Life In Ridgway

Happy days are here again! I must say that I was very pleased to here that the old "Doghouse Bistro" will be reopening under a new name and new ownership. Judi Snelling, a real estate broker in Ridgway, is going to be leasing the old space and buying the equipment. She will re-open it as the "River's End Bar & Grill".

This is great news because I really loved that location and what the Doghouse had to offer in terms of atmosphere and entertainment. Judi is going to keep the upstairs much the same as it was, while making the downstairs more fine dining. In an effort to not misquite her I will include her comments here in an email she sent out to all of us real estate folk:

River's End Bar & Grill

Hi all....

Just so you hear it straight from me & not the Ridgway /Ouray street gossip...

My son, Nick, & I are re-opening the old Dog House location...

• If you did not know /remember Nick is a chef & graduated from John & Wales University- Culinary College
• It is Nick's Restaurant....I am just GM for now with an emphasis on the Bar....
• Nick has had an extensive background over the last 6 years in both Denver & local area establishments:

·         Double Tree Hotel / Plush Restaurant in Denver

·         He is currently @ the Mt. Village Mt. Market as Deli Chef manager for the last year...

·         He has worked @ the Outlaw / Chipeta Sun Lodge / Montrose Golf Course /Galloping Goose /Subway in High School

It will be called River's End Bar & Grill & will re-open around 4/1-4/15

• The look & feel will be totally different (no more white walls)....
• Basically 2 different restaurants:

·         The upstairs will still be the bar /grill type food...sports bar....lunch & dinner.

·         Downstairs will be higher end dinner only...."Outlaw style" (steaks /fish /etc.)

• Outside patio dining in the summer...entertainment /bands occasionally....catering for all events

Request for input:

• Let me know what foods & dishes are /were your favorite ....or what you would like to see in both the upstairs & down stairs menus
• What was your favorite Beer (micro or other)????
• Any of you who know of someone with high end waiting experience please forward this info
• And, if any of you that have experience (bar or food) & would like a couple of days /nites a week until RE comes back.... let me know
• I will have a pre-opening party for the area Brokers....so look for that invite...around the first of April.

Comments:

• I will still be doing both RE & the restaurant (still have lots of clients & listings)..
• Last time I did the White Horse + worked in RE at Ponderosa + worked with the School as the School to Career Grant writer & Coordinator
• So that you don't have to ask around....as the Doghouse was not listed anymore.....I did not buy the business...I am leasing the facility & buying the equipment

Judi

So there you have it. Let's all come out and support Judi as she takes on this new venture!

I was recently visiting with a friend on the phone and was lovingly encouraged to post more oftern :)

I had to agree. There are many times when I think, "Oh, that would be good to write about." Or, "My readers would probably like to know that." Then of course I see a bird flying by and the thought is gone and never to return.

The other thing we can't forget is the pace at which Ridgway life moves. It is, well let's say, slower. That is one of the major reasons why folks around the world are drawn to our little corner. So I could argure that I want that to be reflected in my lifestyle post frequency as well. Probably just an excuse, but hey, a good one...right?

On to the hot topic of this post. MOUNTAIN MARKET IS EXPANDING!! That is so darn cool that I just can't express it in words. One of the biggest struggles is not quite having what we need at the local grocery store. It is a great store, and for sure. running a business, any business, in Ridgway takes precision with ROI calculating.

So as you drive by now you will see a huge mess being made in the front of the store. I don't quite remember but I believe the store will end up being around 16,000sqft and totally dress up the block. The parking lot will be paved with beautiful landscaping.

In these tough economic times I want to personally thank the owners for taking the risk and moving this much needed project forward.

Here's to more frequent posting in the future! Please subscribe to this post and share your comments.

Each fall our little town of Ridgway is blessed with the presence of these majestic travelers. The word is that these guys come down all the way from Alaska. Last week I spotted my first eagle taking a dive from his tree top pirch, into the cold waters of the Uncompahgre River. The river is teaming with another late fall traveler...salmon.

We know when the salmon show up the bald eagle's are soon to follow. Depending on the year, there can be around a dozen in the corridor of the Ridgway River Trail System. The trail system is a concrete walking path that leads from the Ridgway Town Park, all the way to the Ridgway Reservoir. Half way down is the new Dennis Weaver Memorial Park. The memorial park has a massive bald eagle monument at its heart.

This river walk is absolutley incredible. As you stroll quietly along with the majestic San Juan Mountain Range to the south, a couple of the USA's symbols pirched above, and the Uncompahgre River running by. In times like that I have to thank God that I am able to live in such an amazing place.

