Skiers: If You Could Move Anywhere... ?

[Milo Maltbie]

Telluride has similar deed restrictions on some houses. Doesn’t seem to have helped with affordability:

I have a ski instructor/fishing guide friend who owns a deed restricted house in Telluride, and another in Durango. He's probably not building much equity, but he's living the dream. The key is you have to qualify for the deed restricted house.

mm

 

[Peter Minde]

I have a ski instructor/fishing guide friend who owns a deed restricted house in Telluride, and another in Durango. He's probably not building much equity, but he's living the dream. The key is you have to qualify for the deed restricted house.

mm

My realtor told me about a house for sale in Saranac Lake... seller insisted that the house go to people who would live in it year round and not turn it into an STR. Sold in 5 days for way over listing price.

 

[Milo Maltbie]

My realtor told me about a house for sale in Saranac Lake... seller insisted that the house go to people who would live in it year round and not turn it into an STR. Sold in 5 days for way over listing price.

The expectation of restrictions on STRs is probably already baked into the market price in resort communities.

The Telluride deed restrictions are more than that. I think you can only sell the property back to the ski area at a predetermined price, so you never build much equity. That's what keeps the price down.nI think it's only available to employees. I'm not sure how many are/were available, but they sold for affordable prices.

mm

 

[Benny Profane]

Maybe not. Last I heard, and that's going on ten years, the deed restricted houses in Frisco, Co. were going for 450,000.

 

[Milo Maltbie]

Maybe not. Last I heard, and that's going on ten years, the deed restricted houses in Frisco, Co. were going for 450,000.

SO way below the unrestricted market? There's all kinds of deed restrictions, from simple requirements for full time residence to limitations who can buy or when you can sell.

mm

 

[Benny Profane]

Yeah, but, try paying a half million mortgage at today's interest rates on a ski patroller's or lift mechanic paycheck.

I think Summit County is restricted to full time workers in the county. Don't know what happens if you lose the job.

 

[Peter Minde]

The expectation of restrictions on STRs is probably already baked into the market price in resort communities.

The Telluride deed restrictions are more than that. I think you can only sell the property back to the ski area at a predetermined price, so you never build much equity. That's what keeps the price down.nI think it's only available to employees. I'm not sure how many are/were available, but they sold for affordable prices.

mm

Saranac Lake recently enacted regulations for STRs. I believe LP has too. Not too concerned because when I buy up there, it will be a primary residence.

 

[raisingarizona]

Living in the Solitude ski resort village full time, year round would be pretty nice.

 

[jamesdeluxe]

Living in the Solitude ski resort village full time, year round would be pretty nice.

The friend I stay with at Solitude Village has an apartment virtually in the same position as that pic. Given the goatf*ck that the Cottonwoods have become with Ikon-related parking, traffic, and what not, it's a pretty sweet setup.

 

[Peter Minde]

Yeah, but, try paying a half million mortgage at today's interest rates on a ski patroller's or lift mechanic paycheck.

I think Summit County is restricted to full time workers in the county. Don't know what happens if you lose the job.

If I WANTED to stay in NJ, I couldn't afford to buy a place. A few months ago, I mentioned an article I'd read to a customer who was house hunting around Summit / Millburn. Article posited that $500k was the "new" price for an entry level house in NJ (side note: unknown whether this article was planted by realtors). Dude looked me in the eye and said, half a million won't buy much of a house.