Teddy Errico's Telluride Tales

This week, the Telluride Colorado Town Council approved a three year extension for Clarks Market’s 2007 approval to expand the grocery store while adding residential condominiums and deed restricted condominiums.

The Owner already has over a million dollars invested in this expansion and needs more time for the credit market to loosen up as well as the Telluride Real Estate economy to improve.

The expansion will occur into the current dirt parking lot and will include a 20,000 square foor expanded grocery store, which is much needed in Telluride, as well as 6 luxurious free market units. All parking will be underneath the structure.

Slow, but solid. March 2010 Real Estate numbers are out and once again Telluride has shown improvement. March 2010 sales in San Miguel County were $26.8 million in sales of 32 transactions. That is up 120% in dollar volume and 39% in number of transactions as compared to March 2009.

Year to date is up as well. $89 million in sales in 2010 as compared to $53 million as of March 31, 2009. That’s a 68% increase in dollar volume and also in the number of transactions. Great news.

We are not out of the woods by any means, but consumer confidence is up and the lifestyle of Telluride, Colorado never better.

Well, off-season is upon us here in Telluride. The ski mountain closed for the season yesterday, concluding a fabulous ski year, with some of the best ski conditions in North America. It will be very quiet in town until MountainFilm starts over Memorial Day weekend.

What does the 2010 Spring off-season mean for Real Estate in Telluride? One trend I have seen in the last few off seasons is that April/May (and October/November for that matter) bring out the so called “bottom feeders” looking for a great deal, knowing Sellers won’t see good Buyer prospects until Late June at the earliest. I expect this to continue and for it to be a Buyer’s market over the next few months.

Highlights for the upcoming summer include amazing concerts, such as Phish and Telluride Blues and Brews as well as the world renowned Telluride Film Festival and the fireworks on the 4th of July. E-mail or call me and I will share with you, my favorite activities of summer

After two years of double digit declines, CNBC reports that high end Real Estate Sales have returned with a vengeance.

In February, nationwide home sales priced at $1 million or more have increased 38% as compared to February 2009. The biggest catalyst? Lower jumbo loan rates and increased consumer confidence. We also cannot discount the recent stock market rally.

This trend is occuring in Telluride and Mountain Village. 17 Strong contracts of over $1,000 a square foot at the yet to be completed Element 52. Ski in/ski out home sales at over $900 a square foot. Increased showing activity in February and March. All good signs.

Remember the Telluride Ski Area closes for the season on April 4th!