2024 Telluride Market Report

THE TELLURIDE MARKET REPORT

The most definitive analysis of the Telluride Regional Real Estate Market

A NOTE FROM THE AUTHOR

Dear Friends of Telluride,

Welcome to the 2024 Telluride Market Report, the most comprehensive analysis of the Telluride Regional Real Estate market. After 17 years of working with buyers and sellers, I appreciate the need for concrete information regarding their investments in the Telluride marketplace. I hope you find this report useful.

Understanding Demand

The key to understanding demand in the Telluride regional real estate market is recognizing the nature of the properties being purchased and the demographics of the buyer base. First, resort properties are typically discretionary assets - nearly all properties are second-home investments. Secondly, the Average Sales Price is well over $3 million with many properties sold for over $5 million and, thus, the net worth of the buyers tend to place them in the upper echelons of the populace. These properties are generally held by their owners in large asset portfolios that include real estate, equities, bonds and other financial investments. Because these properties are held by high-net-worth individuals as investments, buyer behavior is greatly influenced by overall national economic trends.

Impact of Supply

The single biggest change for the Telluride real estate market over the last few years is the drastic swing in Available Inventory. For more than two decades the Telluride real estate market was awash in supply. At any given time, there were over three years of supply of homes, condos and lots on the market in the Town of Telluride and Mountain Vil-

lage. The pervasive oversupply plagued the market with illiquidity. A home in Mountain Village would commonly sit on the market for four years before selling. This surplus of inventory created no sense of urgency for buyers. Often, a buyer would tour a half dozen properties in the winter and return during the summer only to find that all the properties toured were still on the market. A significantly oversupplied market saps the vitality of supply and demand.

After twenty years of a sleepy oversupplied market, everything changed in the summer of 2020. The pandemic brought forth a buying frenzy never seen before in the Telluride regional real estate market. In less than twelve months, Available Inventory for all segments throughout the region was depleted to historically low levels, most down to only 25% of pre-pandemic levels. This sudden change from oversupply to undersupply completely altered the prevailing Buyers Market behavior to that of a Sellers Market, something most participants in the market had never experienced. Newly offered properties were snapped up. A strong sense of urgency emerged. The sudden vitality of demand overwhelming supply created a new vibrancy for the Telluride market.

What happened in 2023

At the beginning of 2023, the Telluride regional real estate market began its return to normalcy after the frenetic property buying spree brought on by the pandemic. Europe re-opened to international travelers and the number of visitors to Telluride returned to pre-pandemic levels. Seasonality returned. But the pandemic induced run on real estate left its

mark with newly established record high prices and record low levels of Available Inventory.

The national economy faced formidable headwinds during the first quarter including rapidly rising interest rates, pesky inflation, downward trending equity markets, threats of systematic bank failures and widespread expectation of an imminent recession. As a consequence the market faltered as buyers hit the pause button and by the end of March the Number of Sales and Total Dollar Volume stood 50% behind 2022 for the same period. But because of the historically low levels of Available Inventory prices held firm.

The second quarter saw a strong rebound versus the first quarter catalyzed by an uptick in buyer sentiment. The combination of cooling inflation, the Federal Reserve pausing interest rate escalations, rebounding equity markets and a new consensus that a recession was not inevitable buoyed buyer purchases to such an extent that Total Dollar Volume through the second quarter trailed 2022 by only 20%. By the end of the year, Total Dollar Volume was off by only 17%.

Overall, 2023 produced $692 million in Total Dollar Volume on only 212 sales. This dollar volume of sales was the fourth most ever for the Telluride market driven primarily by a record Average Sales Price of $3.27 million. The Number of Sales, however, fell to its lowest level in over ten years as the historically low levels of Available Inventory persisted. Despite record high prices, sellers exhibited a reluctance to bring their properties to market.

