The Telluride real estate market has experienced
a dramatic surge in home sales and new development
over the past few years. Since 1995, real
estate sales have increased year after year.
1999 and 2000 increased 62% and 32%, respectively,
in dollar volume. With the doubling of lift-accessed
skiable terrain in 2002, increased air service
and maturing of the Telluride region, Telluride
Properties expects real estate activity to
remain brisk.
Three factors contribute to the success of
the Telluride real estate market: 1) World
Class Resort, 2) safe haven and 3) limited
supply.
Telluride is a World Class Resort with world
class skiing. The Telluride Ski & Golf
Company invested $14 million in capital expenditures
this year. Three new high-speed quad lifts
open an additional 733 acres of incredible
terrain to skiers and boarders of all abilities,
providing a total of 1700 acres of skiing.
In addition to the Prospect Bowl ski expansion,
the Telluride region has invested nearly
$30 million in capital improvements within
the last five years including the Telluride
Conference Center, the Mountain Village Activity
Center, Surge Air Garden Terrain Park, Telluride
Teaching System, Ski Right Center, new trails,
snowmaking equipment, golf course renovation,
Allred's Restaurant, three new lifts (two
high-speed quads and one fixed-grip triple)
and snowmaking infrastructure.
Telluride is considered by many to be a
safe haven for its residents and visitors
- a storybook place only found in fairy tales.
Tucked away in a box canyon with mountains
soaring over the valley floor, Telluride
is fairly remote. The closest traffic light
is 65 miles away and everyone knows each
other by their first names. The town of Telluride
has 1,950 year round residents. United and
America West Airlines service the Telluride
Regional Airport. Continental, American,
United and America West service the Montrose
Airport, only one hour away. An all weather
instrument approach system and a 7,700-foot
runway insure dependable service 365 days
a year.
Even with its small town atmosphere, Telluride
has sophisticated cultural tastes and exceptional
schools. The Telluride public school system
was ranked in the top 8% of all Colorado
public schools in 2000. Telluride offers
a wide range of activities from concerts
to ballet, mountain biking to fly fishing
and dining in local eateries to mushroom
forays. The pace is laid back and family
life is rich.
The limited supply of homes in the area
has provided the real estate sector to remain
bullish. Surrounded by 14,000-foot peaks
and national forests on three sides, Telluride
has a limited amount of space in which to
build new developments. The upward trend
of moving from urban and suburban areas to
resort communities has only added to the
already high demand for a unique lifestyle
and, hence, unique properties.
Property has appreciated at a double-digit
rate over the past five years. Average sales
price per transaction in the Telluride region
increased from $480,000 in 1998 to $780,000
in 2001 representing an annual compounded
return of nearly 18%. Telluride Mountain
Village homes have increased at an annual
compounded rate of 29% in the same period.
Regional land sales have increased on average
at a 31% annual clip since 1998.
Several real estate market segments exist
in San Miguel County. They include the nationally
registered historic town of Telluride, Telluride
Mountain Village, Greyhead, Aldasoro, West
Meadows, Elk Run, Ski Ranches, Raspberry
Patch, Last Dollar, Mesa and Ranch property
and Down Valley. Town of Telluride
The Town of Telluride is on the National
Historic Register requiring historic buildings
to be rebuilt; not demolished. Strict design
guidelines for new construction must be followed
and are enforced by HARC (Historical Architectural
Review Commission). Small two bedroom cottages
to renovated Victorian estates can be found
in Telluride that range from $500,000 to
$3,500,000. Condominiums can be purchased
from $80,000 to $2,650,000 ranging in size
from studios to four bedrooms. A limited
supply of vacant lots can also be found within
town limits. Residential lots are priced
from $250,000 to $1,500,000. Telluride Mountain Village
Elegant homes, many ski in/ski out or located
on a fairway of the golf course, dot the
Mountain Village landscapes. Telluride Mountain
Village sits at mid-mountain (9,545 ft) on
the ski resort. Skiers and boarders can ski/ride
past some of the finest ski property in the
United States. Prices range from $995,000
to $9,800,000. Condominium prices range from
$115,000 to $3,750,000. Vacant residential
lots can be had for between $365,000 for
a small residential lot from the center of
town to $4,800,000 for a 1.8-acre parcel
high on the ski area overlooking the Mountain
Village core and Wilson Peak. Regional Mesa, Ranches and Subdivisions
Homes in Ski Ranches, Greyhead, West Meadows,
Aldasoro, Elk Run, Raspberry Patch and Last
Dollar surround the Telluride Mountain Village
and the town of Telluride. All are within
ten minutes from the ski area and are sited
on half acre to 35-acre parcels of land.
Greyhead has a shared equestrian center and
an extensive trail network. Homes range in
price from $495,000 to $8,250,000. Vacant
land ranges in price from $179,500 to just
over $10,000,000. Down Valley
Homes down valley in Illium, Sawpit, Fall
Creek and Placerville have the red rock canyon
formed by the San Miguel River as their backdrop.
These quieter neighborhoods are within twenty
minutes from the town of Telluride. Homes
range from $250,000 to $600,000. Land prices
are between $125,000 for a small parcel to
$1,400,000 for a 72-acre parcel. Ophir to Trout Lake
South of Telluride and Telluride Mountain
Village lie the tiny villages of Ophir and
Trout Lake. Ophir sits in its own pristine
valley on the southern side of the ski resort.
Trout Lake is near Lizard Head Pass and is
in the midst of thousands of acres of national
forest service land. Ophir and Trout Lake
are within twenty minutes of Telluride Mountain
Village. Homes range in price from $215,000
to $$1,375,000. Land prices are between $165,000
to $1,250,000.
The Telluride real estate market has experienced
a dramatic surge in home sales and new development
over the past few years. Since 1995, real
estate sales have increased year after year.
1999 and 2000 increased 62% and 32%, respectively,
in dollar volume. With the doubling of lift-accessed
skiable terrain in 2002, increased air service
and maturing of the Telluride region, Telluride
Properties expects real estate activity to
remain brisk. 
