Major League All-Star Darryl Strawberry Comes To Durango

Updated Tuesday March 26, 2013 by YBSWC.

Nine Time MLB All Star Darryl Strawberry will be speaking in Durango, Friday April 19.
Free Admission. Whalen Gym, Fort Lewis College.
Doors open at 5:45 p.m.
Darryl will be discussing his rise, fall and redemption.
There will be raffles for autographed jerseys and photo opportunities.
Don’t miss this opportunity to experience a huge part of baseball history
right here in the Four Corners April 19th at Fort Lewis College!
For more information about Darryl Strawberry:

http://youtu.be/PUumHVdKL4w

http://youtu.be/MXPnAxXSUO4
Strawberry will also be dedicating the Alpine Bank Youth Sports Complex Little League
baseball fields by the ALP pumping station just north of the Centennial Center
on Saturday morning from 9-10 am April 20th.

Don Ricedorff, Broker Associate, GRI, CRS, CCIM, ABR, RSPS, CDPE

E-Mail:  don@durangorealproperty.com

Direct:  970-375-7014

Fax:  970-259-5007

Web:  www.DurangoRealProperty.com

Member of Rocky Mountain Commercial Brokers
http://www.rockymtncommercial.com/

2013 Wells Group Forecast

The Wells Group hosted the 13th Annual Real Estate Forecast on Wednesday of this week.  The forecast presentation, led by local appraiser Bob Allen and Wells Group owners Jim Wotkyns and John Wells,  summarized key market conditions in La Plata county and predictions for the local real estate market for the 2013 year.  All of the forecast information is based on numerous statistical studies done by Mr. Allen and such statistics were analyzed during Wednesday's program.

To recap the Forecast presentation, the news is mostly all positive:

*Population and household growth are "up" in La Plata county which continues to drive demand for housing.

*Tourism has held steady despite of some unfortunate events such as the Mesa Verde fire in 2012.

*National negative housing news has dissipated and national housing media attention is almost entirely positive.

*An over supply of inventory has decreased.

*Mortgage rates continue at historic lows.

*Investors and 2nd home buyers are coming back to the market.

*Foreclosure filings and sales have declined.

*The real estate markets in "feeder" areas to Durango, i.e. Phoenix, Denver, California and Texas, have improved, allowing Sellers in those markets to sell and   transition as buyers to Durango.

*New inventory is going to be available in Edgemont, Three Springs and the Twin Buttes area.

Additional positive business indicators for the La Plata County area were highlighted, including that air transportation has doubled in the last decade allowing easier access to Durango; Mercy Regional Medical Center continues to be an outstanding provider of medical services to the entire region; Fort Lewis College brings a vibrant college population and also generates school related visits to the Durango area continually throughout each year; Mercury Payment System, a large national company, headquarters in Durango and is investing in new corporate offices near the Durango Mall; and the City of Durango will soon be  upgrading the entire business district with high speed internet access.

However, there were some negatives in the Forecast, including:

*Natural gas prices have been persistently low which impacts the local energy industry which is major economic player in this market.

*Private construction remains low.

*Credit conditions remain challenging.

*The decreasing inventory is a potential problem in some parts of the market in order to meet demand.

*Appraisals may become challenging as sales and pricing improve but existing comparables are scarce.

Mr. Wells concluded the program with his predictions for the 2013 year which included the predictions that real estate sales will continue to increase and that real estate appreciation will be 5-7% overall.

The full 2013 Forecast presentation is available for your review on the Wells Group website: wellsgroupdurango.com    A password is required so if you are interested please give our office a call and we will give you the password.

Don Ricedorff, Broker Associate, GRI, CRS, CCIM, ABR, RSPS, CDPE

E-Mail:  don@durangorealproperty.com

Direct:  970-375-7014

Fax:  970-259-5007

Web:  www.DurangoRealProperty.com

Member of Rocky Mountain Commercial Brokers
http://www.rockymtncommercial.com/

The New Company Town

Durango, Colorado is featured on the Forbes list of new company towns - featured on MSN.
http://realestate.msn.com/the-new-company-town#9

An Excellent Opportunity

The Importance Of Flood Insurance

This week we want to discuss briefly the issue of flood insurance and its importance in the selling process.  With so many rivers, streams and creeks in this area, many properties are considered to be in flood zones.  It is critical to know if your property is such a property because it impacts the premium cost of flood insurance for a potential buyer.  Please don't stop reading because you think this is not an issue for you.  In 2010  the Federal Emergency Management Agency

(FEMA) did redistricting in the Durango/Bayfield area and as a result many properties that previously were not categorized as being in "high risk" flood zones now are so designated.  Everyone lives in a flood zone–it's just a question of whether you live in a low, moderate, or high risk area. 

