The shop marks the brokerage’s 12th location in the state of Colorado and has been built out of the firm previously known as The Source for Pagosa Real Estate, led by founders Mike and Lauri Heraty.

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Luxury brokerage Engel & Völkers has expanded its presence in the Rockies with a new shop in Pagosa Springs, Colorado, the company announced on Tuesday.

The shop, located in a historic building in Pagosa Springs’ downtown, marks the brokerage’s 12th location in the state of Colorado.

The firm previously known as The Source for Pagosa Real Estate is now Engel & Völkers Pagosa Springs with continued leadership by founders Mike and Lauri Heraty.

“The western Rocky Mountains have been a strong foundation for our growth in North America,” Anthony Hitt, president and CEO of Engel & Völkers Americas, said in a statement.

Anthony Hitt | Engel & Völkers

“Engel & Völkers Pagosa Springs is our 12th shop to open in Colorado, and our continued expansion in the region speaks to its increasing popularity among home seekers, both foreign and domestic,” Hitt continued. “Amidst this growth, it is critical to partner with real estate professionals like Mike and Lauri, who not only bring a deep understanding of the local market, but also share our approach to real estate — that is, delivering a concierge-style experience and understanding luxury as something that is distinct and personal to each client.”

Pagosa Springs is located in the southwest region of the state in the San Juan Mountains. The community features luxury ranches, condos, townhomes and a number of opportunities for development.

Lauri Heraty | Engel & Völkers

Known for having North America’s largest natural hot springs as well as the most snow accumulation in Colorado with an average of 341 inches per year, the small mountain town is a haven for outdoors enthusiasts. Outdoor activities, such as hiking, rafting, kayaking, biking, skiing, snowshoeing, golfing, fishing and soaking in the hot springs abound.

The city can be accessed via the Durango-La Plata Airport about an hour’s drive away, or through a private jet service located in town at Stevens Field.

“We’ve long been known throughout the region for our quality of service,” Lauri Heraty said in a statement. “Beyond real estate, we’ve arranged everything for our clients — from architects and top-tier contractors to private chefs, ski instructors and fly-fishing guides — which has set us apart in the market. As our business has evolved and we increasingly work with clients from across the U.S., Europe and Mexico, we recognized the competitive advantages of partnering with Engel & Völkers, which has the connections, tools and technology to deliver best-in-class service.”

Mike Heraty | Engel & Völkers

Mike Heraty added, “In order to grow while continuing to deliver the highest level of service to clients buying or selling today or three years from now, we needed to align with the best in the industry for unparalleled service, global reach, real estate technologies and brand marketing. That’s exactly what Engel & Völkers offers.

“In partnering with Engel & Völkers, we’re able to synergize years of local experience and market insights with a customer service offering that will exceed anything available in the region.”

The median listing home price in Pagosa Springs was down 8 percent year over year in March 2023 to $550,000, according to

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Email Lillian Dickerson

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