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Old 03-21-2012, 02:27 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
20,948 posts, read 37,686,240 times
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Quote:
Originally Posted by delta07 View Post
You're right on the money here! I have some friends who are relocating to Durango from Bend, ....
Good time to do the inverse move Durango to -> Bend

Our neighbors have bought 3 places in Bend this last yr, and all are rented for much more than payments. They bought places each with extra living space / guest house, so they have spent most the winter there (for free).

Having spent much time in both.... I would choose Bend, just due to remoteness of Durango (especially if you do much international travel for work or play). For Colorado, I would have to choose Steamboat, as I prefer to be close to WY, Tho NM has some very redeeming places too,
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Old 03-21-2012, 08:32 AM
 
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I will gently say that "equity locust" does not sound like a neutral term. One could argue that it's simply financial sense if someone wants to move somewhere with a lower COL with assets from a higher COL place.
Where I live is a high COL, but the option exists to work extra or to make more money somehow (not necessarily some great job, but time put in while living cheaper). In places like Durango, it seems the option to work a lot to do better or to maybe get a high-paying job are very low.
I'd ask Jazz if he ever bought property in the same vein and if "equity locust" feels like a neutral term. I mean, none of us sits down and decides to ruin a place because we like the place and have a few bucks from somewhere else (usually somewhere people don't want to live because it's less beautiful/more crowded/ and there are reasons people live places that aren't their favorite- to make the money while they can, or to have kids in certain schools/opportunities, etc.
I don't see it as pernicious as some do, unless you want a law that says people can only live where they're born or something. Where would that put all of us?
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Old 03-21-2012, 09:02 AM
 
8,317 posts, read 25,181,256 times
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Quote:
Originally Posted by brightdoglover View Post
I'd ask Jazz if he ever bought property in the same vein and if "equity locust" feels like a neutral term.
Yes and yes. Higher cost to lower cost (downsizing) and sold a property before the real estate market crashed. For me, it's a neutral term--especially for folks like me who still work for a living and aren't trust-funders or one-percenters who have lots of dollars and not much sense--and I realize that you are neither a trust-funder nor one-percenter.
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Old 03-21-2012, 11:03 AM
 
12,866 posts, read 24,581,413 times
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For the sake of argument, it's not "lack of common sense" if a trust-funder or one percenter takes money from elsewhere and moves to a pretty place and therefore increases the COL there with outside resources. For that matter, if I retired to Durango or a similar place, I would be coming in with my outside money, right? If I bought a second vacation home in a cheaper place because I wanted to and had outside money, it would have the same effect. Where do you draw the line? (Instinctively, I draw an arbitrary line where I would never build a house in, say, Ridgway, that looked like a hotel or convention center. But I would buy the smallest house I could, and am certain it would not be in line with local wages. If you bought a retirement/second home somewhere you could not afford to live while working (or there would be no working there for you) is that the same problem? Again, instinctively or subconsciously or something, I am OK with what you or I could or would do, and find the zietgist in, say, Telluride, repulsive. Either way and in-between, though, local people+local wages cannot live the same way. Where's the line, or is really just an emotional reaction?
Everywhere I've gone, I've been part of the problem, because I don't want to live in south Jersey, where I grew up, or West Philly, where I was born.
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Old 03-21-2012, 12:47 PM
 
1,052 posts, read 1,582,368 times
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Quote:
Originally Posted by jazzlover View Post
I don't necessarily use the term "equity locust" in a pejorative sense, but the simple fact is that such people, however they acquire the cash to buy in a real estate market and who do not have to rely on the local economy to support themselves, are in a drastically different situation than the person who dreams of living in Colorado (or wherever), but has to temper that with the requirement of being able to a) support themselves with a locally-derived income and b) having to use that income to buy/rent their home in their chosen locale.

