r/DurangoCO

So what's going on with real estate in Durango? Median YTD sales prices are maintaining, new listings have slowed a bit, YTD sales are still considerably up, and we're still working with more active listings now and this year from year's past. That's the simple boring stuff.

• In town, the active median list price is about 13% less than July's closed price.
• Nearly half of the active listings in town have dropped their price.
• The mountain/resort market (Tamarron, Glacier Club, Purg area) is kind of interesting if you start peeling back some layers. Allllll that inventory, like 17+ months of supply, and you'd think some of those folks are would be begging someone to buy their property, but there's more to it than that.
  • 45% of the listings in Tamarron haven't touched their price, and 80% of the listing in Glacier haven't dropped their price. It's a mix of patience, and financial security. Glacier Club is priced well above what a rate sensitive, need-to-move seller typically owns: second homes and investment properties, people that can hold rather than chase a number down.
  • I suspect the biggest source of motivation might come from those units in the lower price brackets that were affordable and obtainable to more folks than the 7 figure properties, and HOAs and taxes have started cutting too deeply into their margins.
  • Also, there's something like 22 active listings in the Tamarron lodge alone. Don't let the quality of patience cause you to chase the market. 7 lodge units have sold this year, at some point, if you want to sell, you're going to have to compete.

Speaking of condos, there's a change to lending that started coming down the pipes and has pretty much arrived. I spoke to it on some my socials (my socials.. who am I kidding, I think I just put it on FB). The nitty gritty is lending is going to start doing a deep dive on condo HOAs (finances, insurance, etc.) and really start to turn over some rocks. If you're paying cash, it's irrelevant (although you probably want to know about that stuff too), and I think it's within a year, HOA reserves will need to have 15% (instead of 10%) for maintenance and repairs. There's going to be some new items with lending and insurance that may or may not come up on your condo purchase (and sale!), but that's a conversation for your lender and insurance agent. I put an image up with a few bullet points, sorry, this one has my info on it- usually I soften/eliminate the personal branding on the stuff I post here.

Other interesting news, portable mortgages may be back on the table. Some legislation was recently introduced, so it's got a looooong way to go, but on the surface level, it seems like it would offer the intended relief. But... if 3% rates are back on the table, will that just drive prices up again, while pushing the divide between those who already own vs those still trying to get their foot in the door?

Hi there,
My name is Jennifer & I manage a large marketing/modeling brand ambassador company here in Colorado. I have a few liqour tasting events coming up that I need to hire someone local to work. It’s representing Whistle Pig Bourbon, super tasty!!! I pay $40hr and it’s a 1099 job!!! Lmk if you’re interested