Wednesday, May 29, 2013

From The Telluride Watch: First Quarter Financials Show Strong Start to Year

TELLURIDE BRIEFS | First Quarter Financials Show Strong Start to Year
by Samantha Wright
May 28, 2013 
 
TELLURIDE – The Town of Telluride is well on its way to another healthy and possibly record sales tax year. Data for the first financial quarter show town coffers to be 10 percent ahead of last year for January, February and March in terms of sales tax income. 
January 2013 and February 2013, with $439,156 and $458,983 in sales tax revenues respectively, showed the second highest sales tax revenues for those months ever, while the month of March set a new record at $552,392, compared to $505,321 in 2012.
It’s beginning to look like a nice new trend. While 2012 got off to a light start, it turned out to be Telluride’s greatest sales tax year on record, with funds totaling almost $4.5 million, a 3 percent increase over 2011.
Business licenses in 2013 are ahead so far too, reported Town Finance Director Lynne Beck at last week’s Telluride Town Council meeting, partially because of the town’s recently adopted MUNIRevs system helps track both sales tax and business licenses remittance. 
Spending within the various town departments, meanwhile, is “right on for one quarter,” according to Beck’s report. Enterprise funds, as well, are on target for 25 percent of the budget. 
The only dim spots in Beck’s report related to property taxes, which, to date, have shown a substantial drop of 20 percent over last year, reflecting the market conditions of appraisals conducted two years ago at the bottom of the real estate slump, and Real Estate Transfer Tax revenues which are coming in below projections so far in 2013. 
Contributing to Telluride’s bumper crop of sales tax revenues in the first quarter of 2013 was the addition of the low-cost carrier Allegiant Air to the Colorado Flights Alliance (formerly Telluride- Montrose Regional Air Organization) suite of subsidized airfare into the region. “We would have had a flat number of airline seats had we not had Allegiant, which brought in 4,000 more bodies and contributed to the winter season,” said Councilor Chris Myers.
Those extra bodies significantly boost sales and lodging tax for the town.
Unfortunately, Allegiant has suspended service to the region for the summer season, but Myers said it is hoped that the carrier will serve the Montrose and Telluride region again next winter. 

For more information on Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-6655, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

Sunday, May 26, 2013

From The Telluride Watch:

