The real estate market certainly has presented its challenges in today’s economy.  Real estate investment obstacles right now are, indeed, real and sometimes quite formidable.  But that is exactly what makes the opportunities even greater.  Why?  Because not everyone is able or willing to overcome the obstacle to seize the opportunity!

Real estate has always been cyclical.  It has also always been one of the best means for creating wealth.  This downward cycle will eventually pass.  In the meantime, the opportunities continue in the form of historically low interest rates, more affordable, competitive pricing, reasonable loans for the qualified borrower, and plentiful inventory.  This is especially true in Montrose, Colorado, a destination town, where people want to come to live, work, play, retire, and invest.

So, if you are someone who sees opportunity in the obstacle, call your local Realtor today to find your next opportunity in today’s  real estate market!

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It was so exciting to be a part of a large crowd on Friday, July 23, 2010, on a Montrose Regional Airport runway, to hear the announcement confirming that Extra Aircraft is the German aircraft manufacturing company that has chosen Montrose, Colorado to be its U.S. headquarters and assembly plant for its luxury business class single-engine turboprop, the EXTRA 500, and aerobatic airplane. Two of these planes were on display for the public to ooh and ahh over. This really is a big deal for Montrose, and quite a coup for the partnership of MEDC (Montrose Economic Development Corp.), the City of Montrose, the County of Montrose, and State of Colorado to bring this company to Montrose, which was in competition with about 7 other locations. It means the potential of 200+ jobs within the next 2-3 years, in addition to greater national and international attention for Montrose.

In this home made Flip Mino video of mine, I feature just a few of the speakers that presented at the ceremony. They include Sandy head, president of MEDC, Paul Matthews, Senior Sales Manager for Extra Aircraft, Errol Bader, V.P. of Corporate Development for Extra Aircraft, Ken Keith, Owner and CEO of Extra Aircraft, and Bruce Panter, of MEDC. There were many other speeches from proud representatives of the City, County, and the State and recognition of notable local players, which I did not include in the interest of time. I was so proud to be a MEDC Investor and Montrose area resident as I listened to all the complimentary things the folks from Extra Aircraft had to say about Montrose and the reasons they chose to locate their domestic facilities here, which are captured in part in this video.

Extra Aircraft will be at the upcoming aviation expo, AirVenture (http://www.airventure.org) in Oshkosh, WI (this coming week, where they will display the newly named “Spirit of Montrose” EXTRA 500 Aircraft and proudly promote Montrose, Colorado as their new U.S. location.

For more information on Extra Aircraft, visit their website at www.extraaircraft.com,
and their Youtube channel at
http://www.youtube.com/user/ExtraAirc…
and their Facebook Page at
http://www.facebook.com/pages/Hunxe-G…

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Wide Open Spaces

19111 Dave Wood road, Montrose, CO 81403 View Map

If you like wide open spaces with all the amenities of a custom-built home, then this property is for you! The energy-efficient, maintenance-free ranch-style home sits on 11.67 acres bordering 1000’s of acres of BLM for great horse-back or ATV riding and hiking. The oversized, 2-car garage is well-insulated with in-floor heat, serving well as a workshop and connected to the house by a 15′ covered breezeway. A high energy-efficient boiler services the home’s in-floor heating and domestic hot water. There is central air to keep the summers cool, and south facing front windows for solar gain in the winter.

Enjoy the sweeping views of the entire San Juan Mountains and surrounding foothills and valleys from every angle. Behind the house is a large stone patio covered by a large timberwood Pergola, with a spot for campfire or barbecue. A fenced dog run out the back includes a wood frame-built dog house. The 12′ x 30′ Weatherport portable storage unit is included, great for storing tractors, ATV’s, boats, or other “toys.” Wide driveway circles the home, making it easy for RV’s to drive in and out with plenty of room for parking or storage. Xeriscaped lanscaping with natural vegetation adds to ease of maintenance. Horses are allowed.

The well is shared among the 3 lot owners, with just one other lot improved so far. There is a separate electric meter to the well, the bill for which is shared among the homeowners. Otherwise, there are no HOA dues.

This special property is part of a 3-lot, minor subdivision, offering private, quiet country living just 8 miles from town, with easy access on paved, County-maintained roads. Take advantage of the current real estate market and buy this home priced well below the Assessor’s current valuation for instant appreciation!

