Colorado Springs Real Estate Journal

Vol.4 No.1 www.csrej.com September 26, 2011

Richmond American Open House

Heritage Title Open House

MUCHMORE

INSIDE!

Parade of Homes Awards Dinner

PAGE 9PAGE 4 PAGE 15

PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO

National News ................. Page 2Local News ..................... Page 11On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19

Phipps

Kevin BentBranch Manager(719) [email protected]#251284

Aric UlmerLoan O� cer(719) [email protected]#257977

Sharon HigashiLoan O� cer(719) [email protected]#347297

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Honest & Ethical Service from People You Know.5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8HELPFUL TIP: Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website: www.dora.state.co.us/real-estate/index.htm

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HBA announces Parade of Homes Industry and People’s Choice Awards

The Housing & Building Association (HBA) of Colorado Springs announced the names of the People Choice Awards and the Industry Awards of Excellence from the 2011 Parade of Homes. This year’s fea-tured homes ranged from $160K to just over $2 million.

These award-winning homes were judged by industry professionals from around the country on a number of features including: landscape design, floor plan, architectural exterior, and interior decorating. Each year the buying public also has its say when those attending the Parade vote for the coveted People’s Choice Awards. Both The People’s Choice and Industry Awards of Excellence are given to homes based on price range– Industry Awards of Excellence are further broken down and given to winning homes in the following eight categories: Best Kitch-en, Best Master Suite, Best Interior Design, Best Exterior, Best Land-scape Design, Best Architectural Exterior, Best Innovative Feature, and Best Overall Home.

On Wednesday, August 31, winners of both the People’s Choice and Industry Awards of Excellence were honored by the HBA at the Parade of Homes Awards Banquet held at the Olympic Training Complex. There were over 180 in attendance. The Pinery catered the event, AMI Higher Cleaning was our Beverage Sponsor! Beer and Wine provided by Cheers Liquor Mart.

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Improving access to affordable mortgage fi-nancing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of Realtors®.

In a letter sent this month to the U.S. Depart-ment of Housing and Urban Development, the Federal Housing Finance Agency, and the U.S. Department of the Treasury, NAR responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Fed-eral Housing Administration.

In its letter, NAR urged the agencies to create an advisory board as they explore new options for selling foreclosed properties to ensure that efficiently disposing of agency REO properties will minimize taxpayer losses and reduce the

negative effects that distressed properties have on local real estate markets.

“As the leading advocate for housing issues, Realtors® know that foreclosures affect fami-lies, communities, the housing market and our nation’s economy,” said NAR President Ron

Phipps, broker-president of Phipps Realty in Warwick, R.I. “We believe the government has an opportunity to minimize the impact of distressed properties on local markets by expanding financing opportunities, bolster-

ing loan modifications and short sales efforts, and enhancing the efficient disposition of REO properties. This will help stabilize home prices and neighborhoods and help support the broad-er economic recovery.”

Phipps said that the lack of available and

Realtors: Increased lending, short sales necessary to reduce high REO inventories

A government loan is a good option for many buy-ers. They offer competitive rates and terms and work well for some buyers with down payment or credit challenges. These loans, however, are highly regu-lated and it’s important to stay up-to-date on the most current changes. We’ve recently become aware of three significant changes to some government loan options that may affect your client’s loan options.

New FHA Short Sale Rules

With so many short sales happening in our market today, it’s important for you to know when a buyer will be eligible for a new FHA loan. We saw some new regulations regarding short sales this year – here are the highlights:

Borrowers who had a short sale are not eligible for a new FHA loan:

• If the short sale was done on a primary residence just to take advantage of a declining

Three changes you need to know about Government loansNew rules and regulations that could affect your clients’ options

By Jon PaukovichEnt—

See Government Loans page 8

See Parade of Homes Awards page 14

See REO Inventories page 5

2 Colorado Springs Real Estate Journal www.csrej.com September 26, 2011

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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 once 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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Realtors to host Housing SummitAs the leading advocate for homeownership, the National

Association of Realtors® will host a summit of policy makers, industry leaders and government stake holders to develop strat-egies to help stabilize and revitalize the nation’s housing market and economy.

“Homeownership is an investment in your future, strength-ens our communities, and is integral to our nation’s economy,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Our goal is to develop solutions and recommendations for Congress and the administration so that

they can develop strong housing policies to stabilize the nation’s housing market and lead the country out of today’s economic struggles.”

The event is scheduled to take place early in October in Wash-ington, D.C. While planning is still underway, NAR expects that Realtor® leaders will join legislators, government officials, busi-ness leaders, top industry executives, and economists to design a housing recovery plan that will address today’s critical home-

See Housing Summit page 5

September 26, 2011 www.csrej.com Colorado Springs Real Estate Journal 3

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National News

affordable mortgage financing is hurting REO sales and the entire housing mar-ket, and urged increased consumer and investor lending. While NAR supports strong underwriting standards, the lack of private capital in the mortgage market, unduly tight underwriting standards, and increasing fees have discouraged many potential home buyers from applying for mortgages. NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.

To prevent further REO inventory increases, NAR also recommended that the agencies take more aggressive steps to modify loans and, when a family is absolutely unable keep their home, to quickly approve reasonable short sale offers that allow families to avoid fore-closure. Phipps said that while federal programs have been put into place to help keep families in their homes, many of these have fallen short of expectations, and advocated that those resources be applied toward modifying loans and ex-pediting short sales, which are typically less costly than foreclosure.

