New Year's Resolution: Laugh More in 2011!

The late Erma Bombeck, one of America's funniest columnists and author of quite a few dissertations on the humor of life, knew the importance of laughter. "If I could live my life over," she once wrote, "I would have laughed more."

We always have fun here in my office and try to maintain a sense of humor. This coming year, we will strive even harder for that balance between seriously serving the needs of our real estate clients while doing so with cheerfulness, laughter and a positive attitude. It would be my pleasure to work with you on any of your real estate needs in the coming year.

Happy New Year!

"Life is huge! Rejoice about the sun, moon, flowers, and sky. Rejoice about the
food you have to eat. Rejoice about the body that houses your spirit. Rejoice
about the fact that you can be a positive force in the world around you. Rejoice
about the love that is around you. If you want to be happy, commit to
making your life one of rejoicing. " (author unknown)


If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

What Do You Want and Need in a Home?

I'm reproducing here information from REBAC, a subsidiary of the National Association of Realtors, regarding considerations for Buyers in setting priorities as they shop for a new home. I am proud to have the ABR designation (Accredited Buyer's Representative) that is awarded by REBAC.

"Finding a new home can be exciting. But deciding what you truly want and need—and can afford—can be challenging. Making these decisions begins with setting priorities among many different preferences. Most homebuyers invariably face trade-offs. Your buyer’s representative can play a key role in helping you sort out your options. He or she can also offer important insights specific to your local market. Here are many of the considerations you'll want to discuss with your buyer's rep:

Basic Home Features
*Do you prefer a single-family
detached home, townhome,
condominium, or other type
of property?
*Desired number of bedrooms
and baths
*Preferences regarding kitchen,
dining, family rooms, etc. and
preferred home layout
* High-priority home features,
such as kitchen appliances,
fireplace, etc.
* Other types of rooms needed
(e.g., a home office or a
hobby space)
* Storage spaces (closets,
basement, an outdoor shed, etc.)
* Need for a garage or
parking space, and if so,
for how many cars?

Other Home Preferences
* Ranch, two story, split level, etc.
F Age and style of home
(Victorian, bungalow, modern, etc.)
* How important is energy
efficiency or other green
home features?

Neighborhods/Location
* Commuting considerations
(to work, shopping, etc.)
* Proximity to desirable features
(such as a community center,
exercise facility, school, hospital, etc.)
* Views—how important is to find
your ideal view (overlooking a park,
for example) or avoiding a bad one
(a busy highway)?

Lot Characteristics
* Size and shape, including back,
front and side yards
* Landscaping considerations—the
need for open play areas, privacy,
patio space, decking, etc.
* Home orientation—is it important
for your home to face a particular
direction?

Life at Home
* If you’ll be sharing your home
with children, pets, live-in parents
or others, how does this impact
your housing preferences?
Both now, and in the future?
(For example, pets may require a
fenced-in yard; older parents may
dictate one-floor living.)
* Proximity to neighbors
Related Costs
* Homeowner association fees?
* Property taxes

Trade-offs
* How much do you want to invest
in a home beyond the purchase
price, either financially or in terms
of sweat equity, if you can’t find
exactly what you want?
* Are you willing to consider other
neighborhoods that provide
better affordability?

Resale
* How long do you plan to live in
this home? How does this impact
the type of home you will buy,
how much you’ll spend, and your
choice of location?"

Economic Vitality Tied Directly to Consumer Confidence

Dear Friends,

There was a time when my opinion about Durango, Colorado real estate was centered on Durango's unique character and charm. Durango is so desirable, with its quality of life, natural beauty, wonderful western heritage, and friendly people that I thought it was not affected by outside influences. The last few years have changed that opinion somewhat. I still believe Durango and surrounding areas have a much higher quality of life and that other regions have suffered much more in the economic downturn. But it has been proven to me that Durango has not been insulated. This is not a surprise to many of you. Now we know that what has happened in the Durango real estate market is directly related to national consumer confidence.

Our growth and return to economic vitality will be related directly to consumer confidence. I am convinced that people are willing to purchase when they are assured of continued employment and that their economic outlook is bright. The measurement of consumer confidence is determined with The Conference Board which was started in 1967. The benchmark year for The Conference Board is 1985 when the index was established at 100. The Conference Board modifies the index each month based on 5,000 households. The all time low was set in February of 2009 when it hit 25, reflecting the deep concerns for the recession and the financial collapse of 4^th quarter of 2008.

