June 2010 Newsletter
I am out of the office on vacation this week, so this newsletter will be short and sweet. My wife and I are on a cruise on the Oasis with Royal Caribbean.
Even though I am out of the office, I will not be out of commission. I will keep in regular touch with the office, as I usually do when I’m traveling. If you have any real estate needs, you are certainly welcome to contact Jody and Jarrett in the office. They will be my lifeline, and business will go on as usual. In fact, if you’d like to buy something while I’m away, I would certainly appreciate it. It would help me pay for my cruise!
In real estate news, our big bounce from last year’s low continues to hold up. May 2010 easily outpaced May 2009, and sales are now up 70% over last year. The residential sector continues to lead the way, running nearly double the 2009 pace.
Though improved over last year, vacant land remains a difficult sell. Why buy a lot and build when it is so much cheaper to just buy an existing home? There are currently more than 850 vacant parcels on the market, and the vast majority of them will not sell before the snow flies again. We have inventory coming out our ears and very few land buyers coming in the door. For these reasons, I expect vacant land prices to continue to decline for at least another year.
Despite the bleak outlook for vacant land, I remain optimistic. Residential sales are at a 4-year high. Pagosa remains a beautiful, friendly, and unique place to live. We are just entering the prime selling season, and bargains abound. Many people would love to own property in Pagosa, and the dream is now more affordable than it has been in years.
Happy summer to all my friends and clients!