Crested Butte Real Estate Update

Crested Butte Real Estate Report

Following is an analysis of the Real Estate market in Crested Butte taken from the Winter Real Estate Guide published by the Crested Butte News. You can see this publication in totality on their website by following the link on the Local Links page. The statistics for 2008 are through October and the "current" market stats are as of early November.

So, how is the real estate market doing?

A question many realtors are frequently asked is, “How is the real estate market doing?” Most realtors would love to say that real estate is doing “awesome” and many may be tempted to report just that. Some may declare that it is a “Buyers” market or a “Sellers” market. Or, it may be said that the market has not met previous forecasts, however… What do the statistics say about what is happening in Crested Butte real estate? What are some of the facts? Let’s take a look at some of the different sectors of the Crested Butte real estate market to see how each is doing.

Single Family Homes

Mt. Crested Butte

Single-family home sales in Mt. Crested Butte have risen fairly well over the last few years. Average “sold” prices have gone up steadily as seen below:

2000–$437,250 (4 homes sold)
2001–$454,590 (10 homes sold)
2002–$648,522 (17 homes sold)
2003–$695,389 (15 homes sold)
2004–$709,769 (26 homes sold)
2005–$819,446 (28 homes sold)
2006–$1,078,846 (11 homes sold)
2007–$1,088,409 (11 homes sold)
2008 (first 10 months)–$1,508,479 (12 homes sold)

Currently, the average asking price for the 80 active single-family homes in Mt. Crested Butte is $1,847,720. Prices range from $395,000 to $7,995,000.

Town of Crested Butte

In the town of Crested Butte the average sold price of a single-family home has varied widely:

2000–$427,496 (20 homes sold)
2001–$579,288 (13 homes sold)
2002–$423,778 (9 homes sold)
2003–$424,095 (23 homes sold)
2004–$675,833 (29 homes sold)
2005–$951,467 (26 homes sold)
2006–$937,323 (25 homes sold)
2007–$942,666 (9 homes sold)
2008 (first 10 months)–$1,251,550 (10 homes sold)

Currently, in the town of Crested Butte, there are 55 active single-family listings, ranging in price from $190,000 to $2,350,000. These homes have an average asking price of $984,736.

 

Skyland/Country Club area

Although condos/townhomes have been a more popular product in the Skyland/Coun­try Club area, many high-end luxury homes are currently being built here. Three homes sold in 2004, for an average price of $1,280,833. In 2005, 10 homes sold averaging $1,302,750. In 2006, 10 homes sold averaging $1,541,400. In 2007, 3 homes have sold for an average of $1,683,333. No single-family homes have sold within the first 10 months of 2008 in the Skyland/Country Club area.

There are presently 24 single-family homes for sale in the Skyland/Country Club area with an average asking price of $1,699,604. Prices range from $658,500 to $4,300,000.

 

Crested Butte South

Average sold single-family home prices in Crested Butte South have experienced the follow­ing:

2000–$293,167

2001–$373,181

2002–$325,053

2003–$336,611 (18 homes sold)

2004–$355,826 (23 homes sold)

2005–$477,697 (30 homes sold)

2006–$533,714 (21 homes sold)

2007–$518,906 (16 homes sold)

2008 (first 10 months)–$511,667 (6 homes sold)

There are currently 32 single-family homes for sale in Crested Butte South ranging from $361,000 to $867,000, now averaging $591,931.

 

Condominiums/Townhomes

Mt. Crested Butte

Here’s a look at what’s happening with Mt. Crested Butte condos:

2000–37 condos sold, total sales $5,652,650

2001–70 condos sold, total sales $16,599,975

2002–59 condos sold, total sales $15,516,691

2003–65 condos sold, total sales $15,417,900, averaging $237,198/ condo

2004–193 condos sold, total sales $50,000,000, averaging $260,852/ condo

2005–140 condos sold, total sales $51,016,935, averaging $364,407/condo

2006–47 condos sold, total sales $22,251,326, averaging $473,432/condo

2007–118 condos sold, total sales $81,484,239, averaging $690,544 per condo/townhome (67 of these 118 units were sales from the new Lodge at Mountaineer Square).

2008–first 10 months- 29 condos sold, total sales $13,727,400, averaging $490,264/condo

Currently there are 276 condo/townhome units for sale in the MLS system in Mt. Crested Butte, ranging in price from $109,000 to $2,580,200. The average asking price for a mountain condo is currently $627,278.

