Realtor | Corey Dwan

Cell 970.596.3219
Corey.Dwan@SothebysRealty.com

 
 

May 2008 - Market Report

Hi Everyone,

Well, there was quite a lot of activity this summer in the Gunnison Valley considering the status of the national real estate market and financial markets. Below are the properties currently under contract or that have sold since May 25, 2008. Many bargains were to be had for the wise investor as many Seller's adjustable rate mortgages shifted higher causing an influx of foreclosures and short sales. I suspect we will see a steady supply of these deals in the months to come. These deals are being purchased which in the long run will lower our inventory of inexpensive properties and ultimately allow the remaining inventory to appreciate once again. Cash is king is this market and now is the time to buy as we may be approaching the bottom of the real estate market. My favorite quote from Warren Buffett is getting some attention on the national news as he has started buying all over the board, ?We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.? Some interesting data on the southern California real estate market: Sales are 65% higher than that of one year ago and over 50% of these sales were foreclosures.. This shows that investors are out and buying in large numbers.

Due to some incredible bargains and low sales prices here in Crested Butte there has been pressure on other Sellers to lower their prices and many have done so (Please click the links below for some of the best deals in the valley right now). The vast majority and those who do not need to sell refuse to lower prices as they see value in their investments. Attached is a graph depicting Average and Median home and condo prices for the last three years and to date for 2008. Notice how single family homes are on a steady incline and condos have been on a steady decline. I attribute this to the fact that the condo market was the easiest and least expensive market to get into here. Many of these investors bought with 2, 3 or 5 year arms and they are coming due. With the inability to obtain new financing, these sellers are desperate to unload before their losses increase. I will be sending a year end report in January so that you can see year end totals and sales that occur after the election.

As you can see with the attached graph of reported summer sales, land has been the hardest hit. This has caused a desperate environment for our local construction companies, builders and architects who are extremely hungry for work. As the inventory of land increases and values decrease this may be the best opportunity to purchase land and build a home in the valley. Inexpensive money is still available for those with great credit and full doc loan applications (See attached Crested Butte Savings and Loan rate sheet). Unfortunately for those Buyers with stated income there appears to be no current programs for lending.

Property Links are valid for 30 days only.

My Listings:
Click Here to View Listings

Deals on Homes:
Click Here to View Listings

Deals on Condos:
Click Here to View Listings

Deals on Land:
Click Here to View Listings

CNBC News:
http://www.cnbc.com/id/15840232?video=896809114&play=1
http://www.cnbc.com/id/15840232?video=894230974&play=1
http://www.cnbc.com/id/15840232?video=893717093&play=1
http://www.cnbc.com/id/27281270/for/cnbc/


As always, if you ever need additional information or new listings sent to you please send me an email and I would be happy to do so.
Best Regards,
Corey Dwan

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



Summer 2008 Under/Contract and Solds for Single Family and Condominiums
CMA Summary Report
RESIDENTIAL - Active


