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Joe Reitzug
Welcome to off the record Talking real estate with Joe and Makayla. If you're interested in the Portland, Oregon real estate market and what they unvarnished inside scoop, you've come to the right place. Thanks for giving us a listen. Welcome, everyone. We are here today with Dan Dockray, who is a friend of the podcast here and has been doing an incredible job in Telluride, Colorado.
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Joe Reitzug
Is that right?
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Dan Dockray
That's right.
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Joe Reitzug
So how long have you been in Colorado?
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Dan Dockray
Well, I've been in Colorado for about 25 years now, and but I've been in Telluride for 23 of those. Wow. Yeah. I originally moved to Aspen. I was a total ski bum at first and now from Telluride. Thought it was amazing and thought I was going to be here for one year. And now it's been quite a bit longer than that.
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Makayla Mast
I love that. Yeah, I didn't know much about Telluride at all until I got to know you, which is so funny. And then I started googling it and my gosh, it is one of the most beautiful places I think I've seen at least pictures of mines in Switzerland. It's gorgeous.
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Dan Dockray
It's a really.
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Makayla Mast
So I can see why you there.
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Dan Dockray
Very special place to live, very feel really lucky every day. And even after 23 years, you still do new stuff off the mountains. You know, it's really pretty exquisite place to live.
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Joe Reitzug
So tell us about your business. Do you are you a single broker? Do you have a team assistant? How do you work your business?
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Dan Dockray
Sure. I'm a single broker. I have a personal assistant who's also a licensed agent. And then we do have, like, a transaction coordinator and also a marketing team with live Sotheby's that we use extensively to give us some of the best marketing we have.
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Joe Reitzug
Nice live said that Sotheby's does such an amazing job. My my cousin is actually managing principal broker for Colorado Springs Benjamin Day and we've been out. Do you know Ben?
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Dan Dockray
I talked to him last week. I sent a referral to their team.
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Joe Reitzug
that's great. Yeah, they do a great job out there. We've been out to Colorado a number of times for family reunions and different stuff like that, but I have never checked the box off for Telluride, so that's definitely one of the spots that I want to get to. But love live Sotheby's. You guys have an incredible program.
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Joe Reitzug
It seems like you guys get amazing support there from the company. Can you speak to that a little bit about what they do that you like?
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Dan Dockray
Sure. Yeah. And I think it's, you know, all around with Sotheby's from the top and from Sotheby's. But Liz has given us a world class marketing team that I've used extensively, and I really didn't fully appreciate the reach. It starts with, you know, your your general marketing, your brochures and putting together all of that and the support, the backbone that's there with design, helping you with verbiage, just anything you need in there.
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Dan Dockray
But it goes all the way up to, you know, I sold Tom Cruise's house a couple of years ago and we relied on the top of our marketing team in Denver, plus Brad Nelson and others in in New York. And we had the best marketing support that I think is available in the world.
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Makayla Mast
No more.
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Joe Reitzug
Yeah, Sotheby's. I've been in the business 29 years myself here, and I was just blown away the first time I met with the Sotheby's marketing team and just saw how they present properties and everything that goes into it. It's it's pretty amazing.
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Dan Dockray
So, yeah. And it you know, it starts with just incredible photography, drone shots. We use all different kinds of media for our social stuff. They've been awesome. We send anything to them and they really put the artistic professional look of everything in.
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Joe Reitzug
So what's your footprint? Are you just Telluride or how far out will you go?
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Dan Dockray
I go about an hour from Telluride, mostly for ranches, and I currently have a ranch that's about 45 minutes away under contract at about 7 million. But I also go to some smaller communities you may not know, like Norwood, Yara and Ridgway and Ricoh, and those are all within about 45 minutes to an hour of Telluride. And they're great communities.
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Dan Dockray
They're really beautiful, and we do a deep amount of business in those areas.
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Joe Reitzug
That's fantastic.
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Makayla Mast
I'm just curious about Telluride a little bit more like it's moving to and from the area. Like where primarily are you seeing people move from when they do land in the area?
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Dan Dockray
Yeah, that's a good question, if.
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Makayla Mast
That makes sense.
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Dan Dockray
Yeah, we have, I would say about 25 to 30% of our business is coming straight from Texas. We're really easy to get to. There's direct flights from Austin, Dallas and Houston to Montrose, which is the connector for Telluride. So that's a really big part of our market. We also have a lot of people coming out of the Phenix area.
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Dan Dockray
Largely those are summer buyers to cool off and skiers that like, you know, kind of like to do both. And we have a decent amount of Chicago and New York as well. Those are both big markets for us. Wow. And kind of all over the US in a lot of ways.
