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Crested Butte Real Estate COVID Update

Crested Butte Real Estate Transactions Down YTD Activity Picking Up–

Real Estate activity is picking-up and expectations are for a strong summer selling season. Reports from markets in Florida (typically a month or so ahead of our summer market season) are that there is a surge in properties on the market, and second homes under contract. Also luxury purchases like boats and RVs are on the rise spurred by COVID. I expect due to the COVID pandemic, and the recent urban rioting there will be a subset of people who want out of urban and metro area living. Some will also realize that they CAN work remotely and this will open up new options. I see more people considering the opportunity to enjoy a second home and live and work from Crested Butte part-time, or the ability to relocate to Crested Butte full-time.

Crested Butte COVID Update: Most businesses and restaurants in the Crested Butte area open at limited capacity due to social distancing requirements, and some taking advantage of outdoor seating. Elk Avenue will transform to one-way traffic starting in the next couple of days. This experiment is hoped to increase useable square footage for businesses onto the street. Masks are required when indoors and when social distancing cannot be followed per the County Health Order #10, and having a mask in your pocket or buff that you can pull-up will take getting used to. My wife Francene had symptoms back in mid-March and, I had the anti-body test about 2 weeks ago – and was relieved to have tested positive.

Crested Butte Real Estate Prices Still Ascending
As noted the lack of a Spring Break due to COVID shut-down hampered the normal flow of transactions. We continue to see buyers be selective, and while there have been some slight price reductions, price points continue to show an ascending market for quality homes. Indications are activity is up, and this will be a strong summer.

We continue to see inventory levels drop for single family homes below $1M as the bell curve shifts to the $1M – $1.5M Range for most quality single family homes.

Visitors will come to Crested Butte because they can get out and enjoy the beauty of our hundreds of miles of trails, rivers, streams, waterfalls, lakes, reservoirs, mountain summits, and golf courses. When we lived in Texas we could not wait to get out of the heat, and I suspect that people want out of their homes and lock-down more than ever, and can’t wait for the cool mountain air, the beautiful wildflowers and the Crested Butte vibe will call them to come.

Crested Butte Real Estate Crystal Ball? Price points for real estate in Crested Butte have risen consistently and I expect we will see a flattening of that curve. There has been a pent-up demand for CB Real Estate and we have seen transactions down for over a year now. There are many buyers on the sidelines who have been waiting to see if the rising prices in CB are “the new normal” – I suspect the affluent buyers who weather the COVID Storm will be back to investigate the values in Crested Butte.

Work Remotely in Crested Butte? What once was unheard of or unlikely for many people will now become the norm. Many professionals who were required to make the daily slog to their office, have instead been working remotely for the past 2 months. Video conferencing, Zoom meetings, and Microsoft Team meetings are now the common place. Working remotely will become part of the corporate culture. This will be the catalyst that encourages many breadwinners to realize that working remotely from a second-home in rural and resort areas is a great opportunity for the combo work/lifestyle/family benefit.

There will also be a subset of workers who will decide they can work remotely and move permanently from metro/suburban USA to a rural / resort market that offers great schools for their kids. Crested Butte Community School is a great school –consistently ranking in the top schools in the state of Colorado and the US. Crested Butte offers great value, and we will see if any off-set in the COVID income dent and oil patch buyers, will be replaced by those who seize the opportunity to finally get to invest in a Crested Butte home a their new normal.

VOLUME and TRANSACTIONS Crested Butte Real Estate – Year to Date & Prior Years