MOUNTAIN VILLAGE – The biggest sale of a condominium complex in Mountain Village since the Telluride Ski and Golf Resort bought the Inn at Lost Creek for $4.5 million this summer, last week's $15.25 million purchase of the 23-unit Cassidy Ridge condominium project million could mark the start of the recovery of the Mountain Village condominium market.
That is the prophecy of broker Pat Pelisson of Telluride Properties, who celebrated the relaunching of the condominium project at a brokers’ open house Thursday.
Cassidy Ridge had a rocky start after construction on the complex was completed in 2010. Now Gulfstream Management Partners, a Texas-based real estate firm, has purchased the complex.
Roughly 50 real estate agents, brokers and developers were hosted by Pelisson, who is the property’s listing agent. Although the Cassidy Ridge units sat empty for the last three years, Pelisson said, “the units were properly maintained. If even a light bulb went out, a maintenance crew was here to take care of it.
“Then, this summer, we sold our first two units,” he said.
Now, of the remaining 18 condominiums, Pelisson said, “We plan to start selling those immediately.”
Of the 23 units constructed, three are deed-restricted and two are occupied. The 18 remaining units range in size from 70 square-foot flats to thousand-plus square-foot penthouses. The units also vary widely in price, from under $800,000 to nearly $3 million. In the coming weeks, Telluride Properties will furnish half of the units, already equipped with Viking and Bosch appliances, with automated climate, sound and lighting controls.
“The touch-screen and lighting and sound systems are wired to each unit to give the owners the ability to control their entire home from the wall displays or even from their smart phones,” said Pelisson.
Residents can also enjoy a temperature-controlled underground garage, and Pelisson anticipates that more amenities will be offered soon.
“Starting in January, we anticipate building a ski locker room, outdoor hot tubs, a fitness center, and we’re in talks with the [Telluride Ski Resort] to improve the ski-in ski-out access,” said Pelisson.
Right now, residents walk down the heated driveway, across the road and ski down a groomed run that leads to the bottom of the Meadows ski area. But the parcel includes a perpetual easement to allow for direct access to the Sundance ski trail on the south side of the complex. “We’re in talks right now to improve that easement, making it easier for skiers of all abilities to access the Sundance ski run.” said Pelisson.
Originally owned and constructed by Texas-based real estate firm Behringer Harvard, Cassidy Ridge saw the future of its condominium units jeopardized by the financial crash of 2008. For years, the units sat on the property, not selling, due to sluggish demand. In 2011, Behringer Harvard returned the property to its lender, in a deed in lieu of foreclosure process.
Noting the improving economy, Dallas-based Gulfstream Capital Partners purchased the units, eventually giving Pelisson and his firm, Telluride Properties, the opportunity to broker the units.
Gulfstream sees a unique investment opportunity in Mountain Village.
“With a wide variety of high-quality investments available, it takes one with special qualities to attract our attention,” said Gulfstream founding member Frank Howard in a press release. “Cassidy Ridge offered excellent potential, amazing views, great fundamental values and superb quality. That’s why we are here.”
Pelisson believes Gulfstream’s sudden purchase of the units indicates a thaw in the Mountain Village market.
“I think it definitely indicates a significant turnaround in the Mountain Village real estate market,” said Pelisson. “Gulfstream Capital Partners obviously had the confidence to buy into the Mountain Village market with the understanding they’ll expect to turnaround a profit.”