View Channing Boucher's Newsletter Online
Real Estate Market Momentum for 2012
If the real estate market momentum we realized in 2011 is any indication of what we can expect this year, 2012 will be a good year for the Crested Butte real estate market.
Consider the following:
In 2011, the single, highest residential real estate sale we realized in Crested Butte was $3.125 million. This sale marked the first time since June 2007 the $3 million threshold was cracked for a home purchase at this end of the Upper East River Valley.
Also in 2011, we realized over 220 sales of homes and condos from Crested Butte South to Mt. Crested Butte. This is a jump from 143 total sales in 2010. We passed $105 million in total sales volume - the first time we've done that since 2008. And, we hit this mark with mostly all cash investments!
During 2011, the average days on market for sold homes and condos sold went down and average sold prices and average sold prices per square foot went up in all areas including Crested Butte South, Crested Butte and Mt. Crested Butte. See Advisor Issue #9 for details.
Already in 2012, we have realized a $4 million sale of a Sotheby's listed home in the Prospect ski-in ski-out subdivision. Its been over 6 years since somebody has purchased a house in our market for $4 million or more. (2005 sale: $4.3 million Skyland home). This is momentum!
Teocalli Park and CBMR's New Master Plan
The North Face lift with chairs? Two new ski lifts rising a total of 8000 feet to the top of something called Teocalli Park? CBMR has submitted a new master plan to the US Forest Service and its quite a departure from the Snodgrass Mountain expansion plan that was denied a few years back. Read the article at the Crested Butte News
Did You Know - "The Crested Buttes"
The East River Valley where Crested Butte is located was once used as a summer residence by Ute Native Americans. The Utes were quickly displaced when white explorers - beaver trappers and surveyors - first entered the valley. Captain John Gunnison, Gunnison County's namesake, was one of the first explorers to find the valley. Crested Butte got it's name from a geologist named Ferdinand Hayden who was on 1873 expedition surveying the Elk Mountains. From the top of what is now known as Teocalli Peak, Hayden referred to present day Crested Butte Mountain and Gothic Mountain as “the crested buttes.”
Crested Butte In The Media
The San Francisco Chronicle ran a recent article about our little town. ..."where every view seems to contain a snow-capped peak and ranchers still herd cattle on city streets - the American frontier is alive and well." View Article
2011-2012 Air Service to Gunnison and Crested Butte
View Flight Schedule (PDF)
Thanks for reading today! We hope to see you in Crested Butte very soon!
Channing Boucher
Broker Associate
Benson Sotheby's International Realty
Contact Channing at 970-596-3228 or via his website.
Channing's Blog: The Crested Butte Real Estate Letter
Visit Channing's Featured Listings:
Homes and Condos for Sale | Land for Sale | Ranches for Sale | Commercial for Sale
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Happy Holidays, |
View This Month's Crested Butte Real Estate Adviser Issue #9 Online
Greetings from Crested Butte,
The narrative is changing in Crested Butte. This summer’s tourism season was a record breaker. Sales, lodging and restaurant tax collections were way up and the number of visitors to our valley spiked like the thermometer in Texas and Oklahoma. Custom homes starting popping up out of the ground and one of the first spec homes we’ve seen in years is under contract before it is finished. Sales of existing homes climbed in all categories and certain locations and now folks are talking in terms of a real economic rebound in Crested Butte.
For portions of the Crested Butte real estate market, it is still very much a buyer’s market. Right now, home sites at Buckhorn Ranch (five minute drive to town) are selling for less than $50,000 and you can still buy condos near the ski slopes for less than $100,000. Down in Crested Butte South, vacant land is available at historically low prices. Heavily discounted, bank owned homes are still hitting the market and in most cases they are selling off quickly to happy investors. Overall, inventories of vacant land and condos in our valley are still pretty deep. This fact alone is contributing to the low price opportunities.
But, if you were waiting for the bottom of the market to jump on that special Mt. Crested Butte ski home, the rustic 4 bedroom place in town or even that hot foreclosure deal in Crested Butte South, I believe that day has come and gone.
2011 will be remembered as the year luxury real estate investment came to life again in Crested Butte. Year to date, 31 properties listed between $750,000 and $4,500,000 have sold or are under contract. 19 of these properties have sold at or above $1,000,000. The average sold price for these 31 deals is above $1.6 million and the average sold price per foot is pushing $500/psf.
Year to date we’ve seen 162 residential sales and $77 million in real estate investment from Crested Butte South north to Mt. Crested Butte. Last year at this time we saw 143 residential sales amounting to $73 million in sales.
Consider the following previous year comparisons:
In 2010, 9 homes sold in Crested Butte South with an average sold price per foot of $133. Days on market for these homes: 300 days. This year, the number of Crested Butte South single family homes to sell has almost doubled – currently 17 homes – and the average sold price per foot is $156. Average days on market: 210 days.
In 2010, homes that sold in the town limits of Crested Butte fetched an average price of $801,000 and $411 per square foot. Days on market: 280 days. So far this year, homes in town are selling at an average price of $1.6 million and an average sold price per foot of $481. Days on market: 271 days.
Up in Mt. Crested Butte, only 12 homes sold in 2010. Average sales price was $640,000 and the average price per square foot was $216. This year, 19 homes have sold at an average price of $1,020,000 and an average price per square foot of $300.
The most interesting thing about all of this luxury real estate buying? Interest rates on home mortgages are still very low, yet, most of these luxury home deals are all cash transactions. Of the 162 sales year-to-date, almost 100 were cash transactions. My appraiser and mortgage broker friends are starving at a time while some of our little community’s all time biggest real estate transactions are occurring. In 2010, the majority of real estate purchases were done with conventional mortgages.
Spec Home Goes Under Contract Prior to Completion
It seems like it’s been years since we’ve seen a new spec home going up around the valley. Now, the community’s first under construction spec homes located in the Town of Crested Butte went under contract a few weeks ago. Asking price is just under $1.6 million.
New Master Plan for Snodgrass?
(borrowed from CBMR’s recent newsletter)
This past year, the Forest Service asked CBMR to revise its Master Plan for the resort, including plans on Snodgrass Mountain. At that time, the Forest Service made it very clear that they would consider lower impact skiing on Snodgrass (such as cat skiing). They also believe there to be more development opportunities on the main mountain (such as lift service and new trails within the Teo Bowl drainage). Using this specific information, CBMR has decided to revise their Master Plan to now include projects on both the main mountain and Snodgrass.
Ski Season Starts in Crested Butte November 23!
View CBMR's Website
2011-2012 Air Service to Gunnison and Crested Butte
View Flight Schedule (PDF)
Thanks for reading today! We hope to see you in Crested Butte very soon!
Channing Boucher
Broker Associate
Benson Sotheby's International Realty

Benson Sotheby’s International Realty and agent Channing Boucher are pleased to announce another successful real estate transaction in the town of Crested Butte. Channing’s vacant land listing located on Butte Avenue in the prestigious Kapushion Annexation neighborhood fetched a full price, all cash offer of $775,000 yesterday. The parcel sits right on the Crested Butte Land Trust open space and nordic ski track. This sale marks the second vacant land sale on Butte Avenue in 2011. The first sale fetched $820,000 in April.
For more information about the Crested Butte real estate market and other fine properties for sale, contact Channing Boucher here.
For up-to-date Crested Butte real estate market information visit Channing's web site.
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Local Home and Condo Sales Activity Up 30%
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