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Collection – A Gallery of Fine Properties

Collection is Crested Butte Sotheby’s International Realty semi-annual guide that represents all of our exclusive properties listed in the Crested Butte and Gunnison areas. We have listings in areas throughout Gunnison County including: Rural Crested Butte, Town of Crested Butte, Mt. Crested Butte, Crested Butte South, Gunnison, Almont and surrounding areas, Commercial properties and Farm and Ranch properties. Make sure to pick one up a print edition at our office at 401 Elk Avenue or at one of the other locations throughout Crested Butte and Gunnison the next time you are in town. This is the best publication to help you in your Crested Butte real estate search.

The Real Estate Source – Winter 18/19

Variable is the word that comes to mind when describing the real estate market in Gunnison County as we look at our 2018 statistics. This has been expected with the acquisition of Crested Butte Mountain Resort by Vail Resorts, and we foresee change to continue in the next year.

Certain categories, such as vacant land, have seen a dramatic boost in sales this year. More 35+ acre parcels have sold in 2018 than any year in the past decade. Vacant land inventory is the highest we have seen in the past 10 years; therefore, land prices have not rebounded to the highs of 2007. Rural Crested Butte and Crested Butte South saw the largest increase in sales compared to last year, so the building movement is not likely to slow down anytime soon.

Residential inventory, on the other hand, is down compared to last year, resulting in fewer sales. The average sold price for Gunnison County also dipped from 2017. Specifically, Rural Crested Butte experienced the largest decline in residential sales, with total properties sold thus far down 36% and sales volume down 37%. Contrarily, Crested Butte South saw a 19% spike in residential sales volume and a significant increase in average sales price – the highest CB South has seen in the last ten years!

With new resort ownership this year, the real estate market is expected to grow, and with new developments underway, we expect the next year to be very exciting here in Crested Butte!

The Real Estate Source – Summer ’18

The one constant in Crested Butte is CHANGE! On June 4th, Vail Resorts announced that it had entered into an agreement to purchase Triple Peaks, LLC the parent company of Okemo Resort, Mt. Sunapee Resort and Crested Butte Mountain Resort. Other than waiting for regulatory approvals and Vail’s due diligence to be completed, the excitement is on and changes will be happening. We are all looking forward to ski area improvements, but also want the existing character of Crested Butte to remain. So Welcome Vail, let’s all work together for a harmonious transition and a great working relationship!

As to the statistics below…they are deceiving. From January to June 2017, 28 vacant parcels of land had sold in the Upper East River Valley. This year during the same time frame, 50 parcels have sold. That 56% increase affects the average price per property sold statistic dramatically, as we know that land is normally much less than a condominium or home in price.

Housing permits are seeing the same dramatic rise. In the Town of Crested Butte, 30 building permits were issued between January – June of 2017. This year during the same period of time, 50 permits have been issued, resulting in a 60% increase for the Town. Mt. Crested Butte has been busy as well. There has been a 36% increase in overall building permits issued so far this year, and it could easily double!

We are all looking forward to a spectacular summer. The weather is great and we are incredibly busy, which we find energizing! Come visit and get to know the proven professionals on our staff. We have a wealth of information to guide you in your real estate journey, and we’re here to help.

Collection – Winter 17/18

We are excited to inform all about the change and uptick in the market. Our overall sales volume for the upper East River Valley has increased a staggering 41.2% year to date. We noted in our Q2 – Quarter Report about the influx of new people discovering Crested Butte, as well as Colorado, yet these numbers are almost stupefying. The first quarter of the year was slightly down from 2016, thus this entire growth has happened during the second, third and fourth quarters of 2017.

Rural Crested Butte single family homes and lots are both up 127% compared to last year. Condos in Mt. Crested Butte sales volume numbers continue to grow over the last year and a half. This summer land has also started to rebound as the average price of residential properties continue to increase year over year.

There are 59 pending contracts with a listing value of $31.8 million. We will end the 2017 calendar year over the quarter of a billion dollar mark for the upper valley for the first time in our history.

At Crested Butte Sotheby’s International Realty, we continue to lead the real estate market for the seventh straight year and almost double our competition in number of transactions and sales volume. Contact our firm to see what our brokers can do to sell your property this winter.