Projection

The metrics measuring the performance of the 2024 market will likely track similarly with those of 2023. The only market changes that would drastically alter those outcomes are either a notable drop off in demand or a significant increase in Available Inventory. The national economy has performed resiliently through the post pandemic transition and the Federal Reserve seems to have navigated the inflationary threats successfully so I don’t expect a reduction in demand. I do project an incremental increase in the number of owners putting their properties on the market which will create greater Total Dollar Volume but not to the extent that prices will soften.

Please feel free to contact me anytime with questions or comments about the material presented in this report. Additionally, as a service to my clients and friends I provide annual real estate reviews that are specifically tailored to your property in Telluride. This review will aid you in understanding the value of your property in estate planning, insurance coverage amounts and estimating proceeds in the event you are considering selling your property. If you would like to receive a real estate review on your property please do not hesitate to reach out.

Warm Regards,

Stewart Seeligson Managing Partner, The Agency Telluride

REGIONAL MAP

REPORT STRUCTURE

The next 14 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 10 geographical regions: 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.

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.

ACKNOWLEDGMENTS

Thanks are owed to the TAR staff, Board of Directors and members who collectively maintain the integrity of the MLS. Back Cover photo by Ryan Bonneau.

Stewart Seeligson, Managing Partner and Lead Broker. Kristen Muller, Managing Partner. Charlene Steck, Marketing Manager.

Astonishing records were set during 2020 and 2021 in terms of Number of Sales and Total Dollar Volume. The Number of Sales fell precipitously in 2022 and then again in 2023. Despite the significant dropoff in the total number of transactions, Total Dollar Volume trended downward much more modestly in 2022 and 2023 as the Average Sales Price surged from $1.95 million in 2020 to $3.27 million in 2023.

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)

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

Available Inventory in the Town of Telluride

Available Inventory for the Town of Telluride over the last fifteen years is a clear downward trend for homes, condos and single-family lots. On January 1, 2009 almost 300 properties were offered for sale while on December 31, 2023 there were only 52 properties on the market representing an 83% drop in Available Inventory during the fifteen year period. Available Inventory for homes fell by 75%, lots by 50% and condos by 75% over that period.

Another aspect of Available Inventory in the Town of Telluride illustrated by the graph is the change in the composition of properties on the market. Condos dominated Available inventory for over a decade. During the ten year period from 2009 to 2019 more than half the properties on the market at any given time were condos and at times more than 60%. Since 2019, the number of condo units have been a far less dominant portion of Available Inventory, rarely representing 50% of the properties on the market, and as little as 28%.

Limited opportunities exist for the development of new homes and condos due to the surrounding geography. The Town of Telluride is bordered on three sides by National Forest and to the west the Valley Floor has a conservation easement which prohibits development. The number of undeveloped single family home parcels in the Town of Telluride has dwindled significantly over the last decade. Furthermore, there are only a few undeveloped lots in town suitable for multifamily development and those lots will likely lead to hotel projects with a limited number of condos to be sold.

The graph above tells the extraordinary story of Mountain Village in terms of diminishing levels of Available Inventory from 2009 to 2023.

In 2009, Mountain Village was flooded with properties for sale across the home, condo and single-family home lot segments. In the early days of the Great Recession, the Available Inventory reached its zenith with almost 400 properties on the market as of January 1, 2009. During the course of the next fifteen years that number fell to as low as 43 properties on April 1, 2022 and since has stabilized at about 75 properties.

Each segment has taken its own course to the low levels of today. Mountain Village homes and lots maintained a mostly stable level of Available Inventory until the post pandemic buying frenzy which began in July of 2020. The Available Inventory for homes in Mountain Village was as high as 91 homes in 2011 and as low as 11 homes in 2022 while lots peaked at 102 in 2010 and fell to 22 in 2022.

