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The Pagosa Magazine & Real Estate Guide | 2014-2015 Winter/Spring Edition

The Real Estate Market Outlook

The Pagosa Springs Market from the point of view of Jim Smith Realty’s Broker Associates

Jim Smith, Owner/Broker Says: With rising taxes, crime and pollution,
more and more families and retirees are leaving the cities and are looking
for a better and less hectic life style. Many are fleeing to rural mountain
communities. For these, true quality of life will be the dominate
motivating reason for purchasing real estate.

Pagosa Springs offers a great deal towards a real quality of life
experience. Thousands of “Baby Boomers” are retiring each day,
some of whom will end up in Pagosa Springs as they seek to obtain
their “Dream” in a small town in the Rocky Mountains.

Like most areas, the Pagosa Springs Area experienced fast growth and rising real estate
prices during the years of 2003 to 2005. Then the bottom fell out of the housing market for
the next few years. In 2011 we began to see a strong uptick in demand for Resort Property.
Nation wide the housing market is ticking up and Pagosa Springs is no exception. Though
the second homes market is usually slower to return to normal, we are now seeing strong
demand. With the economy improving and low interest rates, we expect buyers to be buying
in 2014 and beyond. Let us help you to find your Dream Property!

The real estate market in Pagosa Springs is back 2014 has been a great year for real estate sales Many people from all walks of life
and ​this year has been awesome! I have had my in Archuleta County. We’ve had our few first want to escape the over-crowed metropolitan
best year since the downturn. The economy is years since 2006 that number of sales were neighborhoods and I have taken notice that
bustling which is so nice to see. We have several up, yet prices were down from our “boom more often than not, the people that move to
new businesses in town, there are lots of new Pagosa Springs arrive through happenstance,
homes being built for speculation and other folks years.” Our business has remained strong over as if by magic. Once here, they realize that they
the winter months and we are seeing many
building their dream homes. We have a large new building starts in 2014. Prices are also have discovered a mystical mountain paradise.
inventory of residential properties for sale and going up, as our foreclosures are dwindling. I’m very optimistic about the local real estate
also an abundance of vacant land available. Our surrounding markets such as Denver and Durango are market this year. We are definitely in a very
The vacant land market has been slower booming with news of bidding wars. Interest rates remain low and positive recovery mode and mortgage rates are still at an all-
to recover from the economic downturn, but sales this year confidence levels are high. 2015 should be an even better year! time-low. Although home and vacant land prices have remained
were better than they have been for many years. Interest rates MARK AND DENISE ESPOY SAY: low, we are beginning to see increases in value, so don’t wait,
are still low, but they won’t be forever...don’t wait to make your We have a good feeling on the real estate this is the time to buy! Pagosa Springs is still one of the most
investment. There are still some incredible deals out there. market for 2015, everything seems to affordable areas in Colorado and there are still affordable
A​ s far as resort communities go, Pagosa Springs is by far be going correctly. We have some spec properties, but for how long? The small town charm, majestic
the most affordable in Colorado and, in my opinion, the most builders building homes again and they are scenery and the endless outdoor recreational activities offered
exceptional. Come Home to the San Juans! selling prior to completion and vacant land here captures the imagination of all those desiring something
TOMMY NELL SAYS: sales are picking up. In 2012 there was a more. Follow your dreams and become part of Pagosa Springs
The market for participating in Pagosa Springs real estate is little “burp” in the market and then leveled today.
right now! With mortgage rates at, or near lows for 55 years, again in 2013. We think the real estate
improvement in the general economy along with market is on a steady and level path, foreclosures WEST DAVIES SAYS:
a promising US investment climate---------- are dropping down in our inventory and the days of selling short The Pagosa Springs housing market
why would you wait?? The quality, value added sales and foreclosures are coming to a halt. We are a resort based continues to improve this year with Jim
properties are still available at attractive prices, community and a lot of our Buyers are coming from the warmer Smith Realty enjoying a 30 percent increase
but for how long?? After spending 20 years sections of the States and within a day or two drive from their in sales over the past year. This increase
in Texas, a good portion of my activity comes primary residence. A lot of “energy money” is being invested in our is fueled by the availability of homes listed
from the Lone Star State, where the economy community with “second homes” Buyers either buying vacation under replacement cost, increased consumer
continues to show strength, while the heat homes or building their dream home in the mountains. We trust the confidence and an improving real estate
and drought persist. Fellow baby boomers are real estate market on staying on a steady path with interest rate still market in Denver, Southern California and
increasingly migrating to our beautiful country, staying low and we’re a safe community to invest your savings in Phoenix.
planning on their current or future retirement, real estate and calling Pagosa Springs your home! A shrinking home inventory in Pagosa Springs means an
and enjoying real quality living increased interest in vacant land here where buyers are able to
find quarter-acre lots for less than $15,000, five-acre parcels
CAROL ANN PETERSON SAYS: JON JOHNSON SAYS: under $60,000 and 35-acre tracts less than $150,000. The
2015 is the year...I personally don’t I’m very optimistic about the local real estate baby boomers are coming to Pagosa Springs in increased
think anyone should wait! We are market this year. To begin with, our inventory numbers and the new residents are leading to several new
starting to see some appreciation which is what I would consider to be very picked over Pagosa Springs businesses including restaurants such as the
is good for sellers. Vacant land sales for this early in our selling season, especially in Chivalrous Shark, Bogey BBQ Blues & Brews and The View, as
continued this past winter and I am sure the arena of homes priced under $350K. Next, well as the Riff Raff Brewery, Making Things New and Feather
we will sell well over the 20% of the our traditional “listing season,” which typically Your Nest Antiques. This is a great time to visit Pagosa
inventory that we saw in 2014. There is occurs in April and May, saw only a limited Springs to find your dream home in the mountains while prices
new construction throughout the area. number of new homes arriving in the market are still great for buyers and interest rates remain at historical
Specs are finally being built and being this spring. Also, very few new homes have been built, for lows.
sold prior to completion. Building permits the purpose of resale, in the past five or six years. And finally, and
perhaps most importantly, our buying audience and investors alike JOHN SMITH SAYS:
continue to be issued are at an all time are recognizing the compelling values that we offer compared to There are positive signs the Pagosa Springs
high. There are very few foreclosures... other destination markets and the incomparable quality of life and market is heating up. There is continued
banks have eased up on lending. Buyers community that we share in “my little Mayberry in the mountains.” interest in new construction, both speculative
are looking at those properties with larger The comments I receive most from my prized clients always center and custom, which had been missing in recent
acreage a bit further from town and deciding that privacy & around how incredibly friendly and inviting the wonderful folks are years. This means there has been more activity
amenities offered are important in that decision process as well. who call Pagosa Springs home. It is the icing on the cake of our on vacant land as the best parcels are being
We are also seeing multiple offers and shorter marketing times refreshingly authentic community and we hope that the trending of quickly bought up as Buyers and Builders alike
on those properties that are priced to sell. This is wonderful & wonderful people discovering a more simple and profound quality of are searching for those prime building lots.
very optimistic news for our economy and our real estate market life in a very special place like Pagosa Country will never diminish. Interest rates are still very low which makes your
in general. monthly payments low. As the market continues to
strengthen, this may be the best time to buy for a long time as
we have seen prices increase sharply in the past. Don’t wait to
buy or the best time may be passing you by!

Jim Smith Realty | 970-264-3200 | | | 445 San Juan Street | PO Box 1680 | Pagosa Springs, Colorado 81147 2255
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