Durango, CO Real Estate News

By Charles & Mary Rigby
(RE/MAX Pinnacle)
VACATION HOMES: Last year, while investment home sales dropped nationally, vacation home sales rose nearly 5 percent at a time when real estate, in general, was experiencing a downturn.By 2025, an estimated 35 percent of the U.S. population will be age 50 or older. That's one of the reasons why all signs point to a continued strong market for vacation homes, bolstered by Baby Boomers as prime vacation home candidates. Whether they simply want to diversify investments or want a place to get away, Baby Boomers are driving this marker growth.This bodes well for the continued strength of the Durango market. Statistics from the National Association of Realtors show that:** Two-thirds of of buyers desired a vacation home close to a body of water;** Nearly 40 percent preferred to have access t...
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
BANKING: They say money makes the world go round. In Durango, banks - the ultimate money keepers - both reflect and help drive the local economy.As Durango grows in population and wealth, the local banking industry is growing along with it. La Plata County has 10 banks with 19 branches. Their combined deposits topped $1 billion in 2006 for the first time.The local banking industry is intimately tied with the housing industry. Consumer deposits fuel loans that in turn drive economic growth, including construction. The local industry is doing well, while not quite enjoying growth as strong as a year ago.Banks are further fueled by Durango's tourist economy which attracts people with money to spend. People come into town to take advantage of the many attractions and typically they have an ...
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
WATER: If the sight of a lawn sprinkler dousing curbs and sidewalks on a hot summer afternoon strikes you as wasteful, you're not alone.The City of Durango wants to reduce the amount of water wasted during the summer months by 20 percent, and an ordinance to make sure that happens is imminent. The ordinance passed the Durango Planning Commission by a 4 to 1 vote July 9 and next moves to the City Council for final approval.The ordinance, promoting the Xeriscape method of water efficient landscaping, will only apply to new commercial and multifamily developments and not to single family residences or existing businesses.http://homesindurango.com/http://durangorealestate.biz/
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
HOUSING: La Plata County Commissioners are looking at a possible ordinance that would have developers pay fees that would go toward providing affordable housing in the area. The Regional Housing Authority on Tuesday presented commissioners with a draft "Fair Share Housing Ordinance."The fees are a way that resort communities have found to provide affordable housing where high-end homes have driven up property values, pricing people who build the homes and provide services in the community out of the market.The City of Durango is also considering a "Fair Share" ordinance. The city's plan would focus on requiring a certain number of affordable homes with new developments. But the ordinance proposed to the county would charge them fees that would go toward helping people find housing near ...
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
THE ANIMAS: The City Council imposed moratorium on construction along the Animas River should conclude at the end of November when new standards will be in place according to Planning Director Greg Hoch.The city will likely prohibit ground-floor residential units along the River Trail and will likely examine building size and how buildings look from the river rather than focusing solely on how they look from Camino del Rio.http://homesindurango.com/http://durangorealestate.biz/
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
BUSY, BUSY: Summer's in full swing, properties are selling and we're showing new buyers every day. But life in Durango is more than business - it's a lifestyle.Each Wednesday evening this summer Fort Lewis College has presented, courtesy of its President, movies filmed in and around Durango. Shown outdoors under a tent (with free popcorn) we've been treated to The Naked Spur, Support Your Local Gunfighter, Vacation and next week City Slickers. In addition, Music In The Mountains offers some of the best classical listening to be found anywhere.Fishing is off, the river is muddy due to mudslides in the high country but the weather is perfect for golf.And, the garden is coming in; fresh lettuces, radishes, mellons, green beans and jalapenos plus a bumper crop of tomatoes. Canning green bea...
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By Charles & Mary Rigby
(RE/MAX Pinnacle)
XERISCAPE: The term "xeriscape," coined in 1981, is a combination of the Greek work "xeros," which means "dry," and the modern work "landscape." It technically is a registered trademark of Denver Water, the water utility for the city and county of Denver, but has fallen into common usage in recent years. The term came out of a task force that included Denver Water as well as members of academia and green industries. The task force came up with seven principles of landscaping to conserve water and protect the environment. Since then, cities and counties in the Western and Southern United States have adopted the principles and now require developers to follow them.According to Xeriscape Colorado, a program of the Colorado Waterwise Council, more than 50 percent of residential water goes t...
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By Marlene Gebhardt, CNE, Durango Colorado Real Estate
(Horizon Properties of Durango)
Durango, Colorado Luxury Home Market Did you see CNBC's On the Money show Weds, July 18? The high end market in Durango Colorado got a brief, but scenic feature.  See the video at www.cnbc.com/id/15840232?video=430594804 Yes, we are experiencing growth in sales of homes and land over $1,000,000.  To quote the narrator of the feature "there's still value in them thar hills".  Prices here for luxury mountain homes are often one fifth of what comparable properties would be in other high visibility mountain towns. Durango is "out of the way", but locals and second home owners like it that way. We enjoy all the benefits of a real community, one founded around agriculture and mining, and have a great year-round ski area and adventure facility at Durango Mountain Resort.  A liberal arts colleg...
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By Marlene Gebhardt, CNE, Durango Colorado Real Estate
(Horizon Properties of Durango)
Wouldn't you like to see towering red cliffs, covered in green, arching into an incredibly blue sky, everyday? That's the setting for real estate in the Animas Valley of southwestern Colorado. We in Durango refer to the area, my market area, as the "North Valley".  Luxury homes, ranches, estates, homes with acreage and golf course and suburban subdivsions co-exists in this beautiful, natural environment. At Horizon Properties, we keep tabs on market statistics. On July 8,  sampling of homes for sale in this area, within a 2.3 mile range of Dalton Ranch Golf Course, shows 47 active listings.  Statistics are:List prices from $299,000 to $1,910,000  - median list price of $679,000Square footage from 1,152 to 6,23299% have 3 or 4 bedrooms, 1 has 5 bedrooms ,and a golf course villa, 2 bedroo...
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By Scott Sohle, RE/MAX Western Realty
(RE/MAX Western Realty)
Everyone wants it, why wouldn't they? Only seems like the smart thing to do, of course. So why do so many sellers leave serious money on the table for someone else to pick up?The FSBO figures the 6% commission they aren't paying is 6% in their pocket. But the National Association of Realtors says the average FSBO sells for 17% LESS than a Realtor involved sale. How many homes have you seen that have deferred maintenance, poorly kept front yard, packed with personal items (clutter)? You wouldn't think of selling your car without cleaning it, would you? Curb appeal requires an objective evaluation, often difficult for the home owner to do themselves.Home buyers mostly don't want to spend top dollar and start right in painting, cleaning, and landscaping. They will expect to reduce the sale...
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By Scott Sohle, RE/MAX Western Realty
(RE/MAX Western Realty)
Everyone wants it, why wouldn't they? Only seems like the smart thing to do, of course. So why do so many sellers leave serious money on the table for someone else to pick up?The FSBO figures the 6% commission they aren't paying is 6% in their pocket. But the National Association of Realtors says the average FSBO sells for 17% LESS than a Realtor involved sale. How many homes have you seen that have deferred maintenance, poorly kept front yard, packed with personal items (clutter)? You wouldn't think of selling your car without cleaning it, would you? Curb appeal requires an objective evaluation, often difficult for the home owner to do themselves.Home buyers mostly don't want to spend top dollar and start right in painting, cleaning, and landscaping. They will expect to reduce the sale...
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