colorado springs real estate journal
DESCRIPTION
September 28, 2009TRANSCRIPT
Vol.2 No.1 www.csrej.com September 28, 2009
HBA AnnualChili Wing Ding Brew Fest
Empire TitleDirect Connect
Parade of HomesAwards Banquetand Winners
PAGE 9PAGE 5 PAGE 6,7
PRSRT STDUS POSTAGEPAIDPERMIT 745 COlO SPGS CO
National News ................. Page 2Local News ..................... Page 7Local Expert ................... Page 11On the Move ................... Page 13Around the Corner ............Page 15
Stuart Scott LTD to merge with ERA Shields Real Estate
Realtors urge Congress to act now to extend homebuyer tax credit
Colo. among first in Nation to use Tax Credit Assistance Program (TCAP)
The New
CSREJ.com Reserve this front page ad. Call Rachelle. 205-1299
Colorado became one of the very first states in the nation to tap into the Tax Credit Assistance Program (TCAP) funds created for affordable housing development and preservation in the American Recovery and Reinvest-ment Act (ARRA).
Colorado Housing and Finance Au-thority (CHFA), who is administering the state’s $27.3 million TCAP fund, has awarded Community Housing Con-cepts, Inc. (CHC) $1.7 million in TCAP funds to purchase and renovate Denver Gardens, a 100 unit affordable senior apartment complex located in southeast Denver. The award will support CHC’s plans to upgrade the property, originally
built in 1979, while still maintaining its affordability for residents. Completion of Denver Garden’s $14 million purchase and renovation is estimated to spur $29.8 million in economic impact and support 222 jobs.
Milroy A. Alexander, CHFA’s execu-tive director and CEO said, “CHFA has been very focused on implementing the TCAP program as fairly and quickly as possible to ensure consistency with the stimulus bill’s goals of job creation and economic investment within our com-munity. This first TCAP award will bring a renewed quality of life for the seniors living at Denver Gardens, while still en-suring the affordability of the units is maintained. ”
Additional financing for the Den-
ver Gardens project has been obtained through Citi Community Capital and from the sale of $758,970 in Low Income Housing Tax Credits awarded to CHC by CHFA earlier this year.
Brian Dale, director for Citi Commu-nity Capital said, “Denver Gardens rep-resents the type of necessary and worth-while affordable housing project that has encountered difficulties obtaining financ-ing in the current lending environment. Moving forward on the $14 million deal would not have been possible without CHFA’s TCAP award and the speed of their approval.”
The purchaser of the tax credits, WNC & Associates, is contributing $5.5 mil-
The National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it avail-able to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and
have seen the beginnings of a real recov-ery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan, a bro-ker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
Realtors®, the leading advocates for
homeownership and housing issues, will be writing to their Senators and Repre-sentatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.
McMillan added that the market has
ERA Shields Real Estate, one of Col-orado Springs’ largest independently owned and operated, award-winning real estate companies, announces the merger of the two companies which will operate under the ERA Shields name. “When it came time to choose a merger partner to expand the capabilities of Stuart Scott Ltd., we only made one phone call. Bill Hurt and ERA Shields share our corporate culture, with everyone in the organization work-ing together to a common goal” said owner Stuart Scott.
Established in 1977 Stuart Scott Ltd. has had a broad impact in the Colorado Springs Real Estate community at large. Their particular focus and specialty has been the high end luxury market in the Southwest Broadmoor region of Colo-rado Springs. “ERA’s Distinctive Prop-erties division will provide additional, world wide exposure to our luxury home listings. ERA Shields Relocation services generate a consistent stream of buyers relocating to Colorado Springs” said Marla Twardowski Vice President of Stuart Scott. By joining forces, ERA Shields, already a strong number two in the Southwest Broadmoor area, gains an even greater presence and market share in the luxury market across the entire community.
Owners Bill and Carol Hurt and Stu-art Scott are long standing and highly respected members of the community, and specifically the real estate industry. The companies share a similar corporate culture with emphasis on respect and be-ing good corporate citizens. “This is good news in our community and our local real
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market.
Scott
Check it out today!See our ad on page 8 for more details
See Merger page 7
See Tax Credit page 3
See TCAP page 9
2 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
National News
Housing groups agree on need for appraisal reforms
Addressing an issue with critical im-plications for the recovery of the nation’s housing market, NAHB on Sept. 21 brought federal regulatory agencies and the major housing and financial institu-tion stakeholder and appraisal organiza-tions to the National Housing Center in Washington, D.C. to discuss constructive solutions to appraisal problems.
Among the problems discussed at the summit was the use by some appraisers of foreclosed or other distressed properties as comparables without making proper adjustments for the run-down conditions of these homes, which appraisers often can’t see just by looking at the exterior of the property. This trend has been driving down the sales prices of homes.
Summit participants also addressed some of the unintended consequences from the implementation of the Home Valuation Code of Conduct (HVCC), which was designed to keep appraisers from being unduly influenced by those with a financial stake in the transaction. Confusion over HVCC requirements, some participants said, is impeding the ability to obtain appraisals of the qual-ity required in today’s complex market-place.
As a result of this confusion over the requirements of the HVCC, they said, builders and Realtors® have been limited in providing appraisers with important information about the local housing mar-ket.
Complaints were also heard that the HVCC has encouraged the use of inex-perienced appraisers, many of whom are not familiar with the local markets in which they are working. The costs of appraisals have gone up for consumers, they said, at the same time that seasoned appraisers are being paid significantly less for their work and leaving the in-dustry. There were also complaints that the turnaround times for appraisals have been shortened to unreasonable lengths, making it impossible for the appraiser to gather information on the condition of comparable sales.
