Crested Butte Real Estate Insider - October 2007 - Record Breaker in Crested Butte

Good day,
Last month I focused on the meteoric rise in demand for Crested Butte 35+ acre ranch parcels. [ View Last Month's Insider ] This month, another sales record was broken for a 35 acre ranch parcel in and around Crested Butte. Lot 5 at the exclusive subdivision McCormick Ranch just sold for over $2,369,000. McCormick Ranch is made up of eight, 35 acre parcels.

These ranch parcels command a premium due to their proximity to Crested Butte and their stunning 360 degree panoramic views. The homesite access is gated and located at the east end of Elk Avenue. It is a flat ride or walk to downtown! The Slate River runs through the middle of the ranch with owners enjoying private access to fishing. Interestingly, the last sale at McCormick was Lot 2. It sold for $1,300,000 in January of 2005.

Other eye-opening activity around the market includes the recent sale of 119 Whiterock. This 2 bed, 1.5 bath home located on a dark alley off Whiterock sold for a whopping $675,000! At 1442 total square feet, the $469 per foot price tag on this little alley house is noteworthy.

CBMR's real estate team released their year-to-date numbers on the local market. Its important for them to do this, many of their sales are not reported on the Gunnison County MLS because they are sold direct to buyers. The attached graphs demonstrate a market that is appreciating at a steady pace. View CBMR's PDF Incredibly, the average sales price of a home in our local market is now a whopping $1,041,316 - this is the highest its ever been! Incredible. This average includes condos, townhomes and single family homes in Mt. Crested Butte and Crested Butte and Crested Butte South.