April 2013 Pagosa Real Estate Newsletter

Spring is here, which means several different things. First of all, the ski season is coming to a close. Also, most of the snow around town is gone, except for the north side of homes and hills, so mud season is here, depending on rain or snow. The weather is very unpredictable, but it is usually breezy in the afternoon and we are currently at 72% of normal moisture. The lakes are almost ice-free, and the rivers are running muddy and fast with the best fishing on the lakes. This is also the slowest time of year for most local businesses.

Business is staying steady for me because real estate investors are coming out of hibernation having a lot of new listings to choose from. Now is the time of year to get your home on the market, because buyers are out there looking. Many are hoping to get the first shot at new listings.

We are still lagging behind last year’s numbers, because there seems to be a backlog of properties that are under contract (67), but not closing in a timely matter. The good news is that most of the rest of the country is experiencing strong sales, which is imperative to improving our market. Interest rates are creeping up slowly. This spring will be the best time for buyers to get the best selection at the lowest interest rates. These two factors should increase the urgency to buy now.

Regarding local business and politics, Walmart is still plugging along, but they have not yet completed all their required permits. The town is having a special election April 23 to decide whether to proceed with several projects on Reservoir Hill. The projects include an amphitheater, alpine coaster, observation tower, zipline, tethered hot air balloon, chairlift, and spray ground, which is like a playground with water jets in the ground.

In other news, the Oak Ridge, once known as the Best Western Oak Ridge, has just changed hands. The property was a foreclosure and it is my hope that the new owners breathe some fresh life into this property that has been in limbo for many years. When I first moved to town in the summer of 1983, I helped open this property. I managed it for a year then owned and ran the restaurant for several years until I decided to move into real estate sales in 1989. I’m excited to see what the new owners will do!

Overall, I am optimistic we will have a good year, as my business has started off very strong. As long as we don’t have any major outside events, I anticipate strong sales this season.


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