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Old 12-10-2008, 11:26 AM
 
87 posts, read 367,473 times
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My husband and I are looking into a second home or condo where we can be close to skiing and rent it out during the rest of the year. What are the differences between Telluride and Aspen? We are especially interested in doing this since the prices of these areas have dropped due to the economy. Any input appreciated.
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Old 12-10-2008, 12:45 PM
 
Location: Thornton
402 posts, read 1,132,677 times
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Personally I prefer Telluride because it's still has more of the smaller mountain town feel. You'll get more for your money in Telluride. Aspen has much more glitz and glamor to put it nicely. I personally prefer the skiing and snowboarding in Telluride over Aspen as well. But on the other hand, when dealing with investment properties, I'd think Aspen would be the better of the two. I guess it kind of depends on how nice of a place you're looking to buy, whether you're planning on doing a Vacation Rental of it or if you plan on getting a 6month or year lease from a local.

Based on your post I'd assume you're thinking that you're thinking of going with a vacation rental as opposed to a 6 month rental. Which in that case, I'd think Aspen would probably give you more opportunities to rent it.

I'd probably jump on VRBO® is Vacation Rentals By Owner and look up what other vacation rentals are renting for in the area. Then assume the VR management company will be taking anywhere from 40-60% of that for management costs and that it will probably be rented a lot in late November through mid January and then in March... Then compare the prices between the two areas to actually buy it and see which would give you the best return on investment. Telluride has a good chance of one day exploding in price (but that might take 30+ years) where Aspen you can pretty much know exactly what your rate of return will end up being.

Hope some of that helps.
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Old 12-10-2008, 12:54 PM
 
Location: Colorado Springs, CO
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Another vote for T-ride. I probably will not be returning to Aspen.
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Old 12-10-2008, 03:45 PM
 
2 posts, read 11,516 times
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Quote:
Originally Posted by StepRN3 View Post
My husband and I are looking for a condo or house to buy that is close to skiing and we could rent it out at other times of the year. What is the main difference between Telluride and Aspen? We are especially interested in doing this now since the prices have dropped due to the economy. Any input is appreciated.
You can't completely compare the two. Telluride has a small Alps-ish feel but not as much Apres-ski. Aspen is more like a city. It has good nightlife, etc, and in my opinion the skiing is better. But its expensive so lets hope you have lots to burn.
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Old 12-11-2008, 02:07 PM
 
Location: Earth
1,452 posts, read 3,658,704 times
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The personalities of most well-to-do folks in either of those towns are about as empty as the mega-mansions that sit unoccupied most of the time. Why limit your option to 2 of the most superficial, overpriced places in the State?

You'd probably have better luck with seasonal rentals in Summit, Eagle, or Grand County where the commoners can still afford the costs of vacationing.
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Old 12-11-2008, 08:42 PM
 
8,317 posts, read 25,780,481 times
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Quote:
Originally Posted by StepRN3 View Post
My husband and I are looking into a second home or condo where we can be close to skiing and rent it out during the rest of the year. What are the differences between Telluride and Aspen? We are especially interested in doing this since the prices of these areas have dropped due to the economy. Any input appreciated.
With the economy going where it is, rent it to whom?

I agree with Shuffler--two towns filled with trustifarians, yuppies with attitudes, and old hippies that managed to find some money somewhere. The difference between Aspen and Telluride? Telluride is where the multi-millionaires went when the billionaires chased them out of Aspen.
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Old 12-18-2008, 12:05 PM
 
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Default Aspen... for sure

If you've had the chance to mingle with any of the locals at either of these places you'd definitely be able to see past the rich snobs that linger. However, to me its all about the skiing and nowhere in summit county or even vail for that matter come close to the skiing in Aspen or Telluride.

As for the economy. Yeah it may be a good time to buy, but making any money off renting may be a bit difficult since resorts are bargaining with customers trying to fill their rooms up.
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Old 11-11-2009, 03:01 AM
 
Location: Colorado
2,561 posts, read 5,008,600 times
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Aspen has a stronger vacation rental market, while Telluride has held it's peak value a bit better..especailly Mountain Village..but that being said when anything falls below $1,000 psf. in Aspen your doing very well. Look East to the properties near Smugglers..more for your money. As a former Aspenite who's family established one of the original merchantile's in town I easily choose Aspen, of course no bias what so ever.. Aspen is the grand daddy of High Country splendor with the best restaurants..yum the original Compo Di Fiori.

Last edited by Scott5280; 11-11-2009 at 03:33 AM..
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Old 11-11-2009, 06:46 AM
Nav
 
346 posts, read 1,300,987 times
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You never mentioned your price range in your original post. In Vail, a small house, even 20 miles out of town will cost you around 700k. In town, substantially higher. Condos will run between 450k and up for small units. Telluride is cheaper, but not by that much.

A condo in a ski town is everyone's dream...that is, until pricing reality sets in.

The economic downturn hit a lot of areas, but those who own houses and condos in either place were pretty much immune from its impact. To most, its an "affluent playground" for weekend getaways. There are not a lot of "working" class residents owning these properties so available selections with good prices will be rare.

Nav
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Old 11-11-2009, 07:07 AM
 
Location: Colorado Springs, CO
2,139 posts, read 5,632,052 times
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Telluride. Aspen annoys.
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