Market Information

Telluride Real Estate 2017 Mid-Year Market Report

The Telluride Real Estate market continues to gain momentum as we garner worldwide recognition for being one of the best small towns in the nation. The Telluride Ski & Golf Resort has been named the #1 resort in North America for 4 of the last 5 years by the readers of Conde Naste magazine. We have the most amazing festivals, shops, restaurants and lodging options you could hope for and the natural beauty of the San Juan Mountains allow for a lifetime of exploration and multi-generational alpine lifestyle. Given all these factors, it’s no wonder we are seeing the real estate market respond so positively to the increasing allure of the Telluride region.

Here are the mid-year highlights of the 2017 Telluride Real Estate Market:

  • Year to date (YTD) real estate transactional dollar volume is up 50% over 2016 at $267 Million.
  • Telluride Real Estate Corp./Christie’s International Real Estate’s dollar volume is up 51% YTD.
  • YTD number of transactions is up 21% over 2016 at 307 transactions
  • Currently there are 104 homes, 175 condos and 124 lots listed for sale in Telluride and Mountain Village proper representing 21 months of inventory.
  • Because of the lack of inventory in the Town of Telluride, it has become a seller’s market and the best deals on a price per value basis are now larger homes and lots in Mountain Village. Mountain Village home sales are double over prior year.
  • Distribution of sales so far this year are roughly split in thirds between Telluride, Mountain Village and the remainder of the County.
  • Condos represent roughly 44% of sales and lots and residential sales represent about 25% each.
  • The subdivisions of Aldasoro Ranch, the Ski Ranches and residential homes on 35-acre parcels represent some tremendous values in the region.

This year’s real estate market is in a very interesting position where Sellers can achieve good value and there are still very good deals for Buyers compared to our competitive set of Aspen, Jackson Hole and Sun Valley.

Please contact me for additional information and discussions on the Telluride Real Estate market. To stay informed, check out my website at www.telluriderealestates.com and Like my Facebook page at Telluride Real Estate News. 

The Ultimate Telluride Real Estate Buyers Guide

Interested in buying real estate in Telluride? Perhaps a mountain condo or multi-generational retreat? A property you can 1031 exchange into or a real estate and rental investment? Look no further for insights into the nuances of what it means to be a property owner in Telluride. It’s my pleasure to present the ultimate buyers guide for Telluride Real Estate.

What to Be Prepared For:

  • The 3% Real Estate Transfer Assessment:
    • Both the Town of Telluride and the Telluride Mountain Village Owner’s Association (TMVOA) have a 3% real estate transfer assessment almost always paid by the buyer. But before you fret, understand that these funds go for very important property value enhancing programs. In the Town of Telluride, the fund is used exclusively for Town capital projects. In Mountain Village, the fund runs and maintains the free public gondola, Dial-A-Ride on demand transportation for owners and guests, member social events and economic stimulus.
  • Understand Your Purchase Power:
    • If you are a cash buyer, you are in the driver’s seat. If financing, make sure to get a pre-qualification to understand how much property you can afford. We as Brokers have shown many dream properties that buyers fall in love with only to realize the lenders won’t back the purchase.
  • The Emotional Roller-Coaster:
    • Offers are submitted and countered. Competing bids may trump your offer. Dates for due-diligence, inspections and their resolutions can be an emotional roller coaster. Title and HOA document review are important part of the process. This is where a knowledgeable and committed broker understanding and representing your interests are worth their weight in gold. You will be well guarded against the risks of the process.
  •  Appraisal and Inspection:
    • Is the home you are purchasing worthy of the price and condition of the property? An independent appraisal is required if you are financing and is a good idea overall for your piece of mind.
    • After inspection, the deal can get tricky. What are you going to ask the seller to fix? What if they refuse? Many a deal has been undone by the inspection and subsequent resolution negotiations.
  • Home Insurance, Warranties and Title Insurance:
    • Your broker will have a list of trusted and recommended professionals to assist you with policies and coverage to put your mind at ease
  • Closing – Congratulations!
    • The final walk-through will give you the opportunity to make sure you’ve found the perfect property to fulfill your real estate objectives
    • Your closing costs and settlement charges will be clearly outlined in the closing statements. Applicable expenses such as property taxes, utilities and rental income will be appropriately pro-rated.
    • Your broker should provide you with a buyer’s checklist to switch utility billing, cable and internet services, rental management companies and property maintenance specialists.