Condos experienced the most precipitous fall of all segments in Mountain Village. In 2009, Trails Edge, Elkstone, Cassidy Ridge and Town Homes on the Creek all completed construction driving Available Inventory to 227 units on January 1, 2009. That number fell by 95% to only 11 units on April 1, 2022. 11

MARKET TRENDS - SEASONS OF SALES

The seasonality of purchasing properties in the Telluride regional real estate market diverged from traditional patterns during the post pandemic buying spree of 2020-2022 when demand for properties led to purchasing throughout the year. Traditional purchasing patterns returned in 2023. Activity was tilted toward summer with 55% of purchases contracting as a result of summer marketing activities versus 45% from winter marketing activities.

Peak Contracting Periods in the Telluride Regional Market 2023

2020 Sales: 75% Summer | 25% Winter

2021 Sales: 45% Summer | 55% Winter

2022 Sales: 43% Summer | 57% Winter

2023 Sales: 55% Summer | 45% Winter

MARKET TRENDS - 2023 VS. 2022

The chart below illustrates the overall state of the Telluride regional real estate market during 2023. The red arrows dominating Total Dollar Volume and Number of Sales indicate the slowing market following the post pandemic real estate boom. The green arrows, measuring prices per transaction, show the ongoing effect of the severely depleted levels of Available Inventory which kept upward pressure on price.

Telluride

Mountain Village

Surrounding Neighborhoods*

Regional Mesas**

*Surrounding

MARKET TRENDS - LIQUIDITY

Liquidity is the measure of how quickly an asset can be turned into cash. Equities in the stock market are the most liquid of all assets because they can be sold for cash in minutes or even seconds. Art is generally considered the most illiquid of all assets because of the difficulty in selling art quickly with real estate coming in second among the most illiquid assets. It simply takes time to turn real estate into cash especially when compared to a share of stock.

The most meaningful metric of liquidity for real estate is Days on Market which tracks how many days were required to sell a property once marketed. Multiple variables determine how liquid a market is including the general state of the national economy and the Available Inventory of an individual segment. A strong national economy combined with very few properties for sale would likely yield the most liquid of real estate markets and therefore the fewest Days on Market.

Average Days on Market of Properties in Telluride and Mountain Village

The bar graph above illustrates the change in liquidity in the Telluride market for different segments from 2006 to 2023. For example, in 2006 it required 407 days on average to sell a home in Mountain Village. That number grew to an astonishing 805 days in 2014 and then fell to 174 days in 2022 with the onset of the post pandemic real estate rush.

The bar graph also indicates that, in general, condos are more liquid than homes. In 2023, the Mountain Village condo segment was the most liquid segment of the Telluride market requiring 134 days to sell compared to only 85 days in 2022.

MARKET TRENDS - HISTORICAL COMPARISON OF TOTAL DOLLAR VOLUME

Up to 85% of the annual Total Dollar Volume for the region traditionally derives from sales in Telluride and Mountain Village. The annual Total Dollar Volume difference between Telluride and Mountain Village signals buyer preference. As the graph indicates, the preference is cyclical over time.

Total Dollar Volume Comparison of Telluride and Mountain Village Residential Sales

After a nine year period of closely correlated demand from 2012 to 2020, buyer demand suddenly swung heavily toward Mountain Village properties in 2021 and continued to outpace Telluride for the next two years. In 2023, the $397 million in Total Dollar Volume in Mountain Village nearly doubled that of Telluride for the same year.

Total Dollar Volume declined 52% from its peak in 2020 to $103 million in 2023. Meanwhile, Average Sales Price skyrocketed to a record-breaking $2.57 million. The highest priced condo sold for $12.3 million.

After trending upward for eight consecutive years, the Average Sales Price Per Square Foot eased in both the home and condo segments indicating an increased focus on older properties rather than price depreciation.

After peaking in 2020 at 50 home sales, the Number of Sales fell dramatically for three consecutive years to its lowest level since 2015. The $97 million in Total Dollar Volume, however, was the fourth highest on record. The highest priced home to sell closed for $9.1 million.