“Loan modifications keep families in their home and reduce defaults, while short sales keep homes occupied, help-ing stabilize neighborhoods and home values,” Phipps said. “Expanding resourc-es and ensuring the use of already allo-cated funds for pre-foreclosure efforts is the best opportunity to reduce taxpayer costs and creates more positive outcomes for homeowners and their communities.”

NAR’s letter also outlined concerns about proposals to pool large volumes of REO properties for bulk sales. While these types of transactions may help quickly alleviate high REO inventories, taxpayers would be required to accept larger losses than are necessary. Phipps said that efforts should be made to incen-tivize individual versus bulk sales, except in small geographic areas that meet cer-tain criteria, since selling in bulk to large national investors puts a large section

of the housing market into the hands of fewer market participants and puts indi-vidual home buyers and sellers at a dis-advantage.

He also said the success of any bulk sale programs should be determined by the stabilizing effect the program has on a locale and whether it maximizes value to taxpayers. Maximizing the recovery on the agencies’ assets will depend on

how property valuations are d e t e r m i n e d and that those valuations are accurate, ap-propriate, and reflective of market condi-tions, such as

the valuations available through the RE-ALTOR® Property Resource, an NAR subsidiary.

NAR is also concerned about propos-als that include lease-to-own elements. Phipps said that agency policies should first be focused on keeping families in their homes through loan modifications or short sales if that’s a better option, and that the agencies should not expe-dite foreclosures so that those properties could be included in a lease-to-own pro-gram. He added that any lease-to-own programs should not be administered by the government, but instead should include the participation of local inves-tors or nonprofits that can manage the specialized needs and challenges of the local market.

“Realtors® welcome the agencies’ de-sire to receive input and ideas to help address their REO inventory. We look forward to serving on any advisory board and working together with agency staff, real estate professionals, property man-agers, and others with extensive real estate industry experience to develop sound strategies and solutions to ongo-ing REO issues,” said Phipps.

© Copyright National Association of Realtors. Reprinted with permission.

ownership, mortgage finance and real estate investment challenges.A housing recovery is key to America’s economic strength, and NAR wants to make

sure that any proposed legislation and regulatory rules or changes to current programs and incentives help address industry issues and don’t further exacerbate problems within the fragile real estate industry.

“To move the real estate market and economy forward there needs to be a broad discussion among all stakeholders about what needs to be done to reshape real estate in America and put the country back on the right track,” said Phipps. “We look forward to delivering valuable recommendations and solutions to promote home ownership and restore the nation’s housing industry and economy.”

Additional details about the housing summit will be posted in the coming weeks at www.realtor.org.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s larg-est trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

© Copyright National Association of Realtors. Reprinted with permission.

See more on facebook!facebook.com/csrej

NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.

REO Inventories from page 1

Housing Summit from page 2


National News

New NAHB index finds local housing markets that are on the mend Builders call on Congress to stop conforming loan limits from falling to lower levels

A new index compiled by economists at NAHB has identified local housing markets that have been gaining ground lately, a sharp contrast to conditions one year ago.

Making its debut on Sept. 7, the monthly NAHB/First American Im-proving Markets Index (IMI) reveals metropolitan areas that have shown improvement for at least six months in housing permits, employment and home prices.

The list of metropolitan areas includes:

• Alexandria, La.• Anchorage, Alaska• Bangor, Maine• Bismarck, N.D.• Casper, Wyo.• Fairbanks, Alaska• Fayetteville, N.C.• Houma, La.• Midland, Texas• New Orleans• Pittsburgh• Waco, Texas

"Despite the challenging conditions in the national economy and housing sector, there are areas throughout the country where we are seeing pockets of improvement" said NAHB Chairman Bob Nielsen.

"Housing conditions are local, and do not always reflect the national pic-ture,” he said. “We created this new index to shine a light on those hous-ing markets across the country that

have stabilized and have begun to show signs of recovery."

"By examining key indicators of home prices, employment and housing permits data, we are using a comprehen-sive, but conservative method in deter-mining which markets are improving," said NAHB Chief Economist David Crowe.

"Last year at this time, there was not a single market that showed improve-ment using these criteria, and now we can point to 12 examples of growth," Crowe said.

"It's not surprising that many of the states represented are energy-rich ar-eas," he said. "Those are the regions still experiencing relatively strong employ-ment, supporting housing demand."

The IMI is designed to track housing markets throughout the country that are showing signs of improving eco-nomic health.

The index measures three sets of independent monthly data on Metro-politan Statistical Areas: employment growth from the Bureau of Labor Sta-tistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau.

A metro area must see improvement in all three areas for at least six months following their respective troughs be-fore being included on the improving markets list. NAHB uses the latest avail-able data from these sources to generate the list of improving markets.

Go to www.nahb.org/imi for addi-tional data, tables and a list of 2011 fu-ture economic release dates.

The NAHB/First American Im-proving Markets Index (IMI) will be released on the fourth business day of each month at 10:00 a.m. ET, unless that day falls on a Friday, in which case the index will be released the following Monday.

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

New Orleans

With the Oct. 1 deadline rapidly ap-proaching for the conforming loan limits for Fannie Mae, Freddie Mac and the Fed-eral Housing Administration (FHA) to be lowered, NAHB is calling on Congress to move swiftly to extend the current loan limits to prevent further damage to the al-ready fragile housing market and lackluster economy.

“Congress must act now to prevent the loan limits from reverting to lower levels,” said NAHB Chairman Bob Nielsen.

“A drop in mortgage loan limits would re-duce housing demand and place downward pressure on home prices in major markets,” he said. “This would exacerbate the current housing downturn, trigger more foreclo-sures, impede job growth and endanger the fragile economic recovery.”