Today, the index through October stands at 50.2, still a very low number, and it continues to show the national pessimism of high unemployment, political discouragement, and a slow economy.

The real estate market will see improvement when the economy continues to pull out of the recession and jobs are restored. There are many national economists that are saying the economy is improving and is better than our national sentiment (confidence).

It is my hope and trust that the people sent to Washington in the most recent election will do something to inspire our nation, regardless of on which side of the political fence they reside. Second, I hope and trust our economy is improving at a rate better than estimated. Third, I hope and trust the banks and financial institutions will figure out how to loan money without unduly tough standards.

Those of us tied to the real estate business, including mortgage companies, appraisers, title companies and Realtors can not believe the incredible opportunity in the market today. We have the highest affordability in decades, abundant inventory, and interest rates lower than we have ever seen. A little consumer confidence could take us a long ways! For not just Durango, but for our entire country, I'm hopeful that in 2011 we will finally begin to see a brighter economic outlook.

Warm regards,

Don

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Durango Colorado Real Estate Statistics- Nov 5, 2010

La Plata County & Durango Colorado
Residential Market Conditions
November 5, 2010



The autumn market in La Plata County was significantly softer than the same period of 2009, following the slower showing activity in the summer. In my opinion, this is a direct reflection of consumer confidence, and the less than anticipated economic growth coupled with little or no job growth.

Residential Transactions For La Plata County: September & October

2010 2009 2008

98 121 140

The median price has shown a significant increase for the same period, but candidly, we do not see it in the direct comparisons for similar homes from one year to the next. The answer appears to be in the improvement of sales over $500,000, as savvy higher end buyers have returned to find “deals” to purchase.

Median Price For La Plata County: September & October

2010 2009 2008

$341,750 $285,000 $336,000

Average Price For La Plata County: September & October

2010 2009 2008

$401,516 $379,537 $384,194

Days on Market For La Plata County: September & October

2010 2009 2008

250 239 169




The Durango Market:
(Durango In-Town & Durango Rural)

Durango Market Sept-Oct: 2010 2009 2008

Transactions: 80 73 92

Median Price: $367,450 $369,000 $379,282

Average Price: $420,318 $452,923 $409,634

This market has fared better than the overall County with a small increase in transactions over last year. Currently, there are 836 homes on the market in Durango, which is approximately a 1.8 year supply.

YTD: Jan-Oct-La Plata County: 2010 2009 2008

Transactions: 525 453 623

Median Price: $315,000 $292,000 $325,500

Average Price: $380,591 $365,165 $389,942


The transactions are up 15.9% this year over last year, but we have been giving up the gains we made early in the year during the stimulus plan. For the first half of 2010, transactions were up 41.5%.

The inventory of homes, available for sale, in the County is currently 1,279. Based on a sales rate of 634 homes sold in the last 12 months, this equates to a two-year inventory of homes on the market.


YTD: Jan-Oct / La Plata County

Sales over $500,000: 2010 2009 2008

Transactions: 97 71 133

Median Price: $650,000 $675,000 $610,000

Average Price: $814,416 $827,118 $744,119

In this price segment, transactions are up 36.6% this year over last, but well short of the totals for 2008. The challenge in this market segment is the amount of inventory. As of today, there are 374 homes available for sale, a 3 year inventory.

Do You Have a Distressed Property? If so, this is important to read!

In these difficult times I have found that sometimes homeowners in distress don't always know about options other than foreclosure. The old adage that knowledge is power could not be more important than today with our current market conditions.

There are numerous options that may be available to a distressed homeowner. Two of the most frequently discussed are Foreclosure and Short Sale. Foreclosure is a court supervised process where a mortgage company or other lienholder institutes a legal proceeding against a homeowner who is in default. A Foreclosure process may ultimately result in a public sale of a homeowner's property. A Short Sale, on the other hand, occurs when the homeowner enters into negotiations with the mortgage company or companies to accept less from a third party purchaser than the full balance of the outstanding loan.

