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Real Estate

Wells Group 17th Annual Real Estate Forecast

This month The Wells Group hosted the 17th annual real estate forecast event. This event allows the public to see previous years predictions of the real estate market and how it matched up to what actually happened in the market. If you were unable to make the event this month I have recapped some of the main points as well as linked to the Durango Heralds article about the event as well as the link to the full presentaiton located on The Wells Group website.

Looking at 2017 these are the major predictions for 2017 from the Wells Group Forecast Event.

  • Inventory Challenges. They predict this will be an issue in the under $500,000 market county wide.
  • Increase in median price in all homes of La Plata County.
  • Increased number of homes for sale in Forest Lakes.
  • Interest rates will not impact the market unless raised above 5% for residential mortgages.
  • Tourism will increase again
  • There will be a higher number of baby boomers from the Front Range who migrate to La Plata County. They will sell their homes with substantial equity due to appreciation and look for a lifestyle change.
  • There will be a higher number of luxury home sales.
  • More recreational ranch sales in Southwest Colorado.

Durango Herald Article

Wells Group Forecast Event

Does It Make Sense to Move Up?

A vast majority of real estate articles are focused on first-time buyers. There is actually a segment of the real estate market called the “move-up market,” which, as its name implies, fits buyers who want to move into a larger home. This market describes homeowners who need a larger home or would like more land and property. For several reasons, the local La Plata County market is currently ripe for move-up buyers.

There is a real opportunity for homeowners to sell their homes in the more median price ranges of the market and “move up” to a home of their dreams. The values have increased for the low and mid-priced homes, yet the higher priced homes are still lagging. This makes it the perfect time to capitalize on the advantages of the impacted median-range home prices, and buy in the softer market of the higher-priced homes.

At this time, buyers may get more home for smaller differences in payment. In the past, the leap to move up would have been larger; now, buyers will have a smaller difference in house payment. This is a huge factor—why pay more in the future when the best value may be now?

Additionally, low interest rates make it easy now, but that may change in the future. As we have noted in the past, we are still sitting at historically low interest rates. Last week, we saw mortgage rates at a 4 month high, and a recent Wall Street Journal article states that it is likely the Federal Reserve will initiate an interest rate increase in December (http://www.wsj.com/articles/feds-task-next-week-signal-december-rate-rise-1477351253).

In La Plata County, there is an excellent selection of homes for buyers in the higher-priced range. If you are considering a move-up scenario, the inventory is strong now in this market segment, allowing choices and variety in home selection.

Finally, the property taxes are still low in La Plata County. Take advantage of lower taxes, lower interest rates, and a variety of home options available. For a strong visual, take a look at the median price change in the last two years in each market price range (below). As you can see, in all homes over $500,000, values have decreased in the last two years. In the under-$500,000 range, values have increased. If you would like to move to a larger home, now is a prime time. As always, please let us know if you have any questions, or would like to discuss the market further.

La Plata County (All Residential Units)

Median Price / Two Year Change:

Price Range: 10/25/13 thru 10/25/14 10/25/15 thru 10/25/16

0- $500,000 $287,500 $307,875 +7.1 %

$500,000-$750,000 $580,000 $570,000 -1.7 %

$750,000-$1 Million $855,000 $827,450 -3.2 %

$1Million-$2 Million $1,265,000 $1,231,250 -2.7 %

Parade of Homes this Weekend!

If you are looking for a great activity this weekend to get out and enjoy the fall colors and local new construction, check out the Parade of Homes.

http://www.durangopoh.com/

Every year, in September, the Home Builders Association puts on this event to showcase the builders' recent projects. Some of the homes featured are for sale, but many are custom homes that are not for sale and won't be able to be seen later.

My favorite part of the Parade is the Night Under the Stars, from 5-9pm on Friday night. This is the best time to see the $1-2 million dollar homes at night with the lights on. Also, some of the builders host a cocktail party with wine and appetizers. This year, you can also "Grill and Chill" at SW Appliance from 5-9 on Friday. **Also, the rec center is offering $20 childcare on Friday night!

The Parade continues both Saturday and Sunday and if you go to all of the homes, you can enter to win some fabulous prizes such as a Green Egg Grill, granite countertops, an appliance package, and a work bench. In fact, my clients were visiting one year from AZ and they happened to WIN the grand prize appliance package!

Tickets are $20 each and you can buy them Here

A new event for kids this year is the Young Builders Lego Challenge at the Powerhouse Science Center on Saturday. Entry is free for kids whos parent has a Parade ticket, or $10 per child if the parent does not have a Parade ticket.

Many of you have been asking if my husband, Trevor has a project in the Parade of Homes this year. We get to have this September off!! Trevor doesn't have a home in the parade this year due to the scheduling of his project completions, but he will be in next year!

