Crested Butte Real Estate Advisor Current Issue

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View This Month’s Issue with Featured Listings

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

Sold Today in Crested Butte

Sold: Alpine Meadows Property in Crested Butte

I am very pleased to announce the successful sale of my exclusive listing located at 608 Nicholson Lake Ridge Road. I represented both the buyer and seller and the property closed at $945,000. This is my third home sale at the Alpine Meadows community – located about 8 minutes from downtown Crested Butte up the Slate River drainage.

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SOLD: 27 Links Lane

Sold by Channing Boucher

Pleased to announce another successful real estate transaction here in beautiful Crested Butte Colorado. I sold my exclusive listing located at 27 Links Lane in the Crested Butte Country Club. The furnished three bedroom townhome sold for $694,700.
Click to Learn more about this listing and view the photos>

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Sold in Crested Butte Today: 805 Red Lady Avenue

SOLD: 805 Red Lady Avenue

Pleased to announce another successful real estate transaction in Crested Butte. I represented both buyer and seller on the sale of this very cool Crested Butte cottage! 805 Red Lady Avenue enjoys Victorian-era influenced finishes throughout. Completely renovated in 2005, this well maintained 3-bedroom, 3-bathroom home features eye catching wide plank Pine floors, beautiful lighting design, custom built-in cabinetry and attractive wood trim and window treatments. The property basks in south-facing Colorado sunshine and enjoys dramatic views of Gibsons Ridge and Whetstone from the dining room. Continue reading

Summer Market Sizzles in Crested Butte

View from Above Parcel

Review Complete Newsletter Here >

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

Crested Butte’s New Center for the Arts Building Design

Crested Butte Center for the Arts Building

Take a virtual tour of the exterior elevations of this amazing new project in Crested Butte Colorado.

In 1985 a determined group of Crested Butte residents converted a county maintenance garage into a community arts center. Today, that same building has been pushed beyond its capacity to try to fulfill the changing cultural needs of the community. Over the last thirty years, the local population has doubled, and there has been tremendous growth in the number of events presented, the size of audiences, and the number and variety of educational programs provided by the Center for the Arts and its partner organizations. Two community organizations, the Crested Butte School of Dance and Crested Butte Mountain Theater, inspired the creation of the Center for the Arts. Today, twelve community groups utilize and benefit from the Center. Less than 8,000 people attended Center events in 1985, while last year over 40,000 people attended over 650 events, positively impacting the local economy by more than $3 million.

Designed to meet our community’s needs today and into the future, with:

•  Flexible seating for 300-330
•  Dance floor and balcony
•  New Alpenglow outdoor stage
•  5 class and rehearsal rooms
•  4 art studios
•  New visual arts gallery
•  Culinary instruction and catering kitchen
•  Multipurpose meeting spaces for the community
•  State-of-the-art lighting, sound and visual technology
•  Energy efficient HVAC
•  ADA compliant
•  25,000 square feet

New Property Video of the Ohio Creek Valley Ranch

For Sale: 150+ Acre Ranch near Gunnison

A beautiful 2005 custom built ranch home, 150+ acres of land and a working boarding, livestock & hay operation! What more could you ask for? Gunnison’s jet served airport is 10 miles to the south and the historic town of Crested Butte is about 25 miles in the other direction. The panoramic Rocky Mountain and Ohio Creek valley views from the ranch are magnificent to say the least. Add the splendor of Western Colorado’s four seasons and beautiful year round sunshine and you’ve got a recipe for a lifetime of memories.