Real Estate News From Gabi Bergstrom, REMAX Pinnacle, Durango CO. - First Quarter 2012.
I hope everyone had a wonderful Holiday season! I spent New Year’s with my husband and good friends in an alpine hut, backcountry skiing Red Mountain Pass near Silverton Colorado. The snow pack is a little under normal, but apparently Durango Mountain Resort has twice as much snow as other ski areas in Colorado. The skiing is still great; I’m just missing some of the fresh powder, but with three more months of winter to go, and a storm on its way this weekend, it could easily change.

This year, I have decided to change my monthly newsletter to a quarterly newsletter. I have realized that there aren’t enough market changes, overtime on a monthly basis. However, if there are any major changes in the market or interest rates, I will be sending out ‘notifies’ to give everyone a head’s up regarding the situation.

If you are specifically looking for an REO/foreclosed property, please visit my website at: www.realpropertydurango.com , click on the Search Properties, Search All Area Properties, click on Durango, and check the REO box.

There is a service through our multiple listing services that will automatically notify you of properties that are of interest to you via e-mail. It is fun whether you are interested in seeing new listings, or maybe you want to keep up on what is going on in your neighborhood. Just let me know your criteria and I will sign you up.

Below is a link with foreclosed properties currently listed in the MLS:

http://cren.fnismls.com/publink/default.aspx?GUID=156bfe5c-b251-47b6-b2af-ba189f2edd44&Report=Yes

2011 REAL ESTATE REVIEW

2011 was one of my best years since I started working in real estate back in 2005. I finished within the top twenty agents in sales volume in the Durango area this year; there are over 263 agents currently licensed in La Plata County. Here are a few reasons that have contributed to my success:

1. I am a hard worker with your best interest in mind! I’m savvy with technology, and I bring ‘service with an accent’!
2. The recession is over, and interest rates are at all-time lows. Durango is one of the most desirable areas to live and a great place to invest. Buyers are realizing that it’s a fantastic time to buy, and they are buying!
3. I have focused on internet advertising which includes: Zillow.com, Trulia.com, Yahoo! Real Estate, Realtor.com, and Remax.com, the reason behind this is because more than 94% of buyers start their search on the internet.
4. REMAX is the top seller of real estate nationally; I’m very happy to be part of their team!
5. I’m a part of a great team at the local REMAX Pinnacle office, which includes my co-workers, support staff, and great bosses. I really enjoy working at REMAX Pinnacle.
   

I have an excellent relationship with all realtors and lenders within La Plata County; I depend on them greatly and I appreciate their support and business.

Real estate in La Plata County is on its way to a great recovery!

LA PLATA COUNTY RESIDENTIAL

Overview: The La Plata County residential real estate market has continued to recover from the bottom of the market, which occurred in September 2009. La Plata County residential sales continued to rebound with a total of 718 transactions in 2011, up 14% compared to 2010, the highest number of transactions since 2007. The number of sales is up 35% since the bottom of the market in September, 2009. The average sold price is slightly down, 3% in 2011 versus 2010.

I calculated that bank owned properties represent 13% of all La Plata County sales for 2011. We don’t have as many properties owned by banks as other parts of the US; however, these properties drive the value of other sellers' homes in the neighborhood. The good news is that foreclosure filings are going down: 148 filings in 2008, 297 fillings in 2009, 329 in 2010, 277 in 2011 in La Plata County. There are still a few foreclosures coming on the market, but I hope they will be declining by the end of 2012.

DURANGO

The sale of Durango in Town homes is up 30% over the last year! The average price is down only 2%, and the average days on the market are around 184. The average price was $384,000 in 2011; the average price was $437,000 in 2008! Yes, it is a great time to invest in Durango, and for that reason, I bought a home in 2011!

Durango Rural Sales Are Up! Sales are up 10% and the average price is down 4%. The average days on the market are around 202.

Durango condos and townhomes sales showed a significant decline, -14% in 2011 as buyers are choosing single family homes over condos and townhomes.

BAYFIELD

Bayfield Rural sales have increased 63% in 2011 and the average price decreased 16% from 295K in 2010 to 248K in 2011. One of the reasons for this is a growing inventory of REO properties (real estate owned by bank) in the Bayfield area.

RESIDENTIAL LAND

Residential land sales are up significantly, 34.8% compared to 2010. More buyers are interested in land now since the prices have been greatly reduced. It is encouraging to see new construction starting to happen again, especially in the Edgemont Highlands Subdivision.

DURANGO MOUNTAIN RESORT
The Durango Mountain Resort area, single family home sales have increased by 141%.

