Crested Butte Real Estate Market Update

We're smack in the middle of ski season and if you're not here, in Crested Butte, you should be!  The snow is great, all the lifts are spinning, the runs are groomed - or not - as the case should be, and the sun kisses our smiling faces most days.  Bring the sunscreen! 
There are only about 7 weeks left to ski season ... make your plans now and visit for a weekend or a week.
We have  "screaming deals" and superb homes in every sector.   Whether it's a luxurious mountain home or a fantastic near-the-slopes townhouse, or whatever your preference might be ... I have access to all the Crested Butte area listings - or you can search the MLS yourself in the privacy of your own home.  Allow me to make it easy for you -  let me find the best deals for the properties that meet your needs.

January Closings:  9
Total $ sales:  $3,494,500
Average Sales Price:  $388,277
High Sales Price:  $825,000 (124 Whiterock, Crested Butte)
Average Days on Market:  282

Currently Under Contract
Total $ Pending:  $15,450,530
Average List Price: $594,251
High List Price:  $1,495,000 (5 Ruth's Road, Crested Butte)
Average Days on Market: 272

I'm available when your friends and family are in town and would like more information about the real estate market and perhaps a tour of their favorite area.  I am very familiar with our Crested Butte inventory and know about the best deals, in town, on the mountain and elsewhere.  I'm happy to help.

Thank you for reading.  Enjoy the snow and sunshine! 

Crested Butte Homes & Land | Mount Crested Butte

Crested Butte Real Estate Update - 2009 Sales

All in all, 2009 turned out to be a fairly good year for real estate in Crested Butte. Yes, the real estate market started out very weak in 2009, thankfully it did improve and got more interesting as it came to an end. Here are the stats:

December closings: 11
Total dollar volume: $7,904,900
Average sales price: $718,627
Average days on market: 350
List price to sales price ratio: 84%
Sales over $1 million: 4 (2 in CB and 2 in Mt CB)
Sales over $2 million: 1 (12 Anthracite for $2.4 million)

The Year-In-Review Stats follow:
2009 Closings: 151 
Total dollar volume: $83,391,907
Average sales price: $552,264
Average days on market: 331
List price to sales price ratio: 88%
Sales over $1 million: 20
Sales over $2 million: 7 

Some notable items:
21 vacant lots sold this year, including a Mt Crested Butte Prospect ski-in/ski-out lot for $1,000,000. Look for a new house to be started there soon. 41 acres on Brush Creek Road traded for $2,325,000. And, in Crested Butte South, 6 lots sold! This is an indication that buyers are recognizing future value in investing in our communities and a good indicator of future development.
The single family home at 13 4th Streetin the town of Crested Butte, traded this Summer for $2,037,000 - at the highest sale price in Crested Butte to date.
Of the 151 real estate sales in the Crested Butte, 6 are short sales and 16 foreclosure properties. We're finding that though the banks are not pricing to "give-away" their inventory, they are pricing competitively for the most part. There are some really good deals out there.

Would you like to sign up to receive foreclosure listings for the Crested Butte area via email? There is no cost or obligation and it's easy.

Crested Butte Winter 2010 Calendar of Events

There is much to do in Crested Butte, Summer or Winter ... festivals, parades, ski races, snowshoe by moonlight to a gourmet dinner, fantastic shows at the Center for the Arts and on and on.  If you're coming to town and want to know what's going on while you're here, check out the Complete Crested Butte Calendar of Events at my website.

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Crested Butte is a Top Ski Destination says Woman's Day Magazine. 

It's an honor to be counted among famed and beautiful resorts like Chamonix.  Yes, Crested Butte was chosen because of not only its ski mountain but also because of the friendliness and guest services!   

Read the complete article HERE.

Real estate in Crested Butte is still affordable.  Visit Homes-in-Crested-Butte.com to search Crested Butte MLS free or see our featured listings of Crested Butte Homes.

