Hello from Crested Butte,

The Crested Butte News published a front page article today on the state of our local real estate market. One local broker stated "Crested Butte seems to be viewed as the best value in the mountains right now. I would say that it has been rough for a while, but if we aren’t at the bottom of the market, we are leveling off.”

So far this year, about $30 million in real estate has sold at this end of the valley. About the same amount is pending at the moment, but in the last three weeks, another $17 million in local real estate was put under contract.

“There has been a major uptick in the volume of sales and the amount of money people are spending,” said a broker at Coldwell Banker Bighorn Realty. “We are hoping for more such activity during the rest of the summer.”

The interesting thing about this summertime spike in activity? The deals are happening at the top end of our market.

Read the article here

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

The luxury real estate market has come alive in the Butte with a record breaking deal. Last week a single family home on 4th Street in Crested Butte sold for just over $2 million dollars.  This is the highest sale price for a single family home in town and it comes after a very slow start for homes sales during the first half of 2009.

Other notable luxury home deals include a $1.7 million Butte Avenue home that is under contract and a Gothic Avenue house listed at $1,495,000 is also under contract. Over on Ruth’s Road, a home listed for $975,000 has a sale pending.

Out at the Skyland neighborhood, a Lake Grant luxury home listed for almost $2.3 million is under contract and two larger townhomes listed between $795,000 and $900,000 in Mt. Crested Butte’s Pinnacle’s development are under contract. In Crested Butte South, a home on Shavano listed for $729,000 is also pending.

Even the high end of the Gunnison market is seeing activity with a pending sale for a home on 10 acres listed at $750,000.

At the southern end of our market area, a log home on 32 acres outside of Lake City sold this week for just under $1.4 million marking the first seven-figure residential deal in this resort community in almost two years.

Another notable transaction comes from the commercial real estate world. The infamous Idle Spur building on Elk Avenue has sold to it’s current restaurant operators: Maxwell’s, for just over $1.6 million.

It’s an understatement to say these are remarkable real estate deals for the slowest market conditions we’ve realized in 5 years. Buyer’s are taking advantage of the large selection of homes and condos and demonstrating renewed faith in our real estate, our community and our lifestyle.

Thanks for visiting,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Hello from Crested Butte!

702 Forest Lane is an exceptional offering in the Crested Butte real estate market. It is one of the original homes in this exclusive and very private neighborhood above the Crested Butte Country Club. This home tastefully combines Bavarian-influenced design features with Old South accents and charm. Floor plan highlights include a a big open kitchen and breakfast nook with great southern light and easy access to the large stone patio.

The massive living/dining room features stunning vaulted celings supported by gorgeous arched beams with iron accents. The hardwood floors include trim detail not to be overlooked.

The 1st floor master suite basks in southern light filtered by a mature forest of aspen. The master bath features a steam shower and a big, deep soaking tub.

The large upstairs landing, and bathrooms feature great Colorado light via the ceiling’s skylights and each bedroom enjoys aspen and mountain views!

4 bedrooms
3.5 bathrooms
2 Skyland parcels: 1.17 ac.
3674 living sq. feet
1050 sq. foot garage
960 sq. feet unfinished above garage

Fishing rights on Lake Grant and easy access to the Upper Loop and the National Forest.

Offered for $1,849,000

View 360 Tour

Happy 4th of July from sunny Cressted Butte!

I just sold a condo in Mt. Crested Butte yesterday. This brings the total number of condo transactions to 14 sales year to date. There are over 235 listed condos on the market in Mt Crested Butte. The market – to say the least – is very soft. The buyer’s that do exist are in a position to snap up deals. Prices for condos have dipped to pre-Mueller era levels in many cases and those buyers that are willing to navigate today’s condo lending climate will come away with a good deal.

Here are some tips for you if you are thinking about buying.

5 Tips for Crested Butte Ski Condo Buyers

1. The Financing Comes First

Financing issues are responsible for wrecking many deals. Figure out which form of financing works best for you. Remember that pre-approval is the preferred way to go into a deal.

2. Fannie and Freddie May Not Be Friendly

Fannie Mae and Freddie Mac, government-controlled mortgage companies, have their place. As of March 2009, however, they tightened their restrictions on mortgages for condos (new or newly constructed). At present, they will only consider mortgages if 70% of the units have sold or are under contract.

3. Know Everything about the Homeowners Association (HOA)

As people face financial challenges, many are falling behind on association dues. This delinquency forces condo associations to pass on the debt to other condo owners. Fannie Mae won’t purchase mortgages for condos if 15% or more are over 30 days late with payments.

4. Look for the FHA Seal of Approval

A building with the FHA seal of approval can mean a much lower down payment for many buyers. A down payment can be as low as 3.5% of the purchase price of the condo. The mortgage process also moves much faster for condos with FHA approval.

5. Prepare Your Down Payment

Private lenders can require a substantial down payment from condo buyers. Consider your budget and research your options. Seek out condo experts who can find the best deal for you.

Thanks for visiting today!
Channing Boucher
Visit My Crested Butte Real Estate Guide

Gallery of Sold Crested Butte Properties