Colorado Springs Real Estate Journal

Vol.3 No.2 www.csrej.com October 25, 2010

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National News ................. Page 2Local News ..................... Page 8On the Move ................... Page 13Local Expert ................... Page 14Around the Corner ............ Page 15

FDIC Chairman says restoring the health of real estate ‘crucial’ for the U.S. economy

NAR says families will suffer if foreclosure freeze continues

Bair

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Thousands of first-time and move-up buyers who hoped to make a foreclosed property their new home now face uncertainty, anxiety and possibly remorse as they worry that closing on their desired property could be in jeopardy.

For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of Real-tors® said today. The moratoriums are needed, banks say, to review all of the foreclosures in their portfo-lios to make sure they’re in compliance with the law and that titles are clear.

NAR warned that a prolonged review process would have a damaging impact on many communities and hinder the nation’s economic recovery.

“As the leading advocate for homeownership is-sues, we understand that many lenders need a time-out to review their actions to ensure that homeown-ers are not improperly foreclosed on and that the lenders are following regulations and state laws. Af-

ter that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz.

Over the past few months NAR has met with of-ficials of top banks to discuss market issues. NAR urged banking leaders to seek resolution quickly through loan modifications and the short-sale pro-cess rather than through foreclosure. “We stand ready to help lenders develop better short-sale pro-cedures,” Golder said.

“There are valid foreclosures that should move ahead quickly, and we shouldn’t lump them in with mortgages that are suspect. That would cause deep problems in an already fragile market and throw many families into uncertainty,” Golder said.

Golder said that she is receiving reports from Re-altors® that the moratorium is already creating some anxiety among purchasers as transactions are being delayed and that some foreclosure listings are being removed from the market.

Compounding the problem is that the require-

Among a range of speakers at the Urban Land Institute’s fall meeting in Washington, D.C. last week, Federal Deposit Insur-ance Corporation Chairman Sheila Bair on Oct. 13 cited en-couraging signs for housing but also indicated that recovery of the real estate sector will take time and that the home finance system will have to be restored and taken off government life support.

“The economy is now recovering, but prog-ress is slow, and the effects of the recession — including high unemployment — are likely to persist for some time,” said Bair.

“Once again, the health of the real estate sector will be crucial in determining the path of the entire economy,” she said. “Restoring stability and normalcy to residential and commercial real es-tate markets will be essential to establishing a more robust economic recovery. But we still have a lot of work to do to re-pair our system of mortgage finance.”

Bair noted a number of positive signs for housing “after three long and difficult years,” including indications that home prices have largely stabilized in most markets.

She added that federal policy initiatives — including tax credits for buyers of new homes, the Treasury’s Home Afford-able Modification Program and the Federal Reserve’s purchas-es of mortgage-backed securities — “have played an impor-tant role in helping to restore stability to U.S. housing markets. But these initiatives come at the price of unprecedented gov-ernment intervention.”

Through the Federal Housing Administration and hous-ing’s government sponsored enterprises (GSEs), she said that nearly 60% of all outstanding mortgages are backed by the government. Of the nearly $2.5 trillion in loan originations since 2009, about 94% were guaranteed by the GSEs, the FHA or the Department of Veterans Affairs. In addition, the Fed-eral Reserve has purchased more than $1 trillion of mortgage-backed securities.

“And despite this unprecedented intervention, many chal-lenges exist,” Bair said. “Expiration of the home buyer tax credit in April led to a second-quarter slump in new home sales and building-related retail sales that helped to slow the pace of economic growth over the summer.”

See Foreclosure Freeze page 3 See Economy page 5

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2 Colorado Springs Real Estate Journal www.csrej.com October 25, 2010

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A new look at housing starts based on data from the Census Bureau finds that single-family homes in the U.S. contin-ued to get smaller last year, and econo-mists at NAHB suggest that the down-ward trend is likely to last beyond the end of the recession.

From a peak of 2,268 square feet in 2006, the median size of new single-fam-ily homes dropped consistently through last year, when the size was down to an even 2,100, according to a new special study by NAHB’s Housing Economics, “Characteristics of Single-Family Homes Started in 2009.”

In the early 1980s, when mortgage interest rates climbed to astronomical heights, home sizes experienced a similar decline, but only temporarily.

“This time, part of the current home size decline may again be a temporary recession-related phenomenon, but part can also be attributed to trends in factors like the desire to keep energy costs down, amounts of equity in existing homes available to roll into a new one, tighten-

ing credit standards, less emphasis on the pure investment motive for buying a home and an increased share of homes sold to first-time buyers,” writes Paul Em-rath, NAHB’s vice president for survey and housing policy research.

