Current Market Info

The Crested Butte Real Estate Market

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November 2016

Rising Values in Crested Butte

Election year politics, a lagging oil market and uncertainty with the direction of our ski resort don’t seem to be hampering real estate investment in our local market. In recent months, we’ve seen impressive real estate transactions in and around Crested Butte and Mt. Crested Butte. Values are jumping for homes and land in all locations. Here are some examples:

714 Ninth St. sold in December 2014 for $1,405m and just sold again for $1.7m.
401 Gothic Ave. sold in January 2014 for $1,785m and just sold again for $2.175m.
606 Ninth St. sold in March 2016 for $2,398m. This is a all-time record.
4 Ruths Road, a 9,375 SF homesite, sold this summer for $1,025m.

710 Skyland Sold in 2009 for $2,085m. The property sold again in June for $3,050m.
1091 Slate River Road. 1,800 SF home on 80 acres just sold for $4.3m.
5 Moon Ridge. Property was listed for over 1,000 days, then sold this year for $3.3m.

29 Summit Rd. sold in 2013 for $2.1m and sold again at end of 2015 for $2,250m.

722 Cascadilla, a 3 bedroom home built in 1997 sold for $650k and $270 per SF.
96 Huckeby, a 3 bedroom, 1,800 SF home sold for $530k and $290 per SF.
Note: CB South’s median sold price per SF in 2014 was $190. Now its $260 per SF.

In the News – CBMR Selling…Again

Crested Butte Mountain Resort (CBMR) owner CNL Lifestyles is selling the resort to New York hedge fund Och-Ziff in a massive $830 million transaction that includes CNL’s current portfolio of 35 ski resorts, amusement parks and vacation properties. Och-Ziff will purchase 15 ski resorts from CNL for $374 million, in part using a loan from EPR, a Maryland-based REIT. EPR has agreed to buy other CNL properties in a deal valued at a total of $830 million. The sale is subject to the approval of CNL stockholders and other conditions, with a closing deadline of September 15, 2017. CNL purchased Crested Butte and two other ski areas on the east coast from Triple Peaks LLC (owned by Tim and Diane Mueller) in 2008, leasing the properties back to their previous owners. Triple Peaks said the 2008 sale would help to finance the construction of additional improvements at its resorts, but in Crested Butte nothing happened after the Lodge at Mountaineer Square was built and the Gothic building was torn down.

Triple Peaks is actively trying to sell off all of its undeveloped Mt. Crested Butte land assets including the 156 acre North Village parcel (Snodgrass) listed at $8.9m, a variety of Prospect homesites and 50 future homesites on 20 acres located at the top of the Gold Link/Painter Boy lift complex.

Thanks for reading today. For a deeper understanding of our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

View This Month’s Issue with Featured Listings
September 2016

Market Stays Ahead of Last Year

The current real estate market in the Crested Butte area is trending about 9% ahead of last year. So far in 2016 we’ve seen more residential (homes, condos and town houses) sales vs 2015 and better overall sales volume. Historically, the Crested Butte area sees strong sales activity in the 4th Quarter of each year. This year its more of the same. Currently, there are 63 pending residential transactions representing another $42 million in potential volume. If we stopped the clock today and included the pending sales, we would beat 2015 total sales numbers handily. Interestingly, the market for vacant land and homesites spiked in 2015 but has flattened out it 2016 due to rising prices. Last year, 104 parcels traded hands ($21 million in volume). The median sales price last year was $100,000. This year we’ve realized 55 land sales so far ($12.2 million in volume) with the median sales price jumping 40% to $140,000.

By The Numbers – Comparing 2015 to 2016

Year-to-Date: 186 residential sales and $100 million in volume
Same Period in 2015: 167 residential sales and $91 million in volume
Current Under Contract Activity: 63 pending residential sales and $42M in volume.
Same Period in 2015: 71 residential sales (9/20 to end-of-year) and $43M in volume.

In the News – Light at the End of the Mt. Emmons Mine Shaft?

An agreement that could end the possibility of a major molybdenum mine operation is in the works in Crested Butte. The town of Crested Butte and the Mt. Emmons Mining Company (a subsidiary of Freeport McMoRan and owner of mineral rights to the molybdenum beneath the mountain) have a plan calling for Freeport McMoRan to ask the U.S. Congress to permanently withdraw all of its mining claims. The catch? Crested Butte needs to come up with about $2 million in compensation to assist Freeport McMoRan’s disposition of all the mine’s assets including the 9,000 acres of unpatented mining claims that directly impact our four local watersheds. If approved, the ground would go back into the federal land bank and never be allowed for mining purposes into the future. Learn More at the Crested Butte News.

Thanks for reading today. To learn more about our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

View Today’s Crested Butte Real Estate Advisor Newsletter Here
August 2016

Summer Market Sizzles in Crested Butte

The market for residential properties in the Crested Butte area continues on its heated path of recovery. $49 million in home sales spread out over 45 deals have closed year-to-date and another 18 homes representing $24 million in value are currently under contract. A whopping 97 condos and townhouses have sold off year-to-date representing almost $29 million in sales and another $13.5 million worth of condos and townhouses (42 properties) are under contract.

Prices of homes and condos are indeed rising across the valley.  The natural result of rising home prices? Demand for vacant land is increasing. 43 parcels have sold off this year (another 13 parcels are under contract). Values are going up too. The average sold price for land offerings in our market is now $233,000! This is a huge increase from last year at this time when the average sold price hovered around $170,000.

By The Numbers – Number of Single Family Homes Sold in Our Market in 2016

Crested Butte South: 10 Homes Sold with 1 Under Contract
Town of Crested Butte: 12 Homes Sold with 5 Under Contract
Rural Crested Butte: 12 Homes Sold with 8 Under Contract
Mt Crested Butte: 11 Homes Sold with 4 Under Contract

In the News – The Slate River Annexation Proposal

Cypress Foothills LP, owner and potential developer of the land located just north of the town limits of Crested Butte, is actively pursuing approval of their Slate River Annexation development proposal. The 44-acre hybrid development would comprise 23 residential home sites on the 30 acres of county land located on the east side of the Slate River. The west side of the river would be annexed into the town of Crested Butte. The annexed land may include six residential lots along with public uses that may include affordable housing, parks, a school site, a potential site for a new firehouse, public river access, open space and trails. The old Crested Butte landfill is buried beneath a portion of the property and Cypress has said it would clean up part of the old dump as part of the development. Check out the Slate River Annexation Concept Maps here >

Thanks for reading today. To learn more about our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

Review my recent significant sales here.