Greetings from Crested Butte!
Its Labor Day Weekend and I’m looking back at a summer that will certainly be remembered for vigorous buying of high end properties and record breaking real estate sales. We’ve seen impressive activity in the town limits of Crested Butte where rising home values are driven by scarcity of available home sites. Three luxury homes have sold at or above $2.7 million. All three deals breaking previous sales price records. Residential average sold prices per SFT are nearing $600 with the highest sold price per SFT reaching almost $840! Right now there are only 8 single family homesites for sale in town with median list prices hovering around $1.1 million. A parcel located at 900 Elk Avenue sold for $1.3 million. This is the highest price ever paid for a homesite in the town limits. Crested Butte is nearing full build out and there will never be any additional homesites added to the town grid.
What has created this perfect storm of accelerating real estate values in town? Three things:
1. We are surrounded by permanently protected land. The Crested Butte Land Trust owns the land to the north of town and the McCormick Ranch open space protects everything on the eastern edge of town. And, the Trappers Crossing ranch subdivision locks everything down to the west and south of town.
2. No growth policy making. When Crested Butte’s town government rejected the recent Slate River Addition annexation proposal (the plan called for up to 160 homesites including deed restricted “locals only” real estate opportunities) the stage was set for a serious run up in existing real estate values. The scarcity of development land is real. Crested Butte has become a very exclusive “homeowners association” with property values now rivaling other Colorado ski towns like Telluride and Steamboat Springs.
3. Popularity. Crested Butte is on the map. Our real estate, lifestyle and amenities are attracting people from all over the world. And, the economic and population surge in Colorado is creating unprecedented demand from places like Boulder and Denver.
2017 Notable Luxury Home Sales Activity in Town:
2017 Notable Homesite Sales Activity in Town:
900 Elk Avenue – $1,300,000 – Sold
927 Belleview Avenue – Listed for $950,000 – Under Contract
11 Ruths Road – Listed for $925,000 – Under Contract
Crested Butte | Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224