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 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:
- I am a hard worker with your best interest in mind! I’m savvy with technology, and I bring ‘service with an accent’!
- 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!
- 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.
- REMAX is the top seller of real estate nationally; I’m very happy to be part of their team!
- 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.
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
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.
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.
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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
Click here to see a Virtual Tour
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.
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.
Remax Pinnacle
111 W College Dr.
Durango CO, 81301
Cell: 970-946-7522
Fax: 970-259-4747www.RealPropertyDurango.com