What many people do not know is that there are very important differences in homeowner consequences between Foreclosure vs. Shortsale. Let me outline some of those differences:

Issue: Future Fannie Mae Loan - Primary residence. In a Foreclosure, a homeowner who loses a home is ineligible for a Fannie Mae backed mortgage for a period of 5 years. A homeowner who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Issue: Future Fannie Mae Loan - Non Primary. An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Issue: Future loan with any Mortgage Company. On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates. There is no similar declaration or question regarding a Short Sale.

Issue: Credit Score. With a Foreclosure score may be lowered anywhere from 250 to over 300 points and typically will affect score for over 3 years. With a Short Sale only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's affect can be as brief as 12 to 18 months.

Issue: Credit history. A Foreclosure will remain as a public record on a person's credit history for 10 years or more. A Short Sale is not reported on a credit history. There is no specific reporting item for "short sale." The loan is typically reported as "paid in full, settled."

Issue: Security Clearances. A Foreclosure is the most challenging issue against a security clearance outside a conviction of a serious misdemeanor or felony. If a person has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated. A Short Sale on its own does not challenge most security clearances.

Issue: Current Employment. Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A Foreclosure in many cases is ground for immediate reassignment or termination. A Short Sale is not reported on a credit report and is therefore not a challenge to employment.

Issue: Future Employment. Many employers are requiring credit checks on all job applicants. A Foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge future employment. A Short Sale is not reported on a credit report and is therefore not a challenge to future employment.

Issue: Deficiency Judgment. In 100% of Foreclosures (except in States that do not provide for deficiency) the bank has the right to pursue a deficiency judgment. In some successful Short Sales it is possible to convince the lender to give up the right to pursue a deficiency judgment.


If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

In Real Estate A Picture Is Worth a Thousand Words!

I have always invested in good cameras and currently use one of the best digital SLR (single-lens-reflex) cameras for photographing listings. I have observed over the years in the real estate business that good pictures create more interest in marketing a property and attract more on-line attention. The importance of good pictures was also recently highlighted in a Wall Street Journal article titled "In Real Estate, A Picture is Worth $1000 or More." The article said that "real estate listings that use photographs taken by the higher-end SLR cameras favored by photgraphers and photography enthusiasts tend to do better than those that use photos from cheaper point and shoot cameras." This was according to a recent study that also showed "that listings with nicer photos get more online attention." The article said that not surprisingly, "listings with better photos command higher asking prices." Despite this, it was indicated that only 15% of listings incorporate higher-end photography.

I take pride that those sellers that choose to list with me are in that 15% that incorporate higher-end photography.

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

10 Facts for Uncertain Times

Take a look at the below excerpt from a recent National Association of Realtors article outlining 10 key facts that do, taken as a whole, show positive signs for the future:

1. The economy is growing, though slowly.
2. The private sector is finally creating some jobs.
3. Consumer confidence remains low, though clearly off bottom.
4. The 30-year mortgage rate is at generational lows.

5. The national median-home price is stabilizing.
6. Other home-price measurements also are showing price stabilization.
7. Home price-to-income ratios have returned to fundamentally justifiable levels.
8. Economists expect price increases in upcoming years
9. Delinquencies are high but recent loan originations are performing well.
10. The long-term path to self reliance may be helped from long-term housing-wealth gains.

Taken from "10 Market Facts for Uncertain Times" September 2010, realtor.org

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Another Great Durango Event!

Among all the other amenities that Durango, Colorado boasts, it is also often an entertainment and cultural center for the entire four corners area. As an example, this week Durango hosts the Durango Cowboy Poetry Gathering.

Poets and musicians from throughout America grace the intimate stage at the Diamond Circle Theatre at the historic Strater Hotel and also at Durango area elementary schools all week. Don't let the word "poetry" fool you, these entertainers are renowned musicians and storytellers, who also just happen to be real cowboys, farmers and ranchers. They bring American cowboy folklore to life on stage. Numerous other activities occur this week as well, including the Cowboy Poet Train and the Cowboy Poet Trail Ride, both on Friday, October 1, 2010, and the Cowboy Parade in downtown Durango, at 10 am on Saturday, October 2, 2010.

This event does much to preserve and perpetuate the traditions of working ranch people in the American West. It celebrates the lifeways of rural people by creating the “campfire” around which anyone with an interest can come to share in the appreciation of the culture and traditions unique to the West.

