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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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