New Homes for the New Year

View this Newsletter with Featured Listings

Happy New Year from Crested Butte,
Where are all the new or updated homes and condos for sale? It is true our local real estate market continues to perform in an impressive manner but the storyline from 2019 is all about the rising yet unmet demand for “new” and “updated”. Today’s Crested Butte home buyers are shopping but not exactly finding what they are looking for. What is missing from our marketplace? Newly built or expertly remodeled homes and condos with fresh interior designs, modern materials and layouts.

Yes, there is plenty of construction going on around the valley. But much of the build activity today involves custom homes for individuals. Demand for custom homes is so strong that local contractors are breaking ground during winter, pouring foundations and framing buildings in sub-freezing conditions in order to keep pace.

However, most of our market’s would be investors are not interested in searching for a homesite and embarking on a potentially years long home design and build process. Buying a homesite is still our market’s best value proposition. Land values (with the exception of the Town of Crested Butte) are still lagging but most buyers are shying away. Why? It takes a tremendous amount of thought work, time and motion to get a new home out of the ground in Crested Butte particularly if you don’t live here full time. If you ask a local architect or general contractor today about timing they’ll likely tell you it’ll be 2 or more years before you’ll be able to move in.

What led us to this day? The spec building industry in our valley was dormant for many years after the market crash in 2008. It didn’t make sense for developers to attempt a speculative build and sell when the market opportunity for purchasing homes and condos below replacement cost from banks was so robust. Now our market is at a crossroads. Demand is up but quality supply is down.

Now, when a newly built or updated property hits the market it doesn’t take long for it to sell. A good example of this is my recent sale at 63 Wapiti Way at Skyland. This beautiful spec home sold quickly and at a record setting price for a golf course location.

The outlook for 2020? Savvy spec home builders are listening to the market and responding with a variety of exciting new projects in our valley. Here is a rundown of some of our valley’s upcoming real estate opportunities:

1. Skyland Townhouses. A 4-unit development just broke ground across the street from the Crested Butte Country Club. The Daniel Murphy Architect designed complex comprises 3-bed townhouses with open and vaulted layouts, modern materials, attached garages and awesome views.

2. Wildhorse at Prospect. Wildhorse Homes LLC’s next two luxury ski homes will commence construction this Spring. At over 3,500 SF each home will feature a winning floor plan, mountain modern finishes, bonus family rooms and dramatic views and easy access to the ski slopes. See the latest sold Wildhorse home.

3. Town of Crested Butte. Two, side-by-side luxury homes designed by Andrew Hadley Architects and located on oversized lots along Belleview Avenue and the McCormick Ranch open space are set to break ground in early summer with delivery in 2021. A spec home on this street sold in 2019 for over $3.8M.

4. The Villas in Mt. Crested Butte. A 2,400 SF, four bed, four bath mountain modern duplex is under construction and about to be listed for sale! The views of the ski slopes and the peak are awesome!

5. Buckhorn Ranch. Three luxury spec homes from Journeys End Builders located on White Stallion Circle are listed for sale below $1M. Each home is four bedrooms, three baths and feature an open plan, vaulted, trussed ceilings and modern appointments and equipment throughout. Check out 271 White Stallion Circle.

For information about these opportunities, please contact me anytime. Thanks for reading today. Good luck in 2020!

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