FALL 2013 REAL ESTATE MARKET UPDATE
By Doug Duryea, Managing Broker/Realtor
Summer 2013 has come and gone in Crested Butte, and what a summer it was. Record breaking numbers of visitors came to the area this summer. I don’t recall the streets of town ever being so busy, especially during the Fourth of July week. Local shop keepers, restaurant owners, and property managers were all reporting that business was way up this summer.
Real estate activity was also way up this summer. Our MLS system shows that from June-September 2013 there were 116 properties sold in the northern part of the valley (CB South to Mt. CB) with total sales dollars of $52,076,280. This represents a 73% increase over the same time period in 2012, where total sales dollars were $30,089,720 (72 properties sold). This strong activity has continued into our off season so far as evidenced by the 48 properties that are currently under contract- representing another $25M in sales dollars that will be closed on soon.
Also encouraging is the fact that this recent surge in activity is being experienced in all areas of the northern valley and is being realized in a wide variety of properties from low-end $50K condos to record breaking sales in high-end luxury homes. A Prospect ski area home recently sold for $4.25M, the highest priced home ever sold in that area. Certain properties, such as the Chateaux condos in Mt. CB and single family homes in CB South, have witnessed multiple offers and bidding wars. Other real estate, like vacant land, has seen some very high selling prices; such as a 35-acre Reserve at East River lot selling for $1.15M and a small .14-acre town of CB lot selling for $1.25M.
As our Aspen trees are about to drop their yellow leaves and winter approaches our area, we are optimistic that we will continue to experience robust real estate activity this ski season. Our inventory levels continue to drop throughout the area and foreclosures and short sales are no longer part of the norm. I continue to hear other agents say that they need more properties to sell. And I’m starting to hear of potential developers with plans to build. All these are very encouraging signs of continued strength in our market.
For more up-to-date market data, or to receive free market analysis of your property, please contact our full-service brokerage. If you are out skiing this winter, come on by and visit us at our conveniently located real estate office at the Lodge at Mountaineer Square.
Three Seasons #306
2 Bed | 2 Bath | 719 sq.ft. | $110,000
Top floor, quiet, upgraded condo with tile floors, lighting, kitchen countertops, cabinets and appliances. Bathroom vanities and counters, wainscoting throughout and the price includes the gorgeous upscale furniture package. Wood burning fireplace and private balcony with grill. On site amenities include indoor heated pool and hot tub, conference room, game room, indoor bike storage and on site check-in. On the free mountain shuttle. Contact Colette Kraatz at 970-376-7304 or see more information here.
Black Bear Lodge #201
2 Bed | 2 Bath | 1 002 sq.ft. | $425,000
Sunny, corner location gives this ski condo fantastic views. Upgraded kitchen and bathrooms, ceiling fans, Texas mesquite hardwood floors, river rock fireplace, jetted tub and large steam shower in master. Heated underground parking, 80-yard walk to the slopes. On the free bus route. Offered fully furnished. Contact Doug Duryea at 970-275-2355 for more information or view a virtual tour.
The Lodge at Mountaineer Square #509
2 Bed | 3 Bath | 1,357 sq.ft. | $620,000
Strong rental history in this residence that has a lock- off bedroom that can be rented separately. Upgraded living room furniture and new flat screens in living room and both bedrooms. For details, Contact Doug Duryea at 970-275-2355.
354 Larkspur – 4 Bed | 3.5 Bath | 2,908 sq.ft.
Lakeside custom home located in Larkspur subdivision. Features vaulted ceilings highlighting Douglas-fir beams, gourmet kitchen with granite counter tops and stainless steel appliances, reclaimed hard wood floors, in floor radiant heat. Enjoy gorgeous evening sunsets on your back deck overlooking the lake with fantastic surrounding mountain views. View the photo gallery or contact Meg Brethauer at 970-209-1210 for more information.
$96,000 Price Reduction
5 Bed | 5.5 Bath | 3,975 sq.ft.
No expense has been spared on the many high-end features, including- pecan wood floors, air filtration system, water filtration system, top-of-the-line electronics system with touch screen control panels, and private library. Heated garage and driveway. Close to park, shopping, restaurants, bus stop and recreational fields. A great family vacation home!
- Lodge at Mountaineer Square # 403 – $209,000. By far the most affordable condo currently for sale at The Lodge at Mountaineer Square.
- $50,000 Price Reduction - Treasury Point #15 – 4 Bed | 3.5 Bath | $749,000
- $30,000 Price Reduction – 77 Lochleven Lane, Almont .45 Acres | $110,000
- $24,000 Price Reduction – Axtel #420, 2 Bed | 2 Bath, 883 sq.ft. | $275,000
Crested Butte Resort Real Estate sold the following properties:
- Lodge at Mountaineer Square # 505 - 2 | 3 | 1,371 sq.ft. Selling price of $649,000 equates to more than $470 sq.ft.
- Grand Lodge #507 – Studio | 1 | 395 sq.ft. | $50,000
Crested Butte Resort Real Estate brought the buyers to the following properties:
- 420 Journey’s End – Crested Butte | 4 |3.5.5 | 2,919 sq. ft. | $2,100,000
- 359 Old Cottonwood Lane – Gunnison River Banks | 3 | 3.5 | 2,298 sq. ft. | $1,500,000
- 568 Hidden River Ranch – 4.37 Acres | $ 160,000
- 206 Whiterock – Crested Butte | 3 Bed | 3 Bath | 2,413 sq.ft. | $400,000
CRESTED BUTTE MOUNTAIN CLUB
The Crested Butte Mountain Club provides convenient, personalized service and unique access to the resort and is opening up membership opportunities for the 2013-2014 ski season. Amenities of the Club include valet parking, a comfortable slope-side lounge with a concierge attendant, ski lockers, ski storage and boot dryers, exclusive resort-wide discounts and first tracks, member and guest concierge services. For more information go to www.cbmountainclub.com or call the Club line at 970-349-4987.
New Website: Crested Butte Resort Real Estate is pleased to announce a completely new web site at www.cbliving.com. For buyers, the new site showcases listings with enhanced photos, interactive maps, and easy navigation to search by the type of property or area you may be interested in. Sellers will see that the new site can showcase their property better than ever. Check it out!
With a marketing presence in the courtyard of Mountaineer Square, an exclusive mountain office and a website with unique marketing capability, we offer buyers or sellers the best in resources. You can view all our listings by visiting www.cbliving.com, stop by our office in the courtyard of Mountaineer Square, or call us at 970-349-4999 to discuss why we are the best choice for all your real estate needs. Find us on Facebook at www.facebook.com/cbliving.
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