The Telluride Market Report 2022 Stewart Seeligson

WINTER 2022

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

Stewart Seeligson

Regional Map

About The Telluride Market Report REPORT STRUCTURE - The first 13 pages of this report analyze trends of the Telluride Regional Market, combining activity of the region’s 14 unique segments.

From there, the report gives detailed analysis of each individual market segment.

REGIONS ANALYZED - For the purpose of this report, the “Telluride Regional Market” refers to 14 geographical segments: the Town of Telluride, Mountain Village, Aldasoro Ranch, Ski Ranches, Idarado Legacy & Falls at Telluride, and nearby mesas including Sunshine, Wilson, Specie, Iron Springs and Hastings.

PROPERTIES ANALYZED - Homes, condos over $250,000, and single-family home lots are included in the analysis; commercial properties, deed-restricted properties and bulk sales are not. Premium Price segments for both homes and condos in Telluride and Mountain Village are also analyzed.

DATA SOURCE - All data is sourced from the Multiple Listing Service (MLS) of the Telluride Association of Realtors (TAR), which is considered reliable but not guaranteed. The Aspen and Snowmass data is provided by Andrew Ernemann of Aspen Snowmass Sotheby’s International Realty. The Vail and Beaver Creek data is provided by Matthew Blake of LIV Sotheby’s International Realty.

ACKNOWLEDGMENTS - Thanks are owed to the TAR staff, Board of Directors and members who collectively maintain the integrity of the MLS. Thank you also to Roger Mason for allowing our use of his beautiful art on the report’s cover.

Table of Contents

4 A Note From Stewart 6 Market Overview - Activity 8 Market Overview - Available Inventory in Telluride 9 Market Overview - Available Inventory in Mountain Village 10 Market Trends - Seasons of Sales 11 Market Trends - 2020 vs. 2021 12 Market Trends - Liquidity 13 Market Trends - Historical Comparison of Total Sales Volume 14 Telluride Market 15 Telluride Premium Price Market 16 Mountain Village Market 17 Mountain Village Premium Price Market 18 Ski Ranches Market 19 Aldasoro Ranch Market 20 Idarado Legacy & Falls at Telluride Market 21 Regional Mesas Market 22 Market Comparison: Telluride vs. Nearby Resorts 23 Market Comparison: Mountain Village vs. Nearby Resorts 24 2021 Significant Sales 26 Testimonials 27 About Stewart Seeligson

A Note from Stewart

Dear Friends of Telluride, Welcome to the 2022 Telluride Market Report, the most comprehensive analysis of the Telluride Regional real estate market available. After 15 years serving as a real estate broker in Telluride, I’ve found there to be an insatiable appetite for in-depth information about this unique resort market. I publish this report out of a sense of duty to help others understand the nuances of their investment in Telluride. I hope you find as much value in reading it as I find in writing it. Please reach out to me if you have any questions, or if you’d like to receive my monthly market updates via email.

and ferocious demand cause inventories to decline and prices to increase. Typically, real estate markets self-regulate because, at a certain price point, demand softens and inventories replenish. Unbelievably, the Telluride Regional Market is defying the laws of economics: inventory is at historic lows and property prices are at historic highs, but demand is not declining! As such, market prognostications are forced to rely on the trends we’re seeing.

I predict real estate prices in the Telluride region will continue to appreciate through 2022, perhaps even well into 2023. When prices hit sky highs, buyer-demand will slow and owners will attempt to cash-in on record-high sales prices, which will cause inventory of properties to begin to replenish.

What happened in 2021?

Since the middle of 2020 when COVID-19 catalyzed a rush to the San Juan Mountains, demand for real estate has outstripped supply; buyers gobbled up properties, inventory depleted and prices went up.

Even after an unprecedented 2020, the real estate market of 2021 astonishingly broke the record for Total Sales Volume with over $1 billion in sales for the first time ever. Had more properties been for sale, every single segment in the region would’ve hit unprecedented highs.

What about rising interest rates?

The Federal Reserve has signaled its intention to address rising inflation with a series of rate increases, to start as soon as March of 2022. While that will likely slow the economy and lead to corresponding mortgage rate increases, I don’t expect it to have an immediate impact on the Telluride market because of the region’s imbalance of supply and demand, as well as the large amount of all-cash transactions in this market.

