May 2010 Newsletter
Spring has sprung in Pagosa. The last few days have been breezy and warm, and the last remnants of the glacier on the north side of my house have finally melted away. At the office, it’s “listing season.” Spring is traditionally a time when my desk is piled high with paperwork for homes and properties just entering the market. The snow is off, and the first of the summer buyers will hit town within a couple of weeks.
In a bit of local news, the 3500-acre Bootjack Ranch has sold. Once listed at $88 million, the property recently closed for $46.5 million. The buyer was a Texas energy billionaire, and he got quite a bit of value for his dollar. Among other things, the ranch boasts a 13,800 square foot main house, guest accommodations for up to 50 people, and a 12,000 square foot spa and aquatic center.
If you are interested in buying property in Pagosa, the next few weeks will provide you with the greatest selection of the year. I expect inventory to peak in about a month or so. Although there are many properties on the market, the very best deals don’t hang around for very long. As the summer progresses, the inventory becomes more and more “picked over.” With the inventory likely at its highest level of the year and with interest rates on the rise, my message to my buyers has become simple: “You snooze, you lose.”
The statistics continue to show significant improvement over last year. The residential market is a particularly bright spot. We are currently running 82% ahead of last year’s pace. A few months ago, the sub-$200K market was packed with great deals. A local builder known as Great New Homes decided to dump their unsold inventory, and a few lucky buyers scooped them up quickly. Homes under $200,000 are becoming increasingly rare, and I believe that we are now at or past the bottom of the market.
Although poorly-priced properties sit on the market for months and stagnate, true bargains are often snapped up within a matter of days. If you are looking for a deal on your “perfect property,” I encourage you to call me and describe what you’re looking for. I can keep my eyes open and notify you when your ideal property hits the market. For a long time, the Colorado Dream was out of reach for many people. These same people are now finding that the dream is much more affordable than it was a few years ago. If this knowledge perks your imagination, I look forward to hearing from you.