Durango Colorado Properties

2010-01-03T13:24:00.000-08:00

HOME BUYERS TAX CREDIT...
Watch this video to get answers to
First Time Home Buyers Tax Credit
AND the Repeat Home Buyers Tax Credit.
Simply Click The Above Link.

http://www.durangowesternrealty.com

Durango catches the eye of the national market.
Click here to Watch, CNBC news story
on Durango Colorado's real estate market.

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As a Buyers Agent, working for you, I work to get you the best deal.
I pride myself in being able to give all my clients important local information
based on years of living and enjoying all that Durango CO has to offer.

2009-09-24T07:46:00.000-07:00

D u r a n g o A r e a A s s o c i a t i o n
O f R E A L T O R S
2009 MLS Data
2nd Quarter Statistical Release
The Durango Area Association of REALTORS® would like to announce the release of their 2009 year-to-date (end of the fi rst half) MLS statistical data. The
information below provides a summary of Residential, Commercial and Land Sales in Durango and Bayfi eld, as well as Resort Condominium Sales. Comparing
2009’s fi rst half to the same quarter for the last 3 years, trends show that Durango In-Town home sales and median prices have fallen, confi rming a buyers
market. The real estate market has been affected by the fi nancial crisis of the 4th quarter of 2008. The fi rst half of 2009 has been impacted by new loan and
appraisal processes, a lower consumer confi dence, and the downturn of the national economy. La Plata County has continued to show an underlying strength as
compared to many of the major markets in the west. The lower median prices are partly due to the increased demand in the lower price ranges, supplemented
by the $8,000 fi rst time homeowners tax credit. As a reminder, fi rst time home buyers should be selecting properties by the end of the summer, as they must be
closed by November 30, 2009 and the lending and closing process take approximately 60 days.
For a more in depth analysis or further information on La Plata County area MLS Statistics please contact your local REALTOR®
• The AREAS of Breen, Hesperus, Kline, Marvel and Red Mesa are now combined with Durango Rural.
• Commercial Lease is now being reported using monthly sold data. There will be inconsistencies from 2008 to 2009 due to the change of reporting style.
DISCLAIMER: This information is provided by the Multiple Listing Service of the Durango Area Association of REALTORS®, Inc. and is based on MLS statistics only. Data maintained is deemed reliable
but not guaranteed, and may not refl ect all real estate activity.
Durango In-Town Homes 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $439,500 $389,500 $405,000 $355,000 -$50,000 -12.34%
# Sold 71 93 70 35 -35 -50.00%
Durango Country Homes 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $382,500 $372,500 $490,000 $360,000 -$130,000 -26.53%
# Sold 161 117 91 61 -30 -32.96%
Durango Condos 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $281,000 $272,500 $233,750 $270,000 $36,250 15.50%
# Sold 88 66 92 45 -47 -51.08%
Bayfi eld In-Town Homes 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $284,900 $278,000 $296,509 $267,500 -$29,009 -09.78%
# Sold 29 32 16 16 0 00.00%
Bayfi eld Country Homes 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $295,000 $329,000 $284,000 $249,950 -$34,050 -11.98%
# Sold 63 54 29 30 1 03.44%
Resort Condos 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $210,000 $187,500 $262,000 $232,500 -$29,500 -11.26%
# Sold 47 29 22 16 -6 -27.27%
Land 1-10 Acres 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $140,000 $168,500 $150,000 $142,000 -$8,000 -05.33%
# Sold 41 36 19 12 -7 -36.84%
Commercial/Income 2006 2007 2008 2009 ‘08 - ‘09 Change % Change
Median $307,500 $491,750 $725,000 $1,000,000 $275,000 37.93%
# Sold 26 20 13 5 -8 -61.53%

