Summer Festivals provide the heart of Telluride's tourist economy

This weekend we will enjoy one of the most important events of the summer festival season. The Telluride Film Festival has brought some of our most prominent second homeowners to town for their first visit. Please read on for a brief synopsis of this year’s Film Festival. For more information you can go the following link http://www.telluridefilmfestival.org/.

Telluride Film Festival celebrates 36 years
For 36 years the small town of Telluride, Colorado has been host to the Telluride Film Festival and currently the myriad of volunteers and board members are working hard to prepare the venues for the mecca of films to be previewed this Labor Day weekend. In keeping with tradition, the program will be kept secret until opening day on Friday, September 4th. Although the program is kept secret this doesn’t stop the flocks of film enthusiasts from descending upon town year after year knowing a wonderful cinematic experience awaits. On average 20 to 30 new films from around the world are featured and each film is accompanied by either its director, producer and/or actors.
In addition to the feature films there are free noon seminars in Telluride’s Elk’s Park where festival attendees can listen to industry experts discuss films and issues affecting the industry. There are “Conversations” where guest artists discuss their work with a celebrity moderator and each evening there is a feature film in the open air cinema. Whether you have a pass or not there is something for everyone at Telluride’s Film Festival. As always if you have any questions please email me at buzz@fedorka.com. I will post the program up on my blog on Friday afternoon when it is announced. Happy Film Festival!

News from Mountain Village & Telluride, September calendar, extended gondola hours and more...

Thursday, August 27
Heritage Parking Garage opens with pay-for-parking fees Heritage Parking Garage is the long awaited parking structure located under the new Capella hotel. It will provide for 24-hour parking in a heated, underground garage in the center of the Mountain Village core. This will provide convenient parking for any condominium owner in the Village core who does not own their own deeded parking space. Parking rates are set at $2 per hour for the first three hours. After the first three hours, that rate increases to $6 per hour up to a maximum charge of $30 for each 24-hour period with the rate structure reapplied cumulatively for successive 24-hour periods. The only acceptable form of payment is credit card. Friday, August 28 to Monday, August 31; 9 a.m. to 5 p.m27th Annual Blizzard SaleVarious Mountain Village core retail locations in Heritage Plaza will hold what is probably the biggest ski sale event on the Western Slope.
Wednesday, September 2 Annual Mountain Village Adventure Rock Bouldering Competition Series - Finals Conference Center Plaza in Mountain Village; 4 p.m. to 6 p.m. There will be a men’s and women’s division and a children’s under-12 division with prizes awarded to first, second and third place winners. The free Competition Series will continue throughout the summer with finals scheduled for Wednesday, September 2, 2009. At that event, the winner in each category with the most points earned throughout the Series will be awarded a grand prize. Prize sponsors include BootDoctors and Dakine. Novice and expert climbers are encouraged to register the day of the event. Competitors will be allowed to climb as many problems as they can in the two-hour period. Wednesday, September 2; 6 p.m. to 8 p.m. rain or shineSunset Concert Series featuring Hill Country Revue This is part of the very popular summer long, outdoor music concert series. The concerts are free and take place in the Sunset Plaza in Mountain Village;
Friday, September 4 to Monday, September 7; times vary 36th Annual Telluride Film Festival Various Mountain Village and Telluride locations Official Telluride Film Festival Web site Friday, September 4 to Monday, September 7 Extended Gondola Operational Hours for the Labor Day holidayAll gondola stations open from 7 a.m. to 2 a.m. Friday, September 18 to Sunday, September 20 Blues & Brews Festival Extended Gondola Operational Hours All gondola stations open from 7 a.m. to 2 a.m. on Friday & Saturday and 7 a.m. to 1 a.m. Sunday Information regarding parking during the Telluride Blues & Brews Festival will be released via e-mail and on the town’s website the second week of September. Friday, September 18 & Saturday, September 1916th Annual Telluride Blues & Brews Festival
Downtown Telluride and Telluride Conference Center in Mountain Village; various venues and times…click on link for more infoOfficial Telluride Blues & Brews Festival Monday, September 21 Dial-A-Ride Taxi Service Closes Dial-A-Ride is Mountain Village’s free shuttle pickup and drop-off service that takes Mountain Village owners and guests anywhere in the Mountain Village for free. Dial-A-Ride ends at 1 a.m. for the summer season. The service closes in the off-season and will resume for the winter season.

If you have any questions regarding any of the above events please email me at buzz@fedorka.com.