Report Suggests Another Strong Year in Real Estate
by Gus Jarvis
May 26, 2013

28-Year Market Analysis of Telluride Real Estate Published
TELLURIDE – A new 28-year market analysis, recently published by Telluride Consulting, offers a detailed review of the Telluride region’s cyclical real estate history and offers a positive outlook for 2013. 
Statistics compiled in the report suggest a positive real estate trend will continue after a strong 2012.
For the first time since the real estate market took a plunge in 2008, in the region encompassing Telluride, Mountain Village and San Miguel County, 2012 delivered positive news in both the number of sales and the dollar volume of those sales. According to Telluride Consulting’s Judi Kiernan, there was a 16 percent increase in the number of sales in 2012 and a 47 percent increase in the dollar volume of sales over the 2011 numbers.
For the past five years, the compound annual growth rate for the number of sales has increased 7 percent while the total dollar volume for those sales shows an annual growth rate of 2 percent. And despite a slow January, first quarter statistics indicate 2013 will be another positive year in both the number of sales and dollar volume of those sales. So far, 2013 sales and dollar volumes are close to first quarter statistics posted in 2012.
“Regional real estate activity, various economic indicators, as well as demographic trends, all strongly suggest a resurgence of strength in the Telluride market, despite the slow recovery of the national economy,” Kiernan states in the 71-page market analysis. “Certainly, areas within the region will continue to experience cycles, including declines and plateaus. However, based on data gathered over the past 28 years, combined with the promising signs of increased activity in 2012-2013, it appears that the Town of Telluride, Mountain Village and the remainder of San Miguel County can look forward to a renewal of strong real estate sales and healthy appreciation.”
Because the fourth quarter of 2012 ended on such a high note, broker George Harvey of the Harvey Team said he isn’t surprised that 2013 had a slow start in January. He’s encouraged, though, for the rest of the year as Telluride’s “feeder markets” around the country are booming, and those will eventually have a positive impact on Telluride and Mountain Village.
“I can tell you other resort markets in Colorado have been up and a little down this year, but that is coming off a very big end to last year,” Harvey said. “I will tell you that I am very upbeat for the rest of the year. Denver is booming. They have an inventory shortage and so do markets like Boulder and Fort Collins. Our feeder markets in Texas, including Houston and Dallas, are all booming. When our feeder clients are doing well, it usually means they feel better about spending money in resort markets.
“I actually think we are going to have a booming summer and a booming rest of the year,” Harvey added.
Telluride Sotheby’s International Realty broker Michael Ward said he’s had his best quarter ever in Telluride as many historic properties are starting to sell within the Town of Telluride, and the inventory of undeveloped land and high-end homes are being bought up.
“Right now, I think the Telluride market has been on fire,” Ward said.
Mountain Village properties, he said, are starting to move once again as well, and prices on some of the units are starting to rise, too. Generally, Ward said, when real estate in Telluride is booming, Mountain Village can be flat. When Mountain Village is booming, Telluride is generally flat. With Telluride sales booming right now, Ward said he expects Mountain Village’s turn will come soon.
“They kind of go opposite of each other,” he said. “Right now, what has happened is a lot of properties in Telluride have been bought up and I think we will see a shift in Mountain Village. I think the real estate market has been good for the past three or four quarters and it will continue.”
Ward added that he’s also encouraged by the notion that some of the large condo projects in Mountain Village that have sat untouched over the past few years are seeing life again and will be online soon.
Telluride Real Estate Brokers’ Dirk de Pagter agrees that new development is an encouraging sign.
“There are a lot of development parcels going under contract,” de Pagter said. “If developers are coming to the table, that means the market has significantly turned. They are speculating on bringing a project online in two to four years from now, with higher pricing. This is a very positive and strong sign and in the not too distant future this market is going to turn into a sellers market again.”
“There are lot of ways to look at any kind of property, and this report gives a whole bunch of ways to look at the market,” Kiernan said.


For more information on Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

Monday, May 20, 2013

Christie's Outsells Sotheby's in Post-War and Contemporary Art Sale - Highest Total in Auction History

POST-WAR AND CONTEMPORARY ART EVENING SALE ACHIEVES
US$495 MILLION, THE HIGHEST TOTAL IN AUCTION HISTORY

The auction set 16 new artist records with three works achieving above US$40M, nine above US$10M and 59 above US$1M

New York - On May 15, Christie's Post-War and Contemporary Art evening sale achieved a staggering US$495,021,500, with a remarkably strong sell-through rate of 94 percent by value and by lot. Bidders from around the world competed for an exceptional array of Abstract Expressionist, Pop and Contemporary works from some of the century's most inspiring and influential artists, including Jackson Pollock, Roy Lichtenstein and Jean-Michel Basquiat. The sale featured a range of superlative works from distinguished private collections and institutions, such as the Collection of Celeste and Armand Bartos and the Estate of Andy Williams.

The sale established 16 new world auction records, selling nine works for over US$10 million, 23 for over $5 million and 59 for over US$1 million.  The Christie's sale smashed Sotheby’s sale of contemporary art on Tuesday night, which brought $293.6 million. 

"We are thrilled to announce an extraordinary total of $495 million for this evening's sale of Post-War and Contemporary Art - the highest total in auction history. The remarkable bidding and record prices set reflect a new era in the art market, wherein seasoned collectors and new bidders compete at the highest level within a global market. Our sale was heavily focused on masterpieces and collections, achieving an astonishing 16 record prices. With Monday's blockbuster charity sale, The 11th Hour Auction, our sales total exceeds a half a billion, raising $528.3 million," said Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art. 

For more information on this or Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-6655, info@telluriderealestatecorp.com, or visit www.telluriderealestatecorp.com.

Wednesday, May 15, 2013

From The Telluride Watch: Producers Eye Telluride as Location for New Television Drama Series

Producers Eye Telluride as Location for New Television Drama Series
by Samantha Wright
May 14, 2013 | 2510 views
 
County Commissioner Meeting on Wednesday Could Seal the Deal
TELLURIDE – A team of television producers and key players from the Colorado Film Commission converge on Telluride today to enter a round of last-minute negotiations with local officials regarding whether to film a proposed new television drama series for the Hallmark Channel in and around Telluride. 

