Important Telluride Update

Hello from Telluride,

Capella is shutting its doors on January 31st (please see link from the Telluride Watch below). I am not sure how this ultimately will pan out, but the sooner it does, the sooner the Mountain Village Core real estate market will further stabilize. The Peaks Hotel has made noticeable and meaningful changes in its physical structure and hotel operations along with significant sales of their hotel rooms/suites. There is also a growing handful of condos (5-6) in the village that have recently contracted. Other condos in the core are attractively priced and should contract before the end of ski season. Sales in January and February of homes and condos in the area are anticipated to be noticeably stronger than 12 months ago with the upcoming closings of over a dozen high-end luxury residences at Element 52 in town ($1,100+/ft) as well as several homes about to close in the next 2-6 weeks in Ski Ranches, Ames and other neighborhoods.

As long as we keep getting a steady flow of storms in the next couple weeks – or one big dump – the ski conditions will remain nice. Please let me know if I can provide you any further information as well as informing me of any types of properties you would like me to keep an eye out.

http://www.watchnewspapers.com/view/full_story/11041996/article-In-Foreclosure--Doors-to-Shut-at-Capella--Inn-at-Lost-Creek?instance=top_story

Best,

Mike

Mike Shimknois
Broker Associate/Telluride Properties, LLC
237 South Oak Street, Telluride, CO 81435
c 970.708.2157