*The above Mt. Crested Butte figures do not take into account some of the original developer sales from 2004-2007 at the Grand Lodge and WestWall Lodge complexes.

 

Town of Crested Butte

The condo/townhome market in the town of Crested Butte has witnessed the following growth statistics over the last few years:

2000–22 condos sold, average sale price $237,764

2001–6 condos sold, average sale price $232,750

2002–11 condos sold, av­erage sale price $237,773

2003–14 condos sold, av­erage sale price $244,107

2004–25 condos sold, av­erage sale price $297,296

2005–23 condos sold, av­erage sale price $402,826

2006–11 condos sold, av­erage sale price $518,444

2007–4 condos sold for an average of $503,613

2008–(first 10 months) 5 condos have sold for an average of $486,000

There are presently 29 condos/townhomes for sale in town ranging from $225,000 to $1,300,000 (aver­age asking price is $546,234).

 

Skyland/Country Club area

The condo/townhome market at the Skyland/Coun­try Club area has witnessed the following sales figures:

2000–17 condos sold, av­erage sale price $358,529

2001–17 condos sold, av­erage sale price $441,852

2002–9 condos sold, av­erage sale price $486,111

2003–20 condos sold, av­erage sale price $295,439

2004–21 condos sold, average sale price $375,233

2005–20 condos sold, average sale price $312,585

2006–12 condos sold, average sale price $732,075

2007–10 condos sold, average sale price $704,250

2008–(first 10 months) 5 condos sold, average sales price $705,500

There are currently 27 condos/townhomes for sale in the Country Club area ranging from $115,000 to $1,370,000, averaging $544,822.

 

Crested Butte South

There are a few condo/townhomes in Crested Butte South. Sales statistics here show the follow­ing in recent years:

2000–7 condos sold, average sale price $139,700

2001–8 condos sold, average sale price $198,188

2002–7 condos sold, average sale price $152,000

2003–7 condos sold, average sale price $198,614

2004–37 condos sold, average sale price $193,588

2005–23 condos sold, average sale price $270,346

2006–19 condos sold, average sale price $565,000

2007–10 condos sold, average sale price $316,610

2008–(first 10 months) 4 con­dos sold, average sale price $290,000

Presently, there are 34 condos/townhomes for sale in Crested Butte South ranging in price from $215,000 to $740,000, with an average asking price of $388,698.

 

Vacant Lots (up to 5 acres)

Mt. Crested Butte

Vacant land sales in the Mt. Crested Butte area have seen the following activity:

2000–average sale price $190,000

2001–average sale price $200,000

2002–average sale price $177,250

2003–23 lots sold, average sale price $231,565

2004–45 lots sold, average sale price $292,661

2005–31 lots sold, average sale price $473,448

2006–18 lots sold, average sale price $738,547

2007–11 lots sold, average sale price $840,455

2008–(first 10 months) 3 lots sold, average sale price $691,667

There are currently 71 active land listings for sale in Mt. Crested Butte, ranging in price from $340,000 to $1,495,000, with an average asking price of $793,897.

 

Town of Crested Butte

Residential lot sales in the town of Crested Butte have done the following:

2000–12 lots sold

2001–6 lots sold

2002–1 lot sold

2003–9 lots sold

2004–12 lots sold, averaging $375,910/lot

2005–18 lots sold, averaging $554,528/lot

2006–12 lots sold, averaging $475,329/lot

2007–5 lots sold, averaging $736,750/lot

2008–(first 10 months) 3 lots sold, averaging $720,000/lot

There are now 19 vacant town lots for sale with an average asking price of $706,105 (ranging from $299,000 to $1,275,000).

 

Skyland/Country Club area

The Skyland area has seen the follow­ing land sales activity over the years:

2000–45 homesites sold, average sold price $160,451 (the majority of these parcels were located at the Back Nine (phase I) and Riverside at the Club)

2001–15 homesites sold, average sold price $219,600

2002–17 homesites sold, average sold price $88,162 (6 of these were locals affordable housing lots).

200 3–9 homesites sold, average sold price $199,111

2004–42 homesites sold, average sold price $197,086

2005–44 homesites sold, average sold price $333,739

2006–15 homesites sold, average sold price $396,217

2007–7 homesites have sold, for an average of $391,357

2008–(first 10 months) 2 homesites have sold for an average of $480,000

As of October 2008 there were 45 active homesite listings in the Skyland/Country Club area with an average asking price of $474,064. Prices range from $175,000 to $1,290,000.

