Crested Butte Real Estate Market Report – January 2015
Can the 2015 Crested Butte Real Estate Market Match or Exceed that of 2013 & 2014?
This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2015 and compares previous years. There were very few transactions in January – but 45 properties are Under Contract (6 Luxury Single Family Homes). Coming off the heels of a very active real estate market in 2013 & 2014 – there are high hopes that 2015 will follow suit. The 2013 & 2014 Results represented a significant increase over 2011 and 2012 in Volume and Transactions. We have seen some similar patterns in in the past two years with big numbers in the Spring as a result of visitors in town for Winter skiing, and also in the Fall as a result of visitors in Summer months.
We also saw strong results from the luxury homes segment in 2013 & 2104 with over 20 homes sold each year (27 & 20 respectively) compared with only 14 selling in 2012, but there were 24 sold in 2011. The Average Price per sq. ft. for Single Family homes in this luxury home segment has also risen in the past 3 years from $367 in 2012, $425 in 2013 and to $476 in 2014.
Inventories have been hovering around 600 for the past 3 years – and currently there are 598 properties for sale 147 Single Family homes (74 are listed for over $1M), 182 Condos & Town Homes, and 228 parcels of land.
Most properties are being priced closer to the Market and the market for Single Family homes is rising to meet the properties that may have bit a bit above the market a year ago. The Average Difference from Asking to Selling Price for all properties was 9.66% in 2014 (vs. 7.59% in 2013, and 11.3% in 2012).
Town of Crested Butte Proposed Annexation
The Crested Butte Town Council has reviewed and approved a resolution allowing 44 acres to be annexed into downtown Crested Butte. This parcel is located along Gothic Road just North of Butte Avenue. There are still many details to be worked out and final approval to be granted – but it looks like Cypress Foothills will be allowed to proceed. The land was originally owned by the Trampe family, then sold to a Dallas developer for $15M, but rumored that only $5M was paid before the developer hit a brick wall with the town on the annexation, their master plan, set-backs from the Slate River, the cemetery, the road, who owned the liability for the dump reclamation and on and on… The new owners Cypress Foothills LP – also a Dallas developer having a lower basis ($1.75M) seem okay with the challenges and costs of hauling an estimated 2,000 dump trucks of dump waste out and 2,000 dump trucks of dirt back in. There are 115 housing units proposed for the development. This will be a nice expansion to downtown Crested Butte. The usual naysayers who oppose anything and everything forget that services like air travel, and health care are dependent on a sustainable population of users and we are not over the hump with either of these pillars.
Snodgrass Trailhead – Land Trust Preserves this 108 Acres
If you ever parked at the Gothic Trail head and hiked, biked, snow shoed, or skinned-up past that old cabin structure on the right of the trail you were on the land now preserved. This 108 acres on the eastern flank of Snodgrass Mountain, home to the Snodgrass trailhead, abundant wildlife, and pristine wetlands and forests was preserved by the Land Trust and many of their donors. This project was a joint effort between the Town of Mt. Crested Butte, Crested Butte Mountain Resort, the Ingraham family, and the Land Trust. Donations also named: the Towns of Crested Butte and Mt. Crested Butte, Great Outdoors Colorado, The Conservation Fund, 1% for Open Space and the Gunnison Valley Land Preservation Fund.
North Village Still For Sale – there are 255 Acres at the base of Snodgrass Mountain that are still for sale at an asking price of $12.6M. This land owned by the Muellers has been approved by the Town of Mt. Crested Butte for residential zoning supporting between 800 and 1,600 residences. This property is referred to as “The Promontory” and listed by CBMR.
Under Contract There are 45 properties Under Contract (more than double the 19 at the end of December). There are 14 Condos/Townhomes, 16 Single Family homes and 15 lots. At the end of January these 45 properties under contract represent $23M compared with January 2014 when there were 34 properties Under Contract representing $15M in volume. Of note: Riverfront Home site #14 listed at $1.75M at Wilder on the Taylor is Under Contract.
Active Listings There are 598 properties For Sale in our market representing $401M. 147 Single Family Homes, 182 Condos & Townhomes and 269 parcels of land.
Are you Ready to Buy Your Dream Home in Crested Butte?
As a Crested Butte Real Estate Agent I get the opportunity to listen to many clients define their dream home in the mountains. I have helped many realize that dream, and hope that I can help you as well. You may be ready, you may not know if you are ready, or you may be just starting to think about buying a special mountain home for you and your family. You may be considering the benefits of being able to invite your extended family, friends, and possibly customers to stay at your home and enjoy the beauty and adventure the surrounding mountains have to offer.
Whether you are considering a ski-in ski-out condo at the base area, a nice single family home in town, building a log home on the river, or a large luxury home in a secluded wilderness setting the guidance or an experienced real estate agent can help you achieve your goals. If you have never purchased a second home, or never owned one in the mountains you will find out that there are many variable to consider in selecting the best location and home for you and your family. Call me to help you, so you and your family can start to enjoy all the beauty of Crested Butte.
Download the full Crested Butte Real Estate Market Report – January 2015 as a .pdf file
How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your Real Estate Agent. If you are considering Selling your home and interested in finding out what your existing property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
Previews® Property Specialist
Coldwell Banker Bighorn Realty