Elk Avenue to Offer Sidewalk Dining
Posted on Thursday, July 22nd, 2010 at 1:24 pm by jana in Buy Crested Butte
Elk Avenue to Offer Sidewalk Dining
Sidewalk Cafes might be a sign of the times in Crested Butte soon with Elk Avenue restaurants to offer extended seating in front of their establishment. This might be a great boost to our overall economy as it would benefit some of those historic restaurants that were not able to offer outside dining previously. Local attorney, David Leinsdorf has brought this economic development option to the forefront to offer the public a “sidewalk cafe” feeling. This temporary approval by the town council will be closely watched, but in the meantime, expect to enjoy your favorite meal outside by early August!
Crested Butte Arts Festival – Amazing Talent from the Finest Artists
Posted on Monday, July 19th, 2010 at 3:36 pm by jana in Buy Crested Butte
Crested Butte Arts Festival – Amazing Talent from the Finest Artists
Considered one of the busiest weekends of the summer – and for good reason as Crested Butte is preparing for approximately 185 juried artists to show their handiwork along the streets of historic, downtown Elk Avenue. Mark your calendars for July 31st -August 1st, 2010, from 10 am to 5 pm for the 38th Annual Crested Butte Arts Festival, our signature cultural event offering some of the most unique type of artistry including glass, mixed media, drawing & graphics, wood, fiber, jewelry, metal, mixed media, painting, ceramics, photography, sculpture, and wearable art.
There’s even something for the kids being sponsored by the Crested Butte Center for the Arts called ”Art Alley“. Kids can create free work of art including Still Life With Flowers, Self Portrait, Fabric Art, Mixed Media/Collage and even an interactive Scavenger Hunt!
Ranked as one of Colorado’s Top 5 fine art and fine craft shows, the Festival made the “Art Fair SourceBook’s TOP 100 FOR 2010″ list for arts festivals nationwide. No wonder people flock to our little community during the first weekend of August to attend this well-known event - why not when you can beat the 100+ degree heat back home!
New this year, the Crested Butte Arts Festival is proud to present Culinary Arts, which features five top chefs from the Denver’s well-known restaurants offering exciting events that can be purchased in advance. For more information, click here. Of course, there is also the Culinary Court, featuring delectable fare from many fine Crested Butte restaurants as well as out-of-town vendors. Attendees can sample everything from lamb kabobs and shrimp spring rolls to spicy Italian sausage sandwiches and some of the finest barbequed beef in the state.
Million Dollar Home Sales Active
Posted on Friday, July 9th, 2010 at 4:40 pm by jana in Buy Crested Butte
Million Dollar Home Sales Active. One of the main topics of discussion for Crested Butte realtors lately is that the luxury homes are selling as the market picks up. Summer and fall are the height of Crested Butte’s selling season with a big surge of activity on the listing side for higher-end homes. This year, the upper end of the valley is showing approximately 119 million dollar plus homes on the market. Of these, about 51 have had strong price reductions, with one price reduction at $2,545,000! This is great news for luxury buyers.
According to Gunnison Country Multiple Listing Service, the list prices for these high-end properties range from$1,050,000 to $6,999,000 (Taylor Crest – 6 bedroom/7 bath home in Skyland that was Mountain Living Magazine’s past “Home of the Year” and comes fully furnished down to the 2 vehicles in the garage). The difference in price per square foot is amazing as well, ranging from $266 per square foot to a whopping $4,663 per square foot for a custom-built 2 bedroom/2 bath, 1500 sq. ft. guest home on 35 acres overlooking Peanut Lake just outside the city limits of Crested Butte.
Over the last 2 years, approximately 20 homes have sold over the million dollar mark with a total sales volume of $31,085,000 according to the Gunnison MLS. Of those, in 2009, the maximum sales price was $2,872,000 for a Faust Properties’ custom 5 bdrm/5 bath home in Overlook bordering forest service land which brought in close to a record price per square foot value of $676 during that time. So far, for 2010, Crested Butte has seen 5 sales over a million dollars with 2 new properties having gone under contract in the last 2 weeks: CBMR’s Tipple House at Prospect (list $4,500,000 million+) and a bank-owned home at Smith Hill Ranches on 35 acres (list $3,000,000 million).
It looks like Crested Butte real estate is seeing a new trend in luxury buyers. The properties in highest demand are the custom-built homes with top-of-the-line appointments throughout, reclaimed timbers, custom stonework, combined with a bit of quirky and unique being a definite bonus.