NAHB is engaged in a major grassroots push and association members are being urged to contact their members of Con-gress and seek their support for immediate efforts to extend the current loan limits.

Federal lawmakers can be con-tacted in two ways — by calling 866-924-NAHB (6242); or by writing them via NAHB’s Builderlink web page.

If Congress fails to act, the loan limits will revert to the lower levels for high-cost areas established under the Housing and Economic Recovery Act of 2008.

The national ceiling for mortgages se-curitized by Fannie Mae and Freddie Mac

See Loan Limits page 8


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We’ve Moved! Heritage Title Company’s Northern Colorado Springs (Tiffany Square) office has moved to a new location.

Please note, our new address is: 1150 Kelly Johnson Blvd., Suite 140.We look forward to seeing you soon at our new location!

For more information, contact:

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National News

or insured by the FHA would drop from $729,750 to $625,500 and the formula for establishing area loan lim-its would become more restrictive, producing decreases for areas in addition to those currently bound by the na-tional ceiling.

Loan limits are based on a percentage of median area home prices.

A recent NAHB study found that if the limits are al-lowed to revert to 2008 levels, millions of homes would no longer be eligible for Fannie Mae, Freddie Mac and FHA funding and would have to be financed with mort-gages requiring higher interest rates, fees and downpay-ments and more stringent credit standards.

While the changes would affect only a minority of counties in the nation, those areas represent large con-

centrations of homes and population.The counties affected by the changes in the FHA lim-

its contain nearly 60% of all owner-occupied homes; the counties affected by the Fannie-Freddie changes contain nearly 30% of all owner-occupied homes.

Bipartisan legislation to extend the current federal home loan guarantees is pending in both chambers of Congress, but with the Oct. 1 deadline looming, time is running short.

“Credit conditions for home builders and home buy-ers are already extremely tight,” said Nielsen. “Reducing the loan limits would further restrict overall mortgage liquidity and make it even more difficult for potential buyers to purchase a home. Congress must not allow this to happen.” The above article has been provided to you compliments of NAHB and Nation’s Builder News.

market and they purchased a similar or superior prop-erty at a reduced price within a reasonable commuting distance, or

• For three years from the date of the pre-foreclosure sale or date that FHA paid the claim from the short sale (for FHA loans only) if the borrowers were in default at the time of the short sale.

Borrowers are eligible for a new FHA loan if:

• The proceeds from the short sale serve as payment in full and all mortgage payments were made within the month due for 12 months preceding the short sale, and

• All installment debt for the same period was also paid within the month due.

There are a few exceptions to these rules if the bor-rower’s default were due to circumstances beyond their control and if the borrower had previous good credit his-tory prior to defaulting.

VA Funding Fee Changes

In October, VA funding fees are set to decrease. The fee changes apply to VA transactions with closing docu-ments signed on or after October 1, 2011. The funding fee is paid to the VA to defray the cost of administering the VA home loan program. Veterans who are currently exempt from paying the funding fee will remain exempt after October 1 and won’t be impacted. You can check with your local lender for a breakdown of the new low-ered fees. They vary depending on down payment and other factors.

New Rule on Financing Homes Previously Used for Meth

The Denver Homeownership Center (HOC) recent-ly announced that any home – including HUD Repo’s – which have any evidence of the use of meth or creation of meth, or even a police report stating meth was in use in the home, is ineligible for FHA insurance. Even if re-mediation has been done to the property, it is still not eligible for an FHA loan. As you may know, Homeown-

ership Centers insure single family FHA mortgages and oversee the selling of HUD homes. The Denver Home-ownership Center serves the states of Arkansas, Colora-do, Iowa, Kansas, Louisiana, Missouri, Minnesota, Mon-tana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Wisconsin, Wyoming and Utah.

Government regulated loan programs change often. New rules, regulations and costs come out frequently and it’s important to stay on top of these changes. How-ever, keeping up with all the details doesn’t have to be a chore. If you work with a knowledgeable, local lender, they can do the heavy lifting for you and keep you in-formed of changes that affect your client’s loan options. When you partner with a knowledgeable lender you trust, you can rest assured you are up-to-date on all the information your clients need to know when choosing the right loan option for them.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

Loan Limits from page 6

Government Loans from page 1


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Local News

Pikes Peak Association of REALTORS® supports Dress for SuccessThe Pikes Peak Association of REALTORS® (PPAR)

Community Relations Committee is proud to partner with the Women’s Resource Agency for the Dress for Success Colorado Springs Program.

The Women’s Resource Agency helps more than 1000 participants annually to achieve financial independence and to become personally self-sufficient through resume training, computer classes and interview coaching.

Appropriate business attire is provided through the Colorado Springs branch of the national program Dress for Success. This program allows participants to meet with a Personal Shopper to pick out 1-2 proper inter-

view suits that also include accessories to help make the move back to the workforce easier. After employment has been gained, the participant can come back to the Dress for Success boutique to select an additional 5-8 suitable outfits to wear to the workplace. All outfits, in-cluding accessories, are free to the participant to keep.

“With so many people struggling to find employment in this economy, it’s important to do what we can to help eligible people to get back into the workforce,” said Re-nate Carrier, Chair of the PPAR Community Relations

EXPO CENTER OPEN HOUSESeptember 20, 2011

The Colorado Springs HBA and UCCS partnered in February to remodel the 3650 N. Nevada Ave location into a much needed expo center. Freedom Financial has since joined, with acquiring naming rights of this

53,000 square foot facility. The expo Center will host shows, exhibits and corporate Events. The Open house was held on September 20, 2011 with its first event scheduled to start on September 30, 2011.