RESIDENTIAL Summary Statistics
High Low Average Median
LP: $2,300,000 $175,000 $827,851 $659,000
SP: $1,895,000 $135,000 $802,666 $695,000
ADDRESS MLS # DOM Status Close Date FinishedSF DOM LP $/FinishedSF SP $/FinishedSF
551 Grand Lodge, West Wing 30088 103 Under Cont-Take Backups 494 103 $175,000 $354.25
105 Pitchfork
29491 196 Under Cont-Take Backups 864 196 $199,000 $230.32
108 Butte Avenue
29468 199 Under Cont-Take Backups 1064 199 $200,000 $187.97
73 Endner Place B
30407 38 Under Cont-Take Backups 1516 38 $349,000 $230.21
Unit 19 Eagle's Nest
30185 97 Under Cont-Take Backups 1191 97 $355,000 $298.07
D2 Ponderosa
27079 672 Under Cont-Take Backups 961 672 $359,000 $373.57
337 Cement Creek Road, Unit B 28156 482 Under Cont-Take Backups 1872 482 $374,900 $200.27
337 Cement Creek Road, Unit C 30381 42 Under Cont-Take Backups 1872 42 $374,900 $200.27
337 Cement Creek Road, Unit D 28157 482 Under Cont-Take Backups 1824 482 $385,000 $211.07
#20 Eagle's Nest
30189 83 Under Cont-Take Backups 1191 83 $411,000 $345.09
102D Big Sky
28717 406 Under Cont-Take Backups 1417 406 $427,555 $301.73
123 Huckeby Way
27894 506 Under Cont-Take Backups 2414 506 $450,000 $186.41
83 Floyd Avenue
30179 84 Under Cont-Take Backups 2364 84 $519,000 $219.54
710 Ninth St
28683 409 Under Cont-Take Backups 1750 409 $689,000 $393.71
731 Maroon Ave.
28268 467 Under Cont-Take Backups 2630 467 $950,000 $361.22
319 The Lodge
30160 95 Under Cont-Take Backups 1340 95 $956,544 $713.84
10 Teocalli Ave.
27743 525 Under Cont-Take Backups 1979 525 $985,000 $497.73
14 Nevada Summit Drive
29151 292 Under Cont-Take Backups 2988 292 $2,292,000 $767.07
16 Nevada Summit Drive
29152 292 Under Cont-Take Backups 2988 292 $2,292,000 $767.07
7 Journey's End Rd
29861 137 Under Cont-Take Backups 3813 137 $2,300,000 $603.20
Total Listings Avg Avg Avg Avg Avg
20 280 $752,194 $372
RESIDENTIAL - Sold
ADDRESS MLS # DOM Status Close Date FinishedSF DOM LP $/FinishedSF SP $/FinishedSF
523 Grand Lodge
28518 398 Sold-Inner Office 9/22/2008 433 398 $189,000 $436.49 $135,000 $311.78
26 Castle Rd
29886 112 Sold-Inner Office 10/1/2008 1023 112 $225,000 $219.94 $180,000 $175.95
Unit 8 Elk Ridge III
25684 931 Sold-Co-Op By BOR Member 10/3/2008 878 931 $267,500 $304.67 $230,000 $261.96
651 Gothic Road 104 A
29803 83 Sold-Co-Op By BOR Member 8/26/2008 1097 83 $259,000 $236.10 $250,000 $227.89
108 Pitchfork, Unit A
30361 20 Sold-Co-Op By BOR Member 9/23/2008 956 20 $250,000 $261.51 $255,000 $266.74
710 Gothic Road
29350 128 Sold-Co-Op By BOR Member 7/1/2008 878 128 $257,500 $293.28 $257,000 $292.71
108 Mountain Sunrise
29237 242 Sold-Co-Op By BOR Member 9/29/2008 927 242 $285,000 $307.44 $260,000 $280.47
709 Red Lady Ave Unit A
27792 493 Sold-Inner Office 9/25/2008 1024 493 $325,000 $317.38 $310,000 $302.73
403 The Lodge
28910 1171 Sold-Co-Op By BOR Member 5/30/2008 453 1171 $335,000 $739.51 $314,900 $695.14
628 Teocalli Ave. #1 Slate River Condos 29184 245 Sold-Co-Op By BOR Member 9/17/2008 993 245 $355,000 $357.50 $335,000 $337.36
20 Snowfall Drive
30233 43 Sold-Co-Op By BOR Member 9/10/2008 1074 43 $349,000 $324.95 $349,000 $324.95
