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DMR experiences unprecedented real estate action
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A car passes in front of the new Black Bear Townhomes, one of the real estate developments under construction at
Durango Mountain Resort. The resort is reporting unprecedented interest in its real estate recently. Agents are crediting
the boom in part to DMR’s relative affordability compared with other resorts./Photo by Todd Newcomer.
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by Will Sands
Durango Mountain Resort has more to celebrate than the recent endless snowfall and strong
holiday skier day numbers. Real estate is currently booming at the resort. Homesites in the new Engineer and Tacoma
villages are being bought up at a rapid rate. New townhomes are either quickly going under contract or have sold out.
And the trend should continue, as buyers embrace DMR's 25-year master plan expansion, which calls for the development
of 1,649 units at the resort.
"All resort property is moving right now whether it's single-family homesites, townhomes or condos," said Durango
Mountain Realty managing broker Cathy Craig. "This has become a really hot market."
Craig noted that it hasn't always been this way for Purgatory. This marks the fifth year of existence for Durango
Mountain Realty, and up until fairly recently, the market was less than "hot."
"When we opened the office, there was a huge inventory of older condos in the base area," Craig said. "Sometimes,
there were 10 or 12 properties for sale in just one complex. You couldn't give a property away."
However, as DMR ownership has started investing in the resort and the expansion has gained momentum, so has interest
in resort properties, according to Craig.
"There was really no reason for people to buy anything up here," she said. "But as the new ownership moved forward on
the master plan, people started paying attention. Right now, there are less than a dozen properties for sale in the
base area. People are snatching everything up."
Slopeside, the Elk Point Townhomes have sold out at prices ranging from $750,000 to $800,000. In addition, the first
Elk Point unit recently came back on the market for resale. It was listed at an asking price of $1.1 million, a
substantial jump over the initial pricing. Twelve of the 16 Black Bear Townhomes, now under construction across U.S.
Highway 550 from the resort's entrance, have gone under contract at prices ranging from $375,000 to $575,000. Half of
these contracts were written up during one week over the holidays.
"The Black Bear model was completed on Christmas Eve, and by New Year's Eve, we had six new contracts," Craig said.
"We're hoping with the success of Black Bear that we'll quickly go into phase II."
Phase II is also coming quickly for Engineer Village, located near the Black Bear Townhomes. Of the 36 single-family
lots in phase I, 28 have already sold for anywhere between $160,000 and $200,000. Seven of these contracts were also
signed over the Christmas holiday.
"Some people will build a home on the lot and others are just looking for a good place to park their money for a
while," Craig said of the 28 sales.
Several factors are contributing to the current boom in DMR real estate, according to Craig. The leading reason
buyers are setting their sights on DMR is that it is inexpensive relative to other resort areas in the state.
"As people look at other resorts around the state, we're often a third of the price of other ski area developments,"
Craig said. "People are recognizing that this is a good place to put their money and a place they can have a good
time with their family."
Craig noted that sales have also spiked for Durango Mountain Realty since the election. She suspected that financial
uncertainty has gone away for many buyers, and they are now ready to invest.
"Prior to the election, things were a little slower for us," Craig said. "But over Christmas, people came out of the
woodwork and went 'Bam. This looks like a good place to invest.'"
Gina Piccoli, broker-owner of Coldwell Banker Heritage House Realtors, agreed that real estate is currently on the
fast track at Durango Mountain Resort. And like Craig, Piccoli said that DMR is a relative ski resort bargain, and
that seems to be driving much of the interest.
"The prices are a lot cheaper than at other ski areas in the state," she said. "If you go to areas like Telluride or
Vail, you can't get units that are as nice or where the scenery is as pretty as what's available up at Purgatory."
Piccoli also added that economies appear to be stabilizing in many of the feeder states for local tourism. "Our drive
market is also increasing based on economies improving in places like Texas and Nevada," she said. "That tends to be
good for real estate across the board."
Craig concluded by saying that DMR is expecting that real estate will be stronger and stronger at the resort over the
long term. And there will certainly be plenty of inventory for buyers to choose from. DMR's 25-year development plan
includes six total villages with 1,649 new housing units on 612 acres. Most of the units will be concentrated in an
expanded Purgatory Village at the base of the ski area, including a new day lodge, resort condos, transfer lifts and
recreational facilities. The remaining units will be spread through five residential neighborhood villages, ranging
from smaller homes and townhomes to executive and estate home sites.
"We're really pleased with the response and excited about the future," she said. "We're looking forward to having
more product and a variety of product so that we can offer something for everyone."
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