educational programs in the Colo-rado Springs community.

Local companies, families, friends, and individuals alike came out to enjoy the event and raise awareness for the American Heart Association. This years top fundraisers included Spectranetics who as an organiza-tion raised over $18,000 and Kristen Christy, this years top walker who raised over $13,000. The festival area included health screenings, food, fitness assessments, and a kids activity area. Participants were entertained by Storm Troopers, the Childrens Chorale and the Colo-

rado Springs Conservatory. Since 1918, cardiovascular disease has been the No.

1 killer in the United States. In 2008, a decade later, one in three American adults have one or more types of car-diovascular disease, and it still accounts for more deaths than any other single cause or group of causes of death in the United States. In fact, approximately every 26 seconds, an American will suffer a coronary event, and sadly, every minute someone will lose their life to one. While, physical inactivity significantly increases the risk of this disease, 70 percent of Americans still fail to get

enough exercise. The Colorado Springs Start! Heart Walk is a fun and easy way to start walking and make a difference.

The Colorado Springs Start! Heart Walk is sponsored nationally by Subway, Astra Zeneca and Healthy Choice, and was locally sponsored by Penrose-St. Francis Health Services, Abbott Vascular, Renewal by Andersen, and HealthSouth.

If you are interested in learning more about the Amer-ican Heart Association or being involved in the 2010 Heart Walk, please call 719-635-7688!

the first time the program has been offered statewide. The combination of low prices, favorable interest rates, the $8,000 federal tax credit, and a Mortgage Credit Certificate make a compelling case for homeownership today."

To apply for a CHFA Mortgage Credit Certificate, contact one of CHFA's participating lenders, or inquire about Mortgage Credit Certificates with your local lending institution. To view a complete list of lenders currently authorized to issue CHFA Mortgage Credit Certificates visit www.chfainfo.com. Lenders interested in applying to participate in CHFA's Mortgage Credit Certificate program should contact CHFA's Home Fi-nance team at 1.800.877.2432.

got

let usnews?

[email protected]

Credit Certificate from page 7

8 Colorado Springs Real Estate Journal www.csrej.com July 27, 2009

MOVE IN TODAY

HOMES READY NOW!!!

FOREST MEADOWSWoodmen Rd & Black Forest Rd

(719) 266-3763

FREEDOM HEIGHTSC and S Rd & Fountain Mesa Rd

(719) 382-1256

www.aspenviewhomes.net

$170sHomes from the170Countrysi

deNorth

from the

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from the$160

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www.etcos.com

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

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

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

Our business is growing;

Let us help you grow yours

Introducing our Escrow Team:

Even during economic hardship, Empire Title has expanded its business and staff to assist our clients. Since opening our doors in 2003, we have remained one of the top 3 Title Companies in Colorado Springs. We try to cater your needs by offering a variety of Escrow Offi cers with Experience, Expertise, & Knowledge. As a local provider, we have much to contribute to the communities in which we do business and have no intention of moving in and out of markets as economic conditions change. We are well rooted.

Kay Lynn has been in the business for 23 years with a great deal of experience in all types of transactions; i.e. foreclosures, residential, and commercial. Very detail oriented. She keeps all parties (lender, agents) up to date on information or any issues regarding their fi le(s). Kay Lynn makes sure that all customer requests are taken care of promptly (returning phones calls, emails, sending out fi gures, net sheets). She keeps up to date on all the changes in the market thus allowing the customer to have accurate information. Kay Lynn Matthews

Escrow Offi cer

Kelly has been a closer for 8 years. She is very knowledgeable in Refi nances, Purchases, Short Sales, and Foreclosures. Kelly is very effi cient and organized. She works well under pressure and can adapt and overcome any challenge that might come her way. Kelly greets every challenge with a smile! No matter how her day is going, you can always know that she will walk in your closing with a smile. The most important job as a closer is to help the agents along the way & help alleviate some of the pressures that we all know this business brings in this market.

Kelly LeCato Escrow Offi cer

Part 2

LoCaL & StatE

Ashley Wilson, Nancy Frank, Amber Baca, and Debi Thompson, Coldwell Banker Relocation Services employ-ees in Denver and Colorado Springs, in addition to Ali Reasoner of Guardian Title, recently participated in a fundraising event that raised more than $2.6 million for breast cancer research. The team participated in this years two day, 39.3 mile Avon Walk for Breast Cancer Rocky Mountains held on June 27 and 28. The event commenced in Keystone and ended in Breckenridge.