Lot sales cooled considerably with only 4 sales, the third lowest number of sales in over twenty years. The highest priced lot sold for $3.1 million on Curtis Drive.

MOUNTAIN VILLAGE MARKET

The Total Dollar Volume of $170 million represented the third best year ever for the segment. The $2.5 million Average Sales Price equaled the previous year. The highest priced condo sold for $7.3 million.

The Average Sales Price Per Square Foot continued the recent dramatic ascent with record-breaking levels for both homes and condos.

Despite downward trending Number of Sales, the Total Dollar Volume remained fairly consistent over the last four years attributable to steadily rising Average Sales Price peaking in 2023 at $8.25 million. The highest closing price for a home was $18.9 million, setting a record.

The 13 lot sales represented an 81% plummet from the peak of 69 sales in 2020. The most expensive lot to sell closed at $5.5 million.

Sales Activity - Mountain Village Homes

Sales Activity - Mountain Village Condos

Sales Activity - Mountain Village Single-Family Home Lots

Average Sales Price Per Square Foot - Mountain Village

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 second-homeowners alike because it’s more affordable than Mountain Village and only a few minutes from the Telluride Ski Resort.

Lot sales remained strong and drove

Total Dollar Volume for the segment to a record-breaking year. The highest priced lot sold for $1.1 million

Severely limited Available Inventory caused a plunge in the Number of Sales to its lowest level in 14 years. The most expensive home to sell closed at $3.4 million.

After 16 years of never breaking $600 per square foot, the metric shot up in 2022 to over $900 and stayed above that mark in 2023.

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.

The stunning level of Number of Sales in 2021 fell dramatically to only 3 sales in 2023 driven largely by extremely limited Available Inventory. The low inventory kept Average Sales price well above $1 million for the second year ever. The most expensive lot sold for $1.7 million.

After two years of record-breaking Number of Sales of 8 homes in both 2020 and 2021, the segment dropped off to a still notable 4 sales in each of 2022 and 2023. The highest priced sale closed at $9.2 million.

The metric pierced $1,500 for the first time ever after averaging less than $800 until 2021.

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 Single-Family 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.

The highest priced homes in the region are offered in this segment. The one home that sold of the three on the market closed at $10.25 million.

Only one of the three lots offered in this segment sold in 2023. That sale closed at $2.8 million.

Sales Activity - Idarado Legacy & Falls at Telluride Homes

Sales Activity - Idarado Legacy & Falls at Telluride Lots

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.

The Number of Sales in the regional mesas fell by 60% compared to the peak in 2021.

The Average Sales Price however climbed by nearly 75% to $2.72 million from 2021.

Sales activity for mesa parcels dropped off dramatically in 2023 versus 2021 with only 21 sales compared to 55 sales.

Sales Activity - Mesa Homes

Sales Activity - Mesa Vacant Parcels

MARKET COMPARISON: TELLURIDE VS. NEARBY RESORTS

The three premium luxury ski resorts in Colorado are Aspen, Vail and Telluride. Twenty years ago, Telluride was still relatively new to the scene compared to the other two long established resorts and the price of real estate reflected that newness. Vail was roughly twice the price per square foot as Telluride and Aspen’s prices were significantly greater than those of Vail. Over the last two decades, Telluride matured as a resort destination increasingly attracting a more wealthy demographic. Today, the Town of Telluride essentially matches the Town of Vail on a price per square foot basis but still significantly trails the Aspen Central Core, looking like a value by comparison.

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

Comparison of Single-Family Home Sales in Telluride, Aspen & Vail

Comparison of Condo Sales in Telluride, Aspen & Vail

MARKET COMPARISON: MOUNTAIN VILLAGE VS. NEARBY RESORTS

While the Town of Telluride is most similar to the Town of Vail and the Aspen Central Core, Mountain Village is better compared to neighboring Snowmass and Beaver Creek. In 2023, prices for homes and condos were surprisingly comparable on a price per square foot basis across all three resorts.

