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Growth in the million-dollar market

Durango-area luxury home sales grow as second-home buyers return to market

The million-dollar home market is heating up after it essentially disappeared in the aftermath of the financial collapse.

Sixteen residential homes sold for $1 million or more through June in La Plata County. That’s up compared to 12 in the first half of 2013 and nine in the first half of 2012.

Many of La Plata County’s homes in this market segment are north of Durango in a stretch from the Animas Valley to the area around Durango Mountain Resort.

About two-thirds of $1 million-plus buyers here are looking for a second home, said Cathy Craig, managing broker of Legacy Properties West – Sotheby’s International Realty in Durango.

“A lot of people are looking for something that’s easier to take care of – a little more of a lock-and-leave scenario,” Craig said. “That bodes well for the Glacier Club, some of the properties at Durango Mountain Resort.”

Buyers are primarily looking for newer homes with high-quality finishes. “They’re definitely not looking for a fixer-upper,” Craig said.

While many sales in this price range are just over $1 million, a few properties earn higher prices.

One pending sale is for $3.85 million for a nearly 6,700-square-foot colonial-style home at 10506 County Road 250, near Missionary Ridge Road.

Here’s a look at some other notable sales to date, drawn from La Plata County Assessor’s Office records.

In Celadon, a 5,587-square-foot home on 27 acres sold in May for $3.35 million to Alan and Karen Harding of Sugar Loaf, Texas. The house at 1361 Celadon Drive East has four bedrooms and 4.5 bathrooms.

Celadon is located south of Glacier Club.

A home at 12194 County Road 240 sold for $2.3 million in May to Troy and Tanya Hall of Gilbert, Arizona. Built in 2005, the 4,426-square-foot house has three bedrooms and four bathrooms. It’s on 9.9 acres.

In Shenandoah, a 4,522-square-foot home at 149 Blue Ridge sold for just over $1 million to Perry J. Baker. Built in 1997, it has five bedrooms and four baths. The home sits on three acres. It last sold in 2006 for $875,000.

An Animas Valley home on 10 acres sold in May for $1.775 million to Mark and Joanne Earles of Durango. Built in 2000, the main home has seven bedrooms, six bathrooms and 6,110 square feet. A second residence on the property built in 1982 has three bedrooms, one bathroom and covers 1,528 square feet.

The property slipped a bit in value; it last sold for $1.85 million in 2006.

The priciest transaction this year is still Hillcrest Apartments, which sold in January for $14.5 million to Virtu Investments, a San Francisco-area firm. The Fort Lewis College-area apartment complex built in 2002 has 112 units.

While more buyers are coming into the market, there’s plenty of inventory available. Throughout the county, 91 residential properties were listed last week for $1 million or more.

With that much inventory, homes need to be priced to sell, Craig said.

“If it’s overpriced, or if something’s odd about it, it’s going to take longer. There’s no doubt about it,” she said. “The pricing component is really important.”

Kelly Kniffin, president of the Durango Area Association of Realtors, said prices have moderated. “The price has gone down pretty significantly from where they were during the Great Recession,” she said.

High inventory should continue to hold down prices.

“That will put pressure on the high-end market,” Kniffin said. “Somebody will get motivated.”

cslothower@durangoherald.com

Million-dollar homes sold

The number of million-dollar homes sold in La Plata County, January-June since 2012:

2014: 16

2013: 13

2012: 9



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