This week there was an interesting jump in activity in the Telluride real estate market. Another home went under contract in Mountain Village. This house was priced at $2.39 million. Below is a link to the property where you can find more information. Thus far this year seven houses have closed in the Mountain Village and three are currently under contract. Considering there were very few home sales throughout the entire winter season we are doing quite a bit better now through mid-summer.
http://www.flexmls.com/link.html?otd5pt4s8mi,2,1
This week we also saw one condominium in Mountain Village and one condominium in town go under contract. A two bedroom, two bath Mountain Lodge unit listed at $350,000 and a new Town of Telluride one bedroom, one bath unit listed at $880,000. This week a home in the Town of Telluride closed for $1.595 million as well. Two other homes in the Town of Telluride are currently under contract.
With regard to vacant land it is interesting to note that one 35- acre parcel at Old Elam Ranch at Hastings Mesa went under contract yesterday.
If you have any questions or comments please contact me at buzz@fedorka.com.
Friday, July 31, 2009
Wednesday, July 29, 2009
More expert terrain to open on Telluride Ski Area
The Telluride Ski Resort announced plans to open more terrain this upcoming ski season. This new terrain is part of an ongoing 3-year expansion program. Last winter the ski area put a new lift into Revelation Bowl and added a large amount of acreage and approximately 1,600 vertical feet. This coming winter the ski area will open Gold Hill chutes 2-5 which skiers can access by hiking from the top of the Revelation Lift.
Gold Hill has 10 chutes on its face. Last winter the Telluride Ski Resort opened chutes 6-10. It was also last ski season when the ski area opened the Black Iron Bowl which is hike-to terrain reached from the top of Lift 12, Prospect Basin. It is expansion into this kind of terrain and expansion with new lifts that keeps Telluride on the cutting edge of North American ski resorts.
Last year’s expansion into Revelation Bowl now gives Telluride one of the longest vertical drops into North America of 4,425 feet. The lift served vertical drop is 3,845. Contact me at buzz@fedorka.com for more info.
July 23, 2009:
Forest Service gives Telski permission for snowmaking expansion
Telluride Ski Resort just received approval from the Forest Service to expand its snowmaking. Telski wants to build a new system of pumps, lines and guns to expand snowmaking on some parts of the mountain. As a substantial part of the new system would lie on Forest Service land approval was needed from the Forest Service. The expansion will allow the ski area to make more snow on the front side of the mountain early in the season. The new pipelines will allow new snowmaking on Lower Milk Run, Coonskin and the upper portion of Polar Queen. This expansion will give Telluride a little bit of extra insurance for lean snow years in the early part of the ski season. Contact me at buzz@fedorka.com for further details.
July 15, 2009:
Telluride Real Estate: What’s up with the market?
First and foremost, we have about 4,000 regional property owners who are very pleased to be invested in Telluride and enjoying its pristine resort environment.
Although liquidity is somewhat diminished, generally values have held quite well relative to the stock and financial markets.
There are signs of a gentle thaw driven by the same market dynamic that has been a catalyst for sales in the past which is very limited, high quality inventory in a community obsessed with controlling rampant growth. For example, recent home sales in Mountain Village represent absorption of 10% of that particular market segment comprised of only 55 homes.
In a marketplace characterized by long term value stability and appreciation, there are however for the first time in decades, select “purchase opportunities.” Sellers desiring liquidity to be invested else where, have adjusted pricing appropriately and very attractively. Foreclosures and “must sells” are at a minimum but present further opportunities for sophisticated investors willing to sift through the complexities of often problematic properties.
The same attractive ingredients, unparalleled scenic beauty, uncrowded environment, sense of community, impeccable master plan, excellent skiing and other recreational amenities, still exist and will continue to be an attraction for future investment in the Telluride lifestyle. In fact, public and private investment in the multi-million dollars in luxury hotels, regional airport and ski resort improvements have further enhanced our way of life.
The media bombards us daily with statistics related to the global economy. Telluride is a part of that globe, but Telluride is not driven by statistics. Please email me to discuss further. buzz@fedorka.com.
July 1, 2009:
Telluride Real Estate Trends Update:
The last update I sent you referred to the Telluride Association of Realtors’ newsletter that summarized the trends for 2008. It stated mainly that sales dollar volumes were down but values were holding steady and foreclosures were “at a bare minimum”. We are now halfway through 2009, foreclosures are still scarce and values are generally holding steady although there are a handful of incredible deals. The four homes that I mentioned had contracted since the ski lifts shut down have now closed, another two Mountain Village homes were was since contracted and closed and another is under contract.