For more information and ticket information contact: 970-749-2295 or got to durangocowboypoetrygathering.org

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

An Interesting article on Home Ownership!

I'm reproducing below an article in the Wall Street Journal this week on home ownership. I've deleted some of the images from that article but the text is all below:

ROI

SEPTEMBER 15, 2010, 12:44 P.M. ET

10 Reasons To Buy a Home

Enough with the doom and gloom about homeownership. Brett Arends explains why owning a home is a good thing.

By BRETT ARENDS

Enough with the doom and gloom about homeownership.

Sure, maybe there's more pain to come in the housing market. But when Time magazine starts running covers that declare "Owning a home may no longer make economic sense," it's time to say: Enough is enough. This is what "capitulation" looks like. Everyone has given up.

After all, at the peak of the bubble five years ago, Time had a different take. "Home Sweet Home," declared its cover then, as it celebrated the boom and asked: "Will your house make your rich?"

But it's not enough just to be contrarian. So here are 10 reasons why it's good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer's market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We're four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it's mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You'll never catch the bottom. It doesn't really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What's not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won't see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You'll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you'll get a tax break on capital gains–if any–when you sell. Sure, you'll need to do your math. You'll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It'll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You'll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. "You can tell the ones that have been bought," said my local guide. "They've painted the front door. It's the first thing people do when they buy." It was a small sign that said something big.

5. You'll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you're better off buying.

6. It offers some inflation protection. No, it's not perfect. But studies by Professor Karl "Chip" Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's valuable inflation insurance, especially if you're young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It's risk capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It's forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won't. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn't a cost. You're just paying yourself by building equity. As a forced monthly saving, it's a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That's below last year's peak, but well above typical levels, and enough for about a year's worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the "glut" simply won't matter: It's concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won't have any long-term impact on housing supply in your town.

Write to Brett Arends at brett.arends@wsj.com

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Am I Listening?

Am I Listening?

As a Realtor, I know my job is not really selling or buying real estate. My job is to help my clients sell or buy real estate. My job is about service and how best to advise my clients on accomplishing their goals as either Sellers or Buyers in this market.

One of my daily challenges is to LISTEN to what my clients are saying so that I can provide the service that they need. At the end of the day, these are the words I want my clients to be able to say about my professional real estate service and the service of my team: They were supportive and honest. They followed-up. They understood. They were aggressive on my behalf. They tried to learn what I wanted. They worked efficiently. They worked on time. They were thorough. They told me the truth about the market.

I feel lucky to be a real estate professional in Durango, Colorado and to call Durango my home. It is always my pleasure and I am grateful for the opportunity to work with people who also would like to hang their hats here!


You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Newsworthy Items for Your Review

Here are some recent newsworthy items that you might find of interest:


Fannie Mae has launched a new website to help struggling homeowners. Fannie Mae's KnowYourOptions.com is a bilingual consumer website designed to outline options that are available to homeowners who are struggling with their mortgage payments. It was launched August 3, 2010.

HUD announced recently that $79 million is available for a broad range of housing counseling programs to help families find and preserve housing. According to HUD these grants will be awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies across the nation that offer a variety of services including how to avoid foreclosure, how to avoid mortgage scams, how to purchase or rent a home, how to improve credit scores, and how to qualify for a reverse mortgage.

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Am I Listening?

As a Realtor, I know my job is not really selling or buying real estate. My job is to help my clients sell or buy real estate. My job is about service and how best to advise my clients on accomplishing their goals as either Sellers or Buyers in this market.

One of my daily challenges is to LISTEN to what my clients are saying so that I can provide the service that they need. At the end of the day, these are the words I want my clients to be able to say about my professional real estate service and the service of my team: They were supportive and honest. They followed-up. They understood. They were aggressive on my behalf. They tried to learn what I wanted. They worked efficiently. They worked on time. They were thorough. They told me the truth about the market.

I feel lucky to be a real estate professional in Durango, Colorado and to call Durango my home. It is always my pleasure and I am grateful for the opportunity to work with people who also would like to hang their hats here!


You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Great Destinations in Any Direction From Durango!

