My newsletter this month will focus on the low inventory our local real estate market is experiencing. However, the unseasonably warm winter matched with a seller’s market creates the perfect space to discuss new developments and subdivisions.
Located west of town off of Highway 160, Twin Buttes lists 22 lots currently with a median asking price of $179,000. Most of the lots are designated for single family homes, but townhomes and some duplex homes will be developed as well. The development covers 220 acres within city limits, up to 130 additional dwelling residential units, up to 115,000 square feet of commercial space, and up to 25,000 square feet of community space. Twin Buttes also includes 10 miles of new trails in the Perins Peak State Wildlife Area and the San Juan National Forest. Currently, the two speculative homes start at $774,900.
Heading to the north end of town, there are 2 new homes starting at $429,000 and 6 lots with a median price of $115,000 in Spring Creek Village. The 38-acre subdivision is several miles north of town off of Florida Road (County Road 240) with only a few remaining lots. The range from $104,000 to $115,000.
Further down County Road 240, the well-established, 500-acre, pine covered subdivision, Edgemont Highlands, began home development back in 2004. There are 200 acres devoted to open space in the subdivision only about 5 miles out of town. New phases of construction opened offering lots with speculative homes. However, in most cases, buyers opt to purchase a lot and hire a builder to develop their custom home. 9 single family homes from the subdivision are listed with a median price of $597,500, and 18 residential lots have a median listing of $124,000.
North on Highway 550, the Animas Valley area surrounds the Animas River, has conveniences like a beautiful gourmet market and hardware store, and still sits at the ideal location for recreational mountain living. 8 miles out of town and 20 miles from Purgatory Ski Resort, the Animas Valley area is highly sought after. So much so, smaller subdivision are currently in development. One of these, Estancia, offers approximately 42 single level, single family homes. Buyers choose their home site and their finish package with a median price of $502,000.
Trimble Crossing, an established, lock and leave, luxury townhome development, stand about three-quarters of the way completed. 38 townhomes compose the final build out. In the same area, a brand new subdivision, Aspen Glade, consists of 18 lots, approximately 0.25 acres in size, are ready for buyers to contract a builder. Aspen Glade lots range in cost from $155,000 to $175,000.
Half way to the ski resort, Glacier Club sits on 1,000 acres of San Juan National Forest. Currently, buyers can choose from a selection of a brand new homes and resale properties. 7 active, single family homes are listed with a median asking price of $1,299,000. MLS lists another 20 townhomes with a median listing of $957,500. Glacier Club offers many amenities including two 18-hole golf courses, two clubhouses, tennis, fine and casual dining, pools, spa, and fitness center.
In our market, subdivisions like these are opening up inventory and offering more options in price range, location, and life style to buyers. New construction will increase as developers get ready for the spring and summers months. As Durango experiences an influx of baby boomers and satellite professionals, options like these give a greater variety to buyers attracting all kinds of households to the Durango market.