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Crested Butte Real Estate Update
Crested Butte Real Estate Report
So, how is the real estate market doing?
Summer 2006 Visitor Guide-CB News
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............
But 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 (Jan-Apr.), $952,500 (4 homes sold)
As development in Mt. Crested Butte (i.e., the North Village, South Village, Convention Center, Recreation Center, and Prospect at Mt. CB) begins to materialize, the homes in this area should appreciate greatly. Currently, the average asking price for the 11 active single-family homes in Mt. Crested Butte is $1,668,909 ($1,450,000 median). Prices range from $849,000 to $2,599,000.
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 (Jan-Apr.), $1,049,700 (5 homes sold)
Currently, in the town of Crested Butte, there are 20 active single-family listings, ranging in price from $525,000 to $3,500,000. These homes have an average asking price of $1,311,850 ($1,147,500 median).
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. From January to April 2006, 5 homes have sold averaging $1,582,000.
There are presently 7 single-family homes for sale in the Skyland/Country Club area with an average asking price of $1,508,143. Prices range from $1,199,000 to $1,785,000. As golf course properties become more and more scarce in this area look for these home prices to go up accordingly.
CB South
CB South has been a popular area for year-round residents over the last few years. Even during some years when other areas have experienced a slow down, CB South has seen steady real estate activity. With new amenities such as a full-size ice skating rink, a firehouse/community meeting hall and the installation of water and sewer lines to the third and fourth filings, this area should continue to be popular, especially with locals.
Average sold single-family home prices in CB 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 (Jan-Apr.), $495,333 (6 homes sold)
There are currently only 5 single-family homes for sale in CB South ranging from $489,000 to $749,000, now averaging $616,400 ($625,000 median).
CONDOMINIUMS/TOWNHOMES
Mt. Crested Butte
More than any other market in the area, the condo market in Mt. Crested Butte has seen the most amount of growth and activity in recent years. Here.s a look at what's happening there:
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
*The results for 2004 were record breaking. Mt. Crested Butte condo activity resulted in over three times as much sales volume as the previous year.
2005, 140 condos sold, total sales $51,016,935, averaging $364,407/condo.
2006 (Jan-Apr.), 19 condos sold, averaging $430,742/condo.
Currently there are 157 condo units for sale in the MLS system in Mt. Crested Butte, ranging in price from $167,000 to $3,269,000. The average asking price for a mountain condo is currently $722,673.
The above figures do not take into account the millions of dollars in 2004-2005 sales at the Grand Lodge, Wildhorse at Prospect, West Wall Lodge, The Lodge at Mountaineer Square and the Villas Summit complexes. These projects have been extremely successful, with just a few units remaining for sale at each development.
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 (Jan-Apr.), 2 condos sold, average sale price $588,750
There are presently 15 condos/townhomes for sale in town ranging from $299,000 to $769,000 (average asking price is $488,967). Due to its charm and convenient location, there always seems to be strong demand for condo/townhome units in town.
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 (Jan-Apr.), 1 condo sold for $210,000
There are currently 12 condos/townhomes for sale in the Country Club area ranging from $182,000 to $975,000, averaging $571,817.
CB South
There are a few condo/townhomes in CB South. Sales have done the following in recent years here:
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 (Jan-Apr.), 3 condos sold, average sale price $374,333
Presently, there are 17 condos/townhomes for sale in CB South ranging in price from $245,000 to $585,000, with an average asking price of $400,294.
VACANT LOTS (UP TO 4 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 (Jan-Apr.), 2 lots sold, average sale price $584,833
There are currently 51 active land listings for sale in Mt. CB, ranging in price from $350,000 to $1,495,000, with an average asking price of $998,373 ($1,050,000 median). New developments such as the ski-in/ski-out homesites at Prospect have been very popular in this area.
Town of Crested Butte
Residential lots in the town of Crested Butte have risen quite a bit over the last two years:
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 (Jan-Apr.), 8 lots sold, average sale price $556,119
There are now 10 vacant town lots for sale with an average asking price of $766,550 (ranging from $550,000 to $999,000).
Skyland/Country Club area
The Skyland area has seen up and down activity with the sale of vacant land 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).
