TELLURIDE MARKETWATCH
BILL FANDEL
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“Live your life by a compass, not a clock.” - Stephen Covey
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“Without data you’re just another person with an opinion.”
- W. Edwards Deming
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A VIEW FORWARD
As we transition from a period of heightened market activity & rising prices amplified by the global pandemic, the Telluride real estate market continues to recalibrate to conditions where sales & transactional volume are far more consistent with historic data patterns. While property inventory levels slowly return to pre-pandemic numbers, the supply-constrained nature of this storied destination combined with the cost-intensive aspects of building in a remote setting, have contributed to far less price erosion in Telluride than what is unfolding in larger urban, suburban & coastal markets across the U.S. In an effort to offer a clear perspective to the reader on this remarkable region, the pages ahead provide detail & data on nearly all relevant aspects of the Telluride market over the course of the last decade. In turn, you’ll also find comparative statistical insights from other mountain resort markets along with information on our exclusive residential and ranch listings, business background and our company’s brand competencies. In an age of enormous customer choice, the quality of your representation is critical to your long term success. If you’re exploring opportunities in the Telluride region, let us help you navigate the peaks and valleys of this unique environment.
Call, text or email me to arrange a time to discuss.
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‘22 *
TELLURIDE BY THE NUMBERS
MOUNTAIN VILLAGE TELLURIDE
A comparison of the two primary communities within the Telluride Region highlights distinct differences between median pricing and price per square foot associated with the historic downtown area known as the town of Telluride and the ski-in/ski-out community of Mountain Village. The delta in pricing can be attributed to the smaller, more cost intensive style of homes found within the historic district, which is heavily governed by strict architectural guidelines. Conversely, residences with larger gross square footages on larger parcels of land contribute to the higher gross selling prices often found in Mountain Village.
Median Price / Sq. Ft. Single Family Homes
$1,244
$1,706
Median Sale Price Single Family Homes
$6.5M $4.05M
Median Price / Sq. Ft. Condominiums
$1,132
$1,731
Median Sale Price Condominiums
$1.4M $1.46M
*Statistics provided by Telluride Consulting / data through 11.1.2022
*through 11.1.2022
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SAN MIGUEL COUNTY TOTAL SALES BY DOLLAR VOLUME & NUMBER OF TRANSACTIONS $1,600.0
$1,400.0
$1,200.0
$1,000.0
$800.0
$600.0
$400.0
$200.0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (thru 10/31) Dollar Volume (millions) $174.3 $212.5 $256.8 $415.3 $546.2 $430.7 $319.2 $433.1 $616.8 $724.6 $681.9 $756.6 $343.2 $265.7 $317.6 $247.4 $364.7 $342.2 $507.1 $461.8 $452.8 $621.1 $539.4 $594.3 $1,161. $1,423. $998.0 Number of Sales 626 527 597 926 965 721 666 748 854 884 709 631 339 276 327 383 444 410 523 555 562 619 500 540 814 944 533 $0.0
Dollar Volume (in millions)
Number of Sales
*Statistics provided by Telluride Consulting / data through 11.1.2022
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0%
20% 40% 60% 80% 100%
Dual-season resort
IN SEARCH OF MOUNTAIN VISTAS
Proximity to amenities (e.g. shops, restaurants, bars) Walking Distance to ski lift or free bus service
High altitude resort Proximity to major airport Proximity to sports facilities Ski-in, ski-out Sense of comunity A rental and management program Proximity to train or bus station Proximity to medical facilities Proximity to golf Proximity to schools
Buyers of ski properties value a good view: some 98% said that this was an important factor in their purchasing decisions. Access to high-speed internet (83%) and some outdoor space (76%) were the next most important factors.
