Telluride real estate market is slowly and steadily recovering after the great recession period [2008-2010]. According to real estate experts the home sales in Mountain Village remains slow because of lack of new inventory and increasing possibilities in condo investment. Majority of home buyers prefer Telluride due to convenience of public amenities and stores. The total sales of residences in Telluride area last year [January 2017] was $49 million, which outperformed January 2016’s $38 million. It is almost 30% increase. Ranch property sale is sluggish, as owners ask high price.
It is predicted that in near future new homes will not be built in Telluride because of land constrains, so the prices of local inventory will steadily rise. The sale of condos and homes in Mountain Village are picking up because of opportunity to buy large homes, which are in great supply.
What makes Telluride’s Property market tick?
Annual real estate economy
Summer, spring, and fall in Telluride combined with multiple outdoor activities lure investors and tourists. Skiing is the only sport, which is listed on recreational menu. Telluride ski ranches attract skiers with endless miles of white powder. The surrounding is so attractive that investors also get tempted to invest. In summer the real estate sales exceed in comparison to winter months.
Rare physical beauty
Telluride region is sanctified with breathtaking scenery. Telluride’s raw beauty is described in many magazines and book. The natural topographical layout has allowed two towns and three mountains to be joined with a single ski region as well as gondola transportation system. There is no need for automobile or bus. The property on ski-areas is controlled by a single operator and owner of Ski Resort & Golf Company.
Limited supply of land development
Property surrounding the Telluride region is controlled by the federal, which limits the future growth to 14,000 private acres. Generally, all the private land is subject to master plan allowing development of not more than 4,000 single family equal to 1/3rd of 14,000 acres. Density is a thin fraction, which assures future development control. This optimistically drives market price in respect to value and volume.
Telluride town is designated as National Historic District. Strict guidelines of Telluride’s architectural quality and integrity of future development will be set by local Historical & Architectural Review Commission and National Trust for Historic Preservation. Initial projects, which have been developed and reviewed by Design Review Board have set a tone for multiple upscale projects.