August 1st, 2011 Crested Butte Real Estate Market Update

 With the intensity of two weeks of wild flowers blanketing our beautiful mountain town, warm July days, free Alpineglow Monday night concerts and a prodigious amount of visitors our summer is off to a great start. If you missed the Fat Tire Bike Week, 4th of July, Crested Butte Music Festival, Bluegrass in Paradise, Wildflower Festival and Wine and Food Festival you will not want to miss the Crested Butte Art Festival August 5th through the 7th. The Crested Butte Arts Festival celebrates its 39th year in 2011. What began as an informal gathering of mostly local crafters selling their wares has evolved into one of the top 5 fine art and fine craft shows in Colorado, according to the Larry Harris List.  The Crested Butte Arts Festival is a non-profit, volunteer organization dedicated to the preservation of the arts in and around Crested Butte. Another event not to miss is the U.S. Pro Cycling Challenge, America’s equivalent to the Tour de France! “Witness the world’s top professional cyclists battle steep grades, hairpin turns and terrifying descents in a seven day, 518 mile long journey over one of the highest altitude courses ever created.” The one and only mountain top finish of the race ends on Mt. Crested Butte August 23rd, 2011 and the most difficult leg of the race, Gunnison to Aspen, departs Gunnison August 24th, 2011. This is history in the making so do your best to attend. For a full list of other festivals and activities in the Crested Butte area please visit my community section of my web site.

 Real estate sales have continued enthusiastically with 111 sales of condos and single family homes in the upper valley representing a 28% increase over the same period last year. It is evident with over $46,600,000 in sales and another 26 transactions or over $13,000,000 more under contract that buyers are taking advantage of the substantial decrease in median list prices ($315,000 in 2010 compared to $272,000 this year). That being said five high end homes in the town of Crested Butte with unparalleled locations and protected views have sold and/or have gone under contract in the last couple of weeks with an average price per square foot of $503.00.