Avoid Mistakes in a Changing Market


View This Newsletter with Featured Listings

Greetings from Crested Butte!

If you’ve been following my newsletters you know that our local real estate market is undergoing a respectable rally. Its been a long time coming since the economic meltdown of 2008. Home and condo prices around the valley are improving and demand for our real estate is now as diversified as its ever been. While demand from our traditional feeder markets of Texas and Oklahoma has waned (likely due to the crash of the oil market) investors are now showing up from new places like Denver, Boulder, the Northeast and the West Coast.  This new breed of buyer is pursuing our real estate with an intensity that is driving our market’s recovery. They are younger, financially empowered and their property usage patterns are different from their predecessors – summer use and winter use are equally important.

When buying real estate in stunning communities like Crested Butte, judgment can be clouded by emotions and you might be operating without a complete understanding of the market conditions. With the exception of the Town of Crested Butte where scarcity of land plays a significant role in home values, there is a ton of vacant land inventory all over the valley. There are 255 land listings currently and values are still 40%-50% off their peak from 2006. This equates to a 3.5 year supply of land.

So, here is some friendly advice for saavy real estate investing in a changing market:

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Time to List your Crested Butte Real Estate?


Sothebys Quarterly Market Report – Q1 2017

2017 began with snow…lots of snow. January alone saw 136 inches of the white stuff.  It created a difficult situation as potential buyers could barely see the outside of most homes as snow piled up past the roof lines. A welcome situation for skiers,  Mother Nature tried but didn’t seem to stop our local real estate market. The single family home segment of our market was up in all rural locations. Rural Crested Butte, Crested Butte South, Almont and rural Gunnison areas all enjoyed sales volume increases between 12% and 21%.   Due to decreasing inventory levels and increasing prices sales volume was down significantly in Crested Butte, Mt. Crested Butte and Gunnison, between -16% and -65%.

Who Is Buying Crested Butte?

Just like last year, the 2017 market for condos and townhomes is as strong as ever. We’ve seen a dramatic 88% increase in ski area condo sales in Mt. Crested Butte. This is due to a serious influx of Denver and Boulder based buyers flocking to Crested Butte and entering our real estate market via the more affordable price points found in the condo and townhome segment.  As we enter the second quarter of 2017, we are seeing an increase in sales volume across the county. There are 140 properties currently under contract with a current listing value of over $75 million. Learn more at our Quarter Report below:

Sold in Mt Crested Butte: Pitchfork Townhome

SOLD by Channing Boucher 105 Big Sky Drive

Pleased to announce another successful real estate transaction here in the dynamic Crested Butte marketplace. My exclusive listing at 105 Big Sky at the Pitchfork community in Mt. Crested Butte sold after being on the market less than a week. Sold price was $460,000.

Property description: 105 Big Sky is a 1,329 sf. three bedroom town home with an attached 490 sf. 2-car garage. This end-unit receives great Colorado light and the covered south-facing deck enjoys mountain views from the hot tub. There is a cozy gas log fireplace in the living room and there are many upgrades including a new washer and dryer, additional custom cabinetry in the kitchen and master bath, a new dishwasher, a new microwave and a instant hot water faucet in the kitchen. Other highlights include a custom forged metal enclosure on the front porch and a landscaped garden. The ski resort shuttle bus stop is just around the corner and the ski slopes are nearby!

Dining to Kitchen

Kitchen Detail

Crested Butte Real Estate Advisor Issue #2

Land For Sale in Crested Butte

Is our real estate marketplace growing too hot or are we just getting started on another significant run?  With over 110 local properties currently set to close and some of the higher priced listings in the Crested Butte area going under contract in recent days it is safe to say that folks are not waiting around for the summer buying season to make their investments. Coming off 2016, our best performing year since 2008, the word is out that our real estate market is on the move.

The $185M in sales volume we reached last year seems like a big deal but considering the boom days of 2004-2008 when we reached over $1.2 billion in sales during that 4-year stretch it feels like we are just warming up.

Affordability and availability of offerings at the lower end of the market seem to be going away as the inventory of available condos and single family homes is now at a 9 year low. Up in Mt. Crested Butte, there are only 55 condos for sale (at one point there were over 300 listings). Down in Crested Butte South there are only 3 homes for sale. Right now, the best price opportunity on a single family home in all rural Crested Butte locations is $795,000 for a new 4 bedroom spec home at Buckhorn Ranch. And, a three bedroom home that was just listed at Buckhorn Ranch for $679,000 went under contract inside of a week.

