Greetings from Telluride
Is Neil Young and his band going to play in Town Park this fall? Here’s the latest.
The Ride Festival is underway this weekend featuring Pearl Jam. The Telluride Film Festival is almost around the corner, this Labor Day. Blues and Brews in mid-September has an outstanding line up too including Joe Walsh, Mick Fleetwood and Gary Clarke, Jr. There’s plenty to see and do in the coming months.
Also, attached are some interesting and informative real estate stats of various neighborhoods and areas around the Telluride region through the month of May, courtesy of Land Title.
Highlights include current average sold price in Mountain Village for a single family home YTD is $2,492,750. In Telluride, $3.2 million. In Ski Ranches, $1,417,200. In Aldasoro/Deep Creek: $3.36 million. Nearly 45% of all home sales in the area last year were over $2 million. in 2013 it was 38%, 2014 it was 51%. YTD it is 48%. Since 2013 about 55% of all buyers were from out of state (a somewhat misleading figure depending on how LLC’s and other corporate entities are counted). Countywide dollar volume YTD is down 14% and number of transactions up 12%. For locals, the average price of a deed-restricted home that’s sold YTD in Lawson Hill is $496,667. Down Valley, the average sold price YTD is $449,360. Finally, the town of Telluride has $69.2 million of sales in all categories YTD and Mountain Village $49.5 million total.
Land is a tremendous buying opportunity in Mountain Village and Aldasoro. There are some interesting land plays in the town of Telluride too, including an opportunity to build 2-4 homes on 4 rare, contiguous lots in one of the most private sections of town. Both Telluride and Mountain Village currently have 15-17 permitted remodels currently in process. The high-end single-family home market ($5+ million) is generally anemic with ten sales in the past two years, mostly in Mountain Village. Taking a quick look at homes in the $4m – $4.99m range, 15 homes have transacted in that price range in the past two years in the region, with 2016 on pace to have more sales in this range and category than in the past two years combined. While there are some lofty asking prices and lengthy days on market for the upper luxury properties in the area, there are also excellent considerations for homes to purchase in Mountain Village and Ski Ranches. And it’s even more opportune with certain condos in both town and especially Mountain Village for as low as $230,000+, full amenities.
Contact me if you’d like a specific perspective on any of these properties, areas, opportunities or other market segments. Enjoy summer and get outdoors!
image from diffuser.fm