Crested Butte Real Estate Market Reports - 2012
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| Trulia's view of our local market: |
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May 2012
View Complete Newsletter Here
Our real estate market continues to show promising signs of a genuine rebound. Year-to-date, we have sold 65 home and condo properties valued at $32 million. There are an additional 39 residential properties currently under contract. This is very impressive considering we haven't hit the busy summer selling season yet.
Vacant land in Crested Butte is selling again. Year-to-date, we've seen 24 closings with another 6 parcels under contract. However, we still have a glutted inventory of land, 286 listings to be exact. The biggest obstacle to working our way out of this market condition is the lack of financing. Banks simply won't make attractive loan packages on vacant land so the sales we are seeing are "all cash" purchases. Motivated sellers are pricing their offerings very low in order to attract cash buyers and in some locations it's working. Mt Crested Butte has realized 15 land sales so far in 2012, Crested Butte South another 5 sales.
Sixth Street Station Gains Development Approval
The proposed Sixth Street Station development has gained a major approval from Crested Butte officials and a big step toward possibly happening. The Crested Butte Board of Zoning and Architectural Review (BOZAR) approved the four block PUD project last week with several conditions after almost ten hours of review over two evening meetings. Read Article
Crested Butte Sees Real Estate Investments from Bigger Players
New Los Angeles Dodgers owner, Chicago financier Mark Walter, is making headlines in Crested Butte. Interesting read in the LA Times with a reference to his recent purchase of the Grubstake Building in downtown Crested Butte. Read Article
Summer Events Calendar in Crested Butte
Here are some fun events that take place in downtown Crested Butte in the summer.
Click on the event to get more information.
Thanks for reading today! If you have any questions or comments, contact me anytime.
Channing Boucher
Broker Associate
Benson Sotheby's International Realty
April 2012
View Complete Newsletter Here
Greetings from Crested Butte!
The weather has been spectacular in Colorado this March. Unusually warm and sunny days have replaced the snow seemingly overnight. Unfortunately, the ski season was a bit of a bust in Crested Butte and every other resort in Colorado this year but hey, it can snow like mad in April and May too.
Just like the weather, the real estate market in Crested Butte is heating up and many people have asked me why there is so much recent sales activity in our little community.
Year-to-date, we have sold 40 residential properties and an additional 40 properties are under contract. This represents just over $40 million worth of sales activity. This is impressive considering last year at this time, we sold a total of 37 properties at about $14 million in volume.
All that it takes is some research into the median sales price history of our market and its understandable why folks are investing in Crested Butte real estate at such an aggressive clip: Prices are too good to pass up and in certain locations, it is getting more expensive to buy property.
The median sales price metric is the best way to determine the health of a real estate market, better than the average sales price which tends to be skewed by the impact of ultra high or low priced transactions. The median sales price is the middle point of the market where half of all sales occur above the median price and the other half of all sales occur below this number.
Take a look at the results below. After a multi-year slide in values, 2011 appears to be where the market in Crested Butte flattened out. With the exception of the Town of Crested Butte, median sales prices were the lowest they had been in many years so it's make sense the number of transactions spiked.
Now, year-to-date in 2012, the median sales price for homes, condos and townhomes is rising for the first time in over 4 years. Our transaction count has risen sharply for both homes and condos which helps to validate this current trend of price increases.
Sold Data for Single Family Homes
Locations: Crested Butte, Mt. Crested Butte, Crested Butte South |
| Median Sales Price by Year |
No. of Single Family Home Sales
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| 2007 - $675,000 |
51 |
| 2008 - $949,000 |
39 |
| 2009 - $682,500 |
50 |
| 2010 - $655,000 |
58 |
| 2011 - $553,000 |
89 |
| 2012 YTD - $600,000 |
40 (14 sold, 26 under contract) |
2011 Median Sales Price by Location:
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| Town of Crested Butte: |
$1,300,000 |
| Mt. Crested Butte: |
$554,000 |
| Crested Butte South: |
$325,000 |
| Rural Crested Butte: |
$572,000 |
| Rural Mt. Crested Butte: |
$467,000 |
Sold Data for Condos and Townhomes
Locations: Crested Butte, Mt. Crested Butte, Crested Butte South |
| Median Sales Price by Year |
No. of Condo and Townhome Sales |
| 2007 - $601,000 |
143 |
| 2008 - $366,000 |
58 |
| 2009 - $263,000 |
78 |
| 2010 - $238,000 |
85 |
| 2011 - $151,000 |
125 |
| 2012 YTD - $191,000 |
40 (26 sold, 14 under contract) |
Thanks for reading today! If you have any questions or comments, feel free to contact me anytime.
Channing Boucher
Broker Associate
Benson Sotheby's International Realty
Contact Channing at 970-596-3228 or via his website.
Channing's Blog: The Crested Butte Real Estate Letter
Visit All of Channing's Featured Listings:
Homes and Condos | Land | Ranches | Commercial
February 2012
View Complete Newsletter Here
The local Crested Butte real estate market continues to improve. It is still early in the new year but the promise of a solid season of real estate investment is looking good. We are trending upwards in sales volume and average sold prices are actually rising in all areas around our valley. Our sales volume has already tripled versus last year during the same timeframe and the number of transactions is up 35%.
