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Newsletters
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Title: |
Telluride Market Update |
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Author: |
Rick Fusting |
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Date: |
05/27/2009 |
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Note this email was sent to Rick Fusting's Clients on 2/7/09 and are the views of Rick Fusting alone. If you would like to receive these Market updates when they are initially sent out please email Rick at rickf@telluridecolorado.net
Dear Friends,
I know and understand that there is a lot of financial pain out there with the current recession. I continue to work hard to put clients into properties that will make great investments not only in lifestyle but also as strong financial decisions. If you are contemplating a purchase in Telluride, please let me know as I would like to send you what I believe are the best opportunities. You may not be ready to purchase, but I think it is helpful to look at these deals so you can recognize value. Then when the time comes you will be able to make an accurate decision.
This market has been in a standstill for the last three months. We will see more price reductions over the next two months as some sellers will want to sell by the end of winter. Other brokers and I have been showing properties, and most potential buyers are looking and waiting. I feel for now, this strategy makes sense unless a seller is truly distressed or it is a one of a kind property that cannot be reproduced and includes an acceptable price. These distressed and one of kind properties should be bought now, as most likely someone else will buy them because of their drastic undervaluation in comparison to an already lower market. There will come a time, and no one knows when that time will be, but there will be some quick activity. There has been activity on the best deals and the remaining best deals will be bought next. It will be hard for anyone to pick the bottom of this, but there are a fair amount of buyers waiting on the sidelines.
My last email in November suggested that you start or update your shopping list. Nothing has changed since then, but it will be interesting to see what happens in late February and March.
Despite the economic downturn, the Telluride Ski Area still posted a record skier day during the holiday season. For those that were here, many made comments to me that it was as crowded as they have ever seen it. Conde’ Nast just voted us the #2 Ski Resort in North America, see press release below. The skiing has been fantastic.
A lifestyle change in Telluride for you and your family may offer a truly greater reward than other investment properties or blocks of stocks. By owning a property in Telluride, you will find yourself here more often and happy that you did. I have countless clients that say that they are genuinely happy they committed to Telluride and that it has changed their family’s lives for the better.
If you think you are in the market to purchase within the year, please respond and update me so that I can update you with current opportunities and what makes sense to buy. A price reduction is no reason to buy. If your research is done and your list is ready, you will be prepared and will stand a better chance of taking advantage of some of these very strong values. When the market turns, I believe there will be a burst of buying for the remaining great deals. After that, the market will settle as the sellers see the market returning to normalcy and they will stick closer to their pricing. At that point, the better financial investment deals will be gone.
Looking forward to seeing you on the slopes in Telluride.
RICK FUSTING
Peaks Real Estate Sotheby's International Realty
c. 970-708-5500
rickf@telluridecolorado.net
www.telluride-colorado.com
Artfully uniting extraordinary homes with extraordinary lives
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