Very Important
Somewhat Important
Source: Savills Research
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The new must haves in alpine design: LIVING SPACE, INDOOR/OUTDOOR, HOME OFFICE, WELLNESS • Larger Living Space - Increase in footprint and flexibility of living areas • Indoor/Outdoor Living Areas - Seamless transitions, moveable walls, outdoor fireplaces, outdoor dining • Sustainable Design - Ecologically sound structures using enduring materials of the highest quality • Spas & Wellness - Dedicated spa areas with spaces for yoga, pilates, massage, meditation & steam/sauna • Smart Home Automation - Integration of latest technologies & remote automation • Turn-Key - Fully furnished & accessorized properties ready for immediate usage • Home Office - Revival of spaces designed for remote work & privacy
MEDIAN SALE PRICE - CONDOMINIUMS MOUNTAIN VILLAGE VS. TELLURIDE
1600000
$1,452,750
1400000
$1,250,000
$1,407,500
1200000
$1,119,500
$1,107,500
$1,059,500
$980,000
1000000
$1,010,000
$825,774
$906,250
$957,500
800000
$653,500
$627,500
$700,000
600000
400000
200000
0
2016
2017
2018
2019
2020
2021
2022
Mountain Village
Telluride
*Statistics provided by Telluride Consulting / data through 11.1.2022
MEDIAN PRICE PER SQUARE FOO T - CON DOMINIUMS MOUNTAIN VILLAGE VS. TELLURIDE
2000
1800
$1,731
1600
1400
$1,291
1200
$1,019
$1,132
1000
$828
$804
$755
$738
800
$668
$708
$634
600
$552
$581
$568
400
200
0
2016
2017
2018
2019
2020
2021
2022
Mountain Village
Telluride
*Statistics provided by Telluride Consulting / data through 11.1.2022
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MEDIAN SALES PRIC E - SINGLE FAMILY HOMES MOUNTAIN VILLAGE VS. TELLURIDE
7000000
$6,500,000
6000000
5000000
$4,788,625
$4,050,000
$4,025,000
$3,850,000
4000000
$3,070,000
$3,050,000
$2,925,000
$3,485,000
$2,800,000
3000000
$2,225,000
$2,175,000
$2,150,000
$2,437,000
2000000
1000000
0
2016
2017
2018
2019
2020
2021
2022
Mountain Village
Telluride
*Statistics provided by Telluride Consulting / data through 11.1.2022
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MEDIAN PRICE PER SQUARE FOO T - SINGLE FAMILY HOMES MOUNTAIN VILLAGE VS. TELLURIDE
2000
$1,896
1800
$1,706
1600
1400
$1,391
$1,244
1200
$1,085
$968
$996
$978
1000
$889
800
$658
$613
$609
$607
$724
600
400
200
0
2016
2017
2018
2019
2020
2021
2022
Mountain Village
Telluride
*Statistics provided by Telluride Consulting / data through 11.1.2022
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TOTAL GROSS DOLLAR VOLUME OF REAL ESTATE MARKET
YTD: 2022
$990,202,794
2021
$1,413,657,814
2020
$1,151,324,169
2019
$593,611,757
2018
$529,769,562
2017
$546,197,381
2016
$452,294,807
2015
$463,819,073
2014
$508,189,062
2013
$339,287,367
2012
$366,750,300
2011
$246,556,300
2010
$316,118,600
2009
$246,139,900
2008
$335,036,300
2007
$750,124,400
2006
$603,179,200
2005
$721,602,700
2004
$613,055,700
$- $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000 $1,400,000,000 $1,600,000,000
*Statistics provided by Land Title and Guaranty Company through 11.1.2022
Colorado Ski Resort Gross Sales Transaction by County 2013 -YTD: SEPTEMBER 2022 COLORADO SKI RESORT GROSS SALES TRANSACTION BY COUNTY 2013-10.2022
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2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD: 2022
Aspen/Snowmass
$4.51
$2,591,409,354
Breckenridge/Copper Mtn/Keystone/ABasin
$3.05
$1,734,004,299
Crested Butte
$1.01
$583,773,720
Purgatory/Durango Mtn. Resort
$1.62
$1,057,144,125
Steamboat
$1.83
$1,206,101,229
Sunlight
$1.48
$859,003,844
Telluride
$1.41
$899,326,056
Vail/Beaver Creek/Arrowhead
$4.28
$2,797,172,488
Winter Park/Granby Ranch
$1.22
$838,746,245
$-
$1
$2
$3
$4
$5
Billions
*Statistics provided by Land Title and Guaranty Company through 11.1.2022
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CURRENT MONTH TO MONTH GROSS SALES VOLUME CURRENT MONTH TO MONTH GROSS SALES VOLUME (‘21 VS. ‘22)
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV DEC
*Statistics provided by Land Title and Guaranty Company through 11.1.2022
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“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” - Franklin D. Roosevelt
WHY TELLURIDE?
