This is a fun article from 5280 Magazine. It sounds like they had a great fall trip to Crested Butte. There are some basic, but good suggestions here.
This is a fun article from 5280 Magazine. It sounds like they had a great fall trip to Crested Butte. There are some basic, but good suggestions here.
More good reasons to love Crested Butte. Our town won Best Dog Town, Best Bike Town & Best Trail (Hiking) Town. Nothing we didn’t already know, but it’s good to have the press.
Crested Butte makes this fun list of the top 25 ski resorts in the world. It is really more about ski towns than ski resorts and therefore it is no wonder that Crested Butte made the list! Enjoy.
The Gunnison Valley made the list twice! Hiking in Crested Butte and Fishing on the Taylor. Time is ticking away – get here before you miss the summer!
The first Annual SplatterDash was this morning! This color run was a fundraiser for The Trailhead Children’s Museum and offered a 5K and 1K run. It was a great time!
Learn more about the Trailhead at www.trailheadkids.org.
Realtors in Crested Butte are hearing a lot more people say “We’re going to wait…” these days. Both buyers and sellers seem to be waiting for circumstances to change before moving ahead with buying something or listing their property for sale. Depending on your circumstances that probably makes sense. However, there are a lot of things happening that make real estate a good investment so you may miss the boat by not at least arming yourself with information so you are prepared to make move when the time is right for you.
Low Inventory – Seller’s Alert!
There are some areas of the country where buyers cannot find properties to buy. Crested Butte has a few niches where this is the case, but it is not as dramatic as in other places.
If you have been thinking about selling a property here, but sales haven’t supported what you want/need to sell it for you need information so you can make a move when the time is right. We haven’t seen prices increase yet, but as demand increases and inventory tightens that is the natural next step. Now is a great time to make improvements or at least make a list of things that should be done before listing your property for sale. I would be happy to meet with you at your property to go over improvements, to talk about the market and make a plan going forward. There are certain areas and price ranges where buyers are active, but cannot find properties to purchase so a sale this summer isn’t out of the question.
Things to think about:
1. What projects should I consider to increase the sales price of my property? These can be as simple as rearranging or touching up paint and as extensive as landscaping or renovating your kitchen.
2. At what price does it make sense for me to sell my property? What could I sell my property for this summer?
3. What is it costing me to own my vacation or second home property on a monthly or annual basis? Is it worth it to continue paying that amount while I wait for the market to come back?
Call or write me to talk about the possibilities for your property now and in the future.
Buyers – Be ready to act
Whether you have been looking for years or just started your search you may find the challenge of finding the right property overwhelming. The days of amazing deals from foreclosures and short sales seem to be gone. While we still have occasional foreclosures they aren’t the “diamond in the rough” that we once saw, now they are really just “rough” and also few and far between.
Even if you have made other plans to rent a home for the year or for your vacation, I suggest that you take some steps now to be ready to act when the right property comes along. When an attractive property is priced correctly there have been multiple buyers submitting offers. This can mean anywhere from 2 to 10 offers on a property so you need to know what you can and/or want to pay so you can get your best offer in quickly so you don’t miss out.
Things to think about:
1. What type of property do I want? What specific features do I want/need? Where do I want to own property?
2. How much money do I have to put towards the purchase?
3. What type of loan makes sense for me and what amount can I qualify for?
4. For investors, does it make sense to move some of my cash from the stock market into real estate? What type of investment would be best for my situation?
5. For vacation home buyers, do I want to be able to rent the property for short term income?
In general, it is the perfect time to buy – prices are low and interest rates of low, but that doesn’t mean it is the perfect time for you or that you can find the right property. By being prepared, you will be ready to act when things change for you. If the right property for you doesn’t seem to be on the market, talk to me about how we can get creative and find something that will work.
Let’s work together to figure out how you can take advantage of this market so you aren’t looking back saying shoulda, coulda, woulda!
Gunnison County Foreclosure’s Down
I have been saying for months that the numbers of foreclosures in the valley are way down, but I hadn’t looked at the actual numbers until recently. Once a week the county Assessor’s office puts out a list of properties where the bank has started the foreclosure process. Often these properties do not actual get foreclosed upon, but it is a good way to keep track of the number of distressed properties in the county. I track various aspects of the foreclosure list and found the following numbers to be interesting.