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Joe Reitzug
Right. What's the average price point there in Telluride?
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Dan Dockray
Right. Average price point downtown right now is about four and a half million dollars. And because there's a wide variety of stuff, most properties are selling above that. But we do have a lot of smaller one bedrooms and stuff like that.
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Joe Reitzug
They also sell very nice. And what have you seen the market trending like in Telluride? Are you guys short inventory like we are out here on the West Coast?
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Dan Dockray
Yeah, extraordinarily low inventory about 25% of the ten year average. So acute low inventory, you can go downtown Telluride, there's about 15 homes for sale right now and the 30 year average is about 40. In Mountain Village, it's very low as well. So we're seeing this very low inventory. However, we are seeing certain sectors that are moving slower than others.
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Dan Dockray
And that's like if you want to have a remodel property or something that needs work, people seem to be shying away from that. And the same with land. So we're seeing a bit of a two different markets where if it's brand new and it's amazing, we can sell at a record price and very quickly where if it needs a lot of work and it's just the headaches might even make sense financially, a lot of buyers are kind of dragging their heels on that and going, now, you know, I did a project over COVID.
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Dan Dockray
I don't know if I feel like another project right now. And so we're seeing that part of the market a little slower and maybe a little bit of a buyer's market in there creeping in.
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Joe Reitzug
We are seeing the same thing in the Portland metro area. If it's dialed in, if it's ready to go, man, those things move pretty quickly. But if there's any amount of work or there's floors, it can sit. And it's amazing how that buyer tastes evolves, you know, because before everyone was looking for that the fixer upper and something that they could, you know, put their touch on and now it doesn't.
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Joe Reitzug
No one wants to seem to touch that.
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Makayla Mast
Because I may go and try it out. And so I guess.
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Joe Reitzug
That's nice.
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Makayla Mast
Because.
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Joe Reitzug
It sounded like.
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Dan Dockray
Yeah, well, and I wonder I'm sure you've seen the same that we've seen is where construction costs have also gone through the roof. Before the pandemic, construction costs and ride were about $700 per foot and now they're about 1500 dollars per foot. And that doesn't include staff costs. And the time frame has gone from about 18 months to construct a home after you pull permit to about three years.
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Dan Dockray
So, wow, you know, people kind of look at it now and they're like, well, I have got like a four year project after planning and it's extraordinarily expensive. I'd rather be in Telluride soon, buy something finished.
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Makayla Mast
I hear you there. So if there's a buyer coming to your area and they're looking for something a little more affordable, is there a certain neighborhood or suburb that you would recommend?
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Dan Dockray
Yeah, there is affordable.
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Joe Reitzug
Being a relative term of your standard.
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Dan Dockray
Affordable is very relative. You know, there are some smaller condos downtown Telluride that were built in the seventies, kind of on our west side of town. And that is a good place for quote unquote affordable two bedrooms and the million house zone one bedrooms in the 800 to 1000000 zone that's kind of affordable downtown. And then for other zones, you can go out a little bit farther to like the ski ranches and maybe a canyon and you get into where you could get a single family home for about 1000000 to $2 million.
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Joe Reitzug
All right. What about ski and ski out? What's your bottom line you're going to have to fork over for.
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Dan Dockray
You want true trail side? You're at this point in the market, you're you're either going to have to pay for a remodel in about $8 million or you can step off from getting something that's finished and beautiful. But for about 13, $15 million, that's unless you go to conduct. So that's in single family home.
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Joe Reitzug
Are you seeing many condos?
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Dan Dockray
We trailside there's not a lot trail side, but we have a couple of buildings that are trail side. So when you're saying, Hey, I want to ski and scout condo, we just watch those buildings until we can get something for you there. And a lot of times I'm market specific to the people and the owners in those buildings to try to find a seller, which I'm sure you guys probably do the same thing.
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Joe Reitzug
Yeah, definitely, Definitely. So let's say Mikaela and I are rolling into Telluride. What's your go to restaurant? Where are you sending us?
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Dan Dockray
So for fine dining, the Sheraton new Sheraton Chophouse is my favorite. It's amazing. For over 20 years it's been the best. It's in a historic building right on Colorado Ave with nice views. And our amazing 1913 style brought up amazing place.
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Joe Reitzug
So you're going to get the full Telluride. Telluride flavor.
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Dan Dockray
That's right. In exquisite service. It's really an incredible place.
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Joe Reitzug
Nice. Very nice.
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Makayla Mast
What about something that's a little more unique to the city area? Like a lunch spot?
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Dan Dockray
Well, one of the most unique things is actually already restaurants on top of the gondola between Telluride and Mountain Village, which is a three gondola that connects the two towns and in already has like 12 foot glass windows at 10,500 feet looking over the mountains. And so you want a unique Telluride experience that is pretty incredible. And the food is great too, for sure.
