Living In Durango. Marketing To The World.

One of the more challenging aspects of marketing real estate is finding a balance in the different mediums. How much print advertising is enough? Are we reaching the correct audience with the internet marketing?

Our approach to each property we promote is to coordinate all of the marketing we will publish at the very beginning. Each property has its own unique qualities and the marketing we create for each property is as unique. The design created for each property runs through all print and digital media.

Our print advertising begins with the printing of full color, multi-page brochures. We also reserve a space in The Durango Herald for a print advertisement and a real estate exchange cover position. Properties also appear in The Wells Group’s Listing Guide – a full color magazine featuring all Wells Group properties.

In addition to our print advertising with the Herald, we dedicate space for a web ad for the properties that we represent. The properties are shown for 1 week on a rotating basis and appear on the local and regional news pages.

On average, our advertising on www.DurangoHerald.com receives 9974 impressions. Out of those impressions, our ad receives 38 click throughs. This means that 38 people were directed to our website, www.DurangoRealProperty.com, for the information specific to the property featured in that week’s ad.

Additionally, each property is featured on our personal website, the Wells Group’s website www.wellsgroupdurango.com, and sites such as Trulia.com, Zillow.com and more.

As comprehensive as we feel our marketing is, we know that it is only a means to an end. The real results are seen once we are in contact with the prospective buyers and can put our expertise and customer service to work.

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 18+ 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.

Location, Location, Location!

Owning real estate is all about location, location, location. And although times have been tough, one of things we can boast is the tremendous continuing appeal of Durango, Colorado. Towards the bottom of this message I've reproduced an article from the Durango Herald reporting yet another "top" award given to Durango. I must confess that I'd never heard of a "micropolitan" area, but, according to the below article, it is an area of less than 50,000 in population and Durango ranked no. 1 out of 576 of such areas. The award is for consistency in both size and quality of economic growth. So, a great big "shout out" for Durango, and while I'm at it, below you'll also see a partial list of other awards Durango has won over the years.

Durango Area Awards:

2011 "Best Town," Outside Magazine

2011 "Top 'Micropolitan' area in US," Policom

2011 "One of Coolest Towns in America," Men's Journal

2011 "Top Ten Western Towns," True West Magazine

2011 "Green Power Community," Environmental Protection Agency

2010 "Top Small Town for Meetings & Events," Meetings & Events

2010 "Governor's Award"

2010 "Top Ten Ski Resorts to Down a Local Beer," Away.com

2010 "The Top 20 Ski Resorts in America," Aroundme.com

2010 "Town to Watch," True West Magazine

2009 "Top 10 Places to Raise an Outdoor Child," Backpacker Magazine, CBS News

2009 "Best Places to Live in Rural America," Progressive Farmer

2009 "Top Ten Train Rides," Society of American Travel Writers

2009 "The West's 20 Best Small Towns," Sunset Magazine

2009 "Top 20 Romantic Getaways," Sunset Magazine

2009 "American's 200 best Hunting and Fishing Towns," Outdoor Life

2008 "Top Ten Western Towns," True West Magazine

2008 "7 Great Mountains to Ski with Your Kids," Ski Magazine

2008 "Governor's Award for Historic Preservation," Colorado Historical Society

2008 "Silver Level Bicycle Friendly Community," The League of American Bicyclists

2008 "Colorful Colorado Award," Governor's Award for Downtown Excellence

2008 "Top 10 Christmas Towns," HGTV

2008 "Top 20 Resorts," Conde Nast Traveler

2007 "American's Dozen Distinctive Destinations," National Trust for Historic Preservation

2007 "next Best Places to Ski, Live, Invest and Retire," Ski Magazine

Durango named top ‘micropolitan’ area in U.S.

By Jordyn Dahl
Herald Staff Writer

---

It’s about quality, not quantity, is the takeaway message of an economic study that named our community the top “micropolitan” area in the United States. A micropolitan area is defined as one with a population of less than 50,000 people. Policom, an independent economic research firm specializing in local and state economies, did an analysis that ranked Durango No. 1 out of 576 micropolitan areas studied. Data used for the study included not just Durango, but all of La Plata County. “It’s outstanding that La Plata County is ranked so high,” said Joanne Spina, interim county manager. “We’ve been in the top 10 for the past four years and (the ranking) speaks to the diversity of our economic base.” Durango debuted in the top 10 in 2008 at No. 8. The city has continued to climb, reaching No. 3 last year. “It’s not unusual for Durango to go to the top,” said William Fruth, president of Policom. “Over an extended period of time, it’s shown a tendency of having consistent economic growth in size and quality.” The study looked at 23 different economic factors, including wages and earnings. The amount of public assistance going into each community also was factored in. Durango scored low in this sector, which reflects a strong economy, Fruth said. The Durango area has the second lowest per capita amount of Medicaid dollars coming in of any micropolitan area and one of the lowest per capita amounts of welfare dollars. Durango also scored well in earnings and wages, despite the city’s reputation of requiring people to have two or more jobs to make ends meet. In 2009, Durango’s average wage was 76 percent of the national wage. “Durango has improved relative to the national average wage every year for 10 years,” Fruth said. “It’s a sign that the quality of the economy has been improving.”

