Courtesy of Telluride Properties
TELLURIDE, CO - It goes without saying that the Telluride lifestyle has always been a draw--and why not? The appeal of Telluride life is hard to ignore. Surrounded by picturesque views, residents have the advantage of being mere steps away from world-class skiing, hiking, mountain biking, shopping, restaurants, art galleries, music festivals and more. But what happens when you combine that lifestyle with the opportunity to own a newly constructed, modern home? In the case of the recently completed Transfer Telluride project, represented by the O’Neill Stetina Group, the combination resulted in record sales prices, illustrating undeniable demand for the ultimate luxury Telluride lifestyle.
Completed in December 2019, Transfer Telluride is centrally located in the heart of Telluride’s Art District, just steps from both Main Street and the Gondola, and buyers were undeniably drawn to the walk-to-everything lifestyle that the project offers. When you arrive, you can park your car in your private, covered space and leave it for the duration of your stay. Beyond the paramount location, Transfer Telluride’s residences include generous outdoor living spaces with unobstructed views of the ski mountain and valley, plus open-concept living with large kitchen islands and spacious great rooms. The interiors embrace thoughtfully designed elements, combining steel and wood for that sought-after mountain modern feel. There is no shortage of amenities as residents have private access to an on-site fitness center, spa and ski locker. In this new world that embraces contact-free living, each unit has its own private front door with no shared hallways, plus a state-of-the-art Latch locking system, allowing residents to use their phones to unlock their residences.
According to Rich Carr of CCY Architects, “Inside we wanted to create unique residences that lived like single-family homes. A driving force for the interior layouts was to capture a diversity of Telluride’s panoramic scenery, giving future owners the opportunity to enjoy both indoor and outdoor views of the San Juans, Bridal Veil Falls and Telluride Ski Area.”
Bringing the outdoors in is a common theme in modern construction. Larger windows providing access to more natural light and visual connectivity to the outside are consistently cited as the primary drivers behind the modern-home movement, so there’s no surprise that it is increasing in popularity in mountain communities. In line with studies linking natural-light exposure to an elevated mood, many of us just seem to be happier inhabiting brighter interior spaces with an effortless visual link to the outside and Telluride’s picturesque views, even if we’d prefer to be indoors.
The pent-up demand for such a product was made evident by the quick sales at Transfer Telluride: seven units sold pre-completion, followed by five closings within two months of the project’s completion ranging in sales price from $3,105,750 to $8,200,000. Only one unit still remains: LoftHouse 2, a four-bedroom, five-bathroom residence, with a listing price of $4.45 million.
Outside of the Transfer project, the desire for modern homes was illustrated by several sales within the Telluride Properties office. The O’Neill Stetina Group represented four significant sales of modern construction and remodels in the past 12 months: 372 Pandora Lane, a newly constructed home in the Idarado Legacy subdivision, sold for $8,400,000 upon completion. 235 E. Columbia, an impeccably restored historic home in the Town of Telluride, sold for $7,625,000, never even hitting the MLS. 114 S Townsend, also known as the Holly House, a beautifully renovated historic home in Downtown Telluride, sold for $5,025,000 after 132 days on the market. Finally, 517 E Columbia, newly renovated with a warm and modern aesthetic in Telluride’s sought-after East End neighborhood, sold for $3,800,000 after only 112 days on market. Futhermore, Steve Cieciuch orchestrated a spec project at 116 Rocky Road, an innovative modern design created by architect Narcis Tudor. This stunning Mountain Village home closed for $6,335,000 pre-completion, after only 69 days on market. Steve also represented the buyer for 300 W Colorado #3, an iconic penthouse located in the very center of Downtown Telluride, which sold for $11,200,000.
Despite such popular demand, the value of Telluride still remains evident when compared to other ski resort towns. The average sales price in the Transfer Telluride project was $1,650 per square foot, while the average price per square foot for comparable product in Aspen is $2,743. Similarly, Vail and Jackson Hole’s averages remain at $2,519 and $2,473 per square foot for condominiums, respectively. Telluride’s value is undeniable when considering these numbers. While paying significantly less than in comparable ski towns, Telluride buyers have the opportunity to own luxury homes and condos in one of the most desirable, picturesque locations in the country, which is continually praised in publications like Conde Nast Traveler, who names Telluride the Best U.S. Ski Town year-after-year.
Telluride’s version of “urban” living draws international visitors looking for a ski home away from home, multi-generational families seeking solace in nature and the laid-back, walk-to-everything lifestyle, retirees escaping the heat of their primary homes and investors looking to add to their real estate portfolio. Luxe modern homes are being built and renovated to the exacting standards of a demanding market that expects value for its money. With such strong comps to illustrate this pent-up demand, there is no doubt that we will continue to see a rise of modern renovations and historic remodels for years to come.
About Telluride Properties
Since 1986, Telluride Properties has earned the reputation as Telluride’s premier boutique real estate firm. We have navigated the ups and downs of the market, watched big brand names come and go, and the face of technology change for more than three decades. Through it all, our mission has remained the same, hire the best real estate professionals and provide our clients with the highest standard of service.