Q3 REPORT Telluride Real Estate
2019
ACTIVITY
Auberge Resorts at Element 52, Unit S1A, Telluride - Offered at $4,495,000
San Miguel County Overview # 523
555
$
Ç4% compared to ytd 2018
562
2015
2016
compared to ytd 2018 $621.1M
619 $507.1M
499 358 YTD
2014
ďƒˆ8%
2017
2018
2019
# of Tr ans a ct i ons S an Mi g u e l Count y
$537.5M $461.8M $452.8M $328.7M YTD
2014
2015
2016
2017
2018
2019
Dol l ar Vol u me San Miguel C ount y
Lot 659R, Mountain Village - Offered at $699,000 The information represented above is compiled from Telluride Consulting data ytd as of 9/30/2019 and represents all sales in San Miguel County.
Through nine months of 2019, the Telluride Market as a whole is benefiting from an influx of late-Summer/early-Fall sales and contracts that bring us up to just below the market levels of 2018 year-to-date. One especially encouraging segment of growth has been the Mountain Village homes market, which has seen an influx of activity in the $1.5m-$7m range; 7 properties have sold this summer and another 6 are currently under contract with 43 still available. Previous to this “bump”, the upper-end Mountain Village market has been a microcosm of the Telluride area: great product at great values, but demand lagging slightly behind national and metropolitan markets. The exception here has been the strong demand for high-end properties in downtown Telluride where inventories have been getting depleted while demand flourishes. With numerous properties in all segments under contract through early October, Telluride is poised for a strong 4th quarter and transition into a new decade. In a context beyond the 3rd quarter of 2019, the market as a whole is telling an interesting story; one where the current realities of market conditions can be measured in a historical context, one where we can draw comparisons to similar markets and their subsequent trends and patterns, and one where the emergence of sleek, unprecedented new product is driving market segments like never before. Median Price per Square Foot - Single Family Homes
THE GRAPH BELOW SHOWS THE MEDIAN PRICE PER FOOT IN TOWN AND MOUNTAIN VILLAGE OVER THE PAST 30 YEARS: Mountain Village vs. Telluride $1,200 $1,085
$1,000 $917
$800 $714 $641
$640
$607
$600
$388
$400
$340
$295
$269
$200
$564
$602
$193
$129
$0
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Mountain Village Median Price per Square Foot
2004
2005
2006
2007
2008
2009
2010
Telluride Median Price per Square Foot
2011
2012
2013
2014
2015
2016
2017
2018
2019
In this instance, we use median rather than average figures so that outlier sales (e.g. low-square-footage redevelopment opportunities on large lots) do not skew the values. As you can see, median price per foot figures are relatively similar to pre-recession levels, demonstrating a tempered volatility that is rare in resort markets. Moreover, this gradual growth also shows that despite record highs on the upper-end of our market, the median values are only now in the midst of a positive correction, or “catch-up” of values relative to historical market highs.
The value of the Telluride Market is self-evident when comparing prices of properties to their counterparts in markets like Aspen, Jackson Hole, the Yellowstone Club and Vail. It is encouraging to note that most of our directly comparable markets (Aspen, Vail, Jackson Hole) are showing increases in values and/or dollar volume similar to the trends we are experiencing. Although current median price per foot figures are similar to pre-recession highs of 2007, there is one substantial contributor to the upper end of the market in 2019: sleek, modern, new construction product, especially in premier locations. Perfect examples of this trend are sales at 235 E. Columbia, which sold this July for $7.625m ($1,939/s.f.) and the penthouses currently under contract at Transfer Telluride which will close for roughly $8m ($2,000/s.f.). This blueprint could also be applied to Mountain Village where there is a lack of modern, new construction inventory - a savvy buyer could expect tremendous upside by combining a sleek remodel with a premier location. While properties like these are setting local records, Telluride still represents a tremendous lifestyle and investment choice, as evidenced by recent buyers moving out of equity markets and into properties in Telluride; the proverbial “safe deposit box with a view”. All metrics considered, Telluride remains a transformative destination for many and paradise to all of us who are lucky enough to call it home. There is an infinite lifestyle value here that is immeasurable and memories to be made that could never be reflected on a graph or spreadsheet.
What’s Selling? Town of Tel luride Under Contract
Number Sold
Sold Price Range
Average Sold Price
Average % Off Asking $
3 Bedrooms
2
8
$1,240,000 - $2,300,000
$1,868,000
7%
4 Bedrooms
2
2
$1,850,000 - $7,625,000
$4,737,500
6%
5+ Bedrooms
1
3
$2,000,000 - $8,400,000
$4,675,000
16%
Studio & 1 Bedrooms
4
17
$160,000 - $665,000
$416,867
4%
2 Bedrooms
1
15
$345,000 - $2,327,500
$952,433
4%
3 Bedrooms
4
11
$825,774 - $1,955,000
$1,433,820
5%
4 Bedrooms
3
4
$1,085,000 - $7,550,000
$3,830,625
4%
5+ Bedrooms
2
3
$3,590,000 - $5,500,000
$4,396,667
8%
0
7
$280,000 - $1,400,000
$915,000
8%
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.
ytd
$
2019
as of 9/30/2019 there have been 70 sales in Town of Telluride for a total dollar volume of $110,506,758.
