Good day readers,
As a broker in Crested Butte’s skyrocketing real estate market, I find it highly intriguing when out of state real estate investors contact me to discuss the local market. Everyone, it seems, wants to know how we compare to other ski resort destination markets around Colorado including Aspen and Telluride. They want to know how our market compares in terms of the investment, appreciation and return on investment. It seems like only yesterday Crested Butte real estate buyers wanted to know about things like a property’s proximity to the best trailhead or the walking distance to our free in-town ski shuttle. Things are changing here for sure. Like a rising stock price or pending IPO, buyers questions and concerns are shifting dramatically.
Today’s article from the Telluride Watch outlines an interesting comparison between Aspen and Telluride and their real estate markets. Considering that Crested Butte didn’t have any million dollar homes for sale just 4 years ago (last year we experienced over 63 million-dollar plus real estate transactions), the numbers from Aspen and Telluride seem astounding.
Thanks for visiting today,
Read the article:
And You Thought Telluride Was Expensive
Comparing the Telluride and Aspen Luxury Real Estate Markets
While Telluride is largely a luxury real estate market these days, it is still very much evolving with ample room to grow. And in comparison to other world-class Colorado resorts, Aspen in particular, it is perceived as having real value when it comes to real estate prices.
According to data compiled by Telluride Real Estate Corporation (TREC), an affiliate of the internationally-renowned Christie’s Great Estates, there are currently five Mountain Village homes on the market for over $10 million – as well as three more in the region (one in the Preserve and two in Sunnyside Ranch) – compared to 43 homes in the Aspen area. The most expensive of these eight multi-million-dollar homes in the Telluride region is priced at $15 million, a common figure in Aspen as there are currently 19 homes listed for at least $15 million and nine listings exceeding $20 million.
When examining comparable properties in the Telluride and Aspen regions, a four-bedroom, 4.5 bathroom ski-in/ski-out townhome in the upcoming exclusive Courcheval enclave in Mountain Village is presently priced at $4,995,000. Likewise, a four-bedroom, 4.5 bathroom townhome in an upcoming development in Aspen’s central core is presently priced at $16,254,500, which is 225 percent higher than the price of the Courcheval unit.
Additionally, TREC reported a very recent Mountain Village home sale for $10.5 million, and according to Aspen real estate broker, Joshua Saslove, also a Christie’s Great Estates affiliate, five homes of similar quality to the one in Telluride sold for much more in Aspen.
“Those five homes in Aspen recently closed at prices between $17 million and $23 million,” Saslove said. “And at the base of Red Mountain, another 6,000 square-foot home that will likely be demolished sold for $22 million.”
These comparisons between Telluride and Aspen are not to detract from the fact that, at this time, history is being made in the Telluride market in terms of notable sales.
As reported by TREC, the recent $10.5 million closing is the second time a home in the Mountain Village, recorded in the Multiple Listing Service (MLS), has sold for such a price. In the past three years, 12 homes in the Telluride MLS sold for $6 million and higher. Such closings mark tremendous headway when considering Telluride’s status in the luxury marketplace.
Telluride is often compared to Aspen because the two share certain qualities like superb alpine settings, out-of-the-way locations, and year-round cultural and outdoor activities. They are similar in terms of layout: historic towns at the base of a ski area, paired with newer resort communities also at the base of a ski area (Mountain Village and Snowmass Village), and nearby upscale mesa-type neighborhoods (Deep Creek, Turkey Creek, Wilson and Sunshine mesas for Telluride; Red Mountain, Starwood, The Preserve and Morningstar for Aspen).
Aspen and Telluride also tend to attract similar clientele, leaving many under the impression that Telluride is on par with Aspen with regard to property values. In fact, the two are quite different. Telluride indeed boasts a strong and competitive market that attracts investors to high-end properties, but there is a significant discrepancy between what real estate is presently selling for here and what it presently sells for in Aspen. Therefore, according to TREC’s current statistics, this translates to more affordable prices in Telluride today, as well as sound opportunities for investment appreciation if Aspen’s figures are any indication as to where Telluride’s luxury marketplace is ultimately headed.