Outlook for 2022 We all know the rules of economics: limited supply

4 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

That said, I’ll be concerned if the Fed increases rates 5+ times in 2022 (some analysts are predicting 7 increases in the next 10 months). Economic climates that dictate a need for such aggressive increases in a single year often cause significant pullback in equity markets. If rapidly-rising interest rates lead to sustained stock market corrections, the decreased value of buyers’ equity portfolios may cause them to feel less wealthy, which will have a negative impact on demand for resort real estate.

history of Telluride. Many sellers are turning properties into cash in under 90 days. These conditions will not last forever: when prices peak and demand declines, liquidity will fade and it will be too late to sell with ease, especially if the Fed maintains a policy of aggressively raising interest rates. Based on the basic tenets of economics, as well as my first-hand experience, it’s my opinion that the best time to sell is ahead of the price peak, when demand is still strong enough to bring market liquidity that allows for an easy sale.

So, is it time to sell?

More often than not, the decision to sell a property is personal. Real estate isn’t just an investment, it’s a chapter in life, an embodiment of memories. So that’s where I start when I’m asked about the best time to sell. The best time to sell is when you’re ready. No matter the timing, we can develop a successful selling strategy that fits market conditions and meets your needs. It isn’t as simple as identifying when prices are highest; it’s also a matter of the market’s liquidity, the measure of how quickly an asset can be sold. Real estate is among the most illiquid of assets, second only to art. Historically, Telluride real estate has been far more illiquid than the rest of the nation but today’s high demand and sparse inventory have made it the most liquid market in the

In closing Real estate decisions are always a complex equation of time, money, family and other priorities. Those who want to buy or sell in Telluride can find solutions that meet their life goals, no matter the state of the market. This report intends to inform you of the region’s real estate trends, but my ultimate desire is to support you in your pursuit of what’s next in your life. If I can help you navigate your next *best* step, please reach out.

Warmly,

5 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Overview - Activity Over 120 years ago, John Muir wrote, “thousands of tired, nerve-shaken, over-civilized people are beginning to find out that going to the mountains is going home; that wilderness is a necessity; that mountains are fountains of life.”

Every aspect of American life has changed since Muir penned that sentiment in 1901, but the human pursuit of wilderness has remained. In fact, it’s more true today than ever before today, as the pandemic has inspired people’s re-examination of their life and provided them the opportunity to work remotely.

This graph shows the incredible uptick in real estate activity in the Telluride Region over the years:

Number of Sales

Total Sales Volume (in millions)

Overall Activity of Telluride Regional Real Estate Market (Total Dollar Volume)

Total Sales Volume

Number of Sales

The region as a whole broke astonishing historical records in 2021, with 415 transactions amounting to over $1 billion in Total Sales Volume, eclipsing 2020, which had 443 transactions amounting to $927 million in Total Sales Volume.

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Market Overview - Activity Activity of Telluride Regional Real Estate Market by Property Type (Total Dollar Volume)

Activity of Telluride Regional Real Estate Market by Segment (Total Dollar Volume)

* In both charts, “Nearby Neighborhoods” includes Aldasoro Ranch, Ski Ranches and Idarado Legacy & Falls at Telluride, and “Regional Mesas” includes Sunshine, Wilson, Specie, Iron Springs and Hastings Mesas.

7 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Overview - Available Inventory in Telluride Available Inventory in the Town of Telluride

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Available Inventory in the Town of Telluride hit rock bottom at the beginning of 2021, when there were only 10 properties on the market. Over the course of the year, Telluride, unlike the other 13 geographic segments, experienced a modest bounce in the number of available homes and condos, while the number of available lots remained flat. By the end of 2021, available homes and lots hit record lows while available condos nearly doubled, but at record high asking prices as owners tested the boundaries of what buyers would pay.

By the end of 2021, there were 7 homes, 19 condos and 6 lots available for sale in the Town of Telluride. For comparison, when inventories peaked during the Great Recession in 2009, there were 86 homes, 185 condos and 31 lots for sale in the Town of Telluride alone.

No opportunities for significant greenfield development of houses or condos remain in the Town of Telluride. There are just 2 large vacant parcels left, both of which are designated for hotel developments that are projected to include less than a dozen private residences. Neither project has broken ground.

