Low Lending Rates & Quick Telluride Market Update

Telluride

Greetings from Telluride where it snowed two inches last night and this morning!  A lending source recently informed me of excellent rates that you should review to see if it is worth refinancing any property you own here or elsewhere. If you would like me to put you in touch with this company please let me know. 

5/1 ARMs at 2.75%
5/1 jumbo ARM at 3.125%
30yr fixed primary home 4.25%
30yr fixed second home 4.50%.

No escrows and no pre payment penalties on any of them..... 

Beyond that, the Telluride real estate market in general has seen some decent sales activity especially in the town of Telluride, Ski Ranches and Aldasoro. Foreclosures and short sales continue to shadow the region but they represent less than 1% of the total composition of properties in San Miguel County. There are still excellent values to be found in most price bands and neighborhoods, especially in Mountain Village where many ski-in/out homes are ripe for price concessions and several condos are priced extraordinarily well (Mountain Lodge, The Peaks, Bear Creek Lodge to name a few). 

Currently one home is under contract in Mountain Village with only two homes sold since January 1st. Five homes are under contract in the town of Telluride with ten sold since January 1st. Two homes are under contract in Ski Ranches with seven sold since January 1st. Two homes have sold in Aldasoro Ranch so far this year. 

There are 13 condos in town currently under contract with 22 sold since January 1. There are 8 condos in Mountain Village currently under contract (six of which are hotel rooms at the Peaks Hotel in the $175k range) with 51 sold since January 1 (39 of those are Peaks hotel rooms selling in the $175k range). 

Let me know if you have any specific questions that I can answer. Enjoy your summer.

Comments

Appreciated your market update...I think all secondary home/discretionary areas are seeing this kind of a report.

Liane ("Li") Read — June 21, 2011

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