The San Miguel County Real Estate Market has been experiencing a steady rebound since 2009, however the rebound has been a wave (“w”) recovery with 2014 being a crest year, in fact, the highest crest year since the rebound started.
It will be interesting to see if 2015 will be a trough year as it pertains to over-all dollar volume and transaction volume or will the “W” trend be bucked and are we in the throws of a steady upward trend? First quarter results indicate a 9% decrease in dollar volume and a slight increase of 2% in transaction volume, however, anecdotally, this is the busiest “off-season” I have ever experienced. A significant amount of property is being shown and contracted since the closing of the ski area. This is quite atypical and could be a harbinger for a busy summer.
Total Dollar volume through March 2015 was $91.7M compared to $94.2M in 2014, however, there currently are 75 properties under contract for a total dollar volume of $75.6M. This bodes well for a strong second quarter. In addition, the ski resort recorded the highest amount of skier days ever recorded in the 2014/15 ski season with 478,000 skier visits. In addition, retail tax receipts in February, 2015 were at an all time high showing a 20% increase over the previous all time high set in February of 2014.
These positive results occurred despite a mercurial snow year which was evidenced by two major storm cycles with very few snow events in-between. This heavy tourist traffic indicates that Telluride continues to be a favored destination ski resort with an effective national and international marketing campaign.
There is typically a lag between high numbers of skier and tourist visits morphing to real estate sales from the increased exposure to the region. It is my belief that real estate sales in 2015/16 will continue to accelerate based on these increases in addition to an overall strengthening of confidence in the regional real estate market.
Mountain Village experienced steady absorption in the first quarter of 2015 for homes priced between $3M and $5M as did condominiums in Mountain Village priced between $1.5M and $3M. The condominium complex Element 52, located in Telluride, experienced a strong first quarter with 4 sales and one 5 bedroom unit closing for $4,099,661 ($930/s.f.).
Notable sales in the first quarter of 2015 were as follows:
Town of Telluride Condominiums
Address |
Sold Price |
Asking Price |
% off Asking Price |
SQFT |
Bedroom/Baths |
Price/S.F |
Days on Market |
| 398 South Davis Street W401 | $2,535,000 | $2,950,000 | 15% | 2,692 | 4 / 3 | $941 | 952 |
| 398 South Davis Street W303 | $2,576,000 | $2,995,000 | 14% | 2,771 | 4 / 4 | $929 | 952 |
| 398 South Davis Street W401 | $4,099,661 | $4,995,000 | 18% | 4,410 | 5 / 5 | $929 | 994 |
Town of Mountain Village Residential
Address |
Sold Price |
Asking Price |
% off Asking Price |
SQFT |
Bedroom/Baths |
Price/S.F |
Days on Market |
| 145 Russell Drive | $3,649,500 | $3,990,000 | 9% | 5,745 | 5 / 4 | $694 | 552 |
| 129 Sundance Lane | $4,125,000 | $4,475,000 | 8% | 8,276 | 6 / 6 | $540 | 1,360 |
| 128 Victoria Drive | $4,250,000 | $4,995,000 | 15% | 7,470 | 4 / 5 | $668 | 436 |
| 234 Country Club Drive | $4,720,000 | $4,995,000 | 6% | 6,326 | 5 / 5 | $789 | 1,152 |
Lastly, Quentin Tarantino had a very successful shoot of his upcoming movie in the Telluride region which started in November of 2014 and went through March 2015. He needed a blizzard to shoot the movie and boy did he get one at the end of February and early March! 66 inches of well needed snow fell in total!
Clients often ask me if the movie will have an impact on business? If you watch the movie and see people staying late through the credits to find out the location of the film, the answer is probably yes!
P.S. I do have incredible listings adjacent to the ranch where the movie was filmed, just in case…
Enjoy your spring!
Posted by Steve Cieciuch (Chet-chu) on
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