September 2007
This month I focus on the Crested Butte market for 35+ acre ranch parcels. While the lower end of our market is a bit sluggish currently, buyers on the other end of the spectrum are demonstrating renewed demand for Crested Butte's larger ranch land parcels. We are seeing some of the biggest land transactions in the short history of our "real estate boom" occur up and down the valley.
After what seemed like a 1 year "time out" for Red Mountain Ranch sales, buyers are once again snapping up 35+ acre parcels at this exclusive mountain subdivision. Take a look at these recent Red Mountain Ranch land sales:
Lot 28 - $1,700,000, Lot 22 - $1,212,000, Lot 8 - $925,000 and
Lot 17 sold at $725,000.
Earlier this summer Lot 5 at East River Ranches sold for $1,700,000 and two, 35-acre parcels up the Slate River valley each sold for $1,325,000! Perhaps the value proposition for these buyers was obvious when you consider that four of the sub, 1-acre parcels at Prospect fetched well over a million dollars each recently. WOW!
The year-to-date totals for all land sales in our local market: 48 transactions for a sales volume of just over $30 million. The average sales price was $630,000 and the average days on market for all land parcels was 338 days.
The bullish behavior in Crested Butte real estate shows no signs of letting up as we head into another ski season. By the way, opening day at Crested Butte Mountain Resort is November 17!
June 2007
Since January of this year, we've seen 11 residential properties and 6 land properties sell for more than $1 million. Last week, a Crested Butte home sold for just under $3.4 million and a 35 acre parcel in Red Mountain sold for just over $1.2 million. Last month a 950-acre ranch in rural Gunnison sold for $8.8 million and a home on a 40 acre parcel in Powderhorn sold for $1.6 million.
And, under contract activity includes a $3.9 million Gunnison home on 40 acres and a $2.5 million Mt. Crested Butte home. These price tags represent another significant shift for our real estate market. Currently, we have 84 residential properties and 95 land properties for sale at asking prices higher than $1 million. Sellers feel the demand is there and with record breaking deals popping up monthly its hard to deny that our market is shifting upward.
March 2007
The first 8 weeks of 2007 have been strong for the Crested Butte real estate market. Just over $20 million in residential, land and commercial sales have closed from Almont to Mt. Crested Butte.
We are seeing renewed demand for lower priced single family homes and vacant land from Crested Butte South to Mt. Crested Butte. Currently, there are 13 vacant land properties under contract representing just over $17.7 million and 22 residential properties (condos and single family) are under contract representing just over $22 million. With closings set to begin in April for Mountaineer Square, we'll see a serious spike in Mt. Crested Butte sales volume.
The bottom line for 2007? People are bullish on Crested Butte and continue to invest in our real estate. My prediction for the year? The market at this end of the valley will crack $250 million. Remember when our 2004 local market was only $17 million? Compared to the luxury billion dollar plus real estate markets in Vail, Telluride, Aspen and Steamboat, Crested Butte's recent growth spike is a small blip on the radar. Heck, maybe we are still "The Last Great Colorado Ski Town"!
Crested Butte grabbed recent national attention in big time publications.
The Wall Street Journal ran a piece on the Crested Butte Academy on their front page: Read the article >
The USA Today covered the Mueller's planned North Village ski resort expansion onto Snodgrass Mountain. Snodgrass has been controversial over the years (to say the least), creating tensions between the Town of Crested Butte and Mt. Crested Butte. Post your comments on my blog. Read the article >
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