Snuggle-Up! and Blog

To the Top of Cheyenne Mountain and Pikes Peak in 1926!

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Wed, 27 Jan 2010 16:31:38 -0600

To the Top of Cheyenne Mountain and Pikes Peak in 1926!

Curious Colorado is a film produced in 1926, about some of the great peaks in the Colorado Springs area. Within the same day, you can drive to the top of Cheyenne Mountain, and to the top of Pikes Peak in the Cog Railway. The current Cog Railway is much different than the one used today. Today's Cog Railway is covered, and you don't ride to the top facing the bottom of the hill!

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Open Concept Living in Woodmoor!

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sat, 16 Jan 2010 12:36:28 -0600

Open Concept Living in Woodmoor!

Marianne Snygg | Herman Group Real Estate | mcsnygg@msn.com | 719-964-9682

19410 Rim of the World, Monument, CO

Open concept floor plan on large lot in prestigious golf community
of Woodmoor.

4BR/3BA Single Family House

offered at $259,000

Year Built	1976
Sq Footage	3,739
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	34,848 sqft
HOA/Maint	$17 per month

DESCRIPTION

Great home located just 10 miles north of Colo Spgs, and 30 miles south of Denver. Great District 38 schools.

Four bedroom, three bath home, with vaulted ceilings and an open concept floor plan. Home sits on over 3/4 acres of beautiful Ponderosa Pine and Aspen trees.

There are three wood burning fireplaces in this 2 story home, which also has a fully finished basement. Over 3700 sq ft of living space.

Won't last long! Act quickly!

see additional photos below

PROPERTY FEATURES

- Central heat	- Fireplace	- High/Vaulted ceiling
- Walk-in closet	- Tile floor	- Family room
- Living room	- Bonus/Rec room	- Dining room
- Dishwasher	- Stove/Oven	- Basement
- Laundry area - inside	- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Golf course

OTHER SPECIAL FEATURES

- New roof and exterior paint

ADDITIONAL PHOTOS

Front View

Contact info:

Marianne Snygg

Herman Group Real Estate

mcsnygg@msn.com

719-964-9682

For sale by agent/broker

Equal Opportunity Housing

Posted: Jan 16, 2010, 9:08am PST

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Tri-Lakes, Monument, Colorado Sold Data for December 2009

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Tue, 12 Jan 2010 11:52:51 -0600

Tri-Lakes, Monument, Colorado Sold Data for December 2009

Here's some interesting data for the last period of 2009. It shows the maximum and average difference between the list price of homes in the Monument, Tri-Lake MLS area, and the actual sale price. The minimum is scued due to a requirement the has MLS requiring auction homes to be listed for $1.00. (Of course they don't sell for that!) But even without the proper list price, you can get an idea of what the botton price range in our market is.

As always, if you have any questions about this data, or would like more information, please feel free to contact me. I'm always glad to help.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Very Important Changes to FHA Guidelines

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Mon, 07 Dec 2009 12:30:44 -0600

Very Important Changes to FHA Guidelines

Today, HUD Secretary Shaun Donovan, announced some very important changes to FHA guidelines that will be implemented as early as the first quarter in 2010.

Below is an excerpt from her testimony today. You can find the entire written testimony at: http://portal.hud.gov/portal/page/portal/HUD/press/testimonies/2009-12-02

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An initial measure is to reduce the maximum permissible seller concession from its current 6 percent level to 3 percent, which is in line with industry norms, and we will continue to consider additional reductions. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.

Secondly, to protect the fund from the riskiest borrowers, we will for the time being also raise the minimum FICO score for new FHA borrowers.

We are currently analyzing what this floor should be, including the relationship between FICO scores and downpayments to determine whether we should increase FICO minimums in combination with changes to other underwriting criteria for lower downpayment loans.

Third, we have made the decision to exercise our authority to increase the up-front cash that a borrower has to bring to the table in an FHA-backed loan - to make sure that FHA borrowers have more "skin in the game" and a stronger equity position in their loans. There are several ways to accomplish this, and so we are currently analyzing various options to determine which is the most effective and consistent with our mission.