After surpassing $100 million in sales during 2011, most of it coming during the second half of the year, our market momentum continues with buyers stepping up significantly during this historically slow time for real estate sales.
During the first 7 weeks of the new year, 22 homes and condos have already sold ($14.5 million) andanother 30 properties are under contract, representing over $14 million more in pending business. 7 of these transactions are valued over $1 million including the biggest sale we've seen in Crested Butte since 2005 - a $4 million Prospect ski home sale last month.
By comparison, last year at this time, our market had realized only $5.2 million in sales where the highest priced transaction was a $870,000 sale of a Mt. Crested Butte ski home.
Did You Know - Crested Butte Coal Mining History
Howard F. Smith, considered the founding father of Crested Butte, laid out the Town in 1878. While Smith was originally attracted to the area because of the extensive coal deposits, he first built a smelter and saw mill to service the hard rock mining camps located in the surrounding areas. This established Crested Butte as a major supply center prior to becoming a long-term coal producer. Coal mining emerged in earnest in Crested Butte during the 1880’s and 1890’s. The early coal miners, and the majority of Crested Butte residents preceding 1895, were Anglo-Saxon from Wales, Scotland, Germany, Ireland and Cornwall. These immigrants were followed by Greeks, Italians and Southern Europeans from Slavic countries.
In 1882, Crested Butte was home to 1000 people and had five hotels, a bank, several saloons and restaurants, three livery stables, sawmills, doctors, lawyers and the Union Congregational Church, which still stands today and is Crested Butte’s oldest building. Residents got their water from a two-million gallon reservoir located above the Town and in 1882 a telephone line connected Crested Butte and Gunnison.
Learn More: Visit Crested Butte's Heritage Museum
Upcoming Crested Butte Events in March
March 3 - Super Tour (Race & Rec Nordic Skiing Divisions), Crested Butte
March 4 - 7 Hours of the Banana benefit for Adaptive Sports Center, Crested Butte Mountain Resort
March 6 - John Oates Concert, Crested Butte Center for the Arts
March 8 - Full Moon Dinner at the Yurt, Crested Butte Nordic Center’s Magic Meadows Yurt
March 9-10 - Banff Mountain Film Festival, Crested Butte Center for the Arts
March 10 - Kids Rock Concert “Aloha in the Butte,” Presented by Trailhead Children’s Museum & Crested Butte Arts Festival, Elevation Hotel Ballroom
March 10 - Ski For Hope Nordic Challenge, East Side Nordic Trails, and Ski-a-thon
March 10 - Big Air on Elk Presented by Colorado FreeSkier
View Complete Calendar of Events
January 2012
View Complete Newsletter Here
Real Estate Market Momentum for 2012
If the real estate market momentum we realized in 2011 is any indication of what we can expect this year, 2012 will be a good year for the Crested Butte real estate market.
Consider the following:
In 2011, the single, highest residential real estate sale we realized in Crested Butte was $3.125 million. This sale marked the first time since June 2007 the $3 million threshold was cracked for a home purchase at this end of the Upper East River Valley.
Also in 2011, we realized over 220 sales of homes and condos from Crested Butte South to Mt. Crested Butte. This is a jump from 143 total sales in 2010. We passed $105 million in total sales volume - the first time we've done that since 2008. And, we hit this mark with mostly all cash investments!
During 2011, the average days on market for sold homes and condos sold went down and average sold prices and average sold prices per square foot went up in all areas including Crested Butte South, Crested Butte and Mt. Crested Butte. See Advisor Issue #9 for details.
Already in 2012, we have realized a $4 million sale of a Sotheby's listed home in the Prospect ski-in ski-out subdivision. Its been over 6 years since somebody has purchased a house in our market for $4 million or more. (2005 sale: $4.3 million Skyland home). This is momentum!
Teocalli Park and CBMR's New Master Plan
The North Face lift with chairs? Two new ski lifts rising a total of 8000 feet to the top of something called Teocalli Park? CBMR has submitted a new master plan to the US Forest Service and its quite a departure from the Snodgrass Mountain expansion plan that was denied a few years back. Read the article at the Crested Butte News
Did You Know - "The Crested Buttes"
The East River Valley where Crested Butte is located was once used as a summer residence by Ute Native Americans. The Utes were quickly displaced when white explorers - beaver trappers and surveyors - first entered the valley. Captain John Gunnison, Gunnison County's namesake, was one of the first explorers to find the valley. Crested Butte got it's name from a geologist named Ferdinand Hayden who was on 1873 expedition surveying the Elk Mountains. From the top of what is now known as Teocalli Peak, Hayden referred to present day Crested Butte Mountain and Gothic Mountain as “the crested buttes.”
Crested Butte In The Media
The San Francisco Chronicle ran a recent article about our little town. ..."where every view seems to contain a snow-capped peak and ranchers still herd cattle on city streets - the American frontier is alive and well." View Article
2011-2012 Air Service to Gunnison and Crested Butte
View Flight Schedule (PDF)
Thanks for reading today! We hope to see you in Crested Butte very soon!
Channing Boucher
Broker Associate
Benson Sotheby's International Realty
Contact Channing at 970-596-3228 or via his website.
Channing's Blog: The Crested Butte Real Estate Letter
Visit Channing's Featured Listings:
Homes and Condos for Sale | Land for Sale | Ranches for Sale | Commercial for Sale
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