Commercially zoned real estate located in the town of Crested Butte is attracting investors and owner-operators once again as our local economy improves and consumer confidence grows.
What is creating the investor confidence? In its December 3rd issue, the Crested Butte News reported that town of Crested Butte sales tax collections were up 27 percent in October. September was up 19 percent. For the year, sales tax revenue is 15 percent ahead of last year and retail marijuana sales tax has contributed more than $70,000. And, according to Erica Mueller of Crested Butte Mountain Resort the winter season forecast looks promising. Compared to last year, the resort is up 41 percent in room nights for December, and overall the winter season is looking strong. Room nights are up 27 percent in January, 47 percent in February and 1 percent in March. “Overall for winter, November through April, we’re up 29 percent, so that’s significant,” Mueller said. She attributes the increases to a variety of factors, including the early season snow, a general buzz about Crested Butte, and resort promotions designed to get skiers to town during the slower times of year.
In the last two weeks, I’ve had the privilege of brokering two commercial real estate transactions in town. The property located at 719 Fourth Street, a 1,750 sf. showroom/office/storage /garage space sold for $350,000. The property is now home to a company that relocated it’s operations to Crested Butte from Boulder, creating jobs and local tax revenue opportunities for the town of Crested Butte.
And, my exclusive listing located at 212 Elk Avenue, the Montanyas Distillery building, sold in an all cash deal valued at $790,000, to a private investor. Montanyas, the tenant, will remain under a long term lease arrangement and work with the new landlord on maintaining and improving the building and the company’s presence in this valuable commercial core location of downtown Crested Butte.
To learn more about commercial real estate investment opportunities in Crested Butte, contact me anytime. Follow the link below to review other fine commercial properties available for sale here in Crested Butte: Crested Butte Commercial Real Estate.