Teddy Errico's Telluride Tales

If you currently own property in the Telluride Region and that property was built between 1988 and 1996 and has a radiant in-floor heat tubing system, it may be a faulty system.

There have been significant failures of this product and every owner of property containing heating Entran II hose is at risk of significant damage. In 2004 a Federal Court approved a settlement between GoodYear and Entran II owners and the settlement over time will be worth over $200 million. This money is the only money that will be available to owners for any subsequent damages.

However the deadline to file a claim is November 19, 2009

How do you know if you have this product? A service appointment with a local heating and plumbing technician and brief analysis will determine if you have Entran II tubing. Please contact Teddy Errico to help set up an appointment with a local heating service technician and get information from a website that offers a simple but informative FAQ page. Local attorney Peter Ricciardelli has already helped local homeowners get the relief they are entitled to and time is running out

It is amazing that August has almost come and gone, but I have noticed that Real Estate Activity has picked up recently in Telluride, and that’s good news. Not that we are not breaking any records, but it is just nice to see that August, which in my 10 year history of selling Telluride Real Estate is always a BIG month, see some action. What’s more important to me is that this trend is the same, albeit at smaller levels.

Overall, we have seen 24 contracts in August, which is more than a third of the total of 68 properties that are under contract per the Telluride MLS.

All everyone sees in any paper or news channel in any town is an impending list of foreclosures and when they will go to the “courthouse steps” for a cheap and easy sale. Telluride is no different. I would like to shed some light on this topic.

First and foremost, any foreclosure is an unfortunate event, but necessary in our current marketplace to begin the healing process. Each case is a different story. As I look at the current list in early August there are a total of 44 properties in the foreclosure process in San Miguel County. These range from local deed-restricted properties to large ski in/ski homes and everything in between. The first myth I’d like to dispel is that these are amazing deals. There are a few on the list that if they go to auction, could represent a good value. However the majority has been financially leveraged by the Seller, or purchased at the height of the Real Estate market and is worth less than what is owed. That frankly is a major reason of why the list is so large; because the market value is lower than what is owed to the bank. The Banks also think that they have a better chance of getting their money back in Telluride Colorado and less motivated to wheel and deal.

Also, with the overall number of properties in San Miguel County at about 10,000 the number of foreclosures is not high as compared to most other markets and less than one-half of one percent of all properties. This reflects that our market is still healthy.

As a Buyer of a foreclosure or short sale property in which the bank agrees to take less money that what they are owed, please be advised that this process from start to finish could last as much as 6 months and be very frustrating