The Telluride Market Report 2021 Stewart Seeligson by Stewart Seeligson

WINTER/SPRING 2021

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

Stewart Seeligson

ABOUT THIS REPORT

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 used by permission of Noreen Sablotsky. COPYRIGHT © 2021 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 Premium Price Market 16 Mountain Village Market 17 Mountain Village Premium Price Market 18 Ski Ranches 19 Aldasoro Ranch 20 Idarado Legacy 21 Regional Mesas 22 Nearby Ski Markets 23 Jan-Feb 2021 24 2020 Achievements 25 2020 Significant Sales 26 2020 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 © 2021 STEWART SEELIGSON ALL RIGHTS RESERVED

REGIONAL MAP

A LETTER FROM THE AUTHOR Dear Friends of Telluride:

Why did the Pandemic cause a real estate boom? A number of compiling factors caused the real estate boom beginning in the summer of 2020. First and foremost, the Pandemic sent people home into lockdown for more than 60 days. During the lockdown, people watched the news of the virus spreading through densely packed urban areas such as New York and Seattle which made large cities feel unsafe. Simultaneous with the lockdown came highly publicized and sometimes violent protests in many large urban areas. Just as importantly, many people learned definitively during the lockdown that they could work virtually giving them the freedom to work from anywhere. All together these conditions created an urge among many people to get out of town to someplace safe. These people turned enmass to remote resorts such as Telluride for sanctuary. Add six years of a strong economy and historically low interest rates and the Pandemic Real Estate Boom was born.

I am pleased to present the 8th edition of the Telluride Market Report, the most comprehensive and user-friendly market report 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. What happened in 2020? The year of 2020 was undoubtedly the wildest ride in the history of the Telluride real estate market. Strong January and February sales performances succumbed dramatically to Governor Polis’ shut down of all ski resorts across Colorado on March 14, 2020. With the onset of nationwide lockdowns due to COVID-19, the year was presumed lost. Properties under contract fell out. Sellers showed new motivation. April, May and June produced relatively few sales. Then the extraordinary happened. In early summer, demand for resort real estate rose to previously unseen levels. New buyers flooded into the Telluride region snatching up condos and homes at an unprecedented rate. When inventories of improved properties waned, buyers turned their attention to vacant land. A historic run on Telluride real estate commenced across all segments depleting inventories and pushing prices skyward.

Outlook for 2021 Impacts of this historic rush on real estate will be felt for many years to come. Low levels of inventory combined with continued high levels of demand are likely to push prices steadily higher for the foreseeable future - especially in the Town of Telluride where there is little opportunity for greenfield development. I expect a step change in pricing perhaps as much as 25% over the next 18 months in some segments. Inventories will remain low and days on market will plummet. For the first time, the Telluride real estate market will behave like the hot urban markets in the country with properties routinely receiving multiple offers within days of coming on the market. Sellers will have the upper hand across most segments and buyers must be ready to act quickly. Welcome to the new fast-paced world of Telluride real estate.

Sales records were set across almost all segments which ultimately produced the single highest performing year of all time for the Telluride region. Total sales volume for the segments covered in this report reached a staggering $950 million dollars more than doubling the previous high of $460 million set in 2007.

Warm Regards,

MARKET SUPPLY - AVAILABLE INVENTORY Available Inventory - Properties in The Town of Telluride

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

The real estate boom of 2020 dramatically impacted inventory in the Town of Telluride. For the first time, all three segments of homes, condos and lots inventory levels fell below 20 available properties. Declining inventories in the face of heated demand inevitably leads to higher prices. Only seven years ago, a home or condo selling for $1,000 per square foot was very notable. Today that benchmark is $2,000 per square foot. 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 2020, there were 12 homes, 10 condos and 10 lots available for sale - the lowest level of inventory in decades.

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

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

The record setting real estate sales of 2020 significantly reduced available inventory across all segments in Mountain Village. By comparison 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 2020, available inventories shrank to 24 homes, 30 condos and 55 lots. The record number of properties sold led to the largest percentage reduction of available inventory in decades impacting all three segments. Available home inventory fell 57% while available condo inventory reduced by 53%. Even the Mountain Village lot segment, which stubbornly resisted a rebound from the Great Recession, experienced a notable reduction of available inventory by 34%. Opportunities to restock improved property inventory levels through greenfield development in the near term are scant. Three years is generally required for construction completion of a single-family home from the date of purchase of the vacant lot allowing time for entitlements, architecture and construction. Therefore, a significant introduction of spec homes is at least two years away. In regard to condos, while there are a handful of still undeveloped greenfield sites, no multi-family projects are currently under construction.