Total number of properties on the list
Peaked 1/24/11 at 156
As of 3/18/13 there were 59
Properties from CB South to the north
Peaked 2/7/11 at 98
As of 3/18/13 there were 23
At the peak 75% of the properties on the foreclosure list were from CB South to the north, but today only 39% of them are.
To put this in perspective, in March 2009 there were 56 properties on the list and 39 of them were from CB South north so we are close to those levels again. I started tracking the numbers in September 2008 and the numbers were 30 and 16 respectively.
While there are other distressed properties that are not on this list, the days of waiting for your perfect property to be sold at a rock bottom price have probably come and gone. For example, there is currently one property on the list in the town of Crested Butte.
End of the Season Events
Ski Season is almost over with two weekends left before closing day on April 7th. If you are considering getting one last visit in you won’t be disappointed. There is a lot going on other than nice spring skiing.
Things get pretty quiet around here while we watch the snow melt. Last year there was some pretty great hiking & biking in May because the snow was gone early. Generally things don’t pick up until Memorial Day, but I’ll keep you updated on how things are looking around here.
Please let me know if I can be of assistance.
Crested Butte is a great place to be – winter or summer, full-time, part-time or first-time! There are so many wonderful things about the area and this community. I am working today, but yesterday was a storybook, bluebird winter day in Crested Butte – it was the kind of day that helped me remember why I am here and how lucky I am to get to help people realize their dream of having a place of their own here too.
The sun was shining, the temperatures were in the high 30’s and the snow was soft. This ski season has not been the snowiest, but it is still fun to get out and enjoy what we have. Crested Butte Mountain Resort has been busy getting extreme terrain open and the conditions up high vary from wonderful to rocky. The main mountain is 100% open and provides wonderful opportunities to enjoy the sun on long cruisers or test your legs on short or long mogul runs. This busy holiday weekend has all of the lifts open – including the old doubles – Teocalli & Twister. If you didn’t want to downhill ski, our Nordic Center does a great job providing groomed trails for cross country skiing. Yesterday was the perfect day to get out on them or to go up one of the many beautiful valleys that are accessible on cross country skiis. Really, no matter what you wanted to do outside yesterday you couldn’t go wrong.
It was a wonderful day for lunch on the Paradise Warming House deck and then enjoy a cocktail at the Sweet Spot while the kids played games & ate Crested Butte’s homemade Third Bowl ice cream. Dinner at Marchitelli’s Gourmet Noodle and supporting the right of women to live without violence by attending the local production of the Vagina Monologues.
What a great day! Every day here gives us the chance to relax, play, socialize and enjoy the area doing what makes us happy. Each Love Letter for Crested Butte would be different and mine would change from day to day too.
We have had some wonderful Crested Butte-style events this month as well. If you are looking for love, yesterday you could have experienced speed dating by chairlift. The annual Twister of Love event has proven to be popular and fun. I have never heard of a similar event and think it could be the perfect way to meet a like-minded mate! It is always right around Valentine’s Day so make your plans to attend next year if you need to find that someone special. We also had the First Annual Silver Queen Pageant last weekend. Over 20 young ladies competed for the title of Silver Queen & a ski pass with a bikini ski race, talent competition and evening gown bull-riding session. A truly hilarious event that is sure to draw crowds in the years to come.
Are you sad you missed these crazy events? Don’t despair – there are more to come! March 3rd brings 7 Hours of Banana – a competition to support Adaptive Sports Center by skiing as many laps as you can on our iconic run – the Banana. Costumes are not required, but will make it even more fun to watch.
March 9th will be a fun day in Crested Butte. Festevol is an outdoor concert series that has been held for 3 years. This year it will be a one day event featuring The Wailer’s. Tickets are not expensive and are available here . After you have danced to some great reggae music, head on down to Elk Avenue for the 6th Annual Big Air on Elk competition. Elk Avenue is blocked off and packed with people watching a snowmobile tow skiers and snowboards to a large jump in the middle of the street.
Check out the events page of my website for a complete list of events between now and the end of ski season and through the summer. We would love to see you!
Real estate sales in January were very similar to the end of 2012. The number of transactions were about the same as last year (24 vs. 25 in January 2012), but there was one $4 million sale last year that makes the dollar volume much lower.
