Blog

Welcome to Telluride Real Estate News. Here you will find relevant and timely real estate news including market highlights, tips and resources, issues affecting property values and Telluride's incredible alpine lifestyle. My objective is to give you the news you can use...today. Search by category or by keyword for the news you are looking for.  

I record 3 minute Telluride Real Estate News videos on similar subject matter.

For Telluride Real Estate News Videos click Here. 

Subscribe today or contact me to discuss any of these topics or offer story ideas. How can I assist you today? 

Telluride Real Estate Market Report November 2019

The Telluride Real Estate market is enjoying a strong 4th Quarter of 2019. The market is responding to the value in Mountain Village properties compared to the higher prices in Telluride. Inventory is a bit depleted. The outlook for Telluride Real Estate continues to remain favorable as a lifestyle influenced long term investment. 

Telluride Real Estate Government Affairs Update

Here are the recent Local, State and National Governmental updates relevant to Telluride Real Estate

Issue 300 Passed in Telluride

The Town of Telluride now has a short-term rental tax as voters approved Ballot Issue 300 on 56 percent of the ballots, according to complete but unofficial results in early November. The new 2.5 percent tax will feed into the town’s Affordable Housing Fund, pushing the total tax on short-term rentals from 12.65 percent to 15.15 percent. The tax does not affect hotel rooms.

Election Results – Telluride Has a New Mayor

Telluride’s new mayor DeLanie Young defeated incumbent Mayor Sean Murphy by a 53-41 margin that was sufficient to negate the need to set instant runoff voting (IRV) protocols into action. David Oyster finished a distant third with 6 percent.

In the Telluride Town Council race, Telluride voters sent the incumbent, Lars Carlson, back to work on Town Council and gave Adrienne Christy a handy second-place finish and a seat on council with 39 percent and 38 percent of the votes, respectively. Carlson was the top vote getter with 459 votes to Adrienne Christy’s 429.

Young, Carlson and Christy took the oath of office Nov. 19.

Proposition CC Fails at the Statewide Level

Proposition CC, a statewide initiative that  asked voters to give up statewide TABOR refunds indefinitely was defeated in early November by a 55% - 45% margin.

  • "YES" vote would have allowed the state to keep revenue above the current limit instead of issuing TABOR refunds on years when the state collects too much. The money from CC would have been added to the general revenue where it would be spent on things such as schools and roads.
  • "NO" vote keeps the current structure in place where the state would have to issue TABOR refunds for revenue above and beyond the required limit.

Voters were NOT being asked to give up your state-issued income tax refunds. This only deals with excess money the state collects that is currently required to be refunded to voters.

TABOR

Not every year, but in some years, Colorado must refund you money because of the Taxpayer’s Bill of Rights, which you might know as TABOR.

Voters passed TABOR in 1992. The Constitutional amendment requires the state and local governments to get voter approval before enacting new tax increases or bonds, and it puts a cap on how much tax money Colorado can collect and spend. The rate is based on inflation and population. If the state collects too much, you get back money.

Proposition DD Passes Statewide by a Razor Thin Margin

Colorado voters have approved a ballot measure legalizing sports betting and taxing it to help fund a state water conservation plan. Proposition DD passed 50.7% - 49.3%. It had bipartisan support and only token opposition. The election was so close that the outcome could only be determined after each and every vote was tallied.

The measure allows Colorado's 33 casinos to start offering wagering on professional, collegiate, motor and Olympic sports in May. Both in-person and online wagering are allowed.

Colorado can legalize sports betting because of a U.S. Supreme Court ruling in May 2018. However, Colorado law explicitly makes sports betting illegal. DD attempts to make it legal, while at the same time initiating a new voter-approved tax on the revenues from sports betting, to be spent on Colorado's Water Plan.

National News - Agencies Increase Residential Appraisal Threshold

On September 27, 2019, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) adopted a final rule increasing the threshold for requiring an appraisal in residential real estate transactions from $250,000 to $400,000. Federally related transactions under $400,000 will require an evaluation, rather than a full appraisal, to determine value of the real estate in question. A federally related transaction is a non-Fannie Mae or Freddie Mac transaction and a non-federal financed transaction, such as loans under the Federal Housing Administration, the Rural Housing Service or the Department of Veterans Affairs.

Source - Telluride Realtor Association Government Affairs

Telluride Real Estate Market Report October 2019

The Town of Telluride proper continues to be a robust real estate market with all listed inventory now over $1,300/ft average. 

The market is seeing the value in Mountain Village homes. The sold price year to date 2019 of Mountain Village homes is 89% of the Listing price where the rest of the market is at 94% of original listing price. 

San Miguel County, CO Total year to date dollar volume is down 8% and total real estate transactions are up 4%.

Please contact me for additional information or specific questions. 

Teluride Commercial Real Estate Update

 

Here is the Commercial Real Estate update for Telluride, Colorado as of September, 2019

Source: Telluride Real Estate Brokers 

Whole Building Sales: 

The Bell Building, 217 West Colorado, sold 6/1/2018 for $2,995,000 MLS #32563 

The Pederson Building, 398 West Colorado, sold 10/5/2018 for $7,440,000 MLS #35732 

The Bank Building, 109 West Colorado, sold 11/15/2018 for $2,450,000 MLS #35785– TREB Sale 

Plunge Landing Building, 290 S Townsend, sold 2/26/2019 for $5,700,000 MLS #37427 

221 South Oak, sold 7/17/2019 for $3,850,000 MLS #36908 

Commercial Condominium Sales: 

221 East Colorado Ave Wasatch II #J, sold 12/13/2018 for $1,035,000 MLS#35515– TREB Sale 

Art House Corner of Fir and Pacific, sold a second time in 2 years on 1/15/2019 for $980,000 MLS #36750 

217 East Colorado Ave Wasatch II E &F, sold 5/14/2019 for $2,327,500 MLS # 36496 

Pacific House, 124 East Pacific, sold 5/31/2019 for $735,000 MLS #35759 

The Following Office Spaces Sold: 

New San Juan Office suites 204, 220 East Colorado Ave. sold 11/30/2018 for $90,000 MLS #36369– TREB Sale 

Black Bear Unit 202, 101 East Colorado, sold 3/8/2019 for $570,000 MLS# 36861 

Availability in the commercial sector is still very slim and limited. 