An NAHB participant suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should give seri-ous consideration to an appraisal appeals process adopted a few years ago by the Department of Veterans Affairs under its Tidewater Initiative. This process, which has worked well for the VA, requires an appraiser to contact the lender for ad-ditional information on comparables if it appears that the appraised value of a home will come in low.
Participants at the summit also dis-cussed the need for an effective enforce-
ment process for improper appraisals or unqualified appraisers, as well as provid-ing some guidance that would result in more consistency among the states in how they regulate appraisals.
The appraisal crisis has become so bad that a recent NAHB survey of more than 500 builders found that 25% were los-ing sales because appraisals were com-ing in below the contract sales price. This is exerting unwarranted downward pressure on home prices at a time when housing and the economy are struggling to emerge from the worst downturn in decades.
Following the meeting, the leader-ship of NAHB, the National Association of Realtors® (NAR) and the Mortgage Bankers Association were united in call-ing for immediate action to address their appraisal-related concerns, including clarifications with regard to the HVCC and the establishment of “best practices” for the appraisal process. The groups also urged the regulators to adopt and enforce clear, concise regulatory guidance on the use of distressed and/or foreclosed prop-erties that will allow appraisers to devel-op realistic valuations based on sales that are truly comparable.
“Appraisers generally are only required to inspect the exterior of a property that is being used as a comparable because they are normally unable to enter these homes and examine their interiors,” said NAHB Chairman Joe Robson. “But all too of-ten, properties that have been subject to foreclosure or distress sales have issues related to deferred maintenance or inter-nal damage that an external inspection simply cannot detect. You can’t compare these properties to new homes that are in market-ready condition. NAHB believes that it’s time for appraisers to have regu-latory guidelines that acknowledge such realities.”
Fannie Mae Single-Family Mortgage Business Manager Robert Murphy and Vice President Gwen Muse-Evans with NAHB Chairman Joe Robson.Photo by Herman Ferrer.
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September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 3
Director of AdvertisingRachelle Nardo
Director of PublishingJosh Olson
Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published 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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Banning Lewis Ranch Management Company, LLC is the master developer of Banning Lewis Ranch, not a Guest Builder. The consumer should look to the Guest Builders for more information regarding homes. Pricing reflects base prices, which are subject to change without notice. The broker co-op commission amount is based on current information from the Guest Builders. Such commissions and the method of calculation thereof are determined by the Guest Builders and are subject to change in the future without notice at the discretion of the Guest Builders. Banning Lewis Ranch Management Company does not set or limit broker commissions. The Homeowner Value Package (Banning Lewis Ranch Metro District Operating Fee) is a required $91 per month fee for Northtree residents. * Not all neighborhoods may have onsite sales representatives. To reference the Outside Magazine article refer to http://outside.away.com/outside/destinations/200908/best-towns-america-intro.html.
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improved, but it has not yet fully correct-ed itself. “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the fu-ture of the credit will dampen consumer demand. The only way we can assure that the progress we've made can continue is
to extend the credit and to do that now,” he said.
As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contin-gencies, secure financing and go to clos-ing by November 30. In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing.
“That means potential homebuyers
who qualify must act now, and so must Congress,” McMillan said.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real es-tate industries.
© Copyright National Association of REAlTORS. Reprinted with permission.
Tax Credit from page 1
4 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
SINCE 1969
SINCE 1969
FOCUSED ON OUR VISION FOR SUCCESS!
Who is Merit Company—Real Estate?•
Answer: A full service Real Estate Company celebrating 40 years of Real Estate service to Colorado Springs.
Is Merit Company primarily Property Management?•
Answer: No. Although Merit Company is the largest Property Management Company in the Pikes Peak Region, we also have four residential Sales Offices, five managing brokers and our own mortgage company. Have you ever had a Listing that wouldn’t sell? Let Merit Property Management rent it for you, and it is yours when it is time to sell again.
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Answer: The only way to sell more houses is to be in front of more people. Merit puts people in front of our Associates. Also:
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National News
As an example of how distressed prop-erties can mislead appraisers, NAHB Immediate Past Chairman Sandy Dunn cited an ocean-front house in Corolla, N.C., with six bedrooms and five-and-a-half baths being sold by the bank for $715,000, marked down from $1.4 mil-lion.
A close inspection of the home found that it would cost $200,000 to restore it to livable condition. Before they vacat-ed, the former owners “took everything out of the house,” Dunn said, including the door knobs. For an appraiser tak-
ing a picture, it might have looked like a good comp, until they viewed the inside. “When an appraiser uses a distressed property, they should inspect the interior or talk to a sales agent,” she said.
“NAR supports the independence of appraisers and the integrity of the ap-praisal process,” said NAR President Charles McMillan. “An accurate ap-praisal is an important part of any real estate transaction, and reforming the ap-praisal process is critical to the nation’s housing recovery. Quality appraisals are threatened by unintended HVCC conse-quences and an inconsistency among the various federal regulators. As the leading
advocate for housing issues, NAR calls on the federal government to establish consistent appraisal rules for FHA and the GSEs.”
“Ensuring that appraisals are fair and accurate is the lynchpin of our secured lending system,” said Robert E. Story, Jr, CMB, incoming chairman of the Mort-gage Bankers Association. “As a lender, it is crucial that I can count on the fact that an appraisal is correct and that the ap-praiser has not been subject to pressure from any interested party to the trans-action. We want to work with apprais-ers and regulators to ensure that every appraisal results in an honest, truthful
evaluation of a property’s value.”There is an urgent need for an apprais-
al appeals process even in Tulsa, Okla., Robson said of his hometown, one of the relatively few markets in the country where housing prices have not depreci-ated. On one $1.3 million home in the area, he said, two different appraisals came in 30% apart. One builder was able to sell a new home without an appraisal problem, but when he moved the same property five miles away, the appraisal came in below cost, Robson said.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Builder confidence in the market for newly built, sin-gle-family homes edged higher for a third consecutive month in September, reaching a level of 19, the highest since May of 2008, according to the latest NAHB/Wells Fargo Housing Market Index (HMI).
