Floyd Magee, Real Estate Broker Serving Ridgway, Ouray, and Telluride

Ridgway Real Estate Prices Are Falling

Floyd Magee (RE/MAX Cimarron Realty) — Thu, 30 Oct 2008 08:43:27 -0500

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.

NY Times Article Predicted Fannie/ Freddie Bailout 9 years Ago!

Floyd Magee (RE/MAX Cimarron Realty) — Thu, 09 Oct 2008 12:03:21 -0500

"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.

Divide Ranch & Club Under Lis Pendens

Floyd Magee (RE/MAX Cimarron Realty) — Mon, 06 Oct 2008 12:39:56 -0500

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.

Credit Crisis Gets Personal...When cash isn't cash.

Floyd Magee (RE/MAX Cimarron Realty) — Fri, 26 Sep 2008 14:06:16 -0500

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.

Ridgway Ouray Community Council and Lupita Parking Lot Sale -9/20/08!

Floyd Magee (RE/MAX Cimarron Realty) — Fri, 12 Sep 2008 16:57:49 -0500

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!

San Juan Mountains Get First Taste of Snow

Floyd Magee (RE/MAX Cimarron Realty) — Fri, 12 Sep 2008 16:01:17 -0500

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.

Ridgway Owner Offers Roughly $9million Asset for $7.2million!!

Floyd Magee (RE/MAX Cimarron Realty) — Wed, 20 Aug 2008 15:27:37 -0500

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.

Divide Ranch Scores Win in Appellate Court

Floyd Magee (RE/MAX Cimarron Realty) — Mon, 18 Aug 2008 11:05:46 -0500

"The latest episode of "As the Clubhouse Turns" is in: the Colorado Court of Appeal overturned a district court ruling that gave dues of the Fairway Pines Estates Owners Association to the owners of the original clubhouse at what is now Divide Ranch & Club."Ouray Plaindealer August 13th 2008 Edition

FULL STORY

The ongoing saga of the old Fairway Pines clubhouse turned in the favor of the new developer, Equilibrium Resorts, last week. When I read the article of the Colorado Court of Appeals overturn, I wasn't all that surprised. I'm not a member of the golf course resort, or an attorney, but the previous decision didn't seem to make a lot of sense. It was hard to imagine how the new owner, Stategic Real Estate Group, or the individual members of the resort, would allow 50% of their dues to continue to be paid to the old "temporary" clubhouse. Especially with the new one up and running and offering an obviously better experience than the temporary one.

I'm not trying to be hard on the old club, but it seemed like something that was not good for the development, or the area in general. I realize that the owners bought the club with possibly good intentions, although I don't know them personally. However, to continue to disrupt the progress of something that most people I talked to were very excited about, seemed a bit off center. So, I for one, am hoping that the continued legal process wrapping up these proceedings will see an end to the turmoil, and a fresh beginning for the future of Divide Ranch & Club for years to come.

Cornerstone Colorado Teeing Off

Floyd Magee (RE/MAX Cimarron Realty) — Thu, 17 Jul 2008 11:40:37 -0500

"Cornerstone is 6,000 acres of perfect Colorado only a short drive from Montrose and Telluride. A

private club offering Greg Norman golf, stables, casual dining, extensive trail system and a mountain

club in Telluride - with two clubhouses, fine dining, tennis court, and pool planned. Cornerstone

provides Pioneer Hospitality for all to enjoy. Bring your children, your horses and your golf clubs and

stake your claim. Homes and Homesteads from 1⁄4 acre to over 100 acres."

Courtesy of The June 2008 Cornerstone Newsletter.

Cornerstone Golf Resort is teeing off on it's 18 hole championship course this summer. The course manager Tom Huesgen, and Project Manager Brian Wallin, teed off recently. The courses Club House and several private residences with the golf foursome cabins are being built this summer.

Cornerstone is a exclusive development on the mesa north of Ouray County. The land is absolutely stunning and Greg Norman has designed a course that will take your breath away. The lots available range from 1/4acre village core lots around $300K, to 130acre ranch site for just under $2million. For the most current information on the course visit www.cornerstonecolorado.com . As a local real estate professional I would be more than happy to provide you with a private tour of the development and answer any of your quesitons.

Shermans Travel, "Top 10 Scenic Drive in the U.S."- We Made The List!

Floyd Magee (RE/MAX Cimarron Realty) — Thu, 05 Jun 2008 16:40:04 -0500

The following is an article a few weeks ago hosted on yahoo.com. I have been trying in as many ways as I can to get my friends and family, that haven't yet driven this stretch, to understand the beauty they are missing out on. If you like dozens of waterfalls cascading down the mountains, aspen groves, raging rivers, and wildlife galore, all at 8000-11000ft+ elevation, then you HAVE TO GO ON THIS DRIVE.

"Million Dollar Highway

Despite varying explanations as to the origin of its name (one claims it cost $1 million a mile to build in 1924; another says it contains $1 million in gold ore), there's no disputing the fact that the 75-mile stretch of scenic highway known as Million Dollar Highway is a breathtaking journey through the majestic mountain passes of western Colorado. Crossing part of the San Juan Skyway Scenic Byway, and following route U.S. 550 between the old mining towns of Silverton and Ouray, the route's twists and turns wend high above the Red Mountain Pass - an 11,018-foot-high collapsed volcano whose lava flow was found to contain gold in 1860 - and past the deep Uncompahgre Gorge, into which flow several waterfalls. As you continue to slice through the mountainside, winding along hairpin switchbacks (which tend to lack guardrails) and following old stagecoach paths, this route bears witness to the area's now-defunct mining operations; you can even stop in Silverton to admire the town's historic Victorian style buildings, some of which date back to 1874. That said, the real beauty of this trip is its elevated "million dollar" sights: Stunning views of the never-ending country-side, landscapes of springtime wildflowers, and vast terrain where elk, mountain goats, black bears, and deer roam freely - truly the picture-postcard image of the great American outdoors."

My friend and I found the above article on Yahoo! and have been using it to "encourage" others to make their summer a little brighter by coming over from Durango to Ridgway. It's only 2 hours and is truly one of the most beautiful, especially now with spring run off, sites in the country.