Three Springs Represents New Home Opportunities in Durango

A few years ago, the new location of Mercy Regional Medical Center changed the landscape of Durango. Once just empty land past Farmington Hill, now the Three Springs area boasts a new concept and lifestyle for Durango. Located adjacent to the hospital and off Highway 160, Three Springs is in exciting phases of its development.

Based on what is called “traditional neighborhood development” or “new urbanism,” this Durango neighborhood seeks to offer a location that combines community lifestyle, businesses, walkable streets, and open land expanses. This concept appeals to those who want the interactive lifestyle of knowing their neighbors and living close to other conveniences.

These homes are brand new construction that come with a one year builder’s warranty, and the neighborhood is designed to have as many as 1,600 homes and townhomes. Currently, approximately 130 of these homes and townhomes have been built. One of the key focal points revolves around sustainable living; the homes are Energy Star Certified, and the developers focus on other green practices throughout the neighborhood.

Three Springs is also home to several businesses, with plans to one day host a grocery store and open space parks and schools. In fact, Three Springs is located on over 681 acres, nearly half of which is plotted to remain open space and used for parks, schools, and trails. From a practicality standpoint, the City of Durango removes snow as well as waste. This makes Three Springs an ideal location for long-term ownership.

The neighborhood offers sixteen various home floor plans, from 1,000 square feet to 2000 square feet. Prices range from $289,900 to $499,900. Townhomes begin at $264,900, with 1,300 square feet.

In 2013 there were 39 sales and 31 of those sales were new construction. In 2014 they are anticipating 40 to 50 new construction sales. The majority of these homes will be built by the following builders: SilverPick Contracting, Timberline Builders, Tierra Custom Homes, Classique Builders, Martin Built, Tailor Made Custom Homes

With the lower inventory we have recently discussed in the original Durango proper area, Three Springs meets the growing need for homes. These quality homes are offered at affordable prices, and the variety in models and sizes allows buyers choices while meeting their needs. Our team is excited about the opportunities available at Three Springs. Currently there are 50 lots ready for building with 60 more coming online in 2014. We look forward to the growth and development that will continue, and we are glad that Durango offers an additional area with substantial community living.

Hometown Heroes Represent Durango for Sochi Olympics

With just 8 days left before the winter Olympics in Sochi, Durango pride soars high for our local heroes. Lanny and Tracy Barnes, twin biathletes from Durango, made worldwide news when Tracy gave her spot to Lanny to compete in the games.

The twins competed together in past Olympic Games, and this year only one twin made the Games. Lanny became ill during the trials, so was unable to perform as well due to the illness. Tracy decided to give the spot she earned to Lanny to represent the USA. We are amazed at the dedication necessary for Olympic training, and the selfless bond these sisters share. The biathlon is a sport that combines rifle shooting and cross country skiing. Although many of us were previously unfamiliar with the sport, we now eagerly await the games in Sochi to support our hometown heroes!

Check out this commercial: 

http://youtu.be/WpE9Xk0d5Qg

In the Broncos Mindset, especially in Durango, as fans prepare for the Super Bowl!

This upcoming weekend marks one of the most celebrated weekends for sports fans—the Super Bowl. What is it that makes us love this day? For some it’s the rivalry of the teams, for others it is the game itself. The snacks and commercials may entice even the non-football fans to watch the game.

This year’s game is especially unique for us in Colorado. The last time Denver made it to the Super Bowl was in 1999—they made back to back years in 1998 and 1999. That was 15 years ago! For long-time Bronco’s fans, this victory feels incredibly exciting. Even in the southwest corner of our state, many Durango residents support the Broncos.

Test your Bronco’s knowledge with the below quiz, adapted from Patrick Saunders’ Denver Post article. Enjoy the game, and Go Broncos!

Quiz:

1. The Broncos have retired three numbers. Name the players and their numbers. Also, what is unusual about one of the numbers?

2. What team did the Broncos beat in their very first playoff game?

3. Who scored the Broncos’ first touchdown in a Super Bowl?

4. Who has scored the most points for the Broncos in all of their Super Bowls combined? (touchdowns, field goals and extra points)

5. Who did the Broncos beat to win their first AFC championship to advance to their first Super Bowl?

6. Who did the Broncos beat to go to their most recent Super Bowl? (Before they beat the Patriots this year)

7. The Broncos have played in nine AFC championship games and have lost just twice. Name the two teams that defeated them.

Answers:
1. The Broncos have retired three numbers: Quarterback Frank Tripucka, No. 18; Hall of Fame running back Floyd Little, No. 44; Hall of Fame quarterback John Elway, No. 7. Unusual? The Broncos took No. 18 of out retirement for Peyton Manning to wear, with Tripucka’s blessing.

2. The Broncos beat the Pittsburgh Steelers 34-21 on Christmas Eve, 1977. Leading, of course, to the classic song “Orange Crushmas.” As in … “I’m dreaming of an Orange Crushmas.”

3. Rob Lytle, on a 1-yard run in the third quarter of Super Bowl XII in which the Cowboys beat the Broncos 27-10.

4. John Elway, with 24 points. He ran for touchdowns in Super Bowls XXI, XXIV, XXXII and XXXIII.

5. The hated Oakland Raiders, 20-17 at Mile High Stadium on Jan. 1, 1978.

6. The New York Jets, 23-10 in the 1998 AFC championship game at Mile High Stadium.

7. The Buffalo Bills in the 1991 championship game, and the Pittsburgh Steelers in the 2005 championship game.

From: http://blogs.denverpost.com/broncos/2014/01/21/denver-broncos-trivia-quiz-while-waiting-for-super-xlviii/25500/

Why We Should Be Interested in Interest Rates And How Does It Make a Difference in Durango Colorado?

Recently, there has been a lot of talk about growing interest rates. The belief is that rates are expected to rise 1% over the next year. As the government-aided stimulus decreases, interest rates are expected to rise. So what does that mean for purchasing a home?

A 1 % rise in interest rates impacts buying power by 10%. That means if a person could currently afford a home valued at $400,000, a 1 % increase means the buyer could purchase a home worth $360,000 to keep a similar monthly payment. Likewise, a buyer who would consider a home valued at $600,000 prior to interest rates rising would be able to afford a home valued at $540,000 after a 1% increase.

Certainly, this principle demonstrates the power of a lower interest rate, and the impact the rate makes on buying decisions. For some, this percentage difference may be the decision-making point from one type of purchase to the other. For example, this could mean the difference between a condo and a single family home.

However, interest rates still remain at an all-time low. Even with a projected increase, the rates fall in lower historic levels. Since 1971, interest rates have varied from a low of 3% to a high of 16%. Many years interest rates have fallen in the 7-10% range. Ultimately, this means it is still a great time to buy, and most likely will be throughout the year.

How does this impact your decision to buy or sell in Durango Colorado?  Of course, the interest rates impact the entire country, so buying power as stated above affects everybody.  In addition, the lower inventory levels discussed in a recent blog suggest higher prices in the Durango area, as well as La Plata County.  A well informed buyer will look at the combination of potentially higher home prices and higher interest rates, and decide to purchase sooner rather than later.  We discussed this same scenario over a year ago when prices were lower and interest rates were lower.   Those buyers that took advantage of the lower priced market and that have tied into a historically low 30 year mortgage have benefited and will continue to reap the benefits.  The same opportunity exists today.  Waiting to buy is potentially costly.  Sellers can expect a stronger market and they are more likely to be successful in the timing of the sale of a home.

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.TheDurangoTeam.com