Top 10 ways to obtain a mortgage

1. review your credit report 60 days before trying to obtain a mortgage
2. DO NOT obtain any new credit for at least 60 days prior to applying for home loan
3. Know where your downpayment is coming from 
4. Getting a gift?  The guidelines are very strict.  Check in with your lender early. 
5. reduce revolving debt to 50% of available credit, if possible
6. DO NOT pay off collections before getting approved for a loan
7. Get your paperwork in order (income, assets, bk papers, etc)
8. Get PRE-Approved before starting your search!
9. Understand how an appraisal can impact the process
10. Take a Homebuyer Education program if its your first time obtaining a mortgage!

Provided courtesy of Gary Hillman,  Mortgage Loan Officer with Bank of America,  970-275-8884.  Email:  gary.hillman@bankofamerica.com

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Sotheby's Realty Retreat in Colorado

I attended the Sotheby's Rocky Mountain Real Estate Retreat organized by Fuller Sotheby's International Realty last week.  What a wonderful, information-packed event!  The networking was phenomenal too!  Many thanks to Scott Webber, Shannel and all the sponsors that made it possible.

Our presenters were well-organized and provided great content.  For example:

• Wendy Purvey of Sotheby's International gave us the rundown, at a running pace, of the amazing world-wide reach of the marketing that Sotheby's does to attract buyers and sellers to sothebysrealty.com, with a media schedule that includes Architectural Digest.  And an exclusive affiliation with the Wall Street Journal that reaches some of the highest net worth individuals in the world.

Phil White, COO of Sothebys' International spoke about the market forecast and how Sotheby's International is growing around the world with top notch affiliations from a local and global perspective

• Neil Lyon with Sotheby's in Santa Fe, NM reviewed how to best utilize the quality tools and benefits of being part of the Sotheby's organization to gain market share in a difficult market.
• Gene Northup from Dyson & Dyson Sotheby's in Las Vegas shared what is helping him and his group lead the high end market successfully in Las Vegas and how he utilizes our global distribution system to fulfill higher expectations

We talked about how to more accurately price homes & properties when we're dealing with a moving target and how to use our global reach to market mountain resort homes. 

Personally, this event was a great networking opportunity to share what's new in Crested Butte, promote our homes for sale in Crested Butte.  Crested Butte is not as well known as Aspen or Vail but worth the trip. 

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Crested Butte Real Estate Market Update & Information

Alas, Summer is over in Crested Butte and we've managed to do a good bit of catch-up on the real estate sales end.  The first few months of the year were dismal in sales, but recent months have been stronger d showing some remarkable sales which show that there are buyers understanding value, both in real estate and lifestyle.
Of the 22 closed sales in the month of September for a total of $11,951,600.  Here is an overview and some highlights:

...2 sales in CB South: 99 Cascadilla with nearly 2000 sq ft of living space and garage sold for $325,000.  A mere $172/sf!  and 123 Huckeby, single family with over 2000 sf sold for $154/sf or $330,000.  This was a bank-owned home and an amazing deal!
... 5 condos and homes sold in town of Crested Butte:  Of note, 2 of the 5 went for over $1 million.  500 Butte sold in less than 60 days for $1.2 million and 418 Third sold for $1,195,000
11 sales in Mt CB
... Including two Pitchfork homes in Mount Crested Butte.  102 Pitchfork, 2 bedroom/2 bath sold asa short sale for $225,000 and 102 Horseshoe with 3 bedrooms/2 baths sold for $450,000
... Two Plaza condos in Mount Crested Butte.  A two bedroom for only $278,000 and a 3 bedroom condo traded for $360,000.  This is a great complex, short walk to lifts
... Another condo at Mountaineer Square at the base village of Mt Crested Butte sold with nearly 900 sf at only $450/sf was a steal for this lucky buyer. 
... a mountain cabin masterpiece in Overlook also in Mt Crested Butte - 5100 sf new luxury home on one acre, just sold for $2,872,500
... The little mountain cabin on just over 2.5 acres on Gothic Road sold for $260,000 - this will make a great close-in get-away!

