O’Neill Stetina Group “Transfer Telluride” Success Recognized Locally
The Telluride real estate market is so hot right now. According to the latest available numbers, December 2019 was the largest volume dollar month in San Miguel County history with just under $100 million in total sales.
In Telluride, the annual total dollar volume also increased to $594.3 million in 2019, compared to $537.5 million in 2018, a result of the annual average price per square foot increasing — $1,238 per square for a single-family home and $869 for a condo in 2019, compared to $1,105 and $783 in 2018, respectively.
The recent completion of the 23-unit Transfer Telluride mixed-use project on Pacific Avenue resulted in nearly $70 million in closings and contracts throughout 2019’s last quarter, further boosting the December total.
Garrett Simon, partner of Boulder-based Meriwether Companies, said the number of Transfer Telluride closings somewhat surprised him since similar projects in town haven’t always sold as quickly.
“We were aware Telluride is not typically a presale market, meaning contracts before the buildings are complete, we did not expect the absorption so quickly after completion,” he said. “Historically, many projects in Telluride have taken months or even years to finish sellout or obtain the sales that we have within 30 days of completion. That said, we do believe the design of the residences and the project location set up for having great success.”