"Builders are seeing some improvement in buyer de-mand as a result of the first-time home buyer tax credit, and low mortgage rates and strong housing affordabil-ity have also helped to revive some optimism," noted NAHB Chairman Joe Robson.
"However, the window is now basically closed for be-ing able to start a new home that can be completed in time for buyers to take advantage of the tax credit before it expires at the end of November, and builders are con-cerned about what will keep the market moving once the credit is gone,” Robson said. “Congress needs to act now to keep the credit from expiring just as its intended effect on buyer demand is starting to materialize."
"The report for this month indicates that builders are
starting to see some glimmers of light at the end of the tunnel in terms of improving sales activity," said NAHB Chief Economist David Crowe.
“However, the fact that the HMI component gauging sales expectations for the next six months slipped back-ward this month is a sign of their awareness that this is a very fragile recovery period and several major hurdles remain that could stifle the positive momentum,” Crowe said. “Those hurdles include the impending expiration of the $8,000 tax credit as well as the critical lack of credit for housing production loans and continuing problems with low appraisals that are sinking one quarter of all new-home sales. These concerns need to be addressed if we are to embark on a sustained housing recovery that will help bolster economic growth."
Derived from a monthly survey that NAHB has been conducting for more than 20 years, the HMI gauges builder perceptions of current single-family home sales, sales expectations for the next six months and the traf-
fic of prospective buyers. Any number over 50 indicates that more builders view sales conditions as good than poor.
Two out of three of the HMI's component indexes recorded gains in September. The index gauging current sales conditions rose two points, to 18, and the index gauging traffic of prospective buyers rose one point, to 17. Sales expectations for the next six months, mean-while, declined one point, to 29.
All four regions posted gains in their HMI readings for September. The biggest improvement was registered in the Midwest, where a three-point gain lifted its HMI to 19, the highest level since July of 2007. Two-point gains brought the index to 24 and 19 in the Northeast and South, respectively, and the West reached 18 after gaining one point.
The above article has been provided to you compliments of NAHB and Nation’s Builder News.
Builder confidence rises for the third straight month
Appraisal Reforms from page 2
September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 5
EMPIRE TITLE DIRECT CONNECTSeptember 16, 2009
Right: Stephanie Slay and Steve Haney with Provident Lending.
Above: Christa Miranda, Eric Gibbs, Natalie Rosas. Front: Kevin Ozburn, Daniela Galvan, Gina Hall and Don Gardner with Coldwell Banker Cheyenne Mountain Realty.
Above: Alice Sweatman and Livia Smith with Keller Williams Clients Choice, Jeff Stinson Homestead USA. Front: Francis Bendish with Keller Williams Clients Choice, Hong Pak with RealTeam, Tammy Wahlen with Keller Williams Clients Choice and Nancy Walter with Real Estate Transaction Management.
Below: Geny Hawkins with Merit Co., Jerry Wolfbauer with RE/MAX Properties and Olena Shestirko with Merit Co.
Below: Dianne Bieri with Rocky Mountain Realty, Gloria Stivala with ReMax Properties, Sharon Sutherland, Erik Schneider with Metro Brokers, Natalie Koonce with Empire Title, Butch Hoover with Metro Brokers and Enid Beitzel with Enid Beitzel Realty.
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CSREJ.comThe New
Effective July 1st, 2009Lawyers Title Company will begin a partnership with
Heritage Title Company and be known as:
Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.
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104 S. Cascade Ave., Suite #102Colorado Springs, CO 80903
ph 719.475.8800 fx 719.471.3413
Effective July 1st, 2009Lawyers Title Company will begin a partnership with
Heritage Title Company and be known as:
Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.
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6 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
PARADE OF HOMES AWARDS BANQUETSeptember 10, 2009
Our business is growing; Let us help you grow yours
Even during economic hardship, Empire Title has expanded its business and staff to assist our clients. Since opening our doors in 2003, we have remained one of the top 3 Title Companies in Colorado Springs. We try to cater your needs by offering a variety of Escrow Offi cers with Experience, Expertise, & Knowledge. As a local provider, we have much to contribute to the communities in which we do business and have no intention of moving in and out of markets as economic conditions change. We are well rooted.
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Phone: (719) 884-5300 Fax: (719) 884-5304
Empire Title of Woodland Park509 Scott Avenue | Woodland Park, CO 80863Phone: (719) 686-9888 Fax: (719) 686-8208
Welcoming Sara Bremenkampf
Welcoming Jeannine Kuntz to Empire Title of Woodland Park
“Thank you Rebecca for your loyalty and dedication! Good luck with your new endeavor”
~Empire Title
I come to Empire Title with over eight years experience in the Escrow Department. I started in the title industry as an assistant and was quickly promoted to Escrow Offi cer and have loved being at the closing table ever since. I look forward to every closing as it is truly a very special moment and value being apart of that cherished time. I strive for excellence in customer service in every transaction I close. I truly look forward to seeing you at the closing table at my new home here at Empire Title of Colorado Springs LLC.
Empire Title not only has the best Escrow Team in town, but also offers a wide variety of services and products. We offer over 20 classes with our Pikes Peak School of Real Estate, marketing materials to grow your business including property profi le books, fl yers, postcards, etc. I also feel our motto says it all – “We don’t succeed unless you do.” Here is to your success!!
Jeannine Kuntz moved to Colorado in 1984 from Ft. Polk Louisiana with her husband Chet and two children. This was to be the last duty station for them. Once here they fell in love with the area and decided to make it their home. While having their house built, her lender introduced her to the owners of a Teller County Title Company and she started working for them in 1985. She has been an escrow closer in Teller County since that time.
