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WINTER/SPRING 2020

THE TELLURIDE MARKET REPORT TELLURIDE – MOUNTAIN VILLAGE – IDARADO – ALDASORO – SKI RANCHES – REGIONAL MESAS

Stewart Seeligson


ABOUT THIS REPORT

T

his report analyzes the residential market for the Telluride region. Included in the analysis are the homes, condos and single-family home lots sales in Telluride, Mountain Village, Aldasoro, Ski Ranches and Idarado Legacy. Sales activity on the nearby mesas including Sunshine, Wilson, Specie, Iron Springs and Hastings are also analyzed. Commercial property sales, deed restricted property sales and bulk sales are not considered. This edition includes Peaks Condo Hotel sales (not included in previous editions) but does not include condo sales under $250,000.

DATA SOURCE Unless otherwise indicated, the source for all data is the Multiple Listing Service (MLS) of the Telluride Association of Realtors (TAR). The TAR MLS is considered reliable but not guaranteed. Aspen and Snowmass data provided by Andrew Ernemann of Aspen Snowmass Sotheby’s International Realty. Vail and Beaver Creek data provided by Matthew Blake of LIV Sotheby’s International Realty.

ACKNOWLEDGMENTS

Thanks to the TAR staff, the TAR Board of Directors and the TAR members who maintain the integrity of the MLS. Cover art by Roger Mason. COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


TABLE OF CONTENTS

4 Regional Map 5 A Letter from the Author 6 Market Supply 7 Market Supply 8 Market Liquidity 9 When Properties Go Under Contract 10 Market Overview 11 Market Overview 12 Telluride and Mountain Village 13 Market Trends 14 Telluride Market 15 Telluride Luxury Market 16 Mountain Village Market 17 Mountain Village Luxury Market 18 Ski Ranches 19 Aldasoro Ranch 20 Idarado Legacy 21 Regional Mesas 22 Nearby Ski Markets 23 Jan-Feb 2020 24 Significant Sales 25 Significant Sales 26 Testimonials 27 About the Author

The Office of Stewart Seeligson

LIV Sotheby’s International Realty 137 West Colorado Avenue Telluride, Colorado 81435-2100 970-708-4999 Stewart.Seeligson@SothebysRealty.com www.TellurideRealEstateForSale.com COPYRIGHT © 2020 STEWART SEELIGSON ALL RIGHTS RESERVED


REGIONAL MAP


A LETTER FROM THE AUTHOR Dear Friends of Telluride: I am pleased to present the 7th edition of the Telluride Market Report, the most comprehensive and user-friendly market report available for the Telluride region. Feel free to reach out to me if you have any questions on the analysis provided or have suggestions for future editions. Also, please let me know if you would like to receive the Telluride Market Update which I send out monthly via email.

The impact of the COVID-19 outbreak on 2020 Now that the coronavirus is here, the two biggest influencing factors above will be significantly dampened. Consider some lessons from the Great Recession: 1. U  nlike large urban areas, most properties in the Telluride region are vacation properties and therefore are discretionary purchases. 2. M  ost buyers of vacation properties will delay purchases of second homes during times of economic uncertainty. 3.Most sellers of second homes are not forced to sell despite the economic downturn. 4. S ome buyers do not have substantial exposure to the equity market and have sufficient cash-on-hand to re-enter the market.

What happened in 2019? The story of 2019 is a slow start and a record-breaking finish. Through the first half of the year, the market trailed 2018 by a very concerning 25%. However, by the end of the year, 2019 outperformed the previous year by 17% making a remarkable 42% turnaround in only six months. Furthermore, 2019 proved to be the second strongest performing year since the Great Recession and the third best year ever for the Telluride region.

