Crested Butte Real Estate Market Update & Information

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!

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