Beaver Creek Resort. Photo courtesy of beavercreek.com

Comparison of Single-Family Home Sales in Mountain Village, Snowmass Village & Beaver Creek

Comparison of Condo Sales in Mountain Village, Snowmass Village & Beaver Creek

Wealth Report

MARKET MIGRATION & BUYER TRENDS

from The Agency Red Paper 2024 Annual Market & Wealth Report by The Agency

What are buyers seeking in a home? And what markets are they attracted to now? We surveyed our network of 2,000+ agents from around the globe to gather insight into how buyers and sellers are moving and migrating, and what it is they covet in a purchase.

The Era of Hybrid Work

Remote work is here to stay, reversing a decades-long flow of people to large cities. According to 2022-2023 Top Ten Issues Affecting Real Estate by the 501(c)6 The Counselors of Real Estate®, more than 50% of the workforce will work remotely or in a hybrid manner in the future. They are calling this “The Great Decentralization.” And this has changed the market by giving people the freedom to work from anywhere—even their vacation home in the mountains or at the beach.

Second Homes + Golden Visas

The ease of work from practically anywhere increased the popularity of the Golden Visa. This residency by-investment program is offered by approximately 40 countries, including Greece, Portugal,

Spain and Panama, making them top destinations for both investors and lifestyle buyers. Requirements vary by country, but most require a real estate investment ranging from $300K to more than $1 million. “Investors can get a residency in 60-90 days,” says Victoria Levitam of The Agency Panama. Tax incentives, a lower cost of living, internationally renowned hospitals, and connectivity with nature are another big plus.

Lifestyle First

COVID-19 caused many people to reassess their work-life balance— prioritizing security, economic stability, access to nature, a family place in which to build memories and, in many cases, there’s been a renewed interest in multigenerational homes. According to our global team of experts, resort-style residences offered by top hospitality groups (like Mandarin Oriental, Four Seasons and Aman) and luxury brands like Aston Martin and Baccarat remain very desirable.

Wellness & Sustainability

Health-conscious homebuyers increasingly demand outdoor spaces, health-inspired kitchens,

and green-living technologies like advanced air purification, circadian lighting systems, best-in-class water filtration systems and even vitamin C-infused showers. Paul Lester of The Agency Beverly Hills is seeing a heightened interest in amenities like saunas, steam showers, and hot-and-cold plunge pools. Aileen Comora of The Agency Beverly Hills, adds that some new builds include spa spaces that “look and feel like a 5-star resort.” Facts and Factors Marketing Research Co, Ltd. (an international research company based in Shanghai, China) estimates the global wellness real estate market was worth about $279.4 billion in 2021 and is expected to grow to about $863.9 billion by 2028. North America is projected to account for 37% of the market growth. These forecasts are corroborated by Ingo Schweder, Managing Director at Boston University-based Horwath HTL Health & Wellness.

Stable Refuge from Global Chaos

In times of global financial and geopolitical turmoil, homebuyers look for real estate markets that are consistent and predictable.

In recent years, Telluride has seen an increase in international visitors from Mexico, Australia and the UK.

“We are seeing money from China, Singapore, Hong Kong, and the Middle East being ‘parked’ in real estate in California as a holding place for wealth,” says Lester. Miami is also seeing a similar trend. “Instability in various of the South American countries continues to make Miami real estate very attractive,” says Daniel Tzinker, of The Agency Miami. “In the past three years, we’ve seen 100+ businesses like Citadel, Amazon and Tesla move to Miami, taking

advantage of the favorable tax environment…world-class restaurants, private clubs and art galleries have followed.”

Turnkey = Easy Living

Move-in ready homes are popular with buyers who have no time to do major upgrades. “Because of continuing supply-chain challenges, many buyers prefer turnkey properties—sometimes fully furnished, down to the last butter knife—especially if this is their

second or third home,” says Alby Euesden of The Agency Mallorca. The Agency makes a client’s move easy in many ways. “The agents who work in this office have been on the island for a long time and know everything from the finest schools to the best bakeries,” he adds.