Finally, we are examining our mortgage insurance premium structure, to determine whether an increase is needed and, if so, whether it should be the up-front premium, the annual premium or both. Our current up-front premium of 1.75 percent is below the statutory cap of 3 percent, while the annual premium is currently at the statutory maximum. To protect against future uncertainty in market conditions, we are requesting authority from Congress to raise annual premiums, as this is one of the most effective means of raising capital for the fund with the least impact per borrower.

Indeed, while most of these changes I've just described we can make on our own with no additional authority-and we expect to provide detail and public guidance for these changes by the end of January-in some cases, we will need Congress' help. In addition to asking Congress to increase the current cap on the annual mortgage insurance premium for new borrowers, we are asking for additional authority for our proposals to hold all FHA lenders responsible for their fraud or misrepresentations by indemnifying the FHA fund. We will also be asking Congress to expand FHA's ability to hold lenders accountable nationally for their performance as I mentioned earlier.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Defaults on Government Backed Mortgages

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Wed, 02 Dec 2009 10:59:00 -0600

Defaults on Government Backed Mortgages

Defaults on government backed mortgages, or FHA, have started to rise! Lately, FHA mortgages have been what just about everyone has been using to purchase their homes. Add to the mix the tax incentive, and people are out there taking full advantage of the government money.

Well, the news, today, isn't good. The government has been experiencing more than usual defaults on loans, with a few lenders at the root of the problem. To overcome this problem FHA is considering tightening their loan limits AND raising their requirements for credit scores.

This will impact the small recovery we've experienced; it won't help the market at all! And it's because of a few greedy lenders. In light of what we've recently gone thru, it's just plain irresponsible!

What do you think? What are you seeing in your market?

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Markets Focused On Dubai Debt Fears

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sat, 28 Nov 2009 10:07:58 -0600

Markets Focused On Dubai Debt Fears

by The Associated Press
November 27,2009

Dubai's debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and stall the global economic recovery.

The possible spillover effects centered on fears that international banks could suffer big losses if Dubai's investment arm defaulted on its $60 billion debt. Stock and commodity markets tumbled in New York, London and Asia as investors flocked to the U.S. dollar as a safe haven.

But earlier concerns that the crisis might trigger another financial meltdown seemed to ease after some analysts downplayed the risks for U.S. banks, which are thought to have little exposure to the Middle Eastern city-state.

U.S. stocks fell sharply but rebounded from their lows as investors concluded that the damage might be contained. The Dow Jones industrial average lost about 155 points, or roughly 1.5 percent, in a shortened trading day, and other stock averages also sank.

"I don't think the collateral damage is going to be that great," said Jeffrey Saut, chief investment strategist at Raymond James. "People will dig into this over the weekend, but I think balance sheets have healed enough to withstand a shock like this."

Still, the crisis in Dubai pointed to the vulnerability of the global economy despite signs of recovery. Last year's credit debacle left major banks with billions in losses, forcing them to reduce lending to consumers and businesses.

Access to credit has improved in recent months, but analysts said Dubai's woes could make some banks more cautious. That could further squeeze lending and weaken the recovery.

"What we need for the economic momentum to continue is for banks to feel confident about lending, and clearly what has happened in the last 48 hours is not a step in the right direction," said David Williams, banking analyst at Fox-Pitt Kelton in London.

Dubai's troubles caught investors by surprise. A year after the global slump derailed the city-state's dizzying growth, its main investment arm, Dubai World, revealed this week it was seeking at least a six-month delay on repaying its $60 billion debt. Credit agencies responded by slashing debt ratings on Dubai's state companies, saying they might consider the plan a default.

In recent years, Dubai has expanded with ambitious, eye-catching projects like the Gulf's palm-shaped islands and the world's tallest skyscraper in hopes of becoming a tourist-friendly Middle Eastern metropolis. In the process, though, the state-backed networks nicknamed Dubai Inc. have racked up $80 billion in red ink. The emirate may now need another bailout from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates.

In Europe, stock markets rebounded after Wall Street fell less than feared. Earlier, stock indexes in Hong Kong and South Korea tumbled 5 percent in response to the previous day's Dubai-related losses in Europe.

