Commercial Real Estate sales volume of $56.3M with 40 transactions YTD in 2018 is up 1,343.6% compared to sales Jan-July 2017 with 14 transactions worth $3.9M. Residential Real Estate sales for $90M YTD in 2018 are slightly down at 6.2% compared to sales Jan-July 2017 of $96M. Sales Taxes are up 2.38% YTD compared to taxes collected Jan-July 2017. The reason for the big jump in commercial sales is the sale of Springs Resort which was sold to EPR Properties, a specialty REIT based in Kansas City who paid $42.5 million for the property in an off-market transaction.
PAGOSA SPRINGS/ARCHULETA COUNTY MARKET UPDATE
VELOCITY (Source – PSAAR)
SALES TAX INDICATORS (Source – Town of Pagosa Springs)
RESIDENTIAL REAL ESTATE
PUBLIC POLICY CHANGES
- Short Term Rental Regulations
- $20 Million Jail Facility
- New School Going on Ballot
- Springs Resort – Sold to EPR PRoperties, a specialty REIT based in Kansas City with over 6 Billion in Assets. Paid $42.5 Million for the property in an off-market transaction.
- Possible Workforce Housing Projects Moving Forward.
- Broadband Initiative Finally Getting Traction.