Robert Stenhammer

2018/2019 Telluride Ski Resort & Epic Season Passes Now Sale! Here's an Epic Cheat Sheet

  • Only Vail Resorts’ customers with the premium Epic PassEpic 4-Day and Epic 7-Day receive the Telluride benefit: up to 7 days of complimentary access in Telluride.
  • All discount or value Epic products exclude the access benefit in Telluride, including but not limited to the Epic Local Pass, Epic Australia Pass, Summit Value Pass, Tahoe Value Pass.
  • Full Epic Pass holders receive (7) days of ski access in Telluride. Days do not need to be used consecutively. No blackouts or restrictions.
  • Epic 7-Day Pass holders receive a total of (7) days of mountain access of which up to (7) days can be used in Telluride. Days do not need to be used consecutively. No blackouts. i.e. if the Pass holder uses 3 days in Vail, they have up to the remaining 4 days to use in Telluride
  • Epic 4-Day Pass holders receive a total of (4) days of mountain access of which up to (4) days can be used in Telluride. Days do not need to be used consecutively. No blackouts. i.e. if the Pass holder uses 3 days in Vail, they have the remaining 1 day to use in Telluride.
  • All Epic Pass holders with questions about the benefit in Telluride should be referred to Vail Resorts: (970) 754-0005. Hours of operation are 8 am - 6 pm MST daily.


For guests who are trying to do the math to find the most cost-effective options, here are links for Epic Pass, Telluride Season Pass and Lift Ticket Pricing:

New Telluride Mountain Bike Park Coming June 2019

Telluride Ski Resort has started construction of the new Telluride Bike Park with an anticipated opening in June 2019. The park has been designed by, and is being constructed in partnership with Gravity Logic, the Whistler, British Columbia-based industry leader in the design, development and construction of bike parks in North America.

Mountain biking has become a booming global trend. Not only will this park attract more visitors and provide more opportunities and activities for them, it will help stimulate the local economy. Upon its opening in June 2019, the Telluride Bike Park will encompass approximately 15 trails and 17 miles of terrain, designed to appeal to riders and resort guests of a wide variety of ages, skill and interests. The park will also provide lift- serviced access from Mountain Village on the Village Express chairlift (Lift 4).

The terrain will include new Freestyle trails (commonly known as “flow” trails), enhancements to the existing Technical trails (currently managed as the Mountain Village Bike Park), and existing Cross-Country trails within Telluride Ski Resort’s permit boundary (e.g. Prospect Trail, Prospect Loop, Village Trail, Basin Trail, etc.).

In addition, the park will offer lift service, pass sales, guides, clinics and camps from the Telluride Adventure Center in Mountain Village and pass sales location at Oak Street in Telluride.

Additional Facts & Information:

1) Anticipated opening on the 3rd Saturday in June with daily operation through Monday Labor Day.

Saturday, Sunday operations through the 2nd Sunday in October. Weather Permitting.

2) The XC trails will open at 6:30am daily, and all access will close 30 minutes before sunset. Before

10am and after 6pm, XC trails will be accessible via the Gondola at San Sophia Station and will not require an access pass.

The FREESTYLE and TECHNICAL trails in the Bike Park (including lift access via Village Express – Lift 4) will be open from 10am to 6pm, daily.

3) From 10am – 6pm Telluride Ski Resort will provide the following services across the trail network:

Bike Patrol & Emergency Response Services

Pass sales in Mountain Village and at Oak Street

Pass scanning at Village Express and gondola mid-station

Lessons, instructions, and guides

4) During operating hours from 10am to 6pm, lift access to the Mountain Bike Trail Network will require

an access pass.

Before 10am and after 6pm the FREESTYLE and TECHNICAL trails in the Bike Park are closed, but riders can access the XC trails for free.

TSG Employee Access:

Do TSG employees receive any new benefits to the Bike Park? Yes. During the Bike Park operating season active TSG employees will receive a complimentary Unlimited Mountain Bike Trail Season Pass with access to all XC, FREESTYLE and TECHNICAL trails, and Village Express (Lift 4).