2009-08-26T10:59:00.001-07:00

http://hotpads.com/profile/aaronmiller

2009-08-21T06:34:00.000-07:00

Wells Fargo Home Mortgage
Interest Rates and Loan Program Details
Conforming to $417,000 8/20/09
95% Owner Occupied (pmi required > 80% - lender paid pmi avail.)
90% 2nd Home
80% Investment 1-4 unit
30 year fixed 15 year fixed
1.5 points / 0 origination 4.875% 4.25%
0 points / 0 origination 5.25% 4.75%
High Balance Conforming to $443,750
90% Owner Occupied (pmi > 80%, lender pmi avail.)
85% Condo / Attached PUD
65% 2nd Home / Investment
30 year fixed 15 year fixed
1 point / 0 origination 5.125% 4.375%
0 points / 0 origination 5. 5% 4.875%
VA / FHA to $417,000 ($443,750 FHA add ¼%)
100% VA
96.5% FHA
100% CHFA, and USDA also Available
30 year fixed 5/1 arm
1 point / 0 origination 5.125% 3.75%
0 points / 0 origination 5.375% 4.125%
Jumbo Loans (Use for resort condos, Tamarron, Needles, etc any $ amount)
85% to $800,000 (NO PMI required!)
80% to $900,000
70% to $1,200,000
60% to $1,500,000
30 yr fixed 5/1 arm
1 point / 0 origination 6.125% 5.0%
0 points / 0 origination 6.375% 5.375%
· All rates are “base rates” some adjustments apply for credit scores, ltv etc.
· Rate locks 60 days free on all programs.

Bayfield Colorado Building up

2009-02-02T13:00:00.000-08:00

BAYFIELD DEVELOPMENT
BAYFIELD: The Bayfield Town Board has passed a measure restricting high-elevation development. The restrictions will promote safety and smart growth on the town's biggest hillside.The measure, passed by the board, requires developers who want to build above 7,500 feet elevation to seek a waiver from the Town Board following a Planning Commission recommendation.Developers of projects above that elevation would be required to submit plans for an access road, a cistern for emergency water supply, adequate water pressure and sewage, fire mitigation emphasizing defensible space, sprinkler systems for any uninhabited buildings and maintenance of the natural environment, vegetation, wildlife habitat and migration corridors.
AFFORDABLE HOUSING
GOOD MOVE BAYFIELD: The Regional housing Alliance of La Plata County (RHA) announced that Bayfield has entered into the alliance. The RHA is a quasi-state governmental entity that has coordinated countywide efforts to provide affordable housing in the area since 2004.Jennifer Lopez, RHA Executive Director said, "It's a wonderful moment for us. We have a lot of housing and economic-development issues in Bayfield, and we can play a larger role now that they'll be at the table."Under the new agreement, Bayfield will join in ongoing efforts to develop housing projects and programs throughout the county. It will also commit to provide RHA with funding or operational expenses.In addition, two representatives from Bayfield, one elected official and town staff or community member, will serve on the RHA Board.

2008-08-05T09:02:00.000-07:00

July 16, 2008 ― Durango, Colorado ― The Durango Area Association of REALTORS® today announced the release of the 2008 2nd Quarter Statistical Information for La Plata County as reported in the Colorado Real Estate Network Multiple Listing Service.
“Our community witnessed price growth in most sectors during the second quarter of this year combined with an anticipated drop in total number of sales overall,” remarked Samantha Gallant, President of the Durango Area Association of REALTOR® in making the announcement.
According to DAAR’s statistics for the second quarter of 2008, in‐town Durango homes experienced pricing gain of 10% in median home prices over second quarter 2007. Bayfield in‐town homes posted a gain of 5% over the same period last year.
The median price of an in town Durango home was $430,000 in the second quarter of this year. This price reflects an increase of 10.26% in Q2 2008 over Q2 2007. The median price of an in town Bayfield home for the period was $298,018 in Q2 2008, an increase of 5.31% for the same period last year.
La Plata County country homes combined median home prices experienced a modest overall increase of 2% in the second quarter of this year compared with 2007. However, Bayfield country homes experienced a 22% decline in median price in Q2 2008 compared with Q2 2007.
“Durango is out of step this quarter with national real estate pricing trends in that our prices show real estate in La Plata county has actually retained value and in most categories has actually experienced appreciation,” commented Gallant.
The drop in median home prices for Bayfield country homes can be partially attributed to the amount of activity in the lower vs. upper price ranges. Also, the market is directly affected by the changes in the
mortgage environment and tighter lending standards.
Durango is in line with a national trend in that overall number of residential sales declined in Q2 2008 compared to the same period a year ago. Total number of sales dropped by 14.22% for all types of residential real estate in the second quarter of 2008. There were 199 total residential sales in La Plata County in Q2 2008 compared to 232 total residential sales in Q2 2007.
“We are in an interesting market,” remarked Gallant. “If your number of units sold declines, pricing usually declines in conjunction. But thus far, we aren’t seeing that in Durango and La Plata County with the one exception of country homes in Bayfield. “The overall desirability of our community is clear, despite fewer total sales which we believe is resulting from real estate uncertainty in general and the sluggishness in our feeder markets. Part of what makes La Plata County interesting is that prices continue to be strong in all these categories even in the midst of a very challenging economic environment. While attending a conference, I recently heard that trying
to predict the national real estate market is like trying to provide a national weather forecast. Each market is localized.”
Gallant’s take on the market is echoed by the Lawrence Yun, Chief Economist for the National Association of Realtors.
Yun recently said that location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a eighborhood’s exposure to subprime loans.” Lending guidelines significantly impact an area’s real estate sales. According to Gallant, the pendulum swung very far from extremely readily available exotic mortgage products and has now corrected to the far end of being conservative. These guidelines need to come back to the center and they will, it will just take time.”
Average number of days on market in town Durango decreased to 110 days in Q2 2008 compared to 133 days in Q2 2007. Bayfield homes in town were on market 120 days in Q2 2008 compared to 144 in Q2 2007. However, country homes in all of La Plata County increased from 151 days on market in Q2 2007 to 208 days on the market in the past quarter.
DAAR’s Board of Directors would like to acknowledge their sincere gratitude and appreciation to the staff of DAAR for all of their efforts in the compilation and analysis of these statistics.
For further information on these statistics and real estate in La Plata County, please contact The Durango Area Association of Realtors at 970.247.9604.