Some of you may remeber his Parade winner from 2013 on the Pine River in Bayfield. Pine River Home

This modern home, photographerd above, was his entry last year! Two Dogs Home

I've got some clients who entered their new home in Edgemont Highlands, built by Edgewood Construction, on Monarch Crest, so I'll be out and about looking at homes this weekend.

Hope to see you there!
Chelsea

Durango Events THIS WEEKEND!

The weather is finally heating up in Durango; flowers are blooming; rainy days are making everything green and beautiful! Just in time for a great spring event weekend to kickoff Durango's fun-fulled summer! If you don't have plans for this weekend quite yet, I suggest you check out at least one of the following events!

Source: http://www.ironhorseinndurango.com/why-stay-with-us/

Source: http://www.ironhorseinndurango.com/why-stay-with-us/

MAY 13TH - SPRING GALLERY WALK    
5:00 PM - 9:00 PM @ DOWNTOWN MAIN

Starting at 5pm, there are 13 galleries located downtown that are participating in the "Spring Gallery Walk." Each gallery will be displaying local and regional artists, as well as showcasing a little something new and exciting! 

Source: http://www.foxfirefarms.com/tasteofspring

Source: http://www.foxfirefarms.com/tasteofspring

MAY 14TH - 15TH - TASTE OF SPRING
1:00 PM - 6:00 PM @ FOX FIRE FARMS IN IGNACIO

An amazing spring kickoff event for the whole family! Five hours of live music, petting baby farm animals, face painting, local artisans and more! Free admission!

Source: https://www.peachsneetfeet.com/event/taste-of-durango/

Source: https://www.peachsneetfeet.com/event/taste-of-durango/

MAY 15TH - TASTE OF DURANGO
11:00 PM - 2:00 PM @ DOWNTOWN MAIN

Durango's annual summer kick-off party! A fabulous festival with a ton of local restaurants and craft brewery vendors. Buy tokens at the entrance and use them to sample all the incredible local food, beer, cocktails, and more! Previous years have had local attendance of 78%! Come downtown for a great Sunday with amazing music and familiar faces!

5 Durango Restaurants to Bike to

One of the greatest things about Durango is that you can ride your bike everywhere you need to go in town. Durango is not only bike friendly, but the city is continuously making improvements to our roads by add more bike lanes, and making it increasingly safer for bikers/cyclists. If riding on the main roads sounds a bit scary, Durango has an amazing river trail system just for that. Not only is the river trail great for taking an afternoon stroll, exercising and accessing the river...but it also has some great restaurants along the way. 

  1. Animas Brewing Company

    Animas Brewing Company (ABC) is located right off the river trail at Rotary Park. They have great in-house brews and a delicious food menu. A great place for impromptu dinners since they don't catch the rush of people from downtown. They have great burgers and pasties (meat pies), check out their full menu on their website.

  2. Powerhouse Science Center

    The Powerhouse Science Center is located right on the river trail where Camino Del Rio meets Main Avenue. The Powerhouse is a great place to take your kids, and it is not just a museum! In the summer season, they open their tent outside and sell beer and hot dogs! Great Saturday activity for the fam! For adults, make sure to check out their Trivia night on Thursdays at 6:30 PM. Bring four of your friends to make a team of 5, and enjoy local brews while playing 5 rounds of 10 questions! Check out their website for more details.

  3. Serious Texas Barbecue

    Serious Texas Barbecue is located off the river trail and up Camino Del Rio by the Durango Mall. A little farther along the river trail, you will get a little exercise in before a yummy lunch or dinner! This Serious Texas location is great because it overlooks the river and they have a great outdoor seating. When the weather is nice, after eating you can enjoy a round of mini-golf with the kids! Perfect activity after eating a huge Texas Taco (local favorite, beef brisket with cheesy potatoes, onion and jalepeno on a flour tortilla). Check out their website for their entire menu.

  4. Ska Brewing Co

    Ska Brewing Co is a little farther than the previous three. You will have to bike across Camino Del Rio and up the sloped Girard Street. Here you can drink local, award-winning beer at the Ska World Headquarters. Don't forget to try the local seasonal favorite, Mexican Logger. To soak up some of those suds, you can grab some grub at their restaurant, The Container. The kitchen and pizza oven are located inside a shipping container attached to the main building. Find great fresh salads, sandwiches, and brick oven pizza served from 11 AM to 8 PM. Check out their website for more info and events.

  5. RESTAURANT COMING SOON!

    Stay tuned, and keep a look out on my blog! There is a new restaurant coming soon to Durango and it will be located on the river! Another great place to bike to and enjoy a beautiful summer day. I will release more details as soon as this transaction closes! 

