In what has been an uncertain economic year Telluride, Mountain Village and San Miguel County fared quite well. In a year-by-year comparison from 2008 to 2009, real estate sales volume dropped only 3% throughout the entire County. We began to gain substantial improvement in the market in the fourth quarter. In October 2009 compared with October 2008, gross dollar volume was up by 20%. In November 2008 dollar volume was $8.1 million compared with $44 million in November 2009. December sales went from $24 million in 2008 to $49 million in 2009. The statistics are not yet in for January 2010, but we expect them to follow the trend from 2009’s 4th quarter. Properties under contract for closing in February look very encouraging.
2009 saw many substantial improvements in our lodging base. In February the new Capella Hotel opened to rave reviews. Capella is Telluride’s first five star luxury hotel. The Peaks Resort & Spa was sold in November to a local group of investors who promise to return our anchor hotel to its former glory and it is now managed by the Grand Heritage Hotel Group. We therefore now have two major hotels operating in Mountain Village along with boutique hotels including the Inn at Lost Creek and Lumiere.
The week before Christmas the Telluride Ski Resort hosted its first ever FIS Snowboarding World Cup event. Telluride was the only US stop on the tour and male and female participants came from the USA, Canada, Europe and as far as Korea, Japan, Russia and Australia and the events were televised worldwide.
The ski resort continued its work of opening new terrain with the expansion of Gold Hill chutes 2-5 for the 2009/2010 winter season. Revelation Bowl opened in 2008/2009 for some of the biggest news in the Rocky Mountain ski region. With Gold Hill 1, Palmyra Peak, Black Iron Bowl and Gold Hill 6-10 opening in 2007/2008 the ski resort has, over the last three seasons, expanded by more than 400 acres. Telluride ski area’s vertical drop is now one of the largest in North America at 4,442 feet with 3,845 vertical feet that is lift served.
Along with the ski area expansion, Telski has relocated the Nastar course to a longer and gentler location with a finish line directly under lift 4. A new half pipe has been built in the terrain park next to the one on the old race hill and it is available for night skiing from 4-8pm Thursdays through Sundays
Although we have repeatedly mentioned the improvements to Telluride’s airport it is worth repeating that it has become much safer and will accommodate a new 80 seat aircraft called the Q400 from Bombardier. See this link for more information. http://www2.bombardier.com/q400/en/home.jsp.
With new hotels, new ski terrain, vastly improved sales figures a new airport runway Telluride is looking at a bright future in 2010.
Please contact me at buzz@fedorka.com for any of your Telluride real estate needs.
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