Beyond Aspen: The wealthy turn to Telluride and Deer Valley

Long synonymous with luxury skiing, Aspen, Colorado has been attracting the rich and famous – including celebrities and the royal family – to the slopes for decades. Now that the town is fully built out, however, the more interesting question for homebuyers and travelers is not where Aspen stands (at the height of opulence), but where the next chapter of luxury ski home ownership will unfold. That momentum is increasingly manifesting itself in Telluride, Colorado and Deer Valley, Utah, two esteemed ski resorts that welcome discerning skiers from around the world.

Telluride crossed a significant threshold in 2024, surpassing $1 billion in annual home sales, while maintaining the average sales price around $3.5 million, with more deals approaching $10 million+. The introduction of Four Seasons Resort and Residences Telluride created global brand recognition in a very limited inventory market, drawing buyers who want Aspen-level service and status to a place that is less saturated and still feels relatively undiscovered.

Deer Valley tells a different, but complementary story. The launch of Deer Valley East Village – the first major public alpine ski resort development in North America in more than 40 years – adds roughly 3,700 acres of new ski area, nearly tripling the resort’s footprint. While Aspen’s footprint is established, Deer Valley is still expanding, creating new ski-in/ski-out neighborhoods and appealing to buyers who value convenience and proximity to a major international airport. Home prices are now rising toward a median of $5 million.

Together, these markets reflect a simple shift: Aspen has reached maturity, while Telluride and Deer Valley are still growing and steadily attracting new buyers, travelers and attention that was once almost entirely focused on one place.

At Four Seasons Resort and Residences Telluride, homes currently start around $4 million, with large one-bedroom layouts, ski-in/ski-out access, floor-to-ceiling mountain views and the full complement of Four Seasons services and amenities. At the top end of the spectrum, penthouses with extra bedrooms and expansive terraces fetch north of $21 million, with some prime penthouses reaching as high as $40 million. Outside of this development, properties at the lower end include 118 Lost Creek Lane in Mountain Village, which is for sale for $3.6 million, while a standout property like 401 Larkspur Lane in Mountain Village represents the higher end, listed for $32 million.

The properties in Deer Valley East Village span a wide range of price ranges, from luxury apartments to highly exclusive townhouses, private villas and branded homes. Residences at Grand Hyatt Deer Valley launched last year with prices starting under $2 million and completely sold out over the summer. Cormont, which stands for “Core of the Mountain,” offers one- to four-bedroom apartments priced from just under $2 million to more than $7 million, offering a turnkey luxury option with immediate access to the village’s full suite of services and amenities.

Brian O’Neill, Four Seasons Resort and Residences Telluride and Sheila Hall of Sotheby’s International Realty give their assessment of both locations:

O’Neill:

Are buyers in these markets looking for permanent homes or vacation properties?

In Telluride, demand is still led by part-time residents, especially at the luxury level, but the way these homes are used is evolving as Telluride’s appeal drives residents to extend their time. Owners are staying longer – especially during the summer months – and are increasingly discovering Telluride as a true year-round destination, with a growing appreciation for the lifestyle in the off-peak seasons. The upcoming Four Seasons Resort and Residences Telluride reinforces this shift and appeals to buyers who want a lock-and-leave home with five-star services that support extended stays and a more flexible, lifestyle-driven approach to homeownership.

Describe the type of buyer who can afford these homes.

These are typically ultra-high-net-worth buyers – entrepreneurs, senior executives and company founders – who seek privacy, an exceptional year-round lifestyle and long-term value in a welcoming community with limited supply and global appeal. The buyer profile includes a broad age range, from established owners with growing families who value the convenience, amenities and convenience of entertaining children and grandchildren, to younger, highly successful adventurers drawn to a seamless home base that simplifies access to Telluride’s rugged outdoor activities. The upcoming Four Seasons Resort and Residences Telluride appeals strongly to this demographic, especially buyers who already own multiple homes and are looking for a service-oriented mountain residence that offers brand credibility, premium amenities and the flexibility to seamlessly support a global lifestyle.

Do you see questions from foreign buyers? If so, which countries?

Yes, we are, although it remains a relatively selective group. Most international interest comes from Mexico, Latin America and parts of Europe. What’s new is that the upcoming Four Seasons Resort and Residences Telluride will attract buyers who have never visited the destination before, including Californians who are discovering Telluride as a more accessible, less crowded alternative to their home state and to other resort markets in Utah, Wyoming and elsewhere in Colorado. The strength of the Four Seasons brand creates immediate confidence in the marketplace and often serves as a buyer’s first introduction to Telluride.

Hall:

Are buyers in these markets looking for permanent homes or vacation properties?

We see a mix of primary and second home buyers in Deer Valley East Village, with a strong emphasis on the latter. Park City has long been considered one of the top ski destinations in the world, and North America hasn’t seen a resort of this caliber in decades. The destination is also exceptionally accessible, just 40 minutes from Salt Lake City International Airport, with additional private aviation options via Provo Airport and Heber Valley Airport, making it particularly attractive to second home owners. Many of these buyers have their primary residence elsewhere and are looking for a true resort experience with seamless ski-in/ski-out access, direct mountain connections, restorative amenities such as a spa and upscale dining and shopping offerings.

Describe the type of buyer who can afford these homes.

Buyers here show strong loyalty to established luxury hospitality brands, such as Four Seasons and Grand Hyatt, as well as the Extell brand. Within our residential and catering offering, buyers and guests expect and experience the highest standards in real estate and service. These globally renowned brands are synonymous with anticipating every need and delivering a seamless, high-quality living experience, which resonates strongly with this buyer profile.

Do you see questions from foreign buyers? If so, which countries?

Yes, we have seen significant interest from Mexico City, as well as buyers from Central America and parts of Asia. The opening of the area’s first Four Seasons generated significant international attention, largely driven by brand recognition. Buyers feel confident investing here as many have experienced Four Seasons properties worldwide or previously purchased Extell homes in other major markets. International buyers are also attracted to Deer Valley East Village as a true year-round destination, rather than just a seasonal retreat. They appreciate the design, luxurious hospitality and services, as well as the exclusivity of amenities such as the Tiger Woods-designed Skyline Golf Course, combined with seamless access to outdoor recreation.