The Dubai crisis caused the dollar to spike higher against the euro and pound but slump against the yen, another traditional safe haven. Speculation that the Bank of Japan might intervene by buying dollars or selling yen to aid Japanese exports helped the dollar recover after it had fallen to a 14-year low against the yen.

British banks appeared to be at most risk if Dubai World can't pay its bills. London-based lenders HSBC Holdings and Standard Chartered could face losses of $611 million and $177 million respectively, according to early estimates from analysts at Goldman Sachs. Both have substantial Middle East operations.

In Asia, Japan's Sumitomo Mitsui Financial Group, the country's No. 3 bank, could be exposed to Dubai World's indebted property arm at the cost of several hundred million dollars, according to a person familiar with the matter.

South Korea estimated the country's financial institutions have just $88 million in exposure. Construction firms from Japan, Australia and South Korea behind Dubai's recent development boom also might be on the hook.

Among U.S. banks, Citigroup Inc. had $1.9 billion in exposure to the United Arab Emirates as of 2008, according to a JPMorgan research note. But it's unclear how much of that was related to Dubai. Citigroup declined to comment.

Even if most banks could absorb any Dubai-related losses, the emirate's troubles could lead them to reevaluate and scale back lending. That would make it harder for companies to borrow and to help sustain the global recovery after the deepest recession in decades, analysts said.

Equally unsettling for investors was uncertainty over which companies were exposed and how much money they might lose. European banks alone have $87 billion at risk in the emirate.

"It touched investors' sensitive nerves," said Cai Junyi, an analyst for Shanghai Securities. "The world is watching whether that will have any substantial impact ... Dubai World is just like a small window that might reflect another financial tsunami."

Emerging markets in the Middle East and elsewhere have attracted enormous capital amid investor enthusiasm for regions with rapid economic growth. This year, markets in Asia and Latin America have vastly outperformed those in the U.S. and Europe. But Dubai's woes could stall the buying behind the boom, analysts said.

"I think it will make investors realize they need to be more discriminating about emerging markets," said Arjuna Mahendran, head of Asian investment strategy at HSBC Private Bank in Singapore. "In the longer term we have no doubt that things are going to recover."

HSBC declined to comment. Calls to Standard Chartered representatives were not returned.

Among other companies with Dubai ties, South Korean construction firms have about 40 projects there whose remaining work is valued at up to $3 billion. South Korea's government said it expected the problems to have minimal impact.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Speechless Sunday, Oakland, NE

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sun, 15 Nov 2009 18:29:50 -0600

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Speechless Sunday - Old Town Eureka

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sun, 08 Nov 2009 19:23:38 -0600

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

You Be the Judge - Before and After Photos

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sun, 08 Nov 2009 19:17:18 -0600

You Be The Judge - Before and After Photos

This vacant home is for sale. It's my listing...I tried to stage it. But, I know I'm not good at it. So, I hired a professional. You won't have any trouble telling the difference between the two!

Looking now at my attempts to "stage" the house, it's comical! What a great job "my" stager did. Would you like to know who did this staging? Click Here. And in case you're interested in knowing more about this great 2-story Woodmoor neighborhood, Monument, CO, home...click here.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Wordless Wednesdays - Big Chair, Little Chair

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Wed, 04 Nov 2009 20:30:01 -0600

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Penrose St. Francis Hospital

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Wed, 04 Nov 2009 19:22:11 -0600

Penrose St. Francis Hospital

Thank you!

We had to take my son, 35 years old, into the ER last night. He was weak and tired, complaining of headache, stomach pain, shoulder pain, and dehydration from diarrhea, and vomiting. He passed out on us once, and passed out on the doctor while being examined.

The ER staff was wonderful! Caring, respectful, knowledgeable. He was put on liquids to rehydrate, given morphine when tramdol didn't work, and anti-virals when they believed his heart arrhythmia was caused by a virus. In about 45 minutes, he was greatly improved, but they kept him overnight for observation.

This morning, they'd found out that his heart event was caused by being under so much physical stress, and nothing to worry about. And after a CAT scan for blood clots, which was negative, he was sent home. Feeling 150% better!

