Q3 REPORT Telluride Real Estate

2019

ACTIVITY

Auberge Resorts at Element 52, Unit S1A, Telluride - Offered at $4,495,000

San Miguel County Overview # 523

555

$

Ç4% compared to ytd 2018

562

2015

2016

compared to ytd 2018 $621.1M

619 $507.1M

499 358 YTD

2014

ďƒˆ8%

2017

2018

2019

# of Tr ans a ct i ons S an Mi g u e l Count y

$537.5M $461.8M $452.8M $328.7M YTD

2014

2015

2016

2017

2018

2019

Dol l ar Vol u me San Miguel C ount y

Lot 659R, Mountain Village - Offered at $699,000 The information represented above is compiled from Telluride Consulting data ytd as of 9/30/2019 and represents all sales in San Miguel County.

Through nine months of 2019, the Telluride Market as a whole is benefiting from an influx of late-Summer/early-Fall sales and contracts that bring us up to just below the market levels of 2018 year-to-date. One especially encouraging segment of growth has been the Mountain Village homes market, which has seen an influx of activity in the $1.5m-$7m range; 7 properties have sold this summer and another 6 are currently under contract with 43 still available. Previous to this “bump”, the upper-end Mountain Village market has been a microcosm of the Telluride area: great product at great values, but demand lagging slightly behind national and metropolitan markets. The exception here has been the strong demand for high-end properties in downtown Telluride where inventories have been getting depleted while demand flourishes. With numerous properties in all segments under contract through early October, Telluride is poised for a strong 4th quarter and transition into a new decade. In a context beyond the 3rd quarter of 2019, the market as a whole is telling an interesting story; one where the current realities of market conditions can be measured in a historical context, one where we can draw comparisons to similar markets and their subsequent trends and patterns, and one where the emergence of sleek, unprecedented new product is driving market segments like never before. Median Price per Square Foot - Single Family Homes

THE GRAPH BELOW SHOWS THE MEDIAN PRICE PER FOOT IN TOWN AND MOUNTAIN VILLAGE OVER THE PAST 30 YEARS: Mountain Village vs. Telluride $1,200 $1,085

$1,000 $917

$800 $714 $641

$640

$607

$600

$388

$400

$340

$295

$269

$200

$564

$602

$193

$129

$0

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Mountain Village Median Price per Square Foot

2004

2005

2006

2007

2008

2009

2010

Telluride Median Price per Square Foot

2011

2012

2013

2014

2015

2016

2017

2018

2019

In this instance, we use median rather than average figures so that outlier sales (e.g. low-square-footage redevelopment opportunities on large lots) do not skew the values. As you can see, median price per foot figures are relatively similar to pre-recession levels, demonstrating a tempered volatility that is rare in resort markets. Moreover, this gradual growth also shows that despite record highs on the upper-end of our market, the median values are only now in the midst of a positive correction, or “catch-up” of values relative to historical market highs.

The value of the Telluride Market is self-evident when comparing prices of properties to their counterparts in markets like Aspen, Jackson Hole, the Yellowstone Club and Vail. It is encouraging to note that most of our directly comparable markets (Aspen, Vail, Jackson Hole) are showing increases in values and/or dollar volume similar to the trends we are experiencing. Although current median price per foot figures are similar to pre-recession highs of 2007, there is one substantial contributor to the upper end of the market in 2019: sleek, modern, new construction product, especially in premier locations. Perfect examples of this trend are sales at 235 E. Columbia, which sold this July for $7.625m ($1,939/s.f.) and the penthouses currently under contract at Transfer Telluride which will close for roughly $8m ($2,000/s.f.). This blueprint could also be applied to Mountain Village where there is a lack of modern, new construction inventory - a savvy buyer could expect tremendous upside by combining a sleek remodel with a premier location. While properties like these are setting local records, Telluride still represents a tremendous lifestyle and investment choice, as evidenced by recent buyers moving out of equity markets and into properties in Telluride; the proverbial “safe deposit box with a view”. All metrics considered, Telluride remains a transformative destination for many and paradise to all of us who are lucky enough to call it home. There is an infinite lifestyle value here that is immeasurable and memories to be made that could never be reflected on a graph or spreadsheet.