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Dramatic Scenic Beauty: The Telluride region offers a rare & spectacular natural beauty considered by seasoned travelers to be among the most beautiful settings in North America, with the southern San Juan mountains home to more 13,000 & 14,000 foot peaks than anywhere in the continental United States Rich Historic Character: The distinctive Town of Telluride is one of 13 National Landmark Historic Districts in the United States, receiving high marks for fostering & preserving the historic character of a true 1800’s Victorian-Era Colorado mining town World-Class Ski Resort: Ranked time and again among the top destination mountain resorts in North America by Condé Nast , Forbes , Ski & Skiing magazines Ideal Alpine Climate: The Southern San Juan mountains offer a more temperate year-round climate than most competing mountain resorts. The higher altitude is proving decidedly beneficial in the age of climate change, with Telluride frequently cooler in the summer, with daytime temps in summer in the 70’s & low 80’s while nights hover in the in the upper 40s & low 50’s Low-Density Zoning: A combination of topographical constraints, low-density zoning and surrounding public lands makes the amount of developable real estate in the Telluride region truly supply-constrained, which is often considered the ultimate driver of long-term value in evaluating long-term real estate valuations Air Access: Despite a reputation often overstated as being difficult to get to, the Telluride region offers an under-appreciated ease of year-round & seasonal air access from Atlanta, Dallas, Denver, Austin, Houston, Chicago, New York, Phoenix, Los Angeles and San Francisco. Many familiar with the region believe that this continued misconception has helped preserve Telluride’s remarkable beauty and rich character as other resorts sprawled over the last three decades High Speed Internet Infrastructure: Recently the Telluride region welcomed dedicated Google Fiber service to the area to complement existing cable broadband. Combined with the rise of Starlink, HughesNet & Brainstorm satellite services, even remote outlying areas afford streaming options for visitors & residents alike Exceptional Dining Options: For a small town, more than 50 dining establishments await travelers ranging from casual options well-suited to groups & families to the more refined & sophisticated which will satisfy the most discriminating palates The Gondola: Connecting the two communities of Telluride & Mountain Village from 7am to 1am, this pedestrian-friendly transportation link eliminates the need for a car within the two towns and is the only commuter system of its kind in North America
19 True Small Town Setting / Lack of Urban Sprawl: Telluride offers a true small-town atmosphere with an estimated 3,500 year-round residents and the nearest stop light still nearly 40 miles away. The lack of widespread chain stores, fast-food or retail franchises gives Telluride the feel of a homegrown but sophisticated village with most businesses, restaurants and lodging options having a locally- inspired tone “Festival Capital of the Rockies”: In an effort to stimulate summer visitors 50 years ago, Telluride set itself apart by creating a series of world-class festivals that have become the model for mountain resorts throughout the West. The Telluride Film Festival. Telluride Bluegrass Festival, MountainFilm, and Telluride Blues and Brews events among the many are considered “best in class” for the genres and keep every weekend of the summer filled with exciting cultural offerings Spas / Yoga / Pilates / Meditation: From the Telluride Yoga Festival & Telluride Yoga Center to several world-class destination / day spas, Pilates studios and meditation retreats the region has long been a destination for those looking to improve mind, body & spirit across numerous areas of practice Philanthropy & Volunteerism: Telluride has long prided itself on community involvement, ease of volunteerism and a philanthropic commitment focused on the ongoing support of a broad array of charities & regional non-profits with hundreds of opportunities for people to involve themselves on a personal & financial basis Winter Recreation: Skiing, snowshoeing, snowmobiling, sledding, Nordic skiing, fly-fishing, backcountry hut touring, ice skating, hockey leagues, horseback riding, ice climbing, photography tours are just a sampling of recreational options throughout the winter months Summer Recreation: Hiking, mountain & road biking, scenic & historical walking tours, mine tours, mountaineering, 4X4 Off-Roading, ATV/Motorcycle, Camping, Court Sports, Fall Foliage, Glider Rides, Golfing, Hiking, Horseback Riding, River Sports, Rock Climbing, Running, Fly Fishing, Hot Air Balloon Rides, Skate Parks, Swimming, Photography Tours Heli Skiing: Telluride Heli-Trax offers Colorado’s premiere world-class heli-ski operation providing guests with access to some of the finest permitted terrain in the United States Fishing & Hunting: With four Gold Medal fly-fishing rivers within a couple hours’ drive including the storied Black Canyon of the Gunnison & lower San Juan, along with some of the finest trophy elk & deer habitats spanning millions of surrounding acres, the area has long been a sportsman’s paradise Sought-After Privacy: Surrounded by millions of acres of public lands, the community of Telluride’s storied natural beauty and relative isolation make it a true retreat for people from all walks of life with its distinctly understated tone, considered decidedly different than the rampant commercialization more often found in some competing mountain resorts
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EXCLUSIVE LISTINGS
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228 Benchmark Drive, Mountain Village
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UPPER BENCHMARK ESTATE
This outstanding residential assemblage is among the finest offerings ever presented for sale in Colorado ski country. Two distinct residences artfully situated on two contiguous parcels overlooking both a private pond & groomed ski runs of the Telluride Ski Resort, this custom compound will satisfy the most discriminating of tastes. Designed by an internationally renowned archi- tecture & design firm known for their hospitality commissions, the property is perfectly programmed for family, guests & their staff to enjoy a resort-like escape to the mountains anytime of year. The materials, fit, finish & furnishings are without compare. For those interested in the very best.