 

F A L L I N G For Durango

Sydney here! (Chelsea's assistant if this is your first time to her blog)! Living in Durango since 2009 when I moved here for FLC (Fort Lewis College), I have come to realize that Durango has the most magnificent fall season. I have not seen another Colorado street as beautiful as Historic 3rd Avenue amidst the giant orange row of trees. We can all learn a lot from fall, besides appreciation for mother nature. We can learn that change and letting go can be truly beautiful. Since fall is my favorite season, I wanted to share some of the photos I have taken around town this season. Enjoy! 

Animas River Trail Expansion

      Durango's Multi-Modal and Parks and Recreation Advisory boards met in early July to discuss the different possible options of extending the Animas River Trail. Currently the river trail starts on 32nd street and extends all the way to river road by Home Depot and Grease Monkey.

      The expansion talk is focusing on connecting the south end of the trail at River Road to Three Springs. This will benefit the community in multiple ways. Residents of Three Springs will be able to connect to the rest of the community, as well as kids could ride their bikes to Escalante Middle School via the river trail. 

       This brings up the question of how. One option would be having the river trail cross over Highway 550. The other options in discussion would be adding a bridge. This would add at least $2 million extra to the expansion project. Bridge benefits would include safely crossing a busy highway, which is important to the parents of our community. 

       Cons of building a bridge, besides price, would include a disruption of flow for river trail goers. There would be steep areas and tight turns for bikers and runners.

       Comments are open for review by the boards until July 31. The boards have not yet made a decision of how they will expand, and have not expressed a timeline for the construction plan. You can read more about the Animas River Trail Expansion in the Durango Herald here.

Source: http://www.durangogov.org/DocumentCenter/View/33

Source: http://www.durangogov.org/DocumentCenter/View/33

Introducing Josie - and Baby Reese!

Hello, I’d like to introduce myself – I’m Josie Parden, Chelsea’s assistant.  I thought it might be fun to add a blog from a different Durangoan perspective.  Some of you may know that there is a new addition to the Krueger family.  Baby Reese and mom are both healthy and happy, and taking a little time to get to know each other better.  Meanwhile,   I’m helping out with her business along with Stuart Way, a colleague of Chelsea’s and fellow real estate broker here at The Wells Group.

The Krueger girls

The Krueger girls

 

Here is a little about myself.  I’ve been working at the Wells Group for 2.5 years.  I am a transplant from New Orleans, Louisiana.  I have a passion for photography and the communication arts.  If you list with Chelsea, we will make sure your home is photographed and marketed in a way that will gain it maximum exposure.  Working with Chelsea has been such a pleasure because of her easy- going personality  and knowledge in her field, but she also has an great eye for aesthetics which is something I really appreciate coming from an artistic background myself. When it comes to marketing, open houses, home staging, etc., she really has a great vision. While she is taking some time out of the office I’m glad to be assisting her to maintain that vision.

 

Since I’ve been in Colorado, I’ve found Durango to be a very special place.  It can give you that cozy small town feel with wide open spaces, and at the same time you can enjoy a vibrant evening downtown full of fantastic restaurants and bars. It seems like there are so many new places popping up.  I’ve really enjoyed Grassburger, a new restaurant serving burgers made with local grass- fed beef.  Check out their website.     

 

The summer is winding down, but the weather is still great here.  Coming from New Orleans where the temperature is in the 90’s with 85% humidity, it really does seem like heaven here.  This September the Rochester Hotel will continue to host their summer concert series on Wednesday evenings in the garden.  Some more fun events are coming up as well.  In preparation for Snowdown 2015, there will be a Steampunk Fashion Show Luncheon on  September 19th  to benefit Durango Friends of the Arts. You can email mharp4@bresnan.net  for more information or to reserve a seat.  For those of you who are unfamiliar with Snowdown, it’s an iconic festival here in Durango.  You should check out this link.  It will fill you in on the history of the festival and give you a few ideas for this year’s theme.  Sutcliffe Vineyards, a local southwest Colorado vineyard is having their annual Harvest Dinner on September 8th where Sutcliffe wines will be paired with 7 delectable courses prepared by the Ore House. Many Durangoans make the journey to McElmo Canyon for the event and this year they are even offering a shuttle service to discourage drinking and driving.  Maybe I’ll see some of you there!

Harvest Dinner 2011   © Josie Parden Photography

Harvest Dinner 2011  © Josie Parden Photography

 

I have enjoyed this summer so much, but I am looking forward to the crisp air and the changing colors from greens to yellows to burnt orange, and having a cup of spicy tea while listening to the crunch of the fallen leaves under my feet. But I won’t get ahead of myself – it’s still pretty warm out! Every season in Durango has something great to offer!

Some of the natural beauty that Durango has to offer - the view from Chelsea's listing 506 Mountain Memories.  

Some of the natural beauty that Durango has to offer - the view from Chelsea's listing 506 Mountain Memories.