Each team member was required to raise at least $1,800 in donations. The team members exceeded this goal and raised over $9,300 to aid in breast can-cer education, services and research for finding a cure. The majority of the funds were donated by family and friends of the team as well as Coldwell Banker agents, management and staff who support this wonderful cause.

Team members ended their journey on the opening day at a Wellness Vil-lage created at Summit County Middle School where a tent city provided hot showers, prepared meals, entertainment, and recreational activities, such as the Spa Zone, yoga, and Tomboy Tools demon-

strations. Walkers concluded the second leg of the journey in Breckenridge where they were greeted by thousands of family members and friends who shared a cel-ebratory and moving closing ceremony, which included the awarding of grants.

The Avon Foundation, founded in 1955, is committed to the mission of improving the lives of women and their families. The foundation is focused on breast cancer and domestic violence. Avon philanthropy has expanded glob-ally and through 2008 has exceeded $660 million raised and awarded world-wide. The Avon Breast Cancer Crusade was launched in 1992, and Avon breast cancer programs in more than 50 coun-tries support advancing access to care and finding a cure for breast cancer, with a focus on the medically under-served. For more information, visit www.avonfoundation.org.

Coldwell Banker Relocation Team in Colorado helps raise more than $2.6 million for breast cancer research

RE/MAX Properties, Inc. opens their Evening Luxury Home Tour to the public

RE/MAX Properties, Inc., Southern Colorados largest real estate company, is pleased to announce their Evening Luxury Home Tour is now open to the public.

The first Evening Luxury Home Tour open to the public occurred on Thursday, July 16th from 4pm to 7pm. The homes on this tour were located in the Central and South areas of Colo-rado Springs. 2904 Carriage Manor Point (below)www.HomesColorado.com/577654 $1,895,000 Joe Clement, 540-6421

398 Irvington Courtwww.HomesColorado.com/493006 $1,295,000 Jim Anders, 337-2510

1955 Cantwell Grovewww.HomesColorado.com/592591 $895,000 Joe Clement, 540-6421

4375 Star Ranch Rd www.HomesColorado.com/zhand $600,000 Zsuzsa Hand, 291-1770

319 N Tejon Street, #202 www.HomesColorado.com/536927 $600,000 Wayne Jennings, 635-7653

RE/MAX Properties, Inc. broker as-

sociates and their clients enjoyed this extraordinary tour of homes offered at $600,000 and above. Each home was hosted by a knowledgeable RE/MAX Properties, Inc. Luxury Home Profes-sional Certified broker associate. They were available to point out technical as-pects and provide additional informa-tion on these homes.

Here is what the Hosts had to say about the tour:Wow, what a great Luxury Home Tour tonight..thanks to all who attended! ~ Joe Clement

We had a number of buyer walk-ins who have ex-pressed an interest in the property; the fantastic bro-ker turn-out definitely helped create an atmosphere of excitement and urgency around the property -- Awesome! ~ Zsuzsa Hand

I wanted to add my thanks to all the agents, family, and friends who came by. I appreciate your valuable time and thoughtful comments. Great turn-out. Way to go! ~ Jim Anders

The next Luxury Home Tour will be held on the evening of Thursday, August 20th from 4pm to 7pm. The homes on this tour will be located in the North area of Colorado Springs. You are cor-dially invited to join RE/MAX Proper-ties, Inc. broker associates and their cli-ents on the next tour of extraordinary homes in our community.

For more information, please con-tact Kevin Stahle at [email protected].

July 27, 2009 www.csrej.com Colorado Springs Real Estate Journal 9

oN thE MovE

Cynthia SmithRE/MAX Advantage

Cynthia Smith is a Colorado native. She has been a Bro-ker Associate since 2004 and moved to Colorado Springs 2 years ago when her husband bought a franchise in Colorado Springs. She spent 6 years with her family in the Military so she can appreciate what the military families have to go through when being reassigned and moving to a new community. She also enjoys working with first time home buyers and sharing in their excitement when she finds that perfect house they will call home. She loves what she does and strives hard to make here clients real estate experience a very educated and pleasurable one. Cynthia joined RE/MAX Advantage to keep her promise to clients, which is to provide them with the highest level of honest, hardworking real estate service available.

Zach ScarboroKeller Williams Hope Realty

I have lived in Colorado for the last ten years, spending the first seven years in the high country, Summit County to be exact, and the last three years here in the Pikes Peak Region. My wife is a native of Colorado Springs and we decided to move our family here due to the high quality of living avail-able in the area.