“Not all of these trends are likely to re-verse themselves immediately at the end of a recession,” he said.

The decline in the median size of new single-family homes occurred even as contractor-built homes, which are typi-cally the largest on average, were increas-ing as a share of the market, Emrath added.

Standard tables published on the Cen-sus Bureau's website show characteristics of new homes based on those completed in a given year, he said. Economists at NAHB decided to tabulate the charac-teristics for the homes that were started because this eliminates several months of lag time while the home is being con-structed and “can provide a more current picture” of the marketplace, which has been changing rapidly over the past few

years.The most glaring trend in the statistics

collected by the Census is a precipitous decline in the number of single-family homes started, which tumbled from 1.7 million in 2005 to less than half a million in 2009.

Particularly hard-hit during the down-turn, NAHB research shows, were the “spec” homes built for sale, typically in new residential subdivisions. Their share of the marketplace dropped from nearly 80% to less than two-thirds over that pe-riod.

Characteristics of homes started in 2009 reveal a marketplace adapting to tougher economic times and fewer luxu-ries but also point to a few amenities that have been on the upswing despite the general retrenchment of consumers.

The median sales price dropped from $256,000 for single-family homes started in 2006 to $211,000 for those started in 2009, a 17.6% decline.

Market expected to favor smaller homes even after recession’s end

See Smaller Homes page 5

http://www.conewhome.com

October 25, 2010 www.csrej.com Colorado Springs Real Estate Journal 3

National News

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The lease-to-Own program fills an important gap in the market. Move-up buyers are frozen by the lack of financing, buyers must have near perfect credit, sellers are sitting on homes in a tough market as their properties languish. There are fewer-than-ever qualified buyers available.

Lease-to-Own allows renters, who qualify, the opportunity to earn their way to home ownership during their lease period while the seller earns a financial return on investment from cash flows generated by the tenant.

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Above: Ruthie Lohrig-Kline of Unified Title, Dave Robbins from ERA Shields Real Estate and Donna Norman from Unified Title Company.

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ments for foreclosure vary by state, and practices to meet these requirements vary by firm. NAR is working with regulators, such as the Federal Housing Finance Agency; and encouraging them to identify and quickly address process problems.

In a letter today to the U.S Treasury Department, the U.S Department of Housing and Urban Development, and the Federal Housing Finance Agency, NAR stated the hope that banks would complete their foreclosure

review expeditiously to assure that the rights of borrow-ers are protected and remove doubt that buyers will re-ceive clear title to their purchase.

“NAR has long urged the lending industry to take ev-ery feasible action to keep families in their homes with a loan modification and, if that is not possible, to give them a ‘graceful exit’ through a short sale. These options are far better than a foreclosure, and nothing has driven this point home more clearly than the questions being raised about foreclosures. Lenders should place addi-tional resources into processing loan modifications and

short sales,” NAR wrote.A year ago, NAR instituted a special short sale train-

ing program for its Realtor® members to work more closely with banks in expediting mortgages at risk by resolving them through short sales and loan modifica-tions. More than 51,000 Realtors® have been certified in the program.

© Copyright National Association of Realtors. Reprinted with permission.

Foreclosure Freeze from page 1


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National News

Despite smaller homes with smaller price tags, the av-erage number of bedrooms and bathrooms in the houses started last year showed little change.

However, the downward trend in size and cost were apparent among homes built at the high end of the scale. The share of for-sale homes priced above $300,000 was less than 25% last year, declining from 35% in 2006 and 2007 and close to 30% in 2009. Similarly, more than 9% of the single-family home started in 2007 and 2008 were 4,000 square feet or larger, compared with only 7.3% in 2009.

Looking at specific amenities, NAHB research found a steady decline in the number of homes started since 2005 with three-car garages, fireplaces, patios and decks. On the other hand, through last year porches were on the rise.

Also ascendant were heat pumps. “This should not be surprising, given the recent focus on energy efficiency and efforts by the Department of Energy and the U.S. Environmental Protection Agency to promote certain

types of heat pumps for residential use,” he said.An examination of primary siding material found a

noticeable swing away from stucco, which likely was the result of a 2005-2009 market share decline from 25% to 20% in the West, where stucco is most commonly used.

The NAHB report also cites findings from informa-tion on houses that the Census first started collecting last year, based in part on suggestions from NAHB and other groups:

• Overall,morethan35%ofsingle-familyhomesstartedin2009hadtwo-storyfoyers.Thistendstobealuxuryfeaturethatisconsiderablymorecommoninmoreex-pensivehomes.Almost60%ofhomespricedbetween$500,000and$999,000hadtwo-storyfoyers;almost71%ofhomessellingfor$1milliondollarsormorehadthem.