She is now excited to be with Empire Title of Woodland Park and will be helping to make it the number one title company in Teller County.
September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 7
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Local News
The Housing and Building Association (HBA) of Colorado Springs held their 55th Annual Parade of Homes, August 7 –23, 2009. This was another big year for the Parade of Homes with 7 homes more than $1 million dollars. The HBA Parade of Homes remains the place to see first hand the latest innovations and trends in the housing industry.
These award winning homes were professionally judged for a multitude of features including landscaping, floor plan, architectural exterior, interior decorating,etc. and every year the HBA includes the People’s Choice Award. The People’s Choice Award is voted on by those who attend the Parade and is the most coveted award by the builders.
Winners of the Industry Awards are as follows:
2009 PARADE OF HOMES INDUSTRY AWARDS OF EXCELLENCE
$175,000 - $275,000 Capital Pacific Homes - CheyenneBest Kitchen, Best Innovative
Oakwood Homes – The RedbudBest Master Suite, Best Interior Design, Best Floor Plan, Best Architectural Exterior, Best landscaping, Best Overall Home
$350,000 - $450,000CreekStone Homes - The GalileoBest Kitchen, Best Master Suite, Best Interior Design, Best Floor Plan, Best Architectural Exterior, Best landscaping, Best Innovative, Best Overall Home
$450,000 - $550,000Saddletree Homes - The KentBest Kitchen, Best Master Suite, Best Interior Design, Best Floor Plan, Best Architectural Exterior, Best landscaping, Best Innovative, Best Overall Home
$600,000 - $700,000Saddletree Homes – The KeystoneBest Kitchen, Best Master Suite, Best Interior Design, Best Floor Plan, Best Architectural Exterior, Best landscaping, Best Innovative, Best Overall Home
$750,000 - $850,000 Hi-Point Home Builders – Hidden Sanctuary Best Interior Design, Best Floor Plan, Best landscaping, Best Overall Home
Kenton Pass & Company – The RowanBest Kitchen, Best Master Suite, Best Architectural Exterior, Best Innovative
$1.0 - $1.999 MillionMurphy’s Custom Homes – Mountain MajestyBest Master Suite, Best Floor Plan, Best Architectural Exterior, Best Overall Home
Nichols & Comito - TamarackBest Kitchen, Best Interior Design, Best Innovative, Best landscaping
$2.0 Million & aboveAllentown Homes – The Starlite KibandaBest Floor Plan, Best Architectural Exterior, Best Innovative
Tara Custom Homes – Casi CieloBest Kitchen, Best Master Suite, Best Interior Design, Best landscaping, Best Overall Home
2009 PEOPLE’S CHOICE AWARDS
$175,000 - $275,000CreekStone Homes – The Garcia
$350,000 - $450,000 CreekStone Homes – The Galileo
$450,001 - $550,000 Saddletree Homes – The Kent
$600,000 - $700,000 Saddletree Homes – The Keystone
$750,000 - $850,000 Hi-Point Home Builders – Hidden Sanctuary
$1.0 - $1.999 MillionNichols & Comito – Tamarack
$2.0 Million & Above Solid Rock Custom Homes – Mountain Elegance
Presenting sponsor: The Gazette. Title sponsors: ERA Shields Real Estate, la – Z – Boy Furniture Galleries, Mike Shaw – Buick – Pontiac – GMC, Wells Fargo. Supporting Sponsor: American National Bank. Developer – Main Site Awards: Cedar Heights.
Colo Springs HBA 2009 Parade of Homes Award Winners
Murphy's Custom Homes
Saddletree Homes
Solid Rock Custom Homes
estate market in the midst of the challenging economic environment.” says Hurt.
With the merger, ERA Shields will continue to oper-ate out of its Rockrimmon and Broadmoor offices. ERA Shields will continue to offer a complete range of real estate services serving all niches of the local real estate market in the Pikes Peak region.
Merger from page 1
8 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
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Local News
The Platinum Group, REALTORS® has been selected for membership in the country’s largest network of resi-dential real estate firms, Leading Real Estate Companies of the World. The Platinum Group joins this prestigious global network comprised of over 600 of the best-known local and regional real estate firms with 5,000 offices and 150,000 sales associates in the U.S. and 35 other coun-tries. Collectively, these firms sell nearly one million homes in the U.S. valued at almost $300 billion, which is more than that of any national franchise, and represents #1 market share in more of the top 88 U.S. markets than any other brand as well.
“Being selected as an affiliate of the Leading Real Estate Companies of the World network represents an-other step in the development of our company and our commitment to meeting the national and global needs of our valued clients,” says Anne Marie Flynn, Managing Broker of The Platinum Group. “We can now assist in-dividuals purchasing or selling property in virtually any community in the U.S. or abroad with services including real estate assistance, comprehensive destination orien-
tation programs, household goods move management and more.”
The Platinum Group was selected for Leading Real Estate Companies of the World membership only af-ter meeting the network’s exacting standards. “We are
delighted that The Platinum Group has joined Leading Real Estate Companies of the World,” commented Presi-dent and CEO of Leading Real Estate Companies of the World Network Services Ruth Ann Pepple. “Their se-lection was based on the company’s outstanding repu-tation, as well as its demonstrated ability to deliver the same high quality service and reliability as our other affiliates. This level of service is the foundation of our network and is the basis for our longevity and success as one of the industry’s leading providers of real estate and relocation services.”
The Platinum Group selected as a member of leading real estate companies of the world
Campbell Homes named Best in Colorado Springs
Campbell Homes has been selected for the 2009 Best of Colorado Springs Award in the Home Builders cat-egory by the U.S. Commerce Association (USCA).
