Crested Butte Journal

The era of "panic buying" in the mountains is over. As we enter 2026, the Gunnison Valley has shifted into a period of strategic acquisition . For the high-net-worth investor, Crested Butte currently represents a unique "value arbitrage" in the American West. While markets like Aspen and Vail have saturated at $3,000+ per square foot, Crested Butte’s luxury sector remains a frontier of opportunity—offering comparable alpine assets at a fraction of the entry cost, but with arguably higher upside potential. This report analyzes the core drivers of our local market: the "Build vs. Buy" spread, the regulatory landscape for short-term rentals, and the long-term appreciation forecast for the Gunnison Valley. 1. The "Value Delta": Crested Butte vs. The Competition In 2025, we saw a clear divergence in Colorado mountain real estate. Aspen/Snowmass: Median luxury price per sq. ft. hovered near $3,300 . Telluride: Stabilized around $2,100 . Crested Butte: Remains the outlier, with luxury turnkey properties trading between $1,000 – $1,400 . The Nikki Pulitzer Perspective: Smart capital is moving here not just because it is "cheaper," but because the lifestyle parity is closing. We have the steep terrain, the culinary scene, and the private aviation access (GUC), but without the density. Buying in Crested Butte in 2026 is effectively buying "Aspen 15 years ago." 2. The "Build vs. Buy" Equation has Flipped For the last decade, the common wisdom was to buy dirt and build your dream. In 2026, that math has changed. The Reality: High-end custom construction costs in the valley have pushed past $1,500 per sq. ft. (excluding land cost). The Timeline: Regulatory approvals and contractor availability mean a custom build is now a 3-4 year cycle. The Strategy: The "Smart Buy" right now is existing inventory , specifically homes built between 2015-2022. These assets are trading below replacement cost . When you buy a turnkey luxury home in Skyland or Mt. Crested Butte today, you are essentially getting the structure at a discount compared to what it would cost to replicate it tomorrow. 3. Navigating the Rental Regulation Maze Not all "Crested Butte" addresses are created equal—especially if you intend to offset costs with short-term rentals (STRs). Town of Crested Butte: Highly restrictive. Licenses are capped and zone-dependent. Mt. Crested Butte: The "Opportunity Zone" for investors. Most condos and single-family homes here maintain STR eligibility, making them the preferred asset class for those seeking yield. County (Rural CB): A mixed bag. While generally more permissive, HOA covenants in neighborhoods like Skyland often override county rules. > Deep Dive: Confused by the zones? Read my detailed breakdown: The 2026 Guide to Short-Term Rental Regulations in Gunnison County 4. The 2030 Horizon: Why Buy Now? We are seeing infrastructure shifts that will permanently alter the valuation of this valley: Gunnison-Crested Butte Airport (GUC) Expansion: Increased capacity for direct flights from Dallas and Houston. The "Zoom Town" Permanence: High-speed fiber expansion in rural subdivisions (Trappers Crossing, Slate River) has made true executive remote work viable. The Verdict: If you are looking for a flip, look elsewhere. If you are looking for a legacy asset that serves as a generational wealth vehicle—and a sanctuary for your family—Crested Butte in 2026 is the strongest buy in the Rockies. Let's talk! If you're looking to invest in luxury real estate in Crested Butte, click here to contact me.

If you are buying a home in the Gunnison Valley with the intent to offset costs through short-term rentals (STR), you are navigating a minefield. The days of buying a chalet, listing it on Airbnb, and forgetting about it are over. As of 2026, regulations in the Gunnison Valley have fragmented into three distinct "jurisdictions"—each with drastically different rules for investors. A property on one side of the street might be a cash-flow machine, while a nearly identical home across the street is legally prohibited from hosting a single guest. This guide breaks down the 2026 regulatory landscape to help you buy with eyes wide open. Zone 1: The Town of Crested Butte (The "Restricted" Zone) Best for: Lifestyle buyers who want to live downtown part-time. Worst for: Pure ROI investors. The Town of Crested Butte (the historic downtown grid) has the strictest regulations in the valley. The town operates under a two-tier licensing system: 1. The "Unlimited" License (The Golden Ticket) What it is: Allows you to rent the property for an unlimited number of nights per year. The Catch: These licenses are capped at 30% of free-market units (approx. 198 total). As of January 2026, this cap is met. The "Deal Killer" for Buyers: Unlimited licenses are non-transferable upon sale. If you buy a house that currently has an Airbnb license, that license dies at closing. You must enter a lottery to get a new one, with odds currently hovering near zero. Block Face Limit: Even if a license becomes available, no more than two vacation rentals are allowed per block face (one side of the street on one block). 2. The "Primary Residence" License What it is: A license for locals or second-home owners who spend significant time in the valley. The Rules: You must reside in the home for at least 6 months of the year. The Limit: You are capped at 90 rental nights per year. Availability: Unlimited. There is no cap on these licenses. Nikki’s Insight: If you see a downtown home marketed as an "income generator," verify the license type immediately. Unless you plan to live there half the year, the income potential is likely capped at 90 nights. Zone 2: Mt. Crested Butte (The "Opportunity" Zone) Best for: Investors seeking maximum yield and flexibility. If your primary goal is rental revenue, look up the hill. The Town of Mt. Crested Butte (the municipality surrounding the ski resort base) remains the most investor-friendly jurisdiction. License Caps: None. Currently, there is no limit on the number of STR licenses issued. Zoning: Allowed in almost all residential zones. Transferability: While you still technically apply for a new license upon purchase, it is an administrative process, not a lottery. The Trade-off: Higher taxes. Expect a total lodging tax burden of roughly 16.8% (Sales + Excise + Marketing taxes), which must be passed on to your guests. Zone 3: The County & HOAs (The "Grey" Zone) Best for: Buyers seeking larger acreage or golf course living.  This includes areas like Skyland, CB South, and Trappers Crossing . Here, the County is generally permissive, but the HOA (Homeowners Association) is the sheriff. Skyland: Many sub-associations strictly prohibit STRs less than 30 days. CB South: Allows STRs, but requires a specific permit from the POA. Riverland/Business Parks: strictly prohibited for residential STR use. Let's talk! If you're looking to invest in mountain home real estate in Crested Butte, click here to contact me.

