Welcome to “MTV Cribs,” Durango.
La Plata County has a handful of luxury homes – valued at $1 million and up – that are listed in the market’s top 10 percent, said John Wells, owner-broker with The Wells Group in Durango.
From his experience in the business, Wells estimates that about 75 percent of luxury homes in La Plata County are second, or vacation, homes. The other 25 percent or so are owned by permanent, local residents, he said.
These homes also tend to stay on the market longer, while more-affordable homes sell faster. The average time a luxury home stays on the market is about eight months, Wells said.
Yet with the slow but steady economic pickup, luxury homes are selling more frequently than in previous years.
According to La Plata County public records, 27 residential homes sold for $1 million or more in 2013.
Tom Morse, founder of Legacy Properties West Sotheby’s International Realty, also sees the market’s economic growth.
“I think the market has in the last three years expanded, and there is more interest as well as purchases,” he said.
In 2013, Legacy Properties made its largest luxury home sale. The company sold Granite Peaks Ranch for $15 million, he said.
Which brings us to the tour.
A list of the top five most expensive luxury homes was generated through the Multiple Listing Service database March 14:
1. $9,280,000 – 201 Gray Hackle Drive, Bayfield
The 5,035-square-foot home sits on 175 acres of land in rural Bayfield. It has five bedrooms and 5¾ baths and several desirable amenities such as high-end household appliances.
The house, built in 1999, had been on the market for 289 days as of Thursday. Wells is the listed agent for the property.
2. $5,650,000 – 14688 County Road 240, Durango
The nearly 12,000-square-foot home sits on about 89 acres of land in rural Durango. The house has nine bedrooms and 10 bathrooms. One of the bathrooms is designed to resemble a jail cell. The home also has a hot tub and an above-ground pool. The house was built in 2005 and was on the market for 176 days. It recently was taken off the market and will be put back soon, said Don Ricedorff, media spokesman for the Colorado Association of Realtors. He also is the agent listed for this property on behalf of The Wells Group.
3. $3,995,000 – 47 Pinnacle View, Durango
The 7,852-square-foot home sits on 11 acres in the Durango area. The house has five bedrooms and 6½ baths. The property includes a view to the mountains, valley and river. The structure was built in 1999 and had been on the market for 196 days as of Thursday. The agents listed for the property are Tom Morse and Cathy Craig with Legacy Properties West Sotheby’s International Realty.
4. $3,850,000 – 1361 Celadon Drive, Durango
The 6,378-square-foot home sits on 35 acres of property in rural Durango. The house has four bedrooms and 4½ bathrooms. The two-story home has views of the mountains, valley and river. The house was built in 2005 and had been on the market for 375 days as of Thursday. The agents listed for the property are Tom Morse and Zach Morse with Legacy Properties West Sotheby’s International Realty.
5. $3,450,000 – 40 Perins Vista Drive, Durango
This nearly 8,000-square-foot home sits on almost 10 acres in the heart of Durango. The home, though in town, is described as having great views and privacy. The house was built in 1998 and had been on the market for 171 days as of Thursday. The agents listed for the property are Gina Piccoli and Michelle Bahr with Coldwell Banker Heritage House.
So why sell such a beautiful home?
The reasons for selling seem to have some commonalities.
“People’s lives change,” Wells said. “The homes may be too big for their use now.”
Also, relocation and financial circumstances are among the reasons luxury-home owners – like any other homeowners – decide to sell their home. Unfortunately, it’s not always an easy process, and it can take nearly a year to find a qualified buyer despite the increased demand for homes.