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Crested Butte/Gunnison County Market Update – March 2021

Commercial Real Estate sales volume of $11.3M with 7 transactions in 2020 is up 20.5% compared to sales in 2019 with 16 transactions worth $9.4M. Crested Butte and Gunnison County Residential Real Estate sales for $475M in 2020 is up 71.5% compared to sales in 2019 of $277M. Sales Taxes in 2020 were up 1.7% compared to taxes collected in 2019. 178 acres adjacent to Ski Resort is under contract for $19M for proposed development. 17 Unit project at Wildhorse at Prospect at Crested Butte Mountain Resort sold for $3.4M. 10 acre parcel for 40 unit multi-family residential development project is under contract for 3M. Notable sales include Harmels Resort, The Almont Resor, Three Rivers Resort and Sixth Street Station.

CRESTED BUTTE/GUNNISON MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$9.4M
$11.3M
20.5%
Item:
2019:
2020:
% +/- :
Commercial Transactions
16
7
-56%
SALES TAX INDICATORS (Source – City of Gunnison):
Item:
2019:
2020:
% +/- :
All Sales Taxes
7.8M
7.9
1.7%
Item:
2019:
2020:
% +/- :
Lodging
$282K
$226K
-20%
Item:
2019:
2020:
% +/- :
Building Materials
$500K
$594K
18.7%
Item:
2019:
2020:
% +/- :
Groceries
$2.3M
$2.5M
6.4%
Item:
2019:
2020:
% +/- :
Restaurants
$785K
$714K
-9%
Item:
2019:
2020:
% +/- :
General Merchandise
$821K
$848K
3.4%
Item:
2019:
2020:
% +/- :
Manufacturing
$53K
$38K
-29%
Item:
2019:
2020:
% +/- :
Weedtail
$209K
$242K
15.7%
Item:
2019:
2020:
% +/- :
Miscellaneous
$1.4M
$1.5M
4.5%
Item:
2019:
2020:
% +/- :
Utilities
$232K
$226K
-2.7%
VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
5.6%
5.2%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
4%
4%
RESIDENTIAL REAL ESTATE – CRESTED BUTTE & GUNNISON COUNTY
Item:
2019:
2020:
% +/- :
Residential Total Sales
$277M
$475M
71.5%
Item:
2019:
2020:
% +/- :
Residential Total Sales
458
669
46%
Item:
2019:
2020:
% +/- :
Residential Average Price
$605,000
$710,000
17.3%
Item:
2019:
2020:
% +/- :
Residential Days on Market
156
205
31.4%

DEVELOPMENTS
  • 178 acres adjacent to Ski Resort is under contract for $19M for proposed development.
  • Wildhorse at Prospect at Crested Butte Mountain Resort with 17 lots sold for $3.4M.
  • 10 acre parcel for 40 unit multi-family residential development project is under contract for 3M.
  • Notable sales include Harmels Resort, The Almont Resor, Three Rivers Resort and Sixth Street Station.

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About The Author

Channing Boucher

As a LIV Sothebys agent, Channing serves the Western Colorado markets of Crested Butte and greater Gunnison County. Areas of focus include new development, historic properties, recreational retreats, ranch and large acreage properties. He is also a member of the Rocky Mountain Commercial Brokers network, representing Crested Butte and Gunnison County to this group of top agents from around the region. From 2017 to the end of 2019, Channing closed over $140 million in real estate sales.