The housing market in ski towns across America has gotten downright bonkers.
Yes, there is inflation, yes, people are flush with cash, and yes, people can now work remotely. That means they can leave the city and spend more time in places like Telluride (Colorado), but good god!
Here is an example of how crazy the real estate market is.
This home on N Oak St, Telluride, Colorado is on the market for $12,500,000. You read that right, $12,500,000 USD.
Don’t get me wrong; it’s a nice house. Somewhat dated, but it looks to be in good shape. It’s 4,837 sq. ft., has 6 bedrooms, and even comes with a garage! It would be an ideal home to raise a family. From the looks of it, someone did raise a family here, and good for them.
Imagine how lucky these people must feel.
They probably moved their family to Telluride years ago to watch their kids grow up riding their bikes around town, and sliding down the hills.
They enjoyed the fresh air and fond memories, and now they have a winning lotto ticket in their average home (by most standards) that’s worth over $12 million. That’s the American dream right there.
However, you and I both know that whoever buys this house will not raise a family here. They will fly in for one week a year, ski for two days, then fly out. I believe Rasta Stevie called them “rich dweebs”.
Time will tell if we are in another housing bubble or if towns like Telluride have moved ever deeper into the realm of absurdity.