Thank you to all the staff and folks at our north facility of Penrose St. Francis Hospital!

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Warning! Danger! The Trees are Dying!

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Thu, 29 Oct 2009 14:23:25 -0500

Warning! Danger! The Trees are Dying!

This photo is of the Colorado River headwaters as it pours out of the Rocky Mountains, just south and west of the Rocky Mountain National Park. It was taken in the summer of 2005. It's a beautiful scene, but if you look closely, you notice the dead trees.

The trees are Lodge Pole pine trees that have been infected with the Pine Bark Beetle. These little pests are destroying all the trees in the Rocky Mountains. And they are moving to destroy what's left. Very large swaths of the trees across the mountains are dead and brown. When the beetles are done with the trees, the very dead, dry branches hang down, as evidenced by the trees on the left in the foreground. They look so sad with the dead drooping branches, like they cried themselves to death.

It's been impossible to stop these bugs. Many people have their trees sprayed with insecticides, but that only slows the beetles down; it doesn't kill them. And the dead trees are, of course, a fire hazzard, and must be taken down.

In this photo, taken a couple of years later, the dead trees appear gray. The brown trees from the previous photo, will turn gray with time.

This is an upclose view of the damage the bettles can cause. The yellow trees are Aspens turning in the fall. And just this week, I heard that the Aspen trees are beginning to die off. They have a 20 year live span and many are just dying.

We, as a state, national, and as a global community, have lost a great deal to these beetles. The trees are a large part of the eco system. They add oxygen to the air, and filter out harmful particles. The face of the Rocky Mountains have changed, and will not be the same in my life time. The loss of the beautiful trees that make the Rockies so remarkable have changed the face of the mountains, permanently.

The positive note to all of this is that the Forestry Services tells us that the die off of all these trees will produce a more diverse vegetation, and help to protect the forest against the beetles next invasion.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

October 2009, Stats for the Woodmoor Neighborhood in Monument, CO

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Tue, 27 Oct 2009 16:43:20 -0500