465/475 Benchmark Drive Mountain Village, CO 81435 14 Beds | 21 Baths | 30,018 Sq. Ft. | 3.17 AC $34,500,000
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CONTEMPORARY MASTERWORK
Among the finest examples of legendary AD 100 architect Hugh Newell Jacobsen’s iconic style. The clean & contemporary residence is a wonderful combination of quarried limestone, glass, steel & native stone. Understated yet sophisticated vaulted interiors were perfectly executed to savor the natural light & act as the ultimate backdrop for a stunning natural setting. All set within the private enclave of Gray Head located just 20 minutes from Telluride’s storied ski slopes, within a community that has its own trail system, tennis courts, rustic owner’s cabin & fishing pond.
1068 Wilson Way, Telluride, CO 81435 4 Beds | 4 Baths | 35.22 AC $14,750,000
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HUNDRED-MILE VIEWS
228 Benchmark Drive Mountain Village, CO 81435 5 Beds | 6 Baths | 3 Half Baths | 1.22 AC $15,950,000
Previously featured in Architectural Digest for its exceptional design & interior spaces, this mountain Arts & Crafts-styled home offers a timelessly Telluride look & feel. Located trailside on two ski-in/ out lots, this 5-bdrm custom residence & attached caretakers quarters offers nearly 11,000 gross sq ft of usable area. With a series of warm spaces framed dramatically by scissor-trusses finished in hand-hewn quarter-sawn oak & mahogany, the floors, trim & paneling give the home a rich & enduring feel, while marble, copper & custom tiles give each bath their own distinctive feel.
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WEST MEADOWS
54 Timberwood Drive Telluride, CO 81435 5 Beds | 7 Baths | 2 Half Baths | 9.08 AC $23,950,000
Set on just under ten park-like acres within the region’s most coveted enclave of West Meadows, this Contemporary Arts & Crafts residence combines world-class architecture and design with the rich and rugged materials as well as character this region is known around the globe for. A wonderfully-crafted main house, attached guest house and recreational barn sit perfectly nestled between two ponds, overlooking flower-filled gardens and rolling meadows which offer some of the most dramatic views in the State of Colorado. This exceptionally well designed and carefully crafted assemblage represents the rarest and very best the Telluride Region has to offer.
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RANCH & LAND
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RANCH & LAND SEGMENT
From the finest trophy ranches and pastoral horse farms to recreational retreats & vacant parcels of land stretching across the Southwestern Colorado, we have been fortunate to assist a host of discerning clients in the purchase & sale of some of Colorado’s most significant and iconic ranch properties. As the sources of global wealth continue to broaden, the resources and advisers needed to guide international clientele have become ever more critical. We are the gateway to diverse offerings spanning the Western U.S. where these unique properties resonate with our stable of clients who con - tinually seek the exceptional investment-grade assets for their own legacies. In turn, we bring a team of the finest surveyors, appraisers, water & natural resource experts, conservation advisors, water rights and land use attorneys to bear on behalf of our clients.
Whether you’re buying or selling, please visit our website www.TellurideRanchBroker.com to begin your search for best-in-class assets or call us to discuss any related aspects in greater detail.