Collection – Summer 2017

Our local real estate market is up 27.1% in total sales volume compared to 2016, but 2017 did not start out strong. The first quarter of 2017 was actually down 1.7%. The slow start could be attributed to the massive snow year Crested Butte had along with everybody just trying to catch their breath after a long election cycle. That all changed in April and May as we saw the total sales volume in May reach over $30 million, a mark we have not seen since the real estate boom in 2007.

Again we are seeing substantial numbers of buyers coming from the front range as Denver, Boulder and the entire metro area continues to see massive growth. The whole state of Colorado is experiencing a boom in tourism along with people relocating to the state for new job opportunities and a better lifestyle.

The lower end of the market, less expensive single family homes, condos, and townhomes, continue to sell at a feverish pace. The town of Crested Butte has seen some of the larger offerings sell, including the two highest priced homes to ever sell within the Town of Crested Butte. The homes sold this winter for $2.7 million and $2.725 million. Crested Butte Sotheby’s International Realty was the exclusive listing brokerage for both of these homes.

The land market has yet to catch on and has been down in 2017. We expect this trend to change soon as the average price of single family homes and condos rises, and we continue to see a decrease in inventory.

The summer is expected to be as busy as ever, and if you are in the market to purchase a property in the Crested Butte or Gunnison areas, please contact one of our experienced, knowledgeable brokers at Crested Butte Sotheby’s International Realty.

Collection – Winter 16/17

Our local real estate market is going to finish 2016 with a bang. The fourth quarter sales brought our market up from zero growth in overall sales volume at the end of the third quarter to now being up by almost 10%.

Multiple factors have helped our strong real estate growth. The overall national economy, and in particular the stock market, continue to grow. The DOW is about to break the 20,000 mark as of this writing. Also, Colorado and Crested Butte continue to be discovered by visitors and new families who are looking to relocate here for a lifestyle change.

Looking back at 2016 our strongest market segment was the condo and townhome market in Mt. Crested Butte. More buyers, particularly those from the metro areas of Colorado, were looking to get their foot in the door before prices rose too much. These are buyers that have been priced out of other ski resort markets such as Vail, Aspen, and Telluride. The condo sales volume was up over 80% compared to 2015. There were over 100 condos sold in 2016 under the $250,000 price point.

Our market will continue to see average prices rise in 2017. Our biggest concern in 2017 is going to be listing scarcity. As Crested Butte grows there will be a lack of listings as there was a deficit of new construction here after the crash.

Collection – Summer 2016

The Crested Butte area spring market is enjoying peak momentum from the previous year. Although sales have leveled, inventories and the time it takes to sell a home continue to decrease, which indicates sustained demand. Average prices have also risen year to date by 21% to $620,000.

As we enter the summer market, pending sales are up 71%, with 113 properties under contract, and the average property under contract is priced 31% higher than last year at this time.
Mount Crested Butte has been popular with nine sales already this year at an average selling price of over $1.19 million, a 63% increase over last year.

Two ranch sales have been reported, representing approximately $2 million in volume.

Benson Sotheby’s International Realty continues to lead the luxury market in the Crested Butte area with almost $60 million in available offerings. We represented clients in 8 of the 12 multi-million dollar sales that have occurred this year, and we represented the seller of the most expensive property ($3.3 million).

Collection – Winter 2015/2016

The real estate market in Crested Butte and Gunnison continues to march at a strong pace with significant gains in several sectors. Although activity has tapered during the holidays, both the number of properties sold and the sales volume increased approximately 15% in the first three-quarters of 2015.

The most notable rises in home sales occurred in the rural valley areas (32%) and in Gunnison (58%), with sales volumes of $102 million and $65 million respectively. Condos in the rural pockets also sold well, with a 47% increase in volume representing over $10 million.

Leading indicators for building activity are the strongest in years with low sales volume increasing 114% to $41 million in the Gunnison valley. CB South led all sectors with 32 lot sales, an increase of over 250% over this time last year!

Even though new home building activity will level upward pressure on existing home prices, it reflects strong buying demand, and it supports a healthy overall economic outlook for 2016.

Collection – Summer 2015

The Crested Butte and Gunnison real estate markets are “hot” even before our summer visitor season officially begins. Our overall sales volume is up in the first half of 2015 with more than a 55% increase compared to the same time in 2014. Even though median and average prices are steadily increasing, the large sales volume increase can be attributed to the influx of buyers in our market. During the first half of 2014 we sold 170 properties within Gunnison County and this year we have already sold 235 properties.

