Crested Butte Real Estate Market Report Nov 2018
Crested Butte Real Estate Market Report Nov 2018 – YTD through October 2018
Crested Butte Real Estate Market Remains Strong Winter Ski Season Prediction = Very Strong
The Crested Butte Real Estate Market has seen nearly six years of steady growth in volume and transactions. Through October 2018 YTD shows the transactions are up but volume is slightly behind 2017 YTD. This is due to more lots being sold and fewer single-family homes being sold. The Avg. Sold price for Single Family and Luxury Single Family Homes is less than the same period in 2017.
The national economy is strong. The Dow is above 25,000, the Saudis are proposing they will be reducing exports to US to boost crude prices, mid-term elections are behind us, and EPIC Pass skiers are coming.
There is more than the normal excitement for the upcoming winter ski season with Vail at the helm. The large North Village land is Under Contract for $8.9M, and the 176 Acre Gold Link / Painter Boy / Prospect Parcel is being pursued at $12M. The lifts spin on Wednesday Nov. 21st. The Red Lady and Paradise lifts will be open.
Winter ski tourism brings a more affluent demographic to Crested Butte
Those willing to drive or fly their family to Crested Butte for a ski vacation are spending more than Summer visitors. Skiers buy lift tickets, rental gear, ski lessons, and shop for ski apparel. “Dad, I need a new ski jacket, and I lost my goggles…” Lodging (no camping), and because high occupancy in base area hotels – more eating out. Therefore, it adds up – it is more expensive…
This year will be very interesting because we will see many of the EPIC pass visitors come for the first time. Or the first time in a long-time.
Here is my Big Hypothesis:
“If EPIC Visitors have visited the other ski areas in Colorado, And they have a great experience in CB, And are interested in Real Estate, Then they will be very happy to see the attractive Real Estate Values in Crested Butte as comparison to other areas.”
In general, we see better value in the Crested Butte Real Estate vs. other ski areas. Breckenridge is 1.5X-2X+, Telluride 2X+, Steamboat 2X, Vail 4X-5X+, Aspen 5X-7X+ for “similar homes and location”. (i.e.: house in town, home with skier access, base area condo, home in golf course development…. etc.
And there are more people which equals longer lift lines. In the Summer in other areas there are more people on trails, and fly fisherman in river. Throughout the year other areas see longer wait to get a table at restaurant… And many of the other areas don’t have as close access to National Forest and trails – so more driving to crowded parking lot…etc. so the experience is not as “good”. Yes, I am biased!
Crested Butte is considered by some to be rough around the edges
This is also appealing to many, and contributes to the charm and character of Crested Butte. Thus, reality is Crested Butte does not have the same level of comfort, glitz and glamour and high-end amenities that some very affluent may desire. There are less choices in shopping, spas and membership clubs.
Helping You Make Informed Decisions Regarding Crested Butte Real Estate
I produce this monthly report to provide You with a high level overview by looking at the patterns and trends.
I hope to help YOU make sense of the numbers so you can make informed decision. I hope this report helps you to ”See the Big Picture and All the Details!”
If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Property Valuation Report that I routinely prepare for my clients, please contact me.
This report covers Crested Butte Single Family Homes/Luxury Homes, Crested Butte Condos, Crested Butte Town Homes and Crested Butte Land.
You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes to provide a more insightful view of the market.
To learn more about how VAIL will affect Crested Butte
and what might happen to Crested Butte Real Estate prices,
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This 2018 YTD 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.
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For questions regarding this Crested Butte Real Estate Market Report or the Crested Butte Real Estate Market in general contact:
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties