As a global company, Telluride Real Estate Corp. and Christie’s International Real Estate are committed to doing their part to reduce non-essential business activities as we join together to fight the spread of the coronavirus pandemic. Our thoughts are with all of those directly affected, and our foremost priority is to act in the best interest of our local communities, our clients and our colleagues.
Telluride and San Miguel County are attacking the pandemic head on. Our county was the first in the state to issue a mandatory “shelter in place” and is also first in the nation to embark on county wide testing over the next week. The testing is voluntary and is administered free of charge thanks to the United Biomedical Group. Approximately 650 tests have been conducted to date with only one confirmed case of the virus. Testing of the entire county should be complete within a week, or so.
On a more positive note, our real estate market started 2020 with a bang, with gross dollar sales 58% above 2019 for the months of January and February. All market segments seemed to share in this increase in volume. There is little reason to expect that sales will be dramatically down this summer if the virus is brought under control. Our first major event, Telluride Mountain Film, is perusing an online format such that the usual attendees may enjoy the films in the comfort of their homes. The status of other festivals is uncertain at this time. One Constant – Telluride’s dramatic beauty remains forever unchanged and a myriad of family, lifestyle activities that invigorate and sooth the soul.
We have a built-in vaccine to our local real estate market --- superb planning over decades definitively limiting regional density to a fraction of other major resorts and design regulations that demand the highest of quality our marketplace has been resilient during times of economic crises. A lack of supply always tends to stabilize pricing in downward trends. This factor was no more evident than during the “great recession” where values diminished to a far lesser degree than in other major resorts. In short, our market may experience a slow-down in the short term but will bounce back at the first signs of returning to the “new norm”.
During this shelter in place period, it appears that families are searching on line for the safety and escape of small resort communities like Telluride. We are realizing the highest search volume in seven months and it certainly appears that once this pandemic is behind us, Telluride will be a focal point for an investment in lifestyle.
As it has in the past 4 decades, Telluride Real Estate Corp. will face this situation head on and through our precautionary measures, positive attitude and proactive nature we will be ready for an influx of resort property buyers again. Let this be a time where we continue to demonstrate our unique ability to pull together.
Take this time to research and ask the questions you’d like answered. We have a dedicated team devoted to building quality, long lasting relationships. We’d like to continue to provide you with quality information to give you confidence and respond to your exact needs. Let’s discuss your options now so it will pay dividends in the future. Look forward to hearing from you, stay healthy.