The Crested Butte Connoisseur
Brought to you by Corey Dwan of Benson Sotheby's International Realty
Real estate sales have continued to rise dramatically with 193 sales of condos and single family homes in the upper valley now representing a 28% increase over the same period last year. With $88,065,653 in sales and another 30 transactions of over $12,486,980 under contract we should surpass the $100,000,000 mark for the year, a feat that has not been accomplished since 2007! With some prices up to or more than 50% off from the height of the market in 2006 we are seeing many more transactions as great real estate opportunities are being taken advantage of by savvy buyers.
Land sales have more than doubled in the last two months with 49 transactions so far this year for a total of $6,739,850 now representing a 49% increase over same period last year! Another $1,424,900 worth of land is currently under contract and due to close soon.
Even though the national real estate market continues to falter there are clear indications that the Crested Butte market has entered the bottom and we have begun a healing process:
1. Inventory is way down. Currently we have only 36 single family homes on the market in Mt. Crested Butte compared to approximately 85 a couple of years ago. 160 active Mt. CB condos and town homes compared to roughly 320 a couple of years ago. In CB South there is only 27 active single family homes and condos available. Two years ago it seemed hopeless we would ever get through the inventory on the market!
2. Sales have increased every year for the last three years in the upper valley. 2008: 111 sales, 2009: 136 sales, 2010: 150 sales and so far in 2011: 193 sales.
3. Complexes like West Wall Lodge, Mountaineer Square and even the Grand Lodge have sold all of their distressed units with only two more on the horizon in the Grand Lodge. With 10 sales this year as low as $236 a square foot West Wall Lodge prices have returned to an average list price of $483 a square foot! Mountaineer Square enjoyed 12 sales this year with prices as low as $269 a square foot and now average list price is $472 a square foot. Even the Grand Lodge sold 15 units this year with prices as low as $106 a square foot and average list prices have now risen to $244 a square foot with only 21 active listings, over half of what was on the market a little over a year ago!
4. According to Jeff Moffett, director of Crested Butte vacations, room reservations are up 8% and group reservations are up 7% from last year. The goal is to increase skier days by 2.6 percent over last year, to roughly 370,000 skier visits.
5. Sales tax collections from businesses on Mt. Crested Butte continue upward with this September 6% higher than collections in the same month last year. In the town of Crested Butte sales tax is up more than 7% for the year.
In This Issue:
329 Maroon Avenue, Crested Butte
26 Whetstone Road, Mt. Crested Butte
142 Larkspur Loop, Crested Butte
49 Cinnamon Mtn. Road, Mt. Crested Butte
309 Third Street, Crested Butte
2011-2012 Winter Airline Schedule
Winter is ramping up and so is our air service into the
Gunnison-Crested Butte Regional Airport (GUC)! We have non-stop
flights to and from Denver on United Airlines, Houston on Continental
Airlines and Dallas/Ft. Worth on American Airlines. To see the
schedule visit www.FlyGCB.com
Fare Sale! Fly to or from Gunnison-Crested Butte from $292 Round trip
Price: $119.70 one way; must originate in GUC
Looking to strengthen your connection to the mountain and all the activities Crested Butte has to offer? Join the Crested Butte Mountain Club and find your home on the mountain. Contact the Mountain Club Manager, Michelle Burns, at 970-349-4987 or email firstname.lastname@example.org and tell her I sent you!
Changes to Look for on the Mountain this Season
The newly remodeled Paradise Warming House and at the top of
Painter Boy and in place of Camp4 Coffee, you?ll find Ten Peaks Beach,
where you can take a break with expanded deck seating.
|Please Visit My Favorite Gallery in Crested Butte - Oh Be Joyful Gallery
Benson Sotheby's International Realty
433 Sixth Street
Crested Butte, CO 81224