I obtained my license early in 2008 after spending several years in the residential construction indus-try. My goal is to assist others in realizing the dream of home ownership and all of the benefits that come with it.

Judy BlotzEnt

Judy Blotz, a respected personal banker in the Colorado Springs community, has joined Ent as a private banking officer. Blotz brings a wealth of knowledge and experience from her thirty-seven years in the industry.

Blotz, a Colorado native, holds several certifica-tions including a Series 6 securities sales license, PERA Financial Planner Certification and Colo-rado Insurance Producer License, among others. She earned a degree in business finance from the University of Colorado at Colorado Springs and a

certificate of banking from the American Institute of Banking.

Previously the assistant vice president of personal banking at Chase Bank, Blotz was awarded numer-ous certificates and awards and was recognized as National Achiever from 1996 2009.

Wayne Paton, Ents vice president of corporate and business services, said We are very pleased to have Judy join the Ent team. Her extensive knowl-edge of the Colorado Springs community, and its banking needs, will be an invaluable asset for our members.

Chris FullenThe Platinum Group Realtors

The Platinum Group, REALTORS welcomes Chris Fullen as Director of Relocation and Busi-ness Development. Chris comes to Platinum with

16 years of relocation experience, 14 within the Prudential network. As VP Relocation for Pru-dential Professional, REALTORS, she was given the opportunity to head the Relocation Division for all The Herman Group companies when the lo-cal company was purchased in 2005. Chris team won regional and national relocation awards, and she personally received Relocation Professional of the Year. Chris served on the Advisory Council for Prudential Relocation and as their Mentor in four states.

Chris holds the CRP (Certified Relocation Pro-fessional) designation, the only one of its kind in the industry formally recognizing those who have mastered an extensive body of knowledge on the principles and practices of relocation. She belongs to the national Relocation Directors Council that chooses members based on experience, education and dedication to serving corporations and their employees.

Realtornewoffice?in the

Make sure theyre getting the

719.217.3433

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 REALTORS LENDING PARTNERAs a realtor, its important to help your buyers nd the home theyre most comfortable in. At Ent, were here to make it easy for them to nd the nancing theyre comfortable with! Ent oers a wide variety of mortgage loan options* to t any homebuyer. Plus, all of Ents 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 Ocers or visit Ent.com/Mortgage

*Standard credit qualications 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

10 Colorado Springs Real Estate Journal www.csrej.com July 27, 2009

LoCaL EXPERt

Effective July 1st, 2009Lawyers Title Company will begin a partnership with

Heritage Title Company and be known as:

Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.

www.heritagetco.com

104 S. Cascade Ave., Suite #102Colorado Springs, CO 80903

ph 719.475.8800 fx 719.471.3413

Effective July 1st, 2009Lawyers Title Company will begin a partnership with

Heritage Title Company and be known as:

Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.

www.heritagetco.com

104 S. Cascade Ave., Suite #102Colorado Springs, CO 80903

ph 719.475.8800 fx 719.471.3413

legacy l title l group group group Empowering Our Associates To Make A Difference

(719) 442-1900LegacyTitle-LLC.com2 North Cascade, Suite 215

Great Tools for Realtors

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Refinancing, is it time yet? An oft quoted rule of thumb is that a borrower should consider refinancing if interest rates fall more than two percent below the original rate. This rule of thumb is re-ally too simplistic to have much meaning. The question really involves comparing the after-tax savings in the monthly pay-ment to the closing costs of the refinanc-ing.

There are numerous costs in any mort-gage financing. These costs may include loan origination fees, application fees, credit checks, appraisal fees, attorney fees, title insurance, transfer taxes and others. The lender may also charge dis-count "points" that amount to prepaid interest. These points can run 1% to 3% of the loan.

Points, unlike loan origination fees, are deductible as interest. However, the points that are paid upon acquisition of a home are deductible in a lump sum. Points on refinancing are deductible over the life of the new loan. The total clos-ing costs on a refinancing can easily run 4% to 5% of the loan amount, although you may be able to get a break by care-ful shopping or dealing with your current lender.

To really compare apples to apples, you should compare the after-tax cost of the new mortgage with the old. Since mortgage interest is deductible, the after-tax cost of the loan equals the principal and interest payment after deducting the taxes saved attributable to the deduction. The computation is fairly simple in most cases. The number-crunching gets a little more complex if the change in mortgage interest deductions causes you to cross over into another bracket, but the theory is the same. State taxes should also be considered if your state allows a deduc-tion for home mortgage interest.

