Teddy Errico's Telluride Tales

In the last 2 days over a foot and a half of snow have fallen on The Telluride Ski Area. Yippee.

Rental Bookings are up….The Telluride Airport opens next week……the Telluride Real Estate Economy is showing signs of life…..Its shaping up to be a great winter already and it is not even November!

Its been a great learning experience at this point since my induction as President of the Telluride Association of Realtors in September (A one year term).

This past week I was busy at the State Realtor Meetings at the Broadmoor Hotel in Colorado Springs. (more about this fine resort later). The 3 days included swearing in the state president (also from Telluride) as well as education seminars, budget reviews, Realtor networking and a little fun. I wont bore anyone with the details, but this event gives one the opportunity to broaden your sales network, increase your knowledge, and oversee all Realtors of not only Telluride, but the entire state. Specifically I was invloced in a pared down state budget, unfortunately eliminating some key events, but if you have less funds, what else can you do, and our public relations campaigns, among other activities

Now back to the Broadmoor. If you ever get the chance, please stay there. The resort is overflowing with tradition, service is impeccable, and amenities numerous (3 golf courses, tennis, spa, etc…)Its a 5 star treat!

Excerpts from Ski Magazine’s Ranking……..

After three seasons of back-to-back expansions (more than 400 acres of quad-consuming chutes and steeps) on what was already an epic mountain, we need to catch our breath—made all the more difficult by No. 2–ranking Scenery that threatens to take it away around every bend. “Revelation Bowl and hike-to Black Iron Bowl is the best terrain in the country,” gushes one reader. “The most beautiful area in Colorado,” raves another. And even though it has made its name with Alp-like above-treeline vertical that earns it a No. 11 for Challenge (“My only complaint about Telluride is my own weakness—darn tough mountain,” says one reader), a No. 8 in Terrain Variety should quell any doubts that it has skiing aplenty for every level. Complaints that the remote box canyon is “hard to get to” …….

but remember this difficulty enhances the overall lifestyle experience, keeps crowds small, and preserves Real Estate values due to crowds not ruining all that we have.

Today I walked all fourteen lots in the Mountain Village that are for sale and directly trailside to the Telluride Ski Resort in Mountain Village. Despite sluggish real estate sales, this market segment does not have a lot of inventory at this time. Lots start at $1,175,000 and go up to over $3 million. Despite one sale and one contract since January 1, 2009, these sellers are not dropping prices.

What’s the point? I would say there are only 6-8 really good lots and if this is a type of Telluride Real Estate that you are looking for, now is a good time to buy. More than any other segment, these lots are scarce and would be a great lifestyle investment and financial investment. Also adding to the value are dropping building costs, which would start at about $400 a square foot.

It appears that Real Estate activity has picked up in and around Telluride. Overall, the number of transactions has improved in both August and Setpember and are by far, the 2 busiset months of 2009, and the only months that have seen over 30 closings each. The news is not as bright for dollar volume, as September was the 4th highest grossing month of the year and August worse.

What does this mean to Buyers and Sellers? For Buyers, it means there are still good values out there, including bank owned properties. In fact the last 2 closings in Mountain Village homes were less than $400 a square foot! That’s 2001 pricing. For Sellers, it means people are still bottom feeding, but if your property is priced right it has a chance to sell.