It's not happening across the board, but real estate prices in Ridgway, and the surrounding area, are coming down. With the current economic fear gripping the globe, seller's are seeing less buyer's coming into the area. The buyer's that do come in are wanting, even expecting, a great "deal" on whatever they buy. That has created a virtual stand off between the two transactional parties. Most seller's in Ouray County, and I stress most, don't need to sell. For the ones that do I have some advice....lower your price today! Sellers who have to sell are going to have to stop listening to the voice of "My home is worth more than this!" Bottom line, your property is worth what someone is willing to pay for it, that's it.

Due to the irreconcilable differences between the buyers and seller's, I predict a lot of properties will be taken out of the marketing pool this winter. I will personally remove 4 properties from my listing supply this month. In honest conversations with my selling clients we have realized that to ad 120-150 more days on the market, with little chance of selling, would only exacerbate the problem in the spring of 2009.

I expect the only properties that will change hands this winter are the ones that present irresistible opportunities to buyers. Prices will eventually find a happy medium, but until that day the showdown between buyer's and seller's will rage on.

For examples of some of the properties in our market that have come down dramatically, or to be placed on my watch list for "screaming deals" in the area, simply subscribe to this blog. I recently was able to get one client a $200,000 lot for an amazing $135,000! Simply because I knew what he was looking for and got to the deal faster than everyone else. That's the way it will work through most of the winter. Listing brokers are going to go to the agents who they know have someone waiting for their price to drop. It will secure a solid close and stop the bleeding for the sellers.

Dont' be left out of one of those amazing deals. Subscribe here today, or visit my listings page by clicking here now.

"Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits." NY Times September 30th, 1999 (Bold/Underlined added)

And they did it anyway.

A friend of mine shared this article with me today. It is chilling in its prediction of the federal government bailout of Fannie Mae and Freddie Mac.

CLICK HERE FOR THE FULL ARTICLE

We here a lot lately of how the Bush economic policies have gotten us into this mess. I am not here to say that John McCain, or Senator Obama, have a plan I love that will fix this problem. But I do think it's important that we, as American citizens, start hearing some of the truth about how all of this happened. Also, how the government shares a huge amount of culpability going back almost a decade. Talk about short sided planning.

Again, while I believe that both parties are to blame, it is sad to see that the siren was going off way before this fire even got started. Congress, and the U.S. government as a whole, should be totally ashamed for allowing this to happen, while there were clear warning signs that it could lead to disaster. As with a lot of things, nobody cares while things are going well economically.

Now everybody cares.

So here we are digging ourselves out of a hole that we were told about. When I was in the Navy we used to have a saying, if someone meant well but really screwed things up in the end. It was, "Good initiative just bad judgment."

Clearly a fitting sentiment today.

Lis Pendens...Tortious Interference....Motion to Expunge...Slander of Title...what did I miss?

These are all terms that we here in Ouray County will more than likely here more of in the coming months.

Once again it seems that the old clubhouse owners, Norm Wigginton and Rebecca Gold, are doing everything they can to muddy the waters for our golf resort on the mesa. On Tuesday, September 30th, they filed lis pendens against the entire Divide Ranch & Club resort.

Lis Pendens - "A recorded legal document that gives constructive notice that an action affecting a particular piece of property has been filed in a state or federal court. A person who subsequently acquires and interest in that property takes it subject to any judgment that may be entered; that is, a pendente lite (pending a lawsuit) is bound by the result of the lawsuit."  -Language of Real Estate 5th Edition

I shared this news with one of my clients and good friends who owns a builing lot in the development. His response was, "Well that shouldn't hold things up for long. If the development wanted to they could turn right around and file tortious interference against Norm and Rebecca."

It is true that Lis Pendens doesn't immediately keep individual buyer's and seller's from doing business in the development. A buyer could still move forward with a purchase, and a seller still has the right to sell to that buyer. However, the title will be clouded until the court case is settled. Also, it is a huge matter of disclosure on the side of the seller, and the agents representing them.

To muddy the waters further, Norm and his wife are in the middle of a divorce. Also, a proceeding with an appeal to overturn the Colorado Court of Appeals decision in August was file by Norm and Rebecca. To read that article click here.

So this legal mess is just about as muddy as it can get. Hopefully the judge overseeing Norm and Rebecca's appeal of the Colorado Court of Appeals decision will deny it. If that happends they might be inclined to withdraw the lis pendends, or in legal terms, file a "motion to expunge".