BUYERS
If you are a buyer waiting for the right time to buy, now is a good time to start researching potential deals in the Durango area. Interest rates will not stay at this historic low for much longer. There are no definite predictions as to when rates will increase, but signs indicate that it may be in the final quarters of this year. I would suggest that you begin to start a conversion with your lender if you plan to buy within the next several months. 30-year fixed-rate mortgage averaged 4.125% for the week ending January 19, 2012. If you would like a recommendation for a good lender please give me a call!

SELLERS

If you are a seller and are thinking about selling your home or property, you may want to consider moving up your time frame! Inventories are low, putting your property on the market now will put you in a position to compete with fewer homes and you may be the next one to sell.
It has been a busy winter season! In the last couple of weeks, I have been showing properties to buyers from Houston, Austin, Phoenix, and Napa. Please don’t forget that your asking price should be supported by all comparable sales and sold statistics within your area within the last year to prevent your home from being overpriced and overlooked. The buyer in today’s market is seeking maximum value in a property.

 

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I’ve recently listed three properties I would like to share with you. Please click on the photos below to preview the visual tour.

The first property is a beautiful home located in the Animas Valley with breathtaking views of the Animas Valley Red Cliffs and the Needles Mountains. The main home features 2465 square feet, 3 bedrooms, 2 and half bathrooms, office, and a 2-car heated garage sitting on 42.04 wooded acres. The guest house includes 256 square feet, one bedroom and a ¾ bathroom, plus a single car garage. The property is offered at $689,000. Please click on the photo to preview the visual tour.
Click here to see a Virtual Tour

The second property is a townhome located in Dakota Ridge Subdivision. This home features 2,664 square feet, 4 bedrooms, and 3.5 bathrooms. The asking price is $384,000.

Click here to see a Virtual Tour

The third property is a piece of land located in the beautiful Shenandoah Estate and offers 3.66 acres with views in every direction listed at $248,000

 

Click here to see a Virtual Tour


NEWS YOU CAN USE:

1) RE/MAX 2012 Top 10 Housing Predictions
If you’re thinking of buying, selling or investing in real estate in 2012, I recommend you watch this brief video Dave Liniger. Dave is RE/MAX Chairman and co-founder, is the go-to guy for real estate predictions; his forecasts have been the most accurate for many years! Checkout his predictions for 2012 and recommendations for a speedier recovery!

2) Durango will be hosting stage one of the USA Pro Cycling Challenge in 2012.
With nearly 40 cities across the state expressing initial interest in the 2012 USA Pro Cycling Challenge, race officials have selected Durango as one of the 12 host cities that will serve as starts and finishes for the second annual stage race. After drawing more than 1 million spectators in its inaugural year, the 2012 race will return to Colorado from August 20-26, 2012, and will visit Durango as the start of Stage 1 on Monday, August 20! Click here to read the news.

3) SNOWDOWN DURANGO!

The original cabin fever reliever! February 1-5, 2012!
Once upon a time, in a land not so far away in a beautiful village called Durango, there were princesses and woodsmen, wolves and fairies, some pigs and even a few billy goats gruff. And in the winter they all came down with a serious case of cabin fever! Yikes! The cure? SNOWDOWN – click to read the program.

I’m looking forward to hearing from you; if you have any questions about your property, or if you are interested in learning about properties for sale, please contact me.

Gabi Bergstrom

Broker Associate
Remax Pinnacle
111 W College Dr.

Durango CO, 81301

Cell: 970-946-7522

Fax: 970-259-4747
www.RealPropertyDurango.com

Real Estate Newsletter Fall, Durango CO

Dear friends and clients,

During the summer, I was so busy helping the sellers and buyers with their real estate needs that I have not had time to write my monthly newsletter. I have sold twenty five homes since January 2011, with the average price of $347,000. I’m also honored to announce that I’ve been recently elected to the Board of Directors of the Durango Area Association of Realtors. This is a voluntary position for three years, and the directors are voted by the local realtors.

MARKET UPDATE:

Now, let’s look at the local real estate market. The Durango Area Association of REALTORS® released the third quarter statistics for the nine month period (YTD), January – September 2011, as compared to the same period for the previous three years. As you see from the spreadsheet below, 2011 did not yet equal the sales volume in 2008; however, only 26 fewer units sold in 2011 than in 2008.

We have seen an increase for single-family homes in town in the last two years. The residential transactions were up 9.88%, with a 4.13% increase in the median price compared to the last year. Particularly, there is a high demand for single family homes in the $300,000 to $400,000 price range. Bayfield residential transactions were up 27.9%, but the median price fell 5.46% compared to the last year. The number of land sales improved 45.2% over last year, with a 21.7% increase in median price, and the commercial transactions increased 45.4%, with a median price increase of 20.4%.

