Good day from Crested Butte,
The real estate market continues to tick along in Crested Butte in the face of widespread economic fear and turmoil. Year to date we’ve realized 88 residential transactions totaling over $65 million in sales. The average sales price of a home in Crested Butte and the surrounding communities of Mt Crested Butte, Crested Butte South and Almont is $747,000 and the median sales price is just over $508,000. We’ve also realized over 30 land deals totaling $18 million in sales.
To me, this demand is reflective of people’s desire to live and play in our emerging "lifestyle market" regardless of national economics. Its also reflective of saavy investment behavior. Our inventory is up, prices have come down – off from our historic highs of 2005 thru 2007 – and sellers are making deals. Brokers around the market report a sharp increase in buyer inquiries and shopping activity. Many people were caught off guard when the ski area was purchased in 2004 and the real estate feeding frenzy commenced with a severe spike in values. If you didn’t own it before the ski area sale it became damn hard to buy it almost immediately after the sale. In some locations, prices on homes doubled in 2005 and then tripled in 2006 and 2007.
Now, four years and a billion dollars plus in real estate deals later, excellent opportunity is presenting itself. Vacant land at Buckhorn Ranch and Crested Butte South is available at "pre-ski area sale" pricing. New and nicely renovated ski condos in Mt Crested Butte are available for big discounts. A few choice home site parcels at Prospect – Crested Butte Mountain Resort’s ultra-exclusive, ski in-ski out community – are on the market for considerably less than what the seller’s originally paid. These are just a few of the opportunities out there. Might be time to take a hard look at our local offerings!
Thanks for visiting!
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide