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Hello from Crested Butte!
Will 2010 be remembered as the year of the price wars in Crested Butte real estate? 2009 saw decent real estate activity in our little resort community but that activity came at a price – no pun intended.
Of the 19 single family homes that sold in the town of Crested Butte last year, days on market was 371 and the average sales price was 74% of the original list price. Up in Mt. Crested Butte, 13 single family homes sold at an average of 69% of the original list price and it took an average of 433 days on the market to get those homes sold. There were 45+ condos sold in Mt. Crested Butte in 2009 at an average of 73% of their original list price.
For 2010, it looks like these price wars will continue. With over 560 homes, condos and townhomes actively listed on the market in Mt Crested Butte, Crested Butte, Skyland and Crested Butte South, competition among sellers is fierce to say the least.
What does this mean for interested buyers? It’s time to deal. Read this NY Times article for more insight.
Interest rates on residential loans are still highly attractive, prices on real estate are way down from 2005-2006 highs and let’s face it, buying a hard asset like real estate, particulary “lifestyle” real estate like we have in Crested Butte, is a great investment option to the volatile stock and bond markets.
There are many very nice opportunities in our marketplace – in town, up on the ski mountain, out at Skyland and Buckhorn Ranch and down in Crested Butte South. Many of the properties on our market are now being offered for less that it would cost someone to buy the land and build new.
Upcoming Events in Crested Butte:
Race Across the Sky Leadville 100 Bike Race Film at Center for the Arts – Feb. 5, 2010
Thanks for reading today!