Durango, Colorado is a spectacular place to call home. It is made even more so by the many exciting day trips that can be taken from your Durango starting point. It is so easy to take a short adventure from Durango and check out other historical sites or the wonders of nature. Below are just a few:

Mesa Verde, the 52,000 acre national park just 35 miles west of Durango, features some of the most amazing Native American archaelogical sites in the world. Ancestral Pueblo people made it their home for over 700 years from AD 600 to AD 1300. nps.gov/meve/

Silverton, Colorado, an old mining town, is 50 miles north of Durango. Silverton is a National Historic Landmark and the destination for the D&SNG coal powered train. It sits amid tremendous high peaks and prides itself on its history, including the Mining Heritage Center and Museum. sivertoncolorado.com

Ouray, Colorado, 70 miles north of Durango, has been called the "Switzerland of America." The highway between Silverton and Ouray is called the "Million Dollar Highway" and is known for its beautiful vistas but is not for the fainthearted. Ouray is a tiny community nestled in some of the most rugged and towering peaks in the Rockies where many of the original Victorian structures have been lovingly restored. ouraycolorado.com

Telluride, Colorado, just 120 miles from Durango , is splendid in mountain beauty and features a spectacular downtown and ski resort and is home to many music festivals, a hot air balloon festival, and many, many artistic events and exhibitions throughout the year. visittelluride.com

Ignacio, Colorado is 25 miles southeast of Durango and home to the Sky Ute Casino Resort, a 45,000 sq.ft. gaming floor and an elegantly appointed resort hotel. skyutecasino.com Ignacio also boasts the future Southern Ute Cultural Center and Museum (projected to open in 2011) which will house over 1000 artifacts and interactive exhibits. southernutemuseum.org

Farminton, New Mexico, 50 miles south and across the state border into New Mexico, is a bustling retail center and the largest city in the Four Corners Region. farmingtonnm.org

Ute Mountain Tribal Park, 55 miles west of Durango, is a preserve of more than 125,000 acres along a stretch of the Mancos River. Tours are available with a Ute Guide in order to visit well-preserved ancestral Puebloan sites. utemountainute.com

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Don't Underestimate the Value of Home Maintenance

Below is a great article I read recently written by John Riha. John Riha has written six books on home improvement and hundreds of articles on home-related topics. He’s been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. This is such an important topic that I've reproduced John's article on the importance of regular home maintenance below in its entirety:

The Value of Home Maintenance

By: John Riha

Published: March 9, 2010

Regular home maintenance is key to preserving the value of your house and property.

One way to keep maintenance fun and interesting is to pick one room per year to improve.

If you think home maintenance is an unavoidable series of weekend-eating chores, remember the age-old advice of Benjamin Franklin: “An ounce of prevention is worth a pound of cure.” The fact is, proactive maintenance is essential to preserving the value of your home—without it, your home could lose 10% of its value. Regular, routine maintenance enhances curb appeal, ensures safety, and prevents neglected upkeep from turning into costly major repairs.

“It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.”

Maintenance affects property value

Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected.

“If a house is in worn condition and shows a lack of preventative maintenance, the property could easily lose 10% of its appraised value,” says Mack Strickland, a professional appraiser and real estate agent in Chester, Va. “That could translate into a $15,000 or $20,000 adjustment.”

In addition, a house with chipped, fading paint, sagging gutters, and worn carpeting faces an uphill battle when it comes time to sell. Not only is it at a disadvantage in comparison with other similar homes that might be for sale in the neighborhood, but a shaggy appearance is bound to turn off prospective buyers and depress the selling price.

“It’s simple marketing principles,” says Strickland. “First impressions mean a lot to price support.”

Prolonging economic age

To a professional appraiser, diligent maintenance doesn’t translate into higher property valuations the way that improvements, upgrades, and appreciation all increase a home’s worth. But good maintenance does affect an appraiser’s estimate of a property’s economic age—the number of years that a house is expected to survive.

Economic age is a key factor in helping appraisers determine depreciation—the rate at which a house is losing value. A well-maintained house with a long, healthy economic age depreciates at a much slower rate than a poorly maintained house, helping to preserve value.

Estimating the value of maintenance

Although professional appraisers don’t assign a positive value to home maintenance, there are indications that maintenance is not just about preventing little problems from becoming larger. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year, meaning that getting off the couch and heading outside with a caulking gun is more than simply a chore—it actually makes money.

