This month I focus on the Crested Butte market for 35+ acre ranch parcels. While the lower end of our market is a bit sluggish currently, buyers on the other end of the spectrum are demonstrating renewed demand for Crested Butte’s larger ranch land parcels. We are seeing some of the biggest land transactions in the short history of our "real estate boom" occur up and down the valley.
After what seemed like a 1 year "time out" for Red Mountain Ranch sales, buyers are once again snapping up 35+ acre parcels at this exclusive mountain subdivision. Take a look at these recent Red Mountain Ranch land sales:
Lot 28 – $1,700,000, Lot 22 – $1,212,000, Lot 8 – $925,000 and Lot 17 sold at $725,000.
Earlier this summer Lot 5 at East River Ranches sold for $1,700,000 and two, 35-acre parcels up the Slate River valley each sold for $1,325,000! Perhaps the value proposition for these buyers was obvious when you consider that four of the sub, 1-acre parcels at Prospect fetched well over a million dollars each recently. WOW!
The year-to-date totals for all land sales in our local market: 48 transactions for a sales volume of just over $30 million. The average sales price was $630,000 and the average days on market for all land parcels was 338 days.
The bullish behavior in Crested Butte real estate shows no signs of letting up as we head into another ski season. By the way, opening day at Crested Butte Mountain Resort is November 17!
Thanks for reading today!
970-596-3228 | View This Months Crested Butte Real Estate Insider