May 2008
With property inventories reaching all time highs, real estate sales - especially for vacant land - are flat. Values on homes and parcels in town and on the mountain remain high as there has been just enough sales activity to support strong asking prices. We've seen solid 7-figure deals for homes and slopeside condos in Crested Butte and Mt. Crested Butte and this month a homesite in the Verzuh neighborhood of Crested Butte sold for $755,000!
However, once you leave town limits, developers are slashing prices on unsold lots, offering deep discounts and 2005 pricing on some deals. The developer of the Larkspur subdivision across the street from the Crested Butte County Club dropped prices on his remaining parcels in this new subdivision significantly below what they were selling for just a few months ago, some going well below $200,000. Additionally, the developer at Buckhorn Ranch has dropped prices more than 40% on all of his remaining inventory. You can buy a small, interior lot in this neighborhood for $92,000! And, with over 50 parcels on the market in Crested Butte South, bargains can be found as sale prices are dropping below $100,000 for 1/3 acre view properties. It might be a good time to start shopping for dirt around Crested Butte!
Crested Butte Average Sale Price for a Single Family Home Last 12 months
$1,060,000 ($455,000 for condos and townhomes)
Mt. Crested Butte Average Sale Price for a Single Family Home Last 12 months
$1,302,778 ($732,000 for condos and townhomes)
Crested Butte South Average Sale Price for a Single Family Home Last 12 months
$513,000 ($287,000 for condos and townhomes)
Source: Gunnison Country Association of Realtors MLS
March 2008
The Crested Butte real estate market continues to churn along in spite of national concerns of a recession as investors remain bullish on our ski town reminding us all know that real estate is a highly localized industry.
Year-to-date 2008 activity for residential properties is consistent as we've seen 18 deals close representing just over $15,500,000 in volume. 4 of the 18 residential deals included homes priced from $1.5 million to $2.85 million. The average days-on-market for these residential sales was 299 days.
For land, we've realized 9 land deals representing $3,440,000 in volume. The local market for vacant land in our area is currently quite polarized. Some vacant land parcels in Crested Butte South (10 miles south of Crested Butte) are selling for below $100,000 for the first time in 3 years. A 4/10th of an acre lot on Neville Way sold for $98,500 recently and there are 2 other parcels for sale under $100K and 33 parcels for sale in CB South priced under $200K.
Meanwhile, up the road in the town of Crested Butte and on the mountain in Mt. Crested Butte land is selling at prices on the other end of the spectrum. A recent 50 ft. x 125 ft. parcel on Sopris Avenue sold for $550,000 and a Prospect neighborhood parcel on the back side of Mt. Crested Butte just sold for $875,000. A 45 acre parcel at Trappers (above the town of Crested Butte) sold for $700,000.
Last week, the Buckhorn Ranch subdivision (5 minutes from downtown Crested Butte) was put under contract. This deal could end up being the one of the largest real estate transactions in our town's history. Asking price on this 200+ lot subdivision is $35 million. Parcels at Buckhorn Ranch range in size from sub-quarter acre home sites up to larger 1 and 2 acre tracts. Learn more about Buckhorn Ranch
More publicity for Crested Butte. The media's love affair for our community and resort continues.
CNN.com published a Taking the Kids: to Rustic Crested Butte article. Read the article here.
January 2008
The new year has started off with good demand for real estate in Crested Butte. Real estate agents around the local market report that home shopping picked up over our recent holiday season. Properties were being shown and buyers wrote offers for condos and single family homes. Agents expect the holiday shopping demand to equate to a spike in sales activity during the first half of 2008.
Aside from the 51 Cimarron condo units under contract from 2007 sales work which inflate our figures (the building isn't built yet), there are an additional 17 residential listings currently under contract. Buyers put real estate under contract in Mt. Crested Butte, Meridian Lake, Skyland, in town and in Crested Butte South. Of all 68 properties under contract, 18 are valued over a $1 million and 18 are asking $509,000 or less. The biggest pending transaction is the Crested Butte Club in downtown Crested Butte. Asking price: $2,480,000.
Vacant land activity is a bit quieter and totals 5 parcels under contract. Yes, it can be a challenge to buy something that is beneath all of the great snow we've received. But, considering the average asking price for these parcels is $894,000 and only 1 of the 5 properties is a 35 acre lot buyers are not shying away from our valuable real estate even in the middle of winter.
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