Here is your Blue Ribbon’s Weekly Market Update:

What has sold?
8 Homes have sold in Durango in the past week.  Homes were priced from $209k-$538k.

-Average list price was $366k     -Average sold price: $347k
-Average Days on market: 214
-6 homes were in town, the other 2 in rural Durango locations

Click Here to View CMA Presentation

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How many homes are under contract?

There are currently 73 homes in Durango with pending sales.  Listed prices range from $89,000 to $775,000.  Median price is $349K.

56 of these homes are in town.
17 are in rural areas of Durango.

Cick here to view homes under contract

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Any New listings?

There are 13 new listings that have posted in the last week. 3 are in town and 10 are in rural areas of Durango.

Click here to see new listings

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These statistics are only for Durango in town and rural areas of Durango over the last 7 days.  If you would like statistics on other surrounding areas or specific time frames outside of this criteria, just email or call, we would be happy to send the info your way!

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

2009 had its challenges but comparing 2008 to 2009 we did see a steady increase in sales and a slight increase in median home price.

Click here to see PDF all of 2009 market statistics

Click here to visit DAAR website with all statistics

With contracts on my desk, calls awaiting answers and buyers looking for property in the middle of winter I’d say were are off to a great start for 2010!

Call or email us with questions you might have.

Feel free to post comments on this blog.

We are here to help!

Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441

*** SOLD: 3 homes closed in the last week.

Sold Price:  $348,000. $390,000. $394,000.  2 where in town condo/town homes and the other was a single family home outside the “city limits”.

Average days on market, aprox 200.  From these 3 homes, Seller’s came down an average of aprox. $25k from originally listed price.

***SALE PENDING / UNDER CONTRACT: There are currently 81 homes under contract.  36 of these homes are condo/town homes.  The other 45 are single family homes.  44 of the properties are in town and the other 37 are rural areas of Durango.

It is my assumption -about 1/2 of these homes will actually close.

*** NEW LISTINGS: There are 14 new listings this week, prices ranging from $139-$749, mostly single family homes with a few condo/town homes and 2 manufactured homes.

Here are the listings.

All of the statistics Included here are for the Durango area only.  If you are interested in statistics on surrounding areas, (such as Bayfield, Cortez etc.) please feel free to call or email us, we would be happy to send those stats your way.

In conclusion, a similar feeling to last week, we continue to agree that the market is picking up, we are definitely seeing more activity from buyers, both from out of town and in.  People are looking for a really good deal and first time home buyers are trying to find a house before November when the $8,000 tax credit runs out.

Thanks for reading!

Shaheen Hangval

Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301

970 247 8388 (office)
970 769-2441 (cell)
970 247 8360 (fax)
www.blueribbondurango.com

Visitors touched by help from local man

My wife, Leslie, and I recently were on vacation in Southwest Colorado. We hiked 80 miles on the COlorado Trail and had an amazing vacation in your beautiful state. The morning after we finished hiking, we had a scare we will never forget.
We were eating breakfast in Durango at the Brickhouse Cafe, and my wife started to feel ill (not from the food, but form an allergic reaction to medicine). Within seconds, she passed out and was convulsing.
Panicking, I asked if anyone know of the closest hospital; a young, college-aged man stepped forward and said he could take us. He grabbed our belongings and rode with us to the Urgent Care facility. Once there, he parked our car and helped explain what happened to the nurses while Leslie still was unconscious.
When the ambulance arrived, I said thank you to him, no knowing his name or how to express my feelings of gratitude any more clearly at the time. We parted ways, and I later learned he actually had returned to the restaurant to pay our bill.

As it turns out, Leslie made a full recovery within a couple of hours. The deeds of this man always will be remembered by me and my wife. His selfless actions gave us much needed support in a bad situation. This young man’s heroic act should be a lesson for everyone to emulate.

So, to whoever you are, the man who took time to help two strangers in distress, thank you.

Benjamin Jenkins, Christiansburg,  VA

And:

Tourists thankful for help from woman

We just returned from an extended trip to Colorado. While in Durango, we hiked up one trail, got lost and came back down on the other side of mountain.

 While wandering around lost, a nice lady stopped her car and tried to tell us how to back to our car. She then volunteered to drive us back to where we started. It saved our day.

She has just returned from a trip to Lander, Wyo, and had plenty of things to get done without hauling disoriented tourists around.

This act of kindness wat the nicest thing to happen to us in tree weeks of travel. Durango certainly has some nice people.

Phil and Gail Acuff, Leawood, Kan

Are you ready to move to Durango now? Call us for real estate info. 970 247 8388. Now’s the time to buy.
–
Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301

970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com

Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

Here are some updates on what has sold, what’s currently under contract and the new homes available in Durango.

* Here are the homes sold in Sept. up to today: (click on Homes sold for report)  A total of six homes sold since the first of September, the average days on market were 228.  Average listed price was $438K , average sold price was $410K.