October 2009, Stats for the Woodmoor neighborhood in Monument, CO,

		Active
1	621656	19410 Rim Of The World DR	4,4,2	2	1976	3,790	$250,000	179
2	608158	1465 Woodmoor DR	3,2,2	RAN	1969	2,961	$250,000	61
3	593643	17645 E Caribou DR	2,3,2	2	1984	1,960	$263,000	72
4	674433	1125 Bowstring RD	3,2,2	RAN	1994	1,833	$299,900	68
5	608457	1395 Fawnwood RD	5,3,2	2	1978	2,991	$300,000	173
6	607576	1205 South Park DR	4,3,2	BIL	1984	2,444	$313,500	53
7	655248	1230 Bowstring RD	4,3,3	RAN	2001	3,509	$316,608	70
8	696354	610 Winding Hills RD	4,3,2	2	1973	3,327	$325,000	70
9	443182	615 Harness RD	4,4,2	2	1985	3,028	$325,000	237
10	562986	1290 South Park DR	4,3,2	RRH	1992	2,379	$325,000	8
11	522286	465 Jack Boot RD	4,3,2	BIL	1986	2,897	$338,998	126
12	606484	18980 Shadowood DR	4,3,2	RAN	1965	2,874	$339,000	75
13	572466	1060 Bowstring RD	3,3,2	RAN	1998	3,976	$339,900	262
14	517766	18924 Cypress PT	6,4,3	RAN	1988	3,626	$340,000	202
15	561262	1115 South Park DR	4,3,3	RAN	1999	3,120	$345,000	143
16	528028	19930 Indian Summer LN	4,5,3	2	1983	3,288	$345,000	137
17	659700	1080 Bowstring RD	4,4,3	2	1994	3,245	$345,000	14
18	526818	1420 Catamaran LN	4,3,2	RAN	1984	2,496	$349,900	131
19	496638	510 Ore Cart WY	4,4,3	2	1994	3,962	$350,000	21
20	609558	1375 Bowstring RD	7,4,3	2	2002	3,937	$355,000	11
21	458702	760 W Caribou DR	5,4,2	2	1992	3,588	$365,000	117
22	548477	19590 Four Winds WY	4,3,3	2	1993	2,980	$369,900	98
23	454303	240 Tam O Shanter WY	4,3,2	4	1970	3,911	$369,900	181
24	467805	18421 Gregs Pond LN	4,3,3	2	1988	3,887	$375,000	94
25	651688	460 St. Moritz WY	4,3,2	2	1991	3,437	$375,000	22
26	679101	17370 Leggins WY	4,3,3	RAN	2001	3,552	$375,000	57
27	594874	19360 Furrow RD	4,3,3	BIL	1971	4,404	$389,500	408
28	533312	225 Furrow WY	6,4,3	2	1993	3,993	$395,000	126
29	428075	1395 Bowstring RD	4,3,3	2	2001	4,266	$399,900	221
30	422437	17360 Leggins WY	5,4,3	2	1994	3,450	$400,000	140
31	545582	475 Woodmoor DR	5,4,2	3	1967	3,585	$400,000	88
32	561647	57 S Sherwood Glen	4,4,3	2	1993	4,094	$406,600	299
33	582967	355 Cat Tail WY	5,4,2	2	2001	3,788	$419,900	216
34	591824	455 Indian WY	5,4,3	2	1994	4,000	$425,000	72
35	569754	30 Long Bow CR	5,5,3	RAN	1994	4,750	$435,000	113
36	581487	19470 Kings Deer LN	4,3,4	RAN	2005	3,900	$435,000	488
37	480531	18385 White Fawn DR	5,4,3	2	1993	4,602	$445,000	235
38	595037	17320 E Caribou DR	5,4,2	RRH	1987	5,933	$449,900	230
39	475759	1670 Blueberry Hills RD	5,5,3	2	1992	4,807	$475,000	259
40	518589	18460 Augusta DR	5,4,3	2	1994	4,987	$475,000	153
41	671616	18360 Sloan LN	5,4,3	RAN	2007	4,182	$475,000	385
42	482526	285 Ox Yoke WY	5,4,3	2	1996	5,098	$489,000	182
43	544397	19410 Glen Cannon WY	4,4,3	RAN	1981	6,016	$492,000	125
44	594726	18580 Augusta DR	4,4,4	RAN	1967	3,278	$499,900	127
45	683104	19570 E Top O The Moor DR	5,4,3	2	1982	6,339	$515,000	445
46	444619	1380 Lone Scout Lookout	4,4,4	2	1991	6,112	$525,000	87
47	563387	750 Bowstring RD	5,5,3	2	1993	5,599	$529,900	257
48	564558	19405 Rim Of The World DR	6,5,3	2	1994	4,921	$540,000	225
49	430320	865 Woodmoor DR	5,5,5	2	1993	5,589	$545,000	94
50	524770	19035 Merry Men CR	5,4,3	RAN	2004	3,872	$549,000	460
51	597390	725 Woodmoor DR	3,3,3	2	1998	4,424	$550,000	158
52	646422	19465 Indian Summer LN	4,4,3	2	2001	4,666	$550,000	56
53	608459	18144 Six Trees LN	4,3,3	RAN	2006	3,333	$550,000	56
54	608136	285 Peaceful Pond LN	5,4,3	2	1994	5,059	$575,000	35
55	655839	240 Bent Nail WY	7,5,3	1.5	1992	6,149	$585,000	53
56	586862	19815 Sunlight WY	5,5,3	2	1992	4,936	$644,900	154
Min					1965	1833	250000	8
Max					2007	6339	644900	488
Average					1990	3984	414484	154
Number of Properties: 56


		Under Contract
#	MLS#	Address	Br/Ba/G	FLR	YB	Tot SQ	LP	CDOM
1	562168	17720 E Caribou DR	3,2,2	4	1985	2,385	$245,000	168
2	446396	875 Flaming Tree WY	3,3,2	2	1969	2,094	$285,000	114
3	544569	19635 Four Winds WY	4,4,2	TRL	1992	3,001	$300,000	130
4	508884	1270 Bowstring RD	4,3,3	2	2007	4,031	$389,000	141
5	427538	1440 Blueberry Hills RD	3,4,3	2	1992	5,188	$425,000	161
6	656838	1240 Old Antlers WY	4,4,3	2	1996	4,016	$475,000	82
7	563171	1025 Slate WY	4,4,4	2	2008	4,740	$565,000	348
Min					1969	2094	245000	82
Max					2008	5188	565000	348
Average					1993	3636	383428	163
Number of Properties: 7


