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3rd Quarter Update: Telluride Real Estate Market Grows 40%

The Telluride real estate market continues to hold strong with dollar volume and number of transactions at a 6-year record high. With $431.4M in contracts closed through September, sales are up 40% over YTD ‘16. The number of sales are up 18% with 472 closed transactions.

Mountain Village continues to see a steady number of high-end luxury homes trading hands. There were five sales over $4M in the third quarter and eleven YTD. Overall, Mountain Village single-family home and condo/townhome sales are nearly twice that relative to sales through Q3 ‘16.

Despite the limited inventory, properties in the Town of Telluride are still trading briskly, with the number of sales up 32% over the third quarter of 2016. With $138.6M in closed transactions, the Town of Telluride saw a 26% increase in dollar volume.

Entering the final quarter of the year, the Telluride real estate market outlook is positive, with $137.3M in sales currently under contract according to the MLS.

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Air Service to MTJ Expands for Winter Flights

Up to 3 flights daily from Dallas-Fort Worth; Charlotte and Salt Lake City among the latest hubs added to Telluride’s air service expansion

TELLURIDE, Colorado (September 12, 2017) – Telluride is more accessible than ever, as more flight options have been added for the 2017-18 winter season.

Charlotte Douglas International (CLT) is the latest airport added to the list of direct flights to Montrose-Telluride Regional Airport (MTJ) on American Airlines. Flights from CLT to MTJ will run Saturdays from December 23, 2017 through March 31, 2018. Charlotte is American’s second largest hub.

Dallas (DFW) will offer a second daily flight over Thanksgiving and three flights daily over the Christmas/New Year’s holidays, complementing daily year-round jet service and twice-daily flights through the bulk of the winter season. American flights from Phoenix-Sky Harbor (PHX) will continue to run daily through the winter, along with service from Chicago (ORD) and Los Angeles (LAX).

Delta Airlines will operate new flights this winter from Salt Lake City (SLC) to Montrose-Telluride (MTJ) over the Christmas and New Year’s holidays. This service provides access for those traveling from the west, as well as Delta’s eastern hubs, and is a precursor to adding a possible season-long route next year. Delta will continue to fly three times a week from Atlanta (ATL) to MTJ as well.

United Airlines will run an additional daily Denver (DEN) to Montrose-Telluride (MTJ) flight, bringing that total to 4-6 per day through the season. United will also continue to operate daily flights from Houston (IAH) and Chicago (ORD), along with 1-3 flights weekly from New York’s La Guardia (LGA), Newark (EWR), Los Angeles (LAX) and San Francisco (SFO).

Telluride Regional Airport (TEX), just 10 minutes from town and the ski area, will continue to see daily service throughout the year from Denver (DEN) on United partner Great Lakes Airlines, averaging 10 flights per week. Low-cost carrier Allegiant will continue service into MTJ from Los Angeles (LAX) twice a week on Wednesdays and Saturdays.

“The meaningful growth of expanded air service the past two years into both Montrose and Telluride provides our guests with even more options to make Telluride their go-to vacation destination through the holidays and the winter season and early planning ensures the best rates," said Bill Jensen, CEO of Telluride Ski Resort.

This winter’s added service brings the total to 15 non-stop flights (16 over the holiday season) from 12 major hubs for the 2017-18 winter, marking an overall increase of 43% in air accessibility to the Telluride region over the last three years.

For area resort and reservations information, please visit www.tellurideskiresort.com.

TREC Commits to Mountainfilm's The New Normal

TREC is proud to be a leader in the Telluride real estate community with Mountainfilm's The New Normal. The New Normal addresses climate change, the most critical issue of our time. Individuals, groups, organizations, agencies, and businesses are embracing this grassroots movement to actively battle climate change with five key initiatives. Will you join us in The New Normal?

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Summer Flights Schedule Announced

Colorado Flights Alliance Releases Summer Schedule

The 2017 Summer Flight Plan includes new flights into Montrose-Telluride (MTJ) and Telluride (TEX). In addition to daily United flights to/from Chicago, American Airlines has added Saturday flights to/from MTJ. Great Lakes/United will continue its daily service between Denver and TEX. American Airlines has added daily service between Phoenix and MTJ. For more information on summer flights, click here

Mountain Village Amends Design Guidelines

Design Guidelines Relaxed in Mountain Village

On February 16th, the Mountain Village Town Council unanimously approved an amendment to the town’s design guidelines. The goal of the Community Development Code Design Review reads, “Architecture within the town will continue to evolve and create a unique mountain vernacular architecture that is influenced by international and regional historical alpine precedents. The Town encourages new compatible design interpretations that embrace nature, recall the past, interpret our current time, and move us into the future while respecting the design context of the neighborhood surrounding a site.”