Do TSG employee dependents receive any new benefits to the Bike Park? Yes. As Winter Season Pass-holders dependents of active TSG employees can receive an Unlimited Mountain Bike Trail Season Pass with access to all XC, FREESTYLE and TECHNICAL trails, and Village Express (Lift 4) by making a $25 NFF Donation. (* See the available “Season Pass Access Products” below.)

Do winter seasonal employees receive any new benefits to the Bike Park? Yes. As Winter Season Pass-holders winter seasonal employees and their dependents can receive an Unlimited Mountain Bike Trail Season Pass with access to all XC, FREESTYLE and TECHNICAL trails, and Village Express (Lift 4) by making a $25 NFF Donation. (* See the available “Season Pass Access Products” below.)

Single-Day Trail Access Pass:

1. Single-Day Mountain Bike Pass: single-day access to all XC, FREESTYLE and TECHNICAL trails, and

Village Express (Lift 4). $36/day, which includes a $1 donation to NFF.

Season Pass Access Products: *

1) TSG Winter Season Pass-holders: Unlimited Mountain Bike Trail Season Pass with access to all XC,

FREESTYLE and TECHNICAL trails, and Village Express (Lift 4). $25 NFF Donation.

2) Non-Winter Season Pass-holders: Unlimited Mountain Bike Trail Season Pass with access to all XC,

FREESTYLE and TECHNICAL trails, and Village Express (Lift 4). $199, which includes a $25 donation to the NFF.

3) XC Trail Season Pass: unlimited access to XC trails, NO Bike Park, FREESTYLE or TECHNICAL trail, or

Village Express (Lift 4) access. $25 NFF Donation.

About the National Forest Foundation:

As the nonprofit partner of the U.S. Forest Service, the National Forest Foundation (NFF) works with the agency and thousands of Americans each year to promote the health and public enjoyment of our 193-million-acre National Forest System. The NFF believes that communities should play a leading role in determining the future of our National Forests and Grasslands. Consequently, they focus their efforts on connecting these communities, and the people who comprise them, to the tools, knowledge, and funding necessary to becoming active and devoted stewards of this incredible public estate.

The National Forest Foundation (NFF) Matching Awards Program (MAP) provides funding for results-oriented on- the-ground projects that enhance forest health and outdoor experiences on National Forests and Grasslands.

 

Town of Telluride Commercial Real Estate Market Report

Information Provided By Rocky Mountain Real Estate Brokers

Whole Building Sales:

  • The Strong House, 283 South Fir, sold for $2,600 MLS #33887
  • The Belmont Building, 124 East Colorado, sold for $2,200,000 MLS #32628
  • The Yarn Store, 320 W. Colorado, Sold for $1,400,000 MLS# 33705 Commercial Condominium sales:
  • Art House Corner of Fir and Pacific, sold for $835,000 MLS #33923
  • Eye care store, 395 East Colorado, sold for $550,000 MLS #34373
  • Pack it Ship it, Old Watch Space 125 West Pacific, sold for $479,000 MLS #32379
  • There Restaurant space, 627 West Pacific, sold for $570,000 MLS #34610
  • 110 South Pine, Sold for $550,000 MLS #35490

The following office spaces sold:

  • John Steel’s office, 126 West Colorado Ave, sold for $425,000 MLS #34855
  • New San Juan Office suites 211 & 212, 220 East Colorado Ave. sold for $265,000 MLS #34260 Vacant Land
  • 219 West Pacific, sold for $880,000 MLS #35504

Availability in the commercial sector is very slim and limited. Current whole structure commercial properties listed include:

