PART ONE:
Another year is gone and the results are in the book. 2011 was a better year for the local economy, at least by most measurements. Yes, there still were too many foreclosures and too many distress sales, and many of our local businesses have continued to struggle as visiting tourists have not loosened up their spending as much as needed. Still, we have improved from where things were, especially when we compare figures from 2008-2010 to 2011.
There remains an abundance of commercial vacancies in town. Our firm, Pagosa RealEstate Advisors successfully closed on sales of 22 different commercial properties within the downtown and East Village area, formerly owned by BootJack Management and related entities. Nearly every property was purchased by locals or buyers that have vacation homes or ranches here in the area. Plans are being studied for the development of some of these properties in the near term and we think that is good for the entire community. These sales represent a solid vote of confidence in the long term viability of our area. The purchasers were successful business owners or professionals with significant achievements in the business world. None were first time investors, purchasing to flip the properties for a for short term profit.
Much has changed since David Brown attempted to move development forward in the East Village of Pagosa Springs and the mood and cooperative spirit among the Town Council and Administrators has improved significantly. A more sensible “pro-business”, pro-job-growth” philosophy seems to be developing. Perhaps there are some genuine regrets for having kicked the community’s former gift horse in the mouth.
With a high real rate of unemployment and the lack of much new construction over the last several years, community leaders have had to take a different approach to managing the future of our area. No doubt there will be substantial challenges ahead for the Town and the County, but I sense a stronger willingness to roll up our sleeves and do the hard work required to build towards a more sustainable and vibrant future. There is and will continue to be more controversy, whether it is related to the Big Box Retailers, the development of Reservoir Hill, county road maintenance or school facilities. I choose to believe our exceptional community will come up with solutions beyond what others might expect who believe we are nothing more than “average”. I strongly disagree with the opinion stated in the Pagosa Sun December 29th Editorial titled “A New Year in an Average Place” http://pagosasun.com/opinion.html I look forward to our community proving Karl Isberg is wrong in his assessment of Pagosa and its stakeholders.
Market stats will be published on this site tomorrow, January 2nd.
Many thanks to all our clients and customers for their support during 2011.
Mike
