2017 Year End Telluride Real Estate Market Report

Telluride

MARKET REPORT

Year-End | 2017 DWIGHT | MARTIN TEAM

The Market Report Telluride Real Estate Corp. is pleased to present our comprehensive market report for 2017. In this report, you will find an overall snapshot of the market as well as detailed information on the different market segments making up the Telluride region.

Telluride Real Estate Corp.

TRUSTED. EXPERIENCED. PROFESSIONAL. SINCE 1981.

Telluride Real Estate Corp. / Christie’s International Real Estate is proud to be one of the most established real estate brokerages in the region, with a team that includes over 35 licensed brokers, assistants and staff members. Our organization is comprised of only experienced, successful and dedicated full-time real estate professionals.

Our partners are deeply embedded in the community, having been directly involved in the planned development of the Telluride area as a world-class ski resort. Our owners and the majority of our Telluride real estate agents are longtime Telluride locals who are passionate about their careers and about living in this spectacular mountain town.

In a sense, we are ambassadors for this community, bringing Telluride to the rest of the world. In addition, the partners, brokers and assistants that make up the TREC team are some of the region’s most dynamic individuals – a group of people who share energy, enthusiasm, a sense of purpose, and an ability to get things going and get things done. Real estate is about personal relationships, and we strive to provide an unrivaled experience for our buyers and sellers from beginning to end and beyond.

Indeed, most TREC clients are clients for life.

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All data in this report is collected from Telluride Consulting and the Telluride Multiple Listing Service. All information is deemed accurate and reliable but is not guaranteed.

MARKET HIGHLIGHTS

37%

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10%

{

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27%

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INCREASE IN DOLLAR VOLUME OF TRANSACTIONS

INCREASE IN NUMBER OF TRANSACTIONS

TREC’S INCREASE IN NUMBER OF TRANSACTIONS

S I GN I F I C A NT S A L E

250 Benchmark Drive | $5,150,000 Sold by TREC/Christie’s

MARKET HIGHLIGHTS The Telluride real estate market’s total sales for 2017 finished at a ten-year record high. Sales were significantly better in dollar volume and number of transactions compared to 2016. With $621.1M in contracts closed, sales are up 37% over 2016. The number of sales is up 10% with 619 closed transactions.

The Town of Telluride’s high demand and limited inventory continue to be driving factors in the price of singlefamily homes. With construction on nearly every block the past two years, vacant land sales have remained stable, with single-family home sales seeing an increase. Finished construction projects helped drive singlefamily home sales, which are up 15% in number and up 46% in dollar volume. Condo/townhomes sales continue to trade hands with the number of sales up 19%.

Mountain Village high-end luxury home sales continue to trend upwards. There were a record ten sales over $4M 2017. This market achievement boosted the dollar volume for Mountain Village single-family homes up 46%.

With proximity to the ski resort along with rental income potential, Mountain Village condo/townhome sales remain an attractive purchase, with dollar volume up 27% compared to 2016.

The remainder of the county saw a 23% increase in dollar volume compared to 2016. The Ski Ranches and Aldasoro luxury neighborhoods saw increases in single-family home sales. Notably, the Ski Ranches had nearly quadruple the number of vacant land sales in 2017 over 2016. Its privacy, views, flexible building guidelines, and transfer tax exemption prove to be an attractive purchase for future home construction.

Entering 2018, the Telluride real estate market outlook is positive, with $83.6M in sales currently under contract according to the MLS.

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YEAR-END 2017

Q4 2017

619 (up 10%)

# OF TRANSACTIONS

147

$621.1M (up 37%)

$ OF TRANSACTIONS

$188.7M

$29,184,007

HIGHEST PRICE SOLD

$29,184,007

$1,003,393

AVERAGE PRICE

$1,283,673

MARKET HIGHLIGHTS YEAR-END | 2017

168

TRANSACTIONS $1-5 MILLION

305

TRANSACTIONS UNDER $1 MILLION*

16

TRANSACTIONS $5 MILLION+

*excludes mining claims, parking spaces, fractionals, deed-restricted properties

SALES DISTRIBUTION BY LOCATION

31%

33%

36%

SALES DISTRIBUTION BY SEGMENT

TELLURIDE

SINGLE FAMILY

26%

MOUNTAIN VILLAGE

46%

REMAINDER OF COUNT Y

24%

5%

CONDOMINIUM

VACANT LAND

OTHER

Market Details |

YEAR END 2017

SOLD | 527 W. Galena Avenue $5,000,000 Listed by TREC/Christie’s

Town of Telluride

# OF TRANSACTIONS 161 (up 27%)

YEAR-END | 2017

$ OF TRANSACTION5 $200.0M (up 28%)