There are a couple of good numbers for people who are trying to sell their property. The average days on the market for properties sold in January dropped from 372 in 2012 to 264 in 2013. Sellers also were able to sell their properties for amounts closer to what they were asking – 93% vs. 85% last year. This is a relatively small data pool since it is only one month, but hopefully will be the start of a trend. Unfortunately for sellers, but encouraging for buyers, looking at the same information, the price per square foot is down slightly year over year in all categories so it appears that we have not yet hit the bottom in terms of prices.
The number of properties on the market is about the same as it was in January of 2012, but has dropped nearly 30% from the peak in August 2009. We have also seen a dramatic decrease in the number of properties in the foreclosure process which should help prices stabilize and start to increase. As the supply continues to dwindle and demand increases we should see prices go up. We are already seeing a shortage of properties for sale in certain areas and/or price levels.
In an encouraging turn of events, the Elevation Hotel, located at the base of the ski area was purchased this week. The property has been in receivership since 2009 and is operated by CBMR. The new owner is Boxer Properties who are known for owning large office buildings, but have recently started acquiring hotel/resort properties. It will be exciting to see what this purchase means for this very central property in Mt. Crested Butte.
As always, I am happy to answer any questions you have about real estate or planning a visit to the area. Please let me know how I can be of assistance to you or anyone you feel could benefit from my services. I appreciate your business and your referrals.
I am the Owner and Managing Broker of Coldwell Banker Mountain Properties in Crested Butte, Colorado. I work full time with buyers and sellers in the area. The Crested Butte and the Gunnison Valley have been home since 1997 and I have been selling real estate here since 2006. My favorite part of my job is talking about & exploring this special place with buyers and sellers.
Even when the market was slow, Molly always kept us updated on market changes so we could make the best decisions on selling our house. Anytime we had a question or needed information, the follow up was always timely and complete.
W & P Rickards
She gave us good counsel throughout and always handled our side of the transaction cleanly. Thanks Molly!
Dave & Ellyn
Molly is true professional- thorough, knowledgeable, responsive, a great problem solver and a tough negotiator. She is very well connected in the Crested Butte community and uses those resources to facilitate a smooth transaction. Most importantly, I always felt like she was truly watching out for me. Highly Recommended!!!
Molly is a top-notch realtor! She helped us every step of the way to find our perfect property. She is smart, patient, knowledgeable, and professional. We would certainly use her again, and would recommend her to anyone who wants to buy or sell a home.
Geoff & Krista
Molly’s great. We’ve worked with her through three transactions, both buying and selling, and couldn’t be happier. She knows CB real estate inside and out. When it comes to buying, she listens and is very good at zeroing in on what sort of property will work for you, and as far as I can tell
Working with Molly was an outstanding experience. Molly understood our quirky interests and helped us find the ideal piece of real estate. Then, she expertly guided us through the process to closing, including talking us down from few ledges. We are delighted to have worked with Molly and look forward to future adventures in CB
Kate & Matt
We recently sold our condo with the help of Molly Eldridge of Red Lady Realty. She did a great job representing our interests in a timely way, doing everything she could to expedite a complicated sale. She is extremely knowledgeable and definitely willing to go the extra mile to assure that any issues are quickly
K & C Duncan
She found exactly what we were looking for and we purchased the home. Our offer was submitted promptly and negotiations were quick and accurate. Molly was very helpful during the due diligence as we are not Colorado residents.
Roger & Darcie
Molly is wonderful! She is very “down to Earth” and incredibley knowledgeable of the local market. Her mailers/emails are very informative, and demonstrate her grasp of what’s happening here in CB at this precise moment.
Molly has been a terrific agent for us twice — helping us sell a condo in Crested Butte a few years ago and more recently helping us sell a 4-bedroom home. She has exhibited exactly the right balance of aggressiveness and patience with us and on our behalf.
Brad & Laura
Molly was knowledgeable of the area and she stuck with us to get our condo sold. If we ever are looking for property in the future in the Crested Butte area we would call on her.
This is an excellent agent, I was one until 2007 for 36 years. We had a really small value lot to sell in bad time and she hung in there and sent me market information about what was going on almost every month.
Molly was great to work with! She was always responsive and provided info along the way that left me reassured that my condo would sell at the selected price. Thanks Molly!