This is encouraging news for the market, although the number of transactions is still approximately half the number of sales in the top of the market, which was 2005 and still lower than the numbers for 2008. Prices continue to be challenged due to the excessive inventory of properties for sale, and by distressed properties that are offered below market value. Nobody really knows if we’ve hit bottom, but these statistics would seem to indicate that we likely bottomed out in 2009 and are slowly working our way back to recovery. Source: Durango Area Association of Realtors.

There are currently 973 homes for sale in La Plata County and 101 are under contract. 587 residential homes sold in La Plata County from January 1st to October, 31st. The market indicates that there is currently about a one and half year supply of residential properties on the market in La Plata County.

Land is still very hard to sell due to the high supply and low demand. There are currently 685 parcels for sale in the MLS, and only 113 parcels sold between January 1st and October 31st, 2011. The supply of parcels is more than 6 years in La Plata County.

Please click below on the hyperlinks photos to preview a few of my new listings located in Durango, Colorado!

• Beautiful home located in Shenandoah Subdivision. 4335 SF, 6.5 acres, listed for $879,000.

http://www.tourfactory.com/791178

• Mama Llama Ranch is located in the Grandview area of Durango, Colorado and offers outstanding views of La Plata Mountains. 2861 SF, 9.5 acres, listed for $757,000.

http://www.tourfactory.com/794396

• Free Standing Townhome located close to downtown. 1255 SF, listed for $239,000.

http://www.tourfactory.com/802934

Click below to preview the currently listed foreclosures and short sales in La Plata County:

Click here to preview the homes

Unfortunately, we don’t have a class in our Real Estate Database for short sales or foreclosures, so there could be a few missing properties.

LEGISLATION:

The information provided below is for all landlords/tenants and sellers/buyers.

1. Colorado House Bill 1091, Carbon Monoxide Safety Act – Even though this law took effect in 2009 there are many rental properties without carbon monoxide alarms in our area.

For any home, or single family unit in a multi-family dwelling, used for rental purposes or offered for sale or transfer, this law requires that an operational carbon monoxide alarm be installed within 15 feet of the entrance to each bedroom (or other room lawfully used for sleeping purposes), or in any location otherwise specified by a state or local building code. Please visit http://www.cdphe.state.co.us/dc/ehs/HouseBill09FAQ.pdf for more information.

2. If you own a home that was built before 1978, please continue reading.

FINES UP TO $37,500 for non-compliance. Owners are not exempt and must meet rules for owner-occupied property and for any rentals they own.

Federal law requires that individuals receive certain information before renovating including sanding, cutting, demolition, window replacement, and carpet removal, HVAC repair more than six square feet of painted surfaces in a room for interior projects or more than twenty square feet of painted surfaces for exterior projects or window replacement or demolition in housing, child care facilities and schools built before 1978.

EPA (Environmental Protection Agency) requires that firms performing renovation, repair, and painting projects that distribute lead-based paint in pre-1978 homes, child care facilities, and schools be certified by EPA and that they use certified renovators who are trained by EPA-approved training providers to follow lead-safe work practices. The renovation company must give owner a copy of the EPA’s “Renovate Right” pamphlet.

Individuals must be trained in lead-safe work practice. Individuals can become certified renovators by taking an eight-hour training course from an EPA-approved training provider.

For more information, please visit http://www.epa.gov/lead/pubs/renovation.htm

REMAX:

My commitment and dedication is to serve you in the best possible way. That’s why I’ve chosen to work with RE/MAX. This company offers better tools, resources, and support to meet your needs, and I’m proud to announce that Remax has received a prestigious recognition in the 2011 J.D. Power and Associates Home Buyer/Seller Study. RE/MAX Associates are the ones consumers trust most to guide them through one of the most challenging real estate markets ever seen in the U.S.

RE/MAX received the highest numerical score among full service real estate firms for home sellers and home buyers in the proprietary J.D. Power and Associates 2011 Home Buyer/Seller StudySM. Study based on 3,861 total evaluations measuring 8 firms and measures opinions of individuals who bought a home between March 2010 and April 2011. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2011.

NEWS YOU CAN USE:

Durango named top ‘micropolitan’ area in U.S.
By Jordyn Dahl, Herald Staff Writer

It’s about quality, not quantity, is the takeaway message of an economic study that named our community the top “micropolitan” area in the United States. A micropolitan area is defined as one with a population of less than 50,000 people.

Policom, an independent economic research firm specializing in local and state economies, did an analysis that ranked Durango No. 1 out of 576 micropolitan areas studied. Data used for the study included not just Durango, but all of La Plata County.