The Big Opportunities Open House and Workshop, Mountain Village provides alternative ways for the community to participate in the 15-Year Planning process:

Last week, the town hosted the Big Opportunities Open House and Workshop. Both events were a success with over 200 attendees participating either in person or watching remotely via the town’s live Web stream or community television channel 15. The goal of the day was to discuss and suggest specific physical and policy opportunities for the town to incorporate into its 15 Year Plan land use framework and policies. To do this, participants used reference tools such as maps and a list of specific physical and policy opportunities that have emerged from this process thus far (the opportunities suggested are, and must be, in line with Mountain Village’s Vision, adopted by Town Council in June 2009.) At the end of this all-day event, the town was able to accomplish its goal due to the vocal community members that were willing to share their ideas. But, the town knows there are many more voices still to be heard.
For those who were unable to participate in the open house or workshop, but still would like the chance to provide comments and ask question regarding this phase of the 15-year planning process may do so by stopping by Mountain Village Town Hall. Much of the information presented at the open house and workshop is on display at this locale. Moreover, the town encourages you to fill out the Site Specific Opportunities Worksheet; this worksheet is identical to the one used at the August 13 event. Directions regarding this planning exercise, and the necessary materials needed, are available in the Town Hall Conference Room. The town will continue to collect community input on this particular subject matter through Friday, September 4. Town Hall hours are Monday through Friday, from 8 a.m. to 5 p.m. The results from this planning exercise will be used to form several foundation concepts to be presented to the public later this year and, ultimately, be used to form the community’s preferred land use concept.
For those who were unable to attend the Big Opportunities Open House and Workshop and can’t make it to Town Hall to complete the planning exercise worksheet, may do so online. You will need to visit the town’s Web site, www.townofmountainvillage.com/bigopportunities, where you will find all the pertinent information and directions for submittal.
If you have questions or comments about the planning exercise, please contact Community Relations Manager Nichole Zangara, nzangara@mtnvillage.org or (970) 369-6430. If she is unavailable, please contact Deputy Town Clerk Jane Marinoff, jmarinoff@mtnvillage.org or (970) 369-6429. Both town staff members’ offices are located in Mountain Village Town Hall.
To find out what occurred at the Big Opportunities Workshop, watch the archived event on the town’s Web site, www.townofmountainvillage.com. On the homepage under Village Video, click on the “play” link located below the heading, Big Opportunities Workshop August 13.

Telluride Airport Runway Improvements

Yesterday on my way to the Grayhead development via the Last Dollar Road I could overlook the Telluride airport improvements. The view of our new runway was stunning. The improvement is part of a major grant from the FAA of almost $50 million. In 2008 $9.5 million was spent on the preparation for the work being done this summer and another $21 million is being spent on work currently in progress to make our runway safer, flatter and smoother. By the fall of 2010 Telluride Airport will be able to accommodate larger aircrafts with greater passenger capacities such as the Bombardier Q400. The balance of the grant ($19.5m) will be distributed by the FAA during 2010 and 2011.

Runway grading complete, ready for asphalt:

The first asphalt test strip:

The runway has been closed from April 7th through a potential date of November 2nd. Right now it appears that the runway work is solidly on schedule and the batch plant is set up to begin the paving of the runway in the next few days. Getting to and from Telluride will be even easier once the runway and airport modernization is complete. For more information visit http://www.tellurideairport.com/ or email me at buzz@fedorka.com.

Christie’s Great Estates…News from the Network

The first reported increase in U.S. home prices, after 34 straight months of decline, made headlines around the world. May’s Standard & Poor’s Case-Shiller index results, released at the end of July, were consistent with other housing indicators and represent a significant shift, fueling hopes for a global economic turnaround. In the 20 U.S. markets tracked in the Case-Shiller study, 15 reported that home prices had risen or remained stable. Additionally, sales of new and existing homes rose for three consecutive months through June and housing starts were also up in June.

More good news on Mountain Village home sales!

Last week two more homes were contracted in Mountain Village. Located at 117 Lawson Point and 249 Adams Ranch Road they are listed at $1.299 million and $2.495 million respectively. Seven homes have now closed in Mountain Village this year and five more are under contract, three of which are scheduled to close in August. In 2008 we sold only ten homes in the Mountain Village in the entire calendar year so I hope we are heading to pass last year’s number easily!

There were virtually no homes contracted during the 2009 ski season and having these twelve homes contracted or closed is indicative of some pent up demand. I think it also demonstrates that there are a few savvy buyers who realize that this is an extraordinary time to purchase. Interest rates are virtually at record lows and loans are readily available to Telluride second homebuyers. If you want more information please don’t hesitate to email me at buzz@fedorka.com or go to my website at www.telluridebuzz.com.