13
ďƒˆ6% compared to ytd 2018
7
#
ďƒˆ11% compared to ytd 2018
50
$38,444,000
$6,405,000
$65,657,758
HOMES
LAND
CONDOS
235 East Columbia Avenue - Sold 7/16/2019 for $7,625,000 Listed by Telluride Properties
Wasatch F - 217 East Colorado Avenue, Town of Telluride - Offered at $1,635,000
What’s For Sale? Town of Tel luride
Number Available
Asking Price Range
Average Asking Price
3 Bedrooms
11
$1,950,000 - $5,195,000
$3,649,545
4 Bedrooms
9
$1,250,000 - $7,495,000
$3,726,111
5+ Bedrooms
10
$2,155,000 - $8,995,000
$4,803,800
Studio & 1 Bedrooms
5
$320,000 - $775,000
$551,000
2 Bedrooms
9
$669,000 - $3,050,000
$1,351,556
3 Bedrooms
8
$1,495,000 - $3,950,000
$2,423,125
4 Bedrooms
8
$1,295,000 - $14,750,000
$5,440,000
5+ Bedrooms
8
$4,495,000 - $6,500,000
$5,249,375
28
$669,000 - $5,000,000
$2,057,333
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.
What’s Selling? Mountain V il lage Under Contract
Number Sold
Sold Price Range
Average Sold Price
Average % Off Asking $
3 Bedrooms
1
2
$985,000 - $1,800,000
$1,392,500
0%
4 Bedrooms
0
4
$1,312,500 - $2,500,000
$1,926,875
11%
5 Bedrooms
4
7
$1,495,000 - $6,550,000
$4,112,857
13%
6+ Bedrooms
1
1
$6,200,000
--
2%
Studio & 1 Bedrooms
0
15
$50,000 - $850,000
$334,333
5%
2 Bedrooms
4
11
$130,000 - $1,600,000
$745,955
7%
3 Bedrooms
2
15
$525,000 - $3,700,000
$1,734,600
5%
4 Bedrooms
5
7
$675,000 - $2,886,500
$2,013,786
6%
5+ Bedrooms
0
4
$1,454,086 - $2,400,000
$1,957,272
6%
1
11
$225,000 - $3,975,000
$1,155,455
6%
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.
ytd 2019
as of 9/30/2019 there have been 77 sales in Mountain Village for a total dollar volume of $119,357,586.
$ 14
ďƒˆ12%
compared to ytd 2018
11
#
ďƒˆ18%
compared to ytd 2018
52
$45,482,500
$12,710,000
$61,165,086
HOMES
LAND
CONDOS
101 Palmyra Drive, Mountain Village - Sold 7/31/2019 for $3,410,000 Listed by Telluride Properties
187 San Joaquin Road, Mountain Village - Offered at $3,790,000
What’s For Sale? Mountain V il lage
Number Available
Asking Price Range
Average Asking Price
3 Bedrooms
4
$2,100,000 - $3,850,000
$3,060,000
4 Bedrooms
13
$1,675,000 - $6,995,000
$4,134,231
5 Bedrooms
15
$1,399,000 - $7,995,000
$4,653,867
6+ Bedrooms
20
$3,790,000 - $9,875,000
$6,225,950
Studio & 1 Bedrooms
25
$170,000 - $995,000
$409,476
2 Bedrooms
14
$360,000 - $1,490,000
$711,500
3 Bedrooms
13
$525,000 - $3,250,000
$1,672,308
4 Bedrooms
17
$1,399,000 - $5,495,000
$2,958,471
5+ Bedrooms
7
$2,200,000 - $4,500,000
$3,090,714
76
$195,000 - $6,950,000
$928,137
Single Family Homes
Condominiums
Vacant Land All
The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.
What’s Selling? Surround ing Areas Under Contract
Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking $
Turkey Creek Mesa
2
6
$260,000 - $2,100,000
$1,097,500
9%
Deep Creek Mesa
2
5
$399,000 - $3,200,000
$1,700,000
6%
Down Valley
1
4
$460,000 - $892,000
$608,750
5%
Wilson Mesa
3
6
$202,000 - $700,900
$426,500
6%
Specie Mesa
1
0
--
--
--
Hastings Mesa
0
6
$120,000 - $985,000
$181,500
7%
Iron Springs/Horsefly Mesa
1
11
$70,000 - $2,081,500
$250,000
6%
Ilium/Ames
0
1
$220,000
--
0%
Ophir
0
2
$580,000 - $685,000
$632,500
4%
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.
31 Diamond Point Lane, Ski Ranches - Sold 8/16/2019 for $2,100,000 Listed by Telluride Properties
1291 Old Elam Ranch Road (Hastings Mesa) - Offered at $975,000
What’s For Sale? Surround ing Areas Number Available
Asking Price Range
Median Asking Price
Turkey Creek Mesa
32
$260,000 - $16,900,000
$1,485,000
Deep Creek Mesa
39
$395,000 - $24,950,000
$1,240,000
Down Valley
10
$249,000 - $1,325,000
$636,000
Wilson Mesa
20
$185,000 - $34,500,000
$3,034,950
Specie Mesa
29
$185,000 - $15,400,000
$575,000
Hastings Mesa
26
$107,000 - $3,800,000
$409,500
Iron Springs/Horsefly Mesa
39
$75,000 - $17,950,000
$299,000
Ilium/Ames
2
$1,950,000 - $3,395,000
$2,672,500
Ophir
5
$183,500 - $528,000
$379,000
(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates
The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it represents single family homes and vacant land listings, it excludes deed-restricted , commercial, & fractional properties.
FEATURED LISTING 175 Raspberry Patch Road - Raspberry Patch I $6,995,000
Telluride Properties participated in 40% of the dollar volume for San Miguel County Sales through September 2019, while only representing 8% of all Realtors in Telluride. 970.728.0808 tellurideproperties.com Telluride Office 237 S. Oak St. at the Telluride Gondola Mountain Village Office 560 Mountain Village Boulevard, Ste. 103