There is a popular saying that a busy December can often forecast a slow January. This view was born due to people who might speed-up their property sale/purchase decisions at the end of the year for tax purposes, causing a number of transactions that would have naturally occurred in January to instead close in December. That maxim held true this year as a robust December was followed by a quiet January.
Overall, the 1Q did see a decrease in the number of transactions closed when compared to 1Q2018, and that was true across all property categories, but some significant sales helped to push the actual dollars transacted above the same quarter from last year.
The large vacant lot just north of the post office - home to many Shasta trailers and various construction vehicles over the years - finally closed at $12.75MM. A hotel had been envisioned on the property, and vested development rights for that concept are still in existence, but this author heard the new owners have a different plan in mind. I will share an update when available.
Among in-Town condominiums, the sale of the Plunge Landing building was the most significant. A couple of contemporary residences - one the penthouse with a tremendous rooftop deck - sit above a large, ground-floor commercial space. The whole package closed for $5.7MM.
Here is a quick breakdown of the 1Q results for the Town of Telluride:
MAJOR MARKET SEGMENTS
Single-Family Condo/Townhome Vacant Land
# OF TRANSACTIONS 3 18 3
$ OF TRANSACTIONS $7.5M $23M $15M
AVERAGE SALES PRICE $2.48M $1.27 $5M
MAXIMUM SALES PRICE $3.63M $1.96M $12.75m