 Crested Butte Real Estate Newsletter - August
August 25, 2010 Dear Friends,
I know to think about winter already is strange but with a dusting of snow on the peaks recently that is exactly what Crested Butte Mountain Resort is doing. An article from The Ski Channel came out this week on some very exciting improvements happening to Crested Butte Mountain Resort for the upcoming winter season. CBMR adds new air travel to Gunnison/Crested Butte airport, snowmaking, ski trails, terrain parks, lodge facilities for 2010-11 ski and snowboard season. To view the article in its entirety please click here.
As for the real estate market, we have all been very busy over the last month. Currently there is $32 million in under contracts in the valley north of Almont. This past month I am very excited to announce the first sale since mid 2007 at $3 million occurred. Since this sale there have been two other properties priced over $3 million go under contract. Year-to-date there has been $43 million in sales down 12% from 2009.
Nationally, existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®. Lawrence Yen, NAR chief economist, said a soft sales pace likely will continue for a few additional months. "Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September," he said. "However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.
"Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years," Yun added.
Investment experts say this is a great time to buy as there are some e
ager sellers, complex deals, and low rates making a compelling case. Please feel free to contact me with any questions or for a list of some of the great values out there.
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