We’ve used Molly on two transactions and she closed a deal with some good friends of ours too and we are very happy with her real-estate skills. We’ve bought two houses through her and are currently trying to sell one of them. I highly recommend Molly and her company Red Lady Realty!
Bob & Steve
Molly is a true real estate professional and was instrumental in purchasing our property. Buying a property can sometimes be challenging but Molly made the process easy. Molly’s knowledge of the market, recommendations on the steps to follow throughout the buying /closing process and her answers to our questions and concerns made the entire process
Jim & Gayle
We had a small time window, specific needs, and a very limited budget to purchase a condo in a rising market. If it were not for Molly’s attentiveness we would have missed our opportunity to move to our dream location. Molly understood exactly what we were looking for and notified us of the place we
Joe & Kelsey
Molly was the key to finding and buying our new CB house. My wife and I had looked at properties with Molly for three summers before really being ready to commit to another Colorado house. Each time she was knowledgeable, informative, and patient. She was always available and flexible. When we finally found what we
David & Susan Light
We decided to list our Links Lane Condominium with Molly. Molly was helpful and professional throughout the whole listing process. Anytime we had a question or needed information, the follow up was always timely and complete. When the market was slow, Molly kept us updated on market changes so we could make the best decisions
Reagan & Kyle Kneese
We first met Molly when she worked with the property management company who rented and took care of our home. When she became a Realtor she communicated with us, but we decided initially to list our home with another agent. She was persistent, professional and helpful so eventually we listed our home with Molly. Even
W & P Rickards
Molly worked with us for over two years to find the perfect home for our family and budget. She exhibited tremendous patience as we continually refined what we wanted, as well as flexibility to show homes at a moment’s notice. Her knowledge of the local real estate market and genuine enthusiasm when we found the
Torrey & Rosemary Carroll
Molly worked with us for 4 years to find the right house in Crested Butte. We visited and looked at property in each season of the year. Her advice was invaluable as was her knowledge of neighborhoods and the town. She guided us through the purchase and got estimates on repairs needed for the property
Wil Hamilton & Jackie Bird
Molly was absolutely critical to helping us find our new home in Crested Butte. Although we had identified all of the “must haves” we needed, we were buying from out of town and had to rely on Molly to identify properties to view during our short weekend visits. Working with Molly via email and phone
Steve & Larry
We were looking forward to searching for a domicile in Mount Crested Butte for getaways with our family. Molly helped us navigate through the listings and showed us properties which matched our desires and stayed in our price range. We ended up with a great place to enjoy our time in Colorado and could not
Dave & Jenny
Choosing Molly Eldridge as our Realtor for the recent purchase of a Condo has given us the opportunity to work with a true professional. Molly not only walked – and talked – us through all the different steps along the way, but she also went above and beyond the basics by providing valuable information our
JD & Veronika
Dear Molly: Thank you for your assistance with my recent property purchase. I appreciate the time, effort and persistence you put into managing this purchase. Not being too familiar with the area, and living out of town, I was able to rely upon your timely and accurate communication to research and understand what I was
“I have known Molly professionally for probably over 10 years, and was introduced to her by-way of her informative newsletter about Crested Butte realestate. My wife and I have been looking at property for close to that same period. Molly has shown both professionalism and patience dealing with and representing us as a buyer for
Molly was a pleasure to work with. She was very flexible in terms of scheduling, and very responsive in her communication. She made our buying process very smooth and worry-free!
Christian & Emily
I have known Molly for many years, first in the Property Management field, and more recently in Real Estate Sales. I have always felt I could trust her to tell me the truth and treat me fairly.
Molly was fantastic. Truly knowledgeable of the market, honest from day one about what was realistic on our budget and what the financial reality of owning a rental property in CB is like, and super-responsive. I don’t think we ever waited more than an hour or two for a response from her. She’s seen examples
Andrew & Jamie B.
Molly is very professional, responsive, knowledgeable, never disappoint. I worked with her twice and have been always satisfied. She even helped me to find new real estate agent in different state.
Molly was very knowledgeable about Crested Butte. She helped us with some information about various areas we might want to buy a place in with pluses and minuses. We did several scouting trips with her. When a condo in the complex with the view we wanted came on the market, she really worked magic. She