The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing suc-cess in their local community and business category. These are local companies that enhance the positive im-age of small business through service to their customers and community.
Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the infor-mation gathered both internally by the USCA and data provided by third parties.
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September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 9
First-time Homebuyer tax credit expires on December 1st! Make sure your loans close on time with local underwriting and local processing at Peoples.
Lullie Lucian 548-5118 Hablo Espanol?
5175 N. Academy Blvd • Colorado Springs • CO • 80918
Local News
HBA ANNUAL CHILI WING DING BREW FESTSeptember 16, 2009
lion in equity to the project. Michael Byrd, WNC’s proj-ect manager for Denver Gardens noted, “the speed with which CHFA implemented this new financing tool was breathtaking. The TCAP funds were truly the funds that leveraged all of the project financing sources and moved this $14 million investment forward.”
CHC proposes to update the property’s individual units with energy efficient windows and appliances, as well as painting and adding bathroom amenities for resi-dents. Among the exterior improvements planned are updating the exterior siding, trim, painting, and concrete repairs. With the rising cost of energy and the negative effects large properties can have on the environment, im-
proving the “green” rating on Denver Gardens is one of CHC’s primary concerns. CHC applied for and received a pledge for grant money from the Governor’s Energy Office and Energy Outreach Colorado which CHC will allocate towards components such as photovoltaic pan-els being placed on the building’s rooftop.
Denver’s Road Home has also pledged grant money for the project as several units will be set aside for home-less and at-risk individuals. Funding from Denver’s Road Home will be used for services to be provided for all of Denver Gardens’ residents.
Hud Karshmer, president of CHC stated, “We are very excited to partner with CHFA, the Governor’s Energy Office, and Denver’s Road Home on this proj-ect. Without the award of TCAP funds from CHFA,
we would not have the resources to complete the much needed rehabilitation on Denver Gardens.”
“Thanks to their quick and efficient implementation efforts, Colorado is one of the first states in the nation to put Recovery Act funds to work to jumpstart low income housing construction, which will help to jump-start the state's economy,” said U.S. HUD Secretary Donovan. “The TCAP program will significantly boost efforts to put the people back to work across the state while providing quality, affordable housing options for low-income families at a time when those options are critical.”
For more information about the TCAP program, please visit www.chfainfo.com.
Above: Matt Hall of Legacy Title and Michael Podoyak of North American Title Company.
Below: Pam Childs, Arleyne Glasser, Lee Hunt of Bank of America and Ted Thurber of ERA Shields.
Above: Lori Kurtz, Dean Venezia, Randa Tapia, Kathleen Venezia, and Nikki Donahue of Vintage Homes.
Above: Kim Kirby, Jason Darbyshire, Brandon Elrod of C&C Sand and Stone.
Right: Rick Colombo of Campbell Homes and daughter, Allyson.
Right: Elizabeth Vonglahn and Jill Duran of Vantage Homes.
Right: Will McAllister, Tye Hodson, Cory Hunsader, Brandon Myrick, Brittany Myrick and Lana Myrick of Hanley Wood.
Below: Walt Stricklin, Pam Childs and Colleen Stricklin of Bank of America.
TCAP from page 1
10 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
Stability, Integrity, Professionalism.
“I love helping buyers purchase their dream home and seller’s market their home to the full advantage of the market with the highest satisfaction. Having lived in the great State of Colorado since 1989, I have fully enjoyed this beautiful state and its residents. I have lived in Missouri, Nevada, California, North Dakota, Idaho, and Kansas, but now I feel that I am home. Heritage Realty gives me all of the support and help required for the success of my business at an affordable rate allowing me to put more of my commission in my pocket, not to mention that the camaraderie in the office is good!”
“Just read our “mission statement” and know that at Heritage, as long as you follow the law, the Broker stays out of your way but provides excellent support to allow you to succeed. The phone system, where incoming calls get to the agent at any location. 7 days a week service, conference rooms and forms access. Great N Academy location. Open desks and private offices available and of course the 25 year legacy and presence in the marketplace and experienced agents.”
Tim Becker(719) 331-2168
Ron Johnson(719) 499-6607
Why Heritage Realty?
ASK FOR ROCKY MANNING
Heritage Realty is dedicated to providing our Realtors the finest basic services at the lowest cost to maximize their income and freedom, allowing us to prosper as a business for the benefit of our Realtors, employees, clients, and customers.
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(719) 548-0400 | www.heritagecsp.com
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5265 N. Academy Blvd., Ste 3300Colorado Springs, CO 80918
100% Commission$100mo.*
* does not include hard costs or private office.
A DAY WITH FHASeptember 2, 2009
Above: Shirlee Dobbs and Kevin Betts with Security Title.
Above: Lori Vanderwege with Keller Williams Clients Choice and Flo Mendez-Beatty with Keller Williams Performance Realty.
Above: Tryg Arneson with Universal Lending, Dorothy Wong with Heritage Realty, John Wilson with RealEstate.com, Yolanda Smith with Real Team Real Estate and Roger Cavender with SMS.
Above: Marc Friedland with U.S. Department of Housing and Urban Development.
September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 11
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Local Expert
In today’s tightened mortgage market, it is more important than ever for REAL-TORS® to choose the right lender - a lender that is in touch with the current market. The mortgage industry has experienced many changes over the past several months and we’ve seen many mortgage programs – and mortgage companies – disappear or merge with other companies. Finding a reliable, trustworthy lender is so important; that way you can al-ways go to the closing table knowing the terms of your client’s loan product are still same and their loan will be funded every time. So where do you look for lenders like this? The good news is you don’t have to look far. There are still solid, local lenders out there that can be trusted to always be there when you need them.
