Nothing like a pandemic to lift a market! San Miguel County real estate sales have surpassed $1b through the end of September and are on track to eclipse last year’s $1.16b record. Mountain Village and surrounding areas have carried the market, as buyers have come to recognize the attractiveness of values and lifestyle opportunities there. Downtown Telluride sales have slowed, simply because there has been very little inventory. Of recent importance, is the advent of properties contracting over $10m and $20m. No longer are sales over these thresholds considered an anomaly. Telluride is clearly maturing quickly and with its limited supply, suggests continued appreciation.
Despite historically low inventories, we at Telluride Properties continue to find properties for buyers. As values continue to creep up, owners decide to sell, slowly introducing new inventory to the market. This is where Telluride Properties excels at finding properties early and winning negotiations for buyers. These new residents are seemingly choosing Telluride for the same reasons as longtime locals and are quickly becoming a part of the community.
Like many towns across the globe, Telluride hasn’t been exempted from the growing pains of limited workforce housing and short-staffed businesses, a constant battle being exacerbated by the pandemic. Nevertheless, every stakeholder, including part-time residents, are working together to solve these problems as the Telluride Ski Company, Town of Mountain Village, and Town of Telluride are planning and/or under construction on new housing projects. Most importantly, Telluride still remains a small town with a big heart and a tremendous appetite for adventure.
Looking to the future, the Four Seasons continues its march towards reality, the hotel next to the Post Office in Town is in the construction drawings phase and four new projects are in planning phases in Mountain Village on Lots 109R, 27A, 126/152 and 30. On October 6th, the Telluride Ski Company announced plans for the following infrastructure upgrades to the ski area: four new lifts including Lift 9 as a high speed quad and Lift 10 as a Gondola, improved snowmaking, restaurants and hotel developments. A huge driving force in our market has always been the easy access to uncrowded, outdoor adventure and with that lifestyle more in-demand than ever with the advent of remote working, Telluride will remain at the top of people’s list.
The rising tide looks very strong. There is no better time to join the Telluride Community.
Read on for the full report, and contact me anytime to discuss current market conditions as they pertain to your goals.
Hope to see you in Telluride soon!
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