• Almostallnewsingle-familyhomeshavewasheranddryer connections; and they are almost always con-finedtoasinglelocationinthehome,80%ofthetimeon the first floor. In smaller homes where first-floorhouse space is at apremium,builders resort to lesscommon locations. In homes with less than 1,200square feet, 10.9%of thewasher/dryerswere in the

basementand3.3%werestationed in thegarageorcarport.Overall,5.5%of thehomesstarted lastyearhadwasher/dryersinthebasementand1.2%locatedtheminagarageorcarport.

• Nearly 80% of single-family homes started in 2009wereconnectedtoapublicsewersystem,andmorethan87%werehookeduptoapublicwatersupply.

• Morethan47%ofthe2009startswere incommuni-tiesgovernedbyahomeownersorothertypeofcom-munityassociation.Theseweremostcommon intheMountainandSouthAtlanticcensusdivisions.

• Overall,2%ofthestartslastyearwereinage-restrictedcommunities.TheseweremostcommonintheMiddleAtlantic(6.3%)andSouthAtlantic(3.6%)censusdivi-sions.

• Agerestrictedhousesweremostcommonforhomespricedbetween$250,000and$500,000(6.3%).Theybarelycouldbefoundatthefarendsofthepricedis-tribution—housesbelow$100,000and$1millionormore—wheretheyregisteredazeroshareinthesur-veysample.

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

She said that mortgage foreclosures remain at a high volume, adding to the supply of vacant homes and dis-tressed sales. Some 2.4 million mortgages remained in the foreclosure process at the end of June, while another 2.7 million were at least 60 days past due. Also, as of June, an estimated 11 million home owners — nearly one in four of those with mortgages — were underwater and owed more than their homes were worth.

“We also need to move away from incentives that en-

courage the lax underwriting that we saw prior to the crisis,” Bair said. “Sometimes I wonder: Have lenders re-ally learned their lessons? Just a few days ago, I received a flier from a mortgage lender offering 3.75% fixed-rate pro-grams up to 125% of value, and 24-hour underwriting.”

“Looking down the road, the big question on ev-eryone’s mind is what to do about federal government involvement in mortgage lending,” she said. “For now, federal involvement is needed to keep credit flowing on reasonable terms to the housing market as the economy and the financial system recover. But going forward, there needs to be a broader debate about the future role of gov-

ernment in mortgage finance and the housing sector.“In hindsight, the implicit government backing en-

joyed by the mortgage GSEs, where profits were priva-tized and the risks were socialized, was an accident wait-ing to happen. The time has come to take a hard look at the full range of housing policies and programs, includ-ing the size and nature of tax breaks and other subsidies to owner-occupied and rental real estate.”

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

Smaller Homes from page 2

Economy from page 1


Karen BloserCell Phone:[email protected]

Lisa WesselCell Phone:[email protected]

Terry DavisCell Phone:[email protected]

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Greg WolffVice [email protected]

719-590-17111277 Kelly Johnson Blvd., Suite 100

Colorado Springs, CO 80920

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The Colorado Association of REALTORS® Hous-ing Opportunity Foundation (CARHOF) is donating $25,000 to help victims of the Fourmile Canyon fire in Boulder. In addition, the Foundation requested and re-ceived $35,000 of disaster relief funding from the Na-tional Association of REAL-TORS® which will also be used to help the Fourmile Canyon fire victims.

The funds will go directly to Elevations Credit Union Foundation, an affiliate member of the Boulder Area REALTOR® Association, which has pledged to match donations up to $10,000. CARHOF funds will be used as needed for temporary and long-term shelter through organizations like Emergency Family Assistance, United Way and The American Red Cross. The Fourmile fire has displaced more than 3,000 residents and destroyed 169 personal residences, including nine homes of volun-teer firefighters.

“As REALTORS® we live and work in these commu-nities,” said CARHOF President Bob Fullerton. “Often times it is our clients, friends and neighbors who have been directly affected by disasters like the Fourmile Canyon fire. Through the work of our Foundation and our individual members throughout Colorado, we’ve created a way to have a very meaningful impact on com-munities and individuals who are so desperately in need following a tragedy like the Fourmile Canyon fire.”

CARHOF collects its funds from interest on earnest money which goes into a fund designated for statewide projects and disaster relief. The Foundation then of-fers REALTORS® across the state a chance to help local communities in the case of a disaster. Over the years, CARHOF has donated $182,400 to help victims of di-sasters in Colorado with their housing needs.

Founded in 1990, CARHOF has distributed nearly $7 million in grants to agencies and organizations pro-viding emergency shelter, short term housing, protec-tive services and low interest loans to those in need of help finding housing.

