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Market Outlook – CO Real Estate in Ouray, Montrose, Ridgway & Surrounding Areas

The new Ridgway Hot Springs Lodge got its final approvals in April 08 (after 5 years) & will be developed in the Town of Ridgway at the corner of Hwy 550 & Hwy 62 (ground breaking this summer)   The Hot Springs component of the hotel will be open to the public.  This hotel will turn Ridgway a “destination,” not just as “pass-thru” to Ouray and Telluride. Prices in the Town of Ridgway are at an average of $175,000 for vacant residential lots (50 X 142) and houses are now between $400,000 up to $700,000. 

There are 3 new subdivisions being built in the town of Ridgway, scheduled to complete in summer of 2008, along with several large office/mixed-use buildings completed in 2007.

The Divide Ranch & Club had a big catered developers /builders party in April for the area Brokers and the current Divide Ranch residents to showcase the status of the new clubhouse (Golf Club house is all framed in with roof on). It should be finished by mid-June, a big plus for the Divide Ranch and entire Loghill Mesa real estate market. This will drive prices and sales again once completed. See www.divideranchandclub.com for up-to-date developer and club info.

Changing housing market:  We now have over 30 listings of houses over $1,000,000 to $8,500,000 in Ouray County (many on Loghill Mesa). Several have sold in 2007 and a couple are under contract in 2008. This is a positive indication that more money is moving here from Telluride and other areas. The level of value for these houses (spec and  custom-built) is a positive growth indicator, especially for the future sales of in the Ouray real estate market after the market corrects and on into 2009.

New Retail in Montrose: The last 2 years (2007 and 2008) has seen the addition of a mall complex with a new Target, J.C. Penny’s, Sports Authority, cancer hospital, etc. (in addition to a Super Wal-Mart/Home Depot/Office Depot/Chiles in 2005-2006). Formerly, we had to drive to Grand Junction 90 miles to shop or spend a day at the mall. This makes Ouray County a prime place to live, with only 27 miles to shopping, the Montrose airport, hospital and other services. Don’t forget the mere 37 miles to the world-renowned Telluride Ski Resort.

It is still a buyer’s market through 2008 and a good time to invest in the future of the San Juan real estate market. All of the growth indicators are in place for both lots and houses in Ouray County to again appreciate in value once the real estate market completes its correction in 2008.

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3 Responses to “Market Outlook – CO Real Estate in Ouray, Montrose, Ridgway & Surrounding Areas”

  1. Real Estate Market Says:

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  3. Colorado Springs Says:

    Hi there!

    I’ll absolutely bookmarked this one. Thank you for your Market Outlook.
    And for the information you stated on “Changing housing market”.

    Great Post!

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