Read more from The Agency Red Paper

Pictured: Telluride Regional Airport (TEX)

Photo Credit: Ryan Bonneau

KRISTEN MULLER

Having worked as an executive marketing leader for some of the most prestigious luxury real estate brokerages in the country, Kristen has over a decade of experience marketing luxury homes, new developments, resorts and legacy ranches. With this extensive background and resort expertise, Kristen is uniquely equipped to develop custom marketing strategies to effectively promote properties across wide-ranging media channels, ensuring they reach every targeted buyer.

“Many of our buyers are shopping for real estate from locations outside of Telluride,” says Kristen. “The Agency provides unmatched online, press and social media exposure that sets us apart and guarantees that every one of our exclusive listings garners the exposure it deserves.”

Accolades:

While serving as SVP of Marketing & Communications for one of the largest luxury real estate brokerages, Kristen and her marketing team earned many notable awards including:

• Best Video Branding Strategy – Luxury Real Estate (2018)

• Best Print Marketing – Luxury Real Estate (2016)

• Best Digital Marketing Strategy – Luxury Real Estate (2015)

• Best Video Website Strategy – RealTrends (2015)

Whether presenting to hundreds of colleagues at national industry conferences, developing public relations strategies, curating events or advocating on behalf of her clients, Kristen upholds a superior level of service befitting of The Agency’s industry-disrupting ethos and world-class brand.

• BA Economics @University of Colorado

• MBA Marketing @University of Colorado

• 12 years direct luxury real estate marketing and communications experience

• Telluride Native

• Board Member - Luxury Home Tour Colorado (2022 – 2023)

• Member of the Who’s Who in Luxury Real Estate network (2015 – 2023)

• Volunteer at Mentor Collective - supporting the professional advancement of young professionals

Born and raised in Telluride, Kristen possesses a keen understanding of the local real estate market and the luxury hospitality sector. “They say ‘Home is where the heart is,’ and Telluride has always been my first love,” says Kristen. “I’m proud to call Telluride my hometown and love being able to share all the beauty that this region has to offer with my clients.”

Kristen.Muller@TheAgencyRE.com

303.564.8032

STEWART SEELIGSON

Fueled by his passion for the mountain lifestyle, Stewart is a consistent market leader with a reputation for incredible results. A reliable advisor and source of up-to-the-minute market analysis, Stewart readily guides clients through Telluride’s ever-evolving real estate landscape. His calm, focused support allows clients to feel confident in their decisions and move forward in their transactions.

Recent Achievements

• Top 100 Producing Broker - State of Colorado (21,000 Brokers) - 5th consecutive year, most recently ranking #47 for individual broker by sales volume recognized by RealTrends

• Perennial Top Producing Broker - Telluride Region

Stewart’s philosophy is to approach the business from a perspective of helping people address and overcome their individual real estate concerns. Stewart understands that buyers want assurance that they are making sound real estate investments and sellers want to know that a robust approach is taken when marketing their property so that the highest possible price can be achieved. Additionally, Stewart provides expert counsel through the complicated and sometimes emotional contract period leading to closing the transaction.

Beyond his many business successes, Stewart is known for cultivating meaningful, long-lasting professional and personal relationships and has garnered a loyal following of repeat and referral clientele. Stewart’s firsthand investment knowledge and proven track record make him highly qualified to speak on the Telluride market’s unique financial and lifestyle-oriented appeal.

