Pagosa Springs, CO

It’s been a busy past week. Last weekend, I had four buyers come to work with me. On Saturday, I had appointments at 10:00 a.m., noon, and 3:00 p.m.. Sunday at 9:00 a.m. was the icing on the cake! So far, two have written contracts to buy homes. The third is close to buying, and the fourth has been a marathon run. I have been working with these clients for three years, and they will buy when the “time is right and the right home comes along”. In today’s market, this amount of activity is truly special. To go along with this good fortune, I have recently listed several good properties.

One of our best values out there is The Enclave. Last summer, these units were listed at roughly $215,000. Because of a large inventory reduction sale about to come online, you can pick up a brand new, 3 bedroom, 2 ½ bath unit with a double garage for $159,200.

Yesterday, I went out with a first-time buyer - a young man and newlywed of a year and a half. First time buyers are especially enjoyable and rewarding to work with. They need extra help understanding the process. My son is going through the process right now as well. The good news for both of these new families is the $8,000 tax credit the government is offering as part of the stimulus package. This is a refundable tax credit for first-time home buyers. It is a credit and not a deduction, which means that if someone owes $2000 in income taxes in 2009, and they buy their first home before December of this year, the home buyer will receive a tax refund for the difference – in this example, $6000. What a great incentive for young people to own, not rent!

Not only is my business good, but we are getting ready for two weddings. My daughter, Heather, is getting married on Father’s Day at our home, so we are working on our punch-list. We are painting parts of the house, rocking two fireplaces, planting lots of flowers, and working through all the catering preparations.

Laurie and I took a little side trip to Steamboat Springs where Heather was born almost 30 years ago. We were multi-tasking this trip. One task was to find a restaurant to have Patrick’s Rehearsal Dinner on September 11th, and the second was to celebrate our 33rd Wedding Anniversary.

Hopefully, all of these good omens are green shoots to start off a great summer. We sure have had enough rain this spring to start them off. The wildflowers are beautiful and the grass is very, very lush.

As you look at the stats for the last couple of months, there has not been much change. Still, sales are very sluggish. Hopefully, this summer season will be the corner we’ve been waiting to turn. I think buyers are ready. Interest rates are still low, but starting to rise. Inventory is almost at its peak for good selection. Prices are down and very attractive. There are still quite a few bank repos available, but they are disappearing. Repos are still the product affecting the market the most. Inventory of REO’s or repos is about 3% of inventory and 30% of sales. Hopefully, we will clear out this low-end product soon to allow the rest of the market a better chance to rebound. I am optimistic we are close to a bottom.

I hope you and your family have a fun summer. Please let me know if I can be of any help with your Real Estate needs or questions.

As always, the latest statistics are available on my website, ISellPagosa.com

The past month leaves me with little to report in the Pagosa market. Overall sales numbers have increased over the last month. This is largely due to activity in the residential sector, so we are beginning to see some "green shoots" in the market. For the buyers, great deals abound. The Colorado dream is now more affordable than it has been in several years.

The stats tell the story this month, and you'll find them below. Have a happy Mother's Day!

As always, the latest statistics are available on my website, ISellPagosa.com

I feel a little "greener" mentally than I did a month ago. This is in part because I can see my grass for a change and a few flowers poking their heads out.

The financial markets are also showing a little more green, as the stock market has rebounded about 20% in the past few weeks. I am refinancing my home and locked in at 4.75% with no points, which will save me about $300 per month. Mortgage rates are the lowest in recent history. I know we are not out of the woods yet, but my consumer confidence is better. We have also heard a few positive things from the National Real Estate Market. New home sales were up in February. I had three deals close last week, two of which were bank repos. Currently, there are 17 residential repos on the market with 5 contracts pending. From a seller's perspective, the sooner we can get the repos out of the picture the better.

If you have some money sitting on the sidelines that you can afford to invest, real estate is a great option with potentially some great upside. Five out of my last six home sales have been bank repos, which are selling at 30% to 50% below market value.

You may notice in the stats that there is a big gap in the available inventory for condos between this year and last year. Last year, we had about 30% more condo listings in April. The reason for the gap is that a couple of the big condo developers have pulled their unsold units off the market. I have a hunch that we may see some of these units relisted in the future, only as bank repos this time around.

In the meantime, I am trying to work smarter and be efficient in both my business and personal spending habits. In the background, I am saving for two weddings coming up. My daughter, Heather, is getting married on Father's Day. What a present to make that day special! My son, Patrick, is getting married in September. At 61, I'm ready for grandkids. I am very excited, but also preparing for those costs that come along with the process. The bottom line is I am trying to become smarter in all my financial dealings, budgeting, spending, saving and investing.

I had a major sadness this month. My mother of 83 years just went to her Maker. She loved HGTV, and was very fond of drawing floor plans and remodeling. She would get her graph paper out and draw up her dreams. We had a cottage in New Hampshire which was one of her special projects. Mom has moved on, but she has passed many of her dreams and real estate thoughts on to me for future generations. Thanks, Mom!

As always, the latest statistics are available on my website, ISellPagosa.com

I only have one meeting today. Good. I just left a meeting as part of a sub committee of the AEDA board of directors concerning PR. It's not that I don't like meetings, it's just that my mind gets a few pieces of fodder to chew on, and then automatic brainstorming overdrive takes hold. It hurts after a while.

Hot water= economic growth?

At one point in our meeting the discussion surfaced about the current planning stage of our towns geothermal project feasibility study. There are many ideas of what this might look like ranging from a vegetable grow dome that employs locals and sells fresh produce to the surrounding markets, to a geothermal-esc water feature for tourist to walk through and be educated. A kind of art museum meets science project feel. This kind of stuff gets my mind whirring. A project that effectively uses our natural resources for positive, economic, clean growth that aids in providing other positive benefits such as organic food to sell and consume....that's pretty cool!

It's nothing new, and we are not the only ones.

There are others in the southwest looking more intently into geothermal resources. Ouray is one of them. Here is an excerpt from a recent article published in Colorado Energy News about ouray taking a second look at utilizing there geothermal mineral springs.

The City of Ouray is examining the viability of harnessing power from its geothermal hot springs...Pagosa Springs is the only municipality in Colorado with a geothermal heating district. The system provides heat to schools, churches and other customers, as well as hydronicb heating for sidewalks during the winter. Other communities such as Steamboat Springs are investigating new uses for their geothermal resources, both for environmental and economic reasons.

If you have ever visited Pagosa Springs you know that we are known for our hot springs soaking facilities which are growing every year. I appreciate the springs for those uses. However I am very excited about being a part of a group like the Archuleta Economic Development Association that is thinking and acting creatively to leverage these geothermal resources in such a way to make a positive economic impact on the future of my town.