239 A Bryant Avenue
27763 390 Sold-Co-Op By BOR Member 6/9/2008 1365 390 $399,000 $292.31 $350,000 $256.41
7525 Cement Creek Road
28142 340 Sold-Inner Office 5/31/2008 510 340 $427,000 $837.25 $427,000 $837.25
297 Cascadilla
28889 251 Sold-Co-Op By BOR Member 6/27/2008 2232 251 $475,000 $212.81 $427,500 $191.53
732 Teocalli Ave, Unit B
28172 354 Sold-Co-Op By BOR Member 6/10/2008 1332 354 $450,000 $337.84 $435,000 $326.58
66 Cisneros
29475 72 Sold-Non-Member 6/18/2008 2533 72 $549,000 $216.74 $520,000 $205.29
812 Whiterock Avenue
28892 235 Sold-Co-Op By BOR Member 6/16/2008 1944 235 $659,000 $338.99 $650,000 $334.36
149 Brackenbury St.
27070 536 Sold-Co-Op By BOR Member 6/2/2008 2418 536 $725,000 $299.83 $665,000 $275.02
CMA Summary Report
RESIDENTIAL - Sold
ADDRESS MLS # DOM Status Close Date FinishedSF DOM LP $/FinishedSF SP $/FinishedSF
4A Villas
29525 87 Sold-Co-Op By BOR Member 7/15/2008 1878 87 $750,000 $399.36 $680,000 $362.09
1 Links Court
29912 108 Sold-Co-Op By BOR Member 10/2/2008 1930 108 $715,000 $370.47 $695,000 $360.10
731 Red Lady Ave
29095 272 Sold-Inner Office 9/12/2008 1675 272 $739,000 $441.19 $700,000 $417.91
728 Whiterock Av.
26233 782 Sold-Inner Office 7/23/2008 2597 782 $895,000 $344.63 $800,000 $308.05
132 Maroon Ave.
29805 98 Sold-Inner Office 9/10/2008 1368 98 $875,000 $639.62 $815,000 $595.76
25 Winterset
29809 76 Sold-Co-Op By BOR Member 8/19/2008 3492 76 $895,000 $256.30 $820,000 $234.82
10 Ruby Drive
25805 919 Sold-Co-Op By BOR Member 10/15/2008 3216 919 $875,000 $272.08 $822,000 $255.60
346 Meadow Drive
29226 246 Sold-Co-Op By BOR Member 9/24/2008 3225 246 $1,050,000 $325.58 $911,225 $282.55
10 Morning Glory Lane 27138 569 Sold-Co-Op By BOR Member 7/30/2008 2722 569 $1,195,000 $439.02 $975,000 $358.19
608 The Lodge
28790 453 Sold-Inner Office 6/11/2008 1425 453 $1,055,220 $740.51 $987,000 $692.63
814 Sopris Ave
24342 1184 Sold-Co-Op By BOR Member 9/2/2008 2614 1184 $1,275,000 $487.76 $1,100,000 $420.81
47 Castle Rock Court
29097 283 Sold-Inner Office 9/23/2008 3891 283 $1,249,000 $321.00 $1,190,000 $305.83
220 The Lodge
25711 834 Sold-Co-Op By BOR Member 7/3/2008 2136 834 $1,285,356 $601.76 $1,212,600 $567.70
821 Sopris
21980 1649 Sold-Co-Op By BOR Member 8/15/2008 2125 1649 $1,439,000 $677.18 $1,299,000 $611.29
819 Belleview
29404 136 Sold-Co-Op By BOR Member 9/30/2008 2853 136 $1,669,000 $585.00 $1,585,000 $555.56
39 Anthracite
26359 729 Sold-Co-Op By BOR Member 6/26/2008 3960 729 $1,695,000 $428.03 $1,600,000 $404.04
31 Wildhorse Trail
30477 0 Sold-Inner Office 9/26/2008 2854 0 $1,630,000 $571.13 $1,630,000 $571.13
89 Anthracite Drive
28053 452 Sold-Inner Office 8/29/2008 3740 452 $1,950,000 $521.39 $1,700,000 $454.55
65 Anthracite Drive
29929 71 Sold-Inner Office 8/26/2008 3688 71 $1,950,000 $528.74 $1,700,000 $460.95
Lot #18 Wildhorse @ Prospect 30135 94 Sold-Inner Office 7/31/2008 3411 94 $1,836,750 $538.48 $1,836,750 $538.48
13 Glacier Lily Way
29534 162 Sold-Co-Op By BOR Member 10/1/2008 3320 162 $1,995,000 $600.90 $1,895,000 $570.78
Total Listings Avg Avg Avg Avg Avg
39 390 $866,649 $421 $802,666 $390