Want to see the people who live comfortably in a high-price place like Durango? They are people, usually over 40-60 years of age, with a lot of savings and investments, usually a continuing income independent of the local economy, and a lot of equity coming from a property sold elsewhere. They can pretty much call the tune about wherever they choose to live. People without those "advantages?" A whole lot tougher for them, if not impossible.
No different than anyplace else that's considered a desirable place to live. It's certainly one of the reasons that west coast real estate is so expensive. It's true anywhere near the ocean on the east coast or near any of the major east coast & mid-Atlantic cities as well. Colorado happens to contain many desirable places to live, nothing more. The big difference for Durango is it's relative isolation from large job markets & it's dependence on the tourist dollar. Lots of places like that in the US.

For me, it's pretty much in line with where I live now so moving there is not an issue from a COL standpoint. And, I'm now retired with enough savings & investments to build a house & yes.... live comfortably without needing to rely on the local economy for a job. I don't need to depend on the local economy any longer to live where I do now so nothing changes in that respect. Anybody with the wherewithal to live where they want would be crazy not to.

Anybody who is unable to afford living there is going to be in the same boat in many other US locations. Durango is not unique in that aspect and shouldn't be singled for it any more than any other desirable areas where people "dream" of living someday. The issue I believe is that some people simply don't do their homework and "leap before they look". In that case, shame on them.
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Old 03-21-2012, 01:47 PM
 
Location: Bend, OR
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Quote:
Originally Posted by CAVA1990 View Post
That's not much different than a lot of places. A 40-50 mile commute where I live isn't considered unusual for people who want cheaper housing.
You're right with the exception that most people who are doing that commute are living in the suburbs of a big city. I actually think there is a big difference when your doing that commute in a relatively remote place. But you can see both the benefits and the downfalls. I did a commute like that in the mountain town of Fairplay. It was fine during the summer, but the winter became miserable and dangerous.

Quote:
Originally Posted by Durango Bound View Post
BUT, it's only worth that commute if you can afford to buy a house and if you're willing to sacrifice 2 or more hours of your day. If you can't buy a house, you may as well pay the extra money to live a little closer to where you work and save yourself the fuel and commute time. I've thought about renting in Cortez, but to me, the benefit of an extra $150-$200 in my pocket every month doesn't outweigh the cost of adding another 2 hours to an already long work day and the cost of fuel to get me to and from.
Very true. We had free housing at my parent's cabin when we lived outside of Fairplay, which is why we did the commute. However, come winter, we didn't care about the cost savings. Our 40 minute commute became 1.5+ hours each way. We both were working 10 hour days. It just wasn't worth it to us to save on rent.

Quote:
Originally Posted by StealthRabbit View Post
Good time to do the inverse move Durango to -> Bend

Our neighbors have bought 3 places in Bend this last yr, and all are rented for much more than payments. They bought places each with extra living space / guest house, so they have spent most the winter there (for free).

Having spent much time in both.... I would choose Bend, just due to remoteness of Durango (especially if you do much international travel for work or play). For Colorado, I would have to choose Steamboat, as I prefer to be close to WY, Tho NM has some very redeeming places too,
True, for most, but not our friends. They have no intention of buying, which is good for them. I actually think Durango and Bend are both relatively remote. As others pointed out, Albuquerque is 4 hours from Durango. Portland is 3 from Bend.

For us, we are kind of stuck in Bend, even though we still think about moving back to Colorado (not necessarily Durango). We own a house, which we bought 3 years ago. The value has decreased enough (not like those that bought in the height of the market) that we will need to stay a few more years in order to break even.
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Old 04-18-2012, 10:25 PM
 
2 posts, read 4,044 times
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Durango is expensive! Period. Take it from someone who has lived here for over 20yrs! Beautiful, but it's not always the fairy tale you think. Unless you don't have to work for a living it's the place for you
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Old 04-25-2012, 06:31 PM
 
Location: Deer Creek/Edmond, OKla
655 posts, read 1,658,101 times
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If anyone is interested in buying a house in Pagosa... let me know. My father has his up for sale. The drive to Durango isn't that bad, he has been doing it daily for the last dozen+ years.
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