Is Crested Butte Changing…?

Yes. Change is constant.

But is Crested Butte changing for the better or worse?

I’ve heard some people say that because Vail Resorts International, Eleven Experience Mark Walters, and Jeff Hermanson, have invested in Crested Butte – we are being taken over by “The Man” and losing our charm and character…

And this is the cause of ascending meal prices at restaurants and is there a correlation to the ascension of real estate prices.

Hmmm, nope – the rising price points of Crested Butte real estate can be credited to the Chinese in Wuhan and the Covid epidemic.  This was the catalyst that caused prices of real estate in ALL markets to go up – and changed forever people’s interest and ability to work (more) remotely and get to spend more time in places like Crested Butte.

Supply and Demand

The laws of Supply and Demand are always in play. Demand increased –> supply of homes decreased –> real estate price points increased.

We have certainly seen a plateau in price points since Covid, but we have not seen a reduction in price points.

When you consider the cost to build a home, remodel a home, or maintain a home – it all costs more money.

My wife Francene and I just remodeled our home – and it cost more than double the original cost to purchase the home in 2008. I just signed a contract with a local company to remove snow from my roof this winter – and I will be paying the going rate of $100 per hour for manual labor to shovel snow.

The cost of commercial real estate in downtown Crested Butte has always been expensive – and it has been decades since the cap rate has penciled out…

If you are a “mom and pop” and looking to buy real estate in downtown Crested Butte and spend millions to remodel/update and re-build the kitchen to comply with the new Town of CB building codes, fire codes, and ADA compliance, plus hire staff, and launch your unproven restaurant concept, you would also charge $25+ bucks for a cheeseburger. And you should have very deep pockets and long-term ROI expectations.

Yes, whether it’s a $25 cheeseburger or 4 guys up on your roof shoveling snow. Everything is more expensive.

When I hear these disgruntled comments, I ask them “if they like going to Public House?” The answer is always “yes, that’s a great place”.

I remind them that Public House restaurant and bar was a clothing store previously – and the building was in disrepair when Eleven Experience decided to retrofit the building to support the pub restaurant and music venue downstairs. They jacked the entire building up and spent three years and millions of dollars on the remodel.

If you look across the street from the Public House, you’ll see the Forest Queen building that is under construction. The building was in disrepair and literally falling into Coal Creek. It was jacked-up in the air for over a year while a new foundation was put in place. Whatever business Mark Walter’s team decides to open up in that building will be an improvement, and support our tourism based economy.

Crested Butte – Rural Town or Resort Town?

Some people want to define Crested Butte as a rural Colorado town, and forget that we are a ski resort town. We just celebrated the end of the battle to restrict mining on Mt. Emmons (Red Lady) and the conscious decision to NOT be a mining town – and instead be a Ski Resort Town with a tourism based economy. We have some of the best alpine skiing in the country.

The Gunnison Airport got a $25M facelift and technology upgrade for safer flying in/out in bad weather – not because we are just a rural Colorado town, but because we are a tourism based economy.

If you follow the Crested Butte News and the comments from John Norton Executive Director of TAPP (Tourism and Prosperity Partnership) – he has said that there is a lack of investment in the ski resort infrastructure. And by not keeping up and improving the skier experience we are actually losing ground to other competitive ski resort towns.

Yes, change is constant. I first came to Crested Butte in 1999 with my brother Rick and decided to buy a second home here. Crested Butte has seen change, but it is still a great ski resort town.

If you say “yes” to the question – Is Crested Butte Changing?  And you’re looking for a more affordable rural Colorado town that doesn’t have a ski area you could go to Salida, or Buena Vista, Lake City, or Hotchkiss… or any number of other rural Colorado towns.

If you are looking to create a lifetime of memories with family and friends – Crested Butte is a good value, and a great option.

How can I help you with Your Crested Butte Co Real Estate Needs?

If you are considering buying or selling – I have been in your shoes.

My wife and I were second homeowners for 10 years prior to moving our family to Crested Butte full time.

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Chris Kopf
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405