Details

Asking Price:

$299,000.00

MLS:

641430

Sq. Feet:

1577

Lot Size:

11.67 Acres

Bedrooms:

3

Bathrooms:

2.5

# of Floors:

1

HOA/Maintenance Fees:

N/A

Garage Size:

2

Subdivision:

Eagle Crest Minor Subdivision

Year Built:

2005

Contact Info

Ninah Hunter

Broker

Main (970) 249-7777

Cell (970) 318-0064

Email | Website

All information is deemed reliable but is not guaranteed.

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We hear a lot about “foreclosures” and buyers and investors looking for “foreclosures” and real estate agents advertising  “foreclosures.”  In fact, what most of these people are referring to are REO (real estate owned ) properties, that is, real estate owned by the bank.  These are properties that have actually gone through the legal foreclosure process, been offered for sale at a public auction, and when no one exceeds the bank’s minimum bid, it goes to the highest bidder, i.e., the bank.

Once the bank gets the property back, it then lists it with a local real estate broker, usually after getting 2-3 BPO’s (broker price opinions) and possibly a formal appraisal.  This means that when the property is initially listed, it is listed at a price the owner/seller/bank believes is market value.  If it doesn’t sell right away, the bank will generally lower the price, and keep lowering the price in regular intervals, typically after 30 days.  This is, of course, just a general rule, and not all banks readily lower their price or do so within any given period of time.

That is one benefit of foreclosures (i.e., REO’s, bank-owned properties).  If you’re patient, and not emotionally tied to a particular property, you can keep an eye on it and wait till the price hits your “sweet point.”  The flip side, of course, is that someone else my swoop in and buy it first.  The pitfalls and problems of buying a foreclosure are the subject of another post.  But in today’s economic climate, foreclosures do spell “bargain” for a lot of people.

If you’re searching for foreclosures on the internet, a good indication that a property is an REO (if the listing doesn’t flat out tell you) is that it will indicate that it is sold “as is, where is” and that the seller makes no warranties, etc.  This doesn’t mean you are totally at risk.  If you go under contract on a foreclosure, you still generally have all the rights of any buyer to do your due diligence with respect to inspections, title review, review and approval of covenants and HOA governing documentation, and getting your financing if the contract is conditional on that.

In a recent presentation by the Montrose County Public Trustee, Rosemary Murphy, last month, she revealed that at that time,  there were already about 120 pending foreclosures.  She said she was expecting about a total of 400 to be filed by year’s end.  This compares with about a total of 160 filed in 2009.  For more information on the pre-foreclosure process and public auctions, visit the Montrose County Treasureer/Public Trustee Site.  There you can also get a list of properties currently in foreclosure and of the pending pre-foreclosure sales and outcome of such sales.  I just checked, and there are 26 pages of pending foreclosures.

As Public Trustee Murphy told us, the vast majority of these properties will not sell to a private buyer at the public auction.   Consequently, we can expect many, if not most, of these to become bank-owned/REO properties, aka “foreclosures,” that will soon come on the market as an MLS listing with a local real estate broker.  I just checked the local Internet for REO/bank-owned residential properties in Montrose County.  Click here for a list of these 62 listings.

Foreclosures are a sad and continuing fall-out of the economic disaster we have been experiencing the last 3 years.  But foreclosures also represent a golden opportunity for those who can take advantage of them, whether as a first-time homebuyer or an investor.  To find out if buying a foreclosure is right for you, consult your local foreclosure real estate expert.

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Last Saturday, July 17, 2010, was the 33rd annual Kendall Mountain Run in Silverton, CO. As I found out, it’s definitely for the fit and hardy, but for those of you like me, it can be done with the right mind-set and perseverance. Enjoy this video of my first KMR half marathon.  I can only go up from here, in more ways than one. LOL

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Horse Property on 3 Acres in Beautiful Duckett Draw

Overview Maps Photos Description

$399,000 Single Family Home For Sale Main Features 4 Bedrooms 2 Bathrooms Interior: 1905 sqft Lot: 3.00 acre(s) Location 65645 Sunridge Court Montrose, CO 81403 To get updates on open home dates and other property events, please click the “Like” button below:

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Ninah Hunter CENTURY 21 Action Realty (970) 249-7777 Ninah@C21ActionRealty.com http://NinahHunter.com Listed by: Ninah Hunter

Our recent listings Country Living Close to Town Beautiful Santa Fe-Style Home + Large Workshop on 40 Acres Subscribe to our listing feed

See more Montrose, CO real estate for sale

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Original picture source: http://www.flickr.com/photos/akeg/1243700483/

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Gorgeous, 2-Acre, Riverfront Lot with Fantastic Views

783 Meadows Circle, (Lot 13), Ridgway, CO 81432 View Map

Build your dream home on this beautiful, cleared and level 2-acre lot in the desirable Dallas Meadows subdivision situated 2.5 miles north of the town of Ridgway. This lot adjoins the Uncompahgre River below the escarpment portion of lot.