Obviously, the impact of the coronavirus will depend on its longevity. If the virus is halted by the early summer then the forces and outcomes cited above will renew mostly unchanged by the end of the third quarter with buyers hurriedly returning to the marketplace. In the near term expect the following:

What I thought would happen in 2020 As the 2020 real estate market opened, the two biggest factors influencing the real estate market in the immediate Telluride region were the significant decline in available inventory of homes and condos especially in the Town of Telluride AND the seemingly insatiable demand for those properties in town. These forces combined would likely have induced these outcomes:

1. M  ost sellers will hold their ground on price hoping that within six months market forces will return to “normal.� 2. Transaction activity will drop off dramatically as buyers await more economic certainty largely measured by the equity indexes. 3.Inventory will increase moderately especially in Mountain Village. 4. The first buyers back into the market will be looking for deals and in most cases sellers will come off no more than an additional 5% frustrating some buyers. 5. P  rices will soften first for homes in Mountain Village, Ski Ranches, Aldasoro and the Mesas and lastly in the Town of Telluride. 6. R  eady-buyers will remain in the market for prime properties under $5 million in the Town of Telluride.

1. Notable price appreciation for both condos and homes in the Town of Telluride. 2. Buyers turning to Mountain Village and other neighborhoods as alternatives. 3. A reduction in the number of transactions and sales volume in the Town of Telluride. 4. An increase in the number of transactions and total sales volume in Mountain Village. 5. The Mountain Village market outperforming the Town of Telluride market in 2020.

If one is able to take the emotion out of it, these are exciting times to watch the local market conditions respond to macroeconomic impacts. As always, we will have to wait and see.

5 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET SUPPLY - AVAILABLE INVENTORY Available Inventory - Properties in The Town of Telluride Inventory of Available Properties in Telluride 200 180 160 140 120 100 80 60 40 20 0

2009

2010

2011

2012

2013

Telluride Condos

2014

2015

Telluride Homes

2016

2017

2018

2019

Telluride Lots

The clear trend since 2009 has been steadily decreasing available inventories across nearly all segments in the Town of Telluride. Declining inventories in the face of rising demand inevitably lead to higher prices. Escalating prices are especially notable in the last four years in the Town of Telluride. When the inventories peaked in 2009 during the Great Recession, 86 homes, 185 condos and 31 lots were for sale in the Town of Telluride alone. As of the end of 2019, there were 30 homes, 38 condos and 21 lots available for sale - about the lowest level of inventory in the last ten years. Particularly challenging in the Town of Telluride is the age of the condo inventory for traditional-sized units. Almost 90% of all condos sold in the last four years in the Town of Telluride closed for under $1.5 million. Today, all condos listed for sale for $1.5 million or less were built before the year 2000. Condo developers since 2000 focused on larger units with higher-end finishes. In fact, of the 18 units currently on the market built after 2000 the least expensive comes with an asking price of $2.7 million. Traditionally affordable condos have grown old.

6 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET SUPPLY - AVAILABLE INVENTORY Available Inventory - Properties in Mountain Village Inventory of Available Properties in Mountain Village

240 220 200 180 160 140 120 100 80 60 40 20 0

2009

2010

2011

2012

Mountain Village Condos

2013

2014

2015

2016

Mountain Village Homes

2017

2018

2019

Mountain Village Lots

Although there is a downward trend in inventory levels in Mountain Village, the trend lines are not as distinct as they are in the Town of Telluride. Inventories in Mountain Village swelled in 2008-2009 even more dramatically than in the Town of Telluride to 75 homes, 227 condos and 83 lots available for sale at the zenith of the Great Recession. At the end of 2019, available inventories shrank to 50 homes, 63 condos and 82 lots. The record number of homes sold in 2019 left the Mountain Village Home segment at its lowest level of available inventory in at least fifteen years. Despite an almost overwhelming number of lots being on the market over the last ten years, limited speculative building during that period keeps most of the available inventory of homes rather old. Only 5 of the 50 available homes were built less than 5 years ago. With such aged inventory, buyers must be prepared to do their own remodels if they want an updated home. The Mountain Village Condo segment fairs no better than the home segment as far as the age of the units on the market. Only 25% of the units available at year-end were built in the last fifteen years. A few new projects are in the works including a six unit project near Elk Pond, probable residences to be sold in the five star hotel planned for the bottom of Lift 4 and as many as 45 units in the project west of the Peaks Hotel, but those projects are years away from completion.