The family-friendly original 1-hour drama series, titled When Calls the Heart, is a sort of Little House on the Prairie, set in a historic mining town. It follows the story of a wealthy young woman from “Back East” who moves to a frontier mining town to teach school and falls in love with a handsome lawman. 

The show is to be produced by Brian Bird, along with his partner, Michael Landon, Jr. (son of the famed producer of Little House on the Prairie), and Brad Krevoy (the producer of Dumb and Dumber which was also filmed in Colorado) through their joint venture, Frontier Productions.

The producers estimate they will spend about $8 million in Telluride this summer alone on six pilot episodes, with locals hired to do much of the set construction and even some of the acting. If the series extends an additional seven episodes in Season 1, it is estimated that approximately $17 million will be spent locally in San Miguel County and in Telluride in total on the production this year.  

Ultimately the show could provide up to a thousand new jobs to the area and inject $75 million into the local economy over the next five years, Bird said. 

State and local officials including Governor John Hickenlooper, State Film Commissioner Donald Zuckerman, Telluride Mayor Stu Fraser and Telluride Film Commission co-founder Tim Territo have all played key roles in wooing the series to Telluride.

The producers propose to build a film-set recreation of the Town of Telluride as it appeared in the early 1900s, on a “Super Fund” mining reclamation site owned by the Idarado Mining Company and controlled by San Miguel County.

The deal hinges on San Miguel County Commissioners giving their blessing to the concept. Bird and his colleagues seek a special-use permit or a temporary re-zoning of the Idarado parcel. The matter will be discussed at a County Commissioners meeting on Wednesday morning, May 15. 

“If we get the okay from the County Commissioners on Wednesday, the project may be a go,” said Territo, who has been working at a fever pitch for the past two weeks to pull the deal together. “There is so much riding on this, it makes me very nervous. I am not sleeping at night.”

As outlined in a proposal which has been widely distributed to local officials over the past several days, the construction of the film sets would take place between June 1 and July 22 for use in the eight-week production of six one-hour episodes of the series, starting around Aug. 1.  

The sets would be fabricated off-site and erected in sections on the Idarado tailings pile.  Following production during the first season of the show, and in succeeding seasons if the Hallmark Channel chooses to continue the show, producers would remove the sets and store them off-site. When the series concludes, the land would be returned to its current state under the supervision of approved environmental professionals.   

Hallmark has the right to renew the series for an additional four seasons of 13 episodes each. An estimated $75 million would go into the making of the series during that time.  The producers also estimate they will need to employ an estimated 100 weekly workers each season, plus an additional 250 workers and extras on as-needed basis.  

During the production cycles the production team would require logistics and services from local Telluride hotels, catering, restaurant, transportation and equipment rentals, and other services organizations.  

Territo and fellow Telluride Film Commission co-founders Ted Wilson and Thom Carnevale have worked for several years promoting Telluride as a location for film and television projects. The commission started as a means to diversify Telluride’s economy and promote the town when the housing market bottomed out. 

The income brought to Telluride by film and television projects is “good clean money,” Territo said. “It doesn’t involve selling real estate. People come and go, and the pictures last forever.”

Among the Telluride Film Commission’s recent achievements is a Coors beer commercial shot in downtown Telluride, which just started airing this week. But the proposed new Hallmark series represents a whole new pinnacle of achievement for the commission.  

“You can’t pay for that kind of advertising,” Territo said. “It’s as good an opportunity for Telluride as it gets. These opportunities only come by very rarely. I would hate to see it not happen.” 

Territo began wooing the project after a friend showed him a recent article about the proposed series in the Aspen Times; the article stated that both Aspen and Telluride were being considered as possible locations for the show. 

Territo, a professional film location scout, invited the show’s producers to Telluride and gave them a whirlwind tour. “They fell in love with it,” he said. “They really had a feeling they could shoot it here.” 

While spectacularly scenic, the location on the west end of town where the series producers want to build their film-set poses a unique challenge, given that it is the site of a massive mining reclamation project. However, officials from both the Idarado Mining Company and the Colorado Division of Reclamation, Mining and Safety (DRMS) have indicated that they are “on board” with the concept, Territo said. 