* The homes currently under contract with sales pending, good news, there are over 70 homes pending sale, ranging in price from $70,000 to $2,900,000. If that’s not a sign for the market coming back I’m not sure what is.

 …And  last, this week’s new listings:

***Look for this weekly to monthly market update! 

P.S. – Feel free to motivate us to p0st these statistics via email ~ us should we forget to list these updates!

If you would like updates such as these sent directly to your email, let us know, we would be happy to set it up!

Feel free to contact us at: 970-247-8388

or by email: Shaheen@blueribbondurango.com  or Claudia@blueribbondurango.com

Thanks for reading…gotta run! 

*These links will expire in 30 days from this posting.

This lovely 3 bed, 2.5 bath home boasts over 1800 SF, has a fenced back yard and full 2 car detached garage.  Practically brand new, you can enjoy it well built quality and fine finishes.  

A certified Built Green home!  But don’t worry, you don’t have to trade energy efficiently for style.  This home has beautiful hard wood floors, granite counter tops and GE stainless appliances.

The house is just lovely but you also become a part of a great community.  Three Springs has playgrounds, a community garden, a weekly farmer’s market, shops, restaurants, shops and much more.

244 Sierra Vista Durango Colorado

* Priced to sell at $399,900 *

What more could you ask for?  For more information on this property,

 Please contact the listing agent:

Claudia Williams

Claudia@blueribbondurango.com

Cell: 970-749-3555

“Your friend Walter is a real estate agent, and every time you run into him at the grocery store he suggests that this is an excellent time to buy a house. That’s not surprising, because Walter, like most real estate agents, is an eternal optimist. This time, though, he may be on to something.Here’s the link to the full article:

While some economists believe home prices will remain low for the foreseeable future, other buyer-friendly incentives could disappear soon. If you’ve been on the fence about buying a home, here are some reasons to explore the other side:

•Record low interest rates. The average rate for a 30-year fixed mortgage was 5.12% last week, the lowest level since the end of May, according to mortgage giant Freddie Mac.

The average rate for a 5/1 hybrid adjustable-rate mortgage — which offers a fixed rate for five years and then adjusts — was 4.57%, the lowest since January 2005, according to Freddie Mac.

While the credit crisis exposed the risk of short-term ARMs, a 5/1 hybrid is still a good option for borrowers who don’t expect to stay in their home longer than five years, says Bob Walters, chief economist for Quicken Loans, an online mortgage lender based in Livonia, Mich.

These low interest rates are unlikely to last, says Lawrence Yun, chief economist for the National Association of Realtors. Rising budget deficits will likely push rates higher over the next few years, he says.

•The first-time home buyer’s tax credit. The economic stimulus package signed into law provides a tax credit of up to $8,000 for first-time buyers who purchase a home before Dec. 1. Unlike an earlier tax credit, this one doesn’t have to be repaid. The credit phases out for taxpayers whose adjusted gross income exceeds $75,000, or $150,000 for married couples.

The term “first-time home buyer” is a bit of a misnomer. If you haven’t owned a home in the past three years, you qualify. If your spouse has owned a home in the past three years, however, you’re not eligible.

The credit is refundable, which means that even if you owe less than $8,000 when you file your 2009 tax return, you’ll receive a refund for the balance. This feature makes the credit a valuable tax break for middle- or low-income families who pay little or no federal income tax.

To qualify for this tax break, you must close on the home by Dec. 1.

That may seem like a long way away, but the wheels of real estate transactions grind slowly these days, says Steven Fischer, president of the Georgia Association of Realtors.

In the wake of the credit crunch, lenders have tightened lending standards, which means it takes longer to get a loan approved, Fischer says. In addition, “There’s always that chance you will have that extra week or couple of weeks going back and forth trying to get documents at the last minute,” he says.

In the past, home buyers could usually close on the deal within 45 days after signing a contract to buy, Yun says. But these days, buyers should give themselves at least 60 days, he says.

You’ll need to give yourself even more time if you’re interested in buying a home that’s in foreclosure or is a “real estate owned” property (REO) — a home the bank repossessed after failing to sell it at a foreclosure auction.

“The window of opportunity is closing fast unless the tax credit is extended,” Yun says.

The NAR and other real estate trade groups are lobbying hard to get lawmakers to extend the credit into 2010. However, Congress has a busy schedule when it returns from the August recess, so there’s no guarantee the credit will be extended.

One downside to the tax credit is that you can’t claim it until you’ve closed on your home, which means you can’t use the money for your down payment. However, some state housing finance agencies are offering bridge loans to home buyers who qualify for the credit.

Some of these loans are interest-free; others charge a modest interest rate. Borrowers repay the money when they receive the tax credit. Some states require borrowers to contribute some funds toward the down payment.

The National Council of State Housing Agencies offers a list of agencies that offer loans at www.ncsha.org.

