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Market Down But Not Out - Pre-Season Bookings Looking Good
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September 2008 Edition
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| Good day from Crested Butte! The market for real estate around here has picked up its pace after a sluggish summer. Buyers seem to be enjoying the large inventory of available properties in all price ranges. Currently, we have over 700 residential properties actively listed and just over 320 land and ranch parcels for sale in our local market (from Almont north to Mt Crested Butte). In spite of national economic uncertainty and election-year politics, folks are relatively bullish on our real estate. Year to date, we're pushing 80 residential sales (homes and condos) representing a volume of approximately $58 million. The average residential sales price was around $740,000. The softest segment of our market is vacant land and 35 acre ranch parcels. With growing inventories and quiet demand, land and ranch deals have reached only 26 sales ($15 million in volume) thus far in 2008. The average land sales price was $550,000. We are definitely behind last year's pace in terms of transactions and sales volume but these year-to-date totals are proof that decent demand continues for Crested Butte real estate. Upcoming winter season's bookings are looking good for Crested Butte Mountain Resort. Jeff Moffett of Crested Butte Vacations reports positive numbers in an article from the Industry Report, Sept. 22, 2008. Jeff reports bookings in three major areas ahead of last year at this time. "We've been in the neighborhood of 400,000 skier visits the last couple of years, and if early trends continue, wholesale sales (through companies like ski.com or expedia.com), group and conference sales, and central reservation sales are all pacing ahead of last year," Moffett stated. Moffett said he feels very confident that "with an average-to-good snow year we'll outpace that 400,000 figure. Those three distribution channels account for most of the lodging that's booked, and all three of those are up over last year." He said increased airline flights to Crested Butte from Atlanta, Salt Lake City, Chicago, and Denver are making the difference. "It's much easier to get here, and we're able to sell the higher fares." Channing Boucher Benson Sothebys International Realty | 970-596-3228 |
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For More Information Contact Agent Channing Boucher at 970-596-3228
Benson Sotheby's International Realty 433 Sixth Street Crested Butte CO 81224 |
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