7 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET LIQUIDITY - WHAT SELLS THE MOST QUICKLY? Days on Market Days on Market 900 800 700 600 500 400 300 200 100 0

2006

2007

2008

Telluride Homes

2009

2010

2011

Telluride Condos

2012

2013

2014

2015

Mountain Village Homes

2016

2017

2018

2019

Mountain Village Condos

The Days on Market metric illustrates that 2019 was one of the most liquid markets for the primary Telluride regional segments since at least 2006. It marked the first time that 3 of the 4 primary segments required less than 300 days to sell a property on average. Telluride Homes was the most liquid segment for the third year in a row. The increase in the days on market shown for the Mountain Village Home segment reflects an increase in buyer appetite for homes in Mountain Village rather than an increase in the shelf time for those homes. More homes were sold in Mountain Village in 2019 than in any year since 2007 indicating buyers were willing to buy older inventory to satisfy demand.

8 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


WHEN PROPERTIES GO UNDER CONTRACT

I

n most residential markets the peak contracting periods for residential properties are in the spring and summer. This peak period is driven by the desire of families to be moved into their new home prior to the start of the new school year. The driver for the contracting periods of Telluride differs significantly from other markets. Purchases of real estate occur during and just after peak visitor periods. The two peak visitor periods in Telluride are from Christmas week through the third week in March and from the first week in July until the third week in August. Most Buyers tour properties during their visits to Telluride and make offers during their visit or soon after their return home.

Date When Properties Contract 2018-2019 Date When Properties Contract 2018-2019 0

5

10

15

20

25

30

35

40

First Half of January Second Half of January First Half of February Second Half of February First Half of March Second Half of March First Half of April Second Half of April First Half of May Second Half of May First Half of June Second Half of June First Half of July Second Half of July First Half of August Second Half of August First Half of September Second Half of September First Half of October Second Half of October First Half of November Second Half of November First Half of December Second Half of December

62% Summer

38% Winter

The summer percentage of 62% is the highest percentage in at least a decade representing a continuing shift in buying patterns for the Telluride region. Previously, the summer-winter ratio never strayed past 56%-44%.

9 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET OVERVIEW 2019 Overall Sales by Property Type

2019 OVERALL SALES BY PROPERTY TYPE Commercial 5%

Condos 44% Homes 46%

Land 5%

2019 OVERALL SALES BY SEGEMENT

2019 Overall Residential Sales by Segment Telluride Homes 14%

Telluride Lots 2%

Regional Mesas 4%

Telluride Condos 29%

Mountain Village Condos 21%

Mountain Village Homes 28% Mountain Village Lots 2%

*Depicts Dollar Volume Sold

10 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET OVERVIEW

T

he Telluride regional market is comprised of 14 different independent segments in the immediate Telluride area including the Town of Telluride, Mountain Village, the Ski Ranches, Aldasoro, Idarado, and the nearby mesas. The segments together establish the broadest performance measure of the overall market in the Telluride region.

Overall Residential Market Overall Residential Market $600,000,000

400 350

$500,000,000

300 $400,000,000

250

$300,000,000

200 150

$200,000,000

100 $100,000,000

$0

50

2006

2007

2008

2009

2010

Total Dollar Volume

2011

2012

# of Sales

2013

2014

2015

2016

2017

2018

2019

0

3 per. Mov. Avg. (Total Dollar Volume)

The Total Dollar Volume (blue columns) of $460 million for 2019 was a 17% increase over the previous year and represents the second best performing year since 2007 narrowly missing the mark set in 2017. The total number of transactions (green line) held virtually even with last year at 277. Notably, 2019 set the record for the highest average sales price per transaction since the peak of 2007 with $1.67 million per sale. The three year moving average (purple line) reached its highest level since the Great Recession.

