Durango, Colorado, although not impervious to the swings of the national economy, does enjoy a certain isolation or dampening to the extreme lows that major urban centers may experience. This latest economic downturn, fueled to a large degree by the rampant development of large residential subdivisions to provide government edicted house ownership to all Americans regardless of their financial qualifications, was ripe for a crash. Seas of foreclosed upon, vacated homes in these urban areas have greatly impacted those real estate markets and resulted in greatly reduced residential values. We in Durango enjoy a real estate market influenced to the largest degree by a hunger for recreation and/or a clean healthy environment to raise children or retire. Our market is influenced to a larger degree by the willingness or capability of individuals to come to our area and realize a dream whether it be in a new primary home or a second getaway to come and escape periodically from the rigors of a faster paced urban world. Sales over this last year have slowed tremendously here, as they have across the nation, however, I feel that we shall not experience losses in value to the extent that the urban properties have because we have a limited availability of properties geared more to our resort country lifestyle than to housing a large urban populace. Although we are seeing a number of very motivated sellers in the Durango area offering properties at greatly reduced prices, this is not necessarily representative of our market in general. There are more owners wishing to sell who are content to wait until the economy turns for the better. Contrary to the urban centers where huge subdivisions of foreclosed upon homes need to be absorbed at drastic reductions prior to a real estate market value recovery, we enjoy a limited availability market. In 2008 the volume of real estate business in our area declined, however median price increased. This indicates that, on the whole, value has been holding. This being said, there are at the moment a number of very attractive purchase opportunities available in our area offered either by owners harder hit by the economic downturn or otherwise motivated by personal reasons to move on. As those aforementioned urban subdivisions sell, more likely than not, in bulk to investors seeing an opportunity to resell at a profit in a growing recovery those markets will improve and confidence will grow. I believe that Durango will respond to this more quickly with increasing activity and the “bargain” properties will be absorbed relatively quickly and we shall see our prices recovering and climbing more quickly than the urban areas. In my mind, now is “opportunity time”
The Durango area represented a very undervalued market when compared to other Rocky Mountain resort communities prior to the economic downturn. This, I believe , will enhance interest in our area as recovery grows. Durango is a healthy, active, country community with numerous outdoors as well as cultural activities to enjoy. It represents a dream to many. It is a “go to” place for young families to raise their children in a safe and wholesome environment. It also represents a place for older “kids” to come and enjoy their lives as they have been intending to all these last years while building business or estate. I feel this latest economic stress will have many evaluating their lives and how they wish to live them. Now is the time. The opportunities that exist today may very well be gone tomorrow. We do not have huge subdivisions of properties to choose from, but rather “one of these” and maybe “two of those”. It will not take long to absorb the opportunity buys of today.
Wednesday, June 17, 2009
Wednesday, June 10, 2009
Durango, Colorado Land - How to buy it?
Many people have a dream of owning Durango, Colorado real estate. Specifically, they want to create their vision of an ideal lifestyle, be it town, ranch, farm, or resort property. There are many things to consider when on the quest for land that will provide you with the ideal locale and atmosphere for all your pursuits, so we thought a brief discussion would be helpful.
Think first of what your goals are for the land? Do you want to build a home? When? Do you want to hold the land for investment? How long?
In Durango, few people who come from elsewhere want to build immediately. Usually the quest for the perfect land begins a few years out. Experience says that plans may change, so remaining flexible, and looking at a good “exit strategy” up front will help make your decision one you can live with in the longer term.
Features of the land itself help establish priorities: What type of views are desired? What about water-is it just for the home or do animals, fishing rights, etc. need to be considered? Are there children and pets? How close to town/city amenities is necessary? What about topography- meadows and grasslands? rolling hills? forest and trees? And, for riders, hunters, hikers and the like, is the parcel close to public lands?
