REAL ESTATE NEWS

A meaningful number of Californians — particularly San Franciscans — are targeting Colorado's Telluride resort as their next legacy second-home market.

The forthcoming Four Seasons Resort and Residences Telluride is capturing this shift in measurable terms. California buyers now account for more than 15% of total purchasers at the project, closing at an average price of $10.66 million and an average price per square foot of more than $4,100.

Many are coming from Pacific Palisades, Santa Ynez and the San Francisco proper area. A combination of scarcity and improved accessibility is driving momentum.

Telluride remains one of the most tightly supply-constrained ski markets in the West, with limited developable land and no proliferation of private-club sprawl. It delivers Aspen-level luxury and cultural cachet without the crowds or the see-and-be-seen mentality, local real estate agent Brian O'Neill told GlobeSt.com.

Winter airlift access from California into the Telluride region has improved in recent seasons. Expanded seasonal direct flights and strengthened regional connectivity have removed one of the market's biggest barriers. For Bay Area buyers who value convenience alongside exclusivity, ownership is now more practical.

"For many travelers, it's now entirely feasible to leave California in the morning and be on the slopes in Telluride that same afternoon," O'Neill said.

"Unlike more saturated resort markets, Telluride still offers a relaxed, uncrowded ski experience without theme-park-style lift lines."

A Less Crowded, More Authentic Mountain Market

Bill Fandel, managing principal of Telluride Advisors, told GlobeSt.com that while San Francisco buyers have long appreciated Telluride's outdoor lifestyle and environmental ethos, there's a newer wave of interest driven by a desire for less crowded, more authentic mountain markets.

Some find that destinations such as Aspen and Jackson Hole feel increasingly built out and congested, while California buyers are actively seeking places that still offer space, privacy and a true sense of discovery.

"Telluride delivers a balance of being adventurous and outdoorsy, yet grounded and unpretentious — which resonates strongly with both the Bay Area and Southern California homeowners, capturing the attention of high-net-worth buyers looking for sophistication without saturation," Fandel said.

Limited Developable Inventory

Another important element of Telluride is the scarce supply offered, primarily due to geography and intentional preservation. It sits in a box canyon surrounded by protected land, leaving limited developable inventory.

Strict zoning and historic preservation policies have carefully managed growth, which protects long-term value. Projects like Four Seasons Resort and Residences Telluride are some of the last developable sites in Mountain Village.

The Telluride luxury market remains highly competitive, particularly for updated condos, turnkey homes and true ski-in/ski-out properties, according to O'Neill.

"Inventory is constrained by a strong base of long-term owners with deep ties to the community, resulting in high-end demand consistently outpacing supply," he added.

"This Four Seasons resort offers ownership to the market as the first fully serviced, amenity-rich residential offering with direct ski access. The Four Seasons lifestyle is especially appealing to buyers who value time and ease — allowing them to focus on outdoor activities and Telluride's vibrant arts and culinary scene, while spending more meaningful time with family and friends."

Source: GlobeSt/ALM