Please contact me for additional information and discussion on the Telluride home-buying process. To stay informed, check out my website at www.telluriderealestates.com and Like my Facebook page at Telluride Real Estate News. How can I assist you today?

An Update From the Peaks Resort & Spa

The Peaks Resort & Spa has been part of Telluride Ski & Golf Resort since July of 2015. At that time the resort purchased the commercial spaces and obtained the management contract for the hotel and the adjacent See Forever Village. The resort’s involvement is for the long term and although many improvements have already been made, there are even more exciting things to come.

Here are some highlights of recent Peaks activities:

  • Talent: the great business management guru Peter Druker said “culture trumps strategy” and the team culture at the Peaks has shown an impressive resurgence under VP of Hospitality Rudy Sharp, Spa Director Todd Shaw and Food and Beverage Director Chris Wisocki.
  • Physical Plant: It’s been the goal to get the core of the building running efficiently and although it’s a lot of non-sexy stuff, the HOA understands it is the foundation that allows great guest service to happen.
  • Owner Engagement: Homeowners at the Peaks are now more engaged than ever and their participation is a great thing as they look at room-standards and other improvements.
  • Telluride Golf Club Improvements: A major investment in snowmaking as part of a completely renovated golf practice facility are a huge benefit for the Peaks owners and guests.
  • Steaming Bean: Smoothies, a juice bar, great breakfast items and grab and go selections are fantastic additions to the Peaks coffee shop.
  • Altezza: A new and eclectic menu, a fresh décor and improved service added to the already un-rivaled views of Wilson Peak and the San Sophia mountain range now make Altezza a can’t miss dining experience in Telluride.   

Because of these factors and some future grand plans, real estate momentum is picking up at the Peaks. The values remain some of the best buys in Telluride. Owners enjoy special benefits and access privileges.

If you have comments, questions, or want to learn more about the Peaks or Telluride Real Estate opportunities, contact me anytime.

 

The History of Zoning and Real Estate in Telluride

You may know that the Telluride box canyon was formed by a giant and ancient volcanic caldera subsequently carved out by ice age glaciers.

You may know that Telluride was founded in the 1870’s as a mining town and that it is a national historic landmark. And that the Town of Mountain Village is contemporary, modern and only 21 years old and that the two towns are connected by a free gondola.

You may also know that Telluride Ski & Golf Resort has been named the #1 resort in North America by Conde Naste 3 out of the last 5 years.

But did you know that our little slice of alpine heaven was once zoned for over 400,000 residents?

Here’s the Story…

The last mine was shut down in Telluride in 1978. About the same time, Ron Allred came to town with a vision for the new economic engine, the Telluride Ski Resort. The Resort had been operated only out of the Town of Telluride side as a very small ski area since 1969, but Ron Allred, using his vision and experience as a developer in Beaver Creek, had grand plans.

Due to the change of economic sustainability from mining to Tourism, a group was put together named TREPAC, the Telluride Region Planning Advisory Committee. TREPAC was put together to complete a master plan for the next 45 years.  TREPAC was comprised of 18 members, 6 representatives from San Miguel County, 6 from the Town of Telluride and 6 members at large that represented the four major landowners in the area. Their work was intended to virtually eliminate motor vehicle transportation, create zoning for hotels, keep telluride small, build an airport and infrastructure to support a resort tourism economy.

TREPAC’s vision was for 5 mountain villages, all connected by gondola, and each with its own commercial core. These villages included Telluride, Mountain Village, the Valley floor, Aldasaro and west meadows. Subsequently the zoning was reduced by TREPAC from 400,000 to 18,900 residents and guests. Outside of Telluride and Mountain Village in unincorporated San Miguel County, the residential zoning is 1 single family home per 35 acres of land.  

Of course, this vision of a European style gondola connected resort destination was laid to rest when the Valley Floor and West Meadows areas were permanently preserved as natural open spaces – further reducing the zoning in the area. Today there are only around 3,000 residents, and Telluride welcomes over a million guests per year to our Mountain Hamlet.

The moral of the story is today, mountain resorts have experienced an incredible amount of sprawl, congestion and density. Think of great resorts like Vail, Aspen and Park City that sprawl 50+ miles from their resort centers. Because of our zoning restrictions in place, Telluride will always be a small boutique destination.

Despite our limited zoning and density restrictions, Telluride remains a very attractive value for real estate investment when compared to other luxury mountain destinations.