“It’s outstanding that La Plata County is ranked so high,” said Joanne Spina, interim county manager. “We’ve been in the top 10 for the past four years and (the ranking) speaks to the diversity of our economic base.”

Durango debuted in the top 10 in 2008 at No. 8. The city has continued to climb, reaching No. 3 last year.

“It’s not unusual for Durango to go to the top,” said William Fruth, president of Policom. “Over an extended period of time, it’s shown a tendency of having consistent economic growth in size and quality.” Please continue reading here.

Thank you for reading my newsletter!

Durango Real Estate Update, May 2011

Hi all,

Spring is in full swing in Durango, CO and we welcome all the beautiful flowers blooming all over town. Real Estate activity continues to buzz, demand for properties appears stronger than last year and inventories are slowly decreasing especially in town. There are particular areas of our market where the opportunities to purchase at a great price have never been better including golf properties in the Animas Valley, and single family homes in downtown Durango, CO. Affordability is offering opportunity as well as historic low interest rates (conventional loan for 30-year fix mortgage is at 4.7%), so it is a great time to buy.

If you own property in La Plata County, you have received or you will be receiving a Notice of Valuation from our County Assessor’s office. This valuation is used to determine your property taxes for the next two years.

The County Assessor’s Office is charged with setting a value on every piece of real estate in La Plata County. The County has to follow the State’s rules to determinate the value of the property.

The Assessor’s Office looks only at sales that occurred during the “assessment period.” The current assessment period is July 1, 2008, through June 30, 2010. The county will not consider what is currently listed in your neighborhoods, nor are they allowed to take into account what your property is listed for right now.

Once the valuation process is complete, the county mails everyone a Notice of Valuation. Once you have received your Notice of Valuation, you’ll have the chance to appeal your valuation if you believe it is incorrect. Your Notice of Valuation will contain a form to fill out if you want to protest. If you are going to appeal your valuation, you must file your appeal no later than June 1.

If you are going to appeal based on comparable sales, you are going to have to do some research. Please remember that there are rules about what sales can be considered. The sale must have closed within the “assessment period.” If you have a copy of an appraisal performed on your property during the assessment period from refinancing your property, it can be a useful tool in an appeal.

If you have further questions about your property, please don’t hesitate to call me. I have access to real estate sold data, and I would love to help in any way that I can.

Here is a snap of the local statistics:

La Plata County reports a 19.2% increase in sold transactions. The largest increase was in the category of single family homes in Durango with a 59.1% increase year to date, the average price of single family home increased to $500,688. Durango condo/townhome sales decreased 23.6% and average price sold decrease 8.8% to the average price of $255,739. Bayfield Rural home sales is up 46%, but the average price is down 23%; there are many bank repos in Bayfield, which are dragging the values down.

NEWS YOU CAN USE:

1) Existing-Home Sales Rise in Most States in First Quarter
RISMEDIA, May 12, 2011— Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of REALTORS®.
Total state existing-home sales—including single-family and condo—rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010. Click here to continue reading.

2) Property values, tax revenue dive
Many locals’ homes are worth less this year, but it may not mean lower taxes. Durango HeraldProperty value notices from the La Plata County Assessor’s Office have begun to appear in local property owners’ mailboxes. For some who saw big drops in value on the notice, it could mean a reduction in property tax assessments over the next two years. But getting excited at the prospect could be premature as some taxing authorities already have begun preparing constituents for a possible tax hike to offset the revenue losses.

“Everybody will be affected more or less,” said County Assessor Craig Larson. Though the values of some types of properties held steady, others took “big hits,” Larson said. Some waterfront homes and irrigated farmland saw little change in the values, or even increases. Home values in Durango also held strong, Larson said. But undeveloped land and properties around Durango Mountain Resort, Bayfield and in rural areas took hard hits.In addition, that could mean painful revenue shortfalls for local taxing authorities in some cases, Larson said. Please click here to read the entire article.

I look forward in hearing from you and assisting you in your sale or purchase of a home or property in La Plata County.

Gabi Bergstrom
970-946-7522

Real Estate Update from Durango, CO. May 2011.

Hi all,

Spring is in full swing in Durango and we welcome all the beautiful flowers blooming all over town. Real Estate activity continues to buzz, demand for properties appears stronger than last year and inventories are slowly decreasing especially in town. There are particular areas of our market where the opportunities to purchase at a great price have never been better. Affordability is offering opportunity as well as historic low interest rates (conventional loan for 30-year fix mortgage is at 4.7%), so it is a great time to buy.