The market conditions should remain active for the immediate future as more visitors and home buyers arrive in the Crested Butte and Gunnison areas for summer. There are currently 97 properties under contract in Gunnison County with a listing value of over $65 million. Benson Sotheby’s International Realty represents 40 of the 97 properties currently under contract. This is the busiest real estate start to a summer we have had in Crested Butte in more than 7 years.

This means throughout the summer prices will probably rise on all property types as supply becomes limited and demand grows. Another factor keeping our market strong is that compared to other resort communities in Colorado, Crested Butte still remains an excellent value.

Contact Benson Sotheby’s International Realty brokers for a more in depth discussion about our real estate market or if you are looking to buy or sell your next property in the Crested Butte and Gunnison areas.

Collection – Winter 2014-2015

Even though our real estate market did not take the path we thought, our market for 2014 will end with 6% growth. It started off really slow and then ended the year with a full head of steam. The first quarter was down 50%, the second quarter was down 25% and the third quarter was even with the 2013. Each year we hope to have a healthy 5% to 7% growth and 2014 looks to hit within that sweet spot.

Now not all sectors of our market grew and some sectors even had significant decreases in sales volume compared to previous years. For example Crested Butte single family homes grew by an almost whopping 50% this year while single family homes outside of Crested Butte were down 32%. The condo and townhome markets in Crested Butte and Mt. Crested Butte both grew in total volume and number of properties sold. Land sales in the upper valley were down overall. For more detailed sold data check out our online Quarterly Reports.

As long as the national economy stays strong, in 2015 we should see an overall growth in the 5% to 10% range. We had an influx of people in our valley this summer and throughout our shoulder seasons which resulted in the Crested Butte sales tax to be up by almost 30%. Also this year there has been a severe shortage of long term rentals in the upper valley. Both of these factors will help with continued growth for our mountain community.

Collection – Summer 2014

Looking over the past year from May 2013 to May 2014, the real estate market was stronger than the prior year over the same time span. The following categories were all up: volume, price and number of properties sold and the average days on market are down: see chart below. Most of this can be attributed to the very strong summer the Crested Butte real estate market had in 2013.

The buying and selling furry during the 2013 summer did taper off as we approached the holiday season. A cold snowy winter kept buyers inside and rumors of the ski area selling to new owners kept sellers in a holding pattern. All of that broke loose during spring skiing. As temperatures rose and all rumors were put to bed, buyers and sellers began to trade properties to create one of the busier springs in recent Crested Butte history.

Our 2014 summer season is scheduled to become one of the busiest we have seen in the last 7 to 8 years. As of June 15th, we already have $35 million worth of real estate under contract. What we already know about Crested Butte is being discovered by more visitors, that is Crested Butte is a diamond in the rough. Values are increasing and time of sale is decreasing. Contact one of our knowledgeable brokers on the next page to learn more about real estate values and trends in the Crested Butte and Gunnison areas.

The Collection – Winter 2013-2014

It is not hard to see that the overall market has improved in all aspects in 2013 compared to 2012. In the Upper Valley median price is slightly up, average price is up by over $50,000, days on market are down, number of transactions are up from 245 in 2012 to 309 in 2013, percentage to original list price is now up to over 92% and the most telling factor total volume sold is up from $96 million in 2012 to $137 million in 2013. The Gunnison area market has also shown strong gains in 2013 with total sales volume going from $28 million in 2012 to $35 million in 2013.

This stronger market was fueled by a good strong start in the beginning of 2013 that didn’t slow down through the spring and then ended up with a very busy summer selling season. Benson Sotheby’s International Realty led the way through the 2013 selling cycle as our brokers sold more properties, 145 transaction sides while our nearest competitor sold 88, and sold more volume, $11 million more than our nearest competitor, and sold more of our listings, more than $45 million worth of our listings were sold in 2013. In 2014 make sure to ask one of our brokers for an electronic version of our year end Market Report to see the final numbers for 2013.

The Collection – Summer 2013

There has been a stronger start to the beginning of the 2013 year than in 2012 with already $54 million of transaction happening through May for the Upper Valley. This is being driven by an increase in demand for properties in the $200,000 to $600,000 range along with lower interest rates at the beginning of 2013. There are currently over 38 properties in the upper valley under contract with over half being within the above stated range. This has been a very good start to 2013 with overall stats all improving as seen below.