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Joe Reitzug
That's fantastic.
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Makayla Mast
Wow. I want to plan a trip already. Would you recommend the Airbnb route or are there a couple of hotels?
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Dan Dockray
Well, I always tell you, give me a call for sure and we'd help you out. But Airbnb and Drdo are amazing and there are a couple great hotels as well. If people want the amenities of a pool and all that kind of stuff, there's the Hotel Madeleine, there's the Pizza Hotel and the big news for Telluride is we're about to have a Four Seasons hotel under construction.
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Joe Reitzug
I thought I think I read that that's a big deal.
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Dan Dockray
It's it's a huge game changer for the town of Mountain Village which is basically attached to Telluride due to Gondola. And it should break ground later this year, but it might be next year until it breaks ground.
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Joe Reitzug
Got it. Exciting. So I'm curious, where do people fly into when their destination is telling?
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Dan Dockray
So you can fly directly into Telluride and there's a a company called Denver Air Connect and they fly jets from Phenix and Denver to Telluride. So if you connect out of those areas, they're very easy to use. But a lot of people and probably 95% of the travelers go into Montrose, Colorado. Yeah, and Montrose is about an hour and 15 drive.
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Dan Dockray
It's amazingly beautiful and it's a very easy connector airport. So there's a lot of direct flights.
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Joe Reitzug
Nice. Very nice. Well, we really appreciate you coming on.
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Makayla Mast
Yeah, this is a fun treat.
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Joe Reitzug
I'm saying this as a first rate Telluride and any ski destination I'm always just all about. I started I grew up in the Midwest and started skiing in the flat lands of Michigan, of all places. So when I moved out to the West Coast and started skiing in the Cascades and then went down to Utah and the Wasatch and and did a little bit in Colorado, I've been to Aspen once and but Telluride has always been that one that's just like, man, I got to get there.
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Joe Reitzug
So now we got a connection there and so does everyone on our podcast.
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Dan Dockray
Well, I'd love to roll the red carpet out for you. We love Telluride. And one of the unique things and that's probably why you haven't been here is it's a little hard to get to compared to some other ski areas. And but that means we have no lights.
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Joe Reitzug
That's what I've heard. It's that's what I've heard.
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Dan Dockray
I mean, living here, I'm so spoiled and I just go ski under the list. If I slow down, it's usually a friend in the line, you know, And it's a really fun place in that laidback respect. You know, you get to get out of that. You're not in lines for coffee, you're not in line for anything.
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Joe Reitzug
How often are you doing fresh tracks in the morning, work in the afternoon?
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Dan Dockray
I probably get about 30 or 40 days like that a winter time. And, you know, I have the Bluetooth speakers in my helmet and, you know, I've got to work boom, take the call, deal with it on the list, and then go ski paradise. It's living the dream.
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Makayla Mast
We had a call the other day and I told everyone I had a call with Dan Dockery this morning and he was on a ski lift and I was so jealous. All that because I'm lucky to get to ski days a year.
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Joe Reitzug
I know you're my hero.
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Dan Dockray
I've got about over 40 days this year already and I love it. You know, that's why I moved to tire and that's why people buy in Telluride, too. This is a lifestyle purchase. It's hey, I want to kind of break the norm and and be in mountains and live a mountain lifestyle.
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Joe Reitzug
Well, the price point and the appreciation that you guys have seen over the past ten or 20, 30 years proves that it's a lifestyle that a lot of people want. So, you know, whatever you guys are doing there, keep it up because it's absolutely amazing.
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Dan Dockray
We're going to keep trying. You know, it's a big part of my life here, and I like sharing it with my clients.
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Joe Reitzug
Yeah, so cool. Tell our listeners where they can find you. Your your website, your email phone number.
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Dan Dockray
Yeah, absolutely. My websiteis Dandockray.com, My email is Dan.dockray@SothebysRealty.com. And my note phone number is 9707080666.
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Makayla Mast
Awesome. And we'll put that all on the show notes. So if you're interested in buying real estate in Telluride or even just visiting, please reach out to our friend Dan.
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Joe Reitzug
Thanks so much. Dan, we really appreciate having you.
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Dan Dockray
Yeah, thanks so much. It was a pleasure being on and really appreciate it and look forward to seeing you in Telluride.
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Joe Reitzug
Sounds good. See you then.
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Makayla Mast
Thanks for joining us today. If you're interested in finding out more about Joe, myself or the livportland team, you can go to livportland.com. Thanks for giving us a listen and see you next time on the Off the Record podcast.
