Pagosa veteran here. We had a home there for a few years. Never could have lived there full time. Late fall/early winter sucks, late spring sucks. Too muddy. Too much snow. 200+ inches per year at our house. All of our friends who are "full time" residents have places in Arizona/New Mexico/Mexico so they can be gone during those months.
Roads are horrible in Pagosa. 30+ years of poor decision making by Archuleta County. Impossible to pave the roads. Not enough asphalt in SW Colorado. Impossible to keep them in good condition due to lack of material. There is not enough material available that is cost effective. They need more crushed stone quarries. The ones that have tried, have been voted down by uniformed/don't care environmental hawks.
Pagosa has always been more a boom/bust type small town. A large ownership percentage is time/share. Once upon a time there was great demand, now, not so much. Look at the foreclosure list in the newspaper. City/county government shoots itself in the foot every month. They are absolutely against resort development(Hilton, Hyatt, Marriott, etc..) yet are also waging war against short term rentals. They approved a 700 lot subdivision in town without really thinking thru the impact on existing infrastructure. Had to readdress and effectively kill it post approval. Well meaning people who are out of their depth.
If you are my age, 60's, and have adult children, they are going to be disappointed. Pagosa is hard to get to from Texas. Can drive, but any 25-30 year old that is working can't take the time to drive a full day, stay a couple of days and drive a full day back. Same for flying. Once you get to Durango, it is 1.5 hours to Pagosa. Same thing. Takes all day to arrive and a full day to get home. + at least $1000 each for tickets, shuttle, etc... Restaurants are limited and Wolf Creek is a full 45 minutes from town if there is any snow on the road.
Positives: Less expensive than other resort towns. Beautiful scenery. Great fly fishing, hiking, biking, etc... New pickle ball complex. 27 holes of golf. If sitting in hot sulphur water is your thing, Pagosa has you covered. Generally nice people.