• BBA Accounting @University of Texas

• MBA Finance, with honors @University of Texas

• Licensed Certified Public Accountant (1991)

• Twenty years Telluride Real Estate Experience

• Nine years Commercial Real Estate and Business Development Experience

• Six year member of the Board of Directors of Telluride Association of Realtors

• President of the Telluride Association of Realtors (2012 - 2013)

• Telluride Realtor of the Year (2013)

• Commissioner of Telluride Historic Architectural Review Commission (2020-2022)

Stewart’s love for Telluride runs deep. Raised in Dallas, he spent more than a dozen childhood summers in Telluride, taking in the region’s beauty while hiking, camping, and fly fishing. “Those summers instilled in me a great love of the outdoors and an appreciation for what makes the San Juan Mountains special,” says Stewart. “I take great pride in helping people discover all that Telluride has to offer and always put each client’s interests ahead of my own so they can find their perfect place in the mountains.”

Stewart@TheAgencyRE.com

970.708.4999

THE AGENCY LAUNCHES IN TELLURIDE

Global real estate brokerage The Agency proudly announced the launch of its first franchise office in Telluride, Colorado in June 2023. The new locale, which is known as The Agency Telluride, is the firm’s fourth location in the state of Colorado, joining the brokerage’s growing network of more than 100 offices in the U.S., Canada, Mexico, the Caribbean, and Europe. The Agency Telluride is led by industry veterans and Managing Partners Stewart Seeligson and Kristen Muller.

“We’re pleased to expand our presence in Colorado with the launch of our office in Telluride,” said Mauricio Umansky, CEO and Founder of The Agency. “We are delighted to partner with Stewart Seeligson and Kristen Muller as we bring The Agency to Telluride, one of the country’s most exciting and flourishing resort destinations.”

The Agency has rapidly expanded its presence across the globe throughout the past year, making it one of the fastest-growing luxury boutique brokerages in the world. In 2023 alone, The Agency launched 29 new offices, with more on the horizon.

“Telluride is home to some of the country’s most coveted real estate

and the area’s premier luxury market aligns perfectly with The Agency’s brand and ethos,” said Jim Ramsay, Executive Vice President of Franchise Sales at The Agency. “Our continued growth in Colorado is a true testament to the growing demand and need for a luxury boutique brokerage with global reach like The Agency.”

Stewart Seeligson is Managing Partner at The Agency Telluride and an award-winning local real estate expert with more than two decades of industry experience. Stewart is a well-respected mentor for colleagues and a steadfast guide for clients looking to buy, sell or invest in property throughout the Telluride region. He was honored as Realtor of the Year in Telluride in 2013 and RealTrends has named him among Colorado’s top-producing agents for five consecutive years (2019-2023), including his most recent ranking of #47 in the State of Colorado (RealTrends America’s Best 2023). Today, Stewart specializes in advising clients through complex property purchases, investments and sales throughout Telluride’s resort real estate sector, which includes luxury homes, condos and ranches in the region. His Telluride real estate expertise is further enhanced by his background as Vice

President of a Fortune 50 Company, experience as a Certified Public Accountant and his extensive education, having earned both a BBA in Accounting and an MBA in Finance from the University of Texas at Austin, one of the top business schools in the country. As an active community leader, Stewart has served as a volunteer board member at the Telluride Association of Realtors, the local Young Life chapter and the Telluride Historic Architectural Review Commission.

“I am excited to be working alongside Kristen Muller as we bring The Agency’s fresh perspective to our local real estate market,” said Stewart Seeligson. “I couldn’t be more honored to bring the worldclass experience and white glove service of The Agency to Telluride as we continue to serve this iconic Colorado market.”

As Managing Partner of The Agency Telluride, Kristen Muller combines more than a decade of luxury real estate experience with years of executive leadership and award-winning marketing expertise to deliver unrivaled client service. Having worked for some of the most prestigious luxury real estate brands in many of the nation’s most renowned resort locations, Kristen

has extensive experience marketing ultra-luxury estate properties, legacy ranches, luxury resorts and developments. Prior to joining The Agency, Kristen served as SVP of Marketing & Communications for the #1 Sotheby’s affiliate in the world. During her time at Sotheby’s, Kristen and her marketing team earned many distinguished awards. More recently, she led the

marketing, technology and communications efforts for one of the fastest growing independent luxury real estate firms in Colorado. A natural collaborator and gifted relationship builder, Kristen also sat on the board of Luxury Home Tour Colorado, an organization that brings luxury brokers together to network and elevate the client service experience. Born and raised

in Telluride, Kristen possesses a keen understanding of the local resort real estate market and the luxury hospitality sector. Kristen holds an MBA with a specialization in Marketing and a Bachelor’s degree in Economics; both from the University of Colorado.