Mountain Village Unveils 15-Year Plan for the Future of the Town

At a vital stage in its development, with more than three quarters of the town built out, the Town of Mountain Village must decide where they want to be in the future. A 15-year-plan task force was therefore formed in the fall of 2008 to develop a meaningful plan for the town to bring the community’s diverse ideas and viewpoints into the process.

The town unveiled its plan on Thursday, August 13th with a public “Big Opportunities Workshop and Open House.” Planning consultants EDAW Inc, an international multi-disciplinary firm that combines design, environment, economics and planning, has been retained to evaluate specific ways to accomplish the ideas. Now that the two-year task force has completed a cohesive visioning process, the time has come to make those concepts into a tangible plan. This workshop was the first step and the next step will be presented to the public in October

10 vision statements won approval and were adopted; you can find more detail on these at www.TownOfMountainVillage.com. They include a call for more vibrancy in the Village center with additional hotel rooms, more parking, a larger retail area and extra employee housing. All are designed to boost occupancy and retail sales, to make the area more user-friendly for commercial and retail operations and to better learn and use resort economics to the town’s advantage. Also under consideration are adding parks, and re-zoning certain land--some of which is currently open space--to offer more density in the areas between the Meadows neighborhood near the driving range and the entry. A suggestion for the gondola to arrive in the retail core area itself rather than on the plaza above it is an interesting idea to get more foot traffic to the “right places.”

Also on the table is an Ecosign Core Revitalization Project to help create a model of economic vitality and infuse the heart of the Mountain Village. The task force and resulting plans has so far been accomplished at a cost of $500,000, paid by Mountain Village Owners’ Association (MVOA). For further information or to add your ideas, please contact me at buzz@fedorka.com.

2009 Telluride Festival of the Arts, this weekend August 14th – 16th

Mountain Village Owners’ Association offers delights for those with a common passion for food, art and entertainment with an exciting array of renowned chefs and restaurants; live music; food, wine & spirits seminars; cooking demonstrations as well as an open-to-the-public, nationally juried arts show and much, much more.

Features this year:
Bravo TV’s top chef winner Hosea Rosenberg
Nationally juried art exhibits by 50 national and regional artists in 13 different media
Interactive chef demonstrations
Signature grand tasting
Free concert with Grammy nominated Joan Osborne on the Sunset Concert Stage on Friday

For more info, visit www.TellurideFest.com or contact me at buzz@fedorka.com.

Telluride Wilkinson Library receives 5 Stars

The Telluride Wilkinson Library recently received a 5 star rating by the Library Journal as one of the best used libraries in the country. The Institute of Museum and Library Services rated 7,115 public libraries and only 256 libraries received star ratings.

The libraries are rated per four measures—circulation, visits, program attendance and public Internet uses per capita. The top libraries in each category, organized by ranges of operating expenditures, were then assigned five, four, or three stars. Only 7 libraries in Colorado garnered stars and only 3 received 5 stars.

The Telluride Wilkinson Library also received the second highest score in the nation within its budget category for total operating expenditures which is the second highest score in the nation. Telluride should be proud to have one of the top recognized libraries in the country. For more info go to www.TellurideLibrary.org or me at buzz@fedorka.com.

Telluride Real Estate Corp. and Buzz Fedorka announce new affiliation:

Despite being one of the oldest real estate brokerages in the Telluride region, Telluride Real Estate Corp. is dedicated to remaining on the cutting edge of marketing, technology, and competition. That’s why, when recently invited to join Leading Real Estate Companies of the World as Telluride’s sole affiliate, we jumped at the chance.
Initially formed in 1963 as a referral network, Leading Real Estate Companies of the World has evolved into the leading business affiliation for independent, non-franchised real estate companies. According to REAL Trends Top 500 survey, Leading Real Estate members led in total 2008 sales among the 500 highest-producing residential real estate firms in the U.S. who reported to the survey. Representing over 555,000 closed transactions, Leading R.E. closed 130,000 more sales than its closest national franchise competitor. Furthermore, Leading R.E. member offices were the market leaders in more markets than any other national brand. As noted by Leading R.E. CEO Pam O’Connor, “even in these challenging economic times, our strong locally branded brokerage companies continue to set the pace.”
Of course, the luxury auction house affiliation model has proven to be highly successful, but we are now able to better serve our clients by expanding our reach even further through the addition of this new affiliation. Leading Real Estate Companies’ website network receives more traffic than the network of our strongest local competitor, and is far-reaching with offices in 38 countries. In a U.S. market that has been experiencing huge growth in sales to international buyers, aligning ourselves with brokerage firms in other countries is more important than ever. The unique opportunity that has been offered to us to couple our Christie’s Great Estates affiliation with that of Leading Real Estate Companies of the World affords us the opportunity to offer our clients unparalleled marketing of TREC listings on a global scale, as well as a referral network that spans the world with over 170,000 sales associates and 40,000 broker-to-broker referrals annually.
As a non-franchised independent brokerage firm, our affiliations provide a competitive advantage in the Telluride market with, nationally franchised competitors. We are thrilled to be rolling out our new affiliation and look forward to offering its benefits to our clients. Look soon for all TREC and my listings to appear on http://www.relohomesearch.com/ and http://www.relodirect.com/, both of which have exceptional web traffic. Additionally, please contact me at buzz@fedorka.com should you find yourself seeking assistance in buying or selling a home in another area—with affiliations with both Christie’s Great Estates and Leading Real Estate Companies of the World, we will be able to match you with an agent to suit all of your needs.