  • Old Bank Building 109 West Colorado, latest asking $2,790,000 MLS #35785
  • 115 West Colorado, Asking price $4,400,000 MLS #35263
  • 121 North Pine Storage/Residential, Asking price $3,000,000 MLS #34234
  • 398 W Colorado, Pederson Building, Asking price $7,000,000 MLS# 35732 Commercial Spaces listed:
  • Fir House Commercial 2, Asking price $1,425,000 MLS #33928
  • Fir House Commercial 1, Asking price $1,010,000 MLS #33926
  • 547 ½ West Pacific, Vet Clinic, Asking price $939,000 MLS#35586
  • 124 East Pacific, Old Security Title, Asking price $350,000 MLS#35759 TREB Bulletin Under contract
  • Bell Building, 217 West Colorado, Asking price $3,250,000 MLS #32563 Recently Expired/Withdrawn properties:
  • 215 East Colorado, Hell Bent Leather, Asking price $995,000 MLS #34908 Business Opportunity
  • Baked in Telluride, Asking price $695,000 MLS # 35948

A few notable changes in business moves and startups:

  • The Last Dollar Saloon is undergoing a major renovation to be opened soon, there will be a roof top bar expected to open in August. The National Restaurant behind the Last Dollar is planned to open for the Winter Season. 
  • Taco Del Gnar opened up at 123 South Oak
  • SMART transit service is moving into the commercial space in the Spruce Street House on the corner of Spruce and Pacific.
  • The Town of Telluride is moving forward with the construction of the building on south Fir and Pacific on what is locally known as the S.M.P.A. lot. This building will contain 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 framed and being finished.
  • Of the two buildings south of the Library on Pine, one of these buildings is finished and the other is nearly complete. I am not aware of who will occupy the commercial spaces in these buildings.
  • The Pederson building on Colorado Ave. on the corner of south Aspen is undergoing an extensive remodel and expansion.
  • Down to Earth was sold to Lauren Reed and the business was moved to South Oak underneath the Visitors center.
  • The old Belmont Building is now occupied by Crossbow Leather shop.
  • The Senate Building on South Spruce has been completed.
  • The old Wagner Gallery on 120 North Fir is totally being remodeled into residential units.
  • The Wizard moved to the Old Yarn store at 320 West Colorado.
  • No news regarding the state of the Hotel Ajax.

Information provided by Rocky Mountain Commercial Brokers

Telluride Mountainfilm Festival

The Telluride Mountainfilm festival is back for it's 40th year. Hosted every Memorial Day weekend the festival represents the kick-off to the summer season for both locals and visitors alike. Mountainfilm's mission is to use the power of film documentaries and art to inspire people to create a better world. 

This sold-out festival features extreme athletes and environmental activists as they climb, ski, trek and pursue amazing causes in the name of mountain culture. Mountainfilm features a large footprint of theaters and attractions in both Telluride and Mountain Village. 

My favorite way to Mountainfilm are the free outdoor movies in Town Park after dark under the stars surrounded by 14,000 foot peaks and majestic waterfalls. Telluride Mountainfilm is truly unique among the festivals in Telluride and often times is the locals' favorite. 

Please contact me for inside festival information. For more information Click Here

Photo Credit: Melissa Plantz

Telluride High School Ranked One of Colorado's Best by US News

The Telluride High School (THS) is ranked #9 out of 420 high schools in Colorado. The ranking is based on state-wide standardized test scores and college prep capability. THS has a total student enrollment of 244 students attending 9th through 12th grades. The teacher-student ratio is 13:1. Over 77% of students participate in Advance Placement courses which prepare students for college and are accepted as college credit by many leading institutions. 

Many of my real estate clients have the ability to work remotely and have relocated to Telluride because of the amazing quality of secondary education to offer their children. The environment is safe and supportive; it's cool to be smart at THS. 

Tax payers in the District approved a $25 Million dollar upgrade to the facility completed in 2016. Congratulations to the students, staff and educators on this distinguished award. 

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To Build or Not to Build? A Telluride Real Estate Market Construction Update

Many of my clients have inquired with me recently about the options of purchasing an existing home or buying a lot and building a home to their specification. It’s a very interesting question in today’s Telluride real estate market. Please allow me to be clear that I’m talking about residential construction here, not commercial or condominium development. It also needs to be understood that I am talking in generalities and that each project will have unique factors and costs unique to its own.

