The Crested Butte Real Estate Letter

Happy 4th of July from sunny Cressted Butte!

I just sold a condo in Mt. Crested Butte yesterday. This brings the total number of condo transactions to 14 sales year to date. There are over 235 listed condos on the market in Mt Crested Butte. The market - to say the least - is very soft. The buyer's that do exist are in a position to snap up deals. Prices for condos have dipped to pre-Mueller era levels in many cases and those buyers that are willing to navigate today's condo lending climate will come away with a good deal.

Here are some tips for you if you are thinking about buying.

5 Tips for Crested Butte Ski Condo Buyers

1. The Financing Comes First

Financing issues are responsible for wrecking many deals. Figure out which form of financing works best for you. Remember that pre-approval is the preferred way to go into a deal.

2. Fannie and Freddie May Not Be Friendly

Fannie Mae and Freddie Mac, government-controlled mortgage companies, have their place. As of March 2009, however, they tightened their restrictions on mortgages for condos (new or newly constructed). At present, they will only consider mortgages if 70% of the units have sold or are under contract.

3. Know Everything about the Homeowners Association (HOA)

As people face financial challenges, many are falling behind on association dues. This delinquency forces condo associations to pass on the debt to other condo owners. Fannie Mae won't purchase mortgages for condos if 15% or more are over 30 days late with payments.

4. Look for the FHA Seal of Approval

A building with the FHA seal of approval can mean a much lower down payment for many buyers. A down payment can be as low as 3.5% of the purchase price of the condo. The mortgage process also moves much faster for condos with FHA approval.

5. Prepare Your Down Payment

Private lenders can require a substantial down payment from condo buyers. Consider your budget and research your options. Seek out condo experts who can find the best deal for you.

Thanks for visiting today!
Channing Boucher
Visit My Crested Butte Real Estate Guide

Gallery of Sold Crested Butte Properties

Posted by Channing Boucher at 07:24 AM | Permalink | Comments (0) | TrackBacks (0)

Hello from sunny Crested Butte,

This year’s jam-packed July 4th celebration in the Gunnison Valley includes an evening of entertainment for all ages at Mt. Crested Butte. The festivities include the grand opening of the resort’s new Adventure Park – complete with climbing tower, bungee trampolines and a year-round synthetic ice rink – as well as BBQ and beer at Butte 66, live music from the Casey James Prestwood Band, and a fireworks finale at dusk.

July 4th Schedule of Events:

1 – 5 pm: Adventure Park’s bungee trampolines and bounce house open. Special day-pass pricing for July 4th: $10 for kids; $15 for adults. Price includes all Adventure Park activities as they open throughout the day. Tickets are available for purchase at the Adventure Center located in the Mountaineer Square courtyard. Lift tickets are sold separately.

4 pm: Butte 66 begins BBQ and beer service at the base of CBMR.

5 pm: Adventure Park grand opening and ribbon cutting ceremony. Climbing wall and ice rink open for the season; bungee trampolines and bounce house remain open for the evening. The Adventure Park closes at 8 pm.

7 pm: Casey James Prestwood Band plays on the main stage at the base of CBMR.

Dusk: July 4th Fireworks display at Mt. Crested Butte Guests are encouraged to bring blankets and spread out on the lawn, however alcohol will not be permitted outside of area restaurants. Butte 66 and the 9380 decks will be open and both will serve alcoholic beverages on the premises. For more information, visit www.skicb.com.

Thanks for visiting,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Posted by Channing Boucher at 07:39 AM | Permalink | Comments (0) | TrackBacks (0)

Hello from Crested Butte,

Our Benson Sotheby's International Realty Summer 2009 Catalog of Fine Crested Butte Propertiers is now available. Of course, in this electronic age, I can't wait for the high-gloss, print version to be printed (on recycled paper) so here is a convenient link to the catalog - every page - on Issuu.

 

Posted by Channing Boucher at 08:52 PM | Permalink | Comments (0) | TrackBacks (0)