To that end, the following design guidelines, among others, were approved:
– References to “solid, heavy” and “thick” bases as a design requirement were supplemented with language for design that appears “grounded” to the site to withstand alpine forces of wind, snow and heavy rain, with an expanded selection of building materials to choose from.


– Gable roofs are no longer the only required roof form, instead, the board added the requirement that roof design shall be made up of multiple forms that emphasize sloped planes, varied ridgelines and vertical offsets.


– The list of appropriate roof materials was also expanded to include black or gray standing seam materials, and certain synthetic materials that meet stated standards of durability, high strength and high-quality design.


– Individual windows are no longer required to be a maximum of 40 square feet. Instead, the new regulations require window use and placement be responsive to energy requirements, be an integral part of the design of the structure and be sensitive to adjoining properties. The standard that no more than 40% of the exterior of a structure be glass remains.

These guidelines apply to all architecture in the Mountain Village including residential and commercial properties.

Real Estate on Skis Tour

TREC Offering Ski Tours of Trail-side Properties

Interested in ski-in/ski-out properties in Telluride? Join us on our Real Estate on Skis tour to learn more about properties on Telluride Ski Resort. Offered on Wednesday mornings at 10:00AM, ski a few runs with our local experts to see what's on the market. Also, learn some fun facts about Telluride and the history of the ski resort. It's free* and no strings attached! Meet us at our Mountain Village office conveniently located in Heritage Plaza, steps from Chair 4. TREC is pleased to be the most established brokerage in the region and share its knowledge with you!
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Lift ticket not included. Guests must have their own lift ticket. 

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Telluride's Real Estate Market Finishes On Par, TREC Finishes Ahead of Market

Celebrating 35 years as a company in 2016, TREC is pleased to present our year-end market report.

The Telluride real estate market’s total sales for 2016 were nearly on par in both dollars and number of sales,
compared to 2015. $452.8M in contracts closed last year, only 2% below 2015 (which had the extraordinary
Mountain Village home sale of $14M by TREC). The number of sales were up one point compared to 2015.
What started as an uncertain year due to an unexpected plunge of the DOW and election concerns, first
quarter sales finished down 39%. The Telluride market rebounded exceptionally well and 2016 had a satisfying,
stable finish. TREC is pleased that its sales performed exceedingly better than the market with the company’s
dollar volume up 14% over 2015.

Notably, Mountain Village saw an improvement of high-end luxury home sales. In 2015, there was one home
sale over $5M, the abovementioned extraordinary sale of $14M. In 2016, there were six home sales over $5M
in Mountain Village. This is an indication that mountain resort markets are an increasingly attractive purchase.
The Town of Telluride’s persistent low supply continues to be a contributing factor to a mild slowdown in that
segment. While the number of sales are down nearly 20%, dollar volume is only down 11% signaling the Town
of Telluride remains desirable. With construction taking place on nearly every block, this should soon correct
itself.

Given rising energy prices in key Telluride buyer market segments and a strengthened DOW, the outlook for
2017 looks positive. According to the MLS, $96.8M in sales are currently under contract (with a third of those
contracted through TREC!). The combination of economic conditions and properties under contract indicate
the market off to a good start for 2017.

Forbes recently gave Telluride a rave review, saying there is “a compelling argument that it is the single best
ski vacation choice in the country.” Telluride has also proven to be a strong value play when compared to
other mountain resort markets, with entry level prices well below that of other luxury resorts. An unbeatable
combination.

How the Major Market Segments have performed:

TOWN OF TELLURIDE

Gross Dollar Sales down 10.9 % ($157.2 vs. $176.6M)

Sales Numbers down 18.9 % (137 vs. 169)

TOWN OF MOUNTAIN VILLAGE

Gross Dollar Sales up 7.0 % ($189.3M vs. $177.0M)

Sales Numbers up 13.1 % (207 vs. 183)

REMAINDER OF COUNTY

Gross Dollar Sales down 1.0 % ($94.7M vs. $95.6M)

Sales Numbers up 16.3 % (186 vs. 160)

Click here to read our comprehensive Market Update

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