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In the acquisition and sale of ranch and land assets we help our clients focus on those aspects of a property that help drive short and long-term value, often involving the following elements & attributes:
· Privacy / Exclusivity · Natural beauty · Location / Setting / Locale
· Provenance / History · Acreage / Topography · Water (Live or Surface water Features) · Recreational opportunities (hunting, fishing, skiing, hiking) · Resources of scientific interest (biodiversity) · Quality / Scale of residential & operational improvements
· Urban service proximity (commercial / private FBO, medical, retail conveniences, entertainment) · Proximity / Adjacency to publicly owned lands (National Forest, BLM, National Parks, etc.)
Other components onsite for evaluation / consideration might include:
· Equestrian facilities · Ranch Manager / Property Manager / Natural resources manager
· Remote / Guest cabins · Visitor / Guest Lodges · Recreation facilities (pool, tennis, golf)
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RUFFNER PEAK RANCH Last Dollar Road Placerville, CO 81430 603 AC $16,000,000 A once-in-a-generation-opportunity to own one of the most dramatic assemblages of vacant land in the State of Colorado. Offering breathtaking views of the iconic 14.000-ft peaks of the Wilson & San Sophia Ranges which encircle the storied mountain resort of Telluride, Ruffner Peak Ranch is comprised of over 600-acres of rolling alpine meadows, interspersed with centuries-old Aspen & conifer forests & protected by deep natural canyons. Bordered on nearly three sides by USFS & BLM land, the ranch is located just 15 minutes from the Telluride Regional Airport off the legendary Last Dollar Rd. The property lends itself to a wealth of opportunities for those who want something very special.
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PASTORAL RANCH RETREAT
Set within the gated Top of the World Ranch, this two-parcel assem- blage totals over 107-acres of verdant meadows, upland forest, ponds, streams and pasture, surrounded by towering mountain peaks. With three custom-built modern ranch structures, the property is ready for year-round enjoyment with each light-filled space exuding enduring charm. Bordering large multi-general ranches on two sides & within immediate proximity of Little Cone Wilderness, the area is teeming with wildlife while offering opportunities from hiking & biking to winter sports in a setting ideally suited for a horse enthusiast.
1006 Top Of The World Drive Placerville, CO 81430 3 Beds | 2 Baths | 1 Half Bath | 107.18 AC $5,250,000
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SPECIE MESA RANCH
11 3 / 4-1 Laughing Dog Road Placerville, CO 81430 183 AC $2,995,000
In a world of already rarefied beauty a very limited few places can be considered truly special....this exceptional two-parcel assemblage totaling 183+ acres sits within a rolling alpine meadow,on the shore of an expansive private lake, ringed by aspen stands that look out over towering snow-capped peaks. Located within the gated Specie Mesa Ranch offering year-round access, these pick-of-the-litter tracts offer a special opportunity to create one’s legacy in a setting that is truly sublime.
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40-ACRE ESTATE PARCEL
40+-acre estate parcel at the end of a private drive within the small enclave of Gray Head. Surrounded on three sides by National Forest with spectacular views 14,000-foot peaks and the entire Telluride Valley. Full benefits of Gray Head’s private suite of amenities.
Lot 18 Wilson Way, Telluride, CO 81435 40 AC $3,100,000
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DEVELOPMENT OPPORTUNITY Pennington Place
Mountain Village, CO 81435 Call for pricing and details
Rare opportunity to develop as many as four freestanding townhomes or two duplex residences in the heart of Mountain Village. Overlooking the golf course and cross country ski trails at the end of Pennington Place. Owned by the original developer of Eagle View Reserve.
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BILL FANDEL
As a trusted real estate advisor for nearly three decades, Bill Fandel consistently represents the Telluride Region’s most discriminating buyers and sellers. From the region’s finest luxury homes and penthouse condominiums to iconic trophy ranches and estates, Bill works diligently to best serve his clients’ specific needs and interests. His portfolio of luxury listings receives worldwide exposure through a powerful global network of top real estate professionals. As a result, Bill has achieved a series of landmark sales across multiple markets. A client will receive the professional attention one would expect in a sophisticated marketplace while maintaining discretion with the utmost priority focused on your transaction.