I supposse the overall message here is eveyone needs to be patient, and informed, as these matters move forward. It would be a total tragedy to see the Divide Ranch & Club development not move forward because of what appears to be legal action without a lot of substance. Also, if you are looking to buy or sell in the Divide Ranch resort you will at the very least need a competant real estate broker to represent you. Of course, as always, that is what I am ultimately here for. However, even further, I am advising my clients to seek expert legal advise under these conditions.

Stay tuned as I will make every effort to keep you up to date on the events.

There was a time when you wrote a contract on a $650,000 home, with $350,000 down at closing, and felt good about the prospect of it closing. Not anymore.

I just had that exact deal terminate today, one week from closing. My clients were buying a home here using portions of their Ameriprise Cash Account to fund over 50% of the loan. They had the money in the safest type of IRA investment they thought possible. On Tuesday their broker called them to say, "Sorry sir, but your funds in our account are frozen. Our account is currently worth 95cents on the dollar." The last three days they watched their loan conditions deadline approach with no relief in sight. Today we finally had to pull the plug to preserve their earnest money.

It's hard when you see the effects of Wall Street coming to your street. Not only did I lose out on some great business, in a not so great market, but my clients missed out on an opportunity to buy the home of their dreams. The worst part? My client, and good friend, asked their lender on August 29th if they should just go ahead and pull that money out and have it sent to the bank in advance of closing. At that time they would have gotten it out easy. The lender thought they had a better return in their Ameriprise account so he counseled them otherwise. My wife and I are having dinner with that lender and his wife tonight. He is a great friend and the best lender I've worked with in my career. So we'll mourn the times and then cheer our health and families.

Moral? If you have a loan in the near future depending on IRA, Money Market, or other "cash" funds be careful about getting that money out. The biggest losers in this our my clients. They still don't have their money, and have lost this chance to buy. Now they just have to wait and hope for better news from Ameriprise. By that time the home could be gone.

Here's to a brighter next week.

It's that time again already! In the past my wife and I have been casual observers, but this year we are going to get right into the mix. We have a ton of stuff in our garage, that is not a home for the cars as of right now.

We intend to remedy that in a few weeks. Whatever doesn't sell at the lot sale, goes to charity.

The ROCC and Lupitasale is such a great example of life in Ridgway. People come from all over the region to rummage through everything from a used boat, to the smallest trinket known to man. You see everyone you know there. It can get hard to shop due to all the chatting that tends to happen. Then of course their is always that one or two items that you find you can't live without.

All in all, it's a wonderful day and I look forward to getting out there with the other veteran seller's. It will be a day of hot coffee, deal making, catching up with old friends, and just plain old fall fun. See you there!

On days like today, when I wake up and look outside, I almost feel guilty that I live in a place this beautiful.

Almost.

It rained all night last night. This time of year, if it's raining all night in Ridgway, then you know there is going to be a significant amount of white stuff up above the tree line. Actually, this week last year, we got 12" of powder in town!

TO SEE A HOME FOR SALE UNDER $300K WITH THIS VIEW GOING HOME EVERYDAY CLICK HERE

This photo was taken from the parking lot at the entrance to Elk Meadows Subdivision, facing southwest. Telluride is on the other side. What you can't see here, nor can I do justice, is the amazing valley floor below, with aspen groves that are going to light this scene on fire soon.

The above photo was taken about 4 miles south of my home up County Road 5. In about 2-3weeks this lane is going to be an incredible symphony of colors with the amazing snow capped San Juan Mountains as a backdrop. This photo is only going to get better during that time.

Today's asking price...$7.2million. That's approximately $2million under construction costs! This 15,000sqft home was constructed by Old West Builders and took years to complete. As you can imagine the list of amenities and custom workmanship is to extensive to detail here. Rest assurred, there is not a more spectacular home in the region, not even close. A similar style home in the Telluride region would easily cost over $2000 a square foot. So this home at $480 a square foot is truly unbelieveable. When it first listed at $8.5million a Telluride buyer got to the punch first. A broker from Telluride brought in a group who were going to run a retreat at the site. Due to uncertain economical conditions they had to reevaluate their position and have since left the negotiating table.

It is estimated that  R & R Ranch have put over $9million into the project. They have had unexpected circumstances that require the property to be sold. The home is an absolute stunning masterpiece that outperforms many homes even in the Telluride region. It also has a 5,600sqft shop/barn area with a well appointed 2bedroom living space, and a 6-7car garage space. There is an open house at the property at the end of August. It sits on 27acres and boasts some of the most amazing views in the United States. The home is listed out of our office, RE/MAX Cimarron Realty, LLC.

FOR MORE INFORMATION email me @ floydmagee@remax.net

You can also CLICK HERE for detailed Multiple Listing Information.