Similar to Crested Butte, sales around snow and ski resorts in the Western US are flat lining but prices remain high and there is just enough sales activity each month to galvanize sellers and keep asking prices high. We’ve seen 7-figure priced sales of homes and slope side condos in Mt. Crested Butte and today a vacant parcel in the Verzuh neighborhood of Crested Butte sold for $755,000! Bargains are starting to pop up for vacant land in places like Crested Butte South but home prices in this community 10 miles from town still average $255 to $300 per square foot.
In Jackson Hole Wyoming, there have been 25 per cent fewer real estate sales in the first quarter of 2008 compared to 12 months ago. Interestingly, the median price of those sales that occurred was up 86 per cent. David Viehman of Jackson Hole Real Estate and Appraisal says the prices of some high-end properties have been reduced to more accurately reflect market conditions.
In Telluride, the local realtors remain optimistic even as the real estate market there tumbled through the winter. Agents are looking to the summer for a recovery in the market. In April, Telluride saw $23 million in sales – not bad but not great when you consider they did $68.5 million for the same month last year.
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