Good Morning, Colorado, and welcome to the Daily Sun-Up. It’s Tuesday September 8th, and even though there’s a lot of turmoil in the world, we’re feeling lucky to start the day with you. Every day we’re sharing an in-depth look at one of our top stories, followed by a quick summary of important things happening in our state. Today, our focus is the record demand for Colorado resort homes.

But before we begin, let’s go back in time with some Colorado history adapted from historian Derek R Everett’s book “Colorado Day by Day”:

Today, we take you back to 1874 when surveyor Franklin Rhonda sought to map the resources of the San Juans. September 8th, he, his team, and their pack train crested the divide between the Animas and San Miguel Rivers, and made their way to a campsite just below today’s Telluride. 

Rhonda described the area as having a deathlike stillness that almost oppresses one in passing through it.

Now, our feature story. 

As more urbanites flee to Colorado’s high country, home prices rise, inventories fall and rents soar. And that spells trouble for locals looking for homes near their ski-town jobs. 

As a young teacher 25 years ago, Larkin Beaman almost bought a hotel room that was converted into a studio condo in downtown Telluride. It was $80,000 for 371 square feet. Last month she toured the same unit. It was going for $445,000 and sold in a blink. 

Her story is a timeworn tale in ski towns, where sky-high real estate prices have dogged teachers, doctors, firemen and other essential local workers for decades. But this summer, a surge of largely urban newcomers fleeing big-city problems during the pandemic is hastening the displacement of locals. 

Here’s Colorado Sun reporter Jason Blevins with some insight.

So, not only are the newcomers buying everything — setting records for both prices and emaciated inventories of for-sale homes — but they are also renting resort-area homes at a breakneck clip. 

Across the high country, visitors are becoming residents. People with remote work are coming in and renting sight unseen, paying a year up front and even paying landlords more than what they are asking. 

Amy Levek, Telluride’s former mayor who now heads the Trust for Community Housing said that [quote] “I can’t blame them, but I think it caught us all off guard how quickly it changed, We have been dealing with gentrification and people buying and renovating houses for years. But it’s been a gradual process and now it’s just wham. Everything is changing so quickly. It’s just so fluid right now as far as what people want and what people are willing to pay.”

Communities like Telluride were built on tourism. They thrive on a steady rotation of visitors. When the visitors linger, though, the system gets off-kilter. The migration of wealthy urbanites has spiked real estate prices and rents, but they’ve also rescued economies that could have been decimated by the pandemic-triggered economic collapse.

After a complete shutdown of Telluride and Mountain Village’s hotels, short-term rentals, restaurants and shops in March, April and May, sales tax collections through July are down only about 10%. 

Still, the sudden surge of largely urban newcomers this summer has caught many rural communities off guard.  

Colin Frolich, formerly at AirBnB, whose LandingLocals.com website connects renters with homeowners who list their resort-town properties for rent said that [quote] “There is a community housing trust in almost every Western mountain town and they are all raising the red flags right now,” 

Jason Peasley, the head of the Yampa Valley Housing Authority, recently saw 390 local families apply for 72 new deed-restricted units. That’s indicative of the demand for affordable housing in Steamboat Springs. His housing authority has 175 rental units and about 100 deed-restricted ownership units, plus a mobile home park. He’s breaking ground on another 90 affordable units later this year. 

Many housing advocates are hoping that a huge, snowy winter — with all that shoveling under gray skies in remote, cold valleys — could send the newcomers back to the warm, vibrant cities. Or maybe ski areas will close again, sending tourist-based economies into hibernation, which could open up short-term rental homes to hunkering locals who still have work. Or maybe the market will collapse as it did in 2008 after real estate prices skyrocketed. Maybe. 

Meanwhile, there are countless locals like school teacher, Beaman, waiting to see how the situation pans out, digging deep as appraisals for real estate fall short of sales prices, forcing them to come up with extra cash to cover the gap for wary lenders. And they are commuting from afar while they wait for homes close to their jobs. 

Thanks for listening. Before we go here are a few stories you should know about today:

-The U.S. Senate race in Colorado is one of the most watched in the nation because it will help decide whether Democrats take over the Senate or Republicans retain power after the November election. Check our 2020 Poll Tracker on coloradosun.com to stay up-to date.

-While Colorado’s oil and gas industry points to safety studies’ limitations, environmental groups object to residents serving as “guinea pigs”

-The Cameron Peak fire continues its rapid expansion. The fire has already burned more than 89,300 acres, making it the fifth largest recorded in Colorado

For more information on all of these stories, visit our website, www.coloradosun.com. 

And just a reminder that the Colorado Sun is marking its second birthday on Thursday. We'd love to have you join us for a virtual celebration on Thursday from 7-8 p.m. You can meet our team and hear about stories we're working on. The event is free and you can register at coloradosun.com/party.

The Colorado Sun is non-partisan and completely independent. We're always dedicated to telling the in-depth stories we need today more than ever. And The Sun is supported by readers and listeners like you.

You can stay on top of Colorado news by signing up for free newsletters at coloradosun.com/newsletters. And you can join our Sun community by becoming a member, starting at just $5 a month. Thanks again for starting your morning with us and remember to tune in again tomorrow.

See omnystudio.com/listener for privacy information.