 

Crested Butte South

Residential vacant land prices in Crested Butte South shot up tremendously in 2005, but have been dropping most recently. Here are the statistics for this area:

2000–37 lots sold, averaging $62,169/lot.

2001–20 lots sold, averaging $60,408/lot.

2003–23 lots sold, averaging $67,235/lot

2004–70 lots sold, averaging $80,039/lot

2005–49 lots sold, averaging $174,003/lot

2006–18 lots sold, averaging $196,711/lot

2007–11 lots sold, averaging $172,667/lot

2008–(first 10 months) 7 lots sold, averaging $143,143

There are currently 46 residential lots for sale in Crested Butte South averaging $174,763 per lot. Prices range from $94,900 to $318,500.

 

Ranches/11+acre sites

Ranches and tracts of land between 11 to 45 acres in the Crested Butte area (Crested Butte area = Rural Crested Butte, Crested Butte South, Town of Crested Butte, Mt. Crested Butte & Rural Mt. Crested Butte) have seen a good amount of interest. Statistics show the following in this market:

2000–10 parcels sold, average sold price $352,700

2001–7 parcels sold, average sold price $313,000

2002–3 parcels sold, average sold price $371,667

2003–11 parcels sold, average sold price $428,955

2004–35 parcels sold, average sold price $380,003

2005–35 parcels sold, average sold price $911,943

2006–10 parcels sold, average sold price $971,700

2007–11 parcels sold, average sold price $1,250,591

2008–(first 10 months) 6 parcels have sold aver­aging $1,072,500

Currently there are 79 listings of ranches/11+acre sites in the Crested Butte area, rang­ing in size from 11 to 45 acres. These parcels are now averaging $1,262,253 per homesite. Most of the larger parcels can be found at the Danni Ranch, Whetstone Mountain Ranch, Red Mountain Ranch, Trappers Crossing, Roaring Judy Ranch, and The Smith Hill Ranch.

 

Overall picture

Overall, real estate sales in all categories (resi­dential, vacant land, ranchland and commercial) have resulted in the following numbers in the Crested Butte area:

2000–414 listings sold, total sales dollars $90,723,414

2001–246 listings sold, total sales dollars $65,546,541

2002–240 listings sold, total sales dollars $64,932,448

2003–311 listings sold, total sales dollars $93,986,592

2004–723 listings sold, total sales dollars $212,509,165

2005–627 listings sold, total sales dollars $309,479,724

2006–294 listings sold, total sales dollars $204,764,749

2007–283 listings sold, total sales dollars $195,843,989

2008–(first 10 months) 115 listings sold, total sales dollars $88,124,375

The Crested Butte Master Vision for real estate

For an excellent overview of past, present and future real estate developments in the Crested Butte area, check out www.cbmastervision.com. This interactive site provides some great maps, and details what Crested Butte’s master vision is for real estate. Below is an excerpt from this Master Vision site:

“The Master Vision is meant to show the big pic­ture improvements that have already happened and those that are on the way. Since buying the ski area in 2004, Tim and Diane Mueller and other area develop­ers have invested $315 million in amenities on and off the mountain. As you explore the Master Vision, you will notice that what has happened recently is just the beginning with another $2.2 billion of resources being poured into every element of our future.

We are planning and building today with the future and the past firmly in mind. Within the ski resort itself, each element has been master-planned. This master planning has been undertaken in order to ensure that the location of buildings, amenities and open spaces all work in harmony together.

Our collective goal is to evolve in a responsible manner that answers the needs of our growing com­munity and visitors while respecting our fantastic native environment. While the experience is being upgraded, we are deeply committed to growing in a way that protects what matters most to those who love this area, from the wide-open views to the color­ful small town atmosphere.

Consider the special nature of Crested Butte–its unique wilderness setting, its deep history and amaz­ing collection of people. Account for the fact that millions of people over the next 10 years will be buy­ing homes in destination resorts. Look at the commit­ment of the community, local government, Crested Butte Mountain Resort, area businesses, developers and non-profits in the valley. Add it all together and your opportunity to live in this enchanting place knocks here and now.”

The above figures and data were taken from Gunnison Country Association of Realtors’ MLS system.

 


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Prices and information subject to change without notice. Equal Housing Opportunity.
Prudential, Becky Hamlin Realty Inc. - 211 Elk Ave., P.O. Box 1788, Crested Butte, CO 81224
Tel: 970-349-6691   Toll Free: 866-604-7565    Fax: 970.349.6693


Jana Barrett     Office: 970.349.6691    Cell: 970.209.9510    e-mail: janabar@rmi.net