Located in Colorado’s San Juan Mountains, Mountain Village is more than just a top resort destination. This unique community is also one of the best places to own a home in. In Mountain Village, you’ll be treated to unparalleled views, world-class skiing, and a refreshing, laid-back atmosphere.
Ready to buy Mountain Village, CO real estate? Navigate the home buying process with these top tips.
Table of Contents
- Overview of Mountain Village, CO
- Top tips for buying Mountain Village, CO real estate
- Find the right real estate agent to work with
- Know your financing options
- Create a checklist
- Get to know the neighborhood you’re moving into
- Determine which property type suits you best
- Evaluate the local real estate market
- Consider the property’s resale value
- Know the hidden costs
- Spend time in the area
- Don’t rush the process
Overview of Mountain Village, CO
Sitting at 9,500 feet high in the Uncompahgre Forest of the San Juan Mountains, Mountain Village is a peaceful town that features more than 2,000 acres of alpine terrain. This luxurious ski community is located west of Telluride along the San Juan Skyway, and is home to around 1,434 residents. It is connected to Telluride through a state of the art gondola – a free, 13-minute ride that’s considered as one of the most scenic and beautiful commutes in Colorado.
The town’s history starts with the world-famous Telluride Ski Resort. A few years after the resort was opened by Joe Zoline in 1972, it was purchased by investors Ron Allred and Jim Wells. The two had a vision: To turn the area into a European-style resort town complete with a commercial center, single-family homes, and pedestrian-friendly roads. And in 1995, the Town of Mountain Village was officially incorporated.
Attractions and activities
When it comes to outdoor recreation, Mountain Village does not hold back. From skiing to mountain biking, there are endless opportunities for outdoor activities here. The town’s winter trails are the top spot for an outdoor adventure. Skiing, hiking, biking, and snowshoeing are the most popular activities.
For skiing, look no further than the Telluride Ski Resort. Ranked by Condé Nast readers as the best ski resort in North America, the Telluride Ski Resort offers a variety of great terrain for skiers of all skill levels. There are around 148 trails here, giving you a wide range of challenges to choose from when you bring out your skis.
The golf course in Mountain Village is not one to be overlooked. The Telluride Golf Club is an 18-hole, par 70 course that covers 6,546 yards and brings dramatic elevation changes. Being one of the highest golf courses in the world, the Telluride Golf Club offers breathtaking views and a spectacular mountain backdrop.
Mountain Village, CO real estate
From spacious mountain abodes to incredible stone cabins that are the stuff of fairytales, real estate properties in Mountain Village are nothing short of amazing. The average price of a home for sale in Mountain Village is around $2.9 million, with some properties priced as high as $36 million or more.
Single-family homes, condos, and vacant lots are the most common property types here. With a Mountain Village property, you can expect a variety of luxury amenities and finishes, such as floor-to-ceiling windows and terraces that wrap around the house, making the most of the amazing mountain views.
Top tips for buying Mountain Village, CO real estate
With its world-class amenities, endless opportunities for outdoor recreation, and luxury lifestyle, it’s not hard to see why buying a home in this unique ski town is an attractive option. Keep these top tips in mind when you start searching for a real estate property in Mountain Village, CO.
Find the right real estate agent to work with
Working with a real estate agent is key to buying a golf course or ski home in Telluride’s Mountain Village. A real estate agent serves as your guide throughout the home buying process. They know how to handle the complex aspects of a real estate transaction, such as negotiations, the paperwork, and closing.
And since you plan on buying real estate in Mountain Village, it’s important to work with an agent who specializes in the area and the types of properties here. In many aspects, golf course homes and ski homes are different from traditional single-family homes. They are niche properties that are specific to their location and the amenities offered.
You want to work with an agent who knows Mountain Village inside and out. A local expert can easily tell you about the different properties here and which one would be best suited for you. They also know the local real estate market well and are up-to-date on its current trends.
Screen potential real estate agents by asking questions about their experience, local real estate knowledge, and communication style. Feel free to use these questions as a jump-off point:
- How well do you know the Mountain Village area?