The equation to understand construction cost is land + hard costs + soft costs = project total cost

The important factors to understand when evaluating new home construction in the Telluride market:

Availability of Labor, Services and Materials:

There are incredible home builders in the Telluride market. However, basic supply and demand is dictating an increase in construction costs due to the supply of qualified contractors. Workers are being drawn to Denver and other areas of the Western Slope where conditions and pay may be favorable. There is also a shortage of young people entering the trades.

Almost all the materials used for building homes in Telluride are now imported; lumber and steel from Canada are an example where proposed tariffs may increase the costs further.

Hard Costs

Hard Costs are the actual construction costs and can vary dramatically upon the size of the home and what quality of finishes, lighting and appliances are desired by the owner. These costs also depend on which municipality you choose to build in. In the Town of Telluride there may be workforce mitigation fees and historical preservation impacts. The Town of Mountain Village has very specific architectural guidelines such as a 35% stone requirement which ultimately preserves the overall consistency and property values of the community.

A general range of hard costs is between $450 to $600 sq/ft

If you are looking to build a mountain modern, contemporary home, Mountain Village, or Aldasoro Ranch may be the best options as their design guidelines are now more geared to this style of home.  

Soft Costs

Soft costs are fees for architectural design, engineering, and municipal development fees such as building permits, construction mitigation, water and sewer tap fees.

One important tip is to identify your builder early in the process and connect them with your architect to avoid over-designing outside your budget. Some builders and architects already have a great track record and comfort with each other to achieve this.

A general range of softs costs is 10% of the project total for architecture and engineering and 15% to 20% of the project cost for development fees.

Purchasing a Lot

There are currently 86 lots for sale in Mountain Village at an average size of .67 acres at an average price of $1 Million. One item to note is that I have seen recent engineering and architectural designs that work well with steep lots that can provide excellent land value and amazing views.

In the Town of Telluride, there are only 17 lots available for sale at an average size of .84 acres and an average price of $1.6 Million. Price is at a premium as the Town of Telluride is rapidly approaching build out.

Other options for vacant land two surrounding sub-divisions that provide amazing access, privacy and value. In Aldasoro Ranch, there are 16 lots available for sale at an average size of 3.3 acres and average price of $787K.

The Ski Ranches there are 6 lots for sale at an average size of 1.7 acres and an average price of $488K

New Construction vs Purchasing an Existing Home – The Bottom Line

A general range for total new construction costs are $700 to $850 sq/ft plus the cost of the land. In today’s market the cost of new construction may be similar to the cost of purchasing an existing home.

The question to ask is if the owner is willing to invest time in the process and then be OK with an up to 18-month construction timeline once municipal approvals are granted. The benefits of new construction are to design and enjoy a home of your dreams and there may greater appreciation potential for newer homes.

Please contact me for more information on vacant land and home construction.

 

Telluride Real Estate Market Inventory Snapshot

The Telluride real estate market continues to hold great potential for investment, rental income, personal enjoyment and asset appreciation. The Condo segment in the Town of Telluride is seeing the greatest demand for listings and inventory and is thus enjoying the highest rate of pricing growth. The best values and available inventory currently exist in Mountain Village and the nearby mesas. 

Please contact me for more market information and specific property questions. 

Telluride Ski Resort Announces Alliance with Vail Resorts to Participate in its Epic Pass Program

Consolidation and alliances are nothing new in the ski resort industry. In fact, I started my career in 1996 at Keystone Resort; the same year that Vail Resorts acquired Breckenridge and Keystone resorts in Colorado. That same year, Intrawest and American Skiing Company along with Vail Resorts took their companies public in order to raise acquisition capital.

What followed the consolidation phase of the 1990’s and on the heels of yield management strategies and database marketing tactics was a season pass pricing war. The resulting Buddy Pass season pass product sent the industry into a frenzy and was the true catalyst of the passes we see offered today.

