Cimarron Lodge - Ski-in/Ski-out

Cimarron is a great word, both in appearance and in sound. Derived from the Spanish word of similar spelling, it means “wild” or “untamed”, and it is the name the early Spanish explorers gave to the Seminole tribe in present-day Florida. Nothing wild or untamed about the Cimarron Lodge in Telluride…just a great name for a unique project.

Cimarron sits at the base of Chair 7 for a true ski-in/ski-out location. Chair 7 itself is not much to look at - being a long-in-the-tooth double chair that was likely brand new when Eisenhower was in the White House - but it portends a great future. Classic ski runs like Stumper and O’Reilly’s, plus the beginner-friendly Telluride Trail, all terminate on Cimarron’s doorstep. The Town of Telluride owns a large parking lot adjacent to Cimarron. I am not making any promises or warranties, but it would not be outlandish to envision a mixed-use development on that lot that would finally motivate Telluride Ski & Golf to replace Chair 7 with a high-speed Quad. It might be wishful thinking, certainly, but this author still hopes to be ringing a cow bell in that spot on some future date while standing at the finish line of a World Cup skiing event.

But even if no new nearby development occurs, Cimarron still represents a great value for a mountain condo in an irreplaceable location. In fact, most Cimarron owners would probably be most happy if nothing in the area ever changed.

A total of two units at Cimarron Lodge have changed hands since the start of the year - units R32 and R40 at $657,000 and $750,000, respectively.  There is currently one Cimarron unit active on the MLS – unit R30 has been active on the MLS for 2+ months at an asking price of $865,000. No other units pending at the moment.

Riverside Condos - A Step Above

When compared with other condominium projects in Town that were built/developed at about the same time, Riverside units have consistently traded at a higher price per sq ft. The materials used at build time were not superior and the project cannot boast of any compelling design elements that set them apart. The reason they have been able to attract this premium is fully attributable to the project’s compelling location. It sits at the entry point to the Bear Creek Preserve and its natural riches. The free gondola and the center of Historic Telluride are less than three blocks away. Telluride’s crown jewel of Town Park is a short stroll on the river trail. When taken together it is not surprising that Riverside is valued as highly as it is by the marketplace.

A total of two units at Riverside have changed hands since the start of the year.  Unit D03 closed last spring at $830,000 and just three weeks ago unit B201 sold for $1,475,000 . 

 There are currently zero Riverside units active on the MLS and no sales are pending. Everyone at Riverside appears to be quite comfortable where they are.

Lulu City Condos - Why We Like Them

After an extensive remodel of their building exterior and many of the exterior common spaces, the Lulu City ownership group demonstrated to the marketplace that they are serious about protecting their values and creating the best Lulu City possible. The Board that manages the homeowner’s association has been very “hands on” and involved, a critical component in protecting property values and quality of life in a shared-interest-community. It is not hard to spot those projects that have an ineffective and/or non-involved Board - deferred maintenance goes unaddressed, projects that keep the utility and attractiveness of the project up to date never seem to get done, lack of care for the common areas pervades. None of these issues are the case at Lulu City, a project that offers larger-than-average living spaces, a pool and hot tub, and a great location very close to the ski slopes and the grocery store.

A total of five units at Lulu City have changed hands since the start of the year.  The most recent, Unit 5G a 2-bed/2-bath measuring 971 sq ft, closed early last month for $625,000.  The building continues to see investments being made by owners in the form of kitchen and bath updates and in full blown remodels.  A lot to be encouraged about when you also consider how well the property is looking in general.

There are currently three Lulu City units active on the MLS – all in the #5 building and ranging in asking price from $589,000 up to$885,000. No units pending at the moment.

Town of Telluride Condo Market

Currently, the condominium market inside the Town of Telluride would be described as “balanced”. Over the previous 12 months, there have a been a total of 82 condo closings in town, while there are 15 contracts pending as of this typing. With only 55 condo units currently active, that equates to an absorption rate of approximately 7 months. That might sound like a a long time to people more familiar with urban markets, and the numbers those markets exhibit relative to ‘days active’, but a 7-month absorption rate in any market category in our remote mountain burg is a sure sign of strength/balance.

The project collectively known as the Telluride Transfer - 12 luxurious units spread across four separate buildings on portions of two town blocks - is one of the few sources of new inventory coming to market on the immediate horizon. Three of the 55 active condos in Town are from this project so we know up to an additional nine more will ultimately be available. It is a sensational concept in an unbeatable location, that was imagined and conceived by a world-class design team, so we are quite confident of its ultimate success. When complete, it will be some time before another 12-unit development occurs inside town borders.

Lots of profit taking has occurred in the equity markets over the past two weeks. Often those funds find their way into hard assets like resort real estate - a terrific hedge against inflation. And you are not going to create any family memories cuddling up in front of a diversified bond fund…so think about a new home in Telluride.