Lake Nighthorse A Reality After Decades!

A New Lake in our Area Nears Completion!


Lake Nighthorse, named for the former Colorado United States Senator Ben Nighthorse Campbell, is now 20% full. If all goes as planned, water being delivered to Lake Nighthorse from the Animas River will fill it by the year 2011. This may seem like a long ways off, but the reality is that this is a project that culminates literally decades of discussion, negotiation, design and construction, so the year 2011 actually seems unbelievably close to those of us who have watched or heard about this project for many, many years!


Lake Nighthorse is located in an area called Ridge's Basin which is southwest of Durango. Once filled, it will have a surface area of approximately 1,500 acres or roughly two square miles. The intended use of Lake Nighthorse is primarily for diversion and water storage for the seven "sponsors" of the Animas-La Plata compact that was formed in the 1960s. Those sponsors include the Southern Ute and Ute Mountain Indian Tribes and the Navajo Nation, as well as water management entities in both Colorado and New Mexico. The sponsors will each receive water from the project for approved uses according to complex agreements that were negotiated as part of the Animas-La Plata compact.


Lake Nighthorse has also been approved for recreation, fishing and wildlife uses, although my understanding is that the specifics, timelines, rules and regulations of this recreation piece are still being fiercely negotiated by various interested parties, including environmental groups. Funding for recreational use is obviously a critical piece and not yet in place. The new lake will most likely be off limits to the public until the questions about funding and approved recreational uses have been resolved.


In summary, after decades of debate and hard work, completion of Lake Nighthorse is just around the corner and will open a grand new resource for Durango and the surrounding region. It is a new resource that I look forward to with anticipation!

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.

Let's Go Green

I hear the words "Green Products" and "Sustainability" a lot nowadays and I imagine that you do to. Just what do these words mean? Well they actually incorporate the same thought: i.e. that the long-term cultural, ecologic and economic health and vitality of individuals, companies, governments and other organizations is tied to using what resources we have more efficiently and minimizing negative impacts on our common environment.


My research indicates that there is a growing desire among home owners and home purchasers for green or sustainable products. More and more Americans are truly thinking about the economic, social and environmental consequences of the household decisions we make every day. For instance, people are buying more energy-efficient light bulbs, appliances and electronics. They are also buying more energy efficient cars. And in my industry, real estate, more and more buyers are looking for energy efficient, green built homes.


Is there a top reason why today's buyers are searching out greener homes? Well, the bottom line is probably the pocketbook! Certainly, greener homes are good for the Earth, but, consumers are finding that they are also easier on the wallet over the long term. The savings on maintenance and energy can mean thousands of dollars over time, not to mention the re-sale value such a home will most likely have compared to an older home that does not have energy-saving features. I see more and more of my clients being knowledgeable and asking questions about the true cost of a home. In my opinion, the true cost is not what they pay up front, but what it will cost them to own, operate and live in it on a daily basis.


So, how does a home become Green? Here is a list of just some of the ways:


1. More durable roof coverings.
2. Energy efficient windows.
3. Fiber-cement siding.
4. Increasing the amount and R-value of insulation.
5. Incorporating passive solar design features.
6. Engineered wood products that conserves trees.
7. Recycled plastic lumber for decks, porches, etc.
8. New toilets designed to use less water.
9. Energy efficient appliances.
10. Factory built components, reducing waste on job site.
11. Insulated foundations.
12. Efficient, correctly sized heating, cooling and water heating equipment.


Warranties and Certifications to look for to know that you are truly getting a Green built, sustainable home include the following:


LEED Certification: This is the recognized standard for measuring building sustainability. Achieving LEED certification is the best way to know that a home is truly "green."


Energy Star: Energy Star is a government-backed program that identifies and labels energy efficient products. Builders can advertise an Energy Star rating if the home scores at least 85 or below in this climate zone on the HERS Index (described below).


HERS (Home Energy Rating System): This is an index scoring system in which each 1 point decrease in the HERS Index corresponds to a 1% reduction in energy consumption. A typical code built home scores approximately 100 on this scale. A home with a HERS score of 85 is 15% more efficient than a home rated at 100 on the HERS Index.