CBMR Posts Huge Price Reductions & New Inventory
Posted on Thursday, July 8th, 2010 at 1:01 pm by jana in Buy Crested Butte
CBMR Posts Huge Price Reductions & New Inventory. With prices at Prospect being reduced 27%-54% and the addition of the Prospect Turn-Key promotion, Buyers are taking a second look at the amenities offered if a person purchases one of CBMR’s homesites which include:
- Two years of taxes paid
- Two years of Full Family Membership at the CB Mountain Club
- Land financing for qualified buyers through Community Banks of Colorado
- Access to the Five Step Legacy Home Process with the best local architects and builders
The final selection of Wildflower Ridge D lots are also being offered and are included on the New Prospect price list.
The Lodge at Mountaineer Square is also offering reductions ranging from 18% – 29%, for more information click on the Mountaineer Square Price List.
Golf Villas #5, Crested Butte Country Club
Posted on Thursday, July 1st, 2010 at 6:35 am by jana in Buy Crested Butte
- New Listing -
Golf Villas #5, Crested Butte Country Club
Crested Butte Gearing Up for a 4th of July Blast Weekend
Posted on Wednesday, June 30th, 2010 at 8:58 pm by jana in Buy Crested Butte
Crested Butte Gearing Up for a 4th of July Blast Weekend!
Festivities are heating up for a promising July 4th weekend not only for parade festivities, but also in real estate as the Crested Butte real estate market has already brought in over $26.7 million in sales year-to-date! Also, on an even higher note, CBMR’’s Tipple House is under contract for an undisclosed amount, with a list price of over $4.5 million. Actually, about 5 homes and/or condominiums (out of 58 total) have sold over the $1 million mark so far this year. The prices range from $80,000 for 1 bedroom/1 bath Grand Lodge unit on the mountain to a 4 bedroom/3 bath custom home in the Kapushan Annexation for $1,401,000.
“Buyers have figured out that the prices today are 5-6 years ago prices – and that’s an incredible value when compared to other resort towns”, states Jana Barrett, broker associate with Prudential Becky Hamlin Realty, Inc.
As far as the 4th of July weekend schedule, follow the link below to find out more, but be sure and put the pancake breakfast on your list of things to do (this year they are asking you to bring your own plate & silverware), as well as the well-known musical “Guys and Dolls”.
http://www.cbchamber.com/4th-of-july.html
Woodcreek 201, Mt. Crested Butte
Posted on Wednesday, June 30th, 2010 at 5:04 pm by jana in Buy Crested Butte
- NEW LISTING –
Woodcreek Condominium #201, Mt. Crested Butte
Enjoy the sounds of Wood Creek as it trickles down the hillside next to this great 2 bedroom/2 bath unit featuring open floorplan, southern exposure, woodburning fireplace, and gorgeous sunset views. Currently rented out occassionally by owner, this unit offers a nice furniture package. The perfect condominium for skiing as access to the Westwall lift is across the street. Amenities include an outdoor hot tub, elevators, foyer area and bus stop location.
Priced at: $260,000
Westwall Lodge #A402, Mt. Crested Butte
Posted on Wednesday, June 30th, 2010 at 4:32 pm by jana in Buy Crested Butte
- New Listing -
Westwall Condominium #A402, Mt. Crested Butte
Here’s your chance to get in on 50% ownership of a nicely furnished 2 bedroom unit at the Westwall Lodge. Featuring ski-in/ski-out access, outdoor pool/hot tub, bar/lounge, fitness facilities, underground parking and membership in the Alpine Club which features ski valet and more! Unusual opportunity for the right person. Put this one on your list to see as the amenities alone make it worthwhile both winter and summer!
List Price: $349,000 (50% ownership)
Mini Golf in Mt. Crested Butte
Posted on Wednesday, April 14th, 2010 at 11:18 am by jana in Buy Crested Butte
In a Crested Butte News article dated April 9, 2010, Crested Butte Mountain Resort (CBMR) and the Mt. Crested Butte Downtown Development Authority (DDA) might come to an agreement on combining forces (and finances) to install an 18-hole mini golf course. The proposed location at the Adventure Park would replace the covered ice rink during the summer and provide families an opportunity to spend quality time with their kids and hopefully lengthening their stay here. According to Nick Herrin, CBMR’s Director of Resort Services, a 9-hole course sees a 1/2 hour stay, while an 18-hole course sees about 1 hour and 15 minutes. Currently, CBMR has funds to install a 9-hole course, but is asking the DDA to come up with the difference to afford an 18-hole course. CBMR hopes to have the golf course ready to play around June 15th, but will need to order it by mid-April. Get your putters ready!
