Clients, Prospects and Friends,
The winter is upon us! The mountains are looking beautiful and snow capped. I have an exciting announcement regarding new non-stop air service from San Francisco and Phoenix, to Montrose. Allegiant Airwww.allegiantair.com will be offering these affordable flights with one way tickets including taxes and charges from Phoenix are published as low as $83.
Our market has experienced a resurgence of activity, especially over the past 3 months. The town of Telluride and Mountain Village have seen the most acivity with surrounding areas still lagging behind their pace. Overall sales are up and so is total dollar volume of sales, vs 2011. We just received our October sales numbers and it was a HUGE month with a total of 46 sales equating to $49.1 million. October 2012 was up over the same month in 2011 by 70% in number of sales and up 132% in terms of total dollar volume. We are on pace to have the best year since 2007. I believe we are in the midst of a transition from a buyer’s marke to a seller’s market and would urge all who are seriously considering purchasing to capitalize before it is a true seller’s market. Here are more sold and under contract statistics to show you what’s happening:
2012 – 27 Telluride Homes Sold YTD, with 3 More Under Contract (compared to 22 in all of 2011) – CLICK HERE TO VIEW 2012 SOLD AND U/C
to 40 in all of 2011) – CLICK HERE TO VIEW 2012 SOLD AND U/C
2012 – 13 MV Homes Sold YTD, with 6 More Under Contract – two over $10 mill (compared to 12 in all of 2011) – CLICK HERE TO VIEW 2012 SOLD & U/C
2012 – 47 MV Condos Sold YTD, with 8 More Under Contract (compared to 30 in all of 2011 *excluding all Peaks condo sales, which skew #’s) –
CLICK HERE TO VIEW 2012 SOLD AND U/C
It is not just the distressed properties which are moving the market. We also have higher priced properties closing, including homes over $1,000/sq ft.
The best deals in every market segment are getting picked off as the smart money is moving in. Many buyers are using cash for their purchases, but there are several who are taking advantage of the historically low mortgage rates.
Here is a quick Mountain Village Condo Market update:
Castallina The bank sold the remaining inventory. (4 units)
12 Trails Edge The bank has sold 3 of their 4 units.
Lorian Phase III A private investor bought the note. There are 6 units in the complex. The units are not on the market.
Elkstone 21 A private investor bought the note, and he is now reselling all the units but one (he is keeping a huge penthouse for himself.) These are priced at bank/foreclosure prices. Four units have sold to date. The seller has officially raised prices on all remaining units.
Cassidy Ridge is a new complex with 20 units that went through foreclosure and is now bank owned. They have 1 large penthouse under contract and are in negotiations on 2 others. I expect this complex to do extremely well this winter because of the attractive price points.
Townhomes On The Creek are newer large log construction townhomes with high-end finishes. The developer drastically reduced prices and has since sold 2 in the last couple weeks and has another one under contract currently.
Land sales, which typically lag behind home and condo sales have picked up as well. We have had 25 land sales in Telluride & Mountain Village, with 4 more lots currently under contract. – CLICK HERE FOR SOLD AND U/C PROPERTIES
Telluride Properties – On Top of Telluride
970.729.0568 – cell
Now is a great time to purchase property in the Telluride area, so you can close in the off season and start taking advantge of the rental revenue at the beginning of the ski season and of course the incredible lifestyle investment that owning property in Telluride provides. With all of this positive market news, sellers will be less willing to negotiate substantially off of the asking price and the market will become picked over. The time to act is now. There is only one Telluride…
|Your Guide to Telluride – Adam Black|
Long time local with over 10 years
of experience in the
Telluride Real Estate Market
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