Telluride Properties Has A New Blogsite
Please visit our new blogsite for the most up to date happenings on Telluride Happenings and Telluride Real Estate. The site also has a user friendly and very informative real estate search function.
Education in the Telluride Region
Telluride Academy
This article was recently published in our newest edition of Truly Telluride. Written by longtime local and blog phenom, Susan Viebrock, this story breaks down the amazing and unique educational opportunities that are just so Truly Telluride.
Click here to read the entire story.
Quintessential Telluride Mountain Home Sold by Mike Shimkonis for $4,150,000
Mike Shimkonis of Telluride Properties represented the Buyer of an Aldasoro Ranch home in Telluride, Colorado on nearly 4 acres for $4,150,000. The home was featured in Custom Homebuilding Magazine as “Custom Home of the Year” in Colorado a few years ago. The 8,900 square foot home offers very fine custom details including expansive hand-hewn timbers, reclaimed antique chestnut floors, numerous suites and a guest quarters. Just outside, a creek meanders around the property. The home is adjacent to 40 acres of scenic open space as well as a trout pond. The spectacular alpine estate has been featured in a recent Eddie Bauer Christmas catalog and is scheduled for another photo shoot for Athleta next month.
A bright spot in the Telluride Real Estate Market, this transaction represented the highest sale of a home in Aldasoro since January of 2011 and garnered the fifth highest sales price of a home in the Telluride Region YTD.
Mike Shimkonis is a senior broker and director for Telluride Properties, he is closing in on $190 million dollars in career sales. Mike is known for his tailored marketing programs, accurate pricing analyses and creative negotiating skills. He can be reached at 970-708-2157 or via his website at www.TellurideAreaHomes.com.
Brian O’Neill’s Real Estate Market Update
Double Rainbow in the Telluride Valley
Through April, our market has had it’s slowest start in 5 years except for 2009. Much of this is due to the large flurry of activity in the second half of 2012 where buyer’s snatched up the better values in the market. During that period we saw the Town of Telluride as the most active segment, particularly homes in Town. New buyer’s in our market this winter are choosing to return in the summer before they purchase. This cycle will be the new norm and we will find that more of our business will be done in the second half of the year. In the future, the savvy contrarian buyers will recognize the first half of the year as a good opportunity to purchase.
Properties priced well continued to sell this winter, particularly in the Mountain Village condo market where projects such as Tristant have been very active. Slowly, values have started to enjoy some gentle appreciation in market segments with reduced inventories. Recent activity points towards a strong summer with buyer’s not only making value plays but also acquiring larger properties.
There has been a recent flurry of activity on development sites including the “Rosewood” site behind the Peaks, the “Post Office” lots next to the Post Office in Town and the “Four Corners” site in Town which would include Baked in Telluride, Village Market, the collapsing stone building below the market and a few other parcels adjacent to these properties. They all are slated for hotels and Four Corners would also include retail, educational and parking components. An interesting indicator of market momentum where investors are recognizing increased sales energy in development projects such as Element 52/Auberge Resorts.
The following are a few market points:
Year to date, we are down 17% in dollar volume from last year and down 11% in the number of transactions.
The average transaction dollar amount is down 7% year to date.
The average dollar amount per transaction for homes in Town, year to date over year to date, is down 60% and total dollar volume is down 70%. This is due to depleted inventory, in turn causing lot sales to increase in Town.
The average price per condo in MV is up 44%, year to date, as larger units become popular once again.
The median price per square foot for MV condos in 2011 was $386 and in 2012 was $423.
There are significant sales soon to be recorded in Town for homes and land as well as in Aldasoro, Idarado, and Element 52.
There are a number of interesting statistics in our new property ledger, Truly Telluride, which can be found at: http://issuu.com/tellurideproperties/docs/truly_telluride_volume_35?e=5121922/2611472 .
If you would like to monitor our market very closely and specific market segments, please feel free to go to my comprehensive and user friendly website Brian.SearchTellurideRealEstate.com .
Air service has been improved again this summer with more flights and larger aircraft from markets such as Atlanta, Chicago, LA and Dallas. See: http://us6.campaign-archive2.com/?u=ae8f2a252365d516c8610a557&id=ccff9ee92c&e=63b548d749
Telluride was ranked #5 overall in 2013 in the largest reader poll in the industry, Ski Magazine. http://www.skinet.com/ski/galleries/resort-guide-2013-west?i=55581436&s=27
Telluride schools were ranked #4 in the state behind 3 private schools making it #1 for public schools in the state. http://www.telluridenews.com/articles/2013/05/06/news/doc5182f3af2ded2899385766.txt
Summer booking numbers are ahead of last year by 15-19%. See the following link for a calendar of summer events: http://www.visittelluride.com/festivals-events
Beautiful Morning in Telluride!
No matter how long you have called Telluride home – you still wake up on mornings like today and think to yourself, “Wow – how lucky am I?” In the infamous words of Albert Roer, “Just another day in paradise!”