“It’s exciting to be a part of The Agency’s growth in Colorado as we open our new brokerage in Telluride,” said Kristen Muller. “I am thrilled to introduce The Agency’s cutting-edge approach to my hometown and continue to raise the bar for our industry here in Telluride.”

The Agency

The Agency is an agent-first, tech-driven boutique luxury global brokerage representing clients worldwide in a broad spectrum of classes, including residential, new development, resort real estate, luxury leasing and vacation rentals. Breaking away from the traditional brokerage model, The Agency takes a collaborative approach to the business, fostering a culture of partnership in which all clients and listings are represented in a collaborative environment. Agents and clients benefit from the shared resources and networks of the entire global team, including in-house creative, public relations and cutting-edge technology divisions. The Agency has closed more than $72 billion in real estate transactions since 2011, comprising over 100 offices in 11 countries, and counting, as one of the fastest-growing boutique, luxury real estate brands in the world.

Stewart Seeligson and Kristen Muller Managing Partners of The Agency Telluride

FEATURED LISTINGS

An exquisite legacy estate, 213 Josefa Lane is a beautifully crafted residence perched on a 4 acre lot overlooking the Telluride valley. Upon entering the home, panoramic views of the San Juan Mountains abound showcased from floor to ceiling windows and a see-through fireplace that perfectly frames Wilson Peak. Designed to entertain, the expansive living and dining area features a chef’s kitchen, wraparound deck and hot tub. The luxuriously proportioned floor plan continues with seven bedrooms plus a bunk room, wine cellar, seven full baths, two half baths, second family room, and large flex room. Purchase of the home includes ski in/out valet service and parking at the esteemed Lumiere Hotel. Less than a ten minute drive to downtown Telluride and the ski resort.

View all of our Featured Listings here:

213 Josefa Lane | Aldasoro Ranch | 7 BD |

BA | 7,531 SQ FT | $10.75 Million

An extraordinary opportunity to purchase an iconic building on Main Street in downtown Telluride. The building currently comprises nearly 4,000 square feet of prime street-level commercial space and a three bedroom residence on the second level. Purchase of the property comes with fully approved HARC plans for a full building remodel and expansion including the development of a 4,500 square foot penthouse with a stunning deck overlooking Main Street.

Rocky Road, Mountain Village $18,900,000

Columbia Avenue, Telluride $5,675,000

Element 52 Penthouse, Telluride $10,950,000

Villas at Tristant, Mountain Village $4,400,000

Liberty Bell Lane, Telluride $12,830,000

Serapio Drive, Aldasoro Ranch $8,400,000

*The above significant sales occurred after the launch of The Agency Telluride in June 2023.

Polecat Drive, Mountain Village $7,150,000

Polecat Lane, Mountain Village $10,250,000

Buckskin Lane, Wilson Mesa $15,000,000

Palmyra Drive, Mountain Village $15,000,000

Trails Edge, Mountain Village $6,695,000

Salt Trail, Cornerstone Golf Club $3,450,000

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$0

Cost of Riding the Famous Telluride Gondola

13 Minutes

From Telluride to nearby Mountain Village via Gondola

127

Ski Runs in Telluride Ski Resort

4.6 Miles

Length of “Galloping Goose,” Telluride Ski Resort’s Longest Run

242

Sunny days per year (More than the U.S. average of 205)

2,595

Population of the Town of Telluride

9,500

Number of Attendees per day to the Annual Telluride Blues and Brews Festival