Crested Butte, CO

Hello from cold and sunny Crested Butte Colorado!

As we head into the 2009-2010 ski season in Crested Butte, it's time for a little market recap and "look back" at this year's sales data and how it compares to previous years. The numbers don't lie.

While we have experienced some record breaking sales for homes in our valley this year it is obvious that the real estate market is depressed. Prices went down and the number of transactions across all categories of our real estate is lower than previous years.

Still, demand exists for our offerings and buyers appear to be taking advantage of lower prices and a huge inventories of homes, condos and vacant land. These documents were prepared by Benson Sotheby's International Realty representatives. They are in a printable, downloadble PDF format.

Home Sales - 2009 | Condo Sales - 2009 | Vacant Land Sales - 2009

Multi-Year Market Analysis - 05-09

Go Here for Complete Crested Butte Real Estate Market Information and Commentary

Thanks for reading today,

Channing Boucher
CrestedButteBroker.com

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

View September 2009 Newsletter (HTML)

Happy Fall from Crested Butte!

Supplies of Crested Butte homes and land for sale are as high as they've ever been and in spite of improving demand for area homes and condos and a record breaking home sale, buyers are seeking and getting good deals on our real estate. There are 695 homes and condos for sale and 427 listings for land and ranches for sale from Almont north to Mt. Crested Butte.

After a very slow start to 2009, many sellers faced facts and prices began to fall. By mid-summer, it seemed like a "buy button" was pushed, shoppers became purchasers and our market gained momentum. Of the 98 homes and condos sold so far this year, 60 of these deals occurred after July 1. (There are an additional 30 homes and condos currently under contract.)

By comparison, 2009 is outpacing 2008 in terms of actual sales - 98 home sales vs. 83 last year. The market is behind in volume: $55 million vs. $60 million in 2008. It still takes about the same time to sell a home or condo in Crested Butte. Our current days on the market is 315 days vs. 325 days for 2008.

How much have prices adjusted?

Consider this: Year-to-date, the average residential sales price is $562,000 and the median sales price is $385,000. In 2008, the average residential sales price was $742,000 and the median sales price was $508,000.

After adjusting my eyes and looking at my calculator again, it appears our real estate has seen a 25% drop in prices since 2008. It's true that our market has realized decent high-end sales activity. 16 homes and condos have sold for $900,000 or greater. The highest sale came this week: $2.88 million for a new spec home in Mt. Crested Butte. Crested Butte's highest home sale (the record breaker) was just over $2 million.

But, even the top of the market is seeing pricing declines. Much of the property in our market is selling at 75% to 85% of its original asking price - many as low as 50% - 60%! Crested Butte homes are averaging 75% and Mt. Crested Butte homes are selling at 79% of their original asking price. Mt. Crested Butte condos are closing, on average, at 73% of their original asking price.

Perhaps the best value proposition in Crested Butte real estate today is vacant land. Of the 427 active land listings in our local market, only 15 sales have closed in 2009. Last year at this time, 40 land properties had sold by the end of September. Average and median sales prices for land have dropped dramatically as well. Last year's median sales price for raw land was $300,000. Today it's around $210,000. In 2007, the median sales price for land was $468,000. Might be a good time to start shopping our land offerings.

Thanks for reading today!

Channing Boucher
Benson Sotheby's International Realty
Local Knowledge Global Reach

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