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Booming market sparks new real estate offices

Locations: News Published

Today’s real estate market is as challenging as ever. So, several local companies are stepping up their game to meet the supply and demand conundrum that faces buyers and sellers of both residential and commercial properties.

Erik Cavarra, managing broker of Engel & Völkers Carbondale and a licensed partner, explained why the firm just opened their new Carbondale location on Main Street — joining those in Aspen, Snowmass Village and Basalt.

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“Our growth in the Roaring Fork Valley can be attributed to the true ethos of the Engel & Völkers brand, which lies in passionate, local experts serving the neighborhoods in which they themselves live, work and play,” he said.

Also, Slifer Smith & Frampton (SSF) Real Estate has grown with the recent launch of SSF Commercial/Entrepreneurial Real Estate. Broker associate Mike Mercatoris reported the new team will be led by long-time local brokers, himself and Bob Langley.

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“I’ve been on both sides of the table, having signed dozens of leases for my own businesses and involved with negotiating at least 50-plus leases for others,” Mercatoris said.

“We aim to help people make a life and not just a living. It’s a whole new way of thinking about commercial real estate, because entrepreneurs who are landlords purchase commercial buildings and entrepreneurs who are tenants fill those commercial buildings,” Mercatoris added. “Our goal will be to be to help connect them and broker a successful transaction — ultimately having a positive effect on the community.”

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He stated that “A large portion of the commercial market never hits the Multiple Listing Service (MLS, as landlords do not want to worry their tenants or business owners do not want to worry their customers and employees.”

The new division is based in the CoVenture building on Main Street.

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According to the Colorado Association of Realtors, November figures show the average median price for a single family home price in Carbondale stands at $870,000 with the townhouse/condo median being $527,500. Most property sales are finalized very close to the asking price.

Many realtors prefer to use the term median rather than average. As it relates to residential real estate, the median sales price lists all prices in ascending or descending order and finds the midpoint — where half the homes sold for more, and half the homes sold for less.

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While the average —  or mean — sales price is calculated by adding all home prices, then dividing that by the number of closed sales. In the case of “average,” the price can be skewed by an extremely low or high sale.

Also in the mix of commercial and residential is Lynn Kirchner, real estate broker and owner of Carbondale’s Amoré Realty on Main Street. She noted that her firm continues to work with commercial and residential buyers and sellers.

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“Amoré Realty isn’t only about real estate but is also about you, our community, transitions and life changes.” Kirchner related.

She said Amoré will help with transitional assistance for people who financially need to make a change. She noted that the population of homeless and almost homeless is growing.

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“We help people. That’s our business,” Kirchner affirmed.

Kathy Westley, broker/owner of The Property Shop, which also covers Carbondale, related that, “We remain busy with clients throughout the area and look forward to a healthy real estate market in 2020.”

Engel & Völkers is working with RM Construction to build condos and townhome at Thompson Park at the historic Thompson House site off Highway 133, which was built in the 1880s. According to the website for the project, the expected build-out plan includes 40 units.

Of these, 25 are market units, seven are single family homes and eight are affordable units. Cavarra clarified that the affordable units will be allocated through the Garfield County Housing Authority’s (GCHA) lottery selection process

GCHA assists individuals, families, seniors and persons with disabilities in locating and procuring affordable purchase and rental housing opportunities. As part of the effort, GCHA gets help from The Uncle Bob Foundation, so named in honor of the Uncle Bob Mountain, a distinctive Garfield County landmark.

The foundation’s mission is to assist lower income families in Garfield County with housing, personal development and economic self-sufficiency. It provides financial support and the development of attainable housing within Garfield County.

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