Teddy Errico's Telluride Tales

There has been much discussion about the Telluride Real Estate Market hitting the bottom. I am not sure if we have hit the bottom, but we are certainly rattling around down there somewhere. We have seen 2 homes recently contract in the Town of Telluride, 17 of 34 condo reservations at over $1,000 per square foot at Element 52 and 2 recent home sales in the town of Mountain Village.
This activity leads me to believe we are either close to the bottom or just pulling out. As a Buyer, it doesn’t matter which side to be on as the values are the same, but its so hard to time the exact bottom, who really knows. What I do know is that there are some good values, the best in 10+ years.
Land is a good play if you have cash (financing is very tough in this segment) and beating up a contractor to the $350-$400 sq ft range can get you new product cheaper than what is currently on the market. True creativity will get you the best deal; just let me know how I can help find the Telluride property that meets your lifestyle and needs.
Our market is so small, that it will only take a little bit of action to pull out of the bottom for certain. Add that with our lifestyle and happy property owners, and it may be time to revisit Telluride.

The Telluride Real Estate Corp is proud to announce a new affiliation with Leading Real Estate Companies of the World. This new affiliation will add internet search power and presence through its 700+ websites, 243 million web visitors in over 30 countries. Of all of these websites, www.Luxuryportfolio.com will best match our upscale clientele for both Buying and Selling Telluride Real Estate.
Combined with our existing Christies Great Estate affiliation, we will have almost doubled the number of properties listed for sale in excess of $1 million than our rival, Sotheby’s.

As more info becomes available I will keep you posted and will soon have a new link and menu item on my personal website, www.TeddyErrico.com

Its never too early to start planning for ski season, especially over Christmas, New Years, Presidents Week and March.

Continental and Delta Air Schedules: Should be fully loaded via the airline direct booking options by 6/6/09 at the latest (Per the Airlines) and via other Distribution systems by 6/13/09. This could happen a little bit earlier but I’ve been advised it should happen by this date by the airlines. This means group business should be accessible via direct request with the airlines by 6/6/09 and that the general public FIT business should be on display by 6/13/09. (Tour Operators do most of the Group business and can look to do a direct request to these specific airlines for their groups now and get a response by 6/6/09 or more likely 6/8/09 the Monday after the flight load). The general public should see all the flights for Continental and Delta via expedia, orbitz, kayak.com etc…other GDS distribution systems by 6/13/09 and may see the flights by 6/6/09 if they check directly with the airlines.

Below is a summary of what is loaded for airlines and what will be loaded and the projected dates per the airlines:

Presently Loaded:
United Denver Saturday Only Jet 12/19/09 - 4/3/10
United Los Angeles Saturday/Sunday Only 12/19/09 - 4/3/10 (No Sunday on Last Weekend)
United Chicago Daily 12/17/09 - 4/4/10
United 2nd Saturday Chicago 12/19/09 - 1/2/10 & 2/13/10 - 3/27/10

American Dallas Ft. Worth Daily 12/17/09 – 4/5/10
American Chicago Saturday Only 12/19/09 – 4/3/10

Delta Salt Lake City Daily 12/17/09 – 3/28/10
Delta Atlanta Saturday 12/19/09 – 3/28/10
(Note this is on CRJ900 76 RJ…Peak Dates will upsize to 142 Seat MD88 by 6/6/09 via DL directly and 6/13/09 via
other expedia, orbitz, kayak.com etc…distribution systems)

To Be Loaded:
Continental Daily Houston 12/17/09 – 4/5/10 (Note 3/29/10 – 4/5/10 will be on 50 Seat RJ)
(To Be Loaded with www.continental.com by 6/6/09…other Distribution systems by 6/13/09)
Continental Saturday Only Newark 12/19/09 – 3/27/10
(To Be Loaded with www.continental.com by 6/6/09…other Distribution systems by 6/13/09)
Continental 2nd Saturday Houston 2/13/10 – 3/20/10
(To Be Loaded with www.continental.com by 6/6/09…other Distribution systems by 6/13/09)
Continental 2nd Saturday Newark 2/13/10 – 3/20/10
(To Be Loaded with www.continental.com by 6/6/09…other Distribution systems by 6/13/09)

Delta Upsize on Morning Saturday Atlanta Dec19 - Jan4: M88 & Feb11 - Mar28 (From 76 Seat RJ to 142 Seat MD88)
(To Be Loaded with www.delta.com by 6/6/09…other distribution systems by 6/13/09)
Delta 2nd Sat In/Sun Out Atlanta CRJ900 Dec 19 – Jan 4 & Feb 11 – Mar 28
(To Be Loaded with www.delta.com by 6/6/09…other distribution systems by 6/13/09)

USAirways 2X Daily Phoenix Service Peak (Reduction Off-Peak to 1X Daily on Tuesdays/Wednesdays TBD)

NOTE: We are anticipating that with the above flights loaded that we will end up within about 1% of the total guaranteed seats we had last winter. Additionally we are not anticipating any changes in the non-guaranteed air service but this is always an unknown at this time. Also of note is that we’ve shifted more seats to peak parts of the season and peak days of the week and away from non-peak parts of the season and days of the week.

The sales numbers for the first third of 2009 Telluride/San Miguel County Real Estate have been released. We are unfortunately seeing much of the same action. We are off, year to date 35% from 2008 with total sales volume of $111 million. (2008 year to date was $172 million and 2007 $254 million.)

Don’t read into this too much. We all know the winter selling season was slow, and March and April numbers continue to reflect that. We are still in off-season, so I do not expect activity to start picking up until July. That means, Sellers- be patient, and Buyers- there is still time to get a good bargain. Stay Tuned.

Exciting news. My Telluride Real Estate Corporation office shall be moving this week from the old ResortQuest location at 666 West Colorado Avenue above Clark’s Market to the Element 52/Cascades located adjacent to the River Trail at 368 South Davis Street, in the historic town of Telluride. If you look in between Chair 7 and the Gondola, its right underneath the big red crane.

I will be working with the Developers of Element 52 and Listing Agent Steve Catsman on creating an information center for sales at Element 52. The Real Estate sales at Element 52 have been brisk with 17 of 34 units already contracted. Slated for completion in the fall of 2010, these luxurious residences offer a ski in/ski out location, private bar, access to Gray Head Wilderness amenities and so much more. There are 2, 3, 4 and 5 bedroom residences available for purchase starting at $2,050,000.

My contact information is the same….970-728-5959 and e-mail Teddy@TeddyErrico.com. If you are out on the River Trail this summer, stop by and say hello.