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Gunnison County Market Update – April 2019


Commercial Real Estate sales volume of $4.5M with 9 transactions YTD in 2019 is significantly up compared to sales YTD in 2018 with 6 transactions worth $1.2M. Gunnison County Residential Real Estate sales for $43.2M YTD in 2019 is up 2% compared to sales YTD in 2018 of $42.2M. Vail Resorts finishes its first season operating Crested Butte Mountain Resort. There are plans to realign and replace lifts in 2019. There are currently no development plans in place for base area improvements. EPIC Pass brought in record number of skier visits to Crested Butte Mountain Resort in January, February and March. There was a significant spike in lodging and retail taxes. North Village Reserve (Snodgrass Mountain) 124 acres for land development with $10M list price is under contract. 176 Acres On Hill Ski Resort Development Land is under contract for $12,000,000 – Zoned Single Family Residential & Multi Family Residential with Retail, Lodging, Restaurant & Hotel. Brush Creek Affordable Housing Development (184 units – 2 miles from Crested Butte) is stalled due to lack of Community Support. 40,000 SF Center for the Arts complex in Crested Butte is nearing completion with June 15th Grand Opening planned.

GUNNISON MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$1.2M
$4.5M
74%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Transactions
6
9
33.3%

RESIDENTIAL REAL ESTATE – CRESTED BUTTE & GUNNISON COUNTY
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$42.2M
$43.2M
-7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$496,000
$547,000
9.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days on Market
224
182
-19%

DEVELOPMENTS
  • Vail Resorts finishes its first season operating Crested Butte Mountain Resort. There are plans to realign and replace lifts in 2019. There are currently no development plans in place for base area improvements.
  • EPIC Pass brought in record number of skier visits to Crested Butte Mountain Resort in January, February and March. There was a significant spike in lodging and retail taxes.
  • North Village Reserve (Snodgrass Mountain) 124 acres for land development with $10M list price is under contract.
  • 176 Acres On Hill Ski Resort Development Land is under contract for $12,000,000 – Zoned Single Family Residential & Multi Family Residential with Retail, Lodging, Restaurant & Hotel.
  • Nordic Inn – 200+ bed hotel planned with conference center, restaurant, bar, fitness area to be located in Crested Butte Ski Resort base area location.
  • Brush Creek Affordable Housing Development (184 units – 2 miles from Crested Butte) is stalled due to lack of Community Support.
  • 40,000 SF Center for the Arts complex in Crested Butte is nearing completion with June 15th Grand Opening planned.
  • Aperture Development – 23 high end homesites are planned near town. Lots are selling for $1M.
  • An $80M gift has created Western Colorado University’s Paul M. Rady Scool of Computer Science and Engineering program for 2019-2020 school year. CU Boulder will partner with Western Colorado University to bolster the curriculum and programming.

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About The Author

Channing Boucher, Crested Butte Sotheby's International Realty

Channing Boucher focuses his professional efforts in the Crested Butte and Gunnison County real estate market specializing in the luxury residential, new development and investment property segments. Channing’s experience includes selling Crested Butte’s highest profile subdivision developments, ranch and river properties, commercial and mixed use properties, historic reclamation and affordable housing projects.