Birdseye View | Market Snapshot | Spring 2019
It’s the calm before the storm. Since Vail Resorts purchased our ski area last fall, we have observed lots of new visitors with accents from afar. Through Vail’s marketing and their Epic pass, which allows members to ski at participating resorts worldwide, many visitors are discovering Crested Butte for the first time. We had a great year of snowfall, with nearly fifty percent more of the fluffy stuff than average.
This translates to return visits this summer from people who really enjoy our outdoor lifestyle, world class skiing and friendly people. Our real estate sector is now experiencing the positive effects of the Vail attraction.
Condominiums on the mountain are being absorbed quickly as they enter the market. The average condo is now $490,000, a 40% increase from the spring of last year. Homes in town are going fast, and inventory is very light. Land sales have continued to increase with diminishing availability.
Prices continue to firm up as new offerings are obtaining higher prices. More expensive properties are selling, fueled by investor confidence and a desire for portfolio and lifestyle diversification.
Crested Butte $ 1.3 million
Mt Crested Butte $ 1 million
Mt CB Condo/ TH $ 490,000
Crested Butte Rural $ 1 million
CB South $ 725,000
Land $ 384,000
Why so much demand, in a leveling national climate? People are seeking quality of life. They are working remotely, removed from the congestion of urban living. Crested Butte is literally a last frontier at the end of the road. Our forefathers and leaders have been vigilant in protecting the quaintness of our community and in moderating thoughtful growth.
Our town is a National Historic District. As a complement, we are opening a fabulous new Center for the Arts this summer which will host compelling visual, literary and performing arts events.
Bluebird is the exclusive marketing representative for Aperture, the premier development for distinctive new homes on up to one-acre tracts within walking distance to downtown. Several homes will be under construction this summer, all with panoramic mountain views and easy access to trails and the Slate River.
As the fastest growing brokerage in the valley, Bluebird leads the market with nearly $150 million in active volume and 50 properties priced over $1 million. Our inventory represents one third of the offerings in the Crested Butte region.
With low interest rates, the limited availability of real estate, and the success which surrounds Vail owned resorts, Crested Butte is positioned to be a great investment destination for the foreseeable future.
* CREN MLS, 4/17/19, rounded to the nearest thousandth.
Pictured: 7 Moon Ridge Lane | Offered for $9,995,000 | Click Here for Details