Today’s Issue of the Advisor

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Housing Starts Up

Happy Memorial Day from Crested Butte!

This week’s Crested Butte News article confirmed what locals know is going on around Crested Butte these days. The arrival of an early summer (it was 70 degrees today) seems to have sprouted many new houses and other construction projects across the Upper East River Valley. 78 building permits have been issued so far with 40 of these pulled in Crested Butte alone. As a market we are on par with last year’s impressive building activity and with major projects underway including the new 25,000 SFT Center for the Arts facility things look they won’t let up anytime soon.

Real Estate Market Update
Year-to-date, the local Upper Valley real estate market saw $50 million in residential sales. 29 single family homes of a total 80 deals sold ranging in price from a $480,000 CB South home to over $2M for a newly constructed spec home in Crested Butte. 15 of the 29 sales fetched a price of $1M or more.

The remaining sales (49) were condos and / or town houses and many were located in Mt. Crested Butte. The highest price paid in this segment was $964,000 for a new 3 bed/3 bath, 1678 SF town house (duplex unit) located in Crested Butte. The lowest price paid was $68,000 for a Grand Lodge studio up in the base area of the ski resort. Right now, there are 14 pending home sales and another 22 pending condo/townhouse deals.

The most notable aspect of our local market is the land and homesite segment. Usually, land buying is a summer to fall activity around Crested Butte. Not this year. With the rise in residential values and scarcity of homes for sale, buyers are turning their attention to vacant homesites and larger tracts. Year-to-date, 43 parcels have sold representing $10M in volume and currently there are 11 more parcels under contract. By comparison, last year during the same time frame we realized just 25 land sales and $4.7M in volume.

Want to buy a lot in town? There are only 9 homesites for sale and the average list price is just under $1.1M.  Sure enough, due to the climate in town, land values and demand are rising in places like Skyland, Mt. Crested Butte and Buckhorn Ranch.

View Last Month’s Newsletter for additional perspective on our current market conditions.

Thanks for reading today.

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