Greetings from Crested Butte!
Our real estate market continues to show promising signs of a genuine rebound. Year-to-date, we have sold 65 home and condo properties valued at $32 million. There are an additional 39 residential properties currently under contract. This is very impressive considering we haven’t hit the busy summer selling season yet.
Vacant land in Crested Butte is selling again. Year-to-date, we’ve seen 24 closings with another 6 parcels under contract. However, we still have a glutted inventory of land, 286 listings to be exact. The biggest obstacle to working our way out of this market condition is the lack of financing. Banks simply won’t make attractive loan packages on vacant land so the sales we are seeing are “all cash” purchases. Motivated sellers are pricing their offerings very low in order to attract cash buyers and in some locations it’s working. Mt Crested Butte has realized 15 land sales so far in 2012, Crested Butte South another 5 sales.
Sixth Street Station Gains Development Approval
The proposed Sixth Street Station development has gained a major approval from Crested Butte officials and a big step toward possibly happening. The Crested Butte Board of Zoning and Architectural Review (BOZAR) approved the four block PUD project last week with several conditions after almost ten hours of review over two evening meetings. Read Article
Crested Butte Sees Real Estate Investments from Bigger Players
New Los Angeles Dodgers owner, Chicago financier Mark Walter, is making headlines in Crested Butte. Interesting read in the LA Times with a reference to his recent purchase of the Grubstake Building in downtown Crested Butte. Read Article
Summer Events Calendar in Crested Butte
Here are some fun events that take place in downtown Crested Butte in the summer.
Click on the event to get more information.
- Crested Butte Restaurant Week (June 8–15)
- Crested Butte Farmers Market (Sundays and Thursdays, June–Oct)
- Crested Butte Bike Week (June 21-24)
- Alpenglow – Free Outdoor Concerts in the Park (Every Monday from June 25 –August 13)
- Crested Butte Music Festival (Jun 30–Aug 12)
- 4th of July Celebration with Parade, Music, Fireworks!
- Crested Butte Wildflower Festival (July 9–15)
- Crested Butte Arts Festival (August 4–5)
- Chefs on the Edge Culinary Competition (August 20)
- USA Pro Cycling Challenge ~ Two Stages, One Destination (August 21–22)
- AWEfest: Artists of the West Elk Art Displays (July and August)
- Crested Butte Film Festival (September 27–30)
Thanks for reading today! If you have any questions or comments, contact me anytime.
Benson Sotheby’s International Realty