written by Steve Cieciuch, Director
Coming off the heals of a very strong 4th quarter in 2012, anticipation of continuing momentum in 2013 was high. Unfortunately, the snow Gods went on hiatus and our ski season started off with the least amount of snow I have witnessed in 23 years. Its always tough to gain momentum given such circumstances and the proof was in the pudding with a lackluster January of $9.7M in total sales volume. In addition to the poor snow conditions, I believe there was a bit of a buying hangover in the first quarter of 2013. The fast and furious pace to effectuate sales before year end of 2012, in part prompted by pending capital gains tax increases for sellers and buyers converting stock market gains into hard assets, brought more buyers to the closing table than previously witnessed throughout the first three quarters of 2012.
As the snow improved in February, closings did as well, as total sales volume jumped to $22.4M a 19% increase in dollar volume and an 18% increase in transaction volume versus February 2012. Although March increased in dollar volume by 29% over February, it declined by 18% in dollar volume and 17% in transaction volume versus March 2012.
Notable sales in the 1st quarter of 2013 included:
Town of Telluride
| Address | Sold Price | Asking Price | % off Asking Price | SQFT | Beds/Baths | Price/s.f. | Days on Market |
| 127 S. Oak B | $1,475,000 | $1,795,000 | 5.6% | 2,433 | 4/4.5 | $606 | 466 |
| Element 52 W102 | $1,775,000 | $1,895,000 | 6.3% | 1,884 | 3/3 | $942.14 | 720 |
| 713 E Columbia | $1,131,250 | $1,450,000 | 22% | 1,834 | 2/2 | $616.65 | 258 |
Mountain Village
| Address | Sold Price | Asking Price | % off Asking Price | SQFT | Beds/Baths | Price/s.f. | Days on Market |
| See Forever Village A206 | $1,438,000 | $3,600,000 | 60% | 2,498 | 3/4 | $575.66 | 837 |
| Pine Meadows 126 | $1,217,500 | $1,595,000 | 24% | 3,508 | 4/4.5 | $347.06 | 721 |
| 110 SnowDrift | $5,250,000 | $7,990,000 | 34% | 8,481 | 6/7.5 | $619 | 1,283 |
| 111 Autum Lane | $8,700,000 | $18,500,000 | 53% | 15,418 | 9/9.5 | $564 | 484 |
| 222 Russel Dr. | $2,750,000 | $4,395,000 | 37% | 4,981 | 5/4.5 | $402 | 2,341 |
Outlying Mesas
| Address | Sold Price | Asking Price | % off Asking Price | Acres | Days on Market |
| Lot 3 Golden Ledge – Deep Creek Mesa | $1,675,000 | $1,950,000 | 14% | 35.01 | 321 |
A market sector that has been quite active is Town of Telluride remodel opportunities. Homes priced between $800,000 and $1,200,000 are limited in supply and offer potential upside based on four sales of homes in 2012 of $1,000 per s.f or greater. Bank owned opportunities are becoming fewer and farther between, however, one significant bank owned opportunity was swooped up in Mountain Village. A 15,418 s.f. 9 bedroom, 9.5 bath contemporary home closed for $8.7M or $564/s.f., a significant discount and excellent purchase from its original list price of $18,500,000.
The second quarter looks promising with 45 properties in San Miguel County under contract ranging in price from $57,000 in Norwood to $5,700,000 for 472 West Columbia Ave in Telluride. Slowly but surely the market continues to experience an absorption of inventory and depending on the market sector, declining inventory. The best buys are in market sectors that have a preponderance of inventory such as Mountain Village condominiums or areas currently garnering less attention such as vacant land in Mountain Village and outlying subdivisions.
