October 2010 Newsletter

Indian Summer is upon us. This has been the nicest September I can remember since I moved to Pagosa Springs in 1983. Hopefully, we will see the weather pattern change as we approach the second half of October. A little bit of cooler weather will make the hunters happy, and a few snowflakes will get the skiers excited about things to come.

I have been very busy recently which is normal for September. Despite my personal level of activity, the stats show that this September was softer than last year by 20%. This is only the second month this year in which we trailed last year’s sales. Interest rates remain at historic lows, and you can currently get 3.75% for a 15-year loan and 4.25% for a 30-year loan. Repos are still in abundance with 100 listings available right now. Of these, 62 are residential, 26 are vacant land, and the remaining 12 are commercial. You can view all these properties on my website, ISellPagosa.com

I am hearing rumblings that some of the big banks are not processing their foreclosure paperwork properly. Bank of America, JPMorgan Chase, and GMAC are among the big names I hear mentioned. Many banks are currently conducting reviews in order to determine whether they are following proper procedure. Some banks have temporarily suspended foreclosure proceedings while these reviews take place. It is currently unclear whether this will have any effect on the market. If you are one of the unfortunate people having to deal with a foreclosure, you may want to get some legal advice.

I met with Steve Vassallo, our new economic development person, this past week. His formal title is executive director of the Pagosa Springs Community Development Corporation. Mr. Vassallo recently moved here from Madison, Mississippi, and has 23 years of experience. He seems like a go-getter.

During our meeting, I made a couple of recommendations which might help our local economy. First, do an analysis comparing Pagosa Springs with other Colorado mountain communities. Then we can show the rest of the world what a good value you get when you purchase real estate in the prettiest town in Colorado. Second, I suggested we market what a friendly town we are. I have always believed that Pagosa is the friendliest town in Colorado. We could have a campaign with buttons, and perhaps we could have all mail leaving Pagosa bear a slogan. Third, persuade the various weather channels to report how much snow Wolf Creek gets. This will help us market our ski season more effectively.

So long for now. Enjoy the football and the fall colors. Hope you have a pleasant Fall!


Lee Riley
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: LeeRiley@ISellPagosa.com