8 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Overview - Available Inventory in Mountain Village Available Inventory in Mountain Village

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

For the second year in a row, demand of Mountain Village homes, condos and lots overwhelmed supply. At the start of 2021, Available Inventory in Mountain Village was at record lows. By year-end, only 17 homes, 13 condos and 23 lots were for sale. By comparison, at the zenith of the Great Recession in 2009, 75 homes, 227 condos and 83 lots were available for sale in Mountain Village.

2021 brought one of the largest inventory reductions in the history of Mountain Village, a result of the record number of properties sold. Available Inventory of homes fell by a record 60%, condo inventory decreased by 35%, and lot inventory declined by 60%.

Notably, a staggering 122 lots sold in the 18 month period ending on December 31, 2021. Most buyers purchased lots with the intention of building homes in Mountain Village, which put tremendous pressure on architecture and construction services in the region. Many builders are reportedly not taking on new projects for several years.

9 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Trends - Seasons of Sales In most markets, the majority of properties go under contract in spring and summer, which is driven by families’ desire to settle into new homes ahead of the school year. In Telluride, however, the contracting periods are driven by the seasonal nature of tourism. Real estate sales in this region tend to occur during, and immediately after, the two peak visitor periods: 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 they return home.

Peak Contracting Periods in the Telluride Regional Market (2020 - 2021)

2020 Sales: 75% Summer / 25% Winter 2021 Sales: 45% Summer / 55% Winter In 2020, the majority of sales took place in the summer, because lockdowns lifted in June and inventory was plentiful. In 2021, the trend reversed. Most sales occurred in the winter when there was strong demand and available inventory, then slowed over the summer as inventory dried up.

10 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Trends - 2020 vs. 2021 Market Trends - 2020 vs. 2021 Total Sales Volume

Number of Sales

Average Sales Price

Median Sales Price

Average Sales Price Average Price as a percentage of per Square Foot Asking Price

Telluride

Mountain Village

Nearby Neighborhoods*

Regional Mesas**

Performance of Individual Segments - 2020 vs. 2021 (by Number of Sales) DOWN

NO CHANGE

UP

) %) ) ) ) %) %) %) %) (-8 (0%) ) 7% (-56% 0%) 42% 2 s 35 6%) 44% (+60 1%) 6 2 83 e + s 5 ( ( + ( ( % s e ( + 3 m ( s 6 s 0 t s ts ots (+ ts ( ots (+ Ho om s ( do me es Lo Lots ome Lo e L ndos e Lo esa L mes on ge de H ome o Ho e H h d C a r i l s c d i l g o r o e H i r M aH de Co lla lu he an lluri urid as n V llu ro nc uri iR Tel lage in Vi es Ald tai at Te ldaso ell Ra Sk at Te Tell l M n T i a i t u ls A Sk ls n V un Mo Fal Fal tai Mo & n & u o o Mo rad rad Ida Ida *Nearby Neighborhoods include Aldasoro Ranch, Ski Ranches and Idarado Legacy & Falls at Telluride. **Regional Mesas include Sunshine, Wilson, Specie, Iron Springs and Hastings Mesas.

11 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Trends - Liquidity Days on Market, calculating the average number of days required to sell a particular property, is a useful measure of the ratio of Available Inventory to Buyer Demand. For example, if the Average Days on Market of Mountain Village Condos is 30 days, and there are 60 condos available for sale, one can surmise there’s a two-month supply of condos on the market.

Average Days on Market of Properties in Telluride and Mountain Village

The chart above illustrates that 2021 was the fastest-moving market in history in all but one of the primary segments in the Telluride Region, with Telluride Homes, Telluride Condos and Mountain Village Condos selling in record time. The number of days required to sell Mountain Village homes increased slightly over the previous year because the strong demand finally pushed the sale of homes that had been on the market for years.

12 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Trends - Historical Comparison of Total Sales Volume Total Sales Volume Comparison of Mountain Village and Telluride Residential Sales

The Total Dollar Volume, also known as Total Sales Volume, of real estate in Mountain Village dwarfed that of the Town of Telluride for most of the 15 years leading up to the 2009 Great Recession. Since 2011, when recovery from the recession began in earnest, real estate sales in the two communities have tracked closely to one another. Both Mountain Village and Telluride turned in their best years ever in 2020, but in 2021, the Total Dollar Volume of Telluride sales declined because of limited Available Inventory. Mountain Village outperformed Telluride with $527 Million in Total Sales Volume, compared to Telluride’s $374 Million in Total Sales Volume. There are far more properties available in the Mountain Village real estate market than there are in the Town of Telluride. Therefore, there are usually more transactions in Mountain Village than in Telluride, but because properties in Telluride command a higher Price per Square Foot, Telluride’s Total Sales Volume can exceed that of Mountain Village’s.