Good Morning, Colorado, and welcome to the Daily Sun-Up. It&rsquo;s Tuesday September 8th, and even though there&rsquo;s a lot of turmoil in the world, we&rsquo;re feeling lucky to start the day with you. Every day we&rsquo;re sharing an in-depth look at one of our top stories, followed by a quick summary of important things happening in our state. Today, our focus is the record demand for Colorado resort homes.
But before we begin, let&rsquo;s go back in time with some Colorado history adapted from historian Derek R Everett&rsquo;s book &ldquo;Colorado Day by Day&rdquo;:
Today, we take you back to 1874 when surveyor Franklin Rhonda sought to map the resources of the San Juans. September 8th, he, his team, and their pack train crested the divide between the Animas and San Miguel Rivers, and made their way to a campsite just below today&rsquo;s Telluride.&nbsp;
Rhonda described the area as having a deathlike stillness that almost oppresses one in passing through it.
Now, our feature story.&nbsp;
As more urbanites flee to Colorado&rsquo;s high country, home prices rise, inventories fall and rents soar. And that spells trouble for locals looking for homes near their ski-town jobs.&nbsp;
As a young teacher 25 years ago, Larkin Beaman almost bought a hotel room that was converted into a studio condo in downtown Telluride. It was $80,000 for 371 square feet. Last month she toured the same unit. It was going for $445,000 and sold in a blink.&nbsp;
Her story is a timeworn tale in ski towns, where sky-high real estate prices have dogged teachers, doctors, firemen and other essential local workers for decades. But this summer, a surge of largely urban newcomers fleeing big-city problems during the pandemic is hastening the displacement of locals.&nbsp;
Here&rsquo;s Colorado Sun reporter Jason Blevins with some insight.
So, not only are the newcomers buying everything &mdash; setting records for both prices and emaciated inventories of for-sale homes &mdash; but they are also renting resort-area homes at a breakneck clip.&nbsp;
Across the high country, visitors are becoming residents. People with remote work are coming in and renting sight unseen, paying a year up front and even paying landlords more than what they are asking.&nbsp;
Amy Levek, Telluride&rsquo;s former mayor who now heads the Trust for Community Housing said that [quote] &ldquo;I can&rsquo;t blame them, but I think it caught us all off guard how quickly it changed, We have been dealing with gentrification and people buying and renovating houses for years. But it&rsquo;s been a gradual process and now it&rsquo;s just wham. Everything is changing so quickly. It&rsquo;s just so fluid right now as far as what people want and what people are willing to pay.&rdquo;
Communities like Telluride were built on tourism. They thrive on a steady rotation of visitors. When the visitors linger, though, the system gets off-kilter. The migration of wealthy urbanites has spiked real estate prices and rents, but they&rsquo;ve also rescued economies that could have been decimated by the pandemic-triggered economic collapse.
After a complete shutdown of Telluride and Mountain Village&rsquo;s hotels, short-term rentals, restaurants and shops in March, April and May, sales tax collections through July are down only about 10%.&nbsp;
Still, the sudden surge of largely urban newcomers this summer has caught many rural communities off guard.&nbsp;&nbsp;
Colin Frolich, formerly at AirBnB, whose LandingLocals.com website connects renters with homeowners who list their resort-town properties for rent said that [quote] &ldquo;There is a community housing trust in almost every Western mountain town and they are all raising the red flags right now,&rdquo;&nbsp;
Jason Peasley, the head of the Yampa Valley Housing Authority, recently saw 390 local families apply for 72 new deed-restricted units. That&rsquo;s indicative of the demand for affordable housing in Steamboat Springs. His housing authority has 175 rental units and about 100 deed-restricted ownership units, plus a mobile home park. He&rsquo;s breaking ground on another 90 affordable units later this year.&nbsp;
Many housing advocates are hoping that a huge, snowy winter &mdash; with all that shoveling under gray skies in remote, cold valleys &mdash; could send the newcomers back to the warm, vibrant cities. Or maybe ski areas will close again, sending tourist-based economies into hibernation, which could open up short-term rental homes to hunkering locals who still have work. Or maybe the market will collapse as it did in 2008 after real estate prices skyrocketed. Maybe.&nbsp;
Meanwhile, there are countless locals like school teacher, Beaman, waiting to see how the situation pans out, digging deep as appraisals for real estate fall short of sales prices, forcing them to come up with extra cash to cover the gap for wary lenders. And they are commuting from afar while they wait for homes close to their jobs.&nbsp;
Thanks for listening. Before we go here are a few stories you should know about today:
-The U.S. Senate race in Colorado is one of the most watched in the nation because it will help decide whether Democrats take over the Senate or Republicans retain power after the November election. Check our 2020 Poll Tracker on coloradosun.com to stay up-to date.
-While Colorado&rsquo;s oil and gas industry points to safety studies&rsquo; limitations, environmental groups object to residents serving as &ldquo;guinea pigs&rdquo;
-The Cameron Peak fire continues its rapid expansion. The fire has already burned more than 89,300 acres, making it the fifth largest recorded in Colorado
For more information on all of these stories, visit our website,<a href="http://www.coloradosun.com/"> www.coloradosun.com</a>.&nbsp;
And just a reminder that the Colorado Sun is marking its second birthday on Thursday. We'd love to have you join us for a virtual celebration on Thursday from 7-8 p.m. You can meet our team and hear about stories we're working on. The event is free and you can register at <a href="http://coloradosun.com/party">coloradosun.com/party</a>.
The Colorado Sun is non-partisan and completely independent. We're always dedicated to telling the in-depth stories we need today more than ever. And The Sun is supported by readers and listeners like you.
You can stay on top of Colorado news by signing up for free newsletters at<a href="http://coloradosun.com/newsletters"> coloradosun.com/newsletters</a>. And you can join our Sun community by becoming a member, starting at just $5 a month. Thanks again for starting your morning with us and remember to tune in again tomorrow.See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.

Welcome to The Colorado Sun's daily podcast, The Daily Sun-Up. Every day we’re sharing an in-depth look at one of our top stories, followed by a quick summary of important things happening in our state. For more visit us at https://coloradosun.com/.

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