Help with Buying CO Property

I'm not sure if I'm posting this is the right place or not; perhaps I should put it in Business and Investment. However, I thought this forum would be the right audience.
Anyway, here it goes: I'm thinking of buying some acreage in Colorado in Eagle County. Anyone have any advice on what I need to look out for? I'm very confused since there are many properties with under an acre which cost more than the neighboring 20 acre property of someone else. For example, should I be afraid if the property requires drilling for well water? Also, the zoning in CO seems to be rather complicated, there agriculture, rural residential, etc. Any zoning I should stay away from?
Any input would be highly appreciated and thanks in advance.

 

I don't know Eagle County and the only help I can give (if no one else has any) is to give you my agents name in Breck where I've bought property. He may be able to help or put you in the right direction. I can PM his info you want it.

 

I don't think there is anything unusual to look out for in Colorado. Drilling for water is generally not much of a problem unless you are in a rugged area where it can be a crap shoot, but if this is a concern, contact water experts for the area. If there is less than 35 acres, wells are generally restricted to in house use, but you can buy augmentation which allows some outside use. I think the rules and costs vary by water district. We bought augmentation for ours (5 acres) which was about 3500. plus 150./year. Wells will run much deeper here than you are used to in the SE. Subject to county approval, agriculture zoned property can be divided into rural residential lots, normally at least 2 acres each which then can have wells drilled. For higher density, sub dividers will normally have to come up with some water source other than ground water. I can't answer your question about the sub acre lots costing more than multi acreage, but I have a suspicion that the answer is obvious if you eye ball the situation yourself. Property zoned AG will generally have the fewest use restrictions, so it kind of depends on what your anticipated use is.

Dave

 

Mountain property can be difficult to value. Sometimes getting a flat, solid 1/2 acre to build on out of a 35 acre lot can be a challenge. Then you need a road to get you there year round. If you can't sink a well, you'll be trucking your water in along with your heating fuel. Homeowner's insurance will be high if you're not serviced by any fire protection district. I'm making it sound worse than it probably is in your case, but there are a lot of things to think about.

I have a friend that in 1998 spent $95k just excavating for the foundation. He built a log home and needed a helicopter to bring in building materials because he couldn't get a truck that big up the dirt road. I don't know how much he ended up spending on his house, but I bet it was over budget!

Another thing to consider - there is a lot of drilling for natural gas up here right now, at least in Garfield county. If you don't own your mineral rights... well, just know it could be a headache.

The good news is that Eagle county is growing well right now and property values should keep going up for a while. Good luck!

 

Thank you guys so very much. This is all very useful information and highly appreciated. Genoa, I already have two agents I'm dealing with in Eagle, but I certainly appreciate the offer. Thanks again.

 

Location, location, location.

Eagle county is BIG. It comes all the way over to Basalt about 18 miles down valley from Aspen. the whole Roaring fork Valley is booming. Getting a contractor is a challenge.

If you are not on city water and sewer water access is critical. Can you get electricity? Cost to run it in? Can you negotiate your driveway in the winter? Who will plow it?

Do you care about schools. Quality and access will effect property values. Do you have a view? Stream access? These will help resale.

If you are in a valley or canyon flooding is a real risk. High ground usually means tougher driveways.

It is almost impossible to keep mice and other small rodents out of remote cabins.

If you have pine trees the pine beatle can kill all your trees. How much will it cost to spray every year for pine beatles?

If you are not going to be there full time is someone going to watch the property? Remote cabins can be broken into easily.

Do people hunt in this area? Do you mind? Do people snowmobile and go offroading nearby? this is noisy. Sound really carries in the mountains. Are you within a few miles of a highway? They are noisy.
Being near a stream can mask this.

Altitude. We like it about 8,000 ft. Friends at 10,000 ft. were really cold. Much more snow. Some areas get more snow than others. It's great to ski on. Not so great on the roof and driveway.

Is the lot sunny. Some places seem like they never get sun. We like lots of sun. How about wind. Some places in the mountains have constant wind. We like calm.

When we had a house in the mountains on 2.5 acres the birds would make holes under the eaves and build nests where I couldn't put wire to block it. We'd fill up the holes and they would build new ones. Owl statues, tinsel, bb guns...nothing worked. Sweat bees were also a problem.

Found someone to plow the driveway so that was no problem.

We had a good water well. Some of our neighbors had problems.

Couldn't leave pets outside as cougars and coyotes would eat them.

But is was beautiful and quiet when the neighbors dogs weren't barking.

Good luck and may the horse be with you.

 

If you're interested, I can provide you with the name of a reputable broker in the Vail Valley and Eagle Co. You can certainly contact him and see what his thoughts are. I don't think he'd mind speaking with you. PM me if you'd like it.

Best,

CW

 

Felipe, Thank you so much for your comprehensive response. This information is amazingly useful.
BTW, I plan on leaving the horse back in sunny warm Georgia!

 

Glad you find this useful. It's hard to know the questions to ask when you are not familiar with the area.

Remember, real estate agents need to make a sale. If they tell you about problems or potential problems you are less likely to buy. My wife is a real estate agent. they go to schools to learn how not to say anything that can get them sued. If they are not absolutely 100% sure of their position they will not respond. Even if they are 100% sure and you cannot document that they knew negative information they will probably not disclose it.

If you have any questions, best thing to do is find somebody who has lived in the area for years that you trust. They may not want to disclose negatives as it adversely affects the value of their property. Best to find someone from the area who has sold and moved away, they are more likely to give you what you need to make a decision.

BTW. My real name is Phil...I use Felipe in honor of Felipe Massa. Also, the horse I was referring to is the prancing stallion in the Ferrari logo and your avatar. We do have many real horses (4 legs) in Colorado as well as the Fcars with 4 wheels. Some of the best driving for sports cars in Colorado.

Let me know if I can be or further help.

 

I live in Eagle County and know the market somewhat. Give me a PM and I'll call you.

 

Well, with lots of trepidation and a little doubt I bit the bullet and bought a place in Cordillera. I'm not sure when we'll "move in". I doubt I'll bring the Fcar out there, but you never know. For all you guys that helped me make my decision, a big thank you.

 

Congratulations. Beautiful area.

May the horse be with you.

 

There goes the neighborhood! Just kidding. Welcome. If you're in the village much, let me know.

CW

 

After I bring my dog Hank (the pic in the avatar) and my son out there, the neighborhood indeed is going down!!! Better start selling now!