What industries pushed Durango to the top? The No. 1 primary industry in the Durango area is “mining,” or the extraction of natural gas. It accounts for 33 percent of the economy, with state government close behind. Farming accounts for about 10 percent, according to Fruth. Despite the decline in natural-gas prices, Durango Chamber of Commerce Executive Director Jack Llewellyn thinks gas will continue to stimulate the economy, and BP, the county’s largest producer, will remain for the long haul. “BP will continue drilling in La Plata County as San Juan produces the most natural gas with the least amount of wells,” he said. “BP took rigs to Pennsylvania, but they are still using rigs to clean up wells here.” Another Colorado city, Edwards, fell from first to ninth for micropolitan areas and is the only other city in the state to make the top 10.

The study measures economic factors over a 20-year period. This year’s study took data from 1990 to 2009 – the most recent data released. Data analyzed was from the Bureau of Economic Analysis and the U.S. Department of Commerce.

Policom first ranked micropolitan areas in 2002.

jdahl@durangoherald.com

When to Use Zillow.com?

You may have heard of Zillow.com, a leading online real estate data bank. Many folks tell us that they are following Zillow.com with respect to how it currently values their home or property. Certainly, Zillow.com can offer a starting point to determine a general value for a property you are considering buying or in determining a general value for a property you are considering selling or refinancing. As a matter of fact, our office advertises on Zillow.com because it reaches so many households.

However, in our opinion, Zillow.com cannot take the place of hiring a professional appraiser or connecting with a real estate professional to receive a Comparative Market Analysis (CMA) if you are thinking of buying or selling real estate. Even Zillow.com freely admits that: It has never done an on-site inspection of property; never seen how property finishes, landscaping or location compares with other properties in the same market; and that their data source may be inaccurate due to incomplete information. As an example, we have a property that in one Zillow report came up as valued at $215,700 and in another report similar in timeframe for the same property came up as valued at $1,272,200. That's a rather remarkable discrepancy!!! By the way, my opinion of the value of that property is $1, 499,000.

Here is an analysis for your consideration: Is it helpful to go on-line for medical information and even possible advice given a particular set of medical symptoms? Perhaps yes. We probably all have done that. However, would you rely on that on-line opinion in lieu of seeking professional medical advice for a serious medical condition? Most likely the answer is No.

Zillow.com offers an impersonal, computer-generated estimate of values. It is here to stay and serves a function in today's busy world. But, we caution you to use this service with common sense. A real estate investment may well be one of the most valuable assets you purchase or sell. Whether you are thinking of buying, selling or refinancing, make sure you take the time to get a serious and well based opinion of value from a reputable real estate professional or appraiser in your market.

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 18+ 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.

Back to School

School is back in session and more than likely it’s time to dust off the ol’ bill pay and make room for pencils, notebooks, and the constant stream of homework piles. Use my helpful tips to reign in those piles to maintain aesthetic peacefulness and productivity in your home.

--Define your workspace: Make ample room to work; fill cups, baskets, and trays with all your supplies to keep this area clear. Designate these spaces as a “home base” for each individual supply rather than catchall buckets.

--Paper piles: Collate, clip, and clear…get the jagged edges out of sight by using file folders and vertical trays. Anything you can use to work upward creates more horizontal workspace. Shelves and bulletin boards prove to be not only utilitarian but visually interesting as well.

--Storage: Nothing is simpler than a large under counter drawer for those unsightly items you want to hide in a hurry. Consider getting a unit on casters for each kid in effort to designate storage space but easily move for using a shared workspace.

Is It Time To Invest In Real Estate?

You may be having a difficult time determining where to invest in the markets. The Dow Jones average has lost 8.22% in the last month, and it has a yield of 2.89% annualized over the last 5 years, and 3.6% annualized over the last 10 years. The 2 year U.S. Treasury bonds have a yield of .26%. Gold values have escalated with worries over the economy and the potential for long term inflation. Is there a better answer?

You may want to consider a real estate investment. The downturn in the real estate market over the last six years offers some interesting opportunities. More people are choosing to rent, values of properties have come down, and mortgage interest rates are at a 100 year low.

Rental housing in the U.S. serves a population of 39 million households, and among those under 25 years old, 78% are renters. The occupancy rate for apartments is 94.3% nationally, which is up approximately 3% in the last two years. Locally, we have had strong demand in the rental market, and recently, landlords have expressed their surprise on the number of calls from Craigslist and other advertising for available housing.

What kind of return can you expect from a residential or commercial investment? The net return on a cash investment in residential real estate is often 4-6% annually, and the returns for commercial real estate range from 6-8% annually in this area. Real estate investors often benefit from the use of leverage in their investments. Leverage is simply borrowing money, and utilizing less of a cash investment. The minimum down payment is typically 25% and may be greater depending on the investment strategy. With interest rates at historic lows, and the ability to “lock in” the rates for up to 30 years, investors will usually choose to minimize their cash outlay, and have the rents cover the payments on the loan.

