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MARKET ANYLSIS
WINTER 03/04 UPDATE

Mountain Village

Condominiums -The average price (per square foot) for condominiums in Mountain Village has increased from around 340$ in 1998 to over 400$ in the winter of 2003. Upscale unit sales have gone to around 1,450$ per foot. The average cost of a 2 bedroom condo has gone above 350,000

Residential Lots - The average price for a lot in Mountain Village in 1998 was approximately $375,000. This average has increased by over 70% to go above $800,000 in late 2004. The average annual growth rate is over 20% a year for premium lots with views.

Homes - The average price for homes in M.V. in 2003 was around $2,800,000 with the highest price sale of $7,200,000. This exceeded $1,000 per square foot for a furnished home. The average price per square foot in 2003/04 is over $570. The numbers for 2003/04 winter are just starting to come in, and a square foot cost of over 600$ looks likely.

Telluride

Condominiums - The Condo Market in town has absolutely gone bezerk… Prices for an in town condo with average views and medium finishes with a late 80’s motif have been priced at above 420 a foot. While newly built units achieve price levels in the range of $500 to $1220 per square foot. Single bedroom units with less than 600 square feet are going for almost 200,000. The cheapest 2 bedroom unit as of January 1st 2004 was at 410,000! Re-models and modest expansion have helped fuel this hot market and it should continue for the short term.

Residential Lots - The average land cost of a standard lot (2,500 feet) has now topped 625,000n. Some lots that less desirable are still in the 450,000 range but they to are appreciating. The last 5 years have seen an annual appreciation of over 20% a year.

Homes - Single family residences in the winter of 2003/2004 were sold at an average cost per square foot (including land values) of over $550. The lowest asking price for a single family dwelling in the town is priced at over 600,000. That is about 570$ a square foot for a 2 bedroom 1,100 square foot house. Appreciation rates the last 24 months are over 25%. Recent high sales have been around the $1,000 per square foot price. To help fuel this market is the “TEAR-DOWN” philosophy where you buy the house for the land value and re-build.

Telluride Region

Regional Vacant Land – This segment is one of the most active in the county. Sales of 35 to 40 acre parcels in the past five years have increased from an average of $8,375 per acre in 1998 to over $150,000 per acre in early 2004. Proximity to the Telluride valley is the driving force behind this boom. The key to this market is a drive time of under 30 minutes from the mesa views to downtown.

Regional Condominiums - The demand for county condominiums and half-duplexes, which typically are available at lower prices than those in Telluride and Mountain Village, is expected to grow as the need for relatively affordable housing expands. An investor willing to develop has serious potential in this market segment. Condominiums represent a viable housing option for locals who cannot afford the higher prices that tend to dominate the Telluride and Mountain Village markets.

The statistics used are provided by the Kiernan report. The most recent data was gathered from sales and information in the Telluride MLS.
All information provided shall be deemed reliable but not guaranteed.