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From The Blog

Black Canyon Builders, Building inspiration, Custom Home Builder Durango, Jared Odgen, Pagosa Springs, timber frame barns, Woodhouse Timber Frame

Pagosa Springs Real Estate Market

From time to time, we check in on the real estate and new housing markets in Southwest Colorado. This week, Black Canyon Builders focuses on Pagosa Springs. Not only do we travel to Pagosa for our custom home business, the area is also part of our territory as an independent builder dealer (distributor) for Wood House Timber Frame Homes (which we can build or sell to your contractor).

Pagosa is located approximately 60 miles east of Durango, in Archuleta County in Southwest Colorado. The Continental Divide traverses the town with the southern tip of the San Juan mountain range framing the vistas in most directions. It’s a laid back town with a mixed population of vacationers, athletes, outdoor-oriented people and nature lovers. Outlying the town are working ranches, dude ranches and the infamous Bootjack Ranch, one of the most expensive properties ever sold in Colorado.

Real Estate Sales: Like most areas, Pagosa was hit by the housing bubble and economic slowdown. It’s still very much a buyer’s market. In general, prices have dropped, but not as precipitously as other areas. The pace of sales has slowed notably. Unfortunately, the town has been hit particularly hard with foreclosures.

According to realtor Lee Riley’s article in the Pagosa Daily Post, home sales for 2011 were up 32-percent above the same time in 2010 for the first half of 2011. Sixty percent of properties sold below asking price, at an average rate of 93-percent of asking. Approximately 10-percent of sales were for vacant lands, indicating that it’s a great time to buy land too.

With the market changing daily, 2009 numbers may be out of date. However, these mean prices were reported for Pagosa in 2009:

  • All housing units: $405,376
  • Detached houses: $443,206

New home starts: The Archuleta County Building Department reports that, as of the end of October, 31 permits had been issued for single family residences. That number is compared to 36 permits through the same period in 2010. The average construction cost per single family residence permit is $223,000. (This measurement may be inaccurate, as it refers to average, not mean costs.)

There is clearly optimism in Pagosa commercial market. Nine commercial permits have been issued to the tune of total construction cost over $1.1 million dollars. Same period in 2010 saw seven permits issued at only $228,000 (total).

All figures point to the same conclusion: it is a buyer’s market with amazing deals on vacant land and existing homes. Since the foreclosure rate in Pagosa was nearing 40-percent, some opportunities may be bank owned, while others may be just in time to strike a mutually beneficial deal with a person who needs out of a property.

Thanks,

Jared

14 Dec 11
By : jogden
Comments : 0
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About Us

Jared Odgen | About Black Canyon BuildersBased in Durango, Colo., award-winning Black Canyon Builders has designed and built custom homes for all of Southwest Colorado since 2006. Founder and president, Jared Ogden, is a craftsman and general contractor of the highest level - weighing integrity, communication, skill and artistry on equal measure. Learn more about our approach.

Timber Frame Building

Timber frame construction spans centuries and cultures; it is a visual manifestation of the blending of art and engineering. As one of the premier timber frame builders in the Southwest region, Black Canyon Builders has built award-winning timber frame homes. We are an independent builder, and we will work with either our in-house team or your preferred architect to create full or partial timber frame homes.

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