REAL Trends / America’s Best Real Estate Agents (Top Agents by Volume by State) | 2010-2021
Twice recognized by Wall Street Journal / REAL Trends as among the Top 250 Individual Agents by Volume - Nationwide
The Land Report: America’s Top Brokers
Twice named Telluride Association of Realtors “Realtor of the Year” & recipient of the “Presidential Award”
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ANA BOWLING
Ana is a highly competent and accomplished real estate professional. Possessing over 25 years of extensive experience in a variety of roles across consumer luxury markets, Ana is an astute specialist in sophisticated brands, discerning clientele and the luxury marketplace. Ana’s accomplishments in a short four-year period as a real estate professional in Telluride, Colorado have afforded her the opportunity to participate in nearly $400 million of real estate transactions, working alongside her associate Bill Fandel. These landmark transactions have included the sale of condominiums, vacant land, single family homes and ranches. Attention to detail, forward thinking and astute communication skills assure both clients and colleagues of Ana’s ongoing commitment to professionalism.
Prior to moving to Telluride in 2009, Ana lived in New York City during which she worked for Armani and Estée Lauder,
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respectively. She ultimately owned and ran a premier fashion buying office, buying for women’s high-end boutiques and department stores both domestically and internationally. She has since worked for LVMH, and as Managing Partner of Soiree Telluride, the premier wedding planning business in the Telluride region. Ana’s passion for community and the greater good shine through with her extensive involvement in the Telluride community and nonprofit involvement. She is steeped within the nonprofit community currently serving as the Vice President of the San Miguel Resource Center, Board Member and Mentor at the One to One Mentorship Program and Board Member of the Ah Haa School for the Arts. Ana and her husband Matt enjoy the outdoors and any activity that takes them into nature.
2019-2020 Telluride Association of Realtors Rookie of the Year
Bill Fandel and Ana Bowling
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SIGNIFICANT REGIONAL SALES
LEGENDARY TROPHY RANCH Sale Price $46,548,381 • Highest sale to date Telluride MLS • Highest sale in the U.S. In 2010 • Bill Fandel represented buyer and seller
MERIDIAN RANCH Sale Price $32,000,000 • Highest vacant land sale to date in the Telluride Region • Bill Fandel represented buyer AUTUMN RIDGE Sale Price $17,100,000 • Highest residential sale to date Mountain Village • Bill Fandel represented buyer and seller RASPBERRY PATCH Sale Price $14,000,000 • Highest residential sale to date Raspberry Patch / Elk Run • Bill Fandel represented seller
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NOTABLE SALES
210 Acre Estate | $48,000,000 | Undisclosed Legendary Trophy Ranch | $46,548,381 | Pagosa Springs Historic Country Estate | $33,000,000 | Undisclosed Meridian Ranch | $32,000,000 | Telluride Autumn Ridge | $17,100,000 | Mountain Village Butch Cassidy | $17,000,000 | Mountain Village Raspberry Patch | $14,000,000 | Turkey Creek Mesa Autumn Lane | $12,500,000 | Mountain Village Eagle’s Rest | $12,300,000 | Mountain Village Gold Creek | $11,450,000 | Alta Lakes Stapp Lakes Ranch | $10,500,000 | Boulder County
The Promontory | $10,350,000 | Aldasoro Basque Estate | $10,000,000 | Aldasoro
Oak Street Compound | $9,900,000 | Town of Telluride Main Street Penthouse | $9,550,000 | Town of Telluride Hood Park Estate | $9,500,000 | Mountain Village Mt Sneffels Ranch | $9,175,000 | Ridgeway Highlands Way | $9,050,000 | Mountain Village Penthouse & Alley Cottage | $8,500,000 | Town of Telluride Transfer Penthouse | $8,200,000 | Town of Telluride Russell Drive | $8,100,000 | Mountain Village Depot Avenue | $7,900,000 | Town of Telluride Benchmark Estate | $7,850,000 | Mountain Village Hood Park Villa | $7,795,000 | Mountain Village
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COMPASS NOTABLE STATISTICS
#1 BROKERAGE IN THE U.S. IN 2021 Source: As of 2021 Closed Sales Volume, Real Trends 500
COMPASS IS HOME TO 18% OF THE REAL TRENDS / WSJ TOP 1000 AGENTS & TEAMS IN THE U.S. BY VOLUME, THE HIGHEST PERCENTAGE OF ANY COMPANY.
