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Pagosa Springs/Archuleta County Market Update – August 2018

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

Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – PSAAR)
Commercial Sales Volume
Commercial Transactions
$3,900,000
14
$56,300,000*
40
+1,343.6%
+185.7%
SALES TAX INDICATORS (Source – Town of Pagosa Springs)
All Sales Taxes
Q1 2017
$172,774
Q1 2018
$176,894
+2.38%
Lodging Taxes
YTD 04.31.17
$207,571
YTD 04.31.18
$227,398
+9.5%
VACANCY RATE
8.5%
7.5%
-11.8%
CAP RATES
8%
7.5%
-6.3%
RESIDENTIAL REAL ESTATE
Residential Units Sold
270
240
-11.12%
Residential Total Sales
$96,166,951
$90,189,217
-6.2%
Residential Average Price
$337,655
$375,788
11.3%
Days on Market
149
152
-.02%
Residential Listed for Sale
341
313
-8.2%
PUBLIC POLICY CHANGES
  • Short Term Rental Regulations
  • $20 Million Jail Facility
  • New School Going on Ballot
DEVELOPMENTS
  • 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.

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About The Author

Mike Heraty, Pagosa Source Real Estate Advisors

Mike Heraty has over 32 years of experience in the real estate industry across nine states, with 17 years of real estate experience in southwestern Colorado. Mike Heraty is based in Pagosa Springs and has expertise in residential, land, resort and commercial properties and specializes in developing and marketing ranch properties.