Crested Butte Realty :: Sigrid Cottrell
 

Butte Blog

Sigrid's Butte Blog

Vail announcement starting to impact local real estate
July 11, 2018

 

June 28, 20181,073 Views

Low-hanging fruit seeing most activity at the moment

by Mark Reaman

Call it the Vail bump. While not out of the stratosphere, the local real estate market appears to have had at least a mild jolt since the June 4 announcement that Vail Resorts was under contract to purchase Crested Butte Mountain Resort later this summer. The deal is expected to close sometime in August. Local real estate professionals have seen more inquiries than normal since the Vail news was released but they expect the big bump to come after the deal is closed and improvements to the ski product are implemented.

“There most definitely has been an uptick in interest from buyers who are obviously motivated by the Vail announcement,” said Dan McElroy of Coldwell Banker Bighorn Realty. “In the last two and a half weeks we put 11 properties under contract. The downside to that is that it appears that sellers are seeing stars in their eyes and are either inclined to ‘jack up’ the price or stay firm on their list price. Keep in mind, while all sellers want to maximize their net proceeds, some sellers have more urgency in a sale and may be motivated to sell because of other factors and see this as an opportunity to have their property sell without having to reduce the price.”

Bud Bush of Bluebird Real Estate agrees. “There has been an impact especially in undervalued sectors, $250,000 [more...]

Posted by Crested Butte Realty

Tags

Commercial real estate sales (8)
Crested Butte (1)
Crested Butte Fall Foliage (2)
Crested Butte Real Estate (8)
home sales (11)
real estate (12)
Real Estate Crested Butte Colorado (6)
real estate market reports (10)
real estate market stats (10)
real estate news (11)

Archives

Current
July 2018 (2)
February 2017 (1)
January 2017 (2)
September 2015 (1)
April 2014 (1)
March 2014 (2)
February 2014 (3)
December 2013 (1)
November 2013 (1)
June 2013 (2)
March 2013 (1)
February 2013 (1)
No Comments  |  Add a Comment >>
©2009-2017 Crested Butte Realty, Inc. | 503 6th St., Suite #6 | PO Box 37 | Crested Butte, CO 81224 USA | Tel: 970.596.2596 | Fax: 877.860.7461 | sigrid@crestedbutterealtyinc.com