The Colorado Association of REALTORS® is the state's largest real estate trade association that represents more than 21,500 members statewide. The association supports private property rights, equal housing oppor-tunities and is the "Voice of Real Estate" in Colorado. For more information visit www.ColoradoRealtors.com.

Local News

Pikes Peak Association of Realtors installs new leadership and honors three members The Pikes Peak Association of REALTORS® (PPAR)

celebrated the installation of the 2011 Board of Direc-tors at a formal dinner at Doolittle Hall at the United States Air Force Academy on September 24, 2010.

PPAR welcomes Barbara Asbury, Peak Realty & Con-sulting as the Chairman of the Board and Tony Rose, Rose Real Estate as the Chair-Elect. Joining the team are immediate Past-Chair Bill Hurt, ERA Shields; Irene Tanis, RE/MAX Performance, Inc.; Hank Poburka, The Platinum Group; Jim Martin, ERA Shields Real Estate; Jack Beuse Paradigm Real Estate; Ron Curry, Rusinak Real Estate; Renate Carrier, Equity Colorado; Tom Platek, ERA Herman Group Real Estate; Cherri Fischer, Real Living – Select Properties; and Todd McLain, The Platinum Group.

Installed as Colorado Association of REALTORS®

(CAR) Directors were:

• Alan Lovitt, RE/MAX Advantage Realty, Inc.• Wynne Palermo, WYNNE Realty, Ltd.

Installed as a National Association of REALTORS®

(NAR) Director was:

• Jay Gupta, Prudential Rocky Mountain

Rounding the evening’s festivities, PPAR named Jay Gupta as “REALTOR® of the Year,” the Association’s highest honor.

Gupta, managing broker and owner with Pruden-tial Rocky Mountain, was presented the award for demonstrating the most outstanding loyalty and dedicated service to the As-sociation. The achievement embodies truthfulness, professionalism in business, and contribution to the community. A committee of five As-sociation members, appointed by the PPAR Chairman of the Board, selects the recipient of the annual award.

Gupta, a long-standing member of the Association since 1999, has exhibited strong leadership with his in-volvement in various positions within PPAR. He served as PPAR’s Chairman of the Board in 2008. He served as a Director for CAR and is currently serving as a Director for NAR. Gupta has served as the Chair for the Member Linkage Committee for many years and coordinated the Town Hall Meetings for the benefit of PPAR Members. Gupta has also been a valuable asset to the community by serving on the Governing Boards of numerous non-profit organizations.

PPAR presented two “Extra Mile Awards” for excel-lence, service and dedication to the real estate industry. The first was presented to Dawn White with Dawn White & Company. White first entered real estate in 1986 and owns her own company. She is not only very active in her support of PPAR and the Home Builders Associa-tion (HBA), but she also volunteers her time to many

other organizations in the Pikes Peak Region. Most recently, she organized the project to provide t-shirts to the “Project Alert” pro-gram, the program that re-placed the DARE program, in many Colorado Springs schools.

Bill Sanden with SSA, P.C. Certified Public Ac-counts was also presented with the Extra Mile Award. Sanden has had a profession-al relationship with PPAR for over 30 years. Sanden has held many positions within Colorado Society of CPA’s and the Colorado Springs Chamber of Commerce, and was also treasurer of the Court Appointed Special Advocates (CASA).

PPAR was founded in 1902 and currently represents nearly 3,100 REALTORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit www.ppar.com.

Colorado Realtors Housing Opportunity Foundation/NAR donates $60k to Fourmile fire relief efforts

October 25, 2010 www.csrej.com Colorado Springs Real Estate Journal 9© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.

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Tom Bechtel(719) 550-6486

Marcus Brown(719) 550-6408

Josh Callens (Denver)

(720) 833-3324

Diane Danner(719) 550-6441

Alex Deboer(719) 550-6482

Stephanie Dombrowski

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Carol Flynn(719) 550-6470

Cathy Gonzalez(719) 550-6431

Suzi Gradisar (Pueblo)

(719) 296-2107

Brad Shaw(719) 550-6995

Lisa Shoblo(719) 550-6480

Tony Sloan(719) 550-6439

PPAR Halloween PartyOctober 16, 2010

Right: Barbara Asbury (PPAR Chairman of the Board) and her husband George.

Below: Jeff Rill of Freedom Financial Services with Alicia Hoffmann.

Right: Tammy Oakland and Joe Serrone from Freedom Financial Services.

Righ: Clarissa Arellano, Terry Storm (PPAR CEO) and Rosalinda Chaney.

Below: Jay Rohrer, Karen Cullen, Tony Rose of PPAR and Peggy Littleton of Next Level Commercial.