13 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Telluride Market Sales Activity - Telluride Single-Family Homes

The number of homes sold fell by 41%, while the Total Sales Volume fell by only 15%. This indicates a dramatic increase in the Average Sales Price of each home.

Sales Activity - Telluride Condos

Both the number of condos sold, and the Total Sales Volume, fell by about 25%, signaling that the Average Sales Price of condos sold stayed at approximately $1.75 million for the second consecutive year.

Sales Activity - Telluride Single-Family Home Lots

Single-Family Home Lots are the only segment in Telluride that increased in both Total Sales Volume and number of properties sold (23).

Average Sales Price Per Square Foot - Telluride

The Average Sales Price per Square Foot of homes and condos sold in Telluride has increased 10 years in a row. In 2021, the Average Sales Price per Square Foot of homes exceeded that of condos by 50% for the first time in more than a decade.

14 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Telluride Premium Price Market Sales Activity - Telluride Premium Price Homes

In 2021, half as many Premium Price Homes sold as in 2020. In both years, 62% of all homes sold for $3 million or more.

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

In 2021, the number of Premium Price Condos sold (24) declined, as did the percentage of Premium Price Condo sales to Total Number of Condo Sales (26% in 2021 vs. 28% in 2020).

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 Average Sales Price per Square Foot of Premium Price Homes and Condos in Telluride increased by 25% rising to almost $2,300 per Square Foot in homes and $1,900 per Square Foot in condos.

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Mountain Village Market Sales Activity - Mountain Village Homes

The Mountain Village Homes segment enjoyed its best year ever, with over $265 million in Total Dollar Volume and more sales than the entire Telluride region had in 2008, 2009, 2010, 2011 and 2013.

Sales Activity - Mountain Village Condos

Mountain Village Condos reached record highs, with $207 million in Total Dollar Volume on 109 units sold.

Sales Activity - Mountain Village Single-Family Home Lots

After a decade of being in the doldrums, the Mountain Village Lot segment came back to life, selling 69 lots, the most ever sold in a single year.

Average Sales Price per Square Foot - Mountain Village

Record highs were set for both homes and condos in Mountain Village, marking the first time both segments averaged more than $900 Price per Square Foot.

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Mountain Village Premium Price Market Sales Activity - Mountain Village Premium Price Homes

In 2021, more Premium Price Homes sold in Mountain Village than ever before. The 31 homes that sold for over $4 million represented 63% of all the homes sold.

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

In 2021, more Premium Price Condos sold in Mountain Village than ever. The 47 units that sold for over $2 million represented 43% of all 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

The Average Sales Price per Square Foot for both homes and condos in Mountain Village was far less than comparable properties in Telluride.

Premium Price Condos in Mountain Village were 41% less per square foot than in Telluride, while Premium Price Homes were 58% less than in Telluride.

17 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Ski Ranches Market Located just south of Mountain Village, the Ski Ranches development contains 203 lots, most of which have been developed into single-family homes. This eclectic neighborhood is a favorite among locals and secondhomeowners alike because it’s more affordable than Mountain Village and only a few minutes from the Telluride Ski Resort.

Sales Activity - Ski Ranches Homes

After the highest performance ever in 2020, lack of inventory in 2021 caused a dramatic reduction in the number of homes sold in the Ski Ranches. Only 6 homes sold in 2021, compared to 18 in 2020.

Sales Activity - Ski Ranches Single-Family Home Lots

Lack of Available Inventory also plagued the Ski Ranches Lots segment. Only 4 lots sold in 2021, compared to 9 in 2020.

Average Sales Price per Square Foot - Ski Ranches

After 6 years of being nearly flat, the Average Sales Price per Square Foot of homes in the Ski Ranches leapt to an all-time high of $555 per square foot.

18 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Aldasoro Ranch Market Developed in the 1980s, Aldasoro Ranch is home to 166 properties, each ranging from 3 to 10 acres. The subdivision is characterized by some of the best views in the entire region, and almost every home is less than 15 minutes from downtown Telluride and the Telluride Ski Resort.