 Here is the link to the article: http://www.usatoday.com/money/perfi/columnist/block/2009-08-24-home-buyers-rates-tax-credit_N.htm

And Why is it a good time to buy real estate in Durango, Colorado? I’ll post deals on houses and market statistics later this week, stay tunes or sign up for the RSS feed. Thanks for reading.

Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301

970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com

Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

“A new study published this month in Pediatrics reports that 7 out of 10 children in the U.S. are not getting enough Vitamin D. The study found that kids who spend an average of 4 hours a day watching TV or playing video games have a 60% higher risk of being deficient in Vitamin D (which is necessary to maintain healthy organs and bones).
A lack of Vitamin D has been linked to heart disease, autoimmune disease, hypertension, chronic pain and fatigue, and a host of other ailments. One way to ensure that your kids aren’t at risk is to feed them foods rich in Vitamin D, such as beef liver and sardines. If liver and sardines sound like a hard sell, how about snowboarding or mountain biking? Natural sunlight is an excellent source of Vitamin D, so outdoor play on a sunny day just might keep the doctor away.
With more than 300 days of sunshine a year and endless ways to have fun in the sun, Durango, Colorado is one of the top three cities in the nation in which to raise an outdoor kid, according to the August 2009 issue of Backpacker magazine.  Click here. 

To determine the rankings, the magazine’s editors considered 38 different metrics, from the distance to the nearest national park to the number of subscribers to Boy’s Life, as well as obesity rates, climate statistics, and outdoor education opportunities.
Durango Mountain Resort offers year-round recreation opportunities for the whole family, from mountain biking and the Alpine Slide, to skiing and snowboarding – all with a healthy dose of Vitamin D.  For more info visit Durango mountain resort’s website at www.durangomountainresort.com.”

 
–
Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301

970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com

Check out my blog
The Scoop on Durango Real Estate
www.blueribbondurango.com/blog

by Bob

At 10 a.m. Friday is the grand opening of the city’s new Transit Center located downtown at Eighth Street and Camino del Rio next to the post office. Consider yourself invited to come down and enjoy the opening ceremony.

You can join a walking procession leaving City Hall at 9:30 a.m., or a bicycle parade leaving at 9:30 a.m. from Buckley Park. Speeches, ribbon cutting and refreshments begin at 10 a.m. And oh yes, wear red … any questions?

“Yes…What’s a Transit Center, and why do we need one?”

Maybe it’s best if I start at the beginning.

Soon after hairy caveperson invented the wheel, everyone had to have their own Flintstone-mobile. That’s when traffic started to snarl and road rage set in. Now, fast-forward to the 2009 version of Durango.

First, consider the research. Population trend studies indicate we are, and will continue to, experience regional growth. (Translation: A lot more hairy people will live among us.) Second, for a lot of very positive reasons, use of public transit is, and will continue to increase. (Hint: Take the hint?) Last year, the Durango “T” carried 365,050 riders and is on pace to carry 430,000 this year.

Then there are issues of reality. We have been getting along with the “commuter-van-driver-drops-off-passengers-in-a-grocery-store-parking-lot” method of transit and transfer. Nice, but not convenient, safe or efficient. Also, consider the growing amount of commuting drivers, over-the-road bus passengers, walkers, bikers and local transit riders all circulating the downtown grid with no single point to converge or connect.

That’s the key point – connectivity. A transit center serves as a single, centrally located facility that provides either an arrival point, a departure point or a transfer point for all modes of transportation, thus the proper name, Durango Regional Intermodal Transit Center.

Imagine a person walking or riding a bike into downtown to catch a bus out to his or her job at Mercy. Or, imagine riding a van into town from a city neighborhood, outlying community, the airport or a Greyhound or Durango Mountain Resort bus to catch the “T” home or to his or her job. The transit facility will provide interconnecting efficiency for cars and trucks, vans and buses, trikes and bikes, scooters and motorcycles, hybrids and electrics and maybe someday a commuter train.

Other benefits? The Leadership in Environmental and Energy Design-certified transit center will provide information services, public restrooms, generous bicycle parking, bus pass and parking permit sales, payment drop-off and house the transit offices and dispatch center. The city parking lot in which the transit center sits is also intended to be the future site of a structured parking garage that will further increase transit efficiencies.

What did it cost? State Senate Bill 1 awarded the city of Durango $4.4 million to construct the transit center and $700,000 to upgrade sidewalks adjacent to the center and those connecting the center to Main Avenue. The city of Durango provided the land that was valued at the required 20 percent value of the entire project. Good job everybody.

Kunkelra@cidurango.co.usBob Kunkel is special events and business coordinator for Durango’s Central Business District.

This is why we love Durango!

See you there.  Claudia
–
Claudia Williams
Owner/Ecobroker/Exchangor
Blue Ribbon Properties
835 Main Ave #214
Durango, CO 81301

970 247 8388 (office)
970 749 3555 (cell)
970 247 8360 (fax)
www.blueribbondurango.com