The Crested Butte Real Estate Insider - May 2008 - Buy It Now, Developers Slashing Prices On Unsold Land

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The Crested Butte Real Estate Insider - News and Real Estate Info For Our Community

Buy It Now Pricing, Developers Slashing Prices On Unsold Land

May 2008 Edition

Good day from Crested Butte! If you've ever used eBay.com to buy or sell something then you are familiar with the phrase: "Buy It Now Price". It now appears some Crested Butte real estate developers have coined a new phrase; "The Dump It Now Price". With property inventories reaching all time highs, real estate sales - especially for vacant land - are flat. Values on homes and parcels in town and on the mountain remain high as there has been just enough sales activity to support strong asking prices. We've seen solid 7-figure deals for homes and slopeside condos in Crested Butte and Mt. Crested Butte and this month a homesite in the Verzuh neighborhood of Crested Butte sold for $755,000! However, once you leave town limits, developers are slashing prices on unsold lots, offering deep discounts and 2005 pricing on some deals. The developer of the Larkspur subdivision across the street from the Crested Butte County Club dropped prices on his remaining parcels in this new subdivision significantly below what they were selling for just a few months ago, some going well below $200,000. Additionally, the developer at Buckhorn Ranch has dropped prices by more than 40% on all of his remaining inventory. You can now buy a small, interior lot in this neighborhood for $92,000! And, with over 50 parcels on the market in Crested Butte South, bargains can be found as sale prices are dropping below $100,000 for 1/3 acre view properties. It might be a good time to start shopping for dirt around Crested Butte! Market Facts Crested Butte Average Sale Price for a Single Family Home Last 12 months $1,060,000 ($455,000 for condos and townhomes) Mt. Crested Butte Average Sale Price for a Single Family Home Last 12 months $1,302,778 ($732,000 for condos and townhomes) Crested Butte South Average Sale Price for a Single Family Home Last 12 months $513,000 ($287,000 for condos and townhomes) *Channing Boucher*
	NEW LISTING - 10 Zeligman - Red Tail Ranch $1,295,000 Perched high up on the ridge above the East River Valley, this one-of-a-kind property features dramatic views of the surrounding mountains and valley below. Enjoy the privacy and beauty of this expansive 35 acre parcel. The 200x100 horse riding arena, 5-stall barn and tack room will accommodate the discerning horse person. Close to the National Forest. Includes water rights. 10 min. to Crested Butte! 20 min to Gunnison. 2928 sft, 4 beds, 2.5 baths,
	NEW CONDO LISTING - C304 WestWall Lodge - $1,675,000 This 3rd floor, penthouse suite is architecturally enhanced beyond the developer's original plans. Featuring double master suites with full bathrooms, vaulted ceilings, hardwood floors, a luxurious furniture package and full granite slab counters in the kitchen, this ski in / ski out luxury condo represents the best of West Wall Lodge. View 360 Tour
	NEW RANCH LISTING - Lot 4 East River Ranches - $1,500,000 Lot 4 at the East River Ranches features a spectacular south-facing homesite on the East River in Crested Butte. Fishing rights accompany this 35+ acre parcel. Enjoy tremendous views of Crested Butte's big peaks - Whetstone, Emmons, Mt. Crested Butte and Teocalli fill the 360 skyline. The home site is level, elevated above the East River and utilities and roughed-in drive are installed. View 360 Tour
	NEW BUSINESS LISTING - Milky Way - $425,000 Special opportunity to own and operate a successful Crested Butte retail business. The Milky Way is a popular brand among locals and tourists alike. Located right on Elk Avenue, the operation benefits from a fair lease, stong, consistent sales volume and excellent net income. Price includes all FF&E, inventory, website, mailing list and seller training.

Contact Broker Channing Boucher at 970-596-3228
Century 21 Benson-Rous Inc. 433 SIxth Street Crested Butte, CO 81224
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