MARKET LIQUIDITY - WHAT SELLS THE MOST QUICKLY? Days on Market

The Days on Market metric illustrates that 2020 was one of the most liquid markets for the primary Telluride regional segments since at least 2006. It marked the first time that all four segments required less than 312 days to sell a property on average. Mountain Village condos and Telluride condos were the most liquid segments in 2020. The lack of inventory and continued high demand for all improved properties suggests that the Average Days on Market for 2021 will be significantly reduced, perhaps even by half, in comparison to 2020.

WHEN PROPERTIES GO UNDER CONTRACT

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 2019-2020

75% Summer

25%

Winter

The proportion of summer sales vs winter sales is by far the most tilted toward summer than in any previous year on record. The emergence of the pandemic in late winter, which stalled sales for almost 3 months, catalyzed this disproportionate percentage of sales in the summer. The traditional balance of sales being slightly skewed towards summer will likely return in 2021.

MARKET OVERVIEW 2020 Overall Sales by Property Type

2020 Overall Residential Sales by Segment

*Depicts Dollar Volume Sold

MARKET OVERVIEW

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

The Total Dollar Volume (blue columns) of $950 million for 2020 was a 102% increase over the previous year and represents the best performing year on record. The total number of transactions (green line) of 485 was a 81% increase over 2019. Notably, 2020 set the record for the highest number of transactions, the highest total sales volume and the highest average transaction price at almost $2 million per sale. The three year moving average (purple line) reached its highest level ever on record.

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

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 their best years ever in 2020. Telluride outperformed its neighbor with $493 million in total sales volume while Mountain Village generated $393 million in sales. This marks the first time in 6 years that Telluride outperformed Mountain Village and only the fourth time since 1995. Expect these numbers to fall substantially in 2021 due to dramatic reductions in available inventory.

MARKET TRENDS MARKET TRENDS - 2020 VERSUS 2019 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 - 2020 VERSUS 2019 DOWN NO CHANGE UP

-50

rad

Ida

m Ho

s s s ts s ts s s s s s s ts me ndo ndo a Lot ome e Lo ome ome h Lo Lot o Lo Lot ome o o V o d d H o H c H r s H H i C a C n r e o M ar V u e o a s sa V e ch rid % M M ell an rid i R 7% Id lda sor Me M % 54% Tellu +63 +86% 0% T Ski R Tellu % Sk +20 00% % A Alda 8 0 0 + 4% +3 +3 +300 0% +1 00% 38% +20 0 +5 +1 +3 +1

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

TELLURIDE MARKET Sales Activity - Telluride Single Family Homes

More homes sold than in any previous year on record. The 50 home sales eclipsed the previous record of 37 sales in 2014. The $197 million in sales marked a new high.

Sales Activity - Telluride Condos

More condos sold than in any previous year. The 118 condos sold easily surpassed the 100 units sold in 2017. The $200 million in sales set a new benchmark.

Sales Activity - Telluride Single Family Home Lots

More lots sold than in any previous year on record. The 16 lots sold are two more than the previous record set in 2014.

Average Sales Price Per Square Foot - Telluride

The highest average sales prices per square foot were recorded for both homes and condos with the expectation of continued escalation in 2021.

TELLURIDE PREMIUM PRICE MARKET Sales Activity - Telluride Premium Price Homes

More premium price homes sold than in any previous year. The 31 homes sold for over $3 million more than doubled the previous record of 12 homes in 2017. For the purpose of this analysis, a premium price home in Telluride is a single-family home that sells for $3 million or more.

Sales Activity - Telluride Premium price Condos

More premium price condos sold than in any previous year. The 33 condos sold for over $2 million almost doubled the 18 condos sold in 2019.

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

Average Sales Price Per Square Foot - Telluride Premium Price

The highest levels of sales prices per square foot were established for both premium price homes and condos. This premium home metric increased by 6% while the premium condo metric increased by 19%.