11 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


TELLURIDE AND MOUNTAIN VILLAGE Total Dollar Volume Comparison of Mountain Village and Telluride Residential Sales Total Dollar Volume - Telluride and Mountain Village

$400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000

Telluride

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

$0

1985

$50,000,000

Mountain Village

The Total Dollar Volume of real estate sales in Mountain Village dwarfed that of the Town of Telluride for much of the 15 year period prior to the conclusion of the Great Recession. Since the recovery from that economic recession began in earnest in 2011, real estate sales for the two communities fairly closely tracked each other. Both Mountain Village and Telluride turned in one of their best years in 2019. Mountain Village outperformed its neighbor with $220 million in total sales volume while Telluride generated $190 million in sales.

12 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MARKET TRENDS MARKET TRENDS - 2019 VERSUS 2018 Number of Sales

Sales Dollar Volume

Average Sales Price Average Price as a Percentage of Per Square Foot Asking Price

Average Sales Price

Median Sales Price

Telluride

Mountain Village

Nearby Neighborhoods

Regional Mesas

INDIVIDUAL SEGMENT PERFORMANCE - 2019 VERSUS 2018 DOWN NO CHANGE UP

es s es ts es es es omondo os om om V Lo Hom Hom H H H d M sa ro e C on h de MV nc asolurid V C Me lluri d Ra l i l M e A Te T Sk ots

a

oL sor

Ald

ots s o L Lot d a r ch ts Ida i Ran sa Lo Sk Me

*The chart above considers number of transactions in the individual segments.

13 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED

ots es e L Hom d i lur o Tel arad Id


TELLURIDE MARKET Sales Activity - Telluride Single Family Homes

For the first time since the Great Recession the

home segment declined two consecutive years. In this case, a lack of inventory is driving the reduction in the number of sales.

Sales Activity - Telluride Condos

Although the number of condos sold was relatively flat year-over-year, 2019 experienced a sensa-

tional spike in the total dollar volume of sales indicating a notable increase in the average price per unit sold.

Sales Activity - Telluride Single Family Home Lots

Lot sales increased significantly compared

to 2018, but the overall trend in lot sales is clearly downward.

Average Average Sales Price Per Square Foot Sales Price Per Square Foot - Telluride Telluride $1,400 $1,200 $1,000

Demand outstripping supply for homes and condos in Telluride has led to a 75% increase in price per square foot over the last seven to eight years.

$800 $600 $400 $200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Condos

14 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED

Single Family Homes


TELLURIDE LUXURY MARKET Sales Activity - Telluride Luxury Homes

Despite heavy demand, home sales over $3 million fell off dramatically due to lack of supply.

For the purpose of this analysis, a luxury home in Telluride is a single-family home that sells for $3 million or more.

Sales Activity - Telluride Luxury Condos

Demand for highly priced condos peaked in 2019. The 18 condos sold for over

$2 million easily set the record for the most luxury condo sales ever.

For the purpose of this analysis, a condo that sells for more than $2 million is considered a luxury condo.

Average Sales Price Per Square Foot - Telluride Luxury Market Average Sales Price Per Square Foot Telluride Luxury Market $1,800 $1,600

Increased demand and reduced supply inevitably led to upward pressure on price. Price

$1,400 $1,200

per square foot for luxury homes in Telluride increased by 40% over the last two years.

$1,000 $800 $600 $400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Condos Over $2 Million

Homes Over $3 Million

15 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MOUNTAIN VILLAGE MARKET Sales Activity - Mountain Village Homes

2019 was the best year for homes in over a decade. The 29 sales represented the highest number of

homes sold since 2007.

Sales Activity - Mountain Village Condos

The 65 condo sales equaled the previous year, but the average sales price increased

$100,000 over 2018 to $1.4 million.

Sales Activity - Mountain Village Single Family Home Lots

Despite ample supply, Mountain Village averaged

only 14 lot sales per year since 2008 versus the 63 lot sales in 2006.

Average Sales Price Per Square Foot - Mountain Village

Sales price per square foot for both single family homes and condos in Mountain Village inched up

to $709 and $683 respectively.

16 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


MOUNTAIN VILLAGE LUXURY MARKET Sales Activity - Mountain Village Luxury Homes

Buyers put greater focus on higher priced homes in 2019. 50% of all homes sold were over $4 million - the highest since 2010.

