Fishing Real Estate

REAL ESTATE: The Riley Report

Blissful birthday, USA!

It’s celebration time in Pagosa – we’ve bought a parade, rodeo, arts & crafts truthful, carnival, dwell music, fireworks, and lots of pleasant folks. This listing of actions is only the start. Come and revel in fishing, tenting, rafting, tubing, mountaineering, balloon rides, horseback using, and far, rather more. As an area for greater than 35 years, I hope I communicate for Pagosa as an entire. Welcome to our small however vibrant city. Get pleasure from your keep and are available again quickly. Pagosa is the Colorado you’ve all the time dreamed of.

In different native information, the vacant lot subsequent to the County constructing downtown will now be a brand new parking zone for about 90 automobiles. It is a nice asset for our downtown retailers. This will solely be short-term because the land is on the market, however we’ll get pleasure from it whereas we will.

The nationwide grocery chain “Pure Grocers” has bought the downtown constructing the place Hometown Market was, and they’re within the strategy of a serious transform. Opening date is unknown at the moment, but it surely ought to be prepared this fall.

Final however not least, I need to applaud our County Commissioners for utilizing widespread sense and reeling in among the cumbersome rules on the County Planning Division. Over-regulation may be problematic for the general public. Don’t get me unsuitable, some rules are crucial, however generally much less is extra. The underside line is widespread sense and the KISS precept ought to prevail.

Now for the most recent actual property information. This June was slower than June final 12 months. In 2018 we closed 98 offers in June, and this 12 months solely 78 properties offered. Pending gross sales are additionally down. I felt the slowdown, however I couldn’t inform if it was simply me till we ran the stats this month. I don’t know why it occurred. Rates of interest are nonetheless very low. A 30-year fastened price mortgage is at three.875% and a 15-year mortgage is at three.125%.

Stock is up, so there’s an even bigger choice to select from. The native financial system continues to be sturdy, though the Chamber of Commerce tells me that spring gross sales have been a little bit sluggish because of the snowy climate.

My greatest guess is that we had some pent-up demand in April and Might as new stock got here available on the market. The patrons have been scorching to trot within the spring, and now that they’ve picked among the cherries, demand has tapered off. Annually, costs go up within the spring as new stock comes available on the market. Patrons could also be resisting these larger worth tags. Total gross sales are down 10% in comparison with 2018. I’ve observed an attention-grabbing divide within the stock numbers. The stock of properties listed under $400,000 is down 19%, and stock above $400,000 is up 35%.

Click on right here to view the stats on my web site.

A lot for now. Assume optimistic. The glass is half full. Have an awesome 4th of July weekend!

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