The Year Ahead

367 White Stallion Circle

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Greetings from Crested Butte and the Gunnison Valley!
It took us over a decade to do it but our local real estate market has officially turned the corner on that nasty, multi-year downturn and now performs in a similar manner to the 2004-2008 era. With just over $260 million in transaction volume for the Upper Valley the market exceeded expectations as 2017 ended up being our best year in sales since 2006. 458 properties sold in all locations from Almont to Mt. Crested Butte representing a significant 41% increase over the previous year’s volume of $185 million.


We’ve hit the ground running in 2018 with over 50 properties ($31 million) under contract and for the first time since 2004 scarcity of residential properties for sale is impacting the market in a variety of ways. List prices for homes now exceed replacement cost in every location around the valley and days on market is shrinking with steady demand and limited supply.


The most telling aspect to our market improvement? Land, of all sizes and shapes, is selling again.


Last year we sold 131 land, ranch land, development parcels and smaller home site transactions representing over $35 million in volume. This is a massive jump from 2016 where we saw just $19 million in sales volume spread out over 86 deals. Prices on undeveloped land still hover around 50-60% of their pre-2008 peak values so my market predictions for this year include a continued buy up of our valley’s land offerings. Just this past week, two high profile home site properties sold. Usually its a quiet time of year for selling properties buried under snow but saavy investors sense the market movement and want to take advantage of the current price opportunities.


The other telling aspect? Spec home building. The developers are back in Crested Butte. With the exception of a few spec homes in Crested Butte and Wildhorse at Prospect, our market has not seen much new development since 2006.


Now, new developments are planned or underway in desirable locations including Skyland, Larkspur and Buckhorn Ranch.  Up on the mountain there are 3 newly built luxury spec homes for sale including this offering at Wildhorse at Prospect. In the fast growing community of Crested Butte South there are only 6 homes for sale and sure enough more than 18 building permits are in place this year for single family and multi-family projects.


3 miles from downtown Crested Butte at the Buckhorn Ranch community, 5 new homes are nearing completion and 2 are now available for sale including this $995,000, 4-bedroom offering at 367 White Stallion Circle.


It is safe to state that 2018 is poised for another promising year for our local real estate markets.  For an in-depth discussion of our market’s best opportunities, please contact me anytime. Thanks for reading today.

Channing Boucher
Broker Associate
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228


Review my recent significant sales here.

Sold in Crested Butte: 2 Primo Homesites

Sold by Channing

Pleased to promote the recent sale of two incredible homesite offerings in our market. I represented the unrelated buyers on both of these fine offerings.


The first property is located at 63 Wapiti Way at the Crested Butte Country Club. Sitting adjacent to the 12th fairway, the .58 acre homesite enjoys absolutely amazing panoramic views of our valley’s iconic mountain tops as well as the historic mining town of Crested Butte.  The elevated, gently sloped parcel features solid solar gain and the 12th fairway provides plenty of open space to make this homesite live big. A brand new home will be built at this location and offered for sale in 2019. The land sold for $275,000.


Crested Butte Land Sold by Channing Boucher


Land Sold by Channing Boucher


The second property I sold is located at 106 Bear Scratch up at the Prospect ski in – ski out community of Mt. Crested Butte. Located adjacent to the groomed ski run, the spacious 1.05 acre homesite enjoys true ski slope access to the Prospect ski lift. The views are stunning and the site features a gentle slope and a mix of mature pine trees. The land sold for $420,000.


D-13-Prospect-550

LIV Sothebys Resort Report 2018

24 Ruby Drive in Mt. Crested Butte

Curious how Crested Butte’s real estate market compares to the other resort markets? To discover the latest trends in 12 prominent resort communities throughout Colorado and the western half of the United States, check out LIV Sothebys Resort Report 2018 at the link below:



Crested Butte Market Report – 2017 Year In Review

Crested Butte Market Report 2017

The Crested Butte real estate market experienced robust growth in 2017. Overall, average price, the number of properties sold, and total sales volume all increased significantly. 2017 was the best performing year we’ve experienced since 2007.