All of this has been great for snow enthusiast by the way, albeit a bit confusing, with many options in play after the Buddy Pass including the Rocky Mountain Super Pass, The Mountain Collective, MAX Pass, Powder Alliance and the Epic Pass.

The biggest effects on the Season Pass options came as Vail Resorts has over the years purchased or partnered with 45 resorts worldwide and included all of them on their Epic Pass.

In 2017, the game changer was the Crown Family from Aspen Skiing Company and KSL Capital Partners came together to acquire the remaining Intrawest Resorts and Mammoth Resort to form a new ski resort consolidation entity: Alterra Mountain Company.

In January of 2018, Alterra announced its 2018/2019 Ikon season pass which will include the 12 Altera owned resorts plus a handful of stout Independent Resorts such as Jackson Hole to make a 23-resort season pass offering, a new and worthy competitor to the Epic Pass.  

For the last two seasons Telluride Ski Resort has belonged to previous rival to the Epic Pass; the Mountain Collective – of which several currently included resorts have defected now to the Ikon Pass starting next season. The Collective currently offers 2 days of skiing at 16 of its collective all non-vail owned resorts.

With the new Ikon Pass, and the future of the strength of the Mountain Collective Pass uncertain, Telluride Ski Resort recently announced the exciting news to form a long-term alliance with Vail Resorts and join its Epic Pass program as a partner resort. After 2017/2018, Telluride Ski Resort will no longer participate in the Mountain Collective.

Telluride Ski Resort has made it very clear that it intends to continue to be independently and privately owned and operated. The Resort anticipates additional Epic Pass skier visits to Telluride to be about 10,000 visits next season and an annual economic impact to the Telluride destination of around $5,000,000.

The decision seems very beneficial and logical for Telluride as many of the current 750,000 Epic Pass holders live in areas such as Dallas, Chicago, Houston and New York which have direct flight access to the Montrose/Telluride airport.

With this significant Telluride momentum building announcement, we welcome all Epic Pass holders to experience the magic of Telluride next season. Look for more information on pricing and full details on Ski Resort season pass offerings in the months to come.

Epic Pass Benefits in Telluride:

  • Up to 7 Free Days in Telluride – No Blackouts
  • 50% off Additional Days in Telluride

Telluride Season Pass Holder Benefits:

  • 50% off Lift Tickets at Any of the 45 Vail Owned Ski Resorts – No Blackouts

For Epic Pass Information:

  • https://www.epicpass.com/

For Telluride Ski Resort Season Pass Information:

  • http://www.tellurideskiresort.com/pricing-products/season-passes/

 

Telluride Real Estate Market Velocity and Absorption Rate - January 2018

Today's topic is "Velocity". While we are enjoying velocity on the slopes and the momentum recent snows have provided, I also want to discuss the velocity in the Telluride real estate market. Also known as "absorption rate", it is rate at which properties are sold and is a leading indicator of the health of a particular real estate market. Another way to look at it is how long properties are listed for sale before they are actually sold. The two graphs below reflect the velocity in the market in the last year. Pay particular attention to the amount of inventory sold in the last year versus the amount of inventory currently listed for sale in each segment. 

In the Town of Telluride the Absorption Rate for Homes was 25 months in 2016 and only 15 months in 2017. For Condos, the Absorption Rate was 12 months in 2016 and only 8 months in 2017.

For Mountain Village, the Absorption Rate for Homes was 36 months in 2016 and only 27 months in 2017. For Condos, the Absorption Rate was 21 months in 2016 and only 11 months in 2017.