“The town is also way on board,” he added. Local incentives sweetening the deal to entice the project come here include generously discounted room rates at The Peaks.

The State Film Commission, meanwhile, has offered $1.5 million in additional incentives to convince the project’s producers to film the series in Colorado. At this point, if Telluride doesn’t get the show, it will go to Alberta, Canada, Territo said. 

New legislation passed by Colorado lawmakers last year offers much better incentives now for films and television projects  – up to 20 percent cash back if producers spend over $1 million in the state.

Colorado’s film incentives have gone up at a time when those offered by surrounding states such as New Mexico are going down.

The proposed Hallmark series, with its multi-million dollar budget, could stand to benefit significantly from the incentives.

The Colorado Film Commission “really wants to show everyone that the incentives are working,” Territo said. “They can play a huge role.”

For more information on this or Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.

Saturday, May 11, 2013

From The Telluride Watch: South Fir Street Properties in Telluride to Be Developed

South Fir Street Properties Sold, Authentic Development Planned
by Gus Jarvis
May 09, 2013
‘We Intend to Make Telluride Even More Like Telluride.’
TELLURIDE – A purchase agreement was inked on Friday, May 3, that could lead to an “authentic” and “comprehensive” development of Telluride’s South Fir Street properties long held by the estate of Joseph Zoline, who founded the Telluride Ski Resort. 
In a partnership between Los Angeles- and Boulder-based Meriwether Companies and Lifton Zoline International, the two entities have reached an agreement to purchase all the South Fir Street properties held in the estate of Joe Zoline for future comprehensive development. These properties include everything on the west side of South Fir Street from Baked in Telluride and the Village Market to the historic roofless stone structure across Pacific Avenue, and the private parking lot adjacent to it. It also includes the small dirt parking lot on the east side of South Fir Street at its intersection with Pacific Ave. Broker Michael Ward of Telluride Sotheby’s International Realty represented Lifton Zoline International in the deal.
For longtime Telluride residents Pamela Lifton-Zoline and her husband John, who together own Lifton Zoline International, finding the partnership to develop these core properties has been a long time coming.
“For Telluride, this represents a tremendous opportunity to get a comprehensive and coherent plan for that area,” Pamela said. “One of the reasons this area is so critical is because it links the area between the gondola and the whole upper world of Mountain Village to main street and the center of town. It’s a critical artery.”
Meriwether Companies has a history of development in resort communities and currently has projects in Steamboat Springs, Colo., Big Sky, Mont., Kamas, Utah, Rancho Mirage, Calif., and the Lorian residential project in Mountain Village. The company is a real-estate private-equity, investment and development firm focused on luxury residential projects in resort communities. For Noah Hahn, one of Meriwether’s managing partners, the firm is interested in Telluride because of the authentic experience it provides.
“Telluride is the most authentic mountain experience probably in North America,” Hahn said. “That is what drew us to town. This is arguably the most iconic site in Telluride and we started maybe six months ago getting to know John and Pam to make sure it was the right fit.”
Both partners in the agreement said it’s too early in the process to discuss development details other than they plan for a comprehensive and cohesive mixed-use project that will be unique, authentic and will enhance the core of Telluride. 
“We have a long way to go,” Hahn said. “The idea that has resonated for us is really creating something authentic. We are enamored with Telluride and what it is today. We are not here to change it.”
One of the unique challenges to developing in this area is what to do with the historic Telluride Transfer Warehouse structure at the corner of South Fir and Pacific. While some developers may see these stone walls as an obstacle, Hahn sees it as an opportunity.
“Part of developing an authentic project is taking into consideration those structures that are historic. We know that structure needs to stay and be incorporated into the new development,” Hahn said. “It’s a challenge but it’s also an opportunity. We need to take advantage of those structures and incorporate them into the project. They will add to its authenticity.”
“We see it as a kind of wonderful seed element for what really interesting and handsome structures can be built there,” Pamela added.
Because the area is such a critical piece to Telluride’s downtown, the developers said they intend to work very closely with the Town of Telluride and the Telluride community to make sure that public benefit is properly represented. Both Pamela and John Lifton-Zoline believe the shared vision with Meriwether Companies will create a development that continues Joseph Zoline’s vision for Telluride.
“After many years of effort, John and I are delighted to have come to this moment,” Pamela said. “We feel it carries on my father’s legacy – strengthening the economy, deepening the culture, and adding to the vibrancy and diversity of our downtown neighborhood. We intend to make Telluride even more like Telluride.”

