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

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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