See more on facebook!facebook.com/csrej

See Dress for Success page 13


Service ▪ Strength ▪ Stability

Partnering today for a successful business tomorrow...

Doc Central

• Access your files 24/7 – 365 from any computer • Alleviate the need to pay rent to store old files

E-Agent

• Build your website, EASY-FAST • Drives internet traffic back to you • Drip marketing program and much more…

GFE Calculator and The National Rate Calculator

• Go to www.fntcolorado.com click on GFE Calculator • Go to www.fntcolorado.com click on Title Rates • Great for Realtors® and Lenders • Accurate Title and Closing Rates for your seller/ buyer

Inter-Active Title Commitment

• All supporting documents at your finger tips • Access 24/7 for all parties related to transaction

Listing Promoter

• Promotes listing address as website URLs (i.e. www.23MainSt.com) • Pulls listing information from MLS systems • Auto-Submits listing website URL to search engines • Syndicates to Google base, Homes.com, Zillow and more….

Virtual Title and Escrow Communications (VTEC)

• Access your files, transactions and documents in a safe, secure environment, 24 hours a day, 7 days a week

• Order Desk - Place your orders online in a secure, integrated environment

Greg Fowler 719-425-7042 [email protected]

Carla Starkie 719-266-2702 [email protected]

Terry Davis 719-338-7878 [email protected]

Shirley Dobbs 719-425-7042 [email protected]

Greg Wolff, CTIS Vice President 719-459-9653 [email protected]

Debbie Wilson, CTIS 719-252-0486 [email protected]

INTEGRITy MORTGAGE & FINANCIAl INC. AND AMERICAN FAMIly INS / NIGEl CASE

HOST SUMMER BARBECUEAugust 25, 2011

Above: Greg Fowler and Carla Starkie-Carey with Fidelity Title.

Above: Lela Rae Nemmers and Joan Valverde with Keller Williams Clients Choice.

Above: Lynda Fleming, Amy Rowe, Russell Rowe and Shelley Shelley with Integrity Mortgage and Financial Inc.

Above: Daniela Galvan with Galvan & Gardner and Max Brown with Max Brown Realty.

Above: Russell Rowe with Integrity Mortgage And Financial, Inc. and Nigel Casewith American Family Insurance hosted the Summer Barbecue.

Gigi Williams and Treasure Davis of RE/MAX Properties held their Client Appreciation Event on Saturday August 27, 2011. They launched the RE/MAX hot air balloon and gave their clients tethered balloon rides as a way of saying thank you for your business and referrals. Their belief in real estate is that it's all about building relationships and this event is one way they do just that! A special thank you to Ruthie Lohrig-Kline, Kyle Hackett, and Shannon Livingston at Unified Title, David Slater at Academy Mortgage, and David McTague at PremierOne Home Inspections for helping sponsor the event.


An Outstanding An Outstanding An Outstanding Opportunity For Opportunity For Opportunity For

Real Estate AgentsReal Estate AgentsReal Estate Agents

719-686-1112 Fax: 719-686-1115 Email: [email protected]

Since 2006

A dynamic real estate program, superior to anything being A dynamic real estate program, superior to anything being offered today, is now available in Colorado Springs!offered today, is now available in Colorado Springs!

This lucrative agent compensation program is superior to virtually any plan currently This lucrative agent compensation program is superior to virtually any plan currently being offered by other real estate companies in Colorado. Do you feel challenged by being offered by other real estate companies in Colorado. Do you feel challenged by today’s real estate environment? Would you like to offset the cyclical uncertainty today’s real estate environment? Would you like to offset the cyclical uncertainty that accompanies traditional real estate sales? that accompanies traditional real estate sales?

Is your current commission split less than 80%?Is your current commission split less than 80%? Why accept a low commission split and then on top of that pay exorbitant monthly Why accept a low commission split and then on top of that pay exorbitant monthly franchise, desk and additional fees for services you do not need or use? We have a franchise, desk and additional fees for services you do not need or use? We have a program that guarantees that you will and earn more and Save More! program that guarantees that you will and earn more and Save More! Skeptical? Skeptical? Well, that’s understandable in light of the Well, that’s understandable in light of the ‘blue‘blue--sky’ sky’ income offered by income offered by many companies today. many companies today.

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Commission splits start at 80%! Commission splits start at 80%! 100% after a $6,500.00 yearly cap100% after a $6,500.00 yearly cap No monthly franchise feeNo monthly franchise fee a $500.00 bonus plus a 5% override on any/all agents you a $500.00 bonus plus a 5% override on any/all agents you recruit recruit Newly licensed agents welcome Newly licensed agents welcome -- We offer a training and We offer a training and

mentoring program.mentoring program.

CALL/EMAIL RAYMOND TO GET THE ALL THE DETAILS ABOUT THIS OUTSTANDING PROGRAM.

People rarely achieve success by staying in their ‘Comfort Zone’.

Real Living – Select Properties CEO/Broker Charlie Brown and Vice President – Director of Sales John Moher, hosted a car wash for all of their associates who reached or exceeded their half-year List-ing or Sales Goals. Shown here wash-ing a Mercedes Sport Coupe, the wash-ing duo spend the afternoon scrubbing down everything from Cadillacs to 4X4’s. When asked if their service comes with interior detailing or a tire rotation, their quick response was “Maybe Next Year”. “This yearly event is enjoyed by all of our achievers”, remarked Brown and added Moher “A sparkling car invites clients in and this is the start of the sales process”.

