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.
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The last two months of COVID-19 restrictions are slowly being phased out and Telluride is ready for an amazing, albeit very different, summer. If you choose to visit Telluride this summer you will be welcomed, find sanctuary, and have comfort in our natural surroundings, people and wide open spaces. Please contact me directly for any information on Telluride and our real estate market.
Here is my summary of current information and a link to San Miguel County's public health orders as of June 1, 2020:
- The 14-Quarantine for all visitors and second homeowners is no longer in effect.
- The Gondola will begin to run between Telluride and Mountain Village with COVID protocols June 15.
- Hotels and professionally managed short-term rentals are open with 25% max occupancy with hopes to go to 50% max occupancy by the end of June.
- Virtual and in-person real estate showings and transactions are allowed with COVID protocols.
- Restaurants are open with carry-out food and alcoholic drinks. Dine-In service is limited to 50% capacity.
- Both Telluride and Mountain Village will have additional outdoor distance seating tables and chairs.
- Off premise alcohol consumption when purchased in restaurant is allowed in Mountain Village and will soon be allowed in Telluride.
- The Telluride Golf Club opens for Member only play on June 12.
- The Telluride Mountain Bike Park will open June 26.
- Retail stores are opening.
- Direct flights are available to Montrose (MTJ) from Denver, Dallas, Houston and Chicago.
- Direct flights are available to Telluride (TEX) from Denver 3 times per week.
- Masks are required for all indoor public spaces in Telluride.
- Hiking trails are open. 4x4 mountain passes will open slowly in conjunction with neighboring Counties.
- All regular Festivals and Events are cancelled through August.
- Childcare and Day Camps may open with restrictions.
- Outfitters are open with COVID protocols.
Here is Link to the June 1, 2020 San Miguel County Public Health Orders: CLICK HERE
- San Miguel County closed out a record-breaking year of real estate sales with the largest dollar volume month the county has ever seen with $96.9M in sales compared to December 2019.
- Downtick in dollar volume of sales in early 2020 to $48.6M
- Common as many are trying to buy or sell at the end of the fiscal year for tax purposes
- Jan ’20 was well above Jan ’19 with a 123.7% increase in dollar volume and 38.7% increase in number of sales for San Miguel County
- Compared to the prior year average we are up 53% in total dollar volume and 14.3% increase in number of sales for January
- The Telluride market had a great start to the new year with $33M in sales compared to only $12M in Mountain Village the first month of Q1. However, Mountain Village and the surrounding county is a potential buyer’s market for Single Family Homes and condos with much lower price per square foot.
- February was another strong month for real estate in the county. The total dollar volume and number of transactions were up for February 2020 from both the prior year and the prior 5-year average. They were also higher than any February from 2015-2019. The total dollar volume (+45%) and total number of transactions (+13%) both showed an increase for 2020 YTD compared to the prior 5-year average. February represented the fifth straight month that dollar volume of sales per month exceeded that of the prior 5-year average for the same time period.
- By February of 2020, Telluride continued to be a place buyers were looking with $60M in sales Feb ’20 compared to $29M in sales Feb ’19.
- Price per square foot of Telluride condos reached an all-time high of $1,252, mainly driven by the Telluride Transfer Condo sales.
- We have yet to see how the global pandemic, COVID-19 will impact the local real estate market, but it is inevitable. The effects on the market will likely be seen beginning in May. The good news is there was a 38% increase in dollar volume in Q1 ’20 ($151.84M) compared to the prior 5-year average for Q1 ($110.06M). There was also a large uptick in the number of Telluride vacant land sales in March, 9 sales totaling $4.8M.
- For Q1, Telluride is seeing an increase in year to date dollar volume and number of sales. Mountain Village is seeing decreases in both number of monthly sales and number of year to date sales. In March there was strong activity in Telluride and Mountain Village Single Family Home sales and Vacant Properties in the remainder of the county (Elk Run, The Preserve, Ski Ranches and Aldasoro).
- Telluride continues to be a hot market with $86M total sales in Q1 2020 compared to $52M total sales for Mountain Village. Price per sf of Telluride Single Family Homes are at an all-time high of $1,272, mainly due to 3 Single Family Home sales in March at an average of $1,521 per sf. There were 4 Single Family Homes that sold in Mountain Village in March, with a combined average sale price of more than $5M, indicating a demand for larger homes with expansive views, ski access and high-end furnishings.
Telluride Top Picks is me - Robert Stenhammer; 7-year Telluride local, part-time Resort Executive, full-time Real Estate Broker and mountain lifestyle expert in Telluride, Colorado USA. I have a MBA in Hospitality and Tourism and an over 25 year career in resort management and operations. I like to think I know my stuff and my recommendations represent the best experience, service and value Telluride has to offer in food & beverage, activities, events and of course skiing! All of the following recommendations are easily found on-line for more information, pricing and reservations.
Here are my Top Picks for Winter 2020
- Alpino Vino
- Sheridan Chop House
- 221 South Oak
- The Cosmopolitan
- The National
- Siam in Telluride and Siam’s Talay in Mountain Village
- Altezza at the Peaks Resort & Spa
- Bon Vivant
- Gorrono Ranch
- Alpino Vino
Mountain Village Lunch:
- Tomboy Tavern
- Wok of Joy Food Cart
- Poachers Pub
- Altezza at the Peaks Resort & Spa
- Brown Dog Pizza
- Taco Del Gnar
- The Butcher & Baker
- La Cocina De Luz
- Sheridan Bar
- The Last Dollar “the Buck” Saloon
- The Liberty
- Fly Me to the Moon Saloon
Destination Lodging Hotels:
- The Inn at Lost Creek
- New Sheridan Hotel
- The Peaks Resort & Spa
- The Hotel Madeline Hotel and Residences
Destination Lodging Vacation Rentals:
- Exceptional Stays
- Invited Home
- Telluride Resort Lodging
- Alpine Lodging
Favorite Cruiser Ski Runs:
- Milk Run
Best Off-Resort Mountain Activities:
- Heli-Skiing with Helitrax
- Snowmobiling with Telluride Outfitters
- The Telluride Historical Museum
- Nordic Skiing on the Valley Floor and Mountain Village
- Ice Skating at Telluride Town Park or Mountain Village
- Movies at the Nugget Theater
Best Music Venues:
- Sheridan Opera House
- Fly Me to the Moon Saloon
- The Liberty
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.
Join me in Mountain Village on Tuesday 12/3/19 for an Open House Condominium Tour sponsored by the Telluride Association of Realtors. 19 Condos are featured from 1 to 5 Bedrooms ranging in price from $450,000 to over $5,000,000!
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.
- A "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.
- A "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.
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
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.
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.
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.
Compiled by the Brokers of Telluride Real Estate Corp./Christie's International Real Estate, here are the properties most likely to sell next in the Telluride real estate market!
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