I segmented the listing inventory of Pagosa Springs homes with this discussion focusing on home values offered between $500,000 and $1,000,000. One of the better home values I have seen lately would be especially attractive to buyers looking for a home on acreage suitable for horses.

This property is less than five minutes from downtown Pagosa Springs. It is situated on 35 acres with 20 acres irrigated with ditch water. The home was built in 1995, with approximately 2,400 square feet, three bedrooms and 21/2 baths. The Pagosa Springs includes a well built barn with nine stalls, and a hay storage loft. The land includes ponds, a riding arena, and great views. It was on the market at $1,295,000 and is now offered at under $1 million.

For buyers looking for big views and a southwestern style home on acreage, we just listed a home in Meadows II, just a few miles west of downtown Pagosa Springs. The owners are very informed of the current market conditions and have priced this home to sell.

Offered at only $649,000, this three bedroom three bath home has over 3,200 square feet and is ideal for a full time or vacation residence. The lower level has a small family room with fireplace, a guest bedroom and bath and laundry room. The main level contains the master suite, kitchen and great room with kiva fireplace as well as another guest bedroom and bath on the side opposite the master suite. It includes lots of deck space and a hot tub to take in the breathtaking views of the surrounding peaks. This home may be purchased furnished, turn-key.

The third home is a brand new builder home located north of Pagosa Springs in Wildflower subdivision, an area with wide open views to Pagosa Springs Peak and the northern range peaks. This home contains over 2,200 square feet, with four bedrooms and 21/2 baths and includes lots of upgraded features and finishes, including granite slab counter tops, wood flooring and hickory cabinets. The Pagosa Springs builder situated the home to maximize the view features throughout the floor plan. The lot is three acres and affords close access to the National Forest. It was originally listed at $649,000 and recently lowered to $549,000.

Give us a call or stop in our office at 257 Pagosa Street, Pagosa Springs, to get more details on any of these properties. If you are looking for something entirely different, we can help you with that too. We are constantly tracking the Pagosa Springs market and looking for special properties that represent good buying opportunities in the current market.

Over several months, much of the media reporting on residential real estate has focused on the Pagosa Springs market for foreclosed or “bank-owned” homes. We have seen a slight increase in the level of interest in these types of properties as measured by the phone calls and email inquiries we have had. What is interesting in the Pagosa Springs real estate market is that bank-owned homes make up only a very small percentage of the total number of homes on the market.  This may change in the months ahead as many adjustable rate mortgages will be re-setting and some borrowers may be unable to refinance due to changes in their credit scores or tighter qualifying criteria.

I had a close look at the inventory of available homes in Pagosa Springs market and found what I consider to be some outstanding values among privately owned homes. These are not bank-owned or foreclosure properties, rather, they are sellers that need to sell and have decided to mark their Pagosa Springs homes down in price to a level that makes them very attractive relative to the competition.

Within Lake Pagosa Park Subdivision, west of Pagosa Springs there is a home currently offered at $210,000. Previously it had been priced at $248,500. The home was built in 1996, and according to the MLS has over 2,200 square feet, with five bedrooms and three baths. The owners are doing a short sale, wherein the bank holding their mortgage has agreed to accept less than the loan balance for a purchase price. At the asking price, it is only $94.04 per square foot. This would be significantly below current replacement cost, with no value assigned to the Pagosa Springs land.

Along the Pagosa Springs Golf Course there is a 2,950 square foot home offered for sale at $250,000, or just under $85.00 per square foot. It is an older, but well-maintained home with three bedrooms two full and two half – baths. This one was originally listed at $295,000.

On the north end of the Pagosa Lakes area there is a brand new 3 bedroom 2 1/2 bath home with over 2,100 square feet offered at only $225,000 or just under $106 per square foot. This home was originally listed at $312,500. It has views of the Eastern Range hardwood floors, covered porch and is close to fishing and the National Forest.

These are a few of the exceptional opportunities for buyers looking for homes in Pagosa Springs under $250,000. At these prices it would seem that the downside risk would be very limited, even in the current slow Pagosa Springs market. You can view these and other listings across the Pagosa Springs area. Those looking for very affordable vacation homes should give us a call for more details on these offerings. In the next article I will share the best values in the higher price ranges for homes offered for sale within Pagosa Springs.