Home Sales Increase in Crested Butte and Nationally
Posted on Friday, April 9th, 2010 at 11:16 am by jana in Buy Crested Butte
Home Sales Increase Despite Overall Economy -
According to the 2010 National Association of Realtor’s (NAR)Investment and Vacation Home Buyers Survey, vacation home sales increased 7.9% to 553,000 (up from 513,000 in 2008). Approximately 27% of the buyers surveyed were either investment and/or vacation home buyers. Their motivation to purchase is quite different from a “need aspect” of a primary home buyer. These buyers were motivated to purchase a vacation home based on “lifestyle choice, often with the expectation that the home will become the buyer’s primary residence in the future”. The median price for a vacation home increased by 12.7% from 2008 and surprisingly, the average buyer was 46 years old and their median household income went down to $87,500 (from $97,200 in 2008).
According to NAR, one in ten home buyers purchased a vacation home in 2009. ”Even with a rise in vacation home prices, some Realtors say their clients think now is a good time to buy”, says Alexis Eldorrado, managing broker of Eldorrado Chicago Real Estate. She goes on to say that “ultimately (a vacation home) has been a dream for many, and with the sudden shift in market prices due to the economy, many people realize it is a good time to buy. People are buying today at prices from 10-12 years ago.”
Lawrence Yun, chief economist for the National Association of Realtors states, “the typical vacation-home buyer is making a lifestyle choice, with 9 out of 10 saying they intend to use the property for vacations or as a family retreat. Investment buyers primarily seek rental income” – excerpt taken from an article from Dennis Hanton, Inman News.
In contrast, 73% of residential property buyers in 2009 purchased a home to be used as a primary residence. Of the primary residence buyers, 54% were first-time home buyers. This is a record breaker for first-time home buyers, states Yun. The availability of the First-Time Buyer Home Buyer Tax Credit combined with job relocation needs, formation of new households or changes in family circumstances were the main factors of purchasing a primary residence in this survey.
Existing home sales rose to 5.2 million in 2009 (from 4.9 million in 2008) due to a combination of factors according to NAR: “low-mortgage interest rates, favorable affordability conditions, and the First-Time Buyer Home Buyer Tax Credit, which brought new buyers to the market”. Unfortunately, the news is not so good for builders as new home sales fell to 374,ooo units in 2009 (from 485,000 in 2008).
Buyers of investment properties still have opportunity; however, price, location, and local demand for rental units are some of the major factors influencing their purchase, states the survey. A total of 17% investment buyers decreased for 2009 (from 21% in 2008). Sales for residential investment properties fell 15.9% to 940,000. Interestingly, the share of investment properties purchased increased in the West to 25% (up from 18% in 2008). NAR described the typical buyer was one who paid all cash with a median income of $87,200.
NAR’s 2010 Investment and Vacation Home Buyers Survey was compiled from a random sample of 1,930 randomly selected households who bought residential real estate in 2009. The survey was conducted in March 2010 with a controlled age and income.
Crested Butte Residential Property Sales Increase -
Crested Butte Residential Property Sales are reflecting increased numbers in both the condominium and single family categories. Acccording to the Gunnison Country Board of Realtors’ Multiple Listing Service, from April 6, 2008 to April 6, 2009, there was a total of 33 condominium sales in the Crested Butte area with an average sales price of $397,121 and the average number of days on the market being 314. For the same time period only 1 year later (2009-2010), a total of 62 condominiums sold with an average sales price of $294,098 and the average number of days on the market being 338. Residential home sales in and around Crested Butte also reflect a big change. Local MLS research of the dates from April 6, 2008 – April 6, 2009 showed only 33 sold homes with and average sales price of $1,048,862 and staying on the market an average of 417 days. In comparison, From April 6, 2009 – April 6, 2010, Crested Butte saw a rise in residential sales to 57 but a reduction in sales price to $851,118 and averaging 311 days on the market.
The confidence in the real estate market in Crested Butte is strengthening and Buyers are finding some incredible deals as Sellers move to adjust their prices sooner than later. With short sales providing low comparable price per square foot, Agents are noting to both their Buyers (and Sellers) that Crested Butte is still a Buyer’s market with more and more Buyers focusing on Crested Butte as a lifestyle investment for their family.
