Music in the Mountains Serenades Audiences

Imagine spending a warm summer evening in the mountains with nothing but the sound of classical music interrupting the fresh air and clear sky. During summer, Durango Mountain Resort offers Music in the Mountains, a festival of professional classical music, where you can do just that.

Music in the Mountains is primarily at Durango Mountain Resort. The concerts are held under a tent, and audiences look at the views from Purgatory—the ski mountain and the beautiful mountains surrounding. Classical musicians produce one of the most spectacular shows a person could find during this three week festival. Over 200 world-acclaimed musicians grace the stage at Music in the Mountains.

Since 1987, this festival has delighted audiences. It has grown over the years, adding a conservatory of music to teach classical music to high school and college students at Fort Lewis College. This two week class gives intense instruction for aspiring young musicians. Music in the Mountains also goes to local schools to ignite the love of music amongst students throughout the year.

Various locations in town host performances. Notably, the Discovery Museum in Durango held a free event called Family Festivo, which was for the whole family.

The last time we went to Music in the Mountains, it was thundering and lightening outside. It was one of those nights that would be hard to compare to anything else—the mountains lit with the lightening and the music was such a great contrast to the sounds of thunder.

We are so fortunate to have such an amazing ski resort in our town. It’s amazing to also have summer activities to enjoy on the same property. There are still a few shows left this season; this weekend is the last weekend of concerts this summer. See their website for further information:

http://www.musicinthemountains.com/mission.php?c=1

Real Estate Market Highlights

The Colorado Association of Realtors® has just released the Housing Reports for all of the Districts in Colorado, and a Statewide Report.  These are particularly helpful to show us the overall trends in the market, and an opportunity to see the trends in common, and those that are unique to our market.

The Statewide report shows a -6.2% decline of Single Family Home sales this year, and La Plata County is -1.7%.  The Bayfield market had the largest increases of Single Family sold listings, with an additional 20 homes sold in the first six months of this year compared to last year. 

The median price for Single Family Homes is up for the State by 7.2%, and it is up 4.5% for La Plata County.  The Durango In-Town market led the way with an increase of median price of 11%.

What does this mean?  In summary, the overall real estate market for the State of Colorado and for La Plata County has leveled and declined slightly following years of increased sales activity.  Through the Great Recession, the median price dropped and affordability increased for buyers.  Today, the increases in median price are playing a little “catch up” from the market bottoms, and it is affecting affordability for some buyers. 

In La Plata County, Realtors® and buyers have complained of lack of inventory, and few homes to select from, but in this summer market, we are seeing inventory increase over last year’s lower numbers.  This provides buyers greater selection, and it can be a benefit for a buyer in negotiation.  The County has 10.4 months of inventory, which suggests a “buyer’s market”, and the Durango and Bayfield rural markets are showing higher inventory levels as well.  The Durango In-Town market shows a “Balanced Market”, which is one that does not favor buyers or sellers, and the Bayfield In-Town market appears to be a “Sellers Market” with only 3.5 months inventory.

New listings of Single Family Homes in Colorado is -4.4%, yet in La Plata County, new listings are up 4.7%.  In conclusion, the number of homes on the market in La Plata County provides a good selection for buyers, and coupled with the excellent interest rates, this may be an opportune time for buyers to come to the market.

Source: Colorado Association of Realtors® 2^nd Quarter 2014 Housing Reports

Our Marketing Advantage

This week we wanted to take an opportunity to explain our office’s mentality behind the advertising and marketing efforts towards our listed properties. In short, we feel very strongly about the power of advertising to sell homes. The exposure, repetition, and overall word of mouth minimize time on the market and achieve quickest results.
As a client of the Wells Group, sellers will be exposed to the Durango Herald new listings for two weeks in a row. Additionally, listings will be featured in the Wells Group Listing Guide, which is broken down into geographic areas in La Plata County, and published quarterly. Our interactive website allows buyers to search for properties. Once a property is featured in the MLS, it will then be available via multiple sites such as Zillow, Trulia, Realtor.com, Homes.com,etc.
The Wells Group has a phenomenal location on Main Street, which gives exposure to all of our listings. We also tour listings weekly, so all of our agents are aware of our listings. We have more area agents than any other office. In fact, 29% of all La Plata County Residential properties sold in the last year were sold by Wells Group agents.
Our team, The Durango Team, believes it is essential to take that advertising even a step further. We run ads in the first section, back cover of the Durango Herald weekly, and will also feature new listings in these ads within the first six weeks. We also have significant online presence—Durango Herald online ads, multiple domain names, and social media presence.
We take seriously how we portray properties—the quality of photos and the marketing pieces make a substantial difference in the presentation of a listing. The Wells Group offers a great basis for listings, and The Durango Team layers additional exposure for each client. The combination between the Wells Group marketing and the Durango Team Marketing is the largest amount of real estate marketing in the community. Our goal is to focus heavily on the listing qualities and marketing so they appeal to potential buyers. We use our sphere of influence to connect buyers and sellers for the right fit and property.
Please let us know if you have any questions about our marketing plans and strategies. The above is just an overall synopsis, as there are multiple other ways we market properties.  We are passionate about strategically representing our sellers and aiding buyers in finding the right properties for long term satisfaction.

East By Southwest

To some, sushi and Durango seem like an oxymoron. It’s no secret that Durango boasts phenomenal restaurants that offer a variety of choices. Yet, we are fortunate to live in such a culinary location where even the sushi world competes nicely at East by Southwest. 

