Is the Durango market softening? (Mancos, Ridgway: condos, townhouse, subdivision)

[archaeo]

With what I have heard and seen, the market in Durango may be starting to soften a bit, too. I am wondering if anyone has any firsthand experience in what they are seeing there now? Prices are still high - at least the asking prices are - but have the sellers started to feel the slowdown and are now mulling over lower offers? The realtors are still saying that sellers are getting 97% -100% of asking price - but that's the realtors. I wonder if it would be worth waiting another few months before putting some offers in...

[dgoboy204]

hi archaeo ~

I can't give you the first-hand knowledge you are looking for, and these articles may be what prompted your questions (if so, my apologies), but here are some articles from the Durango Herald that may shed some light.

Durango Herald Online

Durango Herald Online

Durango Herald Online

best wishes ~

[brightdoglover]

In summer of 2006, I sold a building lot I had in Ridgway, CO, to a couple who were trying to sell a townhouse in Durango for $385K (Santa Rita, if you're familiar). Flash forward to September, 2007, and they have tenants and are asking $300K.
If I needed/wanted to buy in Durango now, I'd put in an offer that I thought made sense. I wouldn't wait for more lowering of prices if I needed a place now, but I certainly wouldn't feel pressure to get in before they go up.
The prices in general seemed quite unsustainable, except for the trophy homes.
The very high-end Rivergate loft condos continue to go down, too, as I've watched the smallest one, now down to asking $279K.
Like buying, I think it depends on how much the seller must sell, and if it's optional. I mean, sometimes people have to take a loss, and I think that's a new experience for some.

[archaeo]

Thanks for the info to both of you, it seems to be entering a buyers market there right now and there is downward pressure on prices...
There's no need to get something immediately, so we have time on our side. I think our plan will be to look around into this winter, and see if some listings get reduced. Some of the outlying areas too - Mancos, Hesperus, etc.. seem to be directly tied to Durango market forces, and may provide more for the money. I think the key here is we have some time...

[erin1205]

The prices may not reflect this yet, but sellers in the Durango area are more flexible than they have been in years! A very good friend of mine is currently trying to sell his house in the Forest Lakes subdivision. It's been on the market a year now and has gone from $324,900 down to $255,000! And he, like many many others, is very motivated...