Knowing that your lender is reliable, and knowing what they offer, is of paramount importance. It’s impor-tant to know what programs are available when consid-ering a lender. Usually, if a lender has a solid, consistent variety of products - including FHA, CHFA and VA loan options as well as traditional financing - they are more than likely an experienced lender. When a lender fre-quently changes or stops offering certain products, it can be an indicator of their strength and liquidity.
However, products alone are not the only determin-ing factor when choosing a lender. You also want a lender that will provide excellent customer service to you and
your client – from the application process to the servicing of their loan after it’s closed – you want a lender that is experienced and knowl-edgeable at all stages of the mortgage process. Having a local lender is advantageous because you know when you pick up the phone; a lo-cal professional will be there to help. It is also beneficial to have a lender that has the ability to underwrite, approve and process their own
loans in-house. This way the decision makers are readily available to answer any difficult questions.
Having an experienced lender also means having a resource for financial education if your client is having difficulty qualifying. Many strong lenders offer free fi-nancial counseling and will work with your client to help them improve their financial situation. The primary ob-jective of a reliable lender will be to work with your client to find the best product that meets their unique needs. Whether they are helping them improve their credit to better qualify in the future, or just explaining different loan options, an experienced lender will be looking out for their best interests.
The responsibility of the lender does not end at the closing table. In today’s mortgage market more and more borrowers want to know who will ultimately ser-vice their loan after it’s closed; no one likes not know-ing where to send their mortgage payment from month to month. A solid lender will typically have their own
servicing department and will be able to maintain the customer relationship throughout the life of their loan.
Choosing the right lending partner is more important than ever. When you have confidence in your lender, it makes your job that much easier. Mortgage loans have gotten more complex in recent months and you want to know that your lender is on top of all the changes and will handle your client’s loan accurately every time. By trusting your lender, you and your clients can rest as-sured that buying their home will be a seamless process.
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]
By Jon PaukovichEnt—
Choosing the right lender: More important than ever in today’s market "products alone are not the only determining factor when choosing a lender"
12 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
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Business Feature
By Molly Tillyer
Gone with the Wind is, quite famously, one of the best-selling books of our time with worldwide sales surpassing 30 million copies. The story won its author, Margaret Mitchell, the Pulitzer Prize in 1937 and the film adaptation went on to sweep the Academy Awards with thirteen nominations and eight wins.
At the center of the story is Tara, the heroine’s be-loved homestead. A stately home that in the pages of Ms. Mitchell’s book possesses as much character and personality as the characters housed within. But it is Hollywood’s version of Tara that we hold so dear. For us, and for those generations before us, the filmmaker’s depiction of Tara is a symbol of order, stability, status, and gracious living.
Even those who have never seen the movie can iden-tify a Scarlett O’Hara staircase and a Tara-style plantation home because they are quintessential architectural classics imbued in our emotional memory. For many, Tara is, and for nearly a century has been, the definition of elegance.
And it is this love affair of romantic symbolism cen-tered around strong family ties and the haven they called home that captured the imagination of Denver mother Sherry Reiber. So enamored with Margaret Mitchell’s enduring story Mrs. Reiber named her second daughter Tara.
“What better name to describe our company?” said Paul Rising, co-owner of Tara Custom Homes, who met young Tara Reiber when they were both students at Air Academy in Colorado Springs. Now, years later with nu-merous industry awards under their belt, Paul and Tara Rising are redefining elegance as the luxury home build-ers to watch in the Colorado Springs area.
“It’s always been important to us,” said Tara, “that we create a home with a great balance of architectural fea-tures. Our clients expect elegance and richly appointed finishes. But they also want their home to convey warmth and comfort.”
Elegance is a word you’ll often hear associated with Tara Custom Homes. In fact, their motto is “redefining elegance.” When asked what the motto meant to them,
Tara replied, “To us, it means you can have that warm, comfortable elegance without the ‘look-but- don’t-touch areas.’
The latest project for Tara Custom Homes, 1814 Vine Cliff Heights in Toscano at Flying Horse, is both a struc-ture and design that withstands the test of time. Borrow-ing elements of French, Mediterranean and Italian influ-ence, the Risings set out to design a high-end home in a resort-style community. Their team of skilled artisans successfully created a dwelling with a harmonious inter-play between state-of-the-art amenities and an authentic patina of age.
The couple’s long back-ground in framing and con-struction has served them well. This is a team that un-derstands the significance of scale. Often, a home is built big for big’s sake with the un-fortunate consequence that intimacy is lost and quantity masquerades for quality. But that is not the case here. This Tara Custom Home is beauti-fully proportioned.
Stepping across the thresh-old of the approximately 10,400 square foot villa, you’re greeted by a dramatic travertine feature-wall drawing your eye upward to a groin vault ceiling.
Constructed by two intersecting barrel vaults, groin vault ceilings date back to ancient Roman architecture and can be found in the city of Paris within the Ca-thedral of Notre Dame. This type of ceiling challenges both skill and patience. The complex geometry requires flawless execution--a feat well accomplished by the fine craftsmen of Tara Custom Homes.
With a listed price just under $3.9 million, it would seem unnecessary to provide a laundry list of this home’s features. The home theater, cigar bar, wine cellar, eleva-tor, detached guest house and various water features are par for the course. You expect opulence in the luxury market. But given that, it should be noted that the ex-ecution of amenities in this property--the depth and breadth of planning involved, the evident attention to detail--that’s what makes this particular home so mag-nificently unique.
The home theater, for example, far exceeds the screen-ing rooms offered in comparably priced properties. Con-tractors working with Tara Custom Homes spent years perfecting the layout. The stadium seating seats 12. The 14’ screen behind the stage allows for Cinemascope (2.35:1 anamorphic) viewing. This 2.35:1 ratio is im-portant to movie buffs because it is this format in which most movies are made. By having a screen that allows for anamorphic viewing, the home owner is able to view the entire picture in full frame without the black bars above, below or beside the picture.
