Rocky Mountain Real Estate Grok

Telluride Group in Last Ditch Effort to Save the Valley

By Emily Esterson, 5-08-07

It’s one of the most stunning, iconic views in all of North America, and a group of citizens are in a last minute effort to save the Telluride valley floor. The group is $1.5 million short of raising $50 million purchase price to obtain the 600 acre parcel from a California industrialist. According to USA Today, 1600 people from 45 states have made contributions to the fund, including one for $5 million. The group hoping to preserve the land has until tomorrow to raise the money.  Neal Blue owns the land (his company makes the Drone aircraft). He’s floated numerous proposals for the parcel, from condos to lakes to golf courses. The town of Telluride condemned the land in 2001 but lost on appeal when a judge revoked the law that allowed towns to condemn lands for open space. Among Telluride residents determined to save the parcel are former U.N. Ambassador Richard Holbrooke ("I’m an absolutist about the valley floor,” he told USA Today) and actor Daryl Hannah, both of whom are part time residents of the area.  A compromise project, which involved preserving 91 percent of the land and developing 64 acres, was summarily rejected by voters a couple of years ago.

Realty Times reports this morning that Denver is in the midst of a buyer’s market. The median sales price climbed to around $289,000 and homes are averaging around 120 days on the market. Inventory is down about 6.22 percent from March 2006, and good deals don’t stay on the market long.

Despite this good news for the market, experts are still talking about foreclosures in Colorado, particularly in El Paso County in the Colorado Springs area. Foreclosures rocketed 53 percent in April compared to the same month the previous year. For the first quarter, the total of foreclosures is 45 percent ahead of last year. If the rate of foreclosures remains steady or increases, it could set a record not met since 1988.

Albuquerque is one of the hottest buyers markets right now, according to Housingpredictor.com. The story notes Albuquerque’s 9.1 percent increase in median home prices—the most of more than 250 markets in the country. Between 2002 and 2006, the median home price in the Albuquerque metro area increased 33 percent. The story notes Albuquerque’s “movie business from Hollywood, a new airplane factory and many other new businesses.”

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