September 2014 Pagosa Springs Real Estate Newsletter
It has been a good summer. Almost everyone I have spoken to says they were very busy. I am constantly surveying the local hotels, restaurants, and my fellow Realtors to see how things are going economically. Almost everyone I meet is putting out a good vibe.
The weather has also been excellent. There were no forest fires in our area this year. We had a nice monsoonal rain through the hottest months, and the woods stayed pretty green through the summer. We had plenty of campers in town pitching their tents.
School has started for the local kids. For the first time in 25 years, my wife, Laurie, is still home. She has now retired from teaching special ed. Her new priority is the grandkids! I have no plans and no desire to retire, but I do hope to take more frequent vacations, especially with Laurie’s new flexible schedule.
Speaking of grandkids, I’m thinking of building a tree fort in my yard. I’ve got two large trees about 14 feet apart that I think I can use. If you know of someone who is good at this kind of thing, please let me know.
I recently spoke to the Chamber of Commerce about their new shared arrangement with the Visitor’s Center. They seem to be getting along quite well, although space is a little cramped. I would like to see them expand the building westward toward the river to give everyone a little more space. My main goal is to allow the Chamber of Commerce and the Visitor’s Center to remain in the same location, which I think is important.
The new Walmart construction project is still cranking along at high speed. There have been some rumors around town about an earlier opening date; possibly even before the end of the year. However, the people in the know are all still saying that a March opening is more realistic.
Here’s the latest in the real estate market. Residential sales jumped last month. If you’ll recall, I pointed out last month that the number of pending sales was above average. This led to a bump in the sales that you’ll see in the stats this month. Pending sales have now returned to about the same level as last year.
The final tallies for the year will depend on the fall. Normally, September and October are our busiest time of year. Last year, that did not happen. I’ve got my fingers crossed that the historical trend will return. The nation’s economy is improving. Without any major hiccups, I’m hoping for a strong finale.
Interest rates are still low with a 30-year fixed mortgage at 4.25% and a 15-year fixed at 3.5%. Building permits are up with 48 permits issued this year compared to 43 last year at the same time.
The sweet spot in the market seems to be the $200,000 to $400,000 range. We are seeing big jumps in property sales in this range. The other categories are more or less flat.
Last month my featured property was the Lone Tree Ranch, which is a 230 acre ranch with a 6-bedroom ranch home, 20 shares of water rights, and Echo Creek running through it. We have just reduced the price by $100,000 down to $1,699,000.