#1 REAL ESTATE WEBSITE IN 2019 + 2020 Source: Website traffic sourced via SimilarWeb, 02..01.2021 - 02.28.2021
1.4M+ ANNUAL UNIQUE INTERNATIONAL USERS ON COMPASS.COM Source: Google Analytics, 1.1.2020–12.31.2020
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COLORADO BY THE NUMBERS
#1 BROKERAGE IN BOULDER Based on 2021 Sales Volume & Transaction Volume #1 BROKERAGE IN DENVER Based on 2021 Sales Volume & Transaction Volume
Source: MLS data from REColorado Office Ranking Report by Office ID # for total closed volume from 1/1/2021 - 12/31/2021
Source: Broker Metrics | based on MLS data from IRES MLS from 1/1/2021-12/31/21, all property types - based on Total Sales Volume
VAIL TOTAL OFFICE SALES VOLUME IN 2021: $310,707,838 Source: Data sourced from VBRMLS 1/1/2021-12/31/2021 ASPEN TOTAL OFFICE SALES VOLUME IN 2021: $1,189,737,539 Source: Data sourced from ABRMLS 1/1/2021-12/31/2021 12 OFFICES ACROSS COLORADO Aspen, Basalt, Beaver Creek, Boulder, Breckenridge, Broomfield, DTC, Cherry Creek, Highlands, Steamboat Springs, Telluride, and Vail
52 Compass is the #1 Luxury Brokerage in Southern & Northern California . * *Source: Los Angeles Quarterly Market Insights Report (Micro): Q3 2021 LOS ANGELES #1 Brokerage by Sales Volume & Market Share in 2021 With 19.39 percent market share of sales at $10M+, Compass is the top-performing brokerage for luxury residential real estate in L.A. County. Source: Brokermetrics, based on MLS data from THEMLS from 1.1.2021—12.31.2021. Report is based on sold residential listings. Areas values include: 90403, 90039, 90402, 90405, 90404, 90212, 90035, 90211, 90027, 90049, 90401, 90026, 90042, 90265, 90210, 90077, 90291, 90041, 90272, 90290. Metrics presented in this report are based on information from the THEMLS and prepared by Terradatum. All information deemed reliable but not guaranteed and should be independently verified. SAN FRANCISCO #1 Luxury Brokerage by Sales Volume & Market Share in 2021 In the San Francisco Bay Area, Compass commands the $8M+ segment by a wide margin over competitors with 40.56 percent market share. **San Francisco Bay Area MLS, BAREIS MLS, Regions include Alameda County, Contra Costa County, Marin County, Napa County, San Francisco County, San Mateo County, Santa Clara County, and Sonoma County. Property types include single-family home, condominium, townhouse, and residential land. List and sell side. Closed sales, 01/01/21-12/31/21. Luxury for the San Francisco Bay Area is defined as transactions $8M+. SAN DIEGO #1 Brokerage by Sales Volume & Market Share in 2021 With 14.01 percent market share of sales at $3M+, Compass is the top-performing brokerage for luxury *Source: San Diego MLS and CRMLS based on data available at the end of February 2022 ORANGE COUNTY Top-performing brokerage for luxury residential real estate With 19.54 percent market share of sales at $6M+, Compass is the top-performing brokerage for luxury residential real estate in Orange County. *Orange County MLS via Terradatum’s BrokerMetrics. Regions include Orange County. Property types include single-family home, condominium, townhouse and residential land. List and sell side. Closed sales, 01/01/21-12/31/21. Luxury for Orange County is defined as transactions $6M+.
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#1
AUSTIN #1 Brokerage in market share based on Sales Volume of Homes $1M+ Source: BrokerMetrics, HAR, ALL MLS, for transactions that closed 1/1/21-12/31/21. Residential Single Family Homes. Market Share Comparisons by Brokerage. Results deemed accurate but not guaranteed. HOUSTON #1 Brokerage in market share based on Sales Volume of Homes $1M+ Source: BrokerMetrics, HAR, ALL MLS, for transactions that closed 1/1/21-12/31/21. All Property Types. Market Share Comparisons by Brokerage. Results deemed accurate but not guaranteed. DALLAS #1 Brokerage in market share based on Sales Volume of Homes $1M+ Source: BrokerMetrics, HAR, ALL MLS, for transactions that closed 1/1/21-12/31/21. All Property Types. Market Share Comparisons by Brokerage. Results deemed accurate but not guaranteed.
WASHINGTON D.C. #1 in Market Share by Sales Volume Source: Brokermetrics® BrightMLS 1/1/2021-12/31/2021, Washington DC.