The infrared receiver in this home theater enables all distracting components to be hidden away and the tightly constructed 12” concrete walls provide complete soundproofing with no noise transference inside the theater or out.
In short, this is a true movie lover’s screening room but it is also offers versatility. By day, the busy profes-sional is afforded the option of working from home and quickly setting up a dynamic power-point presentation for a staff meeting. By night, the lucky homeowner can
Return to Tara: Elegance redefined
Tara Custom Homes: 2009 Parade of Homes Winner - Best Kitchen.
Tara and Paul RisingPhoto from www.taracustom.com
See Tara Custom Homes page 14
September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 13
On the Move
Veronica GuruleSellstate Alliance Realty
Sellstate Alliance Realty is proud to welcome Veron-ica Gurule to their office! Born and raised in Colorado, Veronica received her real estate license in 1994 and is one of the most knowledgeable agents in the business. She works with clients who are first time home buyers as well as helping those who are purchasing their 3rd or 4th home! Veronica has represented two national home builders as their on-site agent and therefore is excep-tionally skilled in helping those who are looking to have a home built from the ground up. This background in construction is also put to good use by her investor cli-ents who appreciate her specialized insight. Adding to this her extensive background in selling land and ranch-es, as well as her successful property management busi-ness, it’s easy to see why Sellstate Alliance Realty owners Tom Lazzaro and Mark Johnson are happy to welcome Veronica to the Sellstate family!
Greg & Tamara San AgustinSellstate Alliance Realty
Sellstate Alliance Realty is proud announce that husband and wife team, Greg and Tamara San Agus-tin have joined its firm as Broker Associates.
Greg and Tamara have over 10 years combined experience in residential real estate with expert knowledge in new home construction. They have lived in Colorado Springs most of their lives and therefore have an in depth knowledge of our mar-ketplace. They thoroughly enjoy every aspect of real estate, especially helping families realize their dream of home-ownership.
In their free time, Greg and Tamara enjoy spend-ing time with their family and truly look forward to raising their two children in this beautiful city.
Broker/Owner’s Tom Lazzaro and Mark Johnson are extremely excited to have such a dynamic team working with Sellstate Alliance Realty.
Ronald CruzRE/MAX Advantage
Ronald Cruz, an experienced real estate broker with mortgage lending experience from Los Ange-les, California, has joined RE/MAX Advantage as a Broker Associate at 5590 N. Academy Blvd. Ronald is an avid sports fan watching baseball and football
and playing a little basketball and golf as time per-mits. Ronald is married with three children and chose Colorado Springs because of the quality of life it provides after living in the Philippines and California.
Ronald was born in Manila, Philippines and can speak both English and Tagalog. He loves working with people, not just selling homes, and believes in being a part of their lives many years after the clos-ing. Ronald’s 5 years experience in Real Estate and background in Mortgage lending will certainly help his clients in selecting that perfect home for their family.
Debbie BroderickRE/MAX Properties
Debbie Broderick (ABR, CRS, GRI, SRES, ASP, CNE) has joined RE/MAX Properties, Inc., South-ern Colorado’s largest real estate company, as a bro-ker associate in their South office at 2630 Tender-foot Hill Street.
Broderick is originally from Milwaukee, WI. She is active in her church as a Sunday School Teacher and a Greeter. Her family is a key support system for her personal and career life. Broderick states, “I am so thankful for my loving family – husband Bill, daughter Kimberlee, son Kristopher and beautiful granddaughter Cheyenne – whom give me continu-ous support with my Real Estate career.”
After 20 years in the banking industry, Broderick turned her expertise into a thriving Real Estate ca-reer. And now, with more than 15 years of expe-rience in the field, she focuses on residential sales and helping her clients with all of their Real Estate needs. She says with enthusiasm, “I love people and enjoy helping people with the largest investment we all make.” Her devotion to client care and profes-sionalism has enabled her to maintain a consistent production of $3-5 million per year for the last ten years. She is also the recipient of the Property Man-agement Excellence award.
Broderick states that she made the move to RE/MAX Properties, Inc. for numerous reasons: “They have been #1 for 20 years, their reputation in the community, all of the wonderful tools they offer, professional staff, free training, and 4 offices to make it convenient for my clients.” In addition, Broderick is thrilled to have reunited with friends who are also Broker Associates at RE/MAX Properties, Inc.
Aaron DiemKeller Williams Partners Realty
Keller Williams Partners Realty would like to welcome Aaron Diem, CRS, GRI to our growing family. Aaron has been involved with real estate and real estate related fields since the age of 14 when he apprenticed in his mothers Real Estate Appraisal firm. He obtained his Colorado real estate broker’s license and opened his first real estate company at the age of 18. He has been involved in real estate in many different arenas ever since.
Aaron, who holds the prestigious Certified Residential Specialist designation, is proud to be a broker Associate with Keller Williams Partners in Colorado Springs. He also is Director of Education for the Real Estate College of Colorado, Inc., one of Colorado’s leading real estate education providers which has served Colorado since 1978.
Aaron’s commitment to excellence is evidenced by his passion to provide the pinnacle of real estate service and care to his clientele. For over 22 years Aaron has had the opportunity to assist hundreds of sellers and buyers reach for and obtain, their real estate dreams.
Aaron is joyfully married to his wife, and abso-lute best friend in the world, Darci. He has been blessed with awesome children, Elizabeth (18) and Joshua (16). His passions include music, film-mak-ing, watching sunsets with his wife, theatre, study-ing success principles and helping people achieve more success in their lives.
Keller Williams Partners would like to welcome Kimberly Lacey and Jessica Watson to our growing family!