Two rare listings — the Majestic Theater in Crested Butte and seven contiguous redevelopment lots in downtown Gunnison — stand out as unique canvases for transformative commercial projects. Each property offers its own personality, potential, and path toward revenue-generating success.

We’ve officially wrapped up the golden colors of fall and are turning the page toward winter in the Upper Valley. The air has cooled, the peaks are frosted, and buyer energy remains strong as we move into ski season. From Mt. Crested Butte to CB South, there’s been steady movement — a clear sign that momentum from summer and fall is carrying right into winter. New Market Highs Confidence in our real estate market continues to grow — and this year, we’re seeing it reflected in some remarkable milestones: A Smith Hill Ranches estate is under contract at $13.9 million , positioning Crested Butte to finally break through the $10 million residential sale ceiling — a level we’ve never surpassed. (Until now, there’s been just one $10M transaction, which included an adjacent vacant lot.) Another in-town home is listed above $2,100 per square foot — a new record for Crested Butte — and is also under contract. And leading the way, a $25 million listing within town limits — over 100 acres paired with a stunning residence — now stands as the highest-priced property ever offered in Crested Butte. These moments represent more than record-setting numbers — they signal deep buyer confidence and the continued strength of our local luxury market. Market Snapshot: Crested Butte & Mt. Crested Butte (January 1 – October 18, 2025) Single-Family Homes 62 sales this year Median SOLD Price: $1,965,000 Average SOLD Price: $2,642,718 Median $/SF: $843 Range: $413,056 – $8,100,000 Total Volume: $163,848,539 Condos & Townhomes 98 sales to date Median SOLD Price: $748,500 Average SOLD Price: $828,834 Median $/SF: $656 Range: $129,789 – $3,650,000 Total Volume: $81,225,715 Land Sales 55 sales year-to-date Median SOLD Price: $470,000 Average SOLD Price: $611,682 Range: $128,500 – $2,000,000 Total Volume: $33,642,510 What I’m Seeing... Buyer interest remains strong across all segments. Many are searching for turnkey homes, clean design, and proximity to the slopes or downtown. Land activity is picking up again as builders look toward 2026 projects and long-term investment opportunities. For sellers, it’s still a fantastic time to list. Well-prepared, well-priced homes continue to move quickly — especially those that photograph beautifully and highlight their mountain lifestyle appeal. Looking Ahead... As we head into ski season, momentum is holding steady. Confidence remains high, new benchmarks are being set, and opportunities are abundant for both buyers and sellers. If you’ve been curious about your property’s current market value — or simply want to discuss what these shifts mean for your goals — I’d love to connect. Warmly, Nikki

Discover destinations throughout Colorado to find stillness, pursue adventure, digitally detox, and simply get back to nature. Whether you are seeking a luxe wellness retreat, remote trails without cell service, or simply a zen-inducing spot to spend a few days, we’ve curated some scenic (and quiet) places to relax on the road less traveled.

Early autumn is an ideal time to drive some of Colorado’ scenic routes to take in colorful views of changing foliage. For iconic journeys along Independence Pass, Trail Ridge Road, and Kebler Pass, pack a picnic, make a playlist, and hit the road to enjoy these classic drives.

Like a sugar-dusted memory, a visit to a local candy shop feels like walking into a time machine. Whether seeking fresh fudge or saltwater taffy, childhood wonder lurks around every corner. Old-fashioned caramels and hard candy sticks melt all modern-day worries.  A road trip through the scenic byways of Colorado must include a visit to one of these sweet spots as you pass through the state, or head from the city to one of our mountain towns.

As summer heats up, Colorado boasts a variety of places to head for the hills – or mountains – and chill out in lakes, rivers, and swimming spots. From scenic swimming holes to charming high-altitude towns, we’ve got you covered when the mercury starts to rise.  Grand Lake lives up to its name as the largest natural lake in Colorado. Spread across over 500 acres near Rocky Mountain National Park, its sandy beach and cool waters beckon boaters, paddle boarders, and anyone looking for a refreshing spot to enjoy the water, with a photo-worth backdrop of snow-capped peaks.

If summer days have you dreaming of meadows filled with wildflowers, starry skies, and cozy nights under canvas tents, Colorado has plenty of beautiful places to explore.  From the Front Range to the San Juans, Colorado showcases vibrant color each summer with dazzling displays of wildflowers — and you don’t have to rough it to enjoy the show. Even if you prefer luxurious linens to hiking in and pitching a tent, here’s a guide to enjoy wildflowers and glamping throughout the state.