Summer 2008 Under/Contract and Solds for Land
CMA Summary Report
LAND - Active


LAND Summary Statistics
High Low Average Median
LP: $1,750,000 $99,750 $430,635 $235,000
SP: $1,750,000 $99,500 $578,450 $442,500
ADDRESS MLS # Status Area Sale/Rent # Acres DOM LP $/# Acres SP $/# Acres
S-10 Larkspur
28009 Under Cont-Take Backups Rural CB For Sale 0.20 496 $140,000 $700,000.00
S-42 Larkspur
26666 Under Cont-Take Backups Rural CB For Sale 0.21 794 $150,000 $714,285.71
S-27 Larkspur
28013 Under Cont-Take Backups Rural CB For Sale 0.29 496 $200,000 $689,655.17
S-26 Larkspur
28012 Under Cont-Take Backups Rural CB For Sale 0.32 496 $210,000 $656,250.00
S-33 Larkspur
30124 Under Cont-Take Backups Rural CB For Sale 0.20 96 $210,000 $1,050,000.00
S-28 Larkspur
28015 Under Cont-Take Backups Rural CB For Sale 0.29 496 $220,000 $758,620.69
S-32 Larkspur
28021 Under Cont-Take Backups Rural CB For Sale 0.25 496 $220,000 $880,000.00
S-44 Larkspur
28024 Under Cont-Take Backups Rural CB For Sale 0.27 496 $230,000 $851,851.85
S-29 Larkspur
28018 Under Cont-Take Backups Rural CB For Sale 0.29 496 $235,000 $810,344.83
S-30 Larkspur
28019 Under Cont-Take Backups Rural CB For Sale 0.29 496 $235,000 $810,344.83
S-45 Larkspur
28025 Under Cont-Take Backups Rural CB For Sale 0.21 496 $240,000 $1,142,857.14
22 Silver Sage Drive East
28140 Under Cont-Take Backups Rural CB For Sale 0.58 483 $425,000 $732,758.62
Tract 14 CB Meadows
29238 Under Cont-Take Backups Rural CB For Sale 36.59 258 $549,000 $15,004.10
Lot 52 Red Mountain Ranch
30038 Under Cont-Take Backups Rural CB For Sale 36.60 111 $995,000 $27,185.79
Total Listings Avg Avg Avg Avg Avg
14 443 $304,214 $702,797
LAND - Sold
ADDRESS MLS # Status Area Sale/Rent # Acres DOM LP $/# Acres SP $/# Acres
L13,B23 Zeligman
26868 Sold-Co-Op By BOR Member CB South For Sale 0.40 635 $99,750 $249,375.00 $99,500 $248,750.00
285 Neville Way
29792 Sold-Co-Op By BOR Member CB South For Sale 0.44 119 $148,500 $337,500.00 $120,000 $272,727.27
Lot 1 Block 28 Filing 4
29327 Sold-Co-Op By BOR Member CB South For Sale 0.48 215 $189,000 $393,750.00 $150,000 $312,500.00
67 Castle Rock Court
29309 Sold-Inner Office Rural Mount CB For Sale 1.00 230 $395,000 $395,000.00 $350,000 $350,000.00
Lot S-116, Skyland
29880 Sold-Inner Office Rural CB For Sale 0.37 106 $495,000 $1,337,837.84 $425,000 $1,148,648.65
568 Hidden Mine Road
29982 Sold-Co-Op By BOR Member Rural CB For Sale 35.10 21 $599,000 $17,065.53 $460,000 $13,105.41
2 Hidden River Road
27696 Sold-Co-Op By BOR Member Rural CB For Sale 4.76 472 $625,000 $131,302.52 $625,000 $131,302.52
Lot 26 Kapushion Subidivision 30188 Sold-Co-Op By BOR Member Crested Butte For Sale 0.21 26 $825,000 $3,928,571.43 $855,000 $4,071,428.57
11 Danni Ranch
30478 Sold-Inner Office Rural CB For Sale 35.36 0 $950,000 $26,866.52 $950,000 $26,866.52
Tract 13 Reserve on the East River 29716 Sold-Inner Office Rural CB For Sale 35.00 126 $1,750,000 $50,000.00 $1,750,000 $50,000.00
Total Listings Avg Avg Avg Avg Avg
10 195 $607,625 $686,726 $578,450 $662,532

 

   
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