The past two years of busy construction have resulted in completed projects and an increase in Town of Telluride single-family home sales. Demand is high, with families with children relocating to Telluride for its lifestyle, exceptional schools, and ease of telecommuting for business. Condo/townhome sales increased 31% with continued growth expected as new projects are hitting the market, notably the Senate Wick Building and Transfer Warehouse luxury condo/townhome projects.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

31

102

15

$ OF TRANSACTIONS

$88.0M

$86.1M

$15.1M

AVERAGE SALE PRICE

$2,838,710

$844,587

$1,008,950

MAX SALE PRICE

$6,666,750

$4,900,000

$2,275,000

3

15

3

# OF PENDING TRANSACTIONS

Market Details | YEAR END 2017

Mountain Village

# OF TRANSACTIONS 167 (up 15%)

YEAR-END | 2017

$ OF TRANSACTION5 $283.0M (up 56%)

Mountain Village luxury homes sales saw a record ten transactions over $4M. Overall, Mountain Village sales saw a 56% increase in dollar volume. A contributing transaction was the commercial sale of the Madeline Hotel at $29.2M. Condo/townhomes remain an attractive purchase with their proximity to the ski resort and rental income potential. Mountain Village design regulations were relaxed in early 2017, which may be the stimulus to the doubling of vacant land sales compared to 2016.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

28

107

22

$ OF TRANSACTIONS

$101.0M

$131.3M

$19.1M

AVERAGE SALE PRICE

$3,608,671

$1,227,028

$902,736

MAX SALE PRICE

$7,550,000

$4,650,000

$6,750,000

6

8

2

# OF PENDING TRANSACTIONS

SOLD | 125 Cortina Drive Penthouse 9 $2,795,000 Sold by TREC/Christie’s

Market Details |

YEAR END 2017

SOLD||116 153Joaquin Wapiti Road SOLD Road Listed at $1,825,000 $3,562,500 Listed TREC/Christie’s Sold by by TREC/Christie’s

Remainder of County

# OF TRANSACTIONS 183 (down 2%)

YEAR-END | 2017

$ OF TRANSACTION5 $116.1M (up 23%)

The Ski Ranches and Aldasoro neighborhoods continue to be the most desirable for their proximity to Telluride and Mountain Village, along with open space and views. Sales for these neighborhoods are up 40% in dollar volume. Overall vacant land sales are slightly down, however, Ski Ranches vacant land sales quadrupled compared to 2016. This signals that buyers are interested in owning in the Telluride region while cost or availability may be prohibiting them from the Town of Telluride or Mountain Village.

MAJOR MARKET SEGMENTS Single-Family

Condo/Townhome

Vacant Land

# OF TRANSACTIONS

81

14

72

$ OF TRANSACTIONS

$71.6M

$4.4M

$30.2M

AVERAGE SALE PRICE

$883,618

$312,536

$419,718

$3,590,500

$625,000

$7,632,000

9

1

17

MAX SALE PRICE # OF PENDING TRANSACTIONS

DWIGHT | MARTIN TEAM Recognized by Christie’s International Real Estate for Significant Sales Exclusive Sales Team at Telluride Mountain Lodge Jon Dwight | 970.708.0691 | jon@gotelluride.com Jon’s hometown is Aspen, CO. He is a 1989 graduate of the University of Colorado. Jon’s family includes wife Martha and five great kids, Alex, Max, Wyatt, Lauren and Gavin. Jon has been a licensed commercial/residential real estate broker since 1991 with a diverse background in construction and real estate development. He joined Telluride Real Estate Corp. in 2002 and has specialized in representing projects such as Bear Creek Lodge, Sunnyside Ranch, Cornerstone, Brown Dog Ranch, as well as servicing a select group of highly valued clients. As an owner and director at TREC, Jon regularly attends Christie’s Owners’ Conferences, representing TREC and networking on an international level. Jon currently serves as Chairman of the Board of the Telluride Regional Airport Authority and is past Member of the Board (Residential Seat) of the Telluride Mountain Village Owners Association. Jon loves flying airplanes, skiing, hiking, mountain biking and traveling anywhere in the world.