CEO and VP wash associates' cars

Classic Homes opens new model

Local News

Meridian Ranch and Classic Homes of Colorado Springs announce the open-ing of the newest Meridian Ranch model home, the Stratford by Classic Homes.

The new Classic Homes model is lo-cated on a three quarter acre home site in the Bluffs at Meridian Ranch at 10967 Klondike Drive. The new Stratford mod-el by Classic Homes is a beautiful 4,241 square foot stucco and stone ranch style home with 3 bedrooms, 3 baths, and 3-car garage. With pricing in Meridian Ranch starting in the low $200’s, the Stratford features plenty of formal and informal living and entertaining spaces. The main level has hardwood floors, plenty of tile accents and includes a great room with stone fireplace in the family room and a breakfast bar and center island in the kitchen. The fully finished lower level in-cludes additional bedrooms, bath, and a recreation room perfect for informal en-tertaining or Sunday afternoon Broncos games with family! At just $414,195, the Stratford model home is available for sale with a six-month lease back from Classic Homes.

“We’re excited to have Jina St. James on board as our community sales representa-tive in Meridian Ranch.” said Ty Olson, Sales Manager for Classic Homes. “We invite you to stop by for a personal tour of our new model, meet Jina, and learn more about our new selection of larger home sites in Meridian Ranch!”

For more information on Classic Homes in Meridian Ranch stop by their new model at 10967 Klondike Drive or visit online at ClassicHomes.com.

Committee. “This program is a great way to help those who are looking for employment to feel more confident in themselves and their abilities.” A call went out to the PPAR Membership to donate business attire and accessories and the Membership responded! REALTOR® members showed their support with considerable clothing donations.

PPAR was founded in 1902 and currently represents nearly 3,000 REAl-TORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit www.ppar.com.

Dress for Success from page 11


Local News

© Ent Federal Credit Union, 2011 • Ent is a registered trademark of Ent Federal Credit Union.

Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA

*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.

Ent – A Realtor’s Lending PartnerAs a realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!

Ent offers a wide variety of mortgage loan options* to fit 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!

Contact one of our Mortgage Loan Officers, today.

Freedom is

having a par tner you can trust.

Learn more in person, online, or by phone.

Ent.com/Mortgage (719) 574-1100 ext. 5602 or

800-525-9623 ext. 5602

Tom Bechtel(719) 550-6486NMLS ID #459317

Marcus Brown(719) 550-6408NMLS ID #459319

Josh Callens (Denver)

(720) 833-3324NMLS ID #417733

Diane Danner(719) 550-6441NMLS ID #459328

Alex Deboer(719) 550-6482NMLS ID #459320

Stephanie Dombrowski

(719) 550-6485NMLS ID #459321

Carol Flynn(719) 550-6470NMLS ID #422162

Cathy Gonzalez(719) 550-6431NMLS ID #459322

Suzi Gradisar (Pueblo)

(719) 296-2107NMLS ID #459323

Brad Shaw(719) 550-6995NMLS ID #459325

Lisa Shoblo(719) 550-6480NMLS ID #422164

Tony Sloan(719) 550-6439NMLS ID #422163

HBA is proud to announce the win-ners of the 2011 Industry Awards of Ex-cellence and People’s Choice Awards as follows:

2011 PARADE OF HOMES INDUSTRY AWARDS OF EXCELLENCE

Under $225,000Pikes Peak Habitat for Humanity, Inc.

Home for Humanity• Best Innovative

Rocky Mountain Community Land Trust/ Challenger Homes

The Adams• Best Kitchen,• Best Master Suite• Best Interior Design • Best Floor Plan• Best Architectural Exterior• Best Landscaping• Best Overall Home

$225,001 - $275,000JM Weston Homes

Traditions• Best Kitchen

Ron Covington Homes The Madison• Best Architectural Exterior• Best Landscaping

Reunion Homes The Cutler• Best Master Suite• Best Interior Design• Best Floor Plan• Best Innovative• Best Overall Home

$275,001 - $325,000Challenger Homes

Rosemont II • Best Architectural Exterior

Vanguard Homes St. Albans II• Best Kitchen • Best Master Suite• Best Interior Design• Best Floor Plan• Best Landscaping• Best Overall Home

Richmond American Homes Ponderosa • Best Innovative

$325,001 - $400,000Richmond American Homes

Daniel • Best Floor Plan

Saddletree Homes The Monarch• Best Kitchen• Best Master Suite• Best Interior Design • Best Architectural Exterior • Best Landscaping• Best Innovative• Best Overall Home

$400,001 - $500,000Goetzmann Custom Homes

Mayfield• Best Kitchen• Best Master Suite• Best Interior Design• Best Floor Plan• Best Architectural Exterior• Best Landscaping• Best Overall Home

Keller Homes Jackson• Best Innovative

$500,000 - $600,000GJ Gardner – Northgate

Ascension• Best Kitchen • Best Master Suite• Best Interior Design• Architectural Exterior • Best Landscaping • Best Innovative • Best Overall Home

MasterBilt Homes The Treasure Falls• Best Floor Plan

$700,000 - $850,000Comito Building and Design

The Kalispell• Best Kitchen• Best Master Suite• Best Interior Design• Best Floor Plan• Architectural Exterior• Best Landscaping – by Fredell

Landscaping• Best Innovative • Best Overall Home

Reunion Homes - The Cutler

Challenger Homes - Rosemont II

GJ Gardner Homes - Ascension

Vanguard Homes - St. Albans II

Parade of Homes Awards from page 1

See Parade Winners page 17


1/2 Acre Corner Lot also Availablein the Gables to Build One of Our

Plans... or One of Yours!