What’s Selling? Town of Tel luride Under Contract

Number Sold

Sold Price Range

Average Sold Price

Average % Off Asking $

3 Bedrooms

2

8

$1,240,000 - $2,300,000

$1,868,000

7%

4 Bedrooms

2

2

$1,850,000 - $7,625,000

$4,737,500

6%

5+ Bedrooms

1

3

$2,000,000 - $8,400,000

$4,675,000

16%

Studio & 1 Bedrooms

4

17

$160,000 - $665,000

$416,867

4%

2 Bedrooms

1

15

$345,000 - $2,327,500

$952,433

4%

3 Bedrooms

4

11

$825,774 - $1,955,000

$1,433,820

5%

4 Bedrooms

3

4

$1,085,000 - $7,550,000

$3,830,625

4%

5+ Bedrooms

2

3

$3,590,000 - $5,500,000

$4,396,667

8%

0

7

$280,000 - $1,400,000

$915,000

8%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.

ytd

$

2019

as of 9/30/2019 there have been 70 sales in Town of Telluride for a total dollar volume of $110,506,758.

13

ďƒˆ6% compared to ytd 2018

7

#

ďƒˆ11% compared to ytd 2018

50

$38,444,000

$6,405,000

$65,657,758

HOMES

LAND

CONDOS

235 East Columbia Avenue - Sold 7/16/2019 for $7,625,000 Listed by Telluride Properties

Wasatch F - 217 East Colorado Avenue, Town of Telluride - Offered at $1,635,000

What’s For Sale? Town of Tel luride

Number Available

Asking Price Range

Average Asking Price

3 Bedrooms

11

$1,950,000 - $5,195,000

$3,649,545

4 Bedrooms

9

$1,250,000 - $7,495,000

$3,726,111

5+ Bedrooms

10

$2,155,000 - $8,995,000

$4,803,800

Studio & 1 Bedrooms

5

$320,000 - $775,000

$551,000

2 Bedrooms

9

$669,000 - $3,050,000

$1,351,556

3 Bedrooms

8

$1,495,000 - $3,950,000

$2,423,125

4 Bedrooms

8

$1,295,000 - $14,750,000

$5,440,000

5+ Bedrooms

8

$4,495,000 - $6,500,000

$5,249,375

28

$669,000 - $5,000,000

$2,057,333

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019 and includes the Idarado subdivision. It excludes deed-restricted, commercial, & fractional properties.

What’s Selling? Mountain V il lage Under Contract

Number Sold

Sold Price Range

Average Sold Price

Average % Off Asking $

3 Bedrooms

1

2

$985,000 - $1,800,000

$1,392,500

0%

4 Bedrooms

0

4

$1,312,500 - $2,500,000

$1,926,875

11%

5 Bedrooms

4

7

$1,495,000 - $6,550,000

$4,112,857

13%

6+ Bedrooms

1

1

$6,200,000

--

2%

Studio & 1 Bedrooms

0

15

$50,000 - $850,000

$334,333

5%

2 Bedrooms

4

11

$130,000 - $1,600,000

$745,955

7%

3 Bedrooms

2

15

$525,000 - $3,700,000

$1,734,600

5%

4 Bedrooms

5

7

$675,000 - $2,886,500

$2,013,786

6%

5+ Bedrooms

0

4

$1,454,086 - $2,400,000

$1,957,272

6%

1

11

$225,000 - $3,975,000

$1,155,455

6%

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from the Telluride MLS ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.

ytd 2019

as of 9/30/2019 there have been 77 sales in Mountain Village for a total dollar volume of $119,357,586.

$ 14

ďƒˆ12%

compared to ytd 2018

11

#

ďƒˆ18%

compared to ytd 2018

52

$45,482,500

$12,710,000

$61,165,086

HOMES

LAND

CONDOS

101 Palmyra Drive, Mountain Village - Sold 7/31/2019 for $3,410,000 Listed by Telluride Properties

187 San Joaquin Road, Mountain Village - Offered at $3,790,000

What’s For Sale? Mountain V il lage

Number Available

Asking Price Range

Average Asking Price

3 Bedrooms

4

$2,100,000 - $3,850,000

$3,060,000

4 Bedrooms

13

$1,675,000 - $6,995,000

$4,134,231

5 Bedrooms

15

$1,399,000 - $7,995,000

$4,653,867

6+ Bedrooms

20

$3,790,000 - $9,875,000

$6,225,950

Studio & 1 Bedrooms

25

$170,000 - $995,000

$409,476

2 Bedrooms

14

$360,000 - $1,490,000

$711,500

3 Bedrooms

13

$525,000 - $3,250,000

$1,672,308

4 Bedrooms

17

$1,399,000 - $5,495,000

$2,958,471

5+ Bedrooms

7

$2,200,000 - $4,500,000

$3,090,714

76

$195,000 - $6,950,000

$928,137

Single Family Homes

Condominiums

Vacant Land All

The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.

