Market & Community Update from Crested Butte

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Is the threat of moly mining on Mt. Emmons going away for Crested Butte? Seems there is good progress happening between local government entities, the state of Colorado and mining rights owner Freeport-McMoRan regarding much needed water treatment plant upgrades – a crucial step in the direction of ending the potential of mining on the mountain. Allen Best from Mountain Town News wrote a recent article that puts the current talks into perspective.

The Market in Crested Butte

2016’s first quarter sales activity has been impressive in Crested Butte. Just over $25 million worth of residential real estate has sold and another $31 million has gone under contract.

This is remarkable considering last year during the same time frame we reached only $17.5 million in sales. 2016 highlights include the record breaking sale of a new spec home in Crested Butte for $2.389 million, the sale of a four bedroom Summit (Mt Crested Butte) home at $2.250m, the sale of a Red Mountain Ranch home on 35 acres at $1.7m and the sale of a new spec home in the Prospect ski in ski out neighborhood for $2.1m. At the other end of the spectrum, the inventory of Mt Crested Butte ski condos for sale has dipped below 100 listings for the first time in 7 years.

Also notable is the ongoing rebound of our vacant land and homesite segment. 24 parcels have sold so far in 2016 representing just under $4m in sales and another 11 parcels are under contract. The highlight: A interior homesite located at 4th and Gothic Avenue sold for $715,000.

No Support for Sixth Street Station Rezoning

This week, the developers of the Sixth Street Station project in Crested Butte were told by BOZAR that their bid to re-zone the land between Gothic Ave and Butte Ave along 6th Street would not be supported. Rezoning from B2 to T1 would allow the developers to build a bigger hotel project at this location. BOZAR wants the zoning to stay B2. Learn more in today’s edition of 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
970-596-3228