Telluride CO: Telluride Real Estate, Telluride Premier Properties
Telluride CO: Telluride Real Estate
Recent information on sales volume in Telluride from the Telluride Asoociation of Realtors:
September was the busiest month, in terms of total dollar volume of real estate sold, since June of 2000 with 103 closings totaling $64,107,783. The next highest month this year was October with 82 closings totaling $46,496,723. While July and August were about average,with 55 closings totaling $23,132,266 and 52 closings totaling $19,354,250 respectively, September and October showed what a busy summer real estate season the Telluride region experienced.In addition, year to date total dollar volume numbers show the market is ahead of 2002 by 17% and 2001 by 9%
September details Residential single family homes showed the largest total dollar volume in a single month this year with $29,751,000 accounting for 46%of the total dollar volume in September.Five homes in Mountain Village priced from $2.3 to $5.5 million, and totaling $17,795,000,account for 61% of those single family home sales. Homes in the town of Telluride and the Ski Ranches ranging from $699,000 to $1.5 million account for another 30%of single family home sales while homes in Lawson Hill, Ridgway, Ouray, Hastings Mesa and the West End ranging in price from $65,000 to $415,000 make up the remaining 9%.
Condominium sales also showed the largest dollar volume so far this year with $18,252,742.In addition, they were 44%higher than the highest month of 2002 which was May with $10,104,000. Accounting for 43%of these sales was Bear Creek Lodge in Mountain Village with 13 sales averaging $594,784 and totaling $7,732,200. The Lodge was converted from fractional ownership to whole ownership condos this summer and since then 34 of the 38 units have either sold or been placed under contract. In the Town of Telluride, 14 condos totaling $6,383,542 for an average price of $455,967 were sold accounting for 31%of condo sales.The Plaza in Mountain Village also had 2 sales in September,at $1,350,000 and $2,150,000.The average price of a condo rose to $570,398 from September of 2002 when the average price was $440,259. Land also showed the largest total dollar volume so far this year with $13,273,541 from 38 sales. The largest sale was $3,510,500 for a 70+acre subdividable parcel in Ridgway.In the $325,000 to $900,000 range there were 8 parcels sold on the mesas surrounding the Telluride region,5 sales in Mountain Village and 1 in the Town of Telluride for a total of $7,554,225.
The remaining $2,208,817 came from 23 lot sales,located mostly in the Ridgway area, ranging in price from $31,000 to $185,000. October details October was the second strongest month to date this year,with residential single family homes remaining on top at $24,615,680 and accounting for 53% of October's '$46,496,723 in total dollar volume. The largest sales this month were a Mountain Village home for $5,700,000,followed by a Preserve home for $3,500,000,a Town of Telluride home for $2,750,,000 and a second Mountain Village home for $2,100,000.There were 3 homes sales in Ski Ranches totaling $4,450,000. Four homes ranging from $755,000 to $945,000 were sold in the Town of Telluride.
Condominiums also remained strong with 27 units totaling $13,77,543 in sales. Bear Creek Lodge units continued to close with 13 units totaling $6,897,460. The remainder of condos sold include 3 Eider Creek units totaling $657,500;10 units in the Town of Telluride totaling $4,935,583 and 2 units in Mountain Village totaling $1,280,000.
The number of land sales increased to 34 from 21 while the dollar volume dropped 26% from October of 2002. Sales totaled $7,701,500 and averaged $226,514. Of the 34 sales,29 occurred in Ridgway, Ouray and the surround- ing mesas as well as Norwood and the West End and ranged in price from $40,000 to $295,000. Rounding out the category were three Mountain Village lots priced at $265,000,$980,000 and $1,875,000,a Ski Ranches lot at $450,000 and a multi-family Log Hill Mesa lot at $532,500. The Town of Telluride 's offer of $19.5 million for 570 abutting acres of the Valley Floor was rejected by the owner,San Miguel Valley Corp.,on November 17.The offer matched what the Town of Telluride 's appraiser recently assessed the property at,but fell short by nearly $30 million of the landowner 's own approximate value.This summer SMVC appraised the land south of the highway spur at $48.2 million,and SMVC officials said they intend to put up a fight to honor that value. The offer to purchase the land and the rejection that followed clear the way legally for the town to file a condemnation suit in district court for emi- nent domain in hopes of preserving the Valley Floor as open space. Town officials say there is still room for future negotiations with SMVC and filing the suit in court doesn 't preclude the town from continuing those negotiations.When the condemnation suit is filed by the town,it is expected that SMVC 's initial move will likely be to challenge the legitimacy of the town 's claim of eminent domain over the Valley Floor and therefor it 's right to condemn it. Last year voters went to the polls twice on the Valley Floor issue.The first,in June 2002,gave the OK for acquisition of the land through condemna- tion if needed.The second vote that year gave the Town of Telluride the OK to borrow finances for the purchase of the land,strictly for preservation of open space.
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