The Crested Butte Real Estate Letter

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Hello from Crested Butte!

Will 2010 be remembered as the year of the price wars in Crested Butte real estate? 2009 saw decent real estate activity in our little resort community but that activity came at a price – no pun intended.

Of the 19 single family homes that sold in the town of Crested Butte last year, days on market was 371 and the average sales price was 74% of the original list price. Up in Mt. Crested Butte, 13 single family homes sold at an average of 69% of the original list price and it took an average of 433 days on the market to get those homes sold. There were 45+ condos sold in Mt. Crested Butte in 2009 at an average of 73% of their original list price.

For 2010, it looks like these price wars will continue.  With over 560 homes, condos and townhomes actively listed on the market in Mt Crested Butte, Crested Butte, Skyland and Crested Butte South, competition among sellers is fierce to say the least.

What does this mean for interested buyers? It’s time to deal. Read this NY Times article for more insight.

Interest rates on residential loans are still highly attractive, prices on real estate are way down from 2005-2006 highs and let’s face it, buying a hard asset like real estate, particulary “lifestyle” real estate like we have in Crested Butte, is a great investment option to the volatile stock and bond markets.

There are many very nice opportunities in our marketplace – in town, up on the ski mountain, out at Skyland and Buckhorn Ranch and down in Crested Butte South. Many of the properties on our market are now being offered for less that it would cost someone to buy the land and build new.

Upcoming Events in Crested Butte:

Race Across the Sky Leadville 100 Bike Race Film at Center for the Arts – Feb. 5, 2010

24th Annual Alley Loop Nordic Ski Marathon – February 6, 2010

Valentine’s Ski Clinic with Wendy Fisher, Crested Butte Mountain Resort – Feb. 13-15, 2010

Mardi Gras Parade & Gumbo Cook-Off, Crested Butte/Elk Avenue – February 16, 2010

19^th Annual U.S. Extreme Freeskiing Championships, CBMR – Feb. 17-21, 2010

Crooked Still Concert Center for the Arts – Feb. 25, 2010

ArtWalk Evening, Studios & Galleries in Crested Butte & Mt. Crested Butte - Feb. 25, 2010

Thanks for reading today!

Channing Boucher

Broker Associate
Benson Sotheby’s International Realty
Local Knowledge Global Reach

Homes for Sale | Condos for Sale | Land for Sale | Ranches for Sale | Commercial For Sale

Research Properties on the Gunnison/Crested Butte MLS

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720 South Avion represents the best of Buckhorn Ranch.

Located right on the fenceline, this beautiful home features unobstructed views of the surrounding mountains, open spaces and the peace and quiet of the expansive Buckhorn Ranch community.

Only 5 minutes to downtown Crested Butte, this 3100 sq. ft, 4 bedroom, 3.5 bathroom home was built in 2007.

Enjoy reclaimed wood floors and exterior trim, granite, luxurious lighting, high end fixtures and incredible beam work with iron accents in the main living and dining areas and the big master suite.

The gorgeous rock fireplace anchors the living area and the picture windows capture the Colorado light and amazing views.

The oversized garage will accommodate all the toys!

Offered at $949,000

(REO)

Newly listed in Crested Butte: 52 Buckhorn Way (Lot 25) - Incredible Price on a Large Single Family Homesite

$119,000 - .70 Acres

52 Buckhorn Way features captivating Rocky Mountain vistas, the convenience of the Town of Crested Butte only 5 minutes away and the privacy of Buckhorn Ranch. Enjoy sunrise and sunset from this location and beautiful Colorado light all day long.

Buckhorn Ranch features excellent Forest Service access to hiking and legendary mountain biking trails, cross country skiing, snowmobiling, gold medal fishing, and golf and tennis at the Crested Butte Country Club 1 mile away. Of course, world-class skiing and boarding at Crested Butte Mountain Resort is only 10 minutes away!