“It’s like going to the gym,” says Dr. John P. Harding, Professor of Finance & Real Estate at UConn’s School of Business and an author of the study. “You have to put in the effort to see the results. In that respect, people and houses are somewhat similar—the older (they are), the more work is needed.”

Harding notes that the 1% gain in valuation usually is offset by the ongoing cost of maintenance. “Simply put,” he says, “maintenance costs money, so it’s probably best to say that the net effect of regular maintenance is to slow the rate of depreciation.”

How much does maintenance cost?

How much money is required for annual maintenance varies. Some years, routine tasks, such as cleaning gutters and changing furnace filters, are all that’s needed, and your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof, at a cost of $10,000 or more.

Over time, annual maintenance costs average more than $3,300, according to data from the U.S. Census. Various lending institutions, such as Directors Credit Union and LendingTree.com, agree, placing maintenance costs at 1% to 3% of initial house price. That means owners of a $200,000 house should plan to budget $2,000 to $6,000 per year for ongoing upkeep and replacements.

Proactive maintenance strategies

Knowing these average costs can help homeowners be prepared, says Melanie McLane, a professional appraiser and real estate agent in Williamsport, Pa. “It’s called reserve for replacements,” says McLane. “Commercial real estate investors use it to make sure they have enough cash on hand for replacing systems and materials.”

McLane suggests a similar strategy for homeowners, setting aside a cash reserve that’s used strictly for home repair and maintenance. That way, routine upkeep is a snap and any significant replacements won’t blindside the family budget. McLane’s other strategies include:

Play offense, not defense. Proactive maintenance is key to preventing small problems from becoming big issues. Take the initiative with regular inspections. Create and faithfully follow a maintenance schedule. If you’re unsure of what needs to be done, a $200 to $300 visit from a professional inspector can be invaluable in pointing out quick fixes and potential problems.

Plan a room-per-year redo. “Pick a different room every year and go through it, fixing and improving as you go,” says McLane. “That helps keep maintenance fun and interesting.”

Keep track. “Having a notebook of all your maintenance and upgrades, along with receipts, is a powerful tool when it comes to sell your home,” advises McLane. “It gets rid of any doubts for the buyer, and it says you are a meticulous, caring homeowner.” A maintenance record also proves repairs and replacements for systems, such as wiring and plumbing, which might not be readily apparent. end of article by John Riha

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Market is Soft But Our Blessings are Plentiful

The rains in the past week have reminded me of the splendor of the Rocky Mountains during the summer, and they also provided some welcome relief from the warmer than usual temperatures. On that note, we are fortunate to live in one of the most wonderful and beautiful places on earth. The geographic diversity from Canyonlands to the high peaks provide us awesome choices, and there are few towns that offer all of the variety for outside activities and cultural events.

A couple of weeks ago I was in Haiti. One of the questions in life is: “Why are some given so much and others are given so little?” The devastation from the earthquake was as severe a catastrophe as can be imagined, but it was also apparent how difficult the living conditions were in Haiti before the earthquake. The things we take for granted, a small area of privacy, electrical service 24 hours a day, food, water, shelter and health care are not available for many in Port Au Prince, and were not widely available before the earthquake. I don’t have the answer on “why them and not us,” but it is a reminder of the daily blessings we receive.

Marketing Update:

The Wells Group Real Estate Listing Guide is at the printer, and it will be delivered to the public on August 1, 2010. All of the Wells Group active listings are presented in this guide, and it is distributed through a number of channels, but in particular, it is delivered via the Sunday Durango Herald. Sunday is the highest circulation day, and includes subscribers outside of the area. It is also on-line as a resource, and available 24 hours a day, 7 days a week.

Interest Rates:

Interest rates remain at historic low rates. In my lifetime, over 50 years, rates have never been better. Savvy buyers understand the benefit of these low rates, which allow them 10% greater purchase power for every 1% change in the rate. As consumer and economic confidence gains, we should see increased demand.

Market Summary:

Closings for July 2010 through July 22, 2010, as compared to closings for the last two years for July, and the number of active properties on the market:

Durango Residential in Town : For 2010 there were 9 closings in July through 7/22/10 as compared to 17 in July, 2009 and 37 in July, 2008. As of 7/22/10 there were 393 active listings

Durango Residential Rural: For 2010 there were 10 closings in July through 7/22/10 as compared to 18 in July, 2009 and 20 in July, 2008. As of 7/22/10 there were 629 active listings.