For example, Tim originally borrowed $103,000 for 30 years at 9.5% four years ago to buy his home. Today he can refi-

nance his home for 30 years at 5.5% at a total cost of 4% of the loan amount. Tim's loan balance today is $99,982. He is in the 25% tax bracket. The cost to Tim to refinance is $3,999 (assume no deduct-ible points). Tim decides to refinance a total of $103,981 ($99,982 + $3,999). His current monthly mortgage payment is about $866 of which about $792 is in-

terest. That makes his after-tax payment about $668 [866 - (792 x 25%)]. His new mortgage payment will be about $590 of which roughly $477 will be in-terest, for an after-tax cost of $471. Tim will be saving, after tax, about $197 per month. At that rate, it will take about 20 months (3,999/197) before he breaks even. If Tim plans to stay in the house longer than that, then refinancing makes sense.

Of course, this brief article is no sub-stitute for a careful consideration of all of the advantages and disadvantages of this matter in light of your unique personal circumstances. Before implementing any significant tax or financial planning strategy, contact your financial planner, attorney or tax advisor as appropriate.

This material was prepared by Raymond James for use by Greg Dellinger, Wealth Management Spe-cialist of Raymond James & Associates, Member New York Stock Exchange/SIPC in Boulder at 303-448-7141. [email protected].

Is it time YET?

To really compare apples to apples, you should compare the after-tax cost of the new mortgage with the old.

Wednesday, August 12

Upcoming Meeting

11:30am - 1pm

Guest Speaker:

Clem BorkowskiMortgage Credit Certificate

At Pikes Peak East Library

5550 North Union Blvd. Colorado Springs, CO 80918

Admission Price:

RSVP to [email protected]

Members: $5Non-Members: $10Includes Lunch

www.nahrepcos.org

July 27, 2009 www.csrej.com Colorado Springs Real Estate Journal 11

aRouNd thE CoRNER

JulYTuesday, July 28Green Day at the HBA11:30am @ HBA719-592-1800 | [email protected]

Realtor Brunch at Vanguard Homes10am @ 16648 GreyHawk/Jackson [email protected] | 266-0318

Wednesday, July 29Concert: Swing Connection6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com

AugusTWednesday, August 5REALTAC8am @ PPAR719-633-7718

Short Sales CE Class11am @ Bancorp Plaza719-785-7109 [email protected]

Friday, August 7HBA Parade of Homes (thru 23rd)www.cshba.com

Pikes Peak Exchangers8am @ Valley Hi Golf Course Restaurant719-635-2537

Wednesday, August 12Hard Hat Tour at Flying Horse8:45am @ Empire Title 719-884-5300 | [email protected]

NAHREP Luncheon11:30am @ East Librarywww.nahrepcos.org

Concert: Redraw the Farm6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com

Jazz in the Park 6pm @ Cordera Grand Lawn719-260-7477 [email protected]

Thursday, August 131031 Exchanges Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]

WCR Luncheon11am @ Embassy [email protected]

Wednesday, August 19The Estimator9am @ Empire Title 719-884-5300 | [email protected]

Short Sale Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]

Wednesday, August 26Concert: Days Gone By6pm @ Wolf Ranch Gateway Parkwww.wolf-ranch.com

sEpTEmbErWednesday, September 2A Day With FHA - 7.5 CE8am @ Crown Plaza [email protected] - Must Registerhttp://www.hud.gov/emarc/index.cfm?fuseaction=emar.registerEvent&eventId=158&update=N

Parade of Homes Awards Banquet5:30pm @ USOC719-592-1800 | [email protected]

Thursday, September 10Advanced 1031 Class9am @ 1277 Kelly Jounson Blvd #101719-268-2452 | [email protected]

Wednesday, September 16HBA Chili Wing Ding Brew Fest719-592-1800 | [email protected]

turn

call

for details

friends

rachelle

719.205.1299

cash!your

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[email protected]

Pikes Peak Region Real Estate Industry Talent Show/ Battle of the BandsI know we have lots of musical talent in our industry (including a former Metallica band member, an Elvis impersonator and a stand up comedian) and I'm SURE we have oodles of other hidden talents to awe and amaze our cohorts.

If you have an unusual natural ability to share (or if you are willing to snitch on someone you know) please contact Carla Starkie with Stewart Title of Colorado, right away at 393-3532 or [email protected]

We're looking at a couple of dates in November for the show.

Interested in sponsoring the event? Contact Michele Van Metre with PPAR at 633-7718 x 114

refreshrestructure

respondWe're listening to your requests

and change is coming.

Stay tuned.