Durango boasts many home builders who understand the importance of the above ratings and designations in today's market and who have made a conscience choice to build green. Artistic Homes is one such example, and I've written before about the new, affordable homes being built by that company in Durango.


Don't hesitate to contact me if you have questions about Green Built homes in the Durango market or if I can assist you in any other way with respect to your real estate needs. 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.

Beware New Appraisal Rules

Choosing your Lender carefully is more important than ever!

By now many of you have read or heard that lending became more complicated with some lenders when a new law, called the Home Valuation Code of Conduct (HVCC), became effective on May 1, 2009 and created confusion and frustration with respect to the appraisal process. I recently attended a leadership summit in Chicago sponsored by the National Association of Realtors (NAR) and I can tell you that trying to address and fix the problems this new law has created is a primary legislative focus for NAR during the upcoming year.

It is ironic that this new law created such a firestorm, because its intent was, on the surface, a good one, i.e. to prevent those who stand to profit from a real estate transaction from putting undue pressure on the appraiser. It sounds so simple, but in practice the new law apparently has caused untenable delays across the nation and with many frustrated buyers backing out of real estate transactions. Some of the horror stories relate to some of the larger underwriters engaging national appraisal clearinghouses that send in "out of area" appraisers unfamilar with a local market resulting in appraisals that don't reflect local market conditions. Or sometimes, the problem has been that a local appraiser is engaged, but the national underwriter places the appraisal in a never-never land of "appraisal review." I've encountered several deals like that this summer involving a Durango sale that is placed in "appraisal review," presumably somewhere on the East coast and several weeks can go by before we ever hear back. In some instances, we never heard back! Fortunately, the Buyers in those instances were able to move to superb local lenders who got their purchases over the finish line. However, this did require the cooperation of the Sellers to extend out the Closing dates to accommodate starting over with new lenders!

I have always been an advocate of using local lenders familiar with our Durango area real estate market. Many of the local lending companies knew about this new law and had systems in place to make a smooth transition well before the May 1, 2009 effective date. The customers who work with those lenders don't seem to be experiencing as many, or any problems resulting from the new appraisal process. Now more than ever I recommend that Buyers carefully review with the lender of their choice how the appraisal process works for that lender. Some questions to ask are: Are only local appraisers on the panel of appraisers that must be selected from? Are the underwriters to be used by the lender also local in nature so that if something is sent to "appraisal review" it will be reviewed by an entity familiar with the Colorado market and in particular, the Durango market? What is the lender's recent track record with appraisal issues and closing delays because of appraisal issues?

If you have any questions, please do not hesitate to contact 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's Vibrant Downtown!

I'm very proud of Durango's historic downtown, which continues to be vibrant and teeming with activity. In fact, in my work as a Realtor, I can't count the number of times folks have told me that our "real" downtown is one of Durango's greatest attractions!

In these times of economic downtown, the community has embraced many efforts to keep the heart of Durango, our amazing downtown, alive and well.

For instance, the City of Durango has invested in the construction of an 8000 square foot transit center - the largest in the region - to serve as a hub for all forms of public transportation. The new Transit Center is nearing completion and sits on Eighth Street between Main and Camino del Rio.

Durango has also long been involved in making its downtown pedestrian and bike friendly and a new "streetscape" program, which will begin this fall, will allow for replacement of sidewalk segments and the redesign of intersections. Also, 36 new bike racks will be added to the 70 already in place. New trees will be planted and a new energy -efficient LED (light emitting diode) streetlight program, among the first in the state, will be implemented.

Also in the works, although still in the planning stages, is "Railroad Square" which will feature a Grand Central Hotel and Conference Center to be located near the Durango & Silverton Narrow Gauge Railroad. The 26,000 square foot conference center that will be a part of this project will accommodate sit down dinners for up to 600 and the hotel will feature some 200 guest rooms.

We also contintue to see exciting live-work projects whenever historic buildings are remodelled such as in the 700 block of Main Avenue where a fire in 2008 burned three historic buildings. These structures have been rebuilt with main street facades matching the old-time Durango heritage, but with sophisticated and technologically up-to-date interiors.

Downtown business owners are now, more than ever, commited to making shopping downtown a unique and pleasurable experience. A spirit of keeping local dollars in town seems to be pervading our Durango community.

