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.

Beginning of "Shoulder" Season in Durango

This time of year is typically what I call the "shoulder" season in Durango, Colorado real estate. Durango Mountain Resort has closed and ski season is over. The high country is still inaccessible for hiking and camping, and river rafting hasn't started. So, this is usually a quieter time with respect to tourism and we generally see slower overall real estate activity from now until the end of June. I anticipate activity will increase for the summer beginning around July 1st.

Last Friday, April 30th, 2010, also marked the end of opportunity for the first time homebuyer or repeat homebuyer federal tax credits. Buyers who wished to take advantage of these two programs had to be under contract on April 30 and close by June 30, 2010. We don't yet know how much of an impact the expiration of the availability of these credits will have on our market.

Even with the expiration of the tax credit programs and the beginning of our "shoulder" season, demand for properties appears stronger than last year and our record high inventories are slowly decreasing. There are particular areas of our market where the opportunities to purchase at a great price have never been better. Affordability is at a peak and interest rates are still low, so it is a great time to buy.

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.