The fall colors are gorgeous. Mother Nature is doing a beautiful job with her paintbrush this year. Temperatures have been almost perfect with highs in the low-70s and chilly mornings in the mid-30s and no hard freezes so far. The forecast for the next week is more of the same. If you haven’t taken advantage of a scenic drive through the high country yet, do it now!
Hunting season is about half over. Archery and black powder seasons finished up a week or so ago, and rifle seasons begin October 12. They will run for about a month. These outdoor enthusiasts are very important for our local economy. They bring a lot of green to our small town.
There are a couple of local issues worth discussing. The first is how the Town and County are sharing tax revenues. The County just reduced the tax money they give to the Town by about $100,000. Of course, this isn’t going over very well with Town officials. The rumor is this may be retaliation for the Town not being more supportive of the new County jail, but keep in mind that Pagosa rumors are often not very accurate.
The second newsworthy item is the town is considering creating an Urban Renewal Authority (URA) to study downtown development. This issue has come to the forefront because Jack Searle with BWD Construction and Presidian Hotels, the new owners of the Hot Springs, are partnering up to develop the downtown area around the Hot Springs and the river. The long-range plans are complicated. The developers will need the proper infrastructure in place to make this development feasible. Who pays for what, and how the Town and the developers cooperate, will dictate the outcome.
Now for the latest real estate news. September was a mixed bag. The good news was home sales were up a little since last month. Condo sales, although down from last year, were up slightly. The real downer was land sales which are down 12% from 2018. The two culprits were small lots under 1/2-acre, mainly out in the Pagosa Lakes area, and parcels from six to fifty acres, which were down a whopping 50%.
An unusual trend I’ve noticed recently is that I’ve had several new home listings over the last week. It’s much more common to get new home listings in the spring time. This is great news, because I need the inventory! Another trend, which is more typical for this time of year, is we’re seeing price reductions across the board. Motivated sellers don’t want to hold their properties through the winter, so they are slashing prices. It’s a great time to buy if you are bargain hunting. Interest rates are still very low, with a 30-year fixed-rate mortgage going for 3.5% and a 15-year for 2.875%
Some other good news is we have a new County Planner, Brad Callender. We welcome him with open arms, and wish him the best in his new job.
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
