What's in Store at the Peaks?
After an action-packed few months of construction starting, then halting, and much talk of hands changing, many are wondering what's going on up the Peaks Hotel in Mountain Village, the area's largest hotel.
According to local realtors, several big names, such as the Marriott Group, Hyatt Hotels and Loews Corporation, have frequented the hotel this summer because they are considering purchasing the property from owners, the Blackstone Group, who bought it at the end of last summer. As of early August, no one had finalized anything with Blackstone who is supposedly looking to strike a deal at roughly $60 million.
Even the Telluride Ski and Golf Company was amid the interested parties and is apparently considering whether or not to make an offer. "Somebody needs to own it [the Peaks] who cares about it for more than just an investment," said Chuck Horning, Telski owner.
The 177-room hotel has been empty since the spring when it closed for a massive $60 million renovation, a face lift that was halted in June due to undisclosed buyers expressing interest.
Peaks officials have promised the hotel will reopen in December, in time for the winter high-season. The Golden Door Spa, which was scheduled to reopen at the start of this month, is now expected to do so by the end of the month.
Featured Properties
The Cassirer Residence - This "Mountain Modern" home was a thoughtful alternative design by Architect Doug Reinhardt. Far ahead of its time, the home was, when it was built in 1980, a "concept-house" -- a forward thinking, functional work of modern art with flowing, unstructured interiors, capable of responding to its environment. There is an unmistakable integrity to the Cassirer Residence not readily apparent in many newer homes. A house which nurtures imagination and creativity. $1,795,000 MLS 20376
Conundrum - The Conundrum is the quintessential mountain retreat offering all of the attributes of the finest homes in Mountain Village. * Ski in ski out on Sundance ski run * The most stunning views of the San Sophia Ridge * Southern exposure and lots of solar warmth # Extra living/rec room for children or entertaining # High tech lighting/security/audiovisual system # One of the closest single family home options to Gondola and the Village Center. $3,650,000 MLS 20845
Aspen Ridge - Aspen Ridge is an opportunity to own an undivided 1/4th undivided fee simple ownership of a ski residence in the Mountain Village for a fraction of the price of whole ownership. Ownership in this unit allows you to occupy a desirable condominium in the heart of the village, 1 week each month annually. There are floating weeks as well as space available usage for the frequent traveler to use the home regularly. $290,000 MLS 21294
Yea or Nay Two Local Issues Lie in the Hands of Voters
Two ballot questions that pit infrastructure upkeep against tax increases will present themselves at the upcoming November elections. Telluride Town Council is putting a $10 million bond question and a $5 million bond question on the ballot, both of which would be funded by property taxes and would go toward final stages in the Spur reconstruction project and replacing water lines/sidewalks on the south side of Colorado Avenue. Council members acknowledge that the bond questions will be a hard sell to property owners, and emphasized the need for ample public education.
At today's interest rates, a $10 million bond would translate to an annual tax increase of $322.70 of every $1 million worth of residential property, and an increase of $1,175.66 for every $1 million worth of commercial property. A $5 million bond would translate into an annual tax increase of $161.51 for every $1 million worth of residential property, and an increase of $588.41 for every $1 million of commercial property.
Mayor Opts Against Second Term
Telluride Mayor John Pryor recently announced that while he loves his job, he's decided not run for re-election this November, opting to spend more time with his wife and four children. The news was a surprise to many locals who thought his chances at serving a second term were extremely likely. Telluride now heads into the upcoming election without an incumbent or anointed successor.
"We'll see who comes out of the woodwork," said town council member Roberta Peterson. Pryor assumed his position in 2003 after defeating incumbent John Steel in a highly competitive election. He then embarked on a term full of exciting issues, dominated by one in particular-the Valley Floor. It was an exhausting and consuming subject for any mayor, but Pryor handled it with sophistication and grace, and celebrated the well-earned-victory with the community in May.
Council members tout Pryor, calling him an even-handed mayor who kept people in the loop. "He's just a great guy and he's done an outstanding job," said town council member Stu Fraser. "I just think the world of him."
Pryor leaves his seat with fond sentiments, believing Telluride runs tightly and cleanly, like a well-oiled machine. "It's a little, efficient government," he said. "It goes so far beyond health, safety and welfare. We're involved in arts and culture, open space acquisition, ecology. It's phenomenal."
Pryor said he doesn't have any firm plans for the future beyond relaxing and spending time with his family.
Hey There, Smarty PantsTelluride Students Score High on Standardized Tests
Once again, Telluride schools outperformed a large majority of other state-wide schools in Colorado's standardized tests, The Colorado Student Assessment Program (or CSAP), which determine proficiency in writing, math, reading and science. The Telluride Elementary School scored 'high' this year, same as in 2006, and showed 'stable' growth. Both the middle and high schools scored 'excellent,' with the middle school showing 'significant improvement' over 2006, and the high school maintaining 'stable' growth.
