Luxury Southern Colorado Retreat Property, in Increasingly Expensive Market, Scheduled for Auction10/16/2023 ![]() A southwestern Colorado mountainside retreat near the border with New Mexico is set to go to auction later this month. Located on 35 acres adjacent to the San Juan National Forest in Pagosa Springs, the two-story, 3,600 square-foot home was built in 2019 and includes such features as an open floor plan, natural wood finishes, and lofted ceilings. The larger property site is populated with a nearly 1,800 square-foot guesthouse, just over 700 square-foot cabin, and a garage featuring a large workshop. The cabin, built in 1971, has recently been updated. Earlier listed for $4.4 million, the property now, according to a press release issued by the company Phantom Luxury Auctions, “will now be sold to the highest bidder.” The property has been listed by the Team Pagosa Realty Group, which is based in Pagosa Springs, and represents the upper end in real estate listings for retreat sites in the region. While the town of Pagosa Springs has seen a decline in its population from more than 1,700 people in 2010 to around 1,500 today, according to the latest Census figures, real estate prices, due largely to an infusion of second-home owners, have substantially increased. The average Pagosa Springs home value is now at around $544,000, up from $252,000 a decade ago, according to the site Zillow. Notes the Pagosa Daily Press: “Lower interest rates during the pandemic, combined with Paycheck Protection Program spending, made it possible for investors to purchase large numbers of single-family residential homes in the area, resulting in a “real estate market that was unnaturally torqued.” By Garry Boulard
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