Buzz & Mary Fedorka
More than just Telluride real estate...
As we gear up for a new ski season, we look forward to a gain in momentum in our local real estate marketplace. After a very active spring and early summer, sales slowed reacting to the volatility in the stock and financial markets. Sales in the month of October however nearly equaled those of October 2010 and, November 2011 exceeded those of the prior year. Momentum is definitely shifting in a positive direction as prospective investors are engaged and are once again considering adding recreational, resort property to their portfolios. Given that our upscale niche market with limited supply has likely reached its bottom, potential buyers are beginning to recognize inherent stability within the Telluride marketplace and value for long term use and enjoyment.
Year to date, incidents of sales have increased 15% over 2010 (Region – 14%, Town of Telluride – 10% and Mountain Village – 15%). While gross dollar sales have declined, the fourth quarter of 2011 and the first quarter of 012 look promising with $80,000,000 currently under contract throughout the region. The brightest segment in the market continues to be the Historic Town of Telluride with 18 properties sold above $2,000,000 at an average price per square foot of $928. These values attained are on par with the ten such properties sold in 2010, suggesting that price levels have stabilized.
A significant contributor to market stabilization is the fact that Telluride regional property owners have substantial owner equity ($4,000,000,000+) underlying $6,900,000,000 in assessed residential property within the region. Those sellers without a need to sell have maintained strong price levels and have facilitated a market bottom. Nevertheless, there are excellent opportunities for investors entering the market or current homeowners desirous of an upgrade. For those who wish to preserve their cash position, financing has never been more attractive in decades.
It has never been easier to travel to Telluride. Check out www.flytelluride-montrose.com or call (866.850.5286) for airline schedules or to speak to the air concierge desk for discounted fares into Telluride and Montrose for this ski season.
As always, feel free to give me a call with any questions or to discuss any of the real estate opportunities that could be of interest.
Cheers!
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Venture out and discover all Telluride has to offer! For more information on luxury real estate opportunities or a copy of our e-magazine, The Collection, please contact Buzz Fedorka, co-owner/broker, Telluride Real Estate Corporation. 970-728-1234.
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