Crested Butte Real Estate Market Update 10-6-10

Benson Sotheby's International Realty - Corey Dwan

Crested Butte Real Estate Market Update 10-6-10

Ending a perfect summer, the September weather was truly spectacular with several bright, crisp, clear, sunny days. The mountain sides were burning with gold, orange and red for almost three solid weeks as many more visitors flocked Elk Avenue this year to take in the unusually warm fall. We continue to be graced with dry mountain bike and hiking trails, clear blue skies and warm, summer like days. Crested Butte truly is one of the finest places on earth to live and visit.

On the current Crested Butte real estate front September was an average month with just about $10mil worth of single family homes and condos sold in the upper valley. This is down $3mil from September 2009 although we do currently have over $21mil under contract and many more in negotiations. We have sold $52,679,231 so far this year which is down only 6% from the same time last year. Yet I believe by years’ end we will surpass 2009 sales as many buyers take longer to get properties under contract, due to tough and lengthy negotiating, and the average closing takes 45 to 60 days, due to a more stringent lending environment. The majority of our years’ sales will now be occurring in October and November a month later than last year.

Click Here to View September’s Sales
Click Here to View Listings Currently Under Contract

On the economic front the Dow Jones Industrial average has rallied nearly 12% in the last 90 days closing at 10,944.72 yesterday. Possibly a sign of optimism for the US economy. Even so I believe there is quite a bit of nervousness out there as gold prices hit an all time high, $1,340 per oz., the 10-year government note dips to an unsustainable low of 2.47% +/- and the Swiss Franc settles at 96.6 cents (US) which could be signs for a turbulent future. We’ll have to wait and see what happens with the November elections as well as the impact of current and pending tax legislation before committing to where the market is truly heading. This may be why we are experiencing many new buyers entering the real estate market at the moment as they take comfort in investing at would could be the bottom of the Crested Butte market.

“While much uncertainty still remains in terms of the recovery, two facts are clear; interest rates are at an historic low and there are interesting opportunities in real estate in nearly every part of the country. “

Alexandra Lebenthal – October 5th, 2010
Lebenthal and Alexandra & James
President & CEO
Author of The Recessionistas

Please call me anytime if you have any questions regarding our real estate market, would like to update your current search criteria or discuss listing your property. Currently there are many incredible opportunities in land, single family homes and condos so send me an email to have some listings sent to you.

Click Here to View My Featured Listings

Click to Visit my Web Site – www.CrestedButteForSale.com

Click here if you would like to be added to my weekly foreclosure email list. Please note in message section “Weekly Foreclosure List Emailed.”

Best Regards,

Corey Dwan

I welcome you to continue reading below for the latest on Airline deals, Snodgrass, local art and events and national news.

Click Here to View the Latest Airline Deals

Click here to see the latest release from Dawn Cohen – local artist.

Click here to read about the success of this year’s 10th Annual Fall Festival of Beers & Chili Cook-Off at the base of Mt. Crested Butte.

Snodgrass News:

Coalition for Lifts on Snodgrass News 9-29-10 – Phil Chamberland supports CLS

Coalition for Lifts on Snodgrass News 9-30-10 – CBMR makes monumental shift in plans for Snodgrass

Foreclosure News:

Flawed Paperwork Aggravates a Foreclosure Crisis

Bank of America Halts Foreclosures in 23 States

Push to Halt Foreclosures Gains Steam

National News:

Manhattan real estate prices up 14%

Foreign Investors Not Scared of US Housing Market

Construction of New Homes Surged in August

Corey Dwan – REALTOR
Benson Sotheby’s International Realty
P.O. Box 210
433 Sixth Street
Crested Butte, CO 81224
970-596-3219 Cell
970-325-3219 World Wide Cell
970-349-6653 Office
970-797-1810 Fax
www.CrestedButteForSale.com