The Crested Butte Real Estate Advisor 2013: Issue #3

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Summer Kicks Off in Crested Butte Colorado!

The official start to a Crested Butte summer, Memorial Day, has come and gone, and our little mountain town is already feeling a serious bump in tourism and the return of our seasonal “2nd homeowner” residents! Our legendary single track trail system is now open for business and the Crested Butte Bike Week celebration (previously known as the Fat Tire Festival) is set to run June 26th to June 30th. Be sure to check out the legendary Chainless World Championships!
Crested Butte Bike Week Website

With all of the rain and late season snow we experienced, this summer’s wildflowers should be bountiful and equally brilliant. The Crested Butte Wildflower Festival begins July 8th this year but I think we’ll see great color on the hillsides in June!
Crested Butte Wildflower Festival Website

When you are done walking through the flowers, tap into Crested Butte’s renowned music festival. The Crested Butte Music Festival begins June 30th this year and the summer long lineup is filled with everything from The Barber of Seville Opera to Mozart to the Bluegrass in Paradise Festival.
Crested Butte Music Festival Summer Lineup

Real Estate Investment Continues It’s Upward Trend

Year to date, almost 100 residential properties have sold ($50 million in sales) in locations from CB South to Mt. Crested Butte.  This is a 25% increase in sales activity compared to last year at this time. Half of these sales were cash, the other half conventional mortgages. Interestingly, we’ve realized this impressive volume of sales in spite of high prices and a significant shortage of bank owned properties and far fewer “distressed” opportunities. Currently, in the town of Crested Butte, the median sold price of a single family home is $710,000. In Mt Crested Butte, the median sold price is $688,000.

Commercial Investment in the Valley

The Gunnison Country Times ran an article this week highlighting recent and significant commercial real estate plays occurring right now in Gunnison. Year to date,  $1.2 million worth of “non-lodging” commercial property has traded hands in Gunnison. Large national chains including Tractor Supply Co. and Family Dollar are building big retail facilities along both major thoroughfares in Gunnison. Some Crested Butte based businesses are also increasing their footprint, buying up locations in Gunnison and setting up shop.
Read More at the Gunnison Country Times

Residential Construction Industry Making A Comeback

The news is also getting better for the local home building industry. Year-to-date, new housing starts are up over 50% for Gunnison County and just over 60 building permits have already been issued for various new construction and renovation/remodel projects in the County – this is a 20% increase over last  year. The Town of Crested Butte expects 6 new home starts this summer and Mt. Crested Butte has already issued 14 permits for various construction projects.
Learn more at Crested Butte News.

Thanks for reading today! We hope to see you in Crested Butte this Summer.

Channing Boucher

Broker Associate
Benson Sotheby’s International Realty
Contact me at 970-596-3228 or via my website.

My Blog: The Crested Butte Real Estate Letter

View My Significant Sales