Brokerage Relationships

2008-03-24T09:28:00.000-07:00

Seller's Agent: A seller's agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and act as an advocate for the seller. The seller's agent must disclose to potential buyers all adverse material facts actually known by the sellers agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
Buyer's Agent: A buyer's agent works solely on behalf of the buyer to promote the interest of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and act as an advocate for the buyer. The buyer's agent must disclose to potential sellers all adverse material facts actually known by the buyer's agent including the buyer's financial ability to perform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts concerning a property or a buyer's financial ability to perform the terms of a transaction and if a residential property, whether the buyer intends to occupy the property. No written agreement is required.
Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party's agent or as the party's transaction-broker.

Durango Colorado real estate market

2008-03-12T17:07:00.000-07:00

Durango: The New Hot Spot of Real Estate
Posted By:Mike Hegedus
AP
Rocky Mountains
When you live on the eastern slope of the Rocky Mountains in Colorado, and you watch your local weatherman in cities and towns like Denver, Colorado Springs, Pueblo, his butt always covers the Southwestern corner of the state. Ask him to move. Because behind his derriere is Durango, and one of 'the' newest real estate investment 'hot' spots in the country.
Yes, yes--real estate, housing sales, to coin a phrase--'sucks' right now. But in the real estate game ALL real estate is local, and investing in real estate is really investing in the future--not the now.
One of those 'futures' is in the Durango area. A town of 15,000 or so in the city limits, 35,000 or so in the surrounding area--Durango is one of those places, to quote Will Rogers, 'that is tough to get to, and proud of it.' Established in the late 1800's--it's been a stable, Western, community 'under the radar' of most Colorado visitors. Why go to Durango, when you can visit Aspen, or Telluride--you know, where you can bump into Tom and Penelope on the street.
But suppose you don't want to? Suppose you have, oh, 500 million bucks or more in your portfolio and you're looking to 'chill out'--be a 'real' person--someplace everybody knows your name, but doesn't care about the size of your wallet.
Durango. Or at least that's what Rip Pratt of French & Co. out of Vero Beach Florida is counting on. Actually they're already seeing it. Very high net worth folks buying into a limited supply of land in the Durango area. Pratt's outfit owns 600 acres--and there aren't allot available thanks to conservation easements and national forest land--and is shepherding his clients/investors through the process of either turning the property into profits in resale--or in simply buying it and building something on it. That 5 million dollar lot we stood on over looking the most unbelievable scene of natural beauty nearly sold itself.
There is pressure on the low end market in Durango like there is everywhere else---and the high end stuff isn't flying off the shelf--BUT--sales on that high end are steady--very steady--with an eye to what the market will be like in two or three years. That's what investing is all about. And Durango is reaping the benefits--or those that are investing there now hope so.