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Price Reductions Drive High End Real Estate Market Activity in Crested Butte

Wednesday, September 1st, 2010

Hello from Crested Butte!

The real estate market in Crested Butte is picking up momentum as we head into September and the “Fall Colors Season”. It appears the high-end real estate market is back in vogue as heavily discounted luxury homes, townhomes and condos around the valley are attracting saavy investors. The current deal making is made up of mostly luxury properties.

41 homes and condos have gone under contract in recent days. This represents almost half of ALL the deals we realized from January 1 to date and $31 million in pending sales volume. During the first 8 months of 2010 we sold 87 homes and condos representing $42 million in volume.

Interestingly, the average and median sales price among these current contracts is up dramatically compared to the deal making we experienced during the first 8 months of 2010.
(See graph below)

During the first 8 months of 2009, we realized 76 sales and $44 million in volume. So far in 2010 we’ve done more deals by comparison and roughly the same sales volume. It appears that the recent sales rush will drive our averages and total sales volume past 2009′s performance.

2010 Real Estate Performance

Days on Market

Home & Condo Sales

Average Sold Price

Median Sold Price

Sales Volume

January 1 to
August 31, 2010

256

87

$477,000

$325,000

$42 million

August 31 – Forward
Under Contract

TBD

41 under contract

$736,000

$440,000

$31 million

 

A few examples of recent Crested Butte luxury real estate market activity:

A new luxury home located in Mt. Crested Butte’s Overlook neighborhood just sold for $1,325,000. It was originally listed for $2.6 million.

A 5200 sft. home located on 1 acre in the Elk Run subdivision just sold for $912,000. Original list price in 2008 was $1,795,000.

A luxury home with acreage on Ridge Road located above Crested Butte South is under contract. List price: $2.995 million. It was originally listed for almost $5 million.

A four bedroom Wildhorse at Prospect home is under contract. List price: $995,000. It was originally listed in 2008 for over $1.6 million.

And, a luxury home on Forest Lane at Skyland, originally listed at over $1.8 million sold this summer for $1.1 million.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby’s International Realty

Contact Channing at 970-596-3228 or via his website.
Channing’s Blog: The Crested Butte Real Estate Letter

Benson Sotheby’s International Realty | 433 Sixth Street | Crested Butte | CO | 81224

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Huge Price Reduction on 4 Bedroom Chateaux Condo in Crested Butte

Sunday, August 22nd, 2010

Act now! This is an excellent opportunity to own a nicely updated 4 bedroom, 3 bathroom ski condo at the Chateaux Condominiums. Enjoy the panoramic view of the ski slopes from this rare corner unit!

Was $445,000 Now Offered at $247,500

Easy access to the remodeled clubhouse, pool and hot tub. Walk to the ski slopes or jump onto the convenient and free ski shuttle to the base area. Compare this 4 bedroom unit to any other 4 bedroom condo offering in Mt. Crested Butte and you will see the value!

209B Chateaux Condominiums – 4 Bedroom Ski Condo
Was $445,000 Now Offered for $247,500

View 360 Virtual Tour of Chateaux 209B

View This Property’s Web Site

Exclusively Offered by
Channing Boucher of Benson Sotheby’s International Realty
970-596-3228

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Big Price Reduction on Ruths Road Parcel in the Town of Crested Butte

Tuesday, August 17th, 2010

Visit the Property’s Web Page

Google Satellite Map

View 360 Tour

Located on a quiet, dead-end cul-de-sac in the west end of the Town of Crested Butte aka Kapushion Annexation, 11 Ruth’s Road is .19 acres big and features great morning and evening light. Previously listed for $1,100,000, this one-of-a-kind “in-town” Crested Butte parcel is now offered at $750,000.

This oversized lot has incredible views to the west of Mt. Crested Butte and enjoys the awesome Ruth’s Road streetscape.

Out the back, you will enjoy stunning views of the Lower Loop, Peanut Lake and Paradise Divide.

Fully approved home plans are included.

This one-of-a-kind parcel backs to open space – the Crested Butte Land Trust – and the groomed nordic ski and walking track.

Elk Avenue dining, shopping and the free skier shuttle stop are only a few blocks away.

Contact Agent
Channing Boucher
Click Here
or call
970-596-3228

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Just Sold – 2 Ridge Lane in Mt Crested Butte

Thursday, August 12th, 2010
Benson Sotheby’s agent Channing Boucher has successfully brokered another luxury home sale in Crested Butte.

Channing represented the purchaser of 2 Ridge Lane. The 4 bedroom, 3650 sft. custom home sold for $1,325,000.

This extraordinary mountain home is located on a quiet cul-de-sac in the prestigious Overlook neighborhood of Mt Crested Butte.  A grand foyer and sweeping stairwell anchor this two-level home. The home offers absolutely stunning views of the ski resort, Whetstone Mountain and Mt. Emmons. And, the National Forest and Crested Butte’s Upper Loop trail system is literally steps away from the front door of this amazing home.