In short, I'm proud to call Durango my home and proud of all of the community efforts to keep our Historic Durango Downtown the best it has ever been.


If you have any questions, please do not hesitate to contact 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.

Some Good News From The Durango Colorado Real Estate Market:

Sometimes the overwhelming attention to the "Bad News" overshadows some of the Good News that really is out there. For instance, did you know that the National Association of Realtors has recently announced the third straight month of pending home sale have increased nationally. Does this mean our economy is out of the woods? Probably not, but it does signal that we may be moving in the right direction.

You might also be interested in this Good News that doesn't get much press time:
*30% of American home owners have NO mortgage!
* Of the 70% who do have a mortgage, over 96% ARE NOT in foreclosure.
*It is a very small percentage of homes that are in default.

I continue to see the Good News in our Durango market for buyers:

1. We have lots of inventory for buyers to choose from.
2. Interest rates continue to be at all time lows.
3. Pricing is extremely competitive.

If you are a buyer, we suggest you take advantage of this great opportunity, and beware of the risks of trying to "time" the market. Remember, a 1% increase in interest rates is equivalent to a 10% change in value!!

If you have any questions, please do not hesitate to contact 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.

$8,000 First Time Home Buyers Credit Is Awesome Opportunity For Durango Colorado Real Estate Buyers!

This is a great time to buy a home, condo or townhouse in Durango Colorado with the new $8,000 housing tax credit. This is available for first time home buyers, if you purchase by November 30, 2009. As mentioned in previous blogs, if you every wanted to buy a home, now is the time. It is like a giant sale right now in the real estate market! For the first time in the Durango Colorado market, we are seeing deep discounts on listed prices, and more negotiation from the sellers. When you couple that with the current low interest rates, you have the best deals seen in years! First time homebuyers are defined as not having owned a primary residence in the last three years, so if you question whether you are eligible, check with your accountant. Also, if you have grown children, have you thought about helping them purchase their first home. One of the key new items of the $8K tax credit is the repayment requirement has been removed. It is doubtful that we will have another time the government will see the need to stimulate the real estate market by offering an $8000 tax credit, fully refundable.

TIME IS RUNNING OUT...When this was first announced, November 30th sounded a long ways away. Buyers should plan on at least 60 days for the new and more difficult lending process, and a minimum of 30 days for any issues that may come up. For example, if there were major inspection issues, it may be necessary to choose another property, or it may require additional negotiation time. In some cases, a lender may be more constrained by lending practices, and it has not been uncommon for buyers to have to find a better lender match. If you make a change in your lender choice, it will take more time.

By subtracting 90 days from November 30th, the process should be finalized by August 31, 2009. Buyers should be looking for the opportunities right now, and throughout July and August. Don't be caught with insufficient time to make one of the most important decisions of your life, and with the short remaining time, other buyers may impact the available choices.

If you have any questions, please do not hesitate to contact 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.

SENIOR SPECIAL: NO MONTHLY PAYMENTS!!!

One of the best kept secrets of the federal Stimulas package is the opportunity for Seniors (age 62 and older) to purchase a home under a federally insured program which allows a purchase with a formulated amount of down payment and NO monthly payments thereafter. THIS IS A REVOLUTIONARY WAY FOR SENIORS TO PURCHASE REAL ESTATE! For instance, my understanding is, that subject to rates published regularly, an eligible Senior purchasing a $400,000.00 single family residence to be used as a primary residence can put an approximate $136,000 down and then make ABSOLUTELY NO MORTGAGE PAYMENTS THEREAFTER.

Mark Wherry, an Investment Advisor located in Durango, has published numerous materials on how this federal program works and has told me that he would be happy to help explain this exciting financing program to any interested persons. In fact, Mark will be offering FREE Workshops about this program on Thursday, July 7th, 2009 at the Strater Hotel here in Durango at 1:00 pm, 4:00 pm and 7 pm. Mark Wherry's number is 970-259-6788

If you are a Seller currently marketing your home for sale, or a Buyer aged 62 or older, I strongly encourage you to become familiar with this program as a possible financing option to bring your residential deal to the Closing table!!

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.