What’s Selling? Surround ing Areas Under Contract

Number Sold

Sold Price Range

Median Sold Price

Median % Off Asking $

Turkey Creek Mesa

2

6

$260,000 - $2,100,000

$1,097,500

9%

Deep Creek Mesa

2

5

$399,000 - $3,200,000

$1,700,000

6%

Down Valley

1

4

$460,000 - $892,000

$608,750

5%

Wilson Mesa

3

6

$202,000 - $700,900

$426,500

6%

Specie Mesa

1

0

--

--

--

Hastings Mesa

0

6

$120,000 - $985,000

$181,500

7%

Iron Springs/Horsefly Mesa

1

11

$70,000 - $2,081,500

$250,000

6%

Ilium/Ames

0

1

$220,000

--

0%

Ophir

0

2

$580,000 - $685,000

$632,500

4%

(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates

The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it excludes deed-restricted, commercial, & fractional properties.

31 Diamond Point Lane, Ski Ranches - Sold 8/16/2019 for $2,100,000 Listed by Telluride Properties

1291 Old Elam Ranch Road (Hastings Mesa) - Offered at $975,000

What’s For Sale? Surround ing Areas Number Available

Asking Price Range

Median Asking Price

Turkey Creek Mesa

32

$260,000 - $16,900,000

$1,485,000

Deep Creek Mesa

39

$395,000 - $24,950,000

$1,240,000

Down Valley

10

$249,000 - $1,325,000

$636,000

Wilson Mesa

20

$185,000 - $34,500,000

$3,034,950

Specie Mesa

29

$185,000 - $15,400,000

$575,000

Hastings Mesa

26

$107,000 - $3,800,000

$409,500

Iron Springs/Horsefly Mesa

39

$75,000 - $17,950,000

$299,000

Ilium/Ames

2

$1,950,000 - $3,395,000

$2,672,500

Ophir

5

$183,500 - $528,000

$379,000

(Turkey Creek Mesa) Alta Lakes, Elk Run, Preserve, Raspberry Patch, Ski Ranches, Skyfield, and West Meadows (Deep Creek Mesa) Aldasoro Ranch, Deep Creek Ranches, Diamond Ranch, Falls at Telluride, Golden Ledge, Gray Head, Last Dollar, Meadows at Deep Creek, Redtail Estates, and Sunnyside Ranch (Down Valley) Fall Creek, Sawpit, Placerville, Placervalley Village, Redcliff Estates, Shadohoochi Hill (Wilson Mesa) Elk Creek Reserve, Muddy Creek Meadows, Ptarmigan Ranch, and Wilson Mesa Ranches (Specie Mesa) Estate Ranches, Great American, Little Cone Ranch, Peninsula Park, Peninsula Pines, Peninsula Point, Specie Mesa Ranch, Specie Wilderness, The Peninsula, and Top of the World (Hastings Mesa) Alder Canyon Ranches, Beaver Pond, Cradle Park Ranches, Finnegan Ranch, Hastings Mesa Estates, Last Dollar Tracts, Little Lake Ranches, Old Elam Ranch, Pleasant View, San Juan Vista, Telluride Pines, and Willmeng Springs (Iron Springs/Horsefly Mesa) Anderson Ranch, Big Valley Ranch, The Bluffs, Brown Ranch, Canyon Creek Ranch, Colt Meadows Ranch, Cornerstone, Dancing Bear Ranch, Eagle Ridge Ranch, Elks Summit, Frontier, Golden Bear Ranch, Gracie Sky Mountain Ranch, Lakes at Carstens Ranch, McKenzie Spring Ranch, Panorama Acres, Rosorado, and San Juan Ranch (Ilium/Ames) Ptarmigan at Ilium, Lake Fork Junction, and South Fork Estates

The information represented above is compiled from Telluride MLS data ytd as of 9/30/2019, it represents single family homes and vacant land listings, it excludes deed-restricted , commercial, & fractional properties.

FEATURED LISTING 175 Raspberry Patch Road - Raspberry Patch I $6,995,000

Telluride Properties participated in 40% of the dollar volume for San Miguel County Sales through September 2019, while only representing 8% of all Realtors in Telluride. 970.728.0808 tellurideproperties.com Telluride Office 237 S. Oak St. at the Telluride Gondola Mountain Village Office 560 Mountain Village Boulevard, Ste. 103