“Telluride is an unmatched year round resort that offers an authentic Colorado experience. This just doesn’t exist in other resorts anymore.”’

Alex Martin | 970.729.1691 | alex@gotelluride.com Alex’s hometown is Olathe, KS. He is a graduate of the University of Colorado-Boulder. Alex’s family includes wife Sage and two sons, Henry and Jake. Alex joined TREC in 2004, working with a select group of highly valued clients and representing development projects such as Sunnyside Ranch, Cornerstone, and Brown Dog Ranch.

Prior to joining TREC, Alex enjoyed a 14-year sales and management career in litigation support and data storage technology in the San Francisco Bay Area. Alex and Managing Director Jon Dwight have been working together since 2004 and are partners in the Dwight | Martin Team. In his free time, Alex enjoys skiing, hiking, camping, mountain biking and sailing.

“From my first backpacking trip to the San Juans more than 30 years ago, I knew this special part of Colorado was where I needed to be.”

Marcin Ostromecki | 970.708.4119 | marcin@gotelluride.com Marcin’s hometown is Milwaukee, WI. He graduated from the University of Wisconsin- Milwaukee with a BA in Marketing. Marcin’s family includes wife Stacy and black lab Atlas. Working in the ski industry for over a decade, Marcin is no stranger to ski towns. With an international marketing background and experience in resort markets, Marcin joined TREC in 2014 to work alongside Jon Dwight and Alex Martin. In his role as Marketing Manager and Broker Associate, he believes that when a property is packaged and presented appropriately, sellers are positioned for success. Marcin is an avid skier and also enjoys mountain biking and hiking with his pup.

“I think the best part about Telluride is that it’s a real town.

There’s a genuine sense of community here. It’s not just a product of the ski resort. I think that’s why it’s retained its unique character.”

SIGNIFICANT SALES DWIGHT MARTIN Sales

128 Victoria Drive | $4,250,000 Sold by Dwight | Martin Team

Sunnyside Ranch, Lot 5 | $2,160,000 Listed by Dwight | Martin Team

123 S. Oak Street| $3,050,000 Sold by Dwight | Martin Team

145 Russell Drive | $3,649,500 Listed by Dwight | Martin Team Sunnyside Ranch lot 6| $2,149,000 Listed by Dwight | Martin Team 710 Mountain Village Blvd. | $6,000,000 Sold by Dwight | Martin Team

153 Wapiti Road | $1,425,000 Listed by Dwight | Martin Team

TOP 10 SIGNIFICANT SALE OCTOBER 2016

Telluride Ski Resort| $40,000,000+ Sold by Dwight | Martin Team

204 Wilson Peak Drive | $2,570,000 Listed by Dwight | Martin Team

0,000

245 Adams Ranch Road | $2,030,000 Listed by Dwight | Martin Team

Tristant Townhomes 201, 203 & 205 $4,062,500 Listed by Dwight | Martin Team

Lot 161 CR | $8,100,000 Sold by Dwight | Martin Team

Diamond Ranch Lot 2 | $2,080,000 Listed by Dwight | Martin Team

129 Victoria Drive | $3,200,000 Sold by Dwight | Martin Team

gotelluride .com christiesrealestate.com | jon.searchtellurideproperties.com T@gotelluride P@telluride_homes M@TellurideRealEstateCorp

Let’s talk numbers! Contact us below.

DWIGHT | MARTIN TEAM

Jon Dwight | 970.708.0691 | jon@gotelluride.com Alex Martin | 970.729.1691 | alex@gotelluride.com Marcin Ostromecki | 970.708.4119 | marcin@gotelluride.com

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