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A local's perspective on the market: Optimism for the winter season.

Published in the Telluride Daily Planet by my coleague, Stewart Seeligson, who sits on the board of directors for the Telluride Association of Realtors.

January 4, 2011

The Telluride Association of Realtors periodically reports on the latest real estate performance for our market. Most recently, we reported that the real estate market for San Miguel County has outperformed the previous year’s quarter for four consecutive quarters in terms of sales volume and number of transactions. This data may well indicate that a bottom in the market was reached sometime early or in the middle of 2009. Time will only tell for sure. But looking forward to this upcoming season we turned to the owners of three of our largest real estate brokerage firms in Telluride to share their outlook for the real estate market for the winter.

Nels Cary, who is the owner and managing broker for Peaks Real Estate Sotheby’s International Realty, pointed out that Richard Smith, CEO of Realogy (which owns Sotheby’s International Realty, Coldwell Banker, ERA and Century 21) described the general outlook for substantial real estate recovery throughout the country as being “probably a year away.”

Cary continued by saying that “the luxury markets, however, have a better chance of a more rapid recovery because wealthy consumers have liquidity and recognize that now is the time to obtain the best values before the market trends upward. Our sales volume year-over-year from the same period in 2009 is up over 60 percent, so I am feeling cautiously optimistic about the winter selling season.”

Albert Roer, an owner of Telluride Properties, Inc., also expressed optimism for the Telluride real estate market. “Our business is up 43 percent in 2010 over 2009. We anticipate slow steady improved volume as we move into 2011. We are extremely optimistic on the long-term future of Telluride. Our buyers are keenly aware of the unsurpassed quality of life we enjoy here in Telluride.”

TD Smith, owner and managing broker for Telluride Real Estate Corporation, stated that he believed “The 2010 market place is best characterized as ‘rounding the corner.’ While it is most heartening to witness a significant increase in gross dollar sales, it is perhaps just as significant that the upper end of the market has experienced a revival with 58 sales and contracts above $2 million as of September compared to only 13 such sales in 2009. With airline and lodging bookings on the upswing, I look forward to a very strong winter.”

The increased activity in our real estate market over the last four quarters is encouraging for our community. Just as encouraging is the optimistic outlook that Cary, Roer and Smith have expressed for the upcoming winter season.