There was a flurry of activity last week with four offers at Peregrine Point, the newest completely whole-ownership slopeside condominium development at Purgatory (Durango Mountain Resort). Additionally there were two new whole ownership contracts written at Purgatory Lodge, the flagship of Purgatory's new base area development. Since this market had been stagnant, we're encouraged by the activity. It didn't hurt that both developers lowered prices beyond anything we had predicted, and buyers have begun to take note. The train is leaving the station. If you're interested in getting the purchase of a lifetime in mountain or resort property, you've perhaps got six months left. Case in point - At one point there were about ten homes in the resort market that we would have considered priced below replacement cost. There are three left. Inventories are not being replenished, because builders have taken such a hit in the last couple of years. That spells prices going up when those last three are sold.
I spent the holiday doing a lot of stuff like the photo below when I wasn't working. This photo was taken on the Silvershield trail in Ouray, Colorado. And no, I did not descend upon snowboard directly off the side of that cliff. In fact, I couldn't ski for another thousand feet up because the mountains there are too rugged for my abilities down near the valley.
There's some amazing backcountry skiing up near Red Mountain Pass between Silverton and Ouray. We had a little taste of it on New Year's Day. It was a fine way to usher in the New Year.
As another way to celebrate and be mindful of the New Year, one of the exciting things we get to do in our new company is give a portion of our commissions to worthy charitable organizations. One of the values of The Wells Group is its support of the local community organizations. A portion of every commission earned at The Wells Group goes into a community fund. Each broker is able to spend that money how he/she sees fit throughout the local community by donating to community organizations and charities. Additionally, The Wells Group selects three organizations to donate to as a company at the end of the year. Here's a copy of the letter sent out to our clients:
As The Wells Group completes its 25th year in real estate in southwest Colorado, the brokers, owners and staff of The Wells Group wish to extend to you and your loved ones, Season’s Greetings and the very best for the New Year. It’s because of clients, supporters, business associates, and friends like you, we have been able to assist people in their real estate needs through the years.
Again this year, The Wells Group would like to acknowledge your patronage by making a charitable contribution to a local organization on your behalf. Our brokers have identified the following local charitable organizations to be recipients of this year’s contribution:
1. The Family Center
2. Riverhouse Children’s Center
3. Project Merry Christmas
Please choose one, contact me, and a contribution will be made in your name.
Thank you for your continued support of The Wells Group. We look forward to serving you for all your real estate needs in 2010 and the years to follow.
Just like the letter says, if you've worked with us in the past and you want us to make a contribution in your name, simply pick one of the above and we'll affix your name to the donation. Please respond by January 18th. After all, it's you who make it possible for us to give. This is another reason we both feel great about our partnership with The Wells Group.
Don't forget to check us out at our new Facebook and Twitter locations (links provided in this sentence). We're using these social media outlets for one very specific purpose to help those interested in real estate in this region. We're posting the very best deals in the market that we see. For example, today we posted an amazing deal on a ElkPoint Townhome slopeside in the Purgatory base area. It is priced at $895,000 fully furnished. This price is relevant to the original pricing on the project circa 2001. It's a resale and it's not our listing, but we don't care. Our goal is to keep you informed of the really good opportunities. So far, our postings have sold pretty quickly, which should come to no surprise. So, sign up for either our Twitter or Facebook updates, and get instant information on the "can't miss" properties in the market.
The Wall Street Journal recently compared real estate affordability to the market after The Great Depression, or better. Check it out here.
And in case you missed it last time, we think our customers have the most to say when it comes to why you should choose The Wells Group Mountain Resort Brokerage if you're interested in Durango real estate. Here is the link to our testimonials.
We wish you a wonderful year. Let us know if we can help you make Durango part of it.
