Category Archives: Residential Real Estate Pagosa Springs

Spring Beauty in Pagosa Springs

I ran across this photo posted on Pagosa Daily Post this morning.

The spring-like weather has ushered in scores of Spring-Breakers to take advantage of Wolf Creek’s abundance of snow. The streets are full of license plates from Texas, Oklahoma, California, Arizona, Utah and Nevada to name a few.

Here in the office we are also getting scores of buyer’s looking for Bank owned and Foreclosed homes. They are picking them up from $90 to $100 dollars per square foot, well below replacement costs.
Spring Morning in Pagosa Springs

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Pagosa Springs RE Market- Direct reflection of the S&P 500

A friend sent me this graph yesterday. It tracks the real estate sales activity in Pagosa Springs compared against the S&P index. It is not rocket science but it gives the indication that market activity is directly tied to stock market confidence here in Pagosa Springs. This makes even more since considering we are primarily a second home driven market. I thought it looked interesting when you look at it using the graph.

Pagosa Market_S&P

Pagosa Springs Real Estate market compared with the S&P 500

Pagosa RE Investment Deal-Of-The-Week 253 Wilderness Dr

In response to the comment I get 20 times a week…”Chris, let me know if a screaming deal comes along…” I am going to attempt to post what I feel is one of the better  real estate investment opportunities every week here on Peak Buzz.

253 Wilderness Street Pagosa Springs Colorado

Asking Price$165,000  now $144,900253-wilderness

MLS#- 616544

Square Feet– SEE COMMENTS BELOW

Bedrooms– 4

Bathrooms– 2

Year Built– 1997

Subdivision– Lake Forest Estates

Garage– 1 car

 Here is my opinion on this home-

THE UP

It sits in a good location of Lake Forest Estates just a short jaunt to the grocery and shopping, so on the location for re-sale I give it an 8.5. The listing agent has it in the MLS for 1095 square feet which would make it about $132 dollars a square ft which is only a good price in this market for this caliber of home. After showing it to some customers a few weeks ago this number of 1095 did not sit very well with me, I felt it was much bigger. After talking to the county folks they tell me it is almost 1300 square feet. (1268 to be exact). This puts the price per square at around $114…I like that much better. I give the price a rating of 9 right now.

THE DOWN

  The home needs some updating so for condition I give it a 7. The layout of the 4 bedroom design does not work well, however remove one wall and expand your living, then update your kitchen and equip it with upgraded doors and paint and…

THE ALL AROUND

…I think someone could make a a few bucks on this one. The curb apeal is nice and doesn’t need too much. That’s my take on it. I would love to hear yours.

Give me a call if I can help you see this one and be sure to check out it’s location and more information below.

Click Here for photos and a summary of this home

Click here for location via Google Maps

Real Estate investors in Pagosa Springs waiting for the checkered flag

  I just added another potential  buyer to agrowing list on my IGoogle homepage. I am running into the same scenario time and again, and I am hearing my colleagues say the same thing. This summer and fall I have had many customers head down the exploratory road with me, get excited about purchasing a property or two, and then opt to sit on the sidelines. I don’t really blame them for being a little timid or even confused at all of the mixed economic signals floating around out there. What goes up must come down, and we have been watching prices slide slightly for a while now. Even on a National level August gave us a breath of fresh air with a higher than expected pending contract report.

 I feel like many buyers are waiting for the signal, the checkered flag of real estate….The proverbial “bottom”. The slight problem with that is that no one knows the bottom until it has already come and gone.

  I do however know that the investors who are prudently looking at price but also looking at other factors such as optimal financing, time of year, and practical circumstances are winning in our current market.

  The overall economic grey sky is causing some sellers to get really serious about home pricing. For example- This 3 bedroom 2 bath single family home hit the MLS just this morning for $125,000. In an area where average home sales are in the mid $250’s, this home is priced well enough to stand out far and away from it’s competition.

This home is listed by Jan Pitcher Real Estate and not Jerry Driesens Real Estate

This home is listed by Jan Pitcher Real Estate and not Jerry Driesens Real Estate

 

Someone will grab this little house up, possibly rent it for a cash-flow profit or simply have a great little starter home…..It may be my potential  buyer #15…or someone else’s.

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Pending home sales are up 18% in the West

According to CNBC, Agust 2008 pending home sale contracts have risen 18% in the West, for an average of 7.4% Nationally.

Click here for video

 

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What? Home sales increasing?

During my recent conversations about the market I have found myself using the phrase There are some good buys in our market right now if you are in the buying mode.” I generally try to stay away from this type of talk and just let the market and facts speak for themselves…I just don’t really want to come across as being salsey. However, I feel like there are great buys right now for the savvy purchaser.