Sold by Channing Boucher - 2 Ridge Lane - Mt. Crested Butte

2 Ridge Lane in Mt Crested Butte

Visit Channing Boucher’s Crested Butte Real Estate Guide and his Gallery of Sold Properties here.

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Big Price Reduction on Fenceline Property in Crested Butte South

Thursday, August 5th, 2010

Take advantage of this $70K price reduction!  This beauty of a home and property is now listed at $178 per square foot! You COULD NOT buy this location and build this house for that price per foot.

210 Huckeby in Crested Butte South

Price Reduced $70,000!

210 Huckeby is an awesome family home with a great floorplan located on 1.04 acres in Crested Butte South – this is 3 adjoining Crested Butte South parcels!

Enjoy 3814 sq ft. of prime fenceline living and unobstructed mountain, valley and meadow views for miles. This is a very private location off the end of Huckeby Drive.

The large master suite features picture windows and beautiful protected mountain views.

2 more bedrooms plus a big bonus room and a bonus office/study located over the 1000 sft. detached garage.

3 bathrooms

Paved driveway with turnouts. Landscaped, fenced and lovingly maintained throughout.

3814 total sft ($178/sft)
998 sft heated garage

View this property’s web page and 360 virtual tour here.

Offered for $679,000

Thanks for visiting today,

Channing Boucher
Benson Sotheby’s International Realty
970-596-3228
Visit My Crested Butte Real Estate Guide

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Crested Butte Mountain Resort Reports Some Good News

Wednesday, August 4th, 2010

Crested Butte Mountain Resort just sent out a mid-summer report filled with some interesting news. On the real estate sales front 2010 has been a much better year than 2009.  Ten of their Lodge at Mountaineer Square listings and another four re-sales have sold or are under contract in 2010.  Their sales department told me that numerous properties are receiving multiple offers and some listings being sold for full price or more.

The resort’s summer visitor business has picked up considerably as well. CBMR is experiencing the best summer business levels in the history of the company with every revenue center and operational department performing at or ahead of budget.  Their hotel occupancy for July will be up 25% over last summer and lift ridership is up 21%.

The addition of Mini Golf to the Adventure Park has exceeded everyone’s expectations with the Adventure Park showing a 60% growth in revenue.  More than 1,500 rounds of mini golf were played during the month of July. Camp CB for Kids is also growing rapidly as they’ve posted a 40% increase in business to date.   The real buzz in the community is about the mountain biking at CBMR.  The Mountain Sports department and the Mountain Operations teams have done an incredible job of providing a fantastic biking and hiking experience on the mountain for their guests. All of this combined with more special events, weddings and group and conference business has created a new level of energy and vitality at CBMR. 

For the upcoming 2010-2011 Winter ski season, CBMR reports that it’s group sales team has already booked twice the amount of group business compared to this time last year and we are currently up 62% in room reservations on the books in our hotels.

And, airline bookings are already pacing ahead of last year and flights now include new direct jet service from Houston on Continental along with two flights daily on American Airlines from Dallas and two flights daily on United from Denver.  

Another indicator that Crested Butte is heading toward a great winter? Season pass sales are pacing ahead of the last five years.  CBMR lowered the price significantly on their 10-day card and College Season Pass and introduced an Anniversary Pass good for 4 days of skiing for just $99 in celebration of the Crested Butte resort’s 50th anniversary.

Good news indeed. Thanks for reading day. We’ll see you in Crested Butte sometime soon!

Channing Boucher
Benson Sotheby’s International Realty
Visit My Crested Butte Real Estate Guide

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38th Annual Crested Butte Arts Festival This Weekend

Thursday, July 29th, 2010

One of the most popular summer event weekends for Crested Butte is upon us. 

The 38th Annual Crested Butte Arts Festival, happening this coming weekend from Saturday, July 31 to Sunday, Aug. 1, will draw top artists from around the United States and there will be several international exhibitors.

The festival was recently ranked the 35th best fine art and fine craft show in the country by the Arts Fair Sourcebook, a definitive guide to art festivals, and is listed as one of the Harris List’s top five fine art and craft shows in Colorado.

Open-air booths line Elk Avenue of Crested Butte’s National Historic District from 10 a.m. – 5 p.m. both days, featuring 185 artists who are selected through a very competitive jury process. 

New this year is a culinary arts demonstration tent on both days of the festival, and dinners featuring top chefs from Denver and Longmont on July 30 and 31.