As one of the most successful school districts in Colorado, Telluride averaged nearly 20 percent higher on the tests than the state average. And overall academic improvement from last year to this year was higher than in most other districts with Telluride's 9th and 10th grade students placing in the 90th percentile for proficiency on the reading tests. "The CSAPs, again this year, are strong across the boards," said Telluride R-1 School District Superintendent Mary Rubadeau. "We're tremendously proud of our students."
Sowing Oats
Mountain Village Experiments With an Outdoor Market all its Own
With all the popularity and excitement over Telluride's weekly Farmer's Market, held Fridays on South Oak Street during the summer, Mountain Village figured why not get something similar going as well. And so, earlier this month, Mountain Village launched an experimental market, which will continue throughout the month on Wednesdays from noon to 5 pm in the Village Center's Heritage Plaza.
The trial market evolved on account of a joint effort from both the Telluride Farmer's Market and the Mountain Village Owner's Association-the Farmer's Market wanted to grow in size and Mountain Village wanted to spur new activities in its core of town. The Artisan Market is on a much smaller scale thus far, but both vendors and buyers seem pleased with the set-up and mid-week time frame. According to the Mountain Village Owner's Association, community, staff and merchant feedback to the experimental market will help determine whether it becomes a definite occurrence in the future.
Time to Get Your Groove OnTelluride Blues and Brews Happens September 14-16
The 2007 Schedule is as follows:
Friday, September 14, 2007
Gates Open: 11:30 am
Rhythm Council with Henry Butler, Papa Mali, Kirk Joseph, and Robb Kidd: 12:00 - 1:00 pm Tishamingo: 1:20 - 2:10 pm
Joe Bonamassa: 2:30 - 3:30 pm
Grace Potter & The Nocturnals: 3:50 - 5:00 pm
Robert Randolph & The Family Band: 5:20 - 6:30 pm
LOS LONELY BOYS: 7:00 - 8:30 pm
Saturday, September 15, 2007
Gates Open: 11:00 am
GRAND TASTING WITH 50 MICROBREWERIES: 12:00 - 3:00 pm
The Sean Carney Band (IBC Winner): 12:00 - 12:40 pm
Ana Popovic: 1:00 - 1:50 pm
Marc Ford Band: 2:10 - 3:10 pm
John Mooney's Bluesiana: 3:30 - 4:30 pm
Telluride Acoustic Blues Competition Winner: 4:30 - 4:50 pm
Chubby Carrier & The Bayou Swamp Band: 4:50 - 6:00 pm
KEB' MO' BAND: 6:30 - 8:00 pm
Sunday, September 16, 2007
Gates Open: 10:30 am
The Erica Brown Band's Mornin' Gospel Hour: 11:00 - 12:10 pm
David "Honeyboy" Edwards & Michael Frank: 12:30 - 1:30 pm
Eric Lindell's Soul Roots Movement: 1:50 - 3:00 pm
JJ Grey & MOFRO: 3:20 - 4:30 pm
The Radiators with Bonerama: 4:50 - 6:00 pm
THE BLACK CROWES: 6:30 - 8:30 pm
Calendar of Events
August
16-19 Telluride Festival of the Arts
17-19 Mudd Butts Mystery Theater21 Pinhead Town Talk
21-26 Telluride Repertory Theater Presents Frankie & Johnny in the Claire de Lunev 22 Sunset Concert Series, Kan Nal
24 Fur Ball
24-26 Telluride Mushroom Festival
28 Pinhead Town Talk
29 Sunset Concert Series, Salvador Santana
31-3 Telluride Film Festival
September
2-3 Ridgway Rodeo
5 Sunset Concert Series, New Monsoon
8 Imogene Pass Run
9 Gray Head Gold Rush
12 Sunset Concert Series, Tishamingo
13 Ah Haa Exhibition Opening
14-16 Telluride Blues & Brews Festival
22 Mountains to the Desert Ride
27 Home Tour 2007-Fall Spectacular
October
1-10 Coloride
5-7 Writers in the Sky
6 Oktoberfest
6 West African Drum & Dance at the Sheridan Opera House
7 Ophir Hill Climb
11-14 Ideas Festival
20 Seven Sunny Days, Matchstick Productions ski movie at the Sheridan Opera House
21 Gondola Closes
26 KOTO Halloween Party
November
2 Day of the Dead Festival
9 Lost and Found, Teton Gravity Research ski movie at the Sheridan Opera House
9-15 KOTO Ski Swap
10 Choral Society Fall Concert
16 Gondola Reopens
22 Ski Area Opens
22 Thanksgiving Day
December
6 Telluride Art Walk
7 Very Merry Martini Party at the Sheridan Opera House
15 Rock n' Roll Academy Winter Tour at the Sheridan Opera House
24 Christmas Eve
25 Christmas Day
26 Telluride MountainFilm Fundraiser
27 Smokey Robinson at the Palm Theater
28 Otis Taylor at the Sheridan Opera House
31 New Year's Eve Gala Featuring Flash Cadillac
31 New Year's Eve
What you need to know about today’s real estate market
Homes are selling
Nationally, over 7 million new and existing homes were sold in each of the past 3 years. From a Telluride perspective, the dollar volume of sales dropped slightly from last year’s record, but is still the second highest year ever on record by 17%. Also, the year-to-date number of sales lags behind the record 2005, but only slightly below average over the past five and ten years to date.