Woodmen

Meridian

Wal-M

art

N

FALCON

GJG

Falcon Design Center719.495.7664

visit gjgardnerhomes.com11605 Meridian Market View Unit 130

Falcon, CO 8083125+ Years Strong and Proudly Local

Willowwood $328,5003058 square feet

11114 Birch Hollow Way

43.54

New Home Under ConstructionAvailable Move In Nov. 1st

Great ViewsFinished BasementUpgraded Kitchen

Stucco & Stone Exterior1/2 Acre Lot in the Gables

Puchase Within30 Days & GetFree Granite Topsin Kitchen

^

HBA PARADE OF HOMES AWARDS DINNERAugust 31, 2011

Below: Janet McMonigal with Farmers, and Shelley LaJudice with Lajudice Marketing Group.

Above: Arleyne Glasser, Lisa Grubesic with iMortgage and Marsha Kromer withFirst Mortgage CO.

Above: Sharon Regier, Lindsey Nigon with LaPlata Communities, Matt Hall with Legacy Title, Sharon Ballinger with Academy Mortgage, and April Salladay with Legacy Title.

Above: John Bissett with JM Weston Homes. Dena Cordova with Foxworth Galbraith, Todd Davis with JM Weston Homes, and Renee Zentz with Colorado Springs HBA.

Above: Jill Webb with Central Bancorp, Jen Gesisk with Jen Barry Productions, and John Held with Creekstone Homes.

Above: Todd Anderson with Challenger Homes and Bruce Martin with Aspen ViewHomes.


Thank YouTo our Readers, Advertisers,

and Contributors for

We couldn't do it without you! Thank you!~ Rachelle & Josh

3 GREAT YEARS!+ More to Come

facebook.com/csrej


On the Move

Kurt ClarkRealteam Real Estate Center

Kurt is a native of Colorado, born in Denver and raised in Littleton. A graduate of Denver Lutheran High and attended Concordia University in River Forest, Il-linois where he received both his BA and MA degrees in education. Kurt taught for 36 years in international, parochial and public schools and coached Boys Soccer at Lewis-Palmer High School leading his boys to state play-offs 10 years in a row winning two state championships. He also continues to coach boys and girls track at Harrison High School. An active member at his church and has built three homes with the help of his family. He is married and has three children. His goal

as a realtor is to bring familes and their dream home together.

Pat ThrasherReal Living - Select Properties

Experienced Broker Associate Pat Thrasher has joined the select group of productive agents at Real Living-Select Properties. Pat specializes in residential sales and purchases of homes in all areas of El Paso County. Pat also has a Certi-fied Distressed Property Expert Desig-nation which equips her to help buying or selling clients negotiate short sales, foreclosures and REO’s. She is a Colo-rado Springs resident who loves this city and its’ history as well as helping clients find their perfect home in their niche of

this city. Pat joined the upbeat office of Real Living-Select Properties because of its Technological strengths in lead-gen-eration and support and counts herself lucky to be working alongside agents and management so dedicated to excellence in the Real Estate Industry!

Dawn WhiteKeller Williams Partners

Well-recognized Realtor and com-munity leader, Dawn White, has joined Keller Williams Partners as the Assistant Team Leader. A licensed Realtor since 1986, Dawn is the 2010 PPAR recipi-ent of the EXTRA MILE AWARD for her outstanding contributions to the in-dustry and community. “Learning Real

Estate from the ground up in both the re-sale and new home builder arenas, has been a great opportunity for me and helped me to succeed in this highly com-petitive industry.” White said in a recent interview regarding her new position.

White, who holds a finance degree from Regis University, is a member of the Colo-rado Springs Peak Producers, an exclusive group of Real Estate professionals who rank in the top 10% of Colorado Springs Realtors. She is also a board member of the PPAR Women’s Council of Realtors, the Housing and Building Association of Colorado Springs, and the 2012 President of the Pikes Peak Kiwanis Club.

In her new role as Assistant Team Leader, Dawn will be responsible for the procurement of new Realtors for the Keller Williams team and team develop-ment as the education coordinator.

4850 Austin Bluffs Pkwy., Colorado Springs, CO Toll Free: 888-966-9790 • Local: (719) 266-9780 • Fax: (719) 266-9775

Campbell Homes gives you 10,000 more reasons to sell a new Campbell Home in 2011 with the Campbell Homes

Realtor Rewards Program.

DETAILS: Selling Realtor’s name will be entered into a drawing for $10,000 cash. Prize will be awarded at an awards ceremony when twenty homes are sold and closed by Colorado Springs Realtors. Offer subject to change without notice.

Sell any new Campbell Home in 2011and we will enter you into our Realtor Rewards

Drawing for $10,000 cash!