In addition to the culinary art demo tent, there will be 185 visual artist booths with ceramics, drawing and graphics, fiber, glass, jewelry, metal, mixed media, painting, photography, sculpture, wearable art and wood; Art Alley, a hands-on festival all its own for kids 2-12; artist demonstration tent; an art auction tent; a beer and wine pavilion; a culinary court; and the Ragged Mountain Entertainment Stage with magic, music and more.

For  more information and a list of exhibitors and performing artists, call 970-349-1184 or go to www.crestedbutteartsfestival.com.

Thanks for visiting today and enjoy the arts!

Channing Boucher
Visit My Crested Butte Real Estate Guide

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It Sure Feels Like the Bottom

Monday, July 26th, 2010

Around the state of Colorado and here in Crested Butte, home sales – including luxury homes – are on the rise. In the Denver metro area, luxury home sales reached the highest point in nearly two years this June, demonstrating a steady improvement in the luxury home market. Sixty-seven homes sold for $1 million or more last month, up 3% from June 2010. Among the priciest pads sold last month in the Denver area was a six-bedroom, five-bathroom 9,207 square foot Denver home that sold for $3.95 million. According to the Denver Business Journal, this peak in sales can be attributed to super low mortgage rates and competitively priced homes.

Resort towns in Colorado are experiencing similar luxury market conditions. Towns like Telluride and Vail are reporting a serious uptick in luxury home sales. Telluride’s multi-million dollar market has returned. So far this year in Telluride, there have been eight home sales of more than $4 million, including three sales between $8 million and $10.1 million. Vail luxury real estate prices are the lowest since 2004 and buyers have noticed. Year-to-date sales are almost double what they were in 2009.

The Steamboat Springs real estate market saw 29 single-family homes sell in the first quarter of 2010 with an average sale price of $730,000. In Summit County the average home price in the first quarter of this year was $740,000. The average home price in Telluride during this same period was $3.33 million, topping Vail’s average sales price of $1.95 million.

In Crested Butte, luxury home prices starting dropping in early 2008. Many would-be buyers have been sitting on the sidelines, watching prices slip and waiting . Their patience appears to be paying off. Investors are entering the market and getting deals on luxury homes in the process.

Year to date, twenty-six Crested Butte-area homes have sold at an average price of $702,000 with 23% of these homes selling between $1.1 and $1.5 million. And, we have six more luxury properties currently under contract ranging in price from $990,000 to almost $4.5 million. The last sale of a Crested Butte luxury home priced over $3 million occurred in June of 2007 and we now have two homes priced at or above $3 million under contract.

Consider this: Back in 2008, forty Crested Butte-area single family homes sold at an average price of $1,085,000 and seventeen properties traded between $1 and $3 million. Twelve of these sold at $1.5 million or higher.

Last year, fifty single family homes sold at an average price of $865,000. Fourteen of these homes closed above $1 million and six properties sold at values above $2 million.

This represents a $365,000 drop in average sales prices over the last two years. For some, it’s starting to look like the market has bottomed out.

Upcoming Crested Butte Colorado Events:

Crested Butte Arts Festival – July 31-August 1, 2010 – Learn More

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby’s International Realty

Contact Channing at 970-596-3228 or via his website.
Channing’s Blog: The Crested Butte Real Estate Letter

Benson Sotheby’s International Realty | 433 Sixth Street | Crested Butte | CO | 81224

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U.S. Senate Passes Serious Financial Overhaul Bill

Sunday, July 18th, 2010

Congress passed the Federal Financial Reform bill yesterday afternoon, marking the stiffest restrictions implemented on banks and Wall Street since the Great Depression. 

The legislation passed largely along party lines with a vote of 60-39. 

According to the Wall Street Journal, once implemented, this measure will touch all areas of the financial markets, affecting how consumers obtain credit cards and mortgages, dictating how the government dismantles failing financial firms and directing the federal regulators’ focus on potential flashpoints in the economy. 

For a full Wall Street Journal article, click here.   

Thanks for visiting,

Channing Boucher
Benson Sotheby’s International Realty
Visit the Crested Butte Real Estate Guide

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New Listing in Crested Butte – Kapushion Parcel on the Fenceline

Wednesday, July 7th, 2010

 

View this property for sale at the Crested Butte Real Estate Guide

Butte Avenue beauty.

Lot 24 in the Kapushion Annexation is one of only two Kapushion parcels available on the market.

Lot 24 offers a coveted northwest location on the fenceline with the Crested Butte Land Trust land.

Enjoy absolutely stunning vistas in all directions from this oversized parcel. The land is bigger than most town of Crested Butte lots at .23 acres.

Ski out the back door, over the fence and onto groomed nordic ski tracks in the winter.

Watch for the elk that graze the Land Trust parcel in the late summer and fall.

Elk Avenue dining, shopping and the free skier shuttle stop are only a few blocks away.

Offered by Channing Boucher of Benson Sothebys International Realty in Crested Butte Colorado.
$875,000

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