March 2014 Pagosa Springs Real Estate Newsletter
March came in like a lion, which is great news for our winter sports enthusiasts and the water table. The ski area has received 40 inches of snow in the last couple of days. Down here in town, we got the biggest snow that we’ve seen in the last couple of months. I’d say it was 6 to 10 inches in most places. This snow is very heavy and wet, which is just what the doctor ordered. Today the snowpack stands at 95% of median for this time of year. The peak of Spring Break skiers will be arriving March 8th, and they’ll be happy to know that Wolf Creek Ski Area once again has the most snow in Colorado.
In local news, I’ve been talking to both sides of the recent spat over the Chamber of Commerce Visitor’s Center. Unfortunately, I think that the two sides are too far apart to be reconciled. Both sides blame each other. Although nearly everyone agrees that the current Visitor’s Center location is the best one, I fear that it will end up being moved; maybe it’s a money issue and maybe it’s an ego issue. It looks like the Chamber will end up renting the current location to a local business, and the town will move the Visitor’s Center to a new location in the old City Market complex. However, nothing is done till it’s done. So, if you have any interest in this issue, now is the time to talk to your County Commissioner, your Town Councilman, or the Chamber of Commerce. Hopefully everything will work out for the best.
Turning to the real estate stats, I want you to notice a couple of main items. The biggest news is that vacant land is finally moving. We are up a whopping 267% compared to the first two months of last year when you look at vacant land under three acres. These are small lots located mainly in Pagosa Lakes and Aspen Springs. Prices are so low that land is a bargain once again. Prices are now back to where they were in 2005.
There are currently 49 lots listed in the Pagosa Lakes area for less than $10,000. There are bargains everywhere you look. Aspen Springs also offers a great value for the buyer who is looking for a parcel with no restrictions. Aspen Springs currently has 13 lots for less than $10,000, and they are all around one acre in size.
Another interesting number is the increase in home inventory in certain price ranges. The inventory for $250K to $300K is up 65%. The inventory for $300K to $400K is up 22% as well. Prices are creeping up, so the inventory under $250,000 is disappearing along with the bank repo market.
The Wal-Mart project is supposedly breaking ground this Spring, but the local paper reports that a few documents are still outstanding from the Town Building Department. Wal-Mart is reportedly bidding out the entire project a second time. The first time Wal-Mart put the project out to bid was just after the huge floods in Colorado’s Front Range. The clean-up and rebuilding effort up north pulled a lot of material and labor away from other projects, so Wal-Mart’s first bids all came in high. I guess they’re hoping for a better result this time around. We will see.
With a new coat of fresh snow, Pagosa looks even more like a picture postcard than ever. I’m excited for the beginning of spring and for the promising real estate season.