Above: Greg Wolff of Fidelity National Title, Rosalinda Chaney, Nancy Murray, Calen Copeland, Samanth Hemmann, Mark Hemmann, Deb Hemmann, Lori Van Der Wege and Dillon Hutchinson of Keller Williams Clients Choice.

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Local News

Aspen View Homes: Community-minded, customer-focused

SendOutCards: A better way to stay in touch

By Molly Tillyer

Fort Carson Army Captain Joshua Byers died a hero on July 23, 2003 -- his mother’s birthday. His fellow soldiers recounted stories of uncommon acts of bravery about him, like the time he en-tered a minefield to rescue small children who accidently wandered into danger-ous territory. He was a man deserving of remembrance. And today his name welcomes homeowners, many of them Fort Carson soldiers themselves, into the Freedom Heights subdivision built by Aspen View Homes, just south of Mesa Ridge Highway.

Upon entering Freedom Heights you immediately notice the sense of commu-nity: neighbors out walking dogs, chil-dren racing after an ice cream truck and little girls drawing pictures and selling rocks outside the model home of Aspen View Homes.

One of the little girls hands Aspen View Homes Sales Representative, Catie Matsushima, a drawing. “Dear people,” says the scrawled blue crayon on the drawing, “I love you.” Catie Matsushima smiles as she thanks the little girl for her latest gift. “I get these every day,” she says.

Catie came to work with Aspen View Homes after purchasing their Crestone II model in the Forest Meadows subdivi-sion. Liking the layout and quality of her new house, Catie jumped at the oppor-tunity to work with Aspen View Homes.

The company’s most popular floor plan, the Harvard, is the largest 2-story

plan in the Aspen View Homes catalog. The Harvard offers an ideal kitchen with island and pantry; a spacious upstairs loft/den, and generous secondary bed-rooms with window seats and walk-in closets. It’s the kind of home that realtors love--because it sells!

Aspen View Homes’ standard com-mission of 4% is currently enhanced by a 2% bonus to any realtor who brings a sale and closes by the end of November and a 1% bonus for contracts that close by the end of December. Six homes are currently completing construction and ready to close by the end of October and an additional four will be ready by the end of November.

Buyer incentives and closing cost assis-tance should make these homes easy sells.

Two new floor plans in the Aspen View Homes Catalog - the Wilson II and the Princeton - are ranch plans with basement and loft options. The loft is a pleasant surprise –it’s a huge space giv-ing homeowners the flexibility of having both a main level and 2nd level master suite.

Ask about their popular floor plans in the Fountain location of Freedom Heights. Ask about their lots in the northern Colorado Springs subdivision of Forest Meadows - the ones with the mountain views or park location. Ask about the master plan community, Lor-son Ranch (coming soon) that will serve military buyers stationed at Fort Carson, Schriever AFB and Peterson. You’ll be glad you did.

Visit them online at www.aspenviewhomes.net. Sales Cen-ters are open Tuesday –Sunday 11am to 6pm and Mondays 12pm to 6pm.

The Wilson II by Aspen View Homes features an open floor plan with basement option and versatile loft option.

Elizabeth Palmer (center) of Coldwell Banker Residential Brokerage had this to say about Aspen View Homes, "The sales reps are very caring, very professional. It's been a great experience."

By Molly Tillyer

SendOutCards is an online member-ship service that provides a quick and easy way to stay in touch with customers and business associates. You select or cre-ate a greeting card online and SendOut-Cards will print your card on the day you create it, stuff the card in the envelope, place a stamp on it and drop it in the U.S. mail. If you want, you can even select a gift or gift card to accompany the greet-ing.

“What made SendOutCards click for me,” said Tara Rising, a distributor for SendOutCards, “was when someone showed me how I could leverage Face-book to make my communications with people far more personal. For example, Facebook lets me know when a client’s daughter graduates from high school, when a contractor celebrates a birthday, or a business acquaintance is enjoying a family vacation. In less than 5 minutes I

can create a card for and about these peo-ple using their own Facebook photos. I use the cards to let our friends and fam-ily, clients and business associates know we’re thinking about them; that they matter to us.”

Ask yourself, other than the quality of your product and the level of your ser-vice, what differentiates you from your competition? SendOutCards allows you to touch someone’s life in an incredibly personal, tangible way.

"I really like the idea of the SendOutCards pro-gram," said Andrea Inhoffer (left) of Schroll Cabi-nets. "It has an edge over other marketing."

See SendOutCards page 12

http://www.legacytitle-llc.com

http://www.allcocolorado.com


The answer to this question is yes in some circumstances.