If you own property in La Plata County, you have received or you will be receiving a Notice of Valuation from our County Assessor’s office. This valuation is used to determine your property taxes for the next two years.

The Assessor’s Office looks only at sales that occurred during the “assessment period.” The current assessment period is July 1, 2008, through June 30, 2010. The county will not consider what is currently listed in your neighborhoods, nor are they allowed to take into account what your property is listed for right now.

Once the valuation process is complete, the county mails everyone a Notice of Valuation. Once you have received your Notice of Valuation, you’ll have the chance to appeal your valuation if you believe it is incorrect. Your Notice of Valuation will contain a form to fill out if you want to protest. If you are going to appeal your valuation, you must file your appeal no later than June 1.

If you have further questions about your property, please don’t hesitate to call me. I have access to real estate sold data, and I would love to help in any way that I can.

Here is a link with currently listed REO properties in La Plata County:

Click here to see the listings

Here is a snap of the local statistics:

La Plata County reports a 19.2% increase in sold transactions. The largest increase was in the category of single family homes in Durango with a 59.1% increase year to date, the average price of single family home increased to $500,688. Durango condo/townhome sales decreased 23.6% and average price sold decrease 8.8% to the average price of $255,739. Bayfield Rural home sales is up 46%, but the average price is down 23%; there are many bank repos in Bayfield, which are dragging the values down.

MLS statistics YTD ending April 2011
Residential	10 # Sold	11 #Sold	% Change	10 Total Volume	11 Total Volume	% Change	10 Sold Avg Price	11 Sold Avg Price	% Change	10 Avg Days on the market	11 Avg Days on the market	# of Homes for sale
City of Durango, Homes	22	35	59.1%	$8,855,103	$17,524,100	97.9%	$402,504	$500,688	24.4%	270	163	127
Durango, ALL Townhome/Condo	55	42	-23.6%	$15,426,250	$10,741,071	-30.4%	$280,477	$255,739	-8.8%	276	234	191
Durango Rural, Homes	60	42	-30.0%	$26,349,852	$13,834,600	-47.5%	$439,164	$329,395	-25.0%	208	212	385
City of Bayfield, Homes	13	7	-46.2%	$3,016,905	$1,395,600	-53.7%	$232,069	$199,371	-14.1%	252	113	42
Bayfield Rural, Homes	13	19	46.2%	$4,576,900	$5,105,451	11.5%	$352,069	$268,707	-23.7%	229	171	124
Durango Resort Area, Homes	1	9	800.0%	$1,300,000	$5,536,800	325.9%	$1,300,000	$615,200	-52.7%	230	519	43
Durango Resort Area, Townhome/Condo	21	18	-14.3%	$8,656,577	$5,729,750	-33.8%	$412,232	$318,319	-22.8%	456	506	153
La Plata County, total	192	189	-1.6%	$70,508,137	$63,428,212	-10.0%	$367,229	$342,855	-6.6%	272	248	1117
Land	10 # Sold	11 #Sold	% Change	10 Total Volume	11 Total Volume	% Change	10 Sold Avg Price	11 Sold Avg Price	% Change	10 Avg Days on the market	11 Avg Days on the market	# of Lots for sale
La Plata County, total	26	31	19.2%	$3,565,151	$10,557,300	196.1%	$137,121	$340,558	148.4%	299	477	744

NEWS YOU CAN USE:

1) Existing-Home Sales Rise in Most States in First Quarter

RISMEDIA, May 12, 2011— Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of REALTORS®.

Total state existing-home sales—including single-family and condo—rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010. Click here to continue reading.

2) Property values, tax revenue dive

Many locals’ homes are worth less this year, but it may not mean lower taxes. Durango HeraldProperty value notices from the La Plata County Assessor’s Office have begun to appear in local property owners’ mailboxes. For some who saw big drops in value on the notice, it could mean a reduction in property tax assessments over the next two years. But getting excited at the prospect could be premature as some taxing authorities already have begun preparing constituents for a possible tax hike to offset the revenue losses.

“Everybody will be affected more or less,” said County Assessor Craig Larson. Though the values of some types of properties held steady, others took “big hits,” Larson said. Some waterfront homes and irrigated farmland saw little change in the values, or even increases. Home values in Durango also held strong, Larson said. But undeveloped land and properties around Durango Mountain Resort, Bayfield and in rural areas took hard hits.In addition, that could mean painful revenue shortfalls for local taxing authorities in some cases, Larson said. Please click here to read the entire article.

I look forward in hearing from you and assisting you in your sale or purchase of a home or property in La Plata County.

Gabi Bergstrom

Broker Associate

Durango, CO