Our summer marketing season typically kicks off on July 4th however last week three houses were contracted, two in the historic Town of Telluride and one down valley, near Placerville. The recently contracted and closed homes are those being sold at extraordinary values. Most of them are cash purchases and a few will be financed. Although financing takes longer than in the past there are still ample lenders providing financing for second homes in top resorts such as Telluride.
This activity shows that we have pent up demand by savvy buyers who have grasped opportunities for some exceptional purchases and thus it appears that the market has begun to thaw. Over the last 34 years (20 years in Telluride and 14 years in Aspen) I have never seen a more opportune time to buy Rocky Mountain resort real estate.
Since my last update, several of the very best buys as mentioned above are now gone, however some are still available and if you would like details, I encourage you to contact me promptly. Email me at buzz@fedorka.com.
15 May, 2009:
Telluride Real Estate Trends
The Telluride Association of Realtors recent update which summarized 2008 Telluride real estate market trends shows that although the dollar volume of sales is down, it appears that values are holding steady and that foreclosures are “at a bare minimum”. Since the beginning of this year, there were few transactions until the ski lifts turned off. Two notable exceptions were contracts made during the holiday season; one in Grayhead which closed in mid-February for $10.1 million and another in the historic town listed for $4.5 million which is yet to close. Both of these homes will transact for close to $1,000 per square foot.
Since the ski lifts closed, four more homes have contracted. A house in Aldasoro Ranch listed for $3.65 million closed for $3.1 million and the other is directly trailside in Mountain Village listed at $5.5 million and closed for $4.65 million. Both are fully furnished and turnkey. The other 2 houses not yet closed are also in Mountain Village and include one listed for $3.7 million directly trailside and another listed for $5.2 million. These buyers negotiated extraordinary values on these properties. If you would like further details on any of these properties, I would be happy to forward info. Email me at buzz@fedorka.com.
I have been in the real estate business for close to 34 years, in Telluride for almost 20 years and prior to that in Aspen for 14 years. I have been involved in real estate markets through the end of the Carter administration, during high inflation periods, the Arab oil embargo and the October 1987 stock market crash. I distinctly remember the after effects of the first Gulf War and the subsequent 1991 recession as well as the doldrums following the 2002 market slowdown after the 9/11 events. I have never seen a more opportune time to buy real estate in Rocky Mountain ski resorts, especially in Telluride! There are a handful of truly extraordinary buys available. These are not due to foreclosures or market distress but because we have a handful of sellers who have no debt on their property and are willing to sell at below market values or replacement cost in order to cash out and take advantage of other opportunities.
If you would like details on the best buys, I encourage you to contact me as those who act first will get the best pick and values. Email me at buzz@fedorka.com.
Gold Hill has 10 chutes on its face. Last winter the Telluride Ski Resort opened chutes 6-10. It was also last ski season when the ski area opened the Black Iron Bowl which is hike-to terrain reached from the top of Lift 12, Prospect Basin. It is expansion into this kind of terrain and expansion with new lifts that keeps Telluride on the cutting edge of North American ski resorts.
Last year’s expansion into Revelation Bowl now gives Telluride one of the longest vertical drops into North America of 4,425 feet. The lift served vertical drop is 3,845. Contact me at buzz@fedorka.com for more info.
July 23, 2009:
Forest Service gives Telski permission for snowmaking expansion
Telluride Ski Resort just received approval from the Forest Service to expand its snowmaking. Telski wants to build a new system of pumps, lines and guns to expand snowmaking on some parts of the mountain. As a substantial part of the new system would lie on Forest Service land approval was needed from the Forest Service. The expansion will allow the ski area to make more snow on the front side of the mountain early in the season. The new pipelines will allow new snowmaking on Lower Milk Run, Coonskin and the upper portion of Polar Queen. This expansion will give Telluride a little bit of extra insurance for lean snow years in the early part of the ski season. Contact me at buzz@fedorka.com for further details.
July 15, 2009:
Telluride Real Estate: What’s up with the market?
First and foremost, we have about 4,000 regional property owners who are very pleased to be invested in Telluride and enjoying its pristine resort environment.
Although liquidity is somewhat diminished, generally values have held quite well relative to the stock and financial markets.
