Developers on the five-year plan for completion

By CAMDEN EASTERLING, Chronicle staff Writer

BIG SKY -- Spanish Peaks will have 450 single family homes and 400 dwellings such as cabins, condos or town homes. About 300 lots have sold or are under contract. The housing sits on 30 percent of the property; the remaining 70 percent of the land will be left undeveloped.

The development should be completed in the next five years.

Spanish Peaks Peter Forsch estimates the pace of sales will slow down some and that the increase in prices also will temper, but he doesn't anticipate having trouble finding buyers.

Property prices vary. A "ranch" that includes as much as 6 acres is going for up to $600,000 to $1.3 million. And $2.4 million buys a 6-bedroom, 3,600-square-foot cabin. Smaller cabins sell for $1.5 to $2.4 million.

In addition to buying property owner/members will pay $525 per month for a golf membership and also must put down a $85,000 deposit, which is refundable after 30 years or when members sell their properties. Non-golf memberships are $175 each month and a $45,000 deposit.

About 90 to 95 percent of buyers will use Spanish Peaks as a second home. The primary buyer demographic right now is the baby boomer generation, which is reaching its earning peak and has money to spend on vacation residences, Forsch said.

In years to come, the development might have more full-time residents as buyers opt to retire in Big Sky, Forsch said.

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