VRBO rentals are helping to define our real estate market. We are seeing very strong demand for houses in town that can be short term rented (see blog below) and there is some discussion about how this is changing the landscape for real estate ownership. Certainly more homes have been sold to second homeowners, and they short term rent them sometimes for income. But then again, long term locals also short term rent their homes, mostly in the summer, for additional income. It's a win-win situation, as locals can afford their mortgages, more tourists get to experience Crested Butte, and the town profits from the taxes it collects on those rentals. The "controversy" emanates from people abusing the situation: not paying those taxes or short term renting a deed restricted property (deed restricted to long term rentals.) If town is going to discuss changing the situation, they primarily need to enforce those existing rules before they start initiating more rules.
Here is an article from the Denver Post about the issue: Denver post
The Crested Butte real estate market is doing well in early 2015. The chart to the left shows the overall sales volume from Almont north through 2014, and we are steadily rising, hoping to get back to 2007 levels in the near future. One of the big differences between our current sales and those in the past few years is the lack of listings we are experiencing now. Of the 22 single family homes currently listed in the town of CB, 5 are under contract, with more offers being written continually. CB South has only 5 single family homes listed - the fewest we have seen in decades. There is more building going on with fewer already built options, and I anticipate higher prices for homes will come in the near future. In fact, I hope that our listing pool expands in the spring, and if not, look for higher prices this summer.
Here is an article from the Denver Post about the issue: Denver post
The Crested Butte real estate market is doing well in early 2015. The chart to the left shows the overall sales volume from Almont north through 2014, and we are steadily rising, hoping to get back to 2007 levels in the near future. One of the big differences between our current sales and those in the past few years is the lack of listings we are experiencing now. Of the 22 single family homes currently listed in the town of CB, 5 are under contract, with more offers being written continually. CB South has only 5 single family homes listed - the fewest we have seen in decades. There is more building going on with fewer already built options, and I anticipate higher prices for homes will come in the near future. In fact, I hope that our listing pool expands in the spring, and if not, look for higher prices this summer.
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