2003, 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 (Jan-Apr.), 3 homesites sold, average sale price $348,667
As of May 2006 there were 19 active lot listings in the Skyland/Country Club area with an average asking price of $442,705. Prices range from $265,000 to $695,000.
CB South
Vacant land prices in CB South have shot up tremendously in the last year. Here are the statistics for this area:
2000, 37 lots sold, averaging $62,169/lot.
2001, 20 lots sold, averaging $60,408/lot.
2002, 17 lots sold, averaging $76,376/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 (Jan-Apr.), 15 lots sold, average sale price $218,283/lot
There are currently 43 residential lots for sale in CB South averaging $234,063 per lot.
As mentioned earlier, CB South will probably continue to be a popular place as lot prices tend to be more affordable than other CB areas and many nice amenities continue to be developed here.
RANCHES/35+ACRE SITES
Ranches and tracts of land between 35 to 48 acres in the Crested Butte area (CB area = Rural CB, CB South, Town of CB, Mt. CB & Rural Mt. CB) have seen a great amount of recent activity. 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 (Jan-Apr.), 2 parcels sold, average sale price $596,000
Currently there are 45 listings of ranches/35+acre sites in the Crested Butte area, ranging in size from 35 to 48 acres. These parcels are now averaging $1,333,400 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. For those who prefer to get outside of the CB area, Star Mountain Ranch provides spectacular views and is located just 40 minutes from Crested Butte.
A new ranch development called "The Reserve on the East River", recently came on the market. These 35-acre homesites have been very popular, with many sites going under contract within the first few months of the offering. Prices for the remaining offerings range from $1,750,000 to $2,000,000.
OVERALL PICTURE
Overall, real estate sales in all categories (residential, vacant land 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 (Jan-Apr.), 103 listings sold, total sales dollars $62,279,800
Unquestionably, the year 2004 and the first ten months of 2005 have witnessed record-breaking sales activity. But as for what the future holds in the Crested Butte real estate market is anybody.s guess. There are, however, many signs that point to a very bright future for Crested Butte real estate sales.
Certainly one of the more important and exciting events that have occurred recently is the sale and change in ownership of the ski area. In March of 2004, CBMR announced that Tim and Diane Mueller, owners of Triple Peaks, LLC, had officially finalized their purchase of Crested
Butte Mountain Resort. This change in ownership is the primary reason for the record-breaking real estate sales activity that is taking place.
Tim and Diane Mueller are the owners of Okemo Mountain Resort in Ludlow, Vermont, one of the largest and most successful ski and golf resorts in the East; and operators of Mount Sunapee Resort in Newbury, New Hampshire, known for its pristine location, friendly environment, diverse trail system and family appeal. By reinvesting in the infrastructure of the mountain and by recognizing the potential of the staff, both Okemo and Mount Sunapee have received national acclaim in both the snow sports and golf industries.
Many Crested Butte locals are very excited about the Mueller's coming to town and bringing their expertise and enthusiasm into the development of the ski area here; and many are expecting great improvements to our area in the near future. In fact, the transformation of the ski area is already underway, with new lifts being added, new snowmaking machines, new restaurants and with new condominiums being built at the Mountaineer Square (located at the Town Center). The Mountaineer Square will be part of phase I construction at the Town Center and provide 90 new slope-side luxury residences right at the center of Mt. Crested Butte and just steps away from the lifts. But it.s not just the Mueller.s who are constructing new housing developments. Other projects such as Wildhorse at Prospect, The Club Cottages at Skyland and the West Wall Lodge Condominiums, to name just a few, are currently in the works. These new projects are experiencing great buyer interest and are just the start of many more exciting new developments to be seen in the future.
Also encouraging is the newer leadership in the local government. The new mayors and town council members in Mt. Crested Butte and the Town of Crested Butte bring new and positive leadership for dealing with the challenges facing our local economy. These members seem committed to dealing with new development issues and programs needed to better our community.
Finally, as is the case with most resort communities, the success of the Crested Butte real estate market also depends largely on the overall national economy. But, assuming the economy does not experience any major setbacks and visitors continue to come here and see how unique and special this area is, the Crested Butte real estate market should continue on with its current strong level of activity.
The above figures and data were taken from Gunnison Country Association of Realtors. MLS system.
Compliments of Doug Duryea
Past Real Estate Reports
Summer 2004
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Real Estate in the Crested Butte Valley
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