There are signs of a gentle thaw driven by the same market dynamic that has been a catalyst for sales in the past which is very limited, high quality inventory in a community obsessed with controlling rampant growth. For example, recent home sales in Mountain Village represent absorption of 10% of that particular market segment comprised of only 55 homes.
In a marketplace characterized by long term value stability and appreciation, there are however for the first time in decades, select “purchase opportunities.” Sellers desiring liquidity to be invested else where, have adjusted pricing appropriately and very attractively. Foreclosures and “must sells” are at a minimum but present further opportunities for sophisticated investors willing to sift through the complexities of often problematic properties.
The same attractive ingredients, unparalleled scenic beauty, uncrowded environment, sense of community, impeccable master plan, excellent skiing and other recreational amenities, still exist and will continue to be an attraction for future investment in the Telluride lifestyle. In fact, public and private investment in the multi-million dollars in luxury hotels, regional airport and ski resort improvements have further enhanced our way of life.
The media bombards us daily with statistics related to the global economy. Telluride is a part of that globe, but Telluride is not driven by statistics. Please email me to discuss further. buzz@fedorka.com.
July 1, 2009:
Telluride Real Estate Trends Update:
The last update I sent you referred to the Telluride Association of Realtors’ newsletter that summarized the trends for 2008. It stated mainly that sales dollar volumes were down but values were holding steady and foreclosures were “at a bare minimum”. We are now halfway through 2009, foreclosures are still scarce and values are generally holding steady although there are a handful of incredible deals. The four homes that I mentioned had contracted since the ski lifts shut down have now closed, another two Mountain Village homes were was since contracted and closed and another is under contract.
Our summer marketing season typically kicks off on July 4th however last week three houses were contracted, two in the historic Town of Telluride and one down valley, near Placerville. The recently contracted and closed homes are those being sold at extraordinary values. Most of them are cash purchases and a few will be financed. Although financing takes longer than in the past there are still ample lenders providing financing for second homes in top resorts such as Telluride.
This activity shows that we have pent up demand by savvy buyers who have grasped opportunities for some exceptional purchases and thus it appears that the market has begun to thaw. Over the last 34 years (20 years in Telluride and 14 years in Aspen) I have never seen a more opportune time to buy Rocky Mountain resort real estate.
Since my last update, several of the very best buys as mentioned above are now gone, however some are still available and if you would like details, I encourage you to contact me promptly. Email me at buzz@fedorka.com.
15 May, 2009:
Telluride Real Estate Trends
The Telluride Association of Realtors recent update which summarized 2008 Telluride real estate market trends shows that although the dollar volume of sales is down, it appears that values are holding steady and that foreclosures are “at a bare minimum”. Since the beginning of this year, there were few transactions until the ski lifts turned off. Two notable exceptions were contracts made during the holiday season; one in Grayhead which closed in mid-February for $10.1 million and another in the historic town listed for $4.5 million which is yet to close. Both of these homes will transact for close to $1,000 per square foot.
Since the ski lifts closed, four more homes have contracted. A house in Aldasoro Ranch listed for $3.65 million closed for $3.1 million and the other is directly trailside in Mountain Village listed at $5.5 million and closed for $4.65 million. Both are fully furnished and turnkey. The other 2 houses not yet closed are also in Mountain Village and include one listed for $3.7 million directly trailside and another listed for $5.2 million. These buyers negotiated extraordinary values on these properties. If you would like further details on any of these properties, I would be happy to forward info. Email me at buzz@fedorka.com.
I have been in the real estate business for close to 34 years, in Telluride for almost 20 years and prior to that in Aspen for 14 years. I have been involved in real estate markets through the end of the Carter administration, during high inflation periods, the Arab oil embargo and the October 1987 stock market crash. I distinctly remember the after effects of the first Gulf War and the subsequent 1991 recession as well as the doldrums following the 2002 market slowdown after the 9/11 events. I have never seen a more opportune time to buy real estate in Rocky Mountain ski resorts, especially in Telluride! There are a handful of truly extraordinary buys available. These are not due to foreclosures or market distress but because we have a handful of sellers who have no debt on their property and are willing to sell at below market values or replacement cost in order to cash out and take advantage of other opportunities.
If you would like details on the best buys, I encourage you to contact me as those who act first will get the best pick and values. Email me at buzz@fedorka.com.
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