Durango Real-Estate predictions for 2010 (middle-class, sales, real estate market)

[Rebscott]

Since no new threads have been posted lately regarding Durango, I thought I'd ask all of you what your predictions are for the 2010 Durango area real-estate market? Please give your thoughts on primary residential, duplex's, single unit rentals and vacation rentals. Where would you all invest this year? Thanks!

[jazzlover]

Nowhere. My opinion is that we poised for the next big leg down in the real estate market. Colorado was late entering this mess, but the stage is set for a vicious decline. In areas overpriced and heavily reliant on retirement, second home, and equity investment from other areas, I expect the downtown to be especially brutal. That pretty much describes Durango perfectly. I think it's just a question of how soon it hits and how long it lasts. Fairly soon and really long is my prediction, based on my observance of the markets in Colorado for 3+ decades now.

[CAVA1990]

Can't imagine it will be anything other than a buyer's market.

[jazzlover]

Originally Posted by CAVA1990

Can't imagine it will be anything other than a buyer's market.

More like "catching a falling knife," as they say in the securities market.

[CosmicWizard]

There may be pleasant surpries. I don't think the situation is as glum as some might have us believe. I'm willing to let my imagination soar with the possibilities. What is...is. Make's no sense to limit our imaginations to the trend that alreay exists. That would be a great mis-use of creative power!

Imagination is everything. It is the preview of life's coming attractions.....Albert Einstein

The true sign of intelligence is not knowledge but imagination.....Albert Einstein

[jazzlover]

Originally Posted by CosmicWizard

There may be pleasant surpries. I don't think the situation is as glum as some might have us believe. I'm willing to let my imagination soar with the possibilities. What is...is. Make's no sense to limit our imaginations to the trend that alreay exists. That would be a great mis-use of creative power!

Imagination is everything. It is the preview of life's coming attractions.....Albert Einstein

The true sign of intelligence is not knowledge but imagination.....Albert Einstein

This is where you and I differ. I don't consider a collapse in the real estate market a bad thing. The possibilities that I look at are that normal middle-class folks might actually be able to afford to buy a home without using financial smoke-and-mirrors to do it. I look at the possibility that a whole lot of people who were employed in building what was essentially non-productive and non-earning real estate crap might eventually find what would be truly economically productive employment. I look forward to the day when we are not wantonly destroying the natural beauty and historical heritage of places like Durango just so people can have some second home McMansion to go to just to goof off. I imagine the day when many Colorado communities quit being "cartoon" versions of real towns replete with a population rife with cartoon-like characters detached from reality to real communities with normal community values. I do think it is going take a cathartic crisis both nationally and locally before we can get there, but I say "bring it on." The sooner it happens, the sooner we change and adjust, and the sooner we get to something better than the hedonistic, unsustainable mess that constitutes much of the current Colorado and national "lifestyle." Of course, a lot of what I call the "spoiled brats" in this country won't like what lies ahead, but they'll just have to get over it. Party time for them is over no matter what--they just don't quite know it yet.

[prerunner1982]

I hope the housing market in that area (Durango-Pagosa) gets better. My father has been trying to sell a house in Pagosa for a while now and would really be nice if it would sell so he could move back to OKC and spend time with his grandkids.

[80skeys]

I don't know why people bother trying to predict markets. It's been known for a long time these things are not predictable.

[proveick]

Short term trends.
Durango average and median listing prices - Trulia.com
RP

[proveick]

Trends


■As a result of Colorado’s high foreclosure rate, the real estate sales market is declining. Although foreclosures are continually rising, some predict that the real estate sales market will improve within the next two years. Due to the number of foreclosures, the real estate rental market is climbing. Many homeowners are renting their properties, instead of selling, to preserve ownership. Meanwhile, some of the same homeowners find themselves renting other properties that have a lower monthly payment.
■In June 2007, Governor Bill Ritter signed into law four new mortgage broker bills that gave the Director of the Division of Real Estate regulatory authority over mortgage brokers in the State of Colorado. As a result, in addition to having regulatory authority over real estate brokers and appraisers, the Division of Real Estate now has jurisdiction over mortgage brokers, as well.
■One stop shopping is addressed through new laws that require disclosure of new or changing affiliated business arrangements between real estate broker and other settlement providers and/or companies. Settlement providers include but are not limited to, title companies, mortgage companies, appraisers and inspectors.
■The Division of Real Estate has a new Consumer Outreach and Education Department that will focus on providing consumer awareness while educating consumers and real estate professionals.
■The trend shows real estate broker applications for licensure are declining. Consumers, in the real estate market, are increasingly relying on the internet to obtain real estate information and services.
■The Division of Real Estate’s mission is consumer protection as well as creating a competitive market where business can thrive.