Rents have historically increased over time. This adds to the long term return of investment real estate.

The other advantage to residential or commercial investment is the hedge against inflation. Like precious metals, hard assets have an intrinsic value and can act as a hedge against inflation. The long term appreciation of residential properties in the Durango, Colorado area has been about 6%, although there has been a negative valuation in the last few years. When appreciation returns to the market, long term investors may see a combined annualized return of over 10%, with rents and appreciation.

Investments in real estate should be considered as long term investments. Investors may want to consider holding real estate in their portfolio for multiple years.

If you have any questions about investing in Real Estate, 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 18+ 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.

Types of Surveys

There are several types of surveys that a Seller might be asked to provide and/or that a Buyer might want to purchase in a real estate transaction. Below is a brief description which was prepared by a local surveying company, Mountain Man Surveying, Durango, Colorado. I've also noted fees charged for each kind of survey by that company. Fees may vary by company and should be checked prior to engaging a surveyor.

1. Improvement Location Certificate: The purposed of this document is to provide a map of the property which identifies any issues with encroachment. It shows all improvements and recorded easements on the property except for utilities. This is not a BoundarySurvey and is not intended to be used for constructing new improvements or fences, only to identify the location of existing improvements. Fees: Within Durango $300.00; 0-10 miles from Durango, $325.00; 10-20 miles from Durango, $350.00; over 20 miles from Durango, $375.00.

2. Boundary Survey: The purpose of this survey is to locate existing monuments that pertain to the property, replace corners that are not set and to show any monuments that may be placed in an inaccurate location. A plat is provided and it is a requirement of the surveyor to record a deposit plat with the county if any corners are set by the surveyor on a metes and bounds description or if pins are set within a subdivision which has a recording date that is older than twenty (20) years prior to the date of the boundary survey. Existing improvements are generally not shown, unless asked for, and recorded easements are shown if a title commitment policy is provided. Fees: based on total of fieldwork and drafting, $800 to $1200.

3. Improvement Survey Plat: This type of survey is similar to a Boundary Survey and all of the same rules apply, except that all improvements are shown, including fence lines. Fees: based on total of fieldwork and drafting, $800 to $1200.

4. Alta Survey: This type of survey is similar to an Improvement Survey Plat, except it is subject to guidelines required by the title insurance company and may include items such as underground utilities. All exceptions from the title commitment policy are shown on the plat and the survey data is subject to much more exact tolerances for setting and showing monuments related to the property. Fees: based on total of fieldwork and drafting and also the required information to be identified on the survey, $2500 to $3500.

5. Elevation Certificate: This is a document which shows various elevations of a subject property in relationship to the existing flood plane data. Fees: similar to those for an Improvement Location Certificate.

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 18+ 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.

I'm an Accredited Buyer's Representative

One of my top priorities as a Realtor is to make sure I continually educate and update myself. I devote approximately 20 hours a year, at least, to my continuing education. I hold many speciality real estate designations earned by taking extensive course work in each designated specialty. One of my most valued specialty designations is Accredited Buyer’s Representative (ABR). I am not the only Realtor who feels the value of earning this designation. This designation was ranked #1 as having the most value in a recent survey of members who hold the ABR designation.

Below is a list of questions republished from the July issue of Today’s Buyer’s Rep published by the National Association of Realtors . Buyers should ask themselves these questions as they make a decision about seeking representation in today’s real estate market. My sincere belief is that my expertise is a huge asset and brings value to the table for buyers in today’s confusing and challenging real estate marketplace.

1. D o I have time to not only research the residential housing market but also understand the best type of property to purchase based upon my needs?

2. Do I have access to the most up-to-date and comprehensive information on properties for sale?

3. Do I understand how to accurately interpret market data? (For example, how to compile and evaluate actual sales data and absorption rates?).

4. Do I know how to interpret this data in a way that will help me structure an attractive offer that has a reasonable chance of closing?

5. Do I understand real estate representation? The difference between being a client or a customer? What rights and duties come with representation and who is loyal to the seller versus the buyer? In other words, have I researched the value of formalizing a relationship with a buyer’s agent?

6. Am I familiar with the common residential real estate contract and how to interpret various clauses to best protect myself from making common buyer mistakes?

7. Do I have the expertise to negotiate on my own behalf when, for the most part, the seller’s side has a real estate professional assisting the seller with negotiations?

8. Do I have the ability to find a qualified home inspector? What about other qualified professionals needed in the real estate transaction?

9. Do I have time to research current home loan programs and determine which one is best for me?

10. Do I know the zoning regulations and building codes pertaining to residential real estate in the area I am interested in moving to? Do I understand how this may impact my plans to use or modify the property I want to purchase?

These issues and more may come up during the home buying process. If you have questions please don’t hesitate to contact me. It would be my pleasure to assist you as a Buyer’s Agent as you look for property in the Durango, Colorado area.

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 18+ 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.