Summer Market Sizzles in Crested Butte

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The market for residential properties in the Crested Butte area continues on its heated path of recovery. $49 million in home sales spread out over 45 deals have closed year-to-date and another 18 homes representing $24 million in value are currently under contract. A whopping 97 condos and townhouses have sold off year-to-date representing almost $29 million in sales and another $13.5 million worth of condos and townhouses (42 properties) are under contract.

Prices of homes and condos are indeed rising across the valley.  The natural result of rising home prices? Demand for vacant land is increasing. 43 parcels have sold off this year (another 13 parcels are under contract). Values are going up too. The average sold price for land offerings in our market is now $233,000! This is a huge increase from last year at this time when the average sold price hovered around $170,000.

By The Numbers – Number of Single Family Homes Sold in Our Market in 2016

Crested Butte South: 10 Homes Sold with 1 Under Contract
Town of Crested Butte: 12 Homes Sold with 5 Under Contract
Rural Crested Butte: 12 Homes Sold with 8 Under Contract
Mt Crested Butte: 11 Homes Sold with 4 Under Contract

In the News – The Slate River Annexation Proposal

Cypress Foothills LP, owner and potential developer of the land located just north of the town limits of Crested Butte, is actively pursuing approval of their Slate River Annexation development proposal. The 44-acre hybrid development would comprise 23 residential home sites on the 30 acres of county land located on the east side of the Slate River. The west side of the river would be annexed into the town of Crested Butte. The annexed land may include six residential lots along with public uses that may include affordable housing, parks, a school site, a potential site for a new firehouse, public river access, open space and trails. The old Crested Butte landfill is buried beneath a portion of the property and Cypress has said it would clean up part of the old dump as part of the development. Check out the Slate River Annexation Concept Maps here >

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
401 Elk Avenue
Crested Butte CO 81224
970-596-3228