Category Archives: Second Homes

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

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

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.

The New Baby Boom

My Grandfather was born in 1930, he would have been 78 years old this year. I once asked him to tell me about how he and Grandma met.

 ” We met in High school and I found a job the summer after we graduated, worked hard for 40 years and retired. That’s what we all did, it’s just the way things were.”

I have pondered that conversation that took place over a decade ago many times. When he retired he did a lot of fishing and reading and spending time with us…wow how things have changed.

The word “retire” no longer fits as an adequate description for those graduating from their careers, or string of careers. It is being replaced in the main stream media with words like Refirement, Reboot, Rewire, Retread and my personal favorite- Caesura ( Latin term used to describe a break or pause in the line of a verse).

 A recent Merril Lynch study says that the work-longer trend will swell with 78 million baby boomers climbing the latter. It states that 76% plan to work during their “retirement” years.  Probably the most interesting thing to me about this report is the large number of retirees that are using their skills aquired through life to start small businesses and even doing it through an on-line presence.

 While these numbers show a continuing work trend there is also a shift in the the type of life structure taking place.

In times past, paying off the homestead and keeping the place for the grand-kids to come and visit was the norm. This is quickly being replaced with a more “mobile” boomer.  Home is where the suitcase is, and the children can just meet us at the beach this summer. There is a trend that is emerging once the nest is empty. Downsize the primary home- and get a second home to do the season split.

The information below was pulled from the Freddie mac website

Investor and Second-Home Share Doubles: 1999-2005

The rise in second-home buying reflects both secular and cyclical phenomena. As baby boomers reach or near retirement, many of them choose to buy a second home, perhaps to move to in retirement. The leading cohort of baby boomers reached age 59 this year, an age at which they can begin to make tax-free withdrawals from investment retirement accounts (perhaps for a down payment on a second home!) if they choose. The aging of the baby boomers over the next decade is likely to keep second-home purchases at an elevated level.

 

No matter what the short term real estate market does there is one thing for certain. The growing number of “rebooters” will be searching for that second home in increasing numbers as time marches on. The question I pose to real estate investors is -do you think they are looking at Pagosa Springs as that settling place?

I want to hear from you.

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