In search of the new in Madonna di Campiglio
But availability is scarce and the few deals are restorations from the 70s. Great excitement in Pinzolo and its surroundings, well connected to the ski area and its 150 km of slopes.
As soon as there is news of a new construction project in Madonna di Campiglio, the properties sell like hot cakes. “The problem is that the supply is again scarce, there is nothing buildable other than the demolition and reconstruction of already existing properties” complains Loretta Rosati, owner of Rainalter Immobiliare. This property shortage in the centre is also confirmed by Davide Bonalumi, License Partner of Engel & Völkers Trento: “What little new there was reached peaks of 18-20 thousand euros per m2, a stone's throw from the cable car. It is easier to find something south of Madonna di Campiglio, towards Campo Carlo Magno, where the golf club and cross-country skiing are located. Here it has been very attentively renovated, with prices from 9-10 thousand euros per square metre. Not only that, the planned redevelopment of the promenade for December will enhance the area in question even more". The tourist real estate market in Madonna di Campiglio and Pinzolo has seen a strong recovery in the post-pandemic period. This is confirmed by Stefano Bombardelli, president of FIAIP Trento, the Professional Real Estate Agents Federation, and Matteo Tomasina, his colleague and member of the same federation: "Neighbouring towns such as Giustino, Carisolo, Caderzone Terme, Bocenago, Strembo, Spiazzo and Folgarida are no less sought after, where there are also offerings at more favourable prices and which are at short distance from the ski resorts, with all the main services. Quieter villages, therefore, but still in the mountains”. It should be noted, however, that "any buyer looking for a property in Madonna di Campiglio does not move to Pinzolo - the FIAIP experts reiterate -; the latter is not an alternative but does represent a valid tourist location for an excellent investment. In fact, let us remember that the ski area of Pinzolo, Madonna di Campiglio, Folgarida and Marilleva is all connected, with 150 km of slopes and ongoing investment, shelters and artificial snow, which guarantee a quality offering”. Therefore, in Pinzolo it is possible to purchase a used threeroom apartment for around 250/300 thousand euros, and a new one for 500-600 thousand euros. On the other hand, a used three-room apartment in Madonna di Campiglio costs around 350-700 thousand euros. So a new build will obviously cost in excess of one million. In detail, according to Bombardelli and Tomasina, “in Pinzolo used prices vary from 2,500 to 3,800 euros per m2, while new properties fluctuate between 5,000 and 6,500 euros per m2. Madonna di Campiglio, although small, has many microzones within it: new ones in the centre range from 12,000 - 20,000 euros per m2, while used ones have a range of 4,500-7,000 euros per m2". In recent years, numerous private and public investments have been made, and are still underway, which have contributed to improving the offering for tourists with a consequent positive impact on properties; the construction of a 5-star luxury resort in Pinzolo, the Lefay, in 2019, the ring road around the town of Pinzolo and Carisolo and new supermarkets. In Madonna di Campiglio, new investors are also renovating historic hotel buildings. What is the dream property? “Chalets – reply the FIAIP agents – even if most of them cannot be reached during the winter season. The few that can be used all year round obviously have an extremely high value. The most requested type thus remains the "comfortable" apartment of 80-100 m2, with at least two bathrooms, a balcony and a beautiful view.
The new clearly prevails in this matter, therefore; However, the renovations of several historic properties are being unblocked. In fact, the goal of the Autonomous Province of Trento is to obtain zero consumption of the territory, by aiming at developing what already exists. Today, the largest availability is for properties built in the 70s and 80s which require restyling. Italians are at the forefront of buying second homes, but the Dutch, Germans, English and Danes in particular are starting to appear. Pinzolo and the surrounding villages are sought after by the people of Milan, Brescia and Emilia, with a budget of 200 - 600 thousand euros. In Madonna di Campiglio, there are also requests from central-southern Italy. The budget in this case is higher: anything from 400 thousand euros to one million.
THE “NEW” IN VAL RENDENA
Alexandro Povinelli, of the eponymous Povinelli & Partners of Carisolo, even boasts one of the rare chalets for sale in his portfolio, in Strembo, measuring 180 meters with 14,500 metres of green space and woodland, at 970 thousand euros. “They are unobtainable and difficult to reach in winter, because you have to have the road marked out when it snows – he explains – and they are requested by foreigners who like to isolate themselves”. Last October, however, he brokered a new construction project that began in Pinzolo, in via Fucine, 200 meters from the centre: three terraced houses, 110 square metres, with two parking spaces, cellar and garden, at a price of 960 thousand euros plus VAT. They will be delivered next summer, but two villas have already been purchased by people from Milan. The next will also be in Carisolo, a municipality very close to Pinzolo, quieter and popular with families - whose property values are a third of those in Madonna di Campiglio – (5-6000 euros per metre), obtained from the reconstruction of an old 1970s building. Six 70 metre apartments, and two 100 metre duplexes over two floors, will come onto the market in 2025. With a garage, cellar, and a large communal or private garden. However, Povinelli is also selling two prestigious apartments in Madonna di Campiglio, one of which is 95 m2 renovated in 2016, just 200 metres from the centre, with three bedrooms, one of which is a master bedroom with en suite bathroom and hydromassage tub. The asking price is 1.4 million euros. The other is also a reconstruction, 150 meters from the centre, in class A+, 110 metres, with three rooms, with a terrace that allows you to admire the spectacular view of the Canalone Miramonti, where the 3-Tre track, the 70th edition of the Ski World Cup which it will host in December, is located. The price is 2.3 million euros. At this point, where is it best to buy? “Pinzolo and Spiazza are the best served centres – replies Povinelli –; the further south you go, the more prices decrease, but the properties are also less attractive. Like in Caderzone Terme, for example, about 3 kilometres south of Pinzolo, where new prices fall to 3,000- 4,000 euros per metre".
Published on Ville&Casali December 2023
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