Town of Telluride passes long awaited “Valley Floor” conservation easement

The Town of Telluride “Valley Floor” is now officially “Forever Wild”. Yesterday the Town passed a conservation easement that will preserve the 570-acres at the entry to the Town of Telluride that will keep the land as open space in perpetuity.

The conservation easement sets out permanent rules for what can and cannot be done on the property. It prohibits things like commercial construction, paving, mining and subdivisions. It allows uses such as hiking, biking and remediation. The land will be held in the land trust called The San Miguel Conservation Foundation.

This land has been set aside after years of contentious elections, raging public debate and a purchase price of $50 million to the previous owners who could have developed it into sixteen 35-acre parcels for single family homes. Email me at buzz@fedorka.com with any comments.

Telluride Ski Resort adds new mountain bike trails

Telluride Ski & Golf Company is adding two new mountain bike trails on the mountain this summer to be finished hopefully this August. Along with a $55,000 gift from the Mountain Village Owner’s Association (MVOA), a large team of young volunteers is creating a network of new mountain bike trails. TelSki provides free gondola rides for mountain bikers to access these trails.

The trails will cross Misty Maiden, See Forever and Butterfly ski runs and will be about three miles long. The existing Full Tilt trail graded as a “double black” according to the International Mountain Biking Association will be augmented by an as yet unnamed “single black” trail and the third will be a “blue” trail tentatively named No Brainer.

Telluride has an advantage over most ski areas insofar as our gondola that accesses these trails is free and stays open later than ski lifts that access trails in other resorts. The bike trails park will be open from 7 am until sunset. This is another piece of new infrastructure that keeps Telluride on top in North America. Email buzz@fedorka.com for further information.

Telluride real estate--Are we in the perfect buyer’s market?

After three-and-a -half decades of Telluride (and Aspen) real estate experience, I believe conventional wisdom would say that is the case. Although we will never know for certain that a bottom has been reached until we look into a rear view mirror, the signs for a thawing in the marketplace are very real.

· Nearly 80% of all real estate buyers begin a search through the internet and my inquiry traffic has increased dramatically in the past 90 days.
· Showing appointments have also increased dramatically to qualified buyers with renewed confidence in the Telluride market and its lifestyle.
· Gross dollar sales increased in the second quarter of 2009 by 10%.
· Five homes in Telluride Mountain Village sold in the second quarter of this year at an average of $4 million versus just one home in the first quarter.
· Although our most current recession has much greater depth and severity than those I have experienced in the past, Telluride has historically recovered quickly with double digit inflation.

That being said, there are select sellers in the market wanting liquidity who are willing to discount in the range of 15 - 25% (2004 - 2005 values) on highly desirable opportunities. While many owners with excellent staying power who resist discounting are helping to prop up values, it cannot be ignored that there are numerous incredible values to be had. In a market characterized as one with very limited inventory where demand for the Telluride lifestyle has always outstripped supply, overall inventory has swelled presenting prospective purchasers with a wide range of attractive alternatives. Email me for details at buzz@fedorka.com.

I am frequently asked, “Are we at the bottom? Is now the time to cut the best deal?” My response is fairly simple. If your family desires our lifestyle, there is never a bad time to invest in Telluride real estate. You can wait a few months and maybe save a few more percentage points, but your investment today is enjoyed immediately and any “wait and see” savings, if realized, will be recovered in the very near term. There is the distinct possibility, according to well documented historical data, that our unique little marketplace will cost a great deal more for those who wait for a home run.

Remember, there are 4,000 happy Telluride property owners who are very pleased with the performance of their holdings here and not so happy with their paper or other investments.