Access to land parcels can vary as some Durango area properties have seasonal access, usually meaning snowmobile only in winter. Roads in rural areas are usually gravel, either County and maintained by same, or private, with Covenants covering their maintenance by the group of owners. So, type of road, ownership and maintenance, and the grade/distance one has to travel should all be weighed. With that said, there are many, many options available for Durango Land buyers.
(Are you making a checklist yet? It can be a good guide when looking online, or working with a broker to help find the right types of land.)
In the Durango area, ranch and recreational properties offering hunting, fishing, winter sports and rural lifestyle are located throughout La Plata County. Alpine climate with dense fir forests, aspens and close-up mountain views can be had in the North Animas Valley. Lots range in size from ¼ acre home sites, to many acre retreats. The Bayfield/Vallecito area is known for lush meadows, pines, and wide open views, with plenty of water. West Durango including Hesperus, can have big La Plata Mountain views, rolling pastures, creeks, and trees. South of Durango is a bit warmer and drier, with rolling grasslands, big mountain or valley views, and possible irrigation water.
No matter where the land is located, home sites are generally valued based on amenities, locale and aesthetics, such as views, water and infrastructure nearby.
Home sites vary from small lots in established subdivisions- town and rural- to 35+ acre parcels with roads and utilities. Acreage runs from small parcels to large 1,000 acre ranches. Ranch amenities vary greatly, and consulting a ranch sales expert can help target your search to what suits your needs.
In summary, owning land in Durango, Colorado offers you the opportunity to create your own vision and lifestyle, and can provide a lasting legacy for your family. Let us know what questions you have, we are at your service!
Posted by Shane Dawson and Marlene Gebhardt 6/10/’2009
Think first of what your goals are for the land? Do you want to build a home? When? Do you want to hold the land for investment? How long?
In Durango, few people who come from elsewhere want to build immediately. Usually the quest for the perfect land begins a few years out. Experience says that plans may change, so remaining flexible, and looking at a good “exit strategy” up front will help make your decision one you can live with in the longer term.
Features of the land itself help establish priorities: What type of views are desired? What about water-is it just for the home or do animals, fishing rights, etc. need to be considered? Are there children and pets? How close to town/city amenities is necessary? What about topography- meadows and grasslands? rolling hills? forest and trees? And, for riders, hunters, hikers and the like, is the parcel close to public lands?
Access to land parcels can vary as some Durango area properties have seasonal access, usually meaning snowmobile only in winter. Roads in rural areas are usually gravel, either County and maintained by same, or private, with Covenants covering their maintenance by the group of owners. So, type of road, ownership and maintenance, and the grade/distance one has to travel should all be weighed. With that said, there are many, many options available for Durango Land buyers.
(Are you making a checklist yet? It can be a good guide when looking online, or working with a broker to help find the right types of land.)
In the Durango area, ranch and recreational properties offering hunting, fishing, winter sports and rural lifestyle are located throughout La Plata County. Alpine climate with dense fir forests, aspens and close-up mountain views can be had in the North Animas Valley. Lots range in size from ¼ acre home sites, to many acre retreats. The Bayfield/Vallecito area is known for lush meadows, pines, and wide open views, with plenty of water. West Durango including Hesperus, can have big La Plata Mountain views, rolling pastures, creeks, and trees. South of Durango is a bit warmer and drier, with rolling grasslands, big mountain or valley views, and possible irrigation water.
No matter where the land is located, home sites are generally valued based on amenities, locale and aesthetics, such as views, water and infrastructure nearby.
Home sites vary from small lots in established subdivisions- town and rural- to 35+ acre parcels with roads and utilities. Acreage runs from small parcels to large 1,000 acre ranches. Ranch amenities vary greatly, and consulting a ranch sales expert can help target your search to what suits your needs.
In summary, owning land in Durango, Colorado offers you the opportunity to create your own vision and lifestyle, and can provide a lasting legacy for your family. Let us know what questions you have, we are at your service!
Posted by Shane Dawson and Marlene Gebhardt 6/10/’2009
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