Ellen BronsonWalker Asset Management Realtors
Walker Asset Management Realtors is pleased to announce that long time agent Ellen Bronson has joined our firm. Ellen has held a real estate employ-ing broker license for over 23 years. Ellen specializes in residential real estate spending an equal amount of time with both buyers and sellers.
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14 Colorado Springs Real Estate Journal www.csrej.com September 28, 2009
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Elizabeth Elmer264-4399
Shannon Scott231-6114
Dana Hines955-3670
Harry Venik338-3879
Brent Mrofcza955-3677
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Homebuyers Wanted!With a great central location, affordable pricing from $230’s and immediate availability, Claremont Ranch makes so much sense for new homebuyers!
*Prices, included features, availability and delivery dates are subject to change without notice or obligation. Square footages are approximate. Exterior elevations are an artists conception and may vary from elevation built. Buyers are not required to finance through DHI Mortgage as a condition of purchase or access to settlement services, however, incentives described above are only available by financing and closing through DHI Mortgage. Terms and conditions subject to credit approval, market changes and availability ©2009 DR Horton
Visit Claremont Ranch by taking I-25 to Constitution, exit east to Marksheffel, south to Colorado Tech, north on Velliguette or call 719.591.0233 today!
• 5 minutes from Peterson and Shriever AFB• 15 minutes from Ft. Carson Army Base• Military and Government employee discount incentives!• First-time buyers may qualify for $8000 tax credit
Effective July 1st, 2009Lawyers Title Company will begin a partnership with
Heritage Title Company and be known as:
Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.
www.heritagetco.com
104 S. Cascade Ave., Suite #102Colorado Springs, CO 80903
ph 719.475.8800 fx 719.471.3413
Effective July 1st, 2009Lawyers Title Company will begin a partnership with
Heritage Title Company and be known as:
Visit our new website at www.heritagetco.comto discover the many ways we can partner in your success.
www.heritagetco.com
104 S. Cascade Ave., Suite #102Colorado Springs, CO 80903
ph 719.475.8800 fx 719.471.3413
kick back and have fun with the latest PS3, XBOX or wii system on the big screen.Another feature in this home that simply cannot go without mention is the master
bath, or more specifically, the garden shower in the master bath. The garden shower best demonstrates how a designer with an eye for the unexpected can take a mundane, utilitarian feature like a shower and turn it into a sensual experience.
Here, his and her entries into the master shower step out into a semi-circular traver-tine enclosure where the boundaries between indoors and out disappear with a wall of floor-to-ceiling bronzed glass. The homeowner can experience the sensation of show-ering alfresco with the comfort of complete seclusion. In this master bathroom shower, one can renew the spirit by washing away the stresses of the day under rain showers and body sprays while looking out into a hidden garden tucked away behind a 10-ft privacy wall.
Another highlight of this grand villa isn’t even a part of the home itself, but rather its location: 1814 Vine Cliff Heights resides within, and offers full membership to, Colo-rado’s premier resort-style community, Flying Horse.
Flying Horse features a private, world-class Athletic Club and Spa with an 18-hole championship golf course designed by legendary master Tom Weiskopf. Members en-joy fine dining, aquatics, tennis, concierge services and more.
With all this home has to offer, with all the serenity that exists therein, it is the opin-ion of this writer that if Margaret Mitchell’s fictional character Rhett Butler had lived in a Tara Custom Home, he would have definitely given a damn.
MLS# 426224 Listed by Alan Wilaby of ERA Shields (719) 338-1100
Molly Tillyer writes for the csrej online edition. If you have an idea for a feature story, please email her at [email protected].
HARD HAT TOURSeptember 9, 2009
Above: Chuck Woodard with Real Estate.com, Peter Crain and Bruce Martin with Aspen View Homes at Aspen Views Model at Forest Meadows.
Above: Terry Klein with Keller Williams Hope Realty, Jeff Stinson of Homestead USA and Eric Gibbs with Cheyenne Mountain Realty enjoy lunch hosted by Edward Alan Homes.
Wally Roy of CB&T Mortgage and Empire Title sponsored the tour.
Tara Custom Homes from page 12
September 28, 2009 www.csrej.com Colorado Springs Real Estate Journal 15
OctOberWednesday, October 7REALTAC8am @ PPARppar.com
FHA 203(k) & Streamline 203(k)9am @ CB Title719-228-1143 [email protected]
Thursday, October 8Farm & Land8am @ Maggie Maes719-661-5353 | [email protected]
Black Forest/Eastern El Paso County Marketing Forum (B.L.E.E.P)8:30am @ The Grill at Latigo Trails Questions: Roxene, 495-6213
Total Funding Presents: CO Public Trustee Foreclosures9:30am @ De Vry (Kelly Johnson Blvd)RSVP to Ruth 719-884-1075
WCR Luncheon11:00am @ Embassy SuitesRSVP: [email protected]
Wednesday, October 14Estates, Probate and Trusts class 9:30 @ Title America719-593-1661 | [email protected]
HOA's Class1:30pm @ Title America719-593-1661 | [email protected]
HBA After Hours5:30pm @ Arlun Floor Coverings & [email protected]
Thursday, October 15Co. Springs Networking Group8am @ Colo. Springs Country ClubQuestions: Ruthie, 492-3998
Friday, October 16HBA Member/Guest Golf Open12:30pm @ Kissing Camels Golf Coursewww.ppar.com
Saturday, October 17PPAR Halloween Party7pm @ Mr Biggs Event Centerwww.ppar.com
Sunday, October 18 (thru 20)
CAR ConventionThe Broadmoor Hotelwww.coloradorealtors.com
Thursday, October 22Farm & Land8am @ Maggie Maes719-661-5353 | [email protected]
NOvemberWednesday, November 11Impact of Meth When Selling9am @ CB Title719-228-1143 [email protected]
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