Archive for May, 2009

May 30 2009

River’s Edge – U/C

Published by under General Information

11.jpg

Another nice Cuchara property has gone Under Contract.  The River’s Edge operated by Mike Moore as a B & B is set to Close in June.  Congrats. to the Bachman Team again.

Comments Off on River’s Edge – U/C

May 29 2009

Mortgage Rate Bumps Up Slightly

Published by under General Information

This week we saw a slight increase in interest rate for new fixed-rate mortgages. And why is that?  Well it’s because the Gov’t. Bond market was down slightly.  Which means bond holders are now requiring a slightly greater interest return.  Many mortgages are tied to the Treasury Bond rate so mortgage rates increased slightly as well. 

So what are the interest rate signals to always be on the lookout for? 

1.  Any change in Fed. Discount Rate (the rate banks pay to borrow short-term from the government). 

2. Any change in Banks Prime Rate (the best rate offered by banks for short-term loans to prime borrowers).

3. Any change in the Bond Market (a drop in Treasury Bill market values results in an increase in new Bond, and new mortgage, interest rates).

Long-term mortgages are still running in the 5% range which is historically viewed as a great rate.  Jumbo mortgages (those over $417,000) should still be expected to run about 6% (one percent higher than the conforming loans under that $417,000 level). Consumer confidence, overall economy, government budget deficit and inflation all effect the interest rate outcome in one way or another.  

Comments Off on Mortgage Rate Bumps Up Slightly

May 26 2009

Oso – Under Contract

Published by under General Information

The 138 acre Rio del Oso is now Under Contract.  This great property borders Grandote Golf on the South.  A fabulous property at a fabulous price.

1.jpg

Comments Off on Oso – Under Contract

May 24 2009

Memorial Day

Published by under General Information

Not Forgotten

memorial-day.GIF

Comments Off on Memorial Day

May 22 2009

Mortgage Rates

Published by under Real Estate News

Mortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.

The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.

Source: Investor’s Business Daily (05/22/09)

Comments Off on Mortgage Rates

May 21 2009

da bear story

Published by under General Information

First bear sighting of the summer.  This morning as I was heading into town, I caught a bit of movement in the horse pasture.  Bears don’t have great vision and this one was getting pretty close before it spotted me. Then the race was on, for cover in the woodpile.

da-bear-2-small.jpg

Comments Off on da bear story

May 21 2009

New Cuchara Development

Published by under New Properties

Bachman Assoc. has been designated Exclusive Marketing Broker for a new development south of Cuchara.  River Run at Spanish Peaks is situated across from the Bear Lake/Blue Lake turnoff on Hwy. 12 in the old Spanish Peaks RV Campground.  It consists of  33 large homesite lots on Cuchara water and sewer system.  A good number of the lots will have river frontage too.  Steve Perkins is leading the effort as designated Bachman broker for the new project.  

Comments Off on New Cuchara Development

May 13 2009

APPRAISALS ?

Published by under Real Estate News

I have lately become more aware than ever of the inconsistency and lack of uniformity in Appraisals.  The appraisers have dodged the criticism of regulators and the public, when in fact they may have contributed in part to the inflated housing bubble. And now, they are likely contributing to the pricing down-slide too. 

I have recently had three appraisals on three similar homes in the area. Each appraisal had three more comparables.  That provided me with a current look at 12 similar homes and I was shocked at the errors, subjective variables, opinions and conclusions they arrived at.  Two of the Appraisers were from outside of our immediate market area and had little clue regarding our unique market.  And now, your new Appraiser may be assigned by an Appraisal Management Company.  Yikes.

Last week saw the official kickoff of Fannie Mae’s and Freddie Mac’s mandatory new system of appraisals nationwide, and some mortgage and appraisal groups are up in arms over sharply higher costs for consumers. The so-called “home valuation code of conduct” imposed by Fannie and Freddie puts most appraisal assignments in the hands of management companies, some of whom are owned by major lenders such as Bank of America and Wells Fargo.                                               The Appraisal Institute is particularly incensed at the expanded management company role in appraisals because those companies pay appraisers much less than their standard fees, and tack on thirty to fifty percent extra charged to the consumer. For example, an appraiser who’d normally charge $325 for a valuation ordered though a lender or mortgage broker, now might be required by a management company to do the same work for $175 to $200. Meanwhile the consumer, who has no idea where the money is going, is charged $400 or more for the appraisal, and must pay for it up front by credit card, rather than at closing. The $200 to $225 extra goes to the management company. If the deal falls through and the mortgage doesn’t close, that’s the consumer’s problem. The appraisal fee has already been pocketed by the management company.  (courtesy RealtyTimes)

Comments Off on APPRAISALS ?

May 12 2009

Devil’s Stairstep Wall

Published by under General Information

Last week I took the office brokers up to Echo Canyon Ranch for a preview tour.  We got real adventurous and went above the Lodge to the upper reaches of the fabulous Devil’s Stairstep dike wall.  A breathtaking view.

img_0606-small-2.jpg

Comments Off on Devil’s Stairstep Wall

May 11 2009

Railroad Memorial Weekend Special

Published by under Local News Affairs,Recreation

 steam-engine-2.jpg

 Remember the good ‘ole days when a buck really meant something? Well, vacationers can find it all again riding across Colorado’s San Luis Valley on the Rio Grande Scenic Railroad.

Kicking off the 2009 season over Memorial Day Weekend, May 23 – 25, the train is offering a special daily ticket price that harkens back to 1878, the year the train’s route to La Veta, Colo. was first established.

Throughout opening weekend, roundtrip tickets are just $18.78 per person.  Passengers can board the train in either La Veta or Alamosa.  The $18.78 ticket price is good for adults, seniors or children and is available on a first-come, first-served basis. Other restrictions do apply.
To purchase tickets, visit www.riograndescenicrailroad.com or call 877-726-RAIL.

Comments Off on Railroad Memorial Weekend Special

Next »