		Pending
#	MLS#	Address	Br/Ba/G	FLR	YB	Tot SQ	LP	OffMkt
1	494756	1055 South Park DR	3,2,2	TRL	1984	1,600	$259,900	8/28/2009
2	626249	17455 Paver WY	5,5,2	RAN	1977	6,218	$276,900	10/08/2009
3	619896	1180 South Park DR	4,3,3	RRH	1984	2,708	$310,000	10/10/2009
4	660569	19420 E Top O The Moor DR	4,4,2	2	1976	2,753	$325,000	9/20/2009
5	439761	19375 Glen Hollow CR	4,3,3	RAN	1982	3,483	$357,500	10/18/2009
6	490093	165 King Arthurs Knoll	4,5,3	2	1992	6,162	$467,000	4/08/2009
7	479459	18505 St. Andrews DR	4,4,3	RAN	2002	4,286	$499,000	10/12/2009
8	477969	480 Scrub Oak DR	5,5,3	RAN	2009	4,564	$695,000	10/17/2009
Min					1976	1600	259900
Max					2009	6218	695000
Average					1988	3972	398787
Number of Properties: 8


		Sold
#	MLS#	Address	Br/Ba/G	FLR	YB	Tot SQ	LP	SP
1	643781	835 Lake Woodmoor DR	4,4,2	2	1987	3,300	$340,000	$337,500
Min				1987	3300	340000	337500
Max				1987	3300	340000	337500
Average				1987	3300	340000	337500
Number of Properties: 1

Prepared by	Marianne Snygg
		(719)964-9682
		Herman Group Real Estate
		mcsnygg@msn.com
Information deemed RELIABLE but not GUARANTEED

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

The Issue with Chinese Drywall

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Tue, 27 Oct 2009 10:01:14 -0500

The Issue with Chinese Drywall

Chinese drywall was imported to the US during the peak building years of 2004 and 2007. Over 100,000 homes, in 20 states, were built with this product. The drywall contains a sulfurous product, that gives off the odor of a burning match. Over time, it turns copper pipes black, rots wiring, and plumbing, and destroys the air conditioning condenser.

The Issue with Living with Chinese Drywall
More importantly, this product is harmful to people living within those walls. Many have reported that the odor is causing headaches, and respiratory problems. Numerous people have move out of their new homes, only to have to pay for another home or apartment to live in.

The Issue with the Mortgage Lenders and Chinese Drywall
These displaced folks cannot afford rent on an apartment, and the mortgage on their new home. And, pleas for aid from the mortgage lender are being declined. The cost of replacing all the drywall in the home can reach $80,000 to $100,000. Is this the beginning of more mortgage lender problems? How many people will just walk away from their homes, leaving the industry in another downfall?

The Issue with the Courts and Chinese Drywall
As of right now, there are court cases pending to for home owners hoping to resolve this problem. Many of the new home builders are taking it upon themselves to replace the defective drywall. But many are not, and the courts will start trying those cases in January of 2010.

The Issue with Our Economy and Chinese Drywall
This issue has the potential of causing another run of foreclosures and bankruptcies. The state of Louisiana has begun using their $5 million in federal housing money to assist homeowners with replacing the offensive drywall. Senator Bill Nelson (Dem-FL) is introducing a bill to provide the same type of assistance for Florida residents.

Where will this go? How will we deal with this large problem on top of our small recovery of the last year? Are you seeing the effects of Chinese drywall in your market?

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate

Speechless Sunday - Happy Halloween

Marianne Snygg, ABR, ASP, GRI (ERA Herman Group Real Estate) — Sun, 25 Oct 2009 19:51:47 -0500

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

Colorado Springs and Monument Real Estate