$851,000 - $1.0 MillionTiffany Homes

Colorado Sensation• Best Kitchen• Best Master Suite• Best Interior Design• Best Floor Plan• Best Architectural Exterior• Best Innovative• Best Overall Home

Copperleaf Homes Vista Montagna• Best Landscaping

$1.0 Million & AboveAlliance Builders

The Mayfair• Best Kitchen• Best Master Suite• Best Interior Design• Best Floor Plan• Best Innovative• Best Overall Home

Comito Building and Design The Inverness

• Best Architectural Exterior• Best Landscaping – by Fredell

Landscaping

PEOPLES CHOICE

$1.0 Million & AboveAlliance Builders - The Mayfair

$851,000. - $1.0 MillionTiffany Homes - Colorado Sensation

$700,000. - $850,000Comito Building and Design

- The Kalispell

$500,000 - $600,000GJ Gardner – Northgate

- Ascension

$400,001 - $500,000Goetzmann Custom Homes

- Mayfield

$325,001 - $400,000Keller Homes - Vineyard

$275,001 - $325,000Vanguard Homes - St. Albans II

$225,001 - $275,000Reunion Homes - The Cutler

Under $225,000Rocky Mountain Community Land Trust/ Challenger Homes

- The Adams

3 Main Site Awards

• Gold Hill Mesa• Flying Horse• Cordera

La-Z-Boy Furniture Galleries pro-vided a grand prize of a $2,500 shopping spree. Parade goers who visited all 25 builders in the Parade and either regis-tered at one of the homes or on-line were entered into the grand prize drawing. This year’s winner was Lynn Damewood a resident from Colorado Springs, CO.

This year the Parade of Homes part-nered with Champion of Colorado

Springs and Care and Share’s Close the Window on Hunger campaign, with each home in the Parade serving as a desig-nated drop off location. More than a quarter of a ton of food was brought in through the generous donations of Pa-rade attendees, Through these donations HBA and Care and Share were able to provide much needed food to help fami-lies in our community.

HBA would also like to thank the fol-lowing Parade of Homes Sponsors for their generous support

Presenting sponsorThe Gazette

Title sponsorsChampion of Colorado SpringsLa – Z – Boy Furniture GalleriesMike Shaw – Buick – GMCWells Fargo

Corporate SponsorsComcastHanson HotSpring SpasPeak Satellite & Technoligies

Parade Winenrs from page 14


By Bill McAfeeEmpire Title—

It is hard to believe that Greece, a country the size of Alabama, can have an impact that influences the world’s markets. Over the past several years, Greece - one of 17 countries that use the Euro as its currency – has been on the verge of default. In addition to Greece, Spain is showing signs of weakness. With many other countries facing economic uncertainty, the United States has be-come a safe harbor for countries to invest and preserve principal.

Countries are willing to accept incredibly low yields for this safety. They are willing to pay premiums for our debt instruments which continue to drive long term yields down. We are in a time that 15 and 30 year mortgages are at historic lows. This is a time when primary residence buyers and investors should be in the market. Warren Buffett has said “Be greedy when others are scared.”

There are particular factors everyone should be aware of in our local market: Inventory lev-els on all properties un-der $250,000 are below 6-months; 6-months is a neutral market between buyers and sellers; and, as these inventory lev-els continue to dwindle, prices will be pushed up. The optimum time to buy is when inter-est rates are at historic lows and prices have, or will, shortly bottom out. But you never know the bottom until you’re already through it. Investors can carry positive cash flows because of the incred-ibly low interest rates and affordable home prices. Primary residence buyers may or may not see these interest rates again. There is a lot of confusion in today’s market re-garding interest rates.

Ben Bernanke recently said that the Federal Funds Rate will remain low for the next two years. The Federal Funds Rate is the rate at which banks loan money to other banks overnight. The prime rate generally runs 3.5% higher than the Federal Funds Rate. These rates are generally tied to business and personal lending. Mortgage rates are tied to long term government debt instruments such as the 10 year note and bond. People must understand the difference between the Federal Funds Rate and mortgage rates. When Ben Bernanke stated the Federal Funds Rate would be low for the next two years, people should know this will have little or no effect on long term mortgage rates. It is the uncertainty in the world’s markets that is holding the long term rates down. It will be the world’s markets that have effect on mortgage interest rates, not what the Federal Reserve does with the Federal Funds Rate. At this time, both rates are low but will not necessarily move in the same direction.

Greece and the world market’s are constantly evolving and changing. The Parthenon and the birth place of the Olympics give Greece history and culture. Their current in-ability to pay debt and function in the world’s economy is creating incredibly low inter-est rates and opportunity for both primary home buyers and investors.

Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.

By Bill McAfee, PresidentEmpire Title of Colorado Springs, LLC

Local Expert

Parthenon, birth place of the Olympics, and interest rates, are the answers.The question: What is Greece responsible for?


September Friday, Sept 30 – Oct 2 Home, Remodeling & Landscape ShowColorado Springs Expo Center719-592-1800 www.cshba.com

OctOber Sunday, October 2-4CAR ConventionDowntown Denver SheratonColoradorealtors.com

Wednesday, October 5Owners Extended Coverage8:30am – 11:30am @ AAFCU (N. Union)[email protected] 719-955-7084

CREC Mandatory Update Class8am – 12:30pm @ Fidelity National [email protected] 719-590-1711

Myths, Mistakes & Mayhem in the Short Sale Process9am – 11am @ Empire [email protected] 719-884-5300

2011 Commission Update1pm – 5pm @ Empire [email protected] 719-884-5300

Thursday, October 6Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to Chris Foxen at 632-4889 or [email protected]

CREC Mandatory Update Class8am – 12:30pm @ Fidelity National Title (Woodland Park) 150 Morning Sun Drive # [email protected] 719-687-3081

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

2nd Annual Marketing Advertising EXPO9am – 11am @ ERA Shields (Rockrimmon)719-593-1000

VA Training for the Real Estate Agent9am – 1pm @ Empire [email protected] 719-884-5300

Friday, October 7Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

Wednesday, October 12Beginners eContracts10am – 12pm @ Empire [email protected] 719-884-5300

