A Second Home in Telluride, Colorado

By Jamie Marshall

Telluride's location—in a snug box canyon surrounded by mountains, more than two hours from the nearest city—could discourage some second-home buyers. But the resort town's very remoteness is one of its biggest selling points. "The people here enjoy privacy and anonymity," says T. D. Smith, president of Telluride Real Estate Corporation, which specializes in high-end properties. "They shun glitter and love the outdoors."

And there's a lot of outdoors to love, what with Telluride's gorgeous scenery and incredible ski mountain. This and a vast array of recreational activities, a lively cultural scene, first-class restaurants and a vibrant year-round community are what draw energetic, athletic types, who are snapping up property here in record-breaking numbers. Tough zoning laws mean you don't get ski-resort sprawl, as you do at some mountain getaways. With the recent surge in Telluride's popularity, though, fixer-uppers and bargains are rare.

Lay of the land Telluride is in San Miguel County, Colorado, one of the least populated parts of the state, with 4,500 full-time residents in the greater Telluride area. To the east is Bridal Veil Falls, the longest free-falling cascade in the state; to the north, the San Sophia range; and to the south, the ski mountain. Settled in 1878, the former mining camp has had a rollicking boom-to-bust-to-boom history. Butch Cassidy robbed his first bank here. After the silver market collapsed in 1893, the population dwindled to fewer than 500. In 1964 the town of Telluride was designated a National Historic Landmark District.

Telluride's lifts started running in 1972, but it wasn't until the completion of Mountain Village, in 1987, that the place really took off. Connected to the historic town by a state-of-the-art gondola, Mountain Village is the heart of the ski resort, with lavish slope-side homes and condos, upscale lodges, a handful of restaurants and the busy Mountain Village Activity Center. Telluride Regional Airport, on a mesa above town, is served by local carriers and accommodates private jets. In winter, when the weather can delay flights, a popular option is the airport at Montrose, sixty-five miles away.

The appeal The sheer natural beauty is what initially attracts people to Telluride, but the warm, small-town atmosphere and dress-down spirit keep them here. Families enjoy being part of a community. Celebrities and high-powered executives can relax in relative obscurity. And everyone pursues skiing, snowboarding, hiking, mountain biking and other outdoor activities with zeal.

The neighbors Among the homeowners who avoid the limelight are Tom Cruise, Daryl Hannah, Dan Quayle, Ford Motor? Company chairman Bill Ford, Jr., and Hollywood power couple Frank Marshall and Kathleen Kennedy.

The ski mountain Telluride's experts-only reputation has been tempered by the gradual addition of less challenging terrain. Since 1996 the ski resort has spent about $64 million on capital improvements, including the gondola, the activity center, the mountaintop restaurant and the 733-acre Prospect Bowl.

Where to buy Buyers fall into two camps: those who want the historic ambiance and convenience of town living and those who desire the space, privacy and views of Mountain Village. In town, renovated Victorians are in short supply and cost at least $1.5 million apiece. In Mountain Village, a one-bedroom condo can be had for $300,000, and houses start at about $1.3 million. Also hot are Sunnyside, West Meadows and other subdivisions near the mountain and close to town, where thirty-five-acre lots (without structures) start at $3 million. Ranch land on outlying mesas is available.

Top real estate agents Telluride Real Estate Corporation, a Christie's Great Estates affiliate (970-728-1603); Telluride Properties, a Sotheby's International affiliate (970-728-4226); Peaks Real Estate (970-728-1404).

Where to stay while looking In town, HOTEL COLUMBIA (rooms from $195; 800-201-9505) is ideally situated across from the gondola. On the mountain, 174-room WYNDHAM PEAKS RESORT (rooms from $159; 800-789-2220) includes the luxurious Golden Door Spa.

Property Values

BBR RANCH $6.85 million

Horse lovers, take note: among the many attractions of this 1,427-acre site is a 32,000-square-foot equestrian facility with a twenty-two-stall barn, an indoor arena, a trainer's apartment and a gym. Other enticements are a sixteen-station sporting-clays course and a stocked trout pond. The owner is selling off two 327-acre parcels. Each buyer will have access to the entire ranch and be responsible for a third of the annual operating costs. 970-728-4226.

260 DOUBLE EAGLE DRIVE $1.82 million

Set at the edge of Mountain Village, next to an eighteen-hole golf course and about a mile from the ski lifts, this four-bedroom Arts and Crafts–style house has a modern feeling. A two-sided fireplace warms the dining and living rooms, the spacious master bedroom has a walk-in closet, there's in-floor radiant heating, and a wraparound deck offers panoramic views. 970-728-1234.

AURORA $1.75 million

One of twenty-five privately owned penthouse apartments situated in Wyndham Peaks Resort, the two-bedroom condo has vaulted ceilings, an open floor plan, contemporary furnishings and an outstanding view of the San Sophia range. 970-729-0160.

EXCLUSIVE RESORTS $375,000 membership fee, plus annual dues

In Mountain Village this residence club owns condos and penthouses in the new Heritage Crossing complex and in the Plaza Penthouse, as well as a ski-in, ski-out chalet. Each residence combines the privacy of a house with the service of a luxury resort (round-the-clock concierge, spa and fitness facility, daily housekeeping). For a onetime, 80 percent refundable fee and annual dues that range from $15,000 to $19,000, depending on the amount of vacation time, members can holiday in twenty-six destinations around the world. 800-447-8988; exclusiveresorts.com.

FRANZ KLAMMER LODGE from $145,000

One of the country's original shared-ownership resort properties, this Mountain Village lodge has two- and three-bedroom condos. The price might cover, for example, five weeks' worth of use (two weeks in winter, two in summer and one floating week); more days can be added, depending on availability. Decor is Ralph Lauren meets Tyrol, with handcrafted furnishings, overstuffed couches and Western artifacts. Services and amenities include a twenty-four-hour concierge, someone to stock your fridge before you arrive and a cozy club room and bar. 800-405-4199; franzklammer.com.