Final New Tax Bill - Real Estate Effects Summary

Final Tax Bill Effects on Residential & Commercial Real Estate 12/20/17

 

Major Provisions Affecting Current and Prospective Homeowners

  • Tax Rate Reductions
    • The new law provides generally lower tax rates for all individual tax filers. While this does not mean that every American will pay lower taxes under these changes, many will. The total size of the tax cut from the rate reductions equals more than $1.2 trillion over ten years.
    • The tax rate schedule retains seven brackets with slightly lower marginal rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
    • The final bill retains the current-law maximum rates on net capital gains (generally, 15% maximum rate but 20% for those in the highest tax bracket; 25% rate on "recapture" of depreciation from real property).
       
  • Exclusion of Gain on Sale of a Principal Residence
    • The final bill retains current law.
       
  • Mortgage Interest Deduction
    • The final bill reduces the limit on deductible mortgage debt to $750,000 for new loans taken out after 12/14/17. Current loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap. Neither limit is indexed for inflation.
    • Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the mortgage being refinanced.
    • The final bill repeals the deduction for interest paid on home equity debt through 12/31/25. Interest is still deductible on home equity loans (or second mortgages) if the proceeds are used to substantially improve the residence.
    • Interest remains deductible on second homes, but subject to the $1 million / $750,000 limits.
       
  • Deduction for State and Local Taxes
    • The final bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes. This $10,000 limit applies for both single and married filers and is not indexed for inflation.
    • The final bill also specifically precludes the deduction of 2018 state and local income taxes prepaid in 2017.
  • Standard Deduction
    • The final bill provides a standard deduction of $12,000 for single individuals and $24,000 for joint returns. The new standard deduction is indexed for inflation.
    • By doubling the standard deduction, Congress has greatly reduced the value of the mortgage interest and property tax deductions as tax incentives for homeownership. Congressional estimates indicate that only 5-8% of filers will now be eligible to claim these deductions by itemizing, meaning there will be no tax differential between renting and owning for more than 90% of taxpayers.
       
  • Repeal of Personal Exemptions
    • Under the prior law, tax filers could deduct $4,150 in 2018 for the filer and his or her spouse, if any, and for each dependent. These exemptions have been repealed in the new law.
    • This change alone greatly mitigates (and in some cases entirely eliminates) the positive aspects of the higher standard deduction. 
  • Mortgage Credit Certificates (MCCs)
    • The final bill retains current law.
       
  • Deduction for Medical Expenses
    • The final bill retains the deduction for medical expenses (including decreasing the 10% floor to 7.5% floor for 2018).
  • Deduction for Casualty Losses
    • The final bill provides a deduction only if a loss is attributable to a presidentially-declared disaster.
    • The House bill would have eliminated the deduction for casualty losses with limited exceptions.
  • Moving Expenses
    • The final bill repeals moving expense deduction and exclusion, except for members of the Armed Forces.

Major Provisions Affecting Commercial Real Estate

  • Like-Kind Exchanges
    • The final bill retains the current Section 1031 Like Kind Exchange rules for real property. It repeals the use of Section 1031 for personal property, such as art work, auto fleets, heavy equipment, etc.
       
  • Carried Interest
    • The final bill includes the House and Senate language requiring a 3-year holding period to qualify for current-law (capital gains) treatment.
  • Cost Recovery (Depreciation)
    • The final bill retains the current recovery periods for nonresidential real property (39 years), residential rental property (27.5 years) and qualified improvements (15 years). The bill also replaces separate definitions for qualified Restaurant, Leasehold, and Retail improvements with one definition of "Qualified Improvement Property."
       
  • Qualified Private Activity Bonds
    • The final bill retains the deductibility of qualified private activity bonds used in constructing affordable housing, local transportation and infrastructure projects and for state and local mortgage bond programs.
       
  • Low Income Housing Tax Credit
    • The final bill retains current law. However, a lower corporate rate will negatively impact the value of the credits in the future, and will result in less low-income housing being developed.
       
  • Rehabilitation Credit (Historic Tax Credit)
    • The final bill repeals the current-law 10% credit for pre-1936 buildings, but retains the current 20% credit for certified historic structures (but modified so the credit is allowable over a 5-year period based on a ratable share (20%) each year).

Source = National Association of Realtors