Last year for the month of September a slightly lower number of real estate home sales in Crested Butte(20 in 2008 vs 23 in 2009) for a total of nearly $13 million in 2008, vs nearly $12 million in September 2009.  The reality is that although we are maintaining the 2008 volume, prices have come down ... by about 25% from 2008 to 2009. 
Yet, the sky is not falling.  25% may seem like a lot, but it must be related to the meteoric rise in prices in the preceding years.  Yes, this is an adjustment and not a welcome one ... unless you are a buyer.  The smart money knows that over the long term real estate is the very best value for your money - and, you get to enjoy it! 
Are we at the bottom of the market?  I don't have that crystal ball, but, if we are not, we are close.  Also, noting that sales prices are coming in at under 90% of asking on average, the bottom is very possibly being made.
If there is something special you've been thinking about, let me find it for  you.  There are superb properties coming available every week, at really good prices.  Let me tell you when the one you've been dreaming about comes available - before it's snapped up by someone else.  I watch the market daily and can be watching it for you!

Crested Butte Real Estate Listings  Search Crested Butte Listings on MLS for Free

Fall Foliage Crested Butte Colorado.  Yesterday we were heading out Kebler Pass to enjoy the single largest aspen grove anywhere in the world but decided to detour onto Ohio Creek Road since we had never been on it before.

Add Ohio Creek (connects from just outside Gunnison to just after the Irwin turn off on Kebler Pass Road) to the 6 Places to Find Fall Foliage in Colorado.

This narrow dirt road is smooth enough to travel without 4 wheel drive, with little or no traffic, offered stunning vistas with lots of spots of intense color, views of Castle Rock and stunning valleys.  Ohio Creek is close enough to Crested Butte to give you ample time to enjoy a fantastic dinner in our historic town after you enjoy your visual feast.

Folks, the leaves are beginning to peak.  This coming week to 10 days will be the best at this altitude.  Save the lower altitudes for later and come on up to Crested Butte.  Here are some more photos...

Viist my Crested Butte Real Estate Website and search the Crested Butte MLS free

Crested Butte Harvest Festival Vinotok this Weekend.  Already today, as I sat outside Pitas in Paradise at lunch time there were various characters walking around in costume in anticipation of the festivities which have already begun.  I missed Story Telling and Liar's Night but will definitely be on hand for the burning of the Grump.

Burning the Grump, along with everyone's grumps and complaints which have been collected in several boxes about town will cleanse us of any "bad" or unwanted feelings and start the season off fresh, ready for fall and a winter full of skiing. 

Crested Butte is a whimsical, friendly community with lots of unique celebrations that are embraced by the community.  Vinotok, I have heard, is a throwback to the Croatian Fall Festival, which is where many of the old timers came from. 

Although my father was also born in Croatia, I, unfortunately, do not have much experience with things Croatian, since my father left home when he was merely 13 and moved to the Italian mainland before coming to the United States.  Still, it makes me very happy to be ensconced in a community with the same roots as mine.  I look forward to Vinotok in Crested Butte and hope to see you there!

These great photos are courtesy of the Gunnison-Crested Butte Tourism Association.

Crested Butte Calendar of Events,  Crested Butte Homes

Crested Butte Harvest Festival Vinotok this Weekend

The Colorado Grand is in Crested Butte, Colorado, tonight .... on its way from Vail and off to Breckenridge tomorrow.

So what is possibly better than driving a great sports car on twisty roads with fantastic views?
How about driving great sports cars (and old race cars) on twisty roads with great views and a police escort!  Never have to worry about speed traps, that's for sure!

So the Colorado Grand left Vail today for a 1000 mile tour of Colorado and stopped today in our little town of Crested Butte on its route around the stunning mountain roads of Colorado.

85 entries of pre-1961 vintage sports cars and sports racers including a 1960 Ferarri 250 Testa Rossa, two Mercedes-Benz 300SL gullwings, a Bugatti type 57 and type 35 grand prix race car along with 80 other spectacular vehicles.

So, come visit us in Crested Butte ... the scenery is awesome and you never know what you might see, and enjoy the ride!

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