For the purpose of this analysis, a luxury home in Mountain Village is a single-family home that sells for $4 million or more.

Sales Activity - Mountain Village Luxury Condos

With the recently depleting inventory of lower-priced units, almost 25% of the

condos sold closed over $2 million

over the last three years.

For the purpose of this analysis, a condo that sells for $2 million or more is considered a luxury condo in Mountain Village.

Average Sales Price Per Square Foot - Mountain Village Luxury Market

Price per square foot varied greatly for higher priced properties. Homes sold for

over $4 million ranged from $600 per square foot to $2,100 per square foot. Condos sold for over $2 million ranged from $480 per square foot to $1,179 per square foot.

17 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


SKI RANCHES MARKET

T

he Ski Ranches is located just south of Mountain Village. The development contains 203 lots, most of which have been developed into single-family homes. This eclectic neighborhood is a favorite among locals and second homeowners alike. The neighborhood is significantly more affordable than Mountain Village and only a few minutes drive to the Telluride Ski Resort. Sales Activity - Ski Ranches Homes

For the second consecutive year home sales declined, but the average price for homes sold held at $1.4 million for three consecutive years.

Sales Activity - Ski Ranches Single Family Home Lots

Lack of demand for lots kept prices low.

Average sales price of $285,000 was the lowest average since 2013.

Average Sales Price Per Square Foot - Ski Ranches

Despite increasing demand for homes in the Ski Ranches over the last five years there has been limited price appreciation on a

per square foot basis.

18 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


ALDASORO RANCH MARKET

A

ldasoro Ranch is a 1,550-acre parcel developed into 166 single-family lots in the late 1980s. Almost every home in the subdivision is less than fifteen minutes to Downtown Telluride and the Telluride Ski Resort. Lots range from three to ten acres. The subdivision is characterized by having some of the best views in the entire region. Sales Activity - Aldasoro Homes

Despite 9 custom homes being under construction during the year, only 2 pre-existing homes

sold.

Sales Activity - Aldasoro Single Family Home Lots

After an average of 7 lot sales over the last three years, the lot segment finally cooled off with

only 3 sales.

Average Sales Price Per Square Foot - Aldasoro

For the third consecutive year prices increased on a per square foot basis. 2019 recorded the highest price per square foot since 2007.

19 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


IDARADO LEGACY MARKET

I

darado Legacy is one of the newest subdivisions in the immediate Telluride region. The Idarado Mining Company set aside 125 acres between the Town of Telluride and the box canyon along the San Miguel River for the development of 37 single-family-home lots. The smallest lot is .58 acres and the largest lot is just over 15 acres. The lots are distributed into three neighborhoods: Liberty Bell, Pandora and Bridal Veil. Liberty Bell is comprised of 9 lots located on the north side of Canyon Road and is the closest to the Town of Telluride. Pandora is made up of 24 lots running along the San Miguel River. Bridal Veil has only 4 lots on the north canyon wall. Sales Activity - Idarado Legacy Homes

Because Idarado is one of the newest subdivisions in the region there have been very few home sales.

The 2 sales in 2019 were the most ever in a single year.

Sales Activity - Idarado Legacy Single Family Home Lots

Demand for lots was very strong in 2015 and 2016 when 12 lots sold. Since that period demand fell off significantly. Only 2 lots have sold in

the last three years.

20 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


REGIONAL MESAS MARKET

T

he Telluride regional mesas provide opportunities to own rustic properties that range from modestlysized parcels to ranches of several thousand acres — all within an hour drive of Telluride. Each mesa has a distinct character of terrain, vistas and weather. Being mostly rural and remote, the mesas tend to be very illiquid properties. Despite their illiquidity, the allure of ranch property ownership will always appeal to a portion of Telluride regional buyers. A detailed analysis of the individual regional mesas is beyond the scope of this report, but meaningful insights into the mesas market can be gained by looking at transaction activity of the mesas as a whole. The analysis below considers sales activity of Sunshine, Wilson, Specie, Hastings and Iron Springs mesas taken together. Price Per Square Foot for transaction activity on the mesas is not analyzed because without significant adjustments to every transaction, the metric loses meaning.