The brokers at Benson Sotheby’s International Realty continue to make our brokerage the #1 brokerage in sales volume throughout the Gunnison County and this is year is no exception as our brokers have already sold 31 of our listings this year and represented buyers in 47 transactions. Make sure to contact one of our knowledgeable brokers to start your real estate search or to help sell your property in our valley.

The Collection – Winter 2012-2013

The Brokers at Benson Sotheby’s International Realty have sold over $30 million in sales in 2012, giving our office a 26% market share of properties sold in the Crested Butte area. This makes us the number one brokerage firm in Crested Butte for two years in a row. Our sold listings have outpaced our competition nearly two to one with $33 million worth of listings sold through our office, providing real results on why to list your property with Benson Sotheby’s International Realty.

Our success is derived from our great team of knowledgeable, hardworking brokers working in concert with the Sotheby’s International Realty brand. Our brokers are able to provide the best presentation of your property through excellent photography and video tours, the widest reach to potential buyers through our network of websites and print advertising and the most cutting edge technology for buyers and sellers to use in search of properties. These factors give our clients the best opportunity to buy and sell property here in the Crested Butte area.

The Collection – Summer 2012

Even though the Crested Butte winter/spring was mild, the local real estate market was anything but mild. With 104 transactions so far, 2012 looks to be the busiest year our market has seen over the last 5 years. Not only are there more transactions but the overall sales volume in the Crested Butte area is higher than it has been in the last 4 years, with a 21% increase over the previous year. As more and more people roll into town and try to escape the heat, we here at Benson Sotheby’s International Realty are expecting a very active summer selling season.

The National trend seems to mirror what we are seeing in Crested Butte as national existing-home sales are expected to rise 4 to 5% this year, according to projections by the National Association of Realtors. And Philip White, president and COO of Sotheby’s International Realty Affiliates, reports a “steady improvement in the higher end market. The $1 million-plus price market came back in the double-digit range, as did the $10 million-plus price range. Even more encouraging, 2012 has gotten off to a very good start.” The energized stock market “is a harbinger of the future for luxury real estate,” notes White, leading him, along with others, to anticipate accelerated market stabilization. *

Benson Sotheby’s International Realty also reports a strong improvement in the higher end of the market with multiple sales of our listings selling above $1.6 million this year. Included in these sales were a $4 million ski in/ski out home sold in January, which set local real estate records as the highest priced home sold in the upper valley in over 5 years. We also had a home overlooking town sell for $1.9 million along with two separate homes on 35+ acre parcels in Red Mountain Ranch and Trappers Crossing at Wildcat sell for $1.85 million and $1.6 million respectively.

With a very strong winter/spring sales record, Benson Sotheby’s International Realty has been leading the charge throughout our valley. Our firm is ahead of the competition to begin 2012 and has sold close to $18 million worth of listings, along with representing buyers on about $9.8 million worth of transactions. Our brokers have been responsible in facilitating transactions for over 1/3 of the dollars spent on real estate in 2012, making Benson Sotheby’s International Realty the leader in our real estate community.

*National market information taken from Sotheby’s International Realty Reside magazine volume one, 2012

The Collection – Winter 2011-2012

2011 has been a great year for Crested Butte with a 35% volume increase over 2010 with Benson Sotheby’s International Realty sales exceeding that average with a total increase of 61% year to date. These figures are being driven by decreasing home costs from our peak in 2006. Clients are recognizing the incredible values in condos, homes, ranches and land making Crested Butte one of the most affordable resorts in the west. We appear to be at the bottom or now slightly rising out of those depths with the majority of foreclosures selling quickly and a slower inventory replacement and at more aggressive prices. These signs all point to a positive future and that there are still gains to be made for our current buyers looking for “bargains” in Crested Butte.

Indicators that the Crested Butte market has begun to rebound from the 2008 to 2010 decline are:

Inventory is down. Currently we have only 36 single family homes on the market in Mt. Crested Butte compared to approximately 85 a couple of years ago. 160 active Mt. CB condos and town homes compared to roughly 320 a couple of years ago. In CB South there are only 27 active single family homes and condos available. Two years ago it seemed hopeless we would ever get through the inventory on the market!

Sales have increased. Every year sales have increased over the last three years in the upper valley. 2008: 111 sales, 2009: 136 sales, 2010: 150 sales and so far in 2011: 193 sales.