Bayfield Residential in Town: For 2010 there were 4 closings in July through 7/22/10 as compared to 6 in July, 2009 and 6 in July, 2008. As of 7/22/10 there were 62 active listings.

Bayfield Residential Rural: For 2010 there was 1 closing in July through 7/22/10 as compared to 8 in July, 2009 and 5 in July, 2008. As of 7/22/10 there were 172 active listings.

Land, La Plata County: For 2010 there were 3 closings in July through 7/22/10 as compared to 4 in July, 2009 and 9 in July, 2008. As of 7/22/10 there were 981 active listings.

All Real Estate, La Plata County: For 2010 there were 30 closing in July through 7/22/10 as compared to 65 in July, 2009 and 91 in July, 2008. As of 7/22/10 there were 2786 active listings.

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Bragging Rights Will Be The Interest Rate Not The Price!

On the Seller side of the real estate market in Durango, Colorado things have transitioned since April 30th (end of tax incentives) to a situation very much like we were seeing here a year ago. In other words, the beginning of this year was promising and we were hopeful that by this time in 2010 we would be seeing steady market recovery. However, in the last few weeks we have seen a definite slowing in transactions, while at the same time inventory is being added almost daily - very much like last year. These are challenging times to be a Seller and being as aggressively priced as possible is important.

On the other side of the selling equation, opportunities absolutely abound for Buyers. We still hear constantly from Buyers that they are waiting for the market to reach "bottom." My advice to them is that in the years ahead of us, the bragging point is not going to be at what price you bought, but what interest rate you got. Did you know that a 1% change in the interest rate is equivalent to a 10% change in value? Right now a 30 year fixed is at 4.75%. I definitely question whether it makes sense for Buyers to be sitting on the sidelines waiting for lower prices while interest rates are so low, but obviously public perception versus reality is not something easily controlled. Again, I think in the future, those with bragging rights will be those that jumped in before interest rates most certainly will rise.

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Durango Boasts BEST Train ride!

Did You Know that Durango, Colorado boasts one of the world's top 10 Train Rides?

As a Realtor, I am especially proud of my town, Durango, Colorado, and I just want to quickly highlight one of the town's truly outstanding tourism opportunities as you may be planning your summer visit to our area.

One of the most popular attractions in the Four Corners is the Durango & Silverton Narrow Gauge Railroad (D&SNG) coal-fired, steam-powered historic train ride from Durango to Silverton, Colorado. The train excursion travels north of Durango through the Weminuche Wilderness. Passengers are able to see some of the most remote and scenic mountain vistas anywhere in the world. Ranked No. 3 in the world and No. 1 in the United States by the Society of American Travel Writers in 2009, this historic, unique train experience is tops with visitors and locals alike.

The train depot at the south end of Main Avenue in downtown Durango is an attraction in its own right and boasts, among other displays, a museum housing full-size locomotives, a model railroad layout and other educational documents, photos and railroad art.

Numerous special events are scheduled throughout the year by D&SNG. One of the most popular with children are the visits by Thomas the Train. You can learn more about this and other unique Durango train experiences by visiting the D&SNG website at www.durangotrain.com or toll free 1-888-Train-07.

You can contact me, Don Ricedorff, at The Wells Group, 901 Main, Durango, Colorado, 970-375-7014 or via email at don@durangorealproperty.com

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

June in Durango!

With summer finally here, June brings to Durango longer days with lots of sunshine and warm weather. The mountains and rivers beckon us and we are all eager to rejoin the great outdoors. So break out those backpacks, sandals, swimsuits and hiking boots! There is nothing quite like the visual beauty of mountain wildflowers, flowing rivers and rustling aspen leafs. Whether you are into camping, fishing, hiking, golfing, horseback riding, river rafting, jeeping or scenic mountain drives, Durango offers something special in the way of outdoor summer activities for everyone! NOW is definitely the time to make plans to visit our beautiful town.


Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Summer Kicks Off in Durango!