Sales Activity - Aldasoro Homes

While the 8 homes sold in Aldasoro Ranch in 2021 matched 2020’s record-breaking mark of homes sold, it surpassed the previous year’s Total Dollar Volume by 175%, with $75 million in total sales.

Sales Activity - Aldasoro Single-Family Home Lots

More lots sold in Aldasoro Ranch in 2021 than in any year in history. The 22 sales surpassed the previous record of 12 sales by a wide margin.

Average Sales Price per Square Foot - Aldasoro

After nearly 12 consecutive years of trading within a fairly narrow band, the Average Sales Price per Square Foot almost doubled in 2021, to over $1,200.

19 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Idarado Legacy & Falls at Telluride Market Located five minutes outside of the Town of Telluride along the San Miguel River, Idarado Legacy is one of the newest subdivisions in the Telluride region. Spread over 125-acres, the neighborhood includes 37 SingleFamily Home Lots, ranging from 0.58 to 15 acres. The lots are distributed into three neighborhoods: Liberty Bell (9 lots), Pandora (24 lots) and Bridal Veil (4 lots). The data in this report combines Idarado Legacy with the adjacent subdivision of Falls at Telluride (5 lots), only 2 of which are developed with a home.

Sales Activity - Idarado Legacy & Falls at Telluride Homes

Like 2020, only 1 home sold in 2021, but the sale was for a record-breaking $15.7 million.

Sales Activity - Idarado Legacy & Falls at Telluride Lots

2021 doubled the second-highest year’s Average Sales Price, with 2 lots sold at an average of over $4 million.

20 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Regional Mesas Market Telluride Regional Mesas offer opportunities to own rustic properties ranging from modestly- sized parcels to several-thousand-acre ranches, all within an hour of Telluride. Each mesa has a distinct character of terrain, vistas and weather, but all are rural and remote. As such, mesa properties tend to be less liquid than other geographic segments.

The analysis below considers sales activity of Sunshine, Wilson, Specie, Hastings and Iron Springs Mesas. A detailed analysis of the individual mesas is beyond the scope of this report, but meaningful insights can be gained by looking at their combined transaction activity. The Price per Square Foot of mesa sales is not analyzed because the metric loses meaning if significant adjustments aren’t made to each highly-unique transaction.

Sales Activity - Mesa Homes

In 2021, more Mesa Parcels with Homes sold (29) than in any previous year, easily surpassing the 2020 record of 18 sales.

Sales Activity - Mesa Vacant Parcels

More vacant Mesa Parcels sold in 2021 than any year on record. The 53 sales substantially outperformed the 33 sales in 2020.

21 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Comparison: Telluride vs. Nearby Resorts Knowledgeable buyers often consider Telluride an excellent value compared to nearby ski markets. The tables below analyze key real estate metrics of markets most comparable to Telluride: Aspen’s Central Core and the Town of Vail.

Beaver Creek Resort. Photo courtesy of beavercreek.com

22 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

Market Comparison: Mountain Village vs. Nearby Resorts Like Telluride, Mountain Village is generally thought to have excellent value compared to nearby ski markets.

The tables below analyze key real estate metrics of markets most comparable to Mountain Village: Snowmass Village and Beaver Creek.

Aspen Mountain and downtown Aspen. Photo courtesy of aspensnowmass.com

23 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

2021 Significant Sales

Telluride Condo $5,475,000

Telluride Home $5,600,000

Mountain Village Condo $3,425,000

Cornerstone Club Home $3,450,000

Mountain Village Townhome $2,300,000

Mountain Village Condo $2,600,000

24 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

2021 Significant Sales

Mountain Village Home $6,695,000

Mountain Village Home $7,150,000

Mountain Village Condo $4,550,000

Mountain Village Home $4,777,250

Mountain Village Home $2,600,000

Mesa Ranch $2,650,000

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“

Testimonials We have transacted on a total of 4 properties in Mountain Village over the last 2 years.

My experience with Stewart has been fantastic. He knows our family’s needs, he is never pushy, is brutally honest and obviously genuinely cares. I would also say that Stewart is very proactive, is a great negotiator, and explains the markets very well. I would certainly recommend him to anyone seeking real estate in the Telluride area, and I plan on being a client for the long term!