All Sellers should check with a knowledgeable insurance agent regarding the issue of flood insurance.  Even if you have never had to purchase flood insurance before, it is important, we believe, to know whether your home is in a low, moderate or high risk flood area per the new FEMA zone maps.  We have had instances in the last couple of years where a buyer of a property found out through the loan process that their lender would be requiring flood insurance on a property that had not had a requirement for such insurance in the past or where the premium cost was going to go up for the new owner by thousands of dollars over what the current owner was paying.   The new premium cost of high risk flood insurance policy can be as high as over $4000.00 per year.  Obviously, this can be a deal killer for some buyers. 

If you go to the link below you can enter your property address and in most instances determine if your property is in a high risk flood area.   If it is, this is a disclosure issue for a potential Buyer who will most likely have to obtain flood insurance as a part of their loan process.  The sooner this issue is identified the better with respect to making it to a successful closing.  With the help of a knowledgeable insurance professional there may be options to help keep the annual flood insurance premium at a more affordable rate. 

http://www.floodsmart.gov/floodsmart/

Please call us if you have any questions.

Durango Colorado Real Estate & Mortgage Rates

The real estate market in Durango is heating up with increased sales of properties, and increases in values over the last six months.  Much of this activity is driven by the availability of low interest rates.  As the real estate market in the nation continues to heat up, many are concerned about the cost of future mortgages. For most borrowers, an increase of 1% in the mortgage rate has an impact of approximately 10% in what they can afford!

In the local Durango market, we are seeing low inventories in modest priced homes, and some multiple offers.  Prices in these lower price ranges will increase in the near future, as there will not be the necessary inventory of homes to meet the demand.

There is an excellent article in Bloomberg Businessweek about the anticipated cost of future mortgages.  It does suggest a slow increase in mortgage rates over the next two years, but it is their opinion that rates will remain historically very low.  Please see the actual article per the link below:

http://www.businessweek.com/articles/2013-02-01/how-high-will-mortgage-rates-go

Regardless, buyers should find the best opportunities in the market today, to take advantage of the current market pricing, and the best interest rates possible.

Consider the Value of Home Pre-Inspections Prior to Selling

A professional pre-inspection can be a very valuable step in the listing and marketing of your home.  While professional home inspections are not a new concept, the idea to have an inspection done at listing is gaining  acceptance. After all, why wait until there is a real estate contract on the line to find out if there are any significant defects in the home? A pre-inspection can help to alleviate any inspection issues that may otherwise not be known until a contract is in place and inspection issues arise that affect the health and safety of the current homeowners and the potential buyers

Inspection issues are the most common reason for buyers to terminate contracts with the seller.  Also, seller disclosure requirements are causing sellers to take proactive measures to protect themselves against future liability during the sales process. Today's seller wants to close their deal knowing they made a full disclosure of any property conditions in the home.

The cost of a pre-inspection, using a 3 bedroom, 2 bath, 2000 Square Foot home as our example, would range from approximately $350 to $400.  A radon test should also be added at an additional cost of about $100.   

There are a number of common inspection issues that tend to come up such as electrical and plumbing issues, and other repair and replacment items such as appliances and windows.  It is not uncommon to have more serious issues like radon, mold, and potential gas leaks.  Correcting issues found in a pre-inspection prior to going under contract can save a lot of time, trouble, and money.  Sellers who are not on a dealine can ofter repair items at a lower cost when they have the time to shop for the right trade person, or perhaps make the repairs themselves.

A recent change in the Colorado Real Estate Contracts now requires that inspection resolution items become an amendment to the contract.  Contract amendments are submitted to lender scrutiny which may lead to a rejection of the mortgage or a delay in closing.  Having fewer inspection resolution items can lead to a smoother transaction.

For more information about pre-inspections, please feel free to contact our office.

Don Ricedorff, Broker Associate, GRI, CRS, CCIM, ABR, RSPS, CDPE

E-Mail:  don@durangorealproperty.com

Direct:  970-375-7014

Fax:  970-259-5007

Web:  www.DurangoRealProperty.com