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Real estate deals make a splash

Business leaders spending again

Are big deals back?

A number of significant real estate transactions have closed in recent months as economic indicators suggest a busy tourist season and more solid footing for the broader economy.

Al Harper’s $1.6 million purchase of Silverton’s Grand Imperial Hotel closed April 17. The owner of the Durango & Silverton Narrow Gauge Railroad said he wants to sink $500,000 into immediate improvements at the hotel and another $1 million in the next couple of years.

Marc Katz’s acquisition of 1,850 acres on Ewing Mesa for an undisclosed sum was announced April 10. The Mercury Payment Systems co-founder’s plans for the parcel are vague, but he said he wants it used for public recreation facilities and perhaps an outdoor concert venue.

In February, James Coleman Jr. completed the purchase of Purgatory Resort for an undisclosed amount. Coleman announced plans to spend on improvements at the ski area, including replacing Lift 8 with a modern chairlift.

Glacier Club, a luxury resort north of Durango, also has major development plans in the works, including adding nine additional golf holes and a hotel.

Meanwhile, sales of luxury homes are up, too. Six million-dollar residential properties have sold to date in 2015, up from three during the same period in 2014, according to La Plata County records.

The priciest residential transaction this year was the $2.43 million sale of a home in the 100 block of Two Dogs Trail, across U.S. Highway 550 from Needles Country Store and south of Purgatory Resort. The home was built in 2005 and spans 4,011 square feet.

Taken together, the developments suggest people with money to spend are again spending it.

Last year saw only a few big deals, including the $14.5 million purchase of Hillcrest Apartments by a California private-equity firm.

Roger Zalneraitis, executive director of the La Plata County Economic Development Alliance, said it’s too soon to declare a boom.

“It’s looking better than last year, but I’m not seeing a flood (of deals) at this point,” he said.

Moody’s Analytics, an economic analysis firm, conducts a weekly survey of business confidence. Its most recent survey, released Monday, found the highest business confidence in the survey’s 12-year history. Meanwhile, the Dow Jones industrial average continues to trend upward, returning above 18,000.

cslothower@durangoherald.com



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