Updated about 9 hours ago on . Most recent reply
Crested Butte Project – Rollout Strategy & Creative Deal Structures?
Howdy! I’m working on a new residential project in Crested Butte, CO and figured I’d throw this out here to get some advice and hear a few stories. We’ve got six shovel-ready lots in an upscale neighborhood, just a quick bike ride to town.
Builder’s lined up, and I’m working on securing capital partners/lenders (open to recs if you’ve got any!). Plan is to do custom single-family spec homes. Comps for high-end new builds are running about $1,100–$1,300/ft² depending on the finishes/views.
Couple things I’m researching:
1) Would you start with just 1 home or build out more at once to generate demand/interest/pre-sales (build cycle is 18 months)?
2) How do you usually pick which lot to go first if you’re hoping to leave room for appreciation/price bumps?
3) Anyone ever sold a lot + plans (contingent on using your builder) and had the buyer finance the vertical? Curious if that’s been done.
Appreciate any thoughts and interest - resort/mountain town projects can be unique, so any tips or stories are welcome.