NEW YORK Compass’ offices in Manhattan closed 3,393 transactions for a gross sold volume of $5.76B in 2021, placing them #3 in New York City among top residential brokerages Source: TRD Analysis of closed sales on Streeteasy, Lavalamp and from firms. Includes Manhattan residential sales (Condos, co-ops or single family homes with no commercial component) recorded on Acris in 2021. Only sell- side deals were counted. Firms that work exclusively for a developer were not counted. Off-market deals were not counted. All firms were contacted, not all firms participated.
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BUYERS: • Similar to all highly sought-after supply-constrained destinations, the quality & scarcity of location along with views, sun, ease of access, privacy &quality of construction determines near and long-term value in the Telluride market • Do not fixate on price per square feet as your sole basis for analysis when considering value of a property; rather look closely at a combination that contemplates replacement cost of land and its improvements; while costs per square foot is relevant in analyzing condominiums, this metric falls short when it comes to valuing one-of-a-kind properties with extensive infrastruc- ture across a far greater buildable area • Be willing to consider upgrading an existing property that has the setting & views you desire. Ample resources are readily available in terms of interior design, architecture, & construction to assist in the remodeling & improvement of an existing asset • Make clean, cash offers with limited contingencies & short-closing timelines for the most serious consideration by sellers • Commission a licensed and bonded property inspector to examine all aspects of the asset you are considering for purchase: make sure to include roofs & radon in those inspections • Confirm what road access & conditions are for a property in both winter & summer, as ease of access and drive-time can vary greatly for outlying or isolated properties • Confirm what is included in a sale; assume that artwork, personal effects, fireplace permits, etc. are not included • Confirm water rights, local zoning laws, utilities, access easements, plowing schedules, fees, mineral rights on vacant land, agricultural status as part of due diligence, costs of insurance, local or municipal transfer taxes(if any) & property taxes before making offers • Confirm that a project’s developers and the related Home Owners Association (HOA) are stable, well-managed and the reserves are well-funded • If considering financing amidst a changing interest rate environment, get yourself pre-qualified with your own bank or explore seller-financing options so you are comfortable in advance of a property search with what you can commit to on a purchase • Make sure you understand the long-term consequences of any vacant neighboring lots, any potential changes in zoning or any adjacent properties that may be considered Open Space. STRATEGIC CONSIDERATIONS FOR BUYERS & SELLERS
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SELLERS: • As markets recalibrate, be realistic about your perceived “bottom line” in a sale, knowing that there may be a repricing of assets in certain segments of the market. While Telluride has seen relatively stable pricing, expectations by buyers are that greater discounts will be negotiated off of presently listed prices • Don’t be offended by “low-ball” or deeply discounted opening offers; keep negotiations moving and always respond to qualified parties. There are a limited number of discretionary purchasers within a small market at any given time, so don’t lose a sale over issues of pride or ego. Serious buyers often like to test a seller’s motivation initially even when willing to ultimately pay more • Contemplate near-term seller financing to get a transaction to contract; it may be the element that helps a qualified client choose your property over another, especially during a period of dramatic upward trends in borrowing costs • Have your own inspections done in advance of listing a property; complete your own punch list in advance of any negotiation with a buyer; several thousand dollars spent proactively on property maintenance issues or reasonable capital improvements can avoid an attempt by a buyer to seek tens of thousands of dollars in credit or compensation for deferred maintenance issues within a negotiation • Consider retaining an interior designer or staging professional to go through the house and upgrade dated furniture, fixtures, and to eliminate mismatched accessories or excessive furniture that’s been collected over the years. Clean and simplified interiors tend to appeal far more to buyers than a heavy or ornate sense of style presently • Make sure a property’s landscape & exteriors are well-tended to, with sidewalks shoveled, driveways plowed, exterior lights working, trees pruned, stonework repaired, flowers and lawns watered, and decks and trim properly stained or painted • Consider adding parking spaces, spa memberships, lifetime ski passes or similar incentives in Town or Mountain Village, or for properties outside of town that compete directly with several others in the same price class. It may just be the tipping point between a sale or “second-place finish” in a tightening market • Use an accomplished, Colorado-licensed real estate broker with strong market presence, substantial marketing infrastructure, years of experience, market knowledge, negotiation skills, strong local relationships, and most importantly a passion and appreciation for your property & perception of its value
The views, opinions, positions, comments or strategies expressed by the author are theirs alone. This publication makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information within, and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.
BILL FANDEL 970-708-4141 bill.fandel@compass.com
ANA BOWLING 404-578-0032 ana.bowling@compass.com
TellurideLuxuryProperties.com
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