Photograph by Steve Mundinger
Location: Pagosa Springs, Colorado
July 1, 2006
The early pioneers had the life. Maybe not the part where they had to battle bears and a lack of medicine to survive. But they are the object of our unmitigated 21st-century envy when it comes to real estate. As our forebears rolled west in covered wagons, they were treated to epic vistas of unfettered beauty, particularly in the majestic mountainous realm that officially took the colorful Spanish name of Colorado when it achieved statehood in 1876.
Today, much of that staggering state (America the Beautiful was inspired by the view from Pikes Peak) has been discovered by modern-day outdoor adventurers. But while the glitz of world-famous destinations like Aspen, Vail and Telluride get most of the media’s attention, the truth lies elsewhere—specifically, in the downstate ranching town of Pagosa Springs.
"This is one of the last places in Colorado to get discovered," says local Jim Smith of Jim Smith Realty. "It’s a terrific, affordable gateway to so many landmarks."
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Mill Creek Ranch is available through the Source
at $7.5 million. Photo by Patricia Francis. (Click image to enlarge)In terms of location, Pagosa Springs—the name is derived from the Ute term for "healing waters"—sits proudly in the middle of a natural paradise not far from the New Mexico border. Nearby are 2 million acres of the San Juan National Forest and a half-million acres of the Weminuche Wilderness Area, not to mention landmark lures such as Chimney Rock Archaeological Area and epic skiing at Wolf Creek—in short, all the purple mountain majesty that Colorado is famous for, without the stratospheric prices.
"You can buy 35 acres in a pristine area for about $1 million, and build on it for around $200 a square foot," says Smith, who notes that the same size parcel in nearby Telluride might fetch $4 million, with triple the building costs.
That discount comes courtesy of Pagosa Springs’ slightly out-of-the-way and under-the-radar nature. But perhaps not for long. In the past few years, developers have swooped into the area and bought up countless acres just outside of town, as well as at the famously sleepy (and powder-filled) Wolf Creek Ski Area some 20 miles away. New homes are popping up like wild mushrooms after a spring rain, with prices hovering around the mid-six figures for a 2,000-square-foot property on a quarter-acre view lot.
While the region’s traditional buyers have come from nearby Texas and Oklahoma, the rest of the nation is starting to sniff out the cost-effective opportunities the area offers.
"We’re talking about everyone from Californians looking for some big mountains, to Floridians wanting to get away during hurricane season, to Arizonans escaping the summer heat," says Mike Heraty of the Source, a local realty and visitors’ resource company. "What’s great about this area is that you’re far enough away from those famous Colorado destinations that the local open space is relatively unused. You’re often alone out there."
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