- How long have you been in the real estate industry?
- How will you update me throughout the process?
- How will you help find the right Mountain Village home?
- What sets you apart from the other real agents in the area?
Know your financing options
Since golf course homes and ski homes are often categorized as luxury properties, your financing options may also be different from a traditional mortgage. There are typically two ways to finance the purchase of your Mountain Village property: by taking out a jumbo loan or paying cash.
There are advantages and disadvantages for each option. A cash purchase, which doesn’t require any credit history or leverage, is more common than you think. Home buyers opt to pay in cash to avoid loan interests or closing costs. Sellers prefer cash offers because they involve a quicker closing time and zero risk of the buyer’s loan falling through.
The downside of paying with cash is the reduction in your liquidity. When you buy a house with cash, you’ll have less money on hand. This could pose a risk if you suddenly find yourself in need of immediate funding. In addition, you won’t be eligible for any mortgage tax deductions, a perk that comes with taking out a loan.
With a jumbo loan, you have more financial flexibility. Since this type of loan isn’t bound by conforming loan limits, you can receive adequate funding for the purchase of a luxury property. Some jumbo loans even offer flexibility in terms of the down payment, although this largely depends on your lender.
However, jumbo loans also normally mean bigger interest payments due to the higher interest rates. Moreover, this type of loan also comes with more stringent credit requirements than a traditional mortgage, including a higher credit score and lower debt-to-income ratio.
Once you’re sure about buying Mountain Village, CO real estate, plan for the financing as early as possible. This way, you have more time to research about each option and decide on the one that best fits your circumstances.
Create a home buying checklist
The best way to stay organized when buying a home in Mountain Village is to prepare a checklist of the features you’re looking for. Listing your needs and preferences helps narrow down your home search options and speeds up the buying process.
What are the must-have features in terms of location and amenities? Do you prefer a luxurious single-family home with plenty of indoor space, or a condo with easy access to the ski trails or golf course? If you’re an avid skier, you may want to look into homes with direct access to a ski trail. Some Mountain Village properties offer just that. These ski-in/ski-out homes let you hit the slopes straight from your doorstep or balcony.
It’s also useful to have a separate list for your non-negotiables. These are your must-have property features that can help you in deciding if you should make or break a deal.
Get to know the neighborhood you’re moving into
In any home buying process, it’s important to learn more about the neighborhood that you plan to buy a home in. This gives you an idea of what to expect once you officially own a home in the area.
In Mountain Village, the majority of residents live in the Meadows neighborhood. Home to single-family properties, condos, and townhouses, Meadows is considered the “heart and soul” of Mountain Village, with family-friendly features like a playground and walking trails that meander through the town.
Neighborhoods are typically governed by a homeowners’ association (HOA). The Telluride Mountain Village Owners Association (TMVOA), which is a separate entity from the town of Mountain Village, is the HOA involved in the organization, funding, and sponsorship of certain functions and activities in the community. These include the staging of various events and festivals, as well as the upkeep of common areas and facilities, including the gondola that connects the town to Telluride.
In buying a home in Mountain Village, it’s best to learn if the property is covered by an HOA, and if it is, get to know the HOA rules, regulations, and annual dues before signing a purchase agreement.
In researching about a potential neighborhood, don’t forget to look into nearby amenities and places of interests, such as schools, shops, health centers, and other community services. Consider your needs and preferences, whether you’re planning to stay permanently or are merely looking for a vacation home.
The Mountain Village Center, which is the town’s downtown area, houses a variety of local stores, restaurants, and even condominiums. As for community health centers, the nearest medical center and pharmacy is right in the town of Telluride.
Research on which property type suits you best
A challenge that comes with buying a golf course home or a ski home is finding the right property type. In Mountain Village, the most common property types to choose from are single-family homes, condos, and vacant land.
Deciding on the type of Mountain Village property to buy depends on your budget and lifestyle. But at the end of the day, it all boils down to how you will be using your Mountain Village property. If you plan on using the property as a permanent residence, a single-family family home would be a great fit as it provides plenty of space and multiple bedrooms and bathrooms that make year-round living more convenient and comfortable.