As we kick off summer with Memorial Day festivities, I thought you might be interested in the Summer Guide for Durango, as provided through this link to the Durango Herald: http://www.webdurango.com/special_sections/sws_2010/index.asp

One of Durango's unique Memorial Day activities is the Iron Horse Bicycle Classic, an event that has taken place in our town since 1972. This is a fun activity to take part in or to spectate. Thousands of cyclists "race" approximately 50 miles, ascending some 5700 hundred feet over two mountain passes, from Durango to Silverton. If you are in this area for the Memorial Day weekend, please remember Highway 550 will be closed from Durango Mountain Resort to Silverton from 8 a.m. to 1 p.m on Saturday to ensure the safety of the riders.

Whatever you do Memorial Day weekend as you kick off your summer, or throughout the coming summer months, I hope you will have a safe and enjoyable time.


Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Perfect Storm of Opportunity for Buyers

I attended a very interesting program put on by Wells Fargo Bank on May 20, 2010, that featured a national real estate expert, Brian Buffini.

Some of the information presented in this program echoed the predictions I have been making for the last few months. Of particular interest and as coined by Brian Buffini in the Wells Fargo presentation, there is a "Perfect Storm of Opportunity" for buyers in effect right now. In particular:

* Prices are down, and

* Mortgage rates are low.

A like scenario has not occurred in the last 30 years. Although in the last 30 years, we have seen periods of low interest rates, we have not seen low prices at the same time.

And, as I've also been emphasizing: inventories of property to select from, at least in La Plata County, Colorado, are at historic highs.

Finally, and as I blogged in March of this year, there is a buzz in some quarters that there is a national housing shortage ahead. As I indicated in March, with todays still depressed real estate market in Durango, it is hard to fathom a different future. However, there are experts, including Buffini, who are predicting a severe housing shortage nationally that will begin in the next 18 months and continue for a decade. The Harvard University's Joint Center for Housing Studies is making a similar prediction based on these factors:

1. Gen-Y-er's (those born roughly between mid 1970s and early 2000s) are approximately 81 million strong. They believe in home ownership and there are millions more of them than the Baby Boomers.

2. According to the National Association of Realtors (NAR), 47% of home buyers in 2009 were first-time buyers and NAR predicts that in 2010, first-time buyers will represent 52% of all home sales. Thus, Gen-Y-er's housing impact has only just begun.

3. According to the Harvard University's Joint Center for Housing Studies report, anticipated household growth during the next 10 years will range between 12.5 million and 14.8 million. All those new households mean demand for many new housing units.

In conclusion, for all of the above reasons, I continue to emphasize to anyone interested in the Durango market: Now is the perfect time to consider buying! Don't hesitate to contact me if you have any questions about investing part of your future in Durango, Colorado.


Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Purchasing a Condo or Townhome? Questions to Consider:

As a Realtor in Durango, Colorado, I commonly am asked to show properties that qualify as Condos or Townhomes. Following are some important questions when considering the purchase of a property that is part of a multi-family complex:

1. Is there an active HOA and if so, what are the dues and how often are the dues billed?
2. Who manages the HOA and accounts for the dues? How is this leadership chosen?

3. What do the dues cover?

4. What kind of insurance does the HOA cover, if any? What kind of insurance does an owner need to provide?

5. What do the Covenants say about restrictions on use of the property. As examples: What are the pet policies? And, if you are buying as an investor, what do the covenants say about short or long term rental of the property?

6. Is money budgeted by the HOA each year for maintenance reserves?

7. Are there any ongoing, unsolved problems with the grounds, buildings, or common areas?

8. Are there any special assessments that might occur in the next year or two?

9. How old is the project?

10. What is the percentage of owner occupancy and does this pose any problems regarding obtaining financing?

11. When was the last time the building was painted?

12. When was the last time the parking lot was sealcoated?

13. When was the last time the roof was replaced?

14. When was the last time the decks were replaced? How often are they stained?

15. Do the sidewalks and parking areas need to be replaced?

16. Are there any on-going structural problems with the buildings?

17. Are there sufficient funds in the HOA reserves to do all of the above according to a maintenance
schedule?
18. How frequently are HOA meetings held? Are there any pending disputes or active lawsuits involving the HOA?

I hope you find this information useful if you are considering the purchase of a townhome or condo in a multi-family complex. Don't hesitate to contact me with any of your real estate needs.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients.


The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist


He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.