When we tried the restaurant (of course after hearing many positive reviews), we tried three items. To start, we had the blackened albacore sashimi. It was a fantastic combination of blackened flavor and sauce. Combined with soy sauce, the albacore was so tender and tasty. 

We then had a roll with more traditional sushi flavors—it was a California roll topped with seared salmon, the High Roller. We also ventured to try the Hamachi Love, which was a more unique combination of flavors. The cilantro and cream cheese at first surprised us, but ultimately it tasted amazing. 

The presentation of these dishes was on par with nice sushi restaurants—very carefully assembled, with each piece containing all components of the roll. The rolls looked like art and tasted as good! 

When we asked the waitress how the fish tasted so fresh, she explained that it is flown to Montrose and delivered here, so there is no more than a two day delay. We paired these items with locally brewed Ska Mexican Logger, and enjoyed the whole combination of flavors. 

  If you are looking for a unique dining experience, we would highly recommend East by Southwest. The high quality and fast service create an enjoyable dining experience. It would be hard to find better sushi, which is quite an amazing feat coming from a town of our size and location.

Durango Parks Serve Durango!

Durango is well known for its unique scenery. However, in order to enjoy the scenery, one department is largely responsible for the maintenance, upkeep, and direction: the Durango Parks and Recreation Department.

The Durango Parks and recreation department is a Gold Medal Award Winner for excellence in Parks and Recreation. From the beautiful parks in town to the large expanses of open space, from the Durango Recreation Center to the multiple classes and activities offered for all ages, our town excels with activities to pursue.

The Durango Parks and Rec department offers kids’ activities such as swim lessons, kayaking, art, theater, gametime, gymnastics, and the lists goes on. Adults may play tennis, basketball, pickleball, and football. There are also dog training classes, babysitter training classes, and yoga, and more. They provide activities for all ages, skill levels, and demographics. Little known to some, they even cater to the senior population, and seniors oftentimes receive free passes to the Rec Center.

The Rec Center offers fitness equipment of all types, as well as fitness classes and an indoor gym. The Animas River Trail offers miles of paved trail along the river for runners, walkers, and bicyclists to enjoy.

The policy is to obtain a 90% cost recovery for the total recreation services, which they accomplished in 2013. Two taxes have contributed to the extensive opportunities available in Durango. In 1999, the citizens voted on a half-cent sales tax for the recreation center and development of the Animas River Trail. It is now reauthorized to continue to maintain and fund various aspects of the community. In 2005, Durango citizens voted for a quarter percent tax increase to maintain open spaces and trails in the Durango area.

The Durango Parks and Recreation department has done a phenomenal job with the upkeep of Durango’s parks and activities. According to Kelli Jaycox, the Recreation Manager, Durango’s Parks and Recreation operates more like a larger city, and offers more to its citizens than many towns of comparable size. What an incredible asset in our small town! We are so grateful for all of the work and dedication that go into the constant maintenance and improvement of Durango.

2014 La Plata County Real Estate Market

The La Plata County residential real estate market has crested in the first half of 2014 compared to last year, but it is maintaining a high level of home sales compared to previous years.  There have been 442 home sales in the first half, as compared to 471 last year, and 356 in 2012.  These numbers point to a relatively flat market, but there has been rapid growth, year over year since 2009, and it would be unrealistic to expect exponential growth indefinitely. 
 

The median price has improved significantly from $315,000 to $329,500 this year, and almost every area in the County has posted a higher median price.  The median price for Durango Single Family homes has improved from $360,500 to $400,000, and Durango rural single family homes have increased to $435,000, from $390,000.  The Durango Townhome and Condominium prices have increased to $277,000 from $255,000.  The Bayfield single family home market prices were up in rural area, but down in town. 

There is solid activity in the overall real estate market with 170 homes Under/Contract in the County. 

The number of homes active on the market (not including Under/Contracts) is 845 homes in the County, which offers a wide spectrum of choices for buyers.  The summer tends to be the peak period of homes available on the market, and we will expect that number to begin to dwindle over the next few months.  These higher inventory levels suggest a balanced market in most segments.  A balanced market is defined as being a fair market for both buyers and sellers.

The sweet spot in the La Plata County Market is $250,000 to $500,000, with 224 home sales in the first half.  There were 138 home sales below $250,000, and 80 home sales above $500,000.

Land sales (for residential use) were nearly flat, with 77 sales this year and 81 last year.  There are 582 parcels on the market, and 39 under contract.

June Real Estate Statistics

The June numbers are out!  With 90 total sales, there are 20 fewer home sales than last June, but the previous two months were up 14 home sales, so it is still pointing to a flat market compared to last year, but up significantly compared to previous years. 

Overall, 2014 is shaping up as discussed in previous communications.  We have had rapid growth, year over year. since 2009, and the market has finally crested. Last year at this time, we had a total of 471 sales year to date, and this year we have 442. We are still in the stronger part of the year, so expect a solid summer ahead.  It would be unrealistic to expect exponential growth indefinitely.

We are also noticing a higher median price, which reflects a strong real estate market. When the median price is higher, we know there is more demand for homes (as supply and demand will impact the median price).   The inventory of homes has increased in the market, and that may slow down the median price increases for future months.  The median price is affected by the price ranges, locations, and inventory, please check with us concerning your property if you would like to have an update. 

Overall, it appears that the market is stabilizing, and that will help keep the market in balance for both buyers and sellers for the near future. We look forward to the remainder of the year and a continued solid market.