Stay for a Lifestyle

About 95% of the inquiries I get are about foreclosures.  Here is information about how many we get in this listing area, which includes Fremont, Park, Lake, Saguache and Chaffee counties.  Year to date, there have been 36 residential foreclosures, for the same period in 2009, there were 26, for the same period in 2008, there were 4 and for the same period in 2007, there were 0!

Although homes in foreclosure are priced less than fair market value, there is often damage to the structure.  Also, lenders are more tedious to work with.  They require mounds of paperwork, ask for higher earnest money deposits and want quicker closings.  Competition can be fierce and fast, requiring that a bidder be brave and bold! 

Houses other than foreclosures are well priced and can be purchased in a more sane fashion.  It is a matter of knowing the market and finding a Realtor who will look out for you.

Leslie Walker, CRS, GRI, REMAX, 719 539 6060 or leslie@buysalida.com  

For June, the Chaffee County Board of Realtors reported that 48 homes sold in the area (Chaffee, Fremont, Saguache, Lake and Park counties).  Total home sales in all areas for the second quarter were 104.  Total home sales in all areas for the first quarter were 73.

Home sales in Salida for June '10 were 14, sales for June '09 were 8, sales for June '08 were 15, sales for June '07 were 24.  Year to date home sales in Salida for January-June '10 were 60, for January-June '09 were 55, for January-June '08 were 91, for January-June '07 were 128.

Overall, sales are up but nowhere near the high of June '07

If you would like to receive regular real estate reports, subscribe to my complimentary monthly e-newsletter at leslie@buysalida.com. 

Salida holds its 6th annual bicycle competition July 30-Aug. 1.  This 3-day event includes time trials, criterium and road races.  Categories are juniors, seniors, paralympians, masters, by age and sex.  Other activities during this time are Farmer's Market, beer/pizza tent, single speed criterium.  This is a Rocky Mountain State Games and prizes total over $5,000 in cash and merchandise.  Registration is at www.southcentralracing.com.  Volunteers can sign up at volunteer@southcentralracing.com.

This event is sponsored by Salida's local racing and recreational riding group - the South Central Racing Club.  They host numerous "show and go" rides at set times and dates during the week.  From the B ride in the morning (BAM) to the Sunday Pastry Ride and the men's ride.

Another reason to "Come for a Day.  Stay for a Lifestyle."  Leslie Walker, REMAX Mountain Vista Properties, 719 539 6060 or leslie@buysalida.com

In a recent workshop on "Economic Benefits of Historic Preservation," my presentation covered real estate trends.  Resources from San Diego, Abilene, TX, New Jersey Historic Trust, Chicago, Philadelphia, Sacramento and New York showed that historic properties or homes in the historic district command a premium upon resale.  The amount ranges from 2-72%.

In Salida, research shows that historic homes built in 1880 to 1920 which sold between January 2009 to January 2010 generated $189 per square foot compared to homes built after 1920, which sold for $164 per square foot and stayed on the market longer.

For more details on studies or specifics, contact Leslie Walker, Broker/Owner, Salida Historic Preservation Commission.  719 539 1031 or leslie@buysalida.com.

Home sales in Salida rose to 12 for the month of November compared to 7 for the previous month.  Homes sales for the same period a year ago were 7 for November and 11 for October.

For the past year from December 1 2008 to November 30 2009, home sales in Salida were 121 with the average sales price of $291,209 and the median sales price of $271,500.  Average sales to list price was 95%. Days on the market was 214.

For the same period a year ago, 168 homes sold at an average price of $297,168 and a median sales price of $254,500.  Average sales to list price was 95%.  Days on the market was 162.

The sale of residences for the area covered by our Multiple Listing Service, which includes Fremont, Chaffee, Lake, Park and Saguache counties, for December 1 2008 to November 30 2009 totaled 344 with an average sale price of $243,114 and a median sale price of $215,500.  Days on the market was 203.

This compares to the same period a year ago when sales totaled 463 with the average sale price of $220,000 and the median sale price of $266,325.  Average days on the market was 188.

In summary, for Salida, sales are up even though prices are down slightly and homes sit for longer.  In the area, sales are down and houses spend longer on the market. 

It's common to read residential statistics.  However, in the country (I refer to people who live in Salida as "urbals," i.e. urbanites living in a rural area), it is important to track the sale and inventory of land. 