Mortgage rates are at historical lows
Mortgage rates have trended down during the last 6 months. As of June 1, 2007, the average 30 year fixed rate is 6.25% and various loan programs for well qualified buyers are as low as 5.875%.
Selection is excellent
With more available properties on the market, finding just the right home has never been easier. In fact, national inventory levels are comparable to 1996, the first year of the current bull market in real estate. Historically, there is a typical average of 60-70 homes on the market in Mountain Village at any given time. As of June 1, 2007, 19 homes have transacted in the village at an average price of $3,636,923.
Demand will continue
One million new households will have formed each year, on average, since 2000. The number of U.S. households is expected to grow by 14.6 million during the next 10 years. Strong household growth, together with the rising income will likely translate into increased demand for housing. Unemployment is under 5%, with the exception of the technology boom in the late 1990’s unemployment rates have not been this low since the 1960S. Locally, with Conde’ Nast’s recent report listing Telluride as the #2 North American Ski Destination and the Peaks Resort and Golden Door Spa in the top 20 most popular ski hotels, Telluride is certainly not getting less popular. This increased popularity combined with increased air access into Telluride and Montrose keeps Telluride in Parallel with National trends.
Home Sales Prices Have Increased
Median existing U.S. home sales prices have increased on average 6.5% each year from 1972 through 2005. According to Telluride Association of Realtors, the average transaction in Telluride in 2006 was up over 8% for all of 2006.
Now is a good time to buy
In fact, it’s a great time to buy in Telluride. Recent research reveals that the average price per square foot of the top five sales of single-family homes in:
Aspen/Snowmass: $1,720/square foot
Teton Village/Jackson Hole: $915/square foot
Whistler: $1,255/square foot
Telluride: $844/square foot
Telluride, the most beautiful place you’d ever want to be. Less crowded than its competitors, renowned popularity, and an overall better value.
Again it’s a great time to buy in telluride – it just makes better sense.
Nationally, over 7 million new and existing homes were sold in each of the past 3 years. From a Telluride perspective, the dollar volume of sales dropped slightly from last year’s record, but is still the second highest year ever on record by 17%. Also, the year-to-date number of sales lags behind the record 2005, but only slightly below average over the past five and ten years to date.
Mortgage rates are at historical lows
Mortgage rates have trended down during the last 6 months. As of June 1, 2007, the average 30 year fixed rate is 6.25% and various loan programs for well qualified buyers are as low as 5.875%.
Selection is excellent
With more available properties on the market, finding just the right home has never been easier. In fact, national inventory levels are comparable to 1996, the first year of the current bull market in real estate. Historically, there is a typical average of 60-70 homes on the market in Mountain Village at any given time. As of June 1, 2007, 19 homes have transacted in the village at an average price of $3,636,923.
Demand will continue
One million new households will have formed each year, on average, since 2000. The number of U.S. households is expected to grow by 14.6 million during the next 10 years. Strong household growth, together with the rising income will likely translate into increased demand for housing. Unemployment is under 5%, with the exception of the technology boom in the late 1990’s unemployment rates have not been this low since the 1960S. Locally, with Conde’ Nast’s recent report listing Telluride as the #2 North American Ski Destination and the Peaks Resort and Golden Door Spa in the top 20 most popular ski hotels, Telluride is certainly not getting less popular. This increased popularity combined with increased air access into Telluride and Montrose keeps Telluride in Parallel with National trends.
Home Sales Prices Have Increased
Median existing U.S. home sales prices have increased on average 6.5% each year from 1972 through 2005. According to Telluride Association of Realtors, the average transaction in Telluride in 2006 was up over 8% for all of 2006.
Now is a good time to buy
In fact, it’s a great time to buy in Telluride. Recent research reveals that the average price per square foot of the top five sales of single-family homes in:
Aspen/Snowmass: $1,720/square foot
Teton Village/Jackson Hole: $915/square foot
Whistler: $1,255/square foot
Telluride: $844/square foot
Telluride, the most beautiful place you’d ever want to be. Less crowded than its competitors, renowned popularity, and an overall better value.
Again it’s a great time to buy in telluride – it just makes better sense.
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