Spirit Bear Realty Expands to Western Colorado, Capturing Region's Growing Appeal

Written by:

Steve Marcinuk

Date:

21 May 2025

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More homebuyers are turning their attention to western Colorado, drawn by its scenic beauty, slower pace, and growing communities that offer space without sacrificing convenience. Spirit Bear Realty’s new office in historic downtown Montrose positions the firm to meet rising demand from buyers looking beyond the state’s more developed regions.

“Western Colorado offers what many people are searching for today: natural beauty, space, and a peaceful lifestyle without sacrificing amenities,” says Johnny Pfeiffer, broker with Spirit Bear Realty, which recently announced its expansion into Montrose. “While Denver and the ski resorts continue to thrive, we’re seeing a significant migration of people seeking a more authentic Colorado experience.”

A Natural Progression West

Pfeiffer’s journey in Colorado real estate spans over two decades, following a westward trajectory that mirrors the market trends he now observes.

“I began in Breckenridge in 2000 after moving from Kansas City,” Pfeiffer explains. “I’ve always worked west of the continental divide, selling throughout Breckenridge, over to Vail, and eventually in the Aspen market before moving further west.”

His partnership with Spirit Bear Realty evolved through a long-standing relationship with the owners, who are part of the Bear Mining Company, a well-established local family business on Colorado’s western slope.

“We worked together at my previous company for years. After they started their own firm near Denver, they decided to return to their roots and expand across the western slope,” Pfeiffer recounts. “They asked if I would lead this new division, and given our 20-year relationship, it was an easy decision.”

The Unique Appeal of Western Colorado

Montrose, located about an hour north of Telluride and near Ouray (which Pfeiffer describes as “America’s little Switzerland”), offers a compelling alternative to Colorado’s more developed areas.

“This region remains authentically Colorado,” Pfeiffer emphasizes. “It’s the largest ranching area in the state alongside the San Luis Valley. We don’t have pollution or heavy traffic, and most properties sit on larger parcels of land.”

The geographic advantages create an outdoor paradise: “You’re surrounded by the San Juan Mountains to the south, the Black Canyon of the Gunnison National Park to the east, Grand Mesa skiing to the north, and the Uncompahgre Canyon to the west.”

The climate provides another surprising benefit: “Though we’re at a higher elevation than Denver, it’s actually warmer and drier here. You get the mountain lifestyle with a more comfortable climate, and everything from skiing to pine forests within 30 minutes.”

Diverse Buyer Demographics

The region attracts three distinct buyer groups, each drawn by different aspects of western Colorado:

Texas Second-Home Buyers: “Telluride has always attracted Texans,” Pfeiffer explains. “With non-stop daily flights from Dallas to Montrose’s state-of-the-art airport, we see many Texans purchasing large parcels for hobby ranching, log cabins on a few acres, or properties on the Telluride ski resort itself.”

Front Range Relocators: “Remote work has driven many millennials from Colorado’s Front Range to our area,” says Pfeiffer. “It’s a town of 20,000 with all necessary amenities and airport access to the wider world, but without the congestion of larger cities.”

Midwestern Buyers and Retirees: “We’re seeing increasing numbers of Midwesterners purchasing second homes, alongside retirees who are relocating permanently for our favorable climate and relaxed lifestyle.”

Development and Investment Landscape

The region is experiencing significant development, particularly in hospitality and luxury residential sectors:

“Downtown Montrose has been revitalized with the newly remodeled Rathbone luxury hotel in a historic building, alongside a brand new Marriott property,” Pfeiffer notes.

Luxury residential development is flourishing across price points: “From new luxury developments up to $2 million, including our townhome listings on the river in Ridgway, to substantial single-family and multi-family development in Telluride.”

Unlike many Colorado markets, the short-term rental market remains relatively unrestricted. “We’re not experiencing the regulatory constraints seen elsewhere in Colorado,” Pfeiffer explains. “Airbnb properties across all price points are performing exceptionally well throughout our valley.”

Balanced Market Dynamics

The real estate market presents a healthier picture than many overheated regions:

“We’re seeing a very balanced market overall,” Pfeiffer observes. “Montrose specifically has increased listing activity while maintaining strong sales. Properties typically sell within 60 to 90 days, which represents normal, healthy market conditions rather than the pandemic frenzy when homes sold instantly.”

Notably, the region hasn’t experienced the same “lock-in effect” seen elsewhere. “People here hold significant equity positions, many generational,” Pfeiffer explains, “which creates more market fluidity than areas where owners are reluctant to give up low mortgage rates.”

Prime Investment Opportunities

For investors, Pfeiffer highlights several compelling opportunities:

“Montrose stands out as a primary target. It offers comprehensive amenities, medical care, and airport access while maintaining a small-town feel. With two country clubs, three golf courses, and limitless outdoor recreation, it’s attracting significant interest.”

Historic properties present particularly attractive investments: “Historical cottages in downtown Montrose, Ridgway, Delta, or Cedar Edge are priced at a fraction of what you’d pay in most Colorado mountain towns. Properties that cost millions elsewhere can be purchased in the $350,000 to $600,000 range here, and they perform exceptionally well as short-term rentals.”

Future Developments Enhancing Appeal

Several major projects are further elevating the region’s profile:

“The Uncompahgre riverfront is being completely transformed,” Pfeiffer shares. “Montrose is investing substantially in infrastructure and development, with new corporate centers, a major medical facility, restaurants, and an enhanced pathway system connecting everything to downtown.”

Cornerstone represents another prestigious development: “It’s one of our most exclusive residential areas—a gated community with a country club, golf course, and incredible amenities operated by Auberge, a high-end luxury resort operator. Their investment speaks volumes about our region’s potential.”

In the coming months, Spirit Bear Realty is partnering with Casa Bella Homes, “one of the largest custom home builders in the valley,” and sponsoring charity events at the Grand Mesa Arts Center, reflecting the area’s cultural expansion.

The Undiscovered Gem

The most compelling aspect of western Colorado’s market is its relative obscurity compared to other parts of the state.

“We’re still somewhat undiscovered,” Pfeiffer concludes. “While people pay premium prices in established Colorado areas, we offer similar beauty and lifestyle at price points that genuinely surprise people. There’s a significant discovery happening here, and we’re excited to guide buyers through what I believe is Colorado’s most beautiful yet still accessible region.”