It’s a beautiful day in Pagosa. The sun is glistening over a fresh coat of new snow. Currently, I have about 3 inches in my front yard. Wolf Creek Ski Area received 19 inches in the latest storm, and they have a base of 41 inches with more new snow predicted in the next couple of days. We should be in great shape for the Christmas holiday skiing rush. Currently, the moisture level on the mountain is about 90% of average.
Here’s what’s happening around town. There’s a lot of shuffling in the restaurant business. Dorothy’s, known for her great green chile, and one of my favorite restaurants over the years, is about to open for the seventh time since she started in 1990. Her new location will be where the Taqueria used to be in the City Market complex. Geronimo’s just opened in the old Taco Bell building. The Break Room is planning to move just down the street to where Wolfe Brewing used to be. That should happen after the first of the year. The Springs Resort is planning to open a small cafe for their customers, and that is due to open soon. The Springs Resort is also refurbishing a bunch of their hotel rooms. If you recall, a new company bought the Springs Resort a couple of months ago, and now they’re spending some money to spruce up the place.
The hotel business has also seen some changes. The property known as Pagosa Lodge has been closed for over a year, but it will reopen soon under the flag of Best Western. They’ve spent a small fortune refurbishing both the inside and outside of the property. The Pinewood Motel has new owners. The Pinewood was the very first place I stayed when I came to Pagosa Springs back in 1983. The new owners are doing an overhaul of that property, and it will re-open this coming spring.
One last thought about our local businesses: please shop local whenever possible. Spending a dollar here circulates throughout the local economy seven times.
As we discussed last month, the county is working on giving amnesty to the 800+ lots that were subdivided incorrectly after 1973. At a recent meeting, the County Commissioners just did the first reading of the new regulations designed to fix the problem. They’ve made some updates to the plan, and you can read the whole thing HERE.
Now for the latest real estate news. The November numbers are up slightly compared to October. The total number of sales is still down 5% on the year, compared to 7% a month ago. This improvement was due to an increase in land sales. Home sales are down 6% overall for the year, but there is an interesting divide in the numbers based on price. Home sales below $400,000 are down 14%. Home sales above $400,000 are up 13%. The reason for this divide is the lack of desirable inventory in the lower price range. Condo sales are exactly the same as last year. We’ve sold 80 this year and we had sold 80 last year at this time. Pending sales are about the same as last year, so I don’t expect much of a change in the last month of the year.
Total building permit numbers are up. The county has issued 378 permits this year compared to 349 last year at this time. New home construction permits are down slightly, with 132 this year compared to 146 last year. The total permit numbers are up because a lot of folks are doing remodeling on their existing homes.
Some good news for homebuyers is that mortgage rates have dropped a little due to the volatility in the stock market. So, you may not have as much money in the stock market as you did a few weeks ago, but if you’re looking for a mortgage, you’ll save some money. At the moment, the going rate on a 30-year fixed-rate mortgage is 4.875% and a 15-year is at 4.5%.
Last but not least, there are new regulations regarding septic systems going into effect. Beginning the first of the year, if you are selling your home, your septic system will need to be inspected by a certified inspector, and most likely will need to be pumped as a result. San Juan Basin Public Health is in charge of these new regulations. Call me if you have any questions. For most people with a septic system, this is going to cost an extra $800 to $1,000 when you go to sell your home.
I wish everybody a great holiday season, especially the troops and their families!
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
