Are Small Homesites Selling At All?

QUESTION: I have a lot in the Hatcher lake area. Are the properties selling at all, or is the market still dead…I bought at 48 thousand and its .30 acre. Good unblockable view of the mountains, no lake view, on Monte Vista and North Pagosa Blvd.

Answer:  The property you own is in Pagosa Highlands Estates which is a subdivision within the Pagosa Lakes Resort Area. It appears you purchased the property for $48,000 in August of 2005. The year 2005 was the peak of the real estate boom. Unfortunately, property values on small homesites within the Pagosa Lakes Area have stagnated and even declined as a result of a significant increase in inventory and fewer buyers. My records show that only 11 properties within Pagosa Highlands have sold this year through the MLS while 81 are currently listed. Of those sold, the lowest price was $12,500 and the highest was $79,900. This is a fairly large subdivision with 688 lots total. The terrain varies from hilly to flat meadows. This subdivision also boarders the National Forest. Those properties that border the National Forest still receive high prices. Yours is a nice property on the meadow with some mountain views. My estimate would be that your property would bring between $20,000 to $30,000 in this current market climate. My suggestion is for you to hold for the long term if you can comfortably do so. If not, you will certainly take a loss, but if you need to sell quickly, you will need to be priced toward the bottom of that price range I gave you. Thank you for your question. I hope this real estate market perks up for everyone in the near future.

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Posted by Jim on Oct 9 2008. Filed under Real Estate. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.