First of all, it is important to understand that the ex-clusion from the gain on the sale of a primary residence still applies. If you are filing single, the exclusion on gain is $250,000. If you are filing jointly, the exclusion is $500,000.

This exclusion applies only on your primary residence and not on other in-vestment income such as; proceeds from retirement plans, interest, dividends, an-nuities, royalties, capital gains, and rents.

For individuals who have an ad-justed gross income (AGI) above $200,000/$250,000 filing jointly, there is a 3.8% medicare tax. If the gain on the sale of the primary residence is above $250,000/$500,000 thresh-old, and the tax payer has an AGI of $200,000/$250,000, there will be a 3.8% medicare tax on the gain.

In summary, if your AGI is be-low $200,000/$250,000 and you sell your primary residence for less than $250,000/$500,000, there should not be an additional 3.8% medicare tax.

Sources: Internal Revenue Services, nation Asso-ciation of Realtors, and Health Care Reform Bill.

Market Recap 2010 The first 3 quarters of 2010

have outpaced 2009. We have some positive data to look at and some concerns to consid-er. The incredibly low inter-est rates are a great influence on our market. The number of listings have increased to

2008 levels. Buyers seem to have a lack of confidence which is causing inventory levels to increase. An unknown factor is the rate at which REO properties will en-ter the market. This could skew the cur-rent supply and demand of homes.

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

Did the Health Care Reform Act place a 3.8% tax on the sale of real estate?

Local News

By Bill McAfeeEmpire Title—

twitter.com/csrej

“Appreciation out performs self pro-motion every time,” added Tara Rising. “Mass-mailouts get tossed, but a card with a picture of a customer’s daughter scoring the winning goal on her soccer team gets taken to work, shared with friends, taken home, framed and then put on the mantle. That’s incredibly pow-erful! When was the last time your mar-keting generated that kind of response?”

Other innovative leaders in Colorado Springs are looking into the SendOut-Cards opportunity.

Karen Bluemel of Goetzmann Homes, a leader in the home building industry, had this to say about SendOutCards: “From the builder’s stand-point, particu-larly in a down economy, you have to be mindful of where you spend your mon-ey. People are tired of non-personalized communication. If you’re going to invest your marketing dollars, SendOutCards is a smart option.”

Andrea InHoffer of Schroll Custom Cabinets immediately recognized the possibilities when introduced to Send-OutCards. “It’s a great way to get cus-

tomers to recommend you. Before and after photos of a project can have a huge impact. And what a great way to network with your peers!”

Courtney Miller of Chicago Title agrees. “I was introduced to SendOut-Cards in 2006. It’s so easy and it just makes sense.”

SendOutCards is a network marketing business model. The program allows you to market yourself, reach out to custom-ers in a uniquely personalized way and earn a commission at the same time.

To see what SendOutCards can do for you and your business, contact Tara Ris-ing at [email protected].

Tara Rising (left) of Tara Custom Homes shows Courtney Miller (right) of Chicago Title the catalog of greeting cards available on the website.

SendOutCards from page 11

http://www.etcos.com


On the Move

Bev CreswellAcademy Mortgage

Academy Mortgage is excited to announce the addition of Bev Creswell to its team. With 28 years of all around experience in the Colo-rado mortgage industry, Bev Creswell is a resi-dent expert. Bev has held both branch manag-er and branch operations manager positions. Outside of her management experience, Bev's experience includes origination, underwrit-ing, processing, closing and secondary mar-keting. As a loan officer, Bev has vast knowl-edge of all loan types including FHA, VA, Conventional, CHFA and Bond Programs.

Bev's real passion lies in the FHA 203(k) Loan Rehabilitation Program where she gained experience through the original pilot program under FHA in 1989.

She later managed both wholesale and retail lending divisions and currently does continuing education training for real estate agents on the program.

Bev's community involvement includes serving on the Loan Review Committee for the City of Colorado Springs Housing and Community Development Division, chair-man for fundraising committee for Michael Noble under the National Foundation for Transplants, and a prior chair for the Ameri-can Cancer Society's Relay for Life. As her promise to her clients, Bev states "my promise is to cultivate your trust and a long-term rela-tionship by always taking your financing needs seriously and by working hard to find you and your family the best loan program for your situation."

Roger CavenderCornerstone Mortgage Company

Roger Cavender, a 37-year Colorado mort-gage industry veteran, recently affiliated with Cornerstone Mortgage Company as Area Manager for the quickly expanding company.

Cavender, the former and founding Presi-dent of Classic Mortgage in Colorado Springs, is highly regarded as an industry leader and among the best in the nation in terms of cus-tomer service and expertise. A past winner of the Colorado Mortgage Lenders Association (CMLA) Entrepreneur of the Year Award, Cavender led his previous company to be-come one of the most successful home financ-ing companies in the Colorado Springs area, providing billions of dollars in home financing to thousands of homeowners. Additionally, his company was rated by Eliant Surveys as first in the nation for customer service in Au-gust 2006.

