Source: Telluride Consulting

The San Miguel County real estate market closed out its incredible year with the months of August through December all exceeding $125M each month in dollar volume. The total dollar volume for ‘20 set an all time record in the county with $1.16 billion in sales, a 54% increase from the previous all-time high set in ‘07 at $756.6M. The number of transactions in ‘20 totaled 814 compared to 631 in ‘07, a 29% increase. Overall the region saw a boom in real estate sales through the COVID-19 pandemic in 2020, something never before seen in the area’s history.

The top three dollar volume states for buying in CO in ‘20 (excluding CO) were: Texas ($320M), Arizona ($91M) and California ($77.5M), with buyers from Colorado coming in at $288M The year finished strong with a 166% increase in dollar volume for the month compared to the prior 5-year average of December sales. Comparing Dec. ‘20 to Dec. ‘19, there was a 95% increase in total dollar volume and a 51% increase in total number of transactions. Year End 2020 MARKET OVERVIEW YTD DOLLAR SALES 95% INCREASE over 2019 The year-to-date (YTD) 2020 number of transactions (814) is up 51% over December 2019 (540). The year-to-date dollar sales for December ‘20 reached $1,161,696,436, a 95% increase compared to $594,325,462 in December ‘19. The YTD average sales price per unit for 2020 is $1,427,145 compared to $1,100,603 in 2019, a 30% increase.

Buyer’s were purchasing much of the available vacant land around the county in October, with 26 vacant land sales Oct. ‘20. With Single-Family Homes and Condominium inventory in the Town of Telluride and Mountain Village significantly reduced due to market activity and cost per squarre foot at all-time highs, it appears many buyers are now looking for vacant land to build. Highlights from the month of November included 16 Condominium sales in Mountain Village at an average sales price of $1.5M and 8 Single-Family Home sales in Mountain Village at an average sales price of $4.5M. Vacant land sales indicate that many investors are wanting to build dream homes to escape the cities.

Source: Telluride Consulting 

Source: Telluride Consulting

September 2 , 2020 Press Contact: Nancy Clark
For Immediate Release nclark@tellurideskiresort.com
603-986-5221

Telluride Ski & Golf prepares for the 20/21 ski season
Winter to look a little different than normal
Telluride, CO -- With the 20/21 ski season only 13 weeks away, Telluride Ski & Golf resort is
busy planning for winter operations.

“We plan to open on Thanksgiving Day (November 26),weather and COVID restrictions
permitting and close on April 4, 2021(Easter Sunday),” said Chuck Horning, majority owner in
the ski resort. “Our teams here have been working tirelessly to make this happen, and we all
appreciate their efforts.” The resort will have its annual Donation Day on Wednesday, November
25 with proceeds from the day’s $25 lift tickets going to the Telluride Ski & Snowboard Club.

The ski resort is facing a challenging ski season due to reduction in visitors, decreased flights
and lodging/restaurant occupancy restrictions. While the resort is preparing for a significant drop
in revenue, the expenses required to run the mountain will remain constant in many areas, but
in general, it’s more costly to operate in the COVID environment. This season, there will be
additional expenses in crowd management, food service, sanitation and other COVID related
issues. The community should expect increases in prices to help offset some of these costs as
well as new lower price pass options with date restrictions during our busiest times to
accommodate capacity constraints brought on by COVID.

“The safety of our employees and guests are paramount to us,” added Horning, “This is a
significant part of our planning process right now.”

The ski resort is currently working on the purchase of temporary outdoor structures for socially
distanced food service operations, and investing in communication and ecommerce software to
offer “contactless” sales operations. Additionally, the mountain operations team is developing a
snowmaking and lift plan to safely spread skiers out around the mountain.
Horning went on to add, “we've had tough times before, and we remain committed to deliver a
quality experience this winter, facing many unknowns and constraints. What doesn't kill us
makes us stronger. We will work with this community to continue improving our mountain and
this year is no exception.”

This region’s economic sustainability, in spite of the years of economic growth, remains
marginal for many businesses, and for people who grow up here or relocate here for work. Over
the next few years, the ski resort plans to participate with the community to understand a path to
economic sustainability. They will work with merchants to strengthen the core economy,
something that is challenging for a remote “no-growth” community.

There are few successful models in Europe of resorts who are remote, intentionally limit growth
and are good places to raise a family. The ski area plans to continue to learn from them.
“We are in this for the long term. Folks here care about Telluride, and while there is a history of
fighting over the progress or lack thereof, today we enjoy amazing success from the creation of
communities, while preserving the quality of life, environmentally and culturally,” said Horning.
The long-standing issue that the community has struggled with is the lack of affordable
adequate housing.

To make progress with this issue, Horning commented “we will be moving forward with the
projects for which we have approval or are in progress, but that is only (27) units. We probably
need several hundred units, and this is doable. We need another Lawson Hill, which will require
zoning changes. Lawson Hill required a zoning change and it was controversial but, today, it
reflects what can be done. Opening up some land for employee housing is the only responsible
thing to do. With the growth limitations our communities have, we can carefully but safely and
without creating growth issues, solve our employee housing needs”

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