August- Another Great Month For Telluride Real Estate Sales

August 2014 was another fantastic month for Real Estate Sales in Telluride, Colorado.  Overall almost EIGHTY-SIX million dollars in properties closed.  Yes $85.9 million to be exact.  That is a great number.

If we look into the details, the one sale of The Hotel Madeline surely impacted this figure.  That sale alone was at over $39 million.  If you took away that sale, we would be just about flat with August 2013, which was 2013′s second most productive month.  But we saw some good sales, including a total of $16 million in Mountain Village Home Sales.  That more than doubled any month in 2014.  And we also saw almost $8 million in town of Telluride home sales, which was the second best month of the year in this category.

Overall we are 64% ahead, year to date, of last years sales pace and 28% ahead in number of transactions.  Great news as we start to slow down and the Gold Fall Colors hit the trees.

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Sotheby’s Real Estate Agent Teddy Errico Sells Two Telluride Viking Condos!

In the last week, Telluride Sotheby’s International Realty Real Estate Broker Teddy Errico sold two separate units at the Viking Lodge Condominium Complex in Telluride, Colorado.

The first sale was a remodeled 1 bedroom unit adjacent to the complex’s outdoor pool.  Features included granite counter tops, stainless appliance and a steam shower.  Sales price was $255,000.  The second unit was a Penthouse level large 2 bedroom unit.  Ready for a remodel, this unit closed at $38,500.

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Hotel Madeline FInally Sells!

The Hotel Madeline, located in the Center of the Mountain Village, high above Telluride, Colorado just sold to two groups, the Northview Hotel group and Apollo Global Management.  Details on the amount of the sale have yet to be released.  This ends the chapter of the old Capella Hotel developed by Robert Levine, which opened in 2009 and subsequent foreclosure and takeover by Swedbank and Ektornet.

The cost to build was over $200 million and the property features 89 rooms, 11 suites and 60 residences, plus meeting and retail/Restaurant.  No announcements have been made of new sales of the units.

New owners plan to add $7-$10 million in improvements immediately to the entry way & lobby, pool/spa area and upgrading the individual condominiums.

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Premier Mountain Village Development Lot For Sale

Located adjacent to the Mountain Village Center Gondola Station and Lower Misty Maiden Ski Trail, Lot 161C-R is finally available for purchase.

But it gets a little complicated.

Dreamland LLC, a sister entity to the Developer of the Ridge is under contract to purchase Lot 161C-R from its owner, CO Lot 161C-R, LLC (a subsidiary of the Lehman Brothers’ bankruptcy estate).  Lot 161C-R’s current use by right under its existing zoning is 33 Condominium Units, 2 Hotel Efficiency Units and commercial.  The Seller, also requires the purchase of 5 Ridge lots in any sale as well.  What is the price tag for this?  About $9,750,000

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Telluride Announces Winter 2014-15 Flight Service and New San Fransicso Route

With North America’s #1 Resort Ranking and coming off a record year for visits, Telluride has announced a 20% increase in destination flights this winter. Highlights include a 46% growth in seats from Dallas (DFW), new service from San Francisco (SFO), the return of service from Phoenix-Sky Harbor (PHX), and a doubling of flights from New York/Newark (EWR).  With non-stop flights from 10 metropolitan airports and nine major U.S. hubs, Telluride ranks among the best in the Rockies for access.

Along with DFW, PHX, EWR and SFO, non-stop service returns from Denver (DEN), Chicago (ORD), Houston (IAH) and Los Angeles (LAX) on United, and from Atlanta (ATL) on Delta.

Low-cost carrier Allegiant will continue to fly direct to MTJ from LAX and Phoenix-Mesa (IWA/AZA).

Read the entire article here:  Telluride Air Service

Winter Flight Map 2014-15

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Telluride Colorado Real Estate Numbers Continue to Soar

Telluride Colorado Real Estate is still seeing excellent Real Estate activity this summer.  July 2014 numbers are in and this month exceeded July 2013 by 167%  Yes 167%.  Dollar Volume was at $30.7 million.   Overall for 2014 we are 58% ahead of the year to date pace of 2013.  Very impressive.

Leading the way in July were nine condominium and four home sales that totaled over $12 million in sales for the town of Telluride.  Four Mountain Village condo and home sales chipped in almost another $5 million.  Of the $227 million in real estate that has changed hands in 2014, the town still leads the way with well over $100 million in sales.  But the Mountain Village is stronger too!

Other good news?  The Hotel Madeline is set to close at the end of August!

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Conde Nast Readers Rank Telluride 4th Friendly!

Conde Nast Traveler’s annual Readers’ Choice Survey unveiled the friendliest and unfriendliest cities in the country, based on reviews from the magazine’s readers. They state what we already know, Telluride, Colorado placed as the 4th as the friendliest town.  And why we wouldn’t we be happy?  We live and vacation in absolute paradise

balloon fest

See the list here: Telluride Friendly

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Teddy Sells Telluride Lot for $201,000

Teddy Errico sold lot 12 at Sunset Ridge at $201,000 last week.  Sunset Ridge is located approximately 2 miles outside of the town of Telluride and is located on the bike path.  With town of Telluride lots starting at more than double this sales price, the transaction shows excellent value in the current marketplace

Sunset Ridge view

Overall it took Teddy only 16 days to contract the lot. Let Teddy sell your property this fast, or find you the best values in Telluride.

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Downtown Telluride Unit at 205B South Oak Contracted For Sale

Many of you have seen me host open houses at 205B South Oak Street in Downtown Telluride.  Yesterday, this fine four bedroom and five and one half bath townhome contracted to sell.  List price is $3,275,000.

Look for me at Unit C.  This luxurious west triplex unit is offered for sale at $2,775,000.  Four bedrooms and four and one half baths total.

The town of Telluride residential inventory has dropped significantly with less than 30 homes for sale.  Currently there are 13 homes under contract!  There is also a lack of good high end town of Telluride condominiums for sale above $1.5 million.

See for yourself by looking here:  Search Telluride Homes

Telluride Foreclosures Continue to Drop

The Telluride Daily Planet  published an article on Foreclosures today in San Miguel County.  The number of foreclosure filings has fallen 41 percent as compared to 2013.  Further adding to the continued health of Telluride’s Real Estate market is the fact that 2013 foreclosure filings was 60 percent less than 2012 foreclosure filings.  Overall we have only seen 16 foreclosure filings for 2014 for San Miguel County

Click here for the entire story

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