Crested Butte Market Update Q1 2022
2021 was the best year ever for Gunnison and Crested Butte commercial real estate transactions.
Mark Walter, billionaire owner of the LA Dodgers and CEO of Guggenheim Financial Services invested heavily in local commercial real estate including many high profile restaurant and bar properties located on Elk Avenue, Crested Butte’s main street.
Also, Jeff Hermanson, CEO of Larimer Square Associates, Developer of Larimer Square and Union Station in Denver, CO added to his various holdings in Crested Butte, buying 3 more restaurant properties in Crested Butte.
Market Report from Channing Boucher.
| 2021 Q1 | 2022 Q1 | %+- | |
| VELOCITY (Source – MLS, Direct from Landlords ) | |||
| Commercial Sales Volume | $52.5M | $7.7M | -85.33% |
| Commercial Transactions | 39 | 7 | -82.05% |
| VACANCY RATE | |||
| CAP RATE | 4.5 | 4.5 | 0% |
| Range of NNN Rental Rates on Commercial Properties 2021/2022 | $22/NNN | $52/NNN | |
| SALES TAX INDICATORS (Source – CREN) | |||
| All Sales Tax | $5.4 million | TBD | |
| Lodging Taxes | TBD | TBD |