MOUNTAIN VILLAGE MARKET Sales Activity - Mountain Village Homes

More homes sold than in any previous year. The 52 sales substantially exceeded the 40 homes sold in 2007. The total sales volume of $220 million marked the highest sales volume of any segment ever.

Sales Activity - Mountain Village Condos

More condos sold than in any previous year. The 100 units sold surpassed the 81 condos sold in 2017. The $146 million in sales volume is an all time high.

Sales Activity - Mountain Village Single Family Home Lots

More lots sold than in any other year since 2006. Dramatic reduction in home inventories finally catalyzed lot sales.

Average Sales Price Per Square Foot - Mountain Village

Record highs were set for both homes and condos marking the first time that both segments averaged more than $700 per square foot per sale.

MOUNTAIN VILLAGE PREMIUM PRICE MARKET Sales Activity - Mountain Village Premium Price Homes

More homes sold for over $4 million than in any previous year. A remarkable 24 homes closed for over $4 million exceeding the previous mark of 14 in 2019.

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

Sales Activity - Mountain Village Premium Price Condos

More condos sold for over $3 million than in any previous year. The 26 sales of condos for over $3 million represented 26% of all condo closings and notably overtook the record set in 2006 of 18 units sold.

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

Average Sales Price Per Square Foot - Mountain Village Premium Price

No records were set for homes or condos for average sales price per square foot of premium priced inventory. However, more homes sold for over $1,000 per square foot in the premium sector than in any previous year.

SKI RANCHES MARKET

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

More homes sold than in any previous year. The 18 sales exceeded the previous record of 16 sales set in 2018. The average sales price of $1.5 million was the highest ever except for 2007 when sales averaged almost $1.7 million.

Sales Activity - Ski Ranches Single Family Home Lots

More lots sold than in any previous year in recent history. The 9 lots sold more than doubled the previous record.

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 on average. However, the highest price per square foot sale was recorded at $775.

ALDASORO RANCH MARKET

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

More homes sold than in any previous year. The 8 sales more than tripled the average number of homes sold in the last 12 years.

Sales Activity - Aldasoro Single Family Home Lots

More lots sold than in any previous year. The 12 lots sold significantly exceeded the 8 lots sold in 2018. Very few spec homes have ever been built in Aldasoro but at least one premium spec is planned.

Average Sales Price Per Square Foot - Aldasoro

As older inventory was cleaned out, the average sales price per square foot declined compared to the previous year. Only once did the average sales price per square foot exceed $700 in any previous year.

IDARADO LEGACY MARKET

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

Only one home came on the market and that home sold for $7.3 million or $1,550 per square foot. No homes are currently on the market.

Sales Activity - Idarado Legacy Single Family Home Lots

More lots sold than in any year since 2016. The 4 lots sales ranged in price from $1.6 million to $2.9 million. Only two lots are currently on the market asking $3.3 million and $5 million.

REGIONAL MESAS MARKET

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

More parcels with homes sold than in any previous year since 2005. The 18 sales barely surpassed the previous record of 17 sales set in 2018.

Sales Activity - Mesa Vacant Parcels

More vacant mesa parcels sold than in any previous year on record. The 33 sales substantially outperformed the 26 sales in 2015.

NEARBY SKI MARKETS

nowledgeable buyers often consider Telluride an excellent value when compared to Aspen and Vail especially regarding overall price points. The tables below highlight key metrics in multiple markets with an emphasis of comparing downtown areas and ski resort areas against one another.

2021 JAN-FEB VS HISTORICAL JAN-FEB

hile demand remains strong for properties across all segments of the Telluride real estate market, the dramatically reduced inventory levels impacted sales performance metrics in terms of number of transactions in the Town of Telluride for the first two months of 2021. Although greatly reduced, Mountain Village inventory levels were heartier at the beginning of the year allowing sales performance for January and February to remain strong. Expect those performance metrics to wane as Mountain Village inventory levels further reduce.