If you’re looking to rent out the property when you’re not staying in it, consider a ski condo instead. Ski condos are smaller, require less maintenance, and are typically closer to the town’s amenities. You may also want to build your home from the ground up. Vacant lots in Mountain Village allow you to custom-design your own winter wonderland according to your styles and preferences.
The Mountain Village property you buy also has the potential to become your future retirement home. If this is your plan, consider your long term needs in choosing the type and location of the home to buy.
Evaluate the local real estate market
As a buyer, it’s important to look at the local real estate market as well. The housing market in ski resorts tends to be more predictable, which can tell you about the home prices to expect and the best time to buy.
Owning a golf course home or a ski home in Mountain Village also presents you with a unique opportunity to earn rental income. Renting out your home when you’re not using it allows you to maximize your investment. Keep in mind that you will be required to report the rental activity on your tax return if the property is rented out for more than 15 days per year.
Consider the property’s resale value
If you’re planning to invest in Mountain Village real estate, it’s best to look at the property’s resale value as well. While it may seem strange to already think about reselling even before owning the property, consider the home as an investment and its resale value will be quite important if you ever decide to sell it in the future.
The resale value of a property typically depends on its location, features, amenities, real estate market conditions, and any future developments. Before buying a home, ask your Realtor about home value trends in the neighborhood. How quickly have the other homes sold? What are the features that other buyers would find most attractive? Typically, a sought-after location is a good indicator of a home’s future resale value.
Know the hidden costs
It’s not uncommon to incur additional expenses during and after the home buying process. Aside from the purchase price, there are other costs associated with purchasing a home. Knowing these hidden costs helps you to be more financially prepared.
One of these costs is specific to buying Mountain Village, CO real estate. The Real Estate Transfer Assessment (RETA) is a 3% assessment rate imposed by the Telluride Mountain Village Owners Association. Revenue earned from the RETA goes to the operation and maintenance of the gondola.
Another home buying cost that catches many homebuyers by surprise is property taxes, which is based on the value of the property you own. Fortunately, Colorado has one of the lowest property taxes in the county. The average rate of property tax here is 0.49%, below the national average of 1.07%.
Here are the other hidden costs to expect when buying a home:
- Closing costs
- Homeowners Association (HOA) fees
- Home inspection fees
- Home insurance
Spend time in the area
There’s no better way to learn more about an area than to visit often and experience it for yourself. See the different amenities that Mountain Village has to offer its residents, from local shops to restaurants. Walk around the town and get a closer look at what it has to offer.
Visit Mountain Village during different times of the year as well. You’ll have a better idea of the climate and the volume of visitors that come during a particular season. If you wish to avoid the crowds, you’ll know when to visit and where to go. On the other hand, if you’re after a festive experience, you’ll have a good feel on when is the best time to stay in your mountain home.
In Mountain Village, the winter season typically lasts for around four months, from November to March. The town experiences warmer weather from June to September, with July being the hottest month. Either way, you’ll experience refreshing mountain air all-year round due to the area’s pristine air quality, and do a wide range of activities throughout the year.
Don’t hesitate to get in touch with people who have purchased a property in that area. Since they have already gone through the process of buying a home here, they can tell you about their experiences and offer tips that can help you in making important decisions.
Don’t rush the process
With a sought-after real estate market like Mountain Village, CO, it’s no surprise why you might be in a hurry to buy a property right away. While it’s easy to get caught up in the frenzy of owning your own golf course or ski home, keep in mind that buying Mountain Village, CO real estate (or any other real estate property in general) is a huge financial decision.
That’s why it’s important to do thorough research about your chosen location and property before diving in. The last thing you want is making an impulse purchase that will leave you wishing you hadn’t taken the plunge. So work with your real estate agent, take as much time as you need, and enjoy the exciting process of buying a Mountain Village home.
Find your own mountain paradise with T.D. Smith
When it comes to Mountain Village, CO real estate, no one knows better than T.D. Smith. Armed with more than six decades of combined real estate experience, T.D. Smith and his team are here to help you in your search for the perfect ski or golf property.