Current Whole Structure Commercial Properties Listed Include: 

Fly Fishing Store, 121 West Colorado, Asking price $3,400,000 MLS #37309. This includes a full HARC approved set of redevelopment plans– TREB Listing 

The Dahl Haus, 122 South Oak Street, Asking price $3,000,000 MLS #37105– TREB Listing 

121 North Pine Street Storage/Residential, Asking price $3,000,000 MLS #34234 

115 West Colorado, back to the market at Asking price $4,750,000 MLS # 37459 

Commercial Spaces Listed Include: 

New San Juan Office suites 201 & 202, 220 East Colorado Ave. Asking Price $215,000 MLS #3691– TREB Listing 

214 East Colorado, Asking price $869,000 MLS #36843 

Dakota Space, 220 East Colorado, Asking price $1,725,000 MLS #36984 For Real Estate. Asking price $1,850,000 MLS #36890 For Real Estate and business. 

Under Contract: 

Butcher and Baker Building, 201 East Colorado, Asking price $3,500,000 MLS #37108 

TBD S FIR STREET 2 Fir House Commercial 1, Asking price $1,010,000 MLS #33926 

TBD S FIR STREET 2 Fir House Commercial 2, Asking price $1,425,000 MLS #33928 

Recently Expired/Withdrawn Properties: 

115 West Colorado , Asking price $4,400,000 MLS #35263– This has returned to the market at $4,750,000 MLS # 37459 

373 West Colorado Unit 5, Asking price $999,000 MLS #36611 

A Few Notable Changes in Business Moves and Startups: 

The Last Dollar Saloon and the new National Restaurant behind the Last Dollar are open. 

The Town of Telluride is completing the construction of the building on south Fir and Pacific on what Is locally known as the S.M.P.A. lot. This building contains underground parking, The Ah- Haa School for the Arts and Affordable Housing. 

The Merriweather four corners project is moving along, one building on the corner of Fir and Pacific is complete. The Transfer warehouse received a facelift and has been conveyed to Telluride Arts, and the main building to the south of the Transfer warehouse is being finished. 

The Pederson building on Colorado Ave. on the corner of south Aspen is approaching completion. 

The Old Belmont and Shanghai buildings are undergoing a significant restoration and renovation. 

Oxbow Leather has moved to 217 East Colorado Ave. 

The Hotel Ajax site has been sold and new plans are expected soon.

Telluride Real Estate Spotlight - Aldasoro Ranch

Aldasoro Ranch is a 1550-acre parcel developed in the late 1980’s, carved from a beautiful area of the extensive sheep ranch and farm owned by Joaquin and Serapio Aldasoro, industrious brothers who came from the Basque Pyrenees of Spain in 1926.

The development is linked to the Telluride spur from the same county road that accesses the Telluride Airport. A drive from any home in Aldasoro is less than 15 minutes to Downtown Telluride, Ski Resort or Golf Course.

For owners and their guests, catch and release fishing in the pond is allowed and Mountain Biking or Hiking on a well developed trail system links to the greater area town and wilderness trail systems.

In 2008 The Ranch changed hands from the Aldasoro family’s development company to the Aldasoro Ranch Homeowners Company, which now provides water, oversees building projects and maintains the roads.

Today Aldasoro has 166 single-family lots, a mixture of high-end custom homes and a few deed-restricted properties, as well as 620 acres of open space, covered in aspen, scrub oak, prairie grass and flowers. Every lot has magnificent views of the San Juan Mountains and the surrounding area. Click Here for Properties for sale in Aldasoro Ranch! 

Telluride Real Estate Market Stats for July 2019

Highlights as of today in Telluride and Mountain Village Real Estate: 

  • Number of sales are behind last year in all segments on my report
  • Large dollar land sales in Telluride and Mountain Village skewing 2019 price/acre upward
  • Telluride Listed Homes are now nearly double price/ft than Mountain Village Homes and less than half the average size listed  
  • Please contact me for more information

The Telluride Reserve Mountain Village Food & Wine Celebration

The Telluride Reserve Mountain Village Food & Wine Celebration takes place August 15-18, 2019 in beautiful Mountain Village, Colorado. In this inaugural year, Telluride Reserve will offer guests interactive wine tasting sessions led by Master Sommeliers and wine professionals.

For one price, guests select eight sessions over four days,including two Taste & Terroir four-course lunches featuring sought-after wines paired with the innovative cuisine of celebrated chefs. This event will leave you speechless as you sample world-class vintages and tasty delights set in extraordinary venues - private homes in Mountain Village. Get your tickets now while they last at: http://www.telluridereserve.com/

Telluride Mountain Village Free Sunset Concert Series

Sunset Concerts in the Telluride Mountain Village are one my favorite summertime events. Located in the Sunset Plaza, just a short Gondola ride from Telluride, there is free live music every Wednesday evening starting at 6pm. Enjoy great music, socialize with friends and enjoy your beverages in the newly formed Mountain Village Common Consumption Area. See you for the shows! 

Click Here for More Information on the Sunset Concert Series