Greetings,
I started my real estate career in Telluride in 1984 during the savings and loan crisis when it was hitting its peak. Then Black Monday which occurred on October 19, 1987 saw the stock market crash 20%. When it dropped 22.6% a few days later, it was the single largest one day percentage drop in history of the DJIA. That crash sparked fears of extended economic instability around the world. Then there was the tech bust or Dot-com bubble in the late nineties, the 9/11 attacks on the World Trade Centers in New York, and more recently the mortgage melt down that mostly caused the Great Recession from late 2007 which technically ended in June 2009. What we all know is that every one of these economic downturns was followed by a recovery. We will get through this Covid-19 pandemic. Yes, the pain and suffering will be great…globally. For the 30+ years we have published Tellugram, we have tried our best to report on the status of the Telluride regional real estate market as we see it, not favoring sellers nor buyers but trying to provide our readers with the best objective real estate information we can provide. We are here for you if you want to talk about the market or just visit. Email me at
George@TheHarveyTeam.Net
or call my cell number at 970-729-0111.
Market Commentary
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The real estate market for the first quarter of this year was impressive at $151.84M which was up 32% over the first quarter of 2019 and the number of sales at 123 which was up 14% over the first quarter of 2019. Of course, those numbers were before the impact of the Telluride Ski Area closing on Saturday, March 14th at 6:45 pm. At the end of the first quarter, there were 772 listings in the Telluride MLS with 535 of those listings being in San Miguel County. Those listings ranged in prices from $15,000 to $29,500,000 for a total of $1,142,473,642. As of April 16th, there were 21 properties that went under contract since March 15th and 28 properties withdrawn from the MLS during this period of time. The number of properties going under contract is about half of the normal amount but is still good considering the pandemic. A house in the town of Telluride listed for $3,485,000 just went under contract. Please take a look at our quarterly market analysis and note that inventory dropped significantly in two categories: Mountain Village Condominiums and Single Family Homes on the mesas and towns in our rural regions. Click here for
San Miguel County Real Estate Sales Activity Comparison for 2019 & 1st Qtr.
>>
CLICK HERE
Recently, I was interviewed by the Colorado Sun newspaper in Denver about the real estate market in Telluride along with some of my colleagues from around the state about their markets:
Click here to read the article
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Now for some general economic and real estate snippets from around the country.
- Park City, Utah: Inventory is down almost 40%. New contracts are down 57%. Contract cancellations are up 53%.
- New listings globally are down 50% to 70%.
- New listings in Manhattan were down 89% last week.
- IMF’s chief economist said the cumulative loss to the global domestic product could amount to $9 trillion – more than the economies of Germany and Japan combined.
- Morgan Stanley, Goldman Sachs and others are predicting that the U.S. economy will shrink by 4.8% in the first quarter of 2020 and 27.5% in the second quarter before a recovery might start to happen.
- During the Great Recession, unemployment peaked at about 10% in October 2009.
- Some economists are predicting unemployment due to Covid-19 rising to as much as 25% of the U.S. workforce which is annually about 165 million.
- About 36% of the U.S. economy is directly impacted by Covid-19.
- Housing starts in the U.S. has fallen about 10% since March 15th, or down about 800,000 units.
- Interest rates are probably going to remain at historic lows for the foreseeable future.
Now for a couple of Fun Facts. We need them after the above!
- Most adoption kennels around the country are empty. Apparently, a lot of people need a pet hug 😊.
- Girl Scouts sell about 200 million boxes for cookies per year. At $5 per box, that’s $1 Billion is Sales, more than the annual sales of Oreos, the best-selling U.S. cookie.
You are missed, and we genuinely look forward to welcoming you all back sooner rather than later once all is safe. You can reach me at
George@TheHarveyTeam.Net
or my cell at 970-729-0111.
"The greater part of our happiness or misery depends on our dispositions, not on our circumstances" – Martha Washington
Best to you,
George Harvey, Jr.
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RECOMMENDED BUSINESS
TRAVEL TO TELLURIDE
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UPCOMING EVENTS
CANCELLED
JULY 4
AUGUST 13-16
SEPT 18-20
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Comparative Sales Report -
(From Telluride Consulting)
Volume in Millions = $55.18...Up 27%
Number Sold =38... Down 16%
(From Telluride Consulting)
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Showcase Property
108 Lawson Overlook
Mountain Village
$3,195,000
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Gorgeous New Construction in Mountain Village with HUGE VIEWS of the San Sophia Ridge!!! This luxury, mountain contemporary family home has it all, including air conditioning & humidification, grand outdoor deck spaces with sunken hot tub and fire pits, custom kids' bunk room, impressive Great Room with high vaulted ceilings, and a complete furnishings & interiors package by Evoke Interiors. Sold fully-furnished and turnkey. Home is immaculate, never been rented, and easy to show! >>
READ MORE
Link valid until 5/16/2020. *NOTE: This property may or may not be a listing by The Harvey Team.
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BOX CANYON BRIEFS
IMPORTANT - READ BEFORE PLANNING YOUR VISIT TO TELLURIDE -
Updated Public Health Order for Colorado to Include Real Estate as Critical Business
Here is a video and verbal listing presentation that will make you smile with its humor and creativity
>>
READ MORE
You probably have more time on your hands now... So remember to fill out your US Census
>>
READ MORE
Sort of Spring Every Where - Birding Season Begins >>
READ MORE
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T
ELLURIDE ACCOLADES
Top 5 Ski Resort In The West - SKI Magazine
#2 Ski Resort in the United States and Canada 2019 - Condé Nast
"Small Town, Big Thrills Await Skiers in Telluride" – Chicago Tribune
America’s Best Ski Resorts: Telluride, CO –Forbes
Telluride Ski Resort Receives #1 Ranking for Overall Satisfaction– On The Snow
#2 Best Ski Destinations in the World U.S. News & World Report
#5 out of top 10 ski resorts for nightlife and Top 10 most scenic ski resorts in the world - USA Today
#1 top ski resort - Sunset Magazine
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THE HARVEY TEAM LOVES REFERRALS
Thank you for all the past referrals from your best friends and colleagues. We cannot thank you enough for your business and trust in The Harvey Team to bring the best possible real estate services to your friends, families and acquaintances.
We are having a great year again but can always use more business. All of the marketing and advertising in the world cannot compare to a quality referral from you!
READ MORE ABOUT THE HARVEY TEAM
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SOMETHING TO THINK ABOUT...
Choose a trusted real estate broker who knows the inventory, the market, and has historical knowledge that can't be found in the MLS or on the internet.
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The Most Colorado Place on Earth Video
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Check for summer flights.
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