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Highest Price Ever Fetched in Town: 919 Belleview

SOLD: 919 Belleview

Records are made to be broken. My exclusive listing at 919 Belleview just fetched the all-time highest sales price paid for a home in the Town of Crested Butte. Crested Butte’s real estate market continues to improve and the sale of this property for $2,700,000 reflects the growth in popularity of investments in our community’s property offerings.

Property Description:
An amazing collaboration between Crested Butte’s Daniel J Murphy Architect, Michael Weil Custom Homes and Interior Visions, 919 Belleview Avenue is Crested Butte’s latest luxury mountain home offering. Interior highlights include reclaimed mixed grain wood floors, quartz counters, custom built-in cabinetry, stunning reclaimed beam work throughout the home, vaulted ceilings, a state of the art Thermador kitchen, American Clay walls, custom fireplaces of concrete and steel in the main living room and the master suite and designer lighting & sound. Located on the coveted open space of the old Verzuh Ranch in the east end of town, the home enjoys absolutely stunning and forever protected views of our beautiful skyline including the impressive vista of iconic Mt Crested Butte.  The detached garage enjoys a 6th bedroom and bath upstairs, a shop space in the rear and a pet/boot washing station. Outside you will find a big paver brick driveway and front step and paver patios and a walkway that extends to the back of the property. The huge .26 acre parcel translates into one of Crested Butte’s biggest homes. The house was completed in June of 2016.

2016 Ski Resort Real Estate Report

Resort Report 2016 Year End

Want to understand where Crested Butte fits into the greater Western United States ski resort real estate market place? Have a review the Resort Report below where you will find interesting statistics and market comparisons.

Often found in desirable, slightly less accessible locations than national mainstream markets, resort communities are prone to unique, heavily saturated luxury markets. Higher net worth individuals are often drawn to these markets based on their exclusivity and proximity to year round recreation. While resort markets tend to have a greater density of luxury offerings, this is matched with less inventory, often driving prices up. LIV Sotheby’s International Realty compiles data from 12 prominent resort communities throughout the western half of the United States in order to provide pertinent market information regarding the overall housing market in each area to help consumers make informed buying and selling decisions.

Project of the Year in Crested Butte: 313 Sopris Avenue

BOZAR Project of the Year

On January 26, 2016 Crested Butte’s Board of Zoning and Architectural Review (BOZAR) held their annual Year End Review to consider the projects completed in 2016. Members of the BOZAR and Town staff reviewed a presentation of projects in the following categories: New Residential, Accessory Buildings, Accessory Dwellings, Residential Remodels and New Commercial. The Board considers the effective application of the design guidelines, the massing, site design, overall architecture and exterior materials in their consideration of all of the projects. The Board selected the most outstanding projects for 2016, honoring two projects with the prestigious Project of the Year Award. Several other project were awarded honorable mentions. This, as with each year, is a community effort and the BOZAR and Building Department Staff wish to thank the property owners together with the Building and Design Community for another successful year of construction in Crested Butte. The architectural uniqueness of Town owes a great deal to your hard work.

The Project of the Year for a rehabilitation to a historic home in 2016 was awarded to 313 Sopris, LLC and Jeff Hermanson, for the rehabilitation, addition and historic preservation work of the 1881 residential building located at 313 Sopris Avenue. The Board commended Priscila Palhava and Peter O’Rourke for the sensitivity of this unique historic structure and the attention to detail in the rehabilitation on the project as a whole was greatly appreciated. Each step along the way, O’Rourke and Palhava met with Town Staff and representatives from the Board to ensure that the path of rehabilitation was appropriate for this special building. Uncovering two different types of siding, maintaining as many of the historic windows as possible, the lower “cellar” door and returning to the East elevation entry were all examples of the details you all took to help this building preserve its unique character. This is an iconic building in Crested Butte, as it sits atop the hill on Sopris Avenue. According to the historic building survey, this building was built in 1881, as the Pioneer Apartment Hotel, and is one of the oldest in Crested Butte. Crested Butte founders, Howard Smith and George Holt, erected the building and the Spehar family acquired the building in 1926. This property is for sale. Learn more here >





Just Sold at Wildhorse at Prospect


Very pleased to announce another successful real estate transaction here in beautiful Crested Butte Colorado. Today, I sold the home located at 29 Appaloosa Road in Wildhorse at Prospect via buyer representation. The four bedroom, 3,500 sft ski home features a spacious bonus room on the lower level, views to the north of the mountains and easy access to the groomed ski slopes of Crested Butte Mountain Resort. This transaction marks my 8th home sale at this awesome luxury ski home community. The property sold for $775,000.

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