Social Media (Facebook, Twitter etc)1pm – 3pm @ Cherry Creek Mtg (Goddard)[email protected] 719-955-7084

Thursday, October 13Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Colorado Mortgage Lenders Originators Update Class8:30am – 11am @ Fidelity National [email protected] 719-590-1711

Tri-Lakes Marketing Forum8:30am – 10am @ Inn at Palmer DivideKim Rossbach: 719-534-7444

Women's Council of Realtors11:30am – 1:30pm @ Embassy Suites HotelRenate Carrier, 888-313-5928

Self Defense Training3pm – 5pm @ Empire [email protected] 719-884-5300

Friday, October 14Independent Broker Forum9am – 10am @ PPARRosana Ramponi: [email protected]

HBA 2-Man Scramble Golf Tournament12pm – 5pm @ Kissing Camels GC719-592-1800 www.cshba.com

Tuesday, October 18CHAFA Class10am – 12pm @ DeVry [email protected] 719-955-7084

NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)csnarpm.org, Jorgette Krsulic with Colorado Casa Realtors : 719-227-7200

Wednesday, October 19Barstool Economics9:30am – 11am @ DeVry [email protected] 719-590-1711

Barstool Economics1:30pm – 3:30pm @ Fidelity National Title (Woodland Park) 150 Morning Sun Drive # [email protected] 719-687-3081

Thursday, October 20Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998

The Market Update & Breakfast9am – 10pm @ Empire [email protected] 719-884-5300

1031 Exchanges1pm – 3pm @ Strategic Financial [email protected] 719-955-7084

Monday, October 24Empire Title Haunted Open House4pm – 6pm @ Empire [email protected] 719-884-5300

Tuesday, October 25Mandatory Update Class1pm – 5pm @ TBA [email protected] 719-955-7084

FHA 203K by American Pacific Mortgage & Fidelity National Title Company Mortgage1pm – 3:30pm @ Fidelity National [email protected] 719-590-1711

Thursday, October 27Farm and Land8am – 9:30am @ Maggie Mae'sLarry Prewett: 719-332-0592

Monday, October 31PPAR Town Hall Meeting with Oliver Frascona sponsored by Fidelity National Title

9am – 1pm @ Crowne Plaza Hotelmembers.ppar.com(Max 300 attendees)

Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information including cost and registration dates. Email events to [email protected]

empowering our associates to make a differenceLegacy Title Group, LLC

(719) 442-190025 North Cascade, Suite 215Colorado Springs, CO 80903

: “Very professional and ef� cient Title Company. I represented the buyer. The experience was good for all.” ~Lauren T. via Facebook

Try Our New Seller’s Net Sheet

www.LegacyTitle-LLC.com

CELEBRATING OUR7th ANNIVERSARY!

Find us.

Rated:

American Family Mutual Insurance Company and its SubsidiariesAmerican Family Insurance CompanyHome Office – Madison, WI 53783

© 2011 002130 – Rev. 6/11

Nigel Cass Agency, Inc.

An Outstanding Customer ExperienceJ.D. Power and Associates certified

Distinguished Insurance Agency(719) 599-7445

www.nigelcass.com

And, like you, we're happy to call it home. And we're proud to be here celebrating 20 years of service. Thank you for your business and your trust.

There's no place like Colorado Springs

Reel in the CashDuring the 2011 “Hooked on Classic” Realtor Recognition Program.

If you love making deals, get ready to land the big one.Because the “Hooked on Classic” Realtor Recognition Program is back in action, and we’re paying out cash and bonuses for all qualified sales brought in by our hard-working partners in the field.

That’s right. Cash and bonuses. Plus a nice 4% commission on the side. You won’t be the only fish in the pond—expect the competition to be cutthroat—but if you work hard, you’ll discover that the opportunities are endless, and the rewards are rich.

The catch? You have to qualify to participate.So don’t wait. The tournament starts now, and the sooner you get your gear in order, the sooner you’ll start reeling in cash and bonuses (up to $3,000 as your closings increase)!

Visit any Classic community and get outfitted for the biggest adventure of the summer.

- 1st Closing = 4% commission on base price and realtor qualifies for the Hooked on Classic Program. (Classic will send you a welcome letter along with a Starbuck’s card after your first sale.)

- 2nd Closing = 4% commission on base price + $1,000 Bonus- 3rd Closing = 4% commission on base price + $2,000 Bonus - 4th Closing (& beyond) = 4% commission on base price + $3,000 Bonus

Here’s how it works—by the numbers…

*Program Terms and Conditions:Bonus incentives will be paid on ALL contracts written between 5/16/2011-12/31/2011 and payable upon closing of 2nd qualifying home. 1.) You must be an active Colorado licensed real estate agent and must have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. Questions concerning bonus commissions will be resolved solely at the discretion of Classic Homes. 2.) All eligible contracts must be originated May 16, 2011 – December 31, 2011. 3.) Bonus commissions will be paid at closing. 4.) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5.) Bonus commissions are offered on an individual REALTOR basis, team/office sales are not cumulative and do not qualify. All incentives will be awarded to the individual agent listed on the contract. 6.) Program terms and conditions are subject to change without notice.

The 2011 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying realtors will be invited to quarterly Hooked on Classic networking events where Classic will recognize the top producers. Qualifying agents will have a chance at other special prizes!

Colorado Springs Real Estate Journal

Documents

parade of homes industry

parade of homes awards

best exterior

people choice awards

coveted peoples choice

awardwinning homes

best architectural exterior

best interior design