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Crested Butte/Gunnison County Market Update – November 2018

Commercial Real Estate sales volume of $4.1M with 13 transactions YTD in 2018 is significantly down compared to sales January-October 2017 with 22 transactions worth $14.6M. Crested Butte Residential Real Estate sales for $167M YTD in 2018 is down slightly 4.5% compared to sales January-October 2017 of $175M. New commercial real estate development projects include North Village/Snodgrass Mountain Base Area under contract that was listed at $9M, 178 acres of on hill ski resort development land zoned single and multi-family residential and commercial is on the market for $12M and 9 acres of multi-family residential development land parcel at Buckhorn Ranch has sold for $1.75M.

 

CRESTED BUTTE/GUNNISON MARKET UPDATE

 

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$14,600,000
$4,100,000
-72%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
22
13
-40%
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
2.3%
2.2%
0%
CAP RATES
2017 YTD :
2018 YTD :
% +/- :
CAP RATES
>5%
>5%
0%
RESIDENTIAL REAL ESTATE – CRESTED BUTTE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$175,000,000
$167,000,000
-4.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$680,000
$650,000
-4.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
210
190
-9.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
161
RESIDENTIAL REAL ESTATE – GUNNISON COUNTY
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$52,000,000
$48,500,000
-6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$307,000
$325,000
0%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
171
144
0%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
79
DEVELOPMENTS
  • Vail Resorts Purchased Crested Butte Mountain Resort October 2018
  • North Village/Snodgrass Mountain Base Area Listed at $9,000,000 is Under Contract
  • 178 Acres On Hill Ski Resort Development Land on Market for $12,000,000 – Zoned Single Family Residential & Multi Family Residential – Retail, Lodging, Restaurant & Hotel
  • 9 Acres of Multi-Family Residential Development Land (72 Units Allowed) Sold for $1,750,000 at Buckhorn Ranch

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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.