Sales Activity - Mesa Homes

51 homes sold in 2016-2019 representing the most over a four year period in over two decades.

Sales Activity - Mesa Vacant Parcels

In 2019 more mesa parcels sold than in any year since at least 2006.

21 TELLURIDE MARKET UPDATE COPYRIGHT Š 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


NEARBY SKI MARKETS Knowledgeable buyers often consider Telluride an excellent value when compared to Aspen and Vail especially considering overall price points. The table below highlights key metrics in multiple markets with an emphasis of comparing downtown areas and ski resort areas against one another.

Aspen Central Core

The Aspen Central Core experienced seven consecutive years of price appreciation through 2019. Although prices went up, the number of transactions fell in 2019 compared to the year before. A total of 19 properties closed for over $5 million including 8 over $10 million and 1 over $15 million. By comparison, only six properties closed in the Town of Telluride for over $5 million in 2019.

Snowmass Village

Snowmass Village sustained seven consecutive years of relatively flat prices through 2019. Unlike nearby Aspen, however, the number of transactions increased in 2019 compared to 2018. Of the 47 homes that sold in 2019, three closed for over $6 million versus six homes in Mountain Village.

Beaver Creek

Beaver Creek substantially outperformed the previous year in the number of sales and total sales volume, but average sales prices fell significantly for both homes and condos. Average price per square foot held steady for both segments in the resort . While Mountain Village falls short of Beaver Creek in number of sales, Mountain Village achieves comparable measures to Beaver Creek for most metrics.

Town of Vail

The Town of Vail has enjoyed three consecutive years of price appreciation as measured by the average price per square foot. The average price per sale reduced slightly from $1.8 million to $1.725 million compared to the previous year for condos and held flat at $4.2 million for homes. By contrast, prices rose dramatically in the Town of Telluride on a cost per square foot basis for both condos and homes while average sales prices increased by 50% for condos but slid slightly for homes. 22 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


2020 JAN-FEB VS HISTORICAL JAN-FEB

One of the strongest starts of the year ever for the Town of Telluride and an average start for Mountain Village. The Coronavirus impact will certainly slow the momentum for both markets.

23 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


SIGNIFICANT SALES

Mountain Village Home $5,435,000

Telluride Condo $5,500,000

Telluride Home $3,590,000

Telluride Home $3,060,000

Telluride Condo $1,725,000

Telluride Townhome $2,270,000

24 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


SIGNIFICANT SALES

Aldasoro Home $5,750,000

Mountain Village Home $4,400,000

Telluride Townhome $3,287,500

Specie Mesa Home $3,250,000

Mountain Village Townhome $2,100,000

Telluride Home $2,450,000

25 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


TESTIMONIALS

The first indication that we had made a great decision came when Stewart strongly encouraged us to list the property at more than was our initial inclination. It turned out to be a great call because we ended up selling our Telluride home for an even higher amount. James Pope, Atlanta, GA Stewart is far from an ‘everyday’ Realtor - he is very knowledgeable and gave us sophisticated perspective informed by his strong business background and education. His extensive experience was immensely helpful as he advised us in all aspects of a very complex transaction. David and Carol Porter, Kansas City, MO He listens carefully and works hard to find the best bang for your buck. Katie and Jeff Parker, Tampa, FL We had no experience in selling a vacation home and we selected Stewart based on a friend’s recommendation — a good choice! He provided a comprehensive written game plan that explained his approach to the sale, and more importantly, he followed the plan that led to a successful outcome for our home on Wilson Mesa. Gary and Nancy Jones, Birmingham, AL Stewart knows Telluride, the owner associations and the market well. A real professional and expert at his craft. Working with Stewart is easy and enjoyable. Erica Harris, Houston, TX Stewart is a true professional that brings both an objective and balanced approach. Pascal and Stephanie Villiger, San Francisco, CA I was so grateful to Stewart for making my first Telluride business deal so enjoyable. Corinna Clendenen, Madison, CT

Stewart has helped me find multiple properties in which to invest that meet my requirements. I have found one truly exceptional Colorado broker to work with. Todd Lively, Austin, TX 26 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


ABOUT THE AUTHOR Stewart Seeligson

“Sophisticated Buyers and Sellers demand the highest quality guidance from their agents in every transaction. Stewart’s extensive business education and diverse real estate experience set him apart from other real estate brokers in the Telluride region.”