A lovely evening rain gave way to a spectacular site this morning. Misty white clouds hung low in the Box Canyon against the backdrop of a signature sapphire blue Colorado sky. The green of the newly leafed out aspen provided a striking contrast to the freshly fallen snow that dusted the majestic San Juan peaks.
Beautiful Morning in Telluride!
People. Places. Properties. New Issue of Truly Telluride is Here!
Featuring insightful articles on Education in the Telluride Region, the Telluride Foundation’s Telluride Venture Accelerator, and Telluride Festivals. Also includes vital real estate statistics and information on some of the region’s best properties.
Click the image below to look inside…
Truly Telluride Volume 35
Steve Cieciuch’s First Quarter 2013 Market Analysis
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.
The Skiing is Phenomenal!!
Damon Demas, Albert Roer, Eric Saunders Skiing in Telluride
Written by Eric Saunders, Broker
The Skiing is PHENOMENAL!!!
With over 4 feet of snow in the last week and a 175 inches total for the year, the mountain is skiing incredibly well. They just opened Palmyra Peak and Gold Hill Chutes 6-8. A few of my associates and I were doing some field work today (please see picture) where we hiked and skied Gold Hill Chute 6, so we can attest to the mountain being in great shape. Knee to waist deep powder in most spots. The mountain is 100% open and the snow is fantastic.
Isn’t it time you quit working and moved to Telluride to enjoy this incredible lifestyle? See you on the slopes!!!
Most of the Market is No Longer Scraping the Bottom
Written By MIke Shimkonis, Director, Senior Broker
The 2012 year end real estate numbers have just been posted and practically every market segment has shown improvement in 2012, making it the strongest year since the peak in 2007. Nearly $365 million and 444 transactions occurred in 2012 representing a 47% increase in dollar volume for San Miguel County and 16% increase in number of transactions over 2011.
In Mountain Village the dollar volume increase is 69% over 2011 and just a 1% increase in the number of sales. Dollars and numbers showed nearly equal growth in the town of Telluride when adding all segments together and county sales recorded strong dollars, with a smaller increase in the number of transactions sold.
Drilling down deeper, the number of condo sales in town picked up tremendously with a 66% increase in sales yet the dollar volume was nearly identical at $41+ million in that sector, meaning that several less expensive condos sold in town versus 2011. The story is even more remarkable for single family homes in the town of Telluride with a 175% increase in the number of homes sold in 2012 versus 2011 (33 versus 12) and a 46% increase in dollar volume. Apparently town is THE place to be for many buyers. There were several good bank-owned buys in town as well as the largest number of vacant land sales occurring (14) since 2004.
Up on the other side of the ski mountain in Mountain Village, the story is similar as several good single family homes were purchased, many on the golf side of the village, with a 109% increase in number of homes sold (23 this year versus 11 in 2011). Several $5+ million homes sold in the village in 2012 marking a return of strong interest in the luxury home segment. Condos in Mountain Village saw strong activity too as $53 million in sales were transacted versus $46.7 million in 2011 yet 60 condos sold this year versus 75 in 2011. There remains several super bargains on luxury condos in Mountain Village at Elkstone 21, Cassidy Ridge and one remarkable penthouse standout that at one point was worth $3.6 million and now asking $1.795 million, Stargazer Penthouse at the Peaks. There are a few in town too.
One of the strongest signs of a stabilizing real estate economy was illustrated as vacant land sales in Mountain Village (and Telluride as mentioned above) continued to show signs of improvement with a 69% improvement in dollar volume in the village and 100% increase in number of transactions in town. There continues to be excellent land buys in Mountain Village.
Vacant land sales in Aldasoro and Ski Ranches continue to be relatively light, although Aldasoro saw an even number of land sales (3) over 2011. Some of the year’s biggest values were plucked up in single family home sales in Ski Ranches as at least six bank-owned properties were purchased by smart buyers looking for value, privacy and views.
Even fractional sales, long a consistently strong segment of the Telluride market, strengthened further as an average of 1.6 memberships were purchased per month in Telluride and over 5 memberships per month were purchased in Mountain Village.
Unfortunately, the one weak spot is the sale of deed-restricted (i.e. affordable local’s housing) condos and homes in town, the village and the county. Surprisingly few locals have been able to take advantage of historically low interest rates in setting roots here. At the same time, the local rental market has been very active, hopefully indicating that locals are saving money in order to make down payments for deed restricted homes and condos in 2013.
Despite the crazy and shocking news events happening in America and the world, Telluride remains a truly remarkable retreat from the madness. Not knowing that I was writing a year-end real estate market update, I asked my wife earlier today why she likes living here for the past 20 years and her responses ring true with practically all other full time and part time residents: “it’s peaceful, spectacularly beautiful, safe, with an awesome quality of life and excellent school district. I love that you can be outside most of the year. It’s a pleasant environment temperature wise, animal wise, with a meaningful small town feel and lots of fun activities for our family.” I couldn’t have said it better myself!
Telluride Colorado Real Estate Blog 