Market Report

Market Report Quarter 3 - 2017

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Extraordinary. The first three quarters of 2017 are out- performing the best of predicted scenarios and is up considerably over 2016. Seven of the Nine months have set six year highs for dollar volume. WHAT LED THE CHARGE? The best summertime resort in the Rocky Mountains? Bigger Festivals? Continued exposure from the Record snowfall with Skier Visits at an all-time high? Dwin- dling inventories? Living the unique Telluride lifestyle now? Word of mouth in spheres of influence? A contin- ued strong US Economy? A fabulous school system that led to forty new families calling Telluride home? Each of these reasons pooled together probably led the charge of the real estate market through three quarters of 2017 in the Telluride Region. Will the allure of the Fall Colors in the San Juan Mountains and the start of a new Ski Season help continue this pace through the end of the year? WINTER 2017-18 FORECAST With the 2017-18 Telluride Ski Season fast approaching, how do we think the Winter Real Estate season will start out? More of the same and that's good news. The new short fall "off-season" will help us to continue the momen- tum. There is a continued awareness from Buyers that the market is on fire, especially in the town of Telluride, driving urgency up. We are seeing Mountain Village start to gain traction and it usually improves as ski season starts. The third quarter alone almost doubled the number of home sales in Mountain Village vs 2016. WHERE ARE THE BEST VALUES? There are a few segments that offer excellent values and have not hit the appreciation to eclipse pre-reces- sion prices. There has not been much of a change from Quarter Two to Quarter Three. The entry level Town of Telluride three-bedroom condominium market still only has a handful of options under $1 million with a few listings at Telluride Lodge and Owl Meadows leading the way. There is dwindling inventory in the one and two bedroom market segment that has led to these prices pushing together, so Buy ers will want to stretch their dollar to take advantage of this aspect. Land. Despite the aver- age cost to build of $500 per square foot, there remains some dynamite lots on the market, especial ly in Telluride, Aldasoro and Mountain Village. For an end user, the math works to design and build and you get brand new product with current finishes. There just is not a lot of room for spec builders to dive in. Mesa Homes. The choices are minimal, but you can still be on a larger par- cel and get a home for less than $250 per square foot. You'll be 30 minutes to Telluride, but that pricing is so far below replacement cost, it will be tough to beat in the long haul. 2017 FALL UPDATE

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