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:
TOWN OF CRESTED BUTTE
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.
RURAL CRESTED BUTTE
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.
MT CRESTED BUTTE
29 Summit Rd. sold in 2013 for $2.1m and sold again at end of 2015 for $2,250m.
CRESTED BUTTE SOUTH
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 (their website) 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.
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224
Review my recent significant sales here.