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Realtor | Corey Dwan

Cell 970.596.3219
Corey.Dwan@SothebysRealty.com

 
 

February 2009 - Market Report

Hi Everyone,

It's currently snowing in Crested Butte as we are expected to receive over 16" in the next two days and snow is expected all week.

The market is picking up as incredible deals are being purchased by savvy investors. What was once thought ridiculous offers are now being accepted due to the fact there are many foreclosures (latest list attached) and bank owned properties available. Banks have turned desperate to have these properties taken off their books in recent weeks so I cannot stress enough that there is no better time to buy in Crested Butte. These bank owned properties and foreclosures are the driving force to lowering values here in the valley and banks have strict formulas for how low they are willing to go.

In a recent deal though a bank has accepted losses of $550,000 on a home that the first and second mortgage amounted to $1,850,000. Helocs and second mortgages in some cases are being negotiated down to 10 cents on the dollar and first lien holders have taken losses as high as 40%. For the month of January there has been $1,574,500 in sales and there is currently $14,017,444 under contract and due to close in the next couple of months.

As with many resort towns, there are Sellers that are not desperate to sell as their is an enormous amount of holding strength. In this case we simply have to submit an offer to see what is acceptable. Please call me if you would like an updated list of properties that would interest you. Below I have included flyers to three of the best home deals in the valley, make sure to scroll down to view all three.

Recently Crested Butte was featured in the New York Times Escapes and Great Homes and Destinations sections as well as named one of Travel and Leisure Magazine's Best Small Ski Towns. Check out the links below. I would also like to start making personal recommendations for great restaurants and businesses to experience while you are visiting Crested Butte. Please follow the links to two of my personal favorites below.

Best Regards,

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


News Articles:

New York Times

Travel and Leisure

http://www.nytimes.com/2009/02/06/greathomesanddestinations/06crested.html?_r=2&ref=todayspaper

Top Places to Eat and Drink:

East Side Bistro
http://www.eastsidebistro.com/
"All of our breads are made in house daily by Cucina?s Kitchen. All of our organic produce comes from the local farmers at Delicious Orchards in Paonia."

The Dogwood
http://www.thedogwoodcocktailcabin.com/

 

   
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