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Gunnison County Market Update – August 2018


Commercial Real Estate sales volume of $1.17M with 5 transactions YTD in 2018 is significantly down compared to sales Jan-July 2017 with 12 transactions worth $10.1M. Residential Real Estate sales for $129M YTD in 2018 is virtually flat compared to sales Jan-July 2017 of $131M. Sales Taxes are up 9.39% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include 40,000 SF Center for the Arts Expansion that is fully capitalized, Vail Resorts under contract to purchase Crested Butte Mountain Resort, Brush Creek Affordable Housing Project with 240 apartments, Aperture Development with 23 high end homesites near town, Buckhor Ranch land sale of 90 parcels and Gunnison BLM 70,000 SF building expansion.

GUNNISON COUNTY MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY – Crested Butte & Mt. Crested Butte (Source – MLS )
Commercial Sales Volume
Commercial Transactions
$10,100,000
12
$1,170,000
5
-99%
-58.4%
SALES TAX INDICATORS (Source – Towns of Crested Butte & Mt. Crested Butte)
*YTD is April

Total Taxable Sales
$49,300,000
$50,500,000
1.02%
Lodging Tax Revenue
$113,000
$120,000
6.2%
Bldg Material & Trades Tax Revenue
$79,000
$76,000
-3%
Marijuna Tax Revenue
$46,000
$41,000
-11%
Restaurant & Bar Tax Revenue
$393,000
$362,000
-8%
VELOCITY – City of Gunnison and Rural Gunnison County (Source – MLS )

Commercial Sales Volume
$1,245,000
$435,000
-65.0%
Commercial Transactions
4
3
-25.0%
SALES TAX INDICATORS (Source – City of Gunnison)
*YTD is April

Total Taxable Sales
$46,400,000
$50,700,000
9.39%
Lodging Tax Revenue
$110,000
$104,000
-6.5%
Bldg Material & Trades Tax Revenue
$84,000
$109,000
23%
Marijuna Tax Revenue
$21,000
$24,000
12.5%
Restaurant & Bar Tax Revenue
$188,000
$194,000
3%
RESIDENTIAL REAL ESTATE (Gunnison County)

Residential Total Sales
$131,575,045
$129,202,308
-.05%
Residential Average Price
$466,578
$469,827
0.1%
Residential Days on Market
251
195
-22.3%
Residential Listed for Sale
514
411
-21.1%
PUBLIC POLICY CHANGES

  • Short Term Rental Ordinance in Crested Butte and Increase to 18.9% STR Lodging Tax
DEVELOPMENTS
  • 40,000 Square Foot Center for the Arts Expansion – Fully Capitalized
  • Vail Resorts Under Contract to Purchase Crested Butte Mountain Resort
  • Brush Creek Affordable Housing Project – 240 Apartments
  • Aperture Development – 23 High End Homesites Next to Town
  • Buckhorn Ranch Land Sale – 90 Parcels
  • Gunnison BLM Expansion – 70,000 Square Foot facility plus WareYard

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About The Author

Channing Boucher

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.