Crested Butte Real Estate Insider - November 2007 - The Truth About Our Real Estate Market

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Crested Butte Real Estate Insider - News and Info for the Local Real Estate Market

The Truth About Our Real Estate Market

November 2007 Edition

Good day,
The numbers don't lie. Home and land buyers and real estate investors continue to pour money into the Crested Butte real estate market. Our local market just topped $180 million in transaction sales volume year-to-date! We still have a 6 weeks to go in 2007 with plenty of under contract activity and some serious closings expected. Volume for this year could very well hit $200 million. This is remarkable. This activity marks the 4th year in a row of bullish behavior in our real estate market.

Since our real estate boom commenced in 2004 our market has withstood skyrocketing prices that have doubled and tripled. We have experienced record-breaking sales for homes and vacant land parcels. The average sales price for a home in our area just topped $1 million and vacant 35 acre parcels now fetch $1 million to $2.36 million! A 1400 sft, 2 bedroom / 1 bath home on a dark alley in Crested Butte just sold for $675,000 while another small 1380 sft. duplex in a Crested Butte high density neighborhood just sold for $595,000.

All of this in the face of the national sub-prime lending fiasco and the national news media's infatuation for painting doomsday pictures of real estate all day long.

Saavy buyers and investors are investing right now in Crested Butte. Anyone who is aware of what happened in Telluride, Vail, Beaver Creek, Steamboat, Breckenridge and of course Aspen is jumping onto the Crested Butte real estate train.

See the results for yourself. I compiled the results from our local Multiple Listing Service - Year To Date for 2007.

2007 HOMES SALES PDF | 2007 LAND SALES PDF | 2007 COMMERCIAL SALES PDF

2007 total dollar volume (YTD): $182 million (267 transactions)
2006 total dollar volume: $191 million (271 transactions)
2005 total dollar volume: $237 million (626 transactions)
2004 total dollar volume: $211 million (721 transactions)

View CBMR's Billion Dollar Real Estate Press Release PDF

Thanks for reading today!
Channing Boucher

	Buckhorn Ranch M3-8 at Brookside - New Listing M3-8 Brookside is an elevated building site featuring unobstructed views and open space. Enjoy western sunsets from your deck and beautiful morning light from this perfect parcel. The commanding mountains of the Upper East River Valley tower over Buckhorn Ranch at Crested Butte. $185,000 \| .17 acre lot \| View Details
	Buckhorn Ranch M2-26 at Brookside - New Listing This ready-to-build lot is only 5 minutes from downtown Crested Butte! Exterior, fenceline lot with stunning views of Whetstone, Red Lady and Mt. Crested Butte. This home site receives great light throughout the day especially during the winter. Enjoy big open spaces and water running through the back of the parcel. $195,000 \| .17 acres \| View Details
	Ski in Ski Out Condo Emmons 426 -New Listing This prime ski in-ski out condo located in the heart of the base village at Mt. Crested Butte is ready to go for the big family this ski season. Recently remodeled kitchen, bonus loft with bunk beds and a big dining table with built in bench seating make this condo a great value in today's market. 30 second walk to the skiing. $480,000 \| 1013 sft \| 3 bedrooms plus big loft \| View 360 Tour