New Park State Bank & Trust Loan Officers Reflect Teller County Housing Boom | Pikes Peak Courier
WOODLAND PARK • The real estate boom continues in Teller County. At Park State Bank & Trust, the addition of Larry Aiello and Jack Galsterer to the lending department reflects the strong pace of applications for construction, commercial and residential loans.
“By day two, they each had a million dollar loan outstanding,” said Kathryn Perry, the bank’s vice president of loans.
Galsterer attributes the real estate rush to relatively low interest rates. “Some people want to build right away, while others just want to buy land,” he said. “The price of land has gone up dramatically over the past year, so people just want to step in the door so they can build a house two or three years down the road. “
The buying rush is almost like the gold rush days of the past. “People buy land on the Internet without even looking at it,” said Tony Perry, president of the bank.
Aiello and Galsterer are unique in that neither of them have any lending experience.
“We have a list of traits that we are looking for and both have ticked all the boxes, character, integrity, intelligent, honest, mission oriented, service oriented,” said Tony Perry.
Galsterer recently graduated from Hillsdale College in Michigan with a degree in economics. “I wanted to get involved in business and entrepreneurship,” he said. “My mentor at Hillsdale taught me a lot about markets and human behavior, the psychological aspects of how our economy works.”
He joined an investment club, completed an internship to learn more about banking and investing, and sought a career integrating business, economics and community. “What’s so unique and special about a community bank is that you are incredibly invested in the people you work with,” said Galsterer. “Here you have a personal connection with the community, with the individual.”
Aiello is doing an internship as part of the Department of Defense’s Hiring Heroes program. A 30-year military veteran, Aiello was deployed to Afghanistan and retired as the chief of staff to a three-star general.
“Really, the military is a people business and it’s the same here, but the focus is different,” Aiello said. “You try to make people’s dreams come true, whoever they are, and listen to the story and what they have to bring to make it all come true. I appreciated it.
Aiello approaches the job with experience as a client who has been approved for a construction loan for a new home in Woodland Park. “It takes a lot of education for people to understand the process and the product that we have to offer and how they can fit into it,” he said. “I think back to my time just a few months ago when we put the loan in place, which was very helpful. “
In the recent real estate market, the effects of COVID-19 have been significant. “Forties got a lot of people thinking about life’s goals,” said Kathryn Perry, adding that thinking often leads to new places. “It was Colorado.”
While the Woodland Park market is still warm, the real estate trend is moving west to Divide and Florissant and up to Cripple Creek and Victor.
“I think people want more space and away from population centers,” Tony Perry said. “And now that people can work remotely, that makes the trend even more relevant.”