Crested Butte’s competitive resort real estate market situation is ever changing. Trends in places like Telluride, Aspen, Vail and Beaver Creek are all pointing to a great value opportunity here in the Butte.
Andy Hadley, Crested Butte Mountain Resort’s new broker liason released the following information yesterday. He compiled some nice comparative real estate data for places like Vail, Beaver Creek and Steamboat. If you are somone shopping real estate in Colorado’s ski resort towns then have a read. Also, visit their Cimarron site.
Best opportunity in Ski Country
Thanks Andy Hadley of CBMR Real Estate
Just to bring you up to speed on the latest news, to date CBMR has $28,873,541 in contracts in escrow at Cimarron. We have put several of those units back on the market and prices on those residences will go up 3-6% on Feb. 15, 2008. The price increase of 3-6% is based upon the floor, view orientation, floorplan, and availability.
In addition, BECAUSE we absolutely believe in the long term value of Crested Butte and fully understand the true value of the location of Cimarron compared to similar condominium developments in the same location at other ski resorts, we have decided to pull several units off the market with the knowledge that they will be selling for substantially higher price in 2010 when Cimarron is complete. You simply cannot duplicate that location at 99% of the ski resorts in the west, especially at our average pre-construction sales price of $1100 per square foot.
Below are some statistics from other Colorado ski resort real estate markets. As I mentioned before, the real estate markets in Routt, Garfield, Eagle, Summit and Pitkin counties were all up 24% in total dollar volume sold over last year.
The Vail Valley sold over $3 BILLION DOLLARS last year in real estate. Over $1.3 billion of that was located in the gates of Beaver Creek, Bachelor Gulch, and Arrowhead. There were 90 transactions over $4 million dollars per transaction.
It is important to understand the true value of Crested Butte and especially in this case Cimarron. Below are new construction comparables from other areas with their average price per foot and price ranges. I have personally toured many of these residences and I am convinced that Cimarron is the best value and opportunity in Ski Country.
Solaris – Golden Peak / Vail Residences priced from $2500-$3000 per square foot. 54 out of 77 units are under contract. Solaris only has two units remaining under $3,000,000. These residences are not ski-in/ski-out!
Ritz-Carlton – Lionshead / Vail $2200-$2800 per foot with units selling via lottery. These residences are not ski-in/ski-out!
Arrabelle – Vail Village $3000 per square foot and sold out via lottery!
One Steamboat Place – 36 out of 38 residences sold. Prices ranged from $2.7 million to $4.5 million. Priced from approximately $1100 –$1500 per foot. Last two units are priced from $2,850,000-$3,050,000. They are raising prices on the last two units.
Capella – Mountain Village / Telluride – $1300-$1500 per foot. $30,000,000 in contracts in escrow to date. In addition, Capella will be raising prices 8% at the end of the month. Overall market in Telluride was up 11% and the median price for a condominium in Mountain Village rose 71% last year.
Cimarron – Crested Butte $850-$1350 per square foot. Priced from $422,070.00 for an incredible, ski-in/ski-out location, unmatched value, and opportunity! $28,873,541.00 in contracts in escrow to date. Construction projected to be completed 2010.
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Crested Butte Real Estate Agent
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