Friends of Telluride ~
Thought you might enjoy a quick update and hope all is well. Look forward to seeing you back in Telluride this winter. If you would like to give us a call with your travel plans, we would be more than happy to assist you with accommodations.
Summer and fall are behind us as we await the first major winter storm later this week. Medium term predictions are for significant snows for early ski season, so break out the winter gear and make your reservations early. Local property management companies are reporting strong bookings, well ahead of the 2010-2011 ski season. Below is our most recent market update and airline schedule for your review.
Despite a mid summer lull in sales activity, largely the result of the Euro debt crisis and financial market volatility, the Telluride marketplace appears to be holding up well. Sales in the month of September of $24.6M approached those of September 2010 of $29M. Transactions YTD are up by 20% with the Historic Town of Telluride demonstrating the greatest strength in the overall market. Total transactions within the Town increased by 14% with 15 sales above $2M, at an average price per incident of sale of $3,050,000. The average price per square foot registered was $926 with a high achieved at $1,238 PSF. Overall, the dynamics of investor interest is shifting from a total “pull back” experienced in 2008/2009 as potential buyers are looking to place resort properties in “family portfolios” for long term use and enjoyment. Having stabilized, our marketplace with limited inventory and significant ownership equity, presents a safe haven in an otherwise volatile global economy.
If you have an interest in learning more about “best buys” in any market category, send us an email and we will send along our top picks.
With direct jet service from 7 major cities across the US and world-wide connections, Telluride is easier than ever to get to. Travelers are served via Montrose Regional Airport (MTJ) and Telluride Regional Airport (TEX) – – see schedule and air map below.
See you on the slopes this winter and please do not hesitate to call us with any real estate or Telluride related questions.
Best,
TD Smith and Chris Sommers