Pagosa Springs Real Estate Report, November 2013

I’m writing this letter while on a plane coming back from Seattle. I just finished attending a conference geared toward the luxury home market. Over the past three days, we looked at several multi-million dollar homes and condos that would sell in Pagosa for well below a million. I also learned that a very large portion of the high-end buyers are coming from overseas. Asian buyers are especially important in the Seattle-Vancouver area. One fact I remember from the conference is that the wealthy are getting richer, and the number of wealthy people is increasing. Buyers in many countries see the US as a good value due to recent changes in currency exchange rates.

The catalyst for me attending this conference was to help sell a property I have listed for $5 Million. I have been marketing this ranch for a couple of years and need some new input in order to succeed in selling this high-end property. If you would like to see what $5 Million will buy you, go to my website and check out the virtual tour for The Mountaintop Ranch. I would appreciate any thoughts on how to position and market this home more effectively. Better yet, help me find a buyer or pull out your own checkbook!

I love going to these real estate conferences. It gets me motivated so I don’t get complacent. There are usually one or two good ideas that I am able to use to enhance my skill set. The most valuable benefit for me is networking with top-end Realtors from around the country. Only myself and George Harvey out of Telluride represented our part of the state.

So much for fun in Seattle; here’s what’s happening in our market:

October was a slow month, especially when compared to an unusually strong October in 2012. I noticed that things were slow in my office in September. I projected that if everyone else was seeing the same thing, there would be a lull in closings in October. Apparently, I was right. I am hopeful for the remainder of the year, as I have noticed an uptick for me personally during October. Building permits are another local bright spot. We’ve had 56 permits for new homes issued so far this year, compared with 46 last year and 31 in 2012 through the same date.

On the national scene, there is always a positive that comes out of a negative. Due to Washington’s ineptitude which slowed down the economy a few weeks ago, interest rates have come down a little. They are now at 4.375% for a 30-year fixed.

Don’t forget to check out the virtual tour for The Mountaintop Ranch!


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