The sound of saws whirring and hammers knocking is echoing around downtown Durango this spring as builders knock down, rebuild and remodel residential homes.
Strong demand for downtown homes is translating into rebuilding projects on long-occupied lots. Other downtown houses, some more than a century old, are undergoing interior remodels to bring living spaces up to match contemporary tastes.
While builders are also at work in emerging areas such as Three Springs, the pace of projects in Durango’s historic residential downtown area is striking.
Shepard Builders is building a house at 802 E. Fifth Ave. for William and Teddy Johnsen of Paradise Valley, Ariz.
Charlie Shepard, owner of the building firm, said most of his work used to be in outlying areas of the county. “The last couple of years I’ve been working just in town,” he said.
The Johnsens’ is a typical Durango relocation story. Shepard said the Johnsens have spent summers in Durango for several years. Now, with their kids finishing high school, the couple plans to move to Durango full-time.
The home was one of 62 building permits issued in the city of Durango in 2013, the most since 2006.
Builders and others say the spate of projects is motivated by downtown’s attractiveness.
“It’s a lifestyle,” said Frank Enea, owner of Classique Builders in Durango.
Among other projects, Classique is remodeling the Jakway House at 1073 East Third Ave. The seven-bedroom Victorian was built in the 1880s and was sold in 2012 to Lauren and Alan Semple for $830,000.
“We’re seeing quite a few requests for remodel,” Enea said. “There’s something to be said for a lot of the historic homes downtown.”
The energy in residential downtown – roughly, East Third Avenue to Eighth Avenue and 14th Street to College Drive – is reflected in real estate activity.
In-town Durango saw the most sales in 2013 – 186 – since 2005, during the height of the real estate boom.
Also in 2013, Durango homes spent only 126 days on market, just over four months on average. That was the quickest sales pace since 2003. During the nadir of the market in 2010, homes spent about seven months on the market.
Scott Kurlander, a Realtor at Keller Williams Realty, said he expects downtown homes to continue to appreciate. One problem Kurlander said he’s encountered in showings is buyers expect granite countertops and stainless-steel appliances, not the outdated interiors found in some historic downtown homes.
Nevertheless, demand is there and inventory is low, he said.
“Right now, Durango’s single-family residential homes are very close to 2006-type marketplaces,” he said.
Kurlander cautioned that rising mortgage interest rates, along with high prices, could price locals out of the market.
cslothower@durangoherald.com