For more information on this or Telluride real estate, please contact Telluride Real Estate Corp. at 970-728-6655, info@telluriderealestatecorp.com or visit www.telluriderealestatecorp.com.


Monday, May 6, 2013

Telluride Blues & Brews Festival Announces 2013 Lineup

Headlining the festival this year are:  The Black Crowes, Jim James, Melissa Etheridge, Gary Clark Jr., Mickey Hart Band and John Hiatt. Rounding out the lineup are:  Anders Osborne, Otis Taylor Band, The New Mastersounds, Karl Denson's Tiny Universe, Allen Stone, ZZ Ward, Rebirth Brass Band, The Bright Light Social Hour, The Releatives and Selwyn Birchwood Band. This year's Telluride Blues and Brews Festival dates are:  September 13th-15th.

For more information on this or Telluride real estate, please contact Telluride Real Estate Corp. at 970-728-6655, info@telluriderealestatecorp.com, or visit www.telluriderealestatecorp.com

Sunday, May 5, 2013

From The Telluride Daily Planet: Telluride Ranked #1 Public School in Colorado

Telluride on top


THS ranked fourth-best in the state, No. 1 public school

By Heather Sackett
Associate Editor
Published: Friday, May 3, 2013 6:07 AM CDT
Telluride High School has recently been named the fourth best high school in the state, according to U.S. News rankings.

The annual rankings, which were released last week, also put Telluride as the best public school in Colorado. The top three — Peak to Peak Charter School in Lafayette, Ridgeview Classical Schools in Fort Collins and The Vanguard School in Colorado Springs — are all charter schools. Telluride came in at No. 158 in the nation.

“It’s quite a feather in our cap,” said Telluride R-1 School Board President Paul Reich. “It’s one data point, but it’s a good recognition of the hard work our faculty does, the support of the community and parents and the quality of our students.”

According to the U.S. News website, the national rankings were based on three steps. The first determined whether each school’s students performed better than the average student in the state. The second step determined whether the school’s least-advantaged students were performing better than average compared with similar students statewide. Schools were then judged on college readiness using Advanced Placement or International Baccalaureate test data.
 
Telluride also earned the distinction of being a Gold Medal school, which means it scored in the top 500 in the country for college readiness. Telluride scored a 65.8 in college readiness out of a possible 100. Seventy-four percent of students took AP tests and 63 percent passed. According to U.S. News, 50 percent of students were proficient on statewide math tests and 98 percent were proficient in reading.

Superintendent Kyle Schumacher said the district has seen more families moving here in recent years, something that can be attributed, in part, to the district’s growing reputation as a good school.

“I think it has something to say about this community as a whole,” Schumacher said. “It’s an opportunity to celebrate with our staff and our community that our schools are being recognized.”

The rankings are also good news for local realtors. President of the Telluride Association of Realtors Stewart Seeligson said brokers were delighted to hear about the most recent rankings. He said there are quite a few second homeowners who, after falling in love with Telluride, decide to make this their permanent home and enroll their kids in school.

“Surprisingly enough, people shopping for second homes often inquire about our public school,” Seeligson said. “They are always so pleased to hear how strong a tradition of excellence this school has had — even more now that we are ranked the No. 1 public school in Colorado.”

Reich, whose kids attend district schools, said the ranking is not just reflective of the hard work at the high school level. It’s the cumulative efforts of a quality elementary and middle school education programs. He said that although the rankings are good news, it’s important not to fall into the trap of complacency. The district should still strive to be better, he said.


“There’s always room for improvement,” Reich said. “It’s not to say we are a perfect district, but hopefully we will continue to move up in that rank.”
 
For more information on Telluride area real estate, please contact Telluride Real Estate Corp. at 970-728-3111, info@telluriderealestatecorp.com, or visit www.telluriderealestatecorp.com