Sales jump 7.4%

Sales jump 7.4%

  Well apparently so does the national market… I ran across this article on MSNBC during my 3rd cup of coffee  and found it share-worthy.

WASHINGTON – Pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market.

The National Association of Realtors said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.

Home sales are considered pending …Read on if you like

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WWMMB (What will my money buy) $200,000 – $250,000

While working in Pagosa Springs real estate I often get the question what will (fill in the blank) buy me in your area? I get it often enough that I thought it might warrant a little blogging on the topic. So here is the first post of my WWMMB? series.

Single Family Residential

This is the begginging price range for single family homes in the “PLPOA” or Pagosa Lakes Property Owner’s Association. This area is what some refer to as the core area of single family living. It is comprised of several subdivisions that are in close proximity to fishing, golfing, hiking, biking, x-country skiing, grocery, coffee shops and other shopping.

View Featured Home In This Price Range

View All Homes In This Price Range

Condo Residential

For the condo buyer this offers the second tier of buying options with many used and new units, up to 3 bedrooms, mountain views and extremely convenient locations to service your vacation or part time living desires. Many of these units offer a garage for super convenience during the winter months.

View All Condos In This Price Range

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Pagosa makes best adventure vacations town in the West list

I ran across an article today that was recently posted on a resort blog called THE VACATION INSIDER.

It lead me to the National Geographic site that outlines “The Next Great Adventure” towns

As National Geographic Adventurer has mentioned, Pagosa Springs hits the list for top vacation spots in the West and calls them good upcoming investments.

Next Great Adventure Towns: Rockies

The next great adventure towns aren’t just the best base camps for outdoor pursuits, they’re smart investments.

Click Here for the article and look for #9 to see our beloved little town in print.

Get on Caraven and expose yourself

 Now that the clocks are put in such a position to maximize sunshine there is a creeping sense of Spring in the air. I have started making the list to re-organize my garage and get the pencil sharp for a flower-bed-planting session. Just like this weather change brings about a restlessness for increased outdoor activity, it also spawns home sellers to present their homes to the public for purchase.  The season change always brings about an increase in home listing activity for REALTORS.

   I found myself in conversation this weekend with one of my clients that has a 35 acre piece for sale. We were having an on-line discussion about a new year strategy. As I was giving out the methods in which I use to gain my clients listings the most exposure, I thought about one that many times goes un-discussed but that is a very powerful way to have your home known by the real estate pros and have it make a lasting impression on them…The REALTOR Caravan Tour.

  Every Tuesday morning, barring an overdose of snow, a group of REALTORS who belong to the Pagosa Springs Area Association meet at the PSAAR office with info in hand and a singular desire of the minds- To inform and be informed.

The Caravan tour is designed to allow listed homes in a predetermined area to be pre-viewed for exposure, and critiqued for marketability by participating brokers and agents. It is a wonderful opportunity for us to brag on our clients homes and point out all of the attributes that are found within.  In return, we are able to get a professional panel of active real estate agents to give direct feedback of their opinions, and constructive criticism which may lead to creative solutions to help sell our clients homes.

For the individual agent, it is a remarkable way to help keep us up-to-speed on the inventory in a very memorable way.

If you are reading this and are trying to sell your place here are a few ideas that may give your home a little more staying power in the minds of the tourer’s.

  • Clean, Clean, Clean– First impressions are everything so make sure you put forth the extra time and effort to have everything sparkle prior to a REALTOR Caravan tour. It’s not a bad idea to speak to multiple senses so if a candle needs to be lit for an extra boost of fragrance, fire away.
  • Highlight 3 attributes– In a perfect world we could spend hours meandering around all of the wonderful homes on the market but that is simply not the case. Many times we only have a few minutes in each home so get with your real estate agent before the tour and decide on the 3 best attributes of your home. Have him or her point those out  so that they may stick in the minds of the agents touring the home.
  • Leave-If at all possible don’t be around when your home is being toured. You won’t get the same kind of feedback because agents may be afraid to step on toes. One of the main purposes is to get good unbiased opinions which can be hindered if the owner is present.
  • Cookies are good– This headline is only for slight humor. The longer that we linger at your place, the more your home is imprinted on our minds. Prepare some coffee, tea, cookies or pastries so that there is more reason to hang around.

In general have your place in good showing shape and take away all possible curb appeal negatives. Anything that can be done to positively bookmark your home in the minds of the Caravaners is a plus- be it with sight, sound, taste or smell. Ask your agent to make sure your home gets on the Caravan tour and then take some time to consider the feedback. This can be a productive way to get a good grasp on the market position of your home so that you can make necessary adjustments to obtain the end result…a successful sale!

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