2020 ACHIEVEMENTS - STEWART SEELIGSON Recognition: • Top Producing Broker - LIV Sotheby’s International Realty Telluride (33 Brokers) • Top Ten Producing Broker - LIV Sotheby’s International Realty (422 Brokers across 15 markets) • Projected Top 100 Producing Broker - State of Colorado (21,000 Brokers) • Sold the most homes in Mountain Village - Among all Telluride Brokers or Teams • $64.5 Million in Total Sales - Telluride Region

2020 SIGNIFICANT SALES

Mountain Village Home $4,175,000

Mountain Village Home $4,400,000

Mountain Village Condo $2,475,000

Mountain Village Home $4,295,000

Mountain Village Townhome $1,913,000

Ski Ranches Home $2,040,000 24 TELLURIDE MARKET UPDATE

2020 SIGNIFICANT SALES

Aldasoro Home $4,500,000

Sound of Music Ranch $10,000,000

Mountain Village Home $3,550,000

Mountain Village Home $4,450,000

Mountain Village Home $3,560,000

Mountain Village Home $3,600,000

2020 TESTIMONIALS

“

I chose Stewart based on his reputation, consistent production, and incredible knowledge of the Telluride real estate market. He patiently and expertly answered a myriad of questions, some of them multiple times, and promptly provided us with any and all information we requested, no matter how detailed and substantive. Stewart made the process easy. Valarie M., Long Island, NY - Mountain Village Condo Purchase

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 L., Austin, TX - Mountain Village Lot Sale Stewart’s knowledge of the Telluride real estate market was invaluable. His business background was evident - for instance, he predicted the recent price increases very early. And perhaps most important, he knows what out-of-state buyers like us want and haven’t considered. Linda and Ken W., Dallas, TX - Telluride Home Purchase

Our partnership with Stewart culminated with the sale of our home on Adams Way in October of 2020. Stewart is the consummate professional who has deep knowledge of the Telluride/Mountain Village markets and that drives his success and as a result we were successful in our transaction. I highly recommend Stewart if you’re looking to buy or sell a property. Ernest C., Palm Springs, CA - Mountain Village Home Sale We really cannot say enough positive things about our experience working with Stewart. Both his knowledge of the market and his “bedside manner” with us were superb. He got us across the finish line when I’m not sure we would have made it otherwise. We’ve worked with a number of real estate agents and he is the very best. Kevin & Leslie S., Dallas, TX - Mountain Village Home Purchase Stewart Seeligson is a preeminent professional. He went above and beyond the call to listen to our needs, to talk straight about price, to develop a compelling marketing strategy, and to keep us informed as interest in our property ebbed and flowed through the negotiation process. Stewart has integrity, can be trusted to “call it as he sees it”, and is committed to giving his all in service to his clients. Cleve and Brit P., Spokane, WA - Telluride Home Sale

As a buyer’s agent Stewart listened closely to our criteria and helped us find the perfect home. Our entire investment of time in shopping was three hours. He has a deep understanding of the Telluride market and a keen eye for value. Stewart deftly navigated some significant challenges in the early stages of the pandemic to get us to a successful close. He is more than our agent. He is our friend. Bill P., Boerne, TX - Ski Ranches Purchase We chose to partner with Stewart to sell our Aldasoro home because he stood out among the rest! He brought unmatched integrity and a depth of marketplace knowledge to the assignment and worked diligently to find the perfect buyer. It was truly a pleasure to work with him. Heidi and Jeff K., Telluride, CO - Aldasoro Home Sale

”

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 fourteen 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. He was also recognized as a Top Producer (eight consecutive quarters) - LIV Sotheby’s International Realty (422 Brokers), Top Producer - State of Colorado - as recognized by Real Trends and the Top Producer for LIV Sotheby’s International Realty for Telluride in 2020.

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 © 2021 STEWART SEELIGSON. ALL RIGHTS RESERVED

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

135 POLECAT LANE, MOUNTAIN VILLAGE Magnificent estate nestled in the premier neighborhood of the Telluride Ski Resort featuring commanding mountain views and unsurpassed ski access. The three master suites, guest room, bunk room, large guest quarters over the three car garage and abundance of patios and decks provide ample room for memorable multi-generational gatherings. Superbly located on a cul-de-sac with an easy walk to the Mountain Village core or to the gondola. Offered at $7,450,000

LEOPARD CREEK RANCH, HORSEFLY MESA Spectacular 152 acre ranch with an abundance of wildlife and stunning views of the San Juan Mountains including Sneffels Peak, Dallas Peak and the Uncompahgre Plateau. Aspen and Ponderosa Pine forests encircle a large open meadow. A natural spring feeds the year round pond. Highly prized for its multiple private homesites and easy access from the state highway. Only 30 minutes from Telluride and 20 minutes to Ridgway. Offered at $2,800,000