“I consider us to be very lucky to have Rog-

er joining Cornerstone,” said Colorado Divi-sion President Gene Humphries. “He’s got a great reputation, but even more importantly, he has the knowledge and talents to back it up. He should prove to be a huge asset as the com-pany continues to grow in Colorado and in the rest of the nation.”

Cornerstone expanded into Colorado ear-lier this year, and the company continues to increase their presence in all states in which it operates. Cornerstone has seen substantial growth in recent years, having funded $2 bil-lion in mortgages in 2008 and $2.7 billion in 2009.

“I’m excited to be a part of such an amaz-ing company, especially at such an important time in Cornerstone’s history,” Cavender said. “I look forward to doing my part to help the company continue to grow, especially since it’s a company I believe in. Their focus is on pro-viding the best customer service available in the industry, and that’s a principle with which I couldn’t agree more.”

Amy CavenderCornerstone Mortgage Company

Having been involved in the mortgage in-dustry since her teenage years, Amy Cavender recently joined Cornerstone Mortgage Com-pany as a Loan Officer.

Cavender, who markets herself as “aMY L cavENDER” to highlight the words “My Lend-er” hidden within her name, began answering phones for a mortgage company while still in high school. After graduating from Colorado State University in 1992, she worked her way up to her current position. She has won nu-merous awards from former employers for production and the Affiliate of the Year Award from the Northern Colorado Board of Real-tors for her service and involvement with the organization.

“I’m very pleased to join Cornerstone as it grows in Colorado,” Cavender said. “It is a re-markable company that puts its clients’ needs above all else, and that’s the sort of organiza-tion my clients deserve.”

Having seen substantial growth in recent years, Cornerstone expanded into Colorado earlier this year with offices across the north-ern part of the state. The company continues to increase their presence in all states in which it operates, having funded $2 billion in mort-gages in 2008 and $2.7 billion in 2009, which was the company’s most profitable year since its inception.

“It’s a real pleasure to have Amy join us here at Cornerstone,” said Colorado Division President Gene Humphries. “Her substantial experience and knowledge of the entire mort-gage process serve her clients well and make her an indispensable asset to us as we continue to grow.”

Century 21 Curbow Realty broker owner Jacob Curbow announced this week that the company has moved to a new location at 3659 Star Ranch Road. “This move will allow us to better serve our loyal customers and clients as well as afford us to sustain the agent growth we have been experiencing, “said Curbow.

Curbow, along with his wife Mercie, have been the owner brokers for nine years. The company affiliated with Cen-tury 21 in 2006 and has grown steadily since that time. Currently there are 22 licensed agents with the firm. “It is im-portant that we have a strong presence in the military community and this new location will create greater visibility for

us in our market place,” Curbow stated. “Our company mission is to continually find ways to help us grow so that we can better serve our clients>”

Century 21 Curbow Realty is an of-ficial USAA and Cartus relocation ap-proved company and handles relocation business for clients moving into and out of the area from all over the world. “This new location will enable us to introduce area consumers to our array of real estate services including specialty-market pro-grams such as the CENTURY 21 Fine Homes and Estates which focuses on the luxury property real estate market,” stated Curbow.

CENTURY 21 Curbow Realty announces new location

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32 contract forms have changes com-ing January 1, 2011. In the past, the Forms Committee of the Division of Real Estate would only change a few forms each year. Now that most forms are completed and printed at the time they are used; printed inventories are no longer a major concern. Unlike changes in the past that were ready for use in October and mandatory on Janu-ary 1st, this year the new contracts can not be used until January 1st. I recommend that all Bro-kers take a contracts class to become familiar with the changes. Although some forms have only a few words that have changed, the change is significant.

New legislation is the main reason for most changes to our forms. This year we had H.B.10-1133 Amend-ments to the “Colorado Foreclosure Protection Act,” H. B. 1288 Commercial Real Estate Brokers Commission Security Act, H. B. 09-1207 Concerning Procedures to enforce a Lien Related to Real Property and H. B. 10-

1249 Concerning Expedited Residential Foreclosure Sales.

The major changes focused on the CBS, Contract to Buy and Sell forms. The one size fits all contract form didn’t work well for all Real Estate Brokers. As a result, we now have a Residential Contract CBS1, Income – Residential CBS2, Commercial CBS3, Land CBS4 and the Foreclosure Protection Act CBSF1. The content, flow and sequenc-

ing were examined and reorganized to make it easier to understand. Many provisions have not changed, some were clarified. All this makes the form appear to be all new.

