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Looking to buy a second home in Durango Colorado, but

6,891 Views | 22 Replies | Last: 2 yr ago by Sully Dog
Philip J Fry
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AG
My goodness. Are these prices sustainable? The value of the house we are looking at has gone up 200K this year according to Zillow. The value vs time trend line just looks out of wack to me in the way that suggests a major bubble about to burst.

https://www.zillow.com/homedetails/4556-County-Road-240-Durango-CO-81301/13931882_zpid/
flyingaggie12
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Mountain towns across the country have blown up due to even more restricted supply and crazy demand from californians/new yorkers being able to work from home. Unless they get called back those markets will be out of balance for a while. There's also limited labor making it harder to build inventory quickly.
flyingaggie12
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Love southern colorado though, hopefully I'll buy some land out there soon and build a cabin.
Philip J Fry
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We've heard issues with labor as well. Even just finding a handyman is hard.

At this rate, it seems like I'm going to price myself out of a home if I wait much longer.
Red Pear Realty
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AG
Does the price curve look like this?

https://fred.stlouisfed.org/series/M1

Has the Fed admitted how much money they actually printed and reduced our debt accordingly to pre-pandemic levels? There is your answer.

(This is on top of the factors mentioned above).
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
MAS444
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Been looking in that area myself for several years. Should have bought a year or two ago. Holy hell things have skyrocketed!
Philip J Fry
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Red Pear Realty said:

Does the price curve look like this?

https://fred.stlouisfed.org/series/M1

Has the Fed admitted how much money they actually printed and reduced our debt accordingly to pre-pandemic levels? There is your answer.

(This is on top of the factors mentioned above).


Pretty much.
Philip J Fry
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AG
Hell, should have bought 5 months ago.
Philip J Fry
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Making an offer today. Nervous about both losing out and winning the property.

Here's the view from the front deck.
12thMan9
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Does the deck include a house?
Ronnie '88
flyingaggie12
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that's awesome, hope you get it!
MAS444
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AG
Awesome. Congrats!
Philip J Fry
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Yikes. I thought we brought a strong offer to the table, but someone came with 25K+ over asking price plus cash in case it doesn't appraise. Not going to attempt to compete with that.
flyingaggie12
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Sorry to hear that Phillip, It's a tough market out there. At the end of the day you gotta do what you're comfortable with.
xaggie95
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We bought several ac and built house in Santa Fe, NM. It was a win win for us, close to CO for camping and our friends and relatives in TX. Everywhere things continue to go up up up.
HouAg12
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Check out Pagosa
MAS444
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It may be a blessing in disguise if this is near the top of the market. I'd sure like to think things soften up over the next few years anyway and that there will be better opportunities down the road.
Philip J Fry
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Yeah, that's my thought as well seeing that the prices appear to be going parabolic.

Still, this one stings.
Schall 02
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Is that Lake Purgatory?
Philip J Fry
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Purgatory is well outside my price range at the moment. This is lake simpatico near Vallecito and this was the listing.

https://www.zillow.com/homedetails/1858-Pine-Valley-Rd-Bayfield-CO-81122/69051657_zpid/
Philip J Fry
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AG
MAS444 said:

It may be a blessing in disguise if this is near the top of the market. I'd sure like to think things soften up over the next few years anyway and that there will be better opportunities down the road.


And for about 70K less, we are now under contract for a different house in the same neighborhood/street within walking distance to the lake.
MAS444
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Sweet!!! Congrats. Let me know when you close and when we can come visit.
flyingaggie12
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Just in time to see the aspens turning
Sully Dog
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Congrats
Deplorable Neanderthal Clinger
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