Unique Homes Blog

Keeping your mind open can lead to a spectacular buy in the Rockies.

It’s possible to find a great deal on a ranch, farm or country estate in the Rocky Mountains, but the challenge requires the right frame of mind.

Prices are down 20 to 30 percent from 2007, but for the best deals, brokers offer this important tip: Be flexible.

“If you are looking for your dream property, chances are, you’re not going to find it for a bargain,” says George Harvey, of Telluride Properties, Telluride, Colo.

Most owners of luxury ranches in the Rockies are liquid and can afford to hang on to their property for months or even years. “Some buyers look at the price and think, ‘That’s my dream home, but I’ll just wait till I can get a better deal.’ And that’s probably not going to happen,” Harvey says.

The good news: Some sellers are offering major discounts and once-in-a-lifetime investment opportunities. But those properties are rarer. “So the property with the heavily reduced price may not have every single feature you’re looking for, as the buyer,” he says. “But if you can be adaptable, maybe think about remodeling later, you can find some pretty good deals.”

Harvey mentions one 4,800-square-foot home on the market that has dropped from $3.8 million to $3 million. With five bedrooms, spacious decks and stone patios, the newer home has stunning views of the St. Sophia Ridge and overlooks a golf course.

If you’re looking for something smaller, Harvey can point you toward what he considers “the best condominium buy in Mountain Village”: a three-bedroom, log-constructed
condo with vaulted ceilings and an outdoor spa that has dropped in listing price from $1.6 million to $1 million. A ski-in/ski-out funicular is just steps away from the
fully furnished residence.

Cozy ski homes near charming villages are the irresistible draw of the Rockies, the mountain magnetism that keeps long-term investors coming to the area. Tom Morse, of Legacy Properties West LLC, Durango, Colo., says Baby Boomers are showing a steady interest in recreational mountain homes.

“One of things I keep hearing is that the recession has been a wake-up call…. People are asking themselves, ‘What is most important? How do we want to spend our remaining time?’” Morse says. “For many people, this kind of reflection has led them to leave an urban area and find a rural lifestyle more in alignment with their desires.”

Statistics seem to bear this out. The United States Department of Agriculture reports that Baby Boomers (ages 45 to 63) are increasingly moving to rural areas, and by 2020, the percentage of 55- to 75-year-olds in rural areas will increase by 30 percent.

Many people are even seeking out ranches that have some production potential, he says, because hay and other crops can create cash flow. But regardless of the type of property, the market stands to gain in value.

“There’s a recognition that prices may have reached the bottom line in the high-end market, and with low interest rates, many people see recreational properties and ranches as a good place to put money today,” he says.

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