The CBS now has labels to the various parts, the agreement (1-4), Transaction Provisions (5-9), Disclo-sure, Inspection and Due Diligence (10-11), Closing Provisions (12-17), General Provisions (18-28), Addi-tional Provisions and Attachments (29-30) and Signa-tures (31-33).

The most significant changes are: Section 2.3 Par-ties and Property now indentifies both Buyer and Seller. Section 3, Dates and Definitions now has topic head-ings, making it easier to find a deadline. Section 4.2, Earnest Money. The language “is part payment of Pur-chase Price and” has been removed as that is not always the case. Section 4.2.2, Return of Earnest Money. This provision now provides that if a Buyer terminates the contract and there is no dispute, the Seller must sign an Earnest Money Release Form within 3 days of receipt of the Notice to Terminate. The Earnest Money Holder must then release the money within 5 days of receipt of the signed Earnest Money Release Form.

The Inspection Objection Deadline in Section 10.2 now contains a statement that the property is sold “As Is, Where Is and With All Faults Existing.” There are other clarifying statements and the ability to terminate or notice to correct remain. The Inspection Resolution Deadline in Section 10.2 is now a real deadline. There is no longer the one day after to scramble around and try to figure things out.

Section 10.6, Due Diligence – Physical Inspection is the most significant change, other than separating the forms for different uses. This section makes it clear that any objection to the physical condition or the inclusions must be made within this section. And to be made no later than the Inspection Objection Deadline stated in Section 3.

Section 21.2, Liquidated Damages. This section makes the remedy of Liquidated Damages “automatic” unless the parties check the box in 21.1.1 for Specific Performance. This eliminates the problem when no box is checked in the current contract form.

These are the major changes in the Residential Con-tract to Buy and Sell. The other Contracts to Buy and Sell have provisions in them that are unique to that type of transaction. I highly recommend that each Realtor take a class and highlight the changes and differences for themselves.

Paul Goldenbogen, C.R.B., G.R.I.

Paul is Employing Broker of Keller Williams, Partners Realty in Colo-rado Springs, a large full service real estate company.Paul has been a member of the Forms Committee since 1999 and has participated in the Single License Taskforce, the Referral Fee Task-force and has testified before the Colorado House and Senate Com-mittees in favor of the Group Errors and Omissions Insurance Program and Single licensing. He served as a Commissioner for six years and Chairman of the Commission in 2005 and again in 2008.

By Paul GoldenbogenKeller Williams Partners Realty—

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[email protected]


OCTOBERWednesday, October 27Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

Thursday, October 28Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404

Rocky Mountain Land Trust Silent Auction and Fundraiser4:30pm - 7:00pm @ Colorado College in Palmer Hall

Friday, October 29Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838

Saturday, October 30Third Annual Howl-O-Ween at the Wolf Ranch Recreation Center ClubhouseGoes through Sunday, October 31.

NOVEMBERTuesday, November 2Cloud Computing 101 - Email9:00am – 11:00am @ PPARhttp://springsrealestatenetwork.com/

By Legacy Title

Social Networking Workshop11:30am – 1:00pm @ HBA

[email protected] 719-592-1800

Wednesday, November 3REALTAC8:00am – 9:30am @ PPARHolly Skelton at 719-593-1000

Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

Thursday, November 4B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10:00amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

Buyer Mastery10:00am – 2:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/By Legacy Title

HBA SMC Holiday Pre-Party5:00pm – 1:00pm @ Gold Hill [email protected] 719-592-1800

Friday, November 5Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838

Saturday, November 6First Time Homebuyers Class (for Consumers)10:00am – 12:00pm @ Ent (Galley)Ent.com/Seminars (719) 574-1100 ext. 6670

Monday, November 8Cracking the Credit Code9:00am – 1:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/By Legacy Title

Tuesday, November 9Cloud Computing 201 - Smartphones9:00am – 11:00am @ PPARhttp://springsrealestatenetwork.com/By Legacy Title

Wednesday, November 10Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

HBA Membership After Hours5:00pm – 7:30pm @ The Sound [email protected] 719-592-1800

Thursday, November 11Farm and Land8:00am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

Seller Mastery10:00am – 2:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/By Legacy Title

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


Tech Support Group: Google10:30am – 11:30am @ PPARhttp://springsrealestatenetwork.com/By Legacy Title


HBA Annual Membership Reception5:30pm – 8:00pm @ Olympic Training [email protected] 719-592-1800

Thursday, November 18Colorado Springs Networking Group8:00am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998



Thursday, November 25Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404

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Documents

Colorado Springs Real Estate Journal