TELLURIDE, Colo.—Real estate sales are slumping in the resort town of Telluride, but at least some people are buying, convinced they’re getting a bargain.
Real estate Consultant Judy Kiernan says November sales totaled $6.1 million, an 88 percent drop from the same month a year ago.
Agent Bill Fandel says properties are selling 12 to 20 percent below the asking price, compared with 2 to 7 percent when the economy was stronger.
Agent Mike Shimkonis thinks it will take six years to sell off the current inventory.
But not everyone is waiting.
Cindy and Donald Michel of south Louisiana say they bought a one-eighth share in a house for $205,000, and Barbara and Dirk Robertson of Atlanta say they bought a $1.74 million condo. Both couples say they were lured by good prices.
