I found it strange today when I read another article about bidding wars for high end real estate in cities. I had read an article about this 2 weeks ago concerning San Francisco homes, this one is about NY city properties. Along with the blog I wrote about a Picasso setting a record sale about a month ago, I think we are on to something here: there is money out there and it is being spent. This is a great sign for the real estate market, I just think we may have a bifurcated market for some time, foreclosures keeping a lid on prices at the lower end, and the higher priced properties receiving great interest, from US and overseas buyers.
I have previously made a good case for real estate investment today (low interest rates, low home prices, the bond and stock markets being less interesting as investments) and it looks like we are beginning to see that trend. I think it will continue. As for Crested Butte, we are entering summer, our peak season, and the vibe around town already feels more positive and energetic. Although our market has been lagging, I have high hopes that we will experience a good uptick in real estate this summer. Short term rentals are already becoming scarce and the weather is perfect.
(Diane Aronovic is a former Managing Director at Bank of America Securities, and a real estate agent at Red Lady Realty in Crested Butte, CO)