Your custom home can be positioned to take advantage of the spectacular views of the Sneffels Mountain Range to the south and of the Cimarron Mountains to the east. The friendly human neighbors are complemented by abundant wildlife, including deer, elk, fox, and bald eagles. Horses are allowed (1 per acre).

The lot has 1.5 shares of irrigation water through the Wood Perry Ditch company at $30/year. The HOA annual fee of $350 covers domestic water on a private system for unimproved lots. Once improved, the annual fee will be $450. Copies of the covenants and architectural guidelines can be found on the HOA’s website at http://www.dmca.us.

Seller financing is available to a qualified buyer with a 30% down payment, 5% interest on the balance, amortized over 10 years, with a balloon payment due in 3 years. Don’t let the chance to live the Colorado dream pass you by!

Details

Asking Price:

$215,000

MLS:

639796

Subdivision:

Dallas Meadows

Property Amenities

- 2.045 Acres

- Mountain Views

- Riverfront

Contact Info

Ninah Hunter
Broker

Main (970) 249-7777
Cell (970) 318-0064

Email | Website

All information is deemed reliable but is not guaranteed.

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As the expiration of the First Time Homebuyer Tax credit approaches (April 30th), there have been varying reports on how much this tax credit has really stimulated housing purchases. The consensus seems to be it has helped those who already were considering buying to get off the fence and do so; otherwise, it hasn’t been a big factor.  That has been my experience as well in Montrose.

The problem continues to be the buyer’s ability to qualify for financing, as well as the overall affordability of home ownership. Those who have bought their first home may have been surprised by some unforeseen new expenses, as noted in this article from RISMedia.  However, one thing the survey does not address is the benefit of the mortgage interest and property tax write-offs. First time home buyers should be surveyed again in a year after they have been able to take advantage of the write-offs, which in most cases will more than make up for the additional overall expenses of home ownership.  For more info on these tax benefits, you should consult with your tax advisor.

Tax credit or not, home ownership still continues to be one of the best investments and the American Dream.  That has also been my experience in Montrose, even in this continuing challenging market.

~Ninah

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Lots of Elbow Room on 1-Acre Corner Lot!

62605 Jeremy Rd., Montrose, CO 81401 View Map

There’s a lot of elbow room on this one-acre corner lot in a bright, open, cheery home that shows pride of ownership. Nice split floor plan with 3rd bedroom that works well as an office or media room. Great room with vaulted ceilings, plant shelves, and large picture windows framing mountain views and farm fields. Kitchen includes a breakfast bar and opens to cozy dining area next to sunny picture window. Enjoy the outdoors in privacy on sunny, south-side patio with gas fire pit enclosed by privacy fence. Or tend the vegetable garden in the enclosed north side yard with privacy fence. House is surrounded by easy-maintenance xeriscaping with flower and plant beds, large cactus garden, trees and lawns ,maintained on sprinkler system. Corner lot increases space and privacy from neighbors, who are close but not too close. Open field on east side of lot is great for pets and kids with room for RV parking and outbuildings.
This home offers easy country living with close proximity to town and all its amenities.

Details

Asking Price:

$195,000.00

MLS:

625799

Sq. Feet:

1548

Lot Size:

1 acre

Bedrooms:

3

Bathrooms:

2

# of Floors:

1

HOA/Maintenance Fees:

none

Garage Size:

2 car

Subdivision:

Valle Vista

Year Built:

2000

Property Amenities

- Range/Oven
- Sink Disposal
- Microwave
- Washer/Dryer
- Dishwasher
- Vaulted Ceilings

- Patio
- Deck
- Fenced Yard
- Secluded Setting
- Central A/C

- Central Heat
- Walk-in closet
- Laundry area – inside
- Hot Tub
- 2-Car Attached Garage

Contact Info

Ninah Hunter
Broker

Main (970) 249-7777
Cell (970) 318-0064

Email | Website

All information is deemed reliable but is not guaranteed.

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