Distressed units are diminishing. Complexes like West Wall Lodge, Mountaineer Square and even the Grand Lodge have sold many to all of their distressed properties and new listings of foreclosed properties throughout the valley have been on the decline.

Room reservations are up. Reservations have increased by 8% and group reservations are up 7% from last year. The goal is to increase skier days by 2.6 percent over last year, to roughly 370,000 skier visits according to Jeff Moffett, director of Crested Butte vacations.

Sales tax collections increase. Mt. Crested Butte sales tax collections continue upward with this September 6% higher than collections in the same month last year. In the town of Crested Butte sales tax is up more than 7% for the year.

The Collection – Summer 2011

The Crested Butte Real Estate Market is heating up this summer! The start of 2011 has seen both sales volume and number of transactions up from the previous two years. The driving force to the increase in transactions and sales volume is the average home price is down by 27% from what it was two years ago. This is a hard pill to swallow if you are trying to sell right now but if you are looking to purchase a piece of property this makes for a great opportunity to own in one of the most gorgeous areas of the world.

As of the middle of June 2011 there have been 108 transactions ranging from a $38,000 residential lot, to a $3.125 million dollar magnificent piece of property just outside of Crested Butte with a home sitting on 50 acres overlooking Peanut Lake. The total sales volume this year is up 33% from 2010 and an astonishing 70% from 2009. With this much real estate activity prices will not stay low forever. Many people have already realized this and have purchased some of the great values that are to be found.

Benson Sotheby’s International Realty has been leading the charge this 2011. With 18 of our listings sold so far and our brokers accounting for 23 transactions on the buying side, Benson Sotheby’s International Realty has a higher sales volume to date in 2011 than any other office in the entire Gunnison Valley.


The Collection – Winter 2010-2011

WELCOME TO CRESTED BUTTE, Colorado’s wild flower capital and home to some of the most magnificent mountains in the world, where people are just as happy flying down the mountain on two wheels as they are strolling down Elk Avenue.  We would like to familiarize you with our community and let you see for yourselves just what a special place this is. Let one of our knowledgeable professionals guide you to the perfect place you’ve earned and in these economic times is more affordable to discriminating tastes. Our goal is to give you outstanding service and direction regardless if you are looking for a second home, place to build your dream home, ranch or residence we have the talent to make that experience happen!


The Collection – Summer 2010

WELCOME TO CRESTED BUTTE, Colorado’s wild flower capital and home to some of the most magnificent mountains in the world, where people are just as happy flying down the mountain on two wheels as they are strolling down Elk Avenue.  We would like to familiarize you with our community and let you see for yourselves just what a special place this is. Let one of our knowledgeable professionals guide you to the perfect place you’ve earned and in these economic times is more affordable to discriminating tastes. Our goal is to give you outstanding service and direction regardless if you are looking for a second home, place to build your dream home, ranch or residence we have the talent to make that experience happen!

The Collection – Winter 2009-2010

Why Choose Benson Sotheby’s International Realty?

Renowned History and Heritage – Since 1744, the Sotheby’s name had earned renown as a marketer of the world’s most valuable and prestigious possessions. In the past 30 years, the company has successfully provided a complete package of estate services by marketing unique possessions and properties.

Local and International advertising – An individual plan will be custom tailored to market your home and will in include a combination of key elements. Our reach is local, national and international and it is a proven approach that our cumulative marketing and advertising efforts will generate results for you.

Public Relations Impact – The Sotheby’s name is synonymous with a luxury lifestyle and therefore media outlets seek out Sotheby’s International Realty representatives to discuss extraordinary homes and estates around the world.

Sothebysrealty.com – As a leader in the luxury online space, sothebysrealty.com and crestedbuttesothebysrealty.com in an effort to target buyers on the web.

eGallery – eGallery is a real time, dynamic property slide show designed to provide immediate worldwide reach for your home. Exclusively presented in Sotheby’s International Realty offices and Sotheby’s Auction House locations around the world.

The Collection – Summer 2009

Benson Sotheby’s International Realty Update

With the one year anniversary of the change to the Sotheby’s International Realty brand upon us, Benson Sotheby’s International Realty has become the real estate leader in the Crested Butte Area. It is because the Brokers at Benson Sotheby’s International Realty are of the belief that to market a distinctive home, ranch, or commercial investment requires uncommon knowledge and resources. This is why our brokers can live up to our mantra of

Artfully uniting extraordinary homes …
… with extraordinary people.

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