Like the housing market, there is a big supply.  Definitely a buyers' market, the price categories reflect the amount of inventory.  From December 1, 2008 to November 30, 2009, 59 lots sold.  Currently, there are 296 lots on the market, which is a 5+ year supply.  Here's how it breaks down:

Category 1:  .01-.9 acres, 29 parcels sold, 64 are for sale=2+ year supply.

Category 2:  1-5.9 acres, 16 parcels sold, 120 are for sale=7.5 year supply.

Category 3:  6-34.9 acres, 7 parcels sold, 39 are for sale=5.7 year supply.

Category 4:  35-50 acres, 4 parcels sold, 37 are for sale=9.25 year supply.

Category 5:  51+ acres, 2 parcels sold, 6 are for sale=3 year supply.

The biggest seller is the smallest size lot, which would be in town.  Even riverfront property has a supply of 4.75 years.

Statistics compiled and interpreted by Leslie Walker, CRS, GRI, Broker/Owner, Salida Realty, leslie@buysalida.com, 719 539 1031

A client asks, "What needs to happen for my land to sell?"  Good question!  Land, like houses, has many facets:  location, terrain, mountain views, building sites, price, access, utilities.  But, few of these - except price and utilities - can be changed.  It is like remodeling a house.  You never get a return on investment, but it helps to sell it. Does it make sense to drill a well?  It can be expensive, but it gives buyers a sense of security.  Is it important to provide electricity to the land?  Some people like living off the grid; for others, it's no electricity=no deal!  Can a property be divided?  The planning department knows.  Does it have covenants? 

Here are vacant land statistics for Salida:  There are currently on the market 297 parcels.  From Nov. 2008 to Oct. 2009, 59 pieces sold; from Nov. 2007 to Oct. 2008, 89 pieces sold; from Nov. 2006 to Oct. 2007, 103 pieces sold; from Nov. 2005 to Oct. 2006, 141 pieces sold; from Nov. 2004 to Oct. 2005, 97 pieces sold.

In the early 2000s, there was little land for sale, and developers got busy!  The result is a 5 year supply.  Overall, it is a buyers' market.  However, within that inventory, there are pockets where it is a sellers' market. 

How's the market in Salida?  It depends!  If you look at the number of homes for sale in the area encompassing Coaldale, Howard (western Fremont County), Salida, Nathrop, Buena Vista and Turret (all Chaffee County), there is a supply of nearly two years (1.89 years).  That's from homes sold from November 2008 to November 2009 compared to those on the market.

Yet, if you break it down, there is actually a sellers' market in the range of $85,000-135,000.  It is a small part of the market at 6%, but one could expect fierce competition to buy.  All other categories are buyers' markets.  The normal market is six month's inventory. 

Another interesting fact is that the largest percent of the market is homes between $210,000-315,000 at 40%.  Next are homes between $315,000-460,000 at 22% and homes at $135,000-210,000 at 21%.

In the Salida area, it is both a buyers' and sellers' market!

A frequent question is:  Who is moving to Salida?  Based on land sales in the past 4 months, the answer is that 52% are buyers from Colorado.  The top areas within the Mile High State are the Front Range (46% of buyers from within Colorado), Boulder area (13%), Colorado Springs (13%), then a smattering of cities from around the state.

After Coloradans, 20% of buyers were from Texas.  Their neighbor Oklahoma was third highest at 6%.  The numbers are ones and twos after this with folks from around the country. 

These numbers are consistent with my 9 years of selling experience in Salida.  However, I would have expected more interest from California, New Mexico and Florida. 

A. T. Henry Block

This two-story contributing brick building occupies one of Salida’s most eligible corners at 102-104 North F Street. Built in 1886, the Salida Weekly Mail wrote: “…we admire the push and pluck of Salida. She is coming up out of her ashes. She is building up the place made waste by the destructive fire of last spring, building fine substantial business blocks, of brick, where before there stood wooden rows to invite the fury and greed of devouring flames. Among these and almost completed is the bank block of Mr. W.E. Robertson,” president of Chaffee County Bank, who was the first occupant. It later

housed a stationery and insurance company, drugstore, barber shop, restaurant, and “a first-class gentlemen’s resort” (saloon). Its captivating features, which include unique beveled corners, saw tooth molding, scroll brackets and column/pilasters topped by ornamented capital structures, have been neglected for a decade or more. Local investors recently purchased this gem and have begun renovation. What’s next for this beauty?

For more information about historic properties in Salida, CO, visit www.buysalida.com.