Valarie M., Long Island, NY - Mountain Village Condo Buyer

Stewart was a wonderful source of not just knowledge, but a deep understanding of the Telluride real estate market and thus was a valuable partner in our search for the right property to suit our needs and hopes.

He was very helpful and available, kind to all in his path, and represented us well with the utmost integrity.

He made our entire process an extremely pleasant and very successful experience.

Ed M., San Antonio, TX - Telluride Condo Buyer The Telluride real estate market was really pretty wild when we were shopping, and Stewart did a great job helping us navigate it. He found us the perfect house, got us comfortable with what we were paying, and got it closed gracefully in the middle of COVID while we were out of state.

Jason R., Austin, TX - Telluride Home Buyer

We have done three transactions with Stewart since 2020, one on the sell side and two on the buy side, and we have nothing but good things to say about Stewart. First, he is a full time agent and is extremely professional, knowledgeable and very data driven - this isn’t a hobby for him. His thinking around any transaction is both strategic and tactical as needed and he always has his client’s best interest at heart. Second, he is available, involved and thoroughly diligent through the whole process until the transaction is closed. If you’re looking for someone to guide you through a complex deal in the Southwest Colorado real estate market I would highly recommend Stewart.

Ernest C., Palm Springs, CA - Mountain Village Home Seller, Cornerstone Club Home and Lot Buyer Stewart managed all aspects of my property acquisition, very well. From legal, title and insurance contacts, to even introducing me to the HOA, I knew exactly what to expect from both the property and transaction.

Clark H., Westlake, TX - Telluride Condo and Specie Mesa Buyer We have been going to Telluride for over 20 years. Stewart Seeligson has helped us with three real estate transactions in the Telluride area. His professional approach has truly made all our real estate transactions seamless. We highly recommend him for any of your real estate needs!

Mary & Greg W., Houston, TX - Mountain Village Condo and Wilson Mesa Ranch Buyer 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 Seller

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 Buyer 26 TELLURIDE MARKET UPDATE COPYRIGHT © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

About Stewart Seeligson 2021 Achievements • Top Ten Producing Broker - LIV Sotheby’s International Realty (422 Brokers across 15 markets) • Projected Top 50 Producing Broker - State of Colorado (21,000 Brokers) - 2nd consecutive year

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 Jesuit College Preparatory School of Dallas, Stewart attended the University of Texas at Austin, receiving a BBA in Accounting. He practiced accounting for five years and became a licensed CPA before returning to the University of Texas, where he 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, and worked with Telluride LIV Sotheby’s International Realty (formerly Telluride SIR) for the last fourteen years. He served on the Board of Directors of the Telluride Association of Realtors for six years, and was President of the Association from 2021-2013. Stewart was recognized as Realtor of the Year in 2013, as Top Producer in Colorado by Real Trends, as a Top Producer of LIV Sotheby’s International Realty for eight consecutive quarters, and as Telluride’s Top Producer for LIV Sotheby’s International Realty in 2020.

Community

Since making Telluride his home, Stewart has been an active participant in the local community. He’s 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 lived in Washington DC, Texas, London and Madrid. He’s had the great fortune to travel to over fifty countries. “I have seen some of the most amazing places on our planet but I’ve chosen the most beautiful, Telluride, to call home.”

Telluride

Stewart’s love for Telluride goes back to his childhood in the 1970s, when his family would escape the heat of the Texas summers for the freshness and beauty of the San Juan Mountains. His memories of hiking, camping, learning to fly fish in pristine mountain rivers, and driving over Black Bear Pass inspire his efforts to connect families to the magic of the Telluride Region. He’d 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 © 2022 STEWART SEELIGSON. ALL RIGHTS RESERVED

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

LIBERTY BELL LANE, TELLURIDE This stunning estate is located in the highly desirable Idarado Legacy neighborhood. It is perhaps the most beautiful of all mountain settings, just a short walk from downtown Telluride. The home’s exquisite Spanish Colonial Revival architecture and elegant interior were designed with the most meticulous attention to detail. The seven private bedrooms, large common areas, decks and patios were thoughtfully created to accommodate festive gatherings, while showcasing sweeping views of Telluride’s majestic mountains.

Offered at $18.5 million

970.708.4999

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TellurideRealEstateForSale.com

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Stewart.Seeligson@SothebysRealty.com