Winter real estate

By Mark Reaman

Three things about winter real estate in the valley won’t be much of a surprise: 1) Properties close to the ski area get more looks in the winter; 2) Potential buyers say they aren’t just buying the property for the ski lifts but credit the charm and uniqueness of the entire North Valley anchored by Crested Butte; 3) It’s not getting any cheaper to buy or build in the area.

Local brokers all say the common denominator of winter real estate activity is that while Vail Resort’s Epic Pass might have been the initial draw for people to come here and try out Crested Butte Mountain Resort, those looking for a deeper commitment fell in love with the place.

“Everyone talks about the lifestyle in Crested Butte with the laid-back environment, amazing access to trails, the end-of-the-road destination, lower prices on real estate and amazing access to arts, culture, shopping and dining,” says Managing Broker/Owner of Signature Properties Ebner & Associates, Jesse Ebner. “Our friendly people and the incredible scenery are definitely leading factors.” 

Gary Huresky of Crested Butte’s LIV Sotheby’s International Realty agrees. “People are attracted to the charm and character of the town,” he says. “Part-time residents feel they are part of the community in CB. It’s the culture that brings them back.”

“The marketing reach that Vail has keeps Crested Butte’s name out there. If people want to ski more than a few days a season, they are most likely buying a pass,” adds Maggie Dethloff of Bluebird Real Estate. “While Crested Butte’s slow ascent out of anonymity began before Vail arrived, Covid and the Epic Pass have done their part in making the Gunnison Valley a place to visit.”

Over at Coldwell Banker Mountain Properties, broker Chris Kopf says while summer here attracts a higher volume of visitors, the ski season draws deeper pockets. “In general, the winter demographic is more affluent,” he says. “It is more expensive to come with a family of four or five in the winter to ski vs. the summer.

Dethloff says the winter buying pattern is sort of predicable in some regards. “It is true that condos and Mt. Crested Butte properties tend to be top of mind in ski season. Although once visitors arrive and get a better idea of what Crested Butte really is, their minds open to other options,” she explains. “The condo inventory is very low right now so unless more comes on the market buyers will be forced to broaden their scope. The bottom line is when visitors fall for Crested Butte, they are willing to look at and consider whatever it will take to get their foot in the door.”

Absolutely, agrees Ebner. “The Epic Pass is still attracting new and repeat visitors each winter,” she says. “New visitors either fall in love and come back or check it off the bucket list. I think the majority end up falling in love and coming back. Our market really has a lot to offer many demographics. We are consistently seeing all categories of first-time buyers, locals moving up or down, those from Colorado’s Front Range, Texas, Oklahoma, Florida, Louisiana and beyond. All age profiles including young families and generational families are comfortable here.”

Kopf says a core of his clientele are still coming from the Texas and Oklahoma regions. “It does not seem that the demographic geographics have changed – it’s just a more affluent slice of the pie. Texas, Oklahoma, Arkansas, Louisiana plus Front Range Colorado Springs, Denver, Boulder are coming up here,” he explains. “We have seen higher price points continue — certainly construction costs have moved well above $1,000 per square foot. But we are still seeing an increase in those buying land to build their Crested Butte dream home that takes on average three years from design to build.”

Huresky says the Epic Pass can be credited with promoting new visitors and the buyers from the traditional starting points of Texas and Oklahoma are still drawn to the valley…but Denver is a rising demographic. “We are also seeing more Californians and New Yorkers,” he says. “While summer still holds the largest number of visitors, once the mountain opens, we become more weather dependent. The Front Range traffic watches which resorts are getting the snow and those folks can act a lot quicker than the out of state visitors. Good snow here attracts good skiers that can make quick decisions.”

“Our market really has a lot to offer many demographics,” adds Ebner citing not just the vibe of the place but the practicality. “A lot of buyers are looking at rentability, income potential, mountain views, attractive floorplan and the right fit for their family or investment portfolio.

Dethloff sums up the draw of Crested Butte and the North Valley in the big picture. “In the days of old, visitors thought of Colorado as a ski destination, then the amazing summers were discovered,” she notes. “Now as the baby boomers age and their creaky bones can’t ski every day, new and different activities are gaining interest: fat biking, skate skiing, cross country skiing, snowshoeing, snowmobiling, fishing. In a place like Crested Butte, you don’t have to try too hard to find something to do. For those who might not be as adventurous, there is always the magic of experiencing an historic town buried in snow.”