The Collection – 2018

24 Ruby Drive - South Elevation

Pleased to show off our latest real estate catalog of fine properties. The printed version of our Collection for 2018 is distributed around Crested Butte and Gunnison County. The digital version below is another great way to peruse our fine real estate offerings for the new year.



SOLD: Buckhorn Ranch Subdivision

99-Bridle-Spur-Buckhorn-Ranch-3

The end of a saga and the beginning of a new era! Pleased to promote my sale of 90 parcels located at the rural Crested Butte subdivision of Buckhorn Ranch located about 3 miles from downtown Crested Butte. I listed and sold the 90 parcels owned by the bank that foreclosed on Buckhorn Ranch’s former developer. After 8 years of pre and post foreclosure proceedings the 90 parcels were made available for sale in August 2017. The first 14 parcels sold quickly to individual investors and the remaining 76 parcels sold to one investment group this week completing the sale. The parcels comprised various locations around Buckhorn Ranch including 15 parcels of multi-family zoned land referred to as the M1 and various small lot single family homesites located in the M2 and M3 neighborhoods. Also, the majority of fly-in, fly-out parcels located in the Crested Butte Airpark portion of the community sold off and various larger single family parcels located on Buckhorn Way, N. Avion and Lakeridge Drive also sold off. Total sales price was $4,847,000.


This is an exciting time for Buckhorn Ranch. Many new custom homes have been built over the past two years and currently six single family spec homes are under construction and available for sale. The community includes many year round residents and some 2nd homeowners. Other than amazing panoramic views, Buckhorn Ranch enjoys quick access to local National Forest biking and hiking trails and the town of Crested Butte and the ski resort in Mt. Crested Butte are a quick drive away.


LEARN MORE >>>


Crested Butte Real Estate Advisor December 2017

299-Cisneros

View Newsletter with Featured Listings


Wow! What a year for our valley. 2017 kicked off in the middle of an epic winter season. The snow was plentiful and so were the skiers. Colorado ski resorts enjoyed their 2nd-best ski season ever with almost 13 million skier visits reported and big increases in guest spending. Crested Butte banked a 6.8% increase in taxable sales due to the soaring demand from the “drive” market of Front Range skiers and riders looking for something different and for a place to go that doesn’t involve traveling on Interstate 70.


Then our summer season experienced another incredible surge in tourism. Visitor spending increased on all fronts with record breaking tax revenues pouring in. Real estate sales and construction activity followed suit with aggressive buying and many new home starts. Inventories of homes and condos have dropped to their lowest levels since 2005 and now we are seeing numerous spec projects popping up in Buckhorn Ranch, Skyland, Larkspur, Mt Crested Butte and Crested Butte South.


This year’s real estate market saw notable increases in demand for higher end luxury homes and ranch properties and dramatic changes to market areas like Crested Butte South which used to be one of the Upper Valley’s affordable communities. Nine of the seventeen homes sold in CB South this year closed above $600,000 with the median sold price per SFT hovering around $300! The highest price paid for a home in CB South was $920,000.


Here is a list of 10 real estate market highlights from 2017:
1. We surpassed the $200 million in sales volume for the first time since 2008.
2. Over 300 residential properties sold.
3. The highest price paid for a home: $4.5 million – a home on 35 acres.
4. The lowest price paid: $60,000 – a studio at the Grand Lodge.
5. Over 50 residential properties sold at or above $1 million.
6. 15 properties sold at or above $2 million and 5 sold at or above $3 million.
7. There are 116 homes for sale right now, 90 of them are listed above $1 million.
8. The median list price for a homesite in the Town of Crested Butte: $1.2 million.
9. The median list price for a home in Crested Butte South: $680,000.
10. Volume of real estate sold in the Upper Valley between 2004 and today: Over $2 billion.


For an in-depth discussion of our market’s best opportunities, please contact me anytime. Thanks for reading today.


Channing Boucher
Broker Associate
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
970-596-3228