The following was borrowed from the Kiplinger Letter. It provides some insights relating to the easing of restrictions placed on condo developers after the credit crisis reared its head in 2008. Just another bit of news that I classify as "light at the end of the tunnel".

Condominium developers and owners, take heart: Fannie Mae is easing up. The mortgage lender won’t officially rescind March 1 rule changes making it harder for developers to finance projects and potential condo buyers to get mortgages. But…

It will break its own rules more often. For projects that stand a good chance of success, Fannie Mae will waive a requirement that at least 70% of units be presold to get loans. Since March 1, it has done so for 90 projects and is spreading the word to other developers. The lender also wants to cut potential condo buyers some slack.

New rules stipulate no mortgages unless at least 51% of units are occupied by owners,no entity owns more than 10% of units and 85% of owners are current on condo fees.

2008_telluride_marketupdate.pdf
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My realtor association prepares market updates several times per year.  The file attached above is a recap of the activity in 2008.

The lifts - chairs 7 and 9 specifically - stopped running for the season on Sunday evening, but not until Telluride was blessed with over 2 feet of snow.  The pattern of recent years - loads of snow the week after the lifts close - held true again in 2009.  But thankfully we had the town side of the mountain still lift-accessible for this extra week so no hikes were necessary to enjoy the springtime bounty.  Happy off-season!  See you in Utah!

The Telluride Ski Resort officially closed on Sunday April 5th, but in an unusually very cool move, the ski company is keeping lifts 7 and 9 open for one extra week.  Being a destination resort, Telluride always sets a "hard" closing day in early April, but the north-facing slopes serviced by Lifts 7 and 9 always have a plethora of snow on closing day.  Accountants and office staff will be running the lifts since all of the lifties have already beat it out of town for warmer climes.  Me and the other locals who are always in town after closing day are extremely grateful to the ski company for this late-season gift.  See you at Giuseppe's!!

ski_resort_real_estate_market_analysis.pdf
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The file embedded above is a brief analysis conducted by Goldman Sachs for their top tier clients.  It provides basic information like skiable acreage and vertical rise, but it also goes into depth on home and condo sales from 2006 - 2008, particularly those that sold for over $3M.  The resorts included in this analysis are Telluride, Vail, Beaver Creek, Aspen/Snowmass, Deer Valley, Jackson Hole and Sun Valley.

Telluride and other Rocky Mountain resorts bounce back from a recessionary period sooner than the rest of the economy because of these key reasons: extremely limited supply, access to public lands, natural beauty and healthy lifestyles, almost non-existent crime rates.  Smart money interested in asset preservation finds its way to markets like Telluride.  Goldman Sachs prepares reports like this for their clients who are seeking to diversify their portfolio or their lifestyle...or both.

One note on Goldman Sachs in closing...the firm received $10B in federal aid last fall and they are ready to pay the entire amount back within weeks.  News like that is what's commonly referred to as "a light at the end of the tunnel".