Education

After completing his high school education at Jesuit College Preparatory School of Dallas, Stewart attended the University of Texas at Austin receiving a BBA in Accounting in 1986. He practiced accounting for five years and became a licensed CPA. Stewart returned to the University of Texas and earned an MBA in 1994, graduating with honors and a specialization in Finance.

Real Estate Experience

Stewart was recruited by Enron Corporation while he was in business school. He worked with the company for nine years, and became Vice President in less than five years. He started as an associate, performing detailed market analysis and complex computer modeling. Stewart soon moved into a lead developer position of large industrial real estate projects, where he negotiated highly structured transactions with large international companies. One of the transactions negotiated by Stewart is the subject of a Harvard Business School case study because of its innovation in the European marketplace. Stewart has been engaged in the Telluride real estate market since 2002. He has been a real estate broker with Telluride Sotheby’s International Realty for the last twelve years. Stewart served on the Board of Directors of the Telluride Association of Realtors for six years. From 2012 to 2013, he served as President of the Association. Stewart was recognized as the Realtor of the Year in 2013.

Community

Since making Telluride his home, Stewart has been an active participant in the local community. He is an annual volunteer at the Telluride Film Festival, a board member of Alpine Chapel and a member of the Telluride Historic Architectural Review Commission. He is also a strong financial supporter of many Telluride charities including the Telluride Foundation, Ah Haa School for the Arts, the San Miguel Resource Center, Telluride One to One, and the Volunteer Fire Department.

Destinations

Throughout his life, Stewart has sought out premier destinations to live, work and explore. As an adult, Stewart has lived in Washington DC, Texas, London, Madrid and now Telluride. He has had the great fortune to travel to over fifty countries. “I have seen some of the most amazing and beautiful places on our planet but I have chosen the most beautiful, Telluride, to call my permanent home.”

Telluride

Stewart’s love for Telluride goes back to his childhood. Each year his family would leave the heat of the Texas summers for the freshness and beauty of the San Juan Mountains. He has wonderful memories of hiking, camping and learning to fly fish in pristine mountain rivers. Stewart remembers Telluride in the early 1970’s. He and his family would drive the jeep over Black Bear Pass and enjoy ice cream floats at the Old Drug Store on Main Street, the very building where he makes his office today. 27 TELLURIDE MARKET UPDATE COPYRIGHT © 2020 STEWART SEELIGSON. ALL RIGHTS RESERVED


Stewart Seeligson 137 W. Colorado Avenue Telluride, CO 81435-2100

Trails Edge

Serapio Drive

Wilson Mesa

Sundance Lane

Polecat Lane

Hummingbird Trail

Fabulous three bedroom home in a highly desirable neighborhood. Ski access to the Double Cabins ski run and close to the Gondola. Offered at $4,295,000

Spacious five bedroom home gracefully set on seven acres. Sweeping views of Wilson, Sunshine and Dolores Peaks. Offered at $1,750,000

Sunny and spacious three bedroom home with beautiful mountain views. Multiple decks and patios. Directly ski in/out. Offered at $3,295,000

A magnificent six bedroom residence of mountain modern architecture with stunning panoramic views in a private setting. Offered at $4,750,000

Premium single-family home lot with direct ski/in out access to the Double Cabins ski run. Beautiful views of the San Juan Mountains. Offered at $1,395,000

Custom home located on the 13th hole of the Divide Ranch Golf Club. Panoramic views of the Sneffels and Cimarron mountain ranges. Offered at $1,397,000

Profile for Stewart Seeligson

The Telluride Market Report 2020 - Stewart Seeligson  

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