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For Benson Sotheby's International Realty, 2011 was a successful year for our company and our brokers. Many of our brokers had their best year to date, thanks in part to our affiliation with the Sotheby's International Realty brand. As an office we were up over 61% in sales volume compared to 2010. We would like to thank everyone who helped in the making of our successful 2011.
Recap of 2011 Crested Butte Market
In 2011, our market saw 282 real estate transactions; the most since the height of the market in 2007 when there were 300 transactions. Value pricing and the need to sell were the driving forces behind the increase with many foreclosures and short sales selling throughout the valley. Another factor was that the average price for a single family home fell by another 7% from the previous year.
The total volume for the upper valley ended up at over $108 million; an increase of over 33% from 2010 as seen in our Market Analysis PDF. The markets increase was a factor of some of the higher end moving, such as 1482 Peanut Lake Road which sold for $3,125,000 and 77 Anthracite which sold for $2,600,000, both were double sided by Benson SIR, and a large amount of the lower to middle end moving because they were foreclosures, short sales and sellers coming to the realization of where the market stood.
A Look Forward to 2012
We at BSIR are starting strong this year, with the sale of 105 Bear Scratch located in the Prospect Subdivision in Mt. Crested Butte trading for $4 million. It is the largest sale in the Crested Butte area in over 4 years. We additionally sold 750 Providence Ridge located on a 49 acre site at Trappers Crossing at Wildcat trading for $1.6 million, which was double sided by Benson SIR.
With many amazing properties at equally amazing prices selling in 2011 combined with the current and future amount of foreclosed properties shrinking, we are shaping up to see our average price per home increase for the first time in over 5 years.
Benson SIR Marketing Efforts
For the '11/'12 Winter Season, we have done some new things along with updating some of our online marketing. Our semi-annual property catalogs winter edition, 'The Collection', went on line and in the stands again in December. We also did a new print publication in our 'real estate overview', which is an eight page full color brochure that highlights some of our homes and condos in the upper valley. This publication was inserted into every copy of the Crested Butte News for the week falling in between Christmas and New Years, which is the busiest tourism week of the winter. Additionally, we participated in Sotheby’s Reside Magazine that was distributed throughout the Rocky Mountain region.
We have also updated our website, bensonsothebysrealty.com, our blog and newsletters to more reflect the updated branding that Sotheby's International Realty has to offer. Also, our homepage was updated to include more vibrant photography features, embedded video links, a quick search function to quickly access properties on the MLS and quick links to our online marketing pieces. We also made sure our entire site is cross browser compatible and touch screen compatible for use with the iPad.
Happenings around Crested Butte
There are still a lot of events going on in the Crested Butte area during the second half of the winter season. Some of these events include:
- 26th Annual Alley Loop Nordic Marathon - February 4th
- Yoga Rocks the Butte - February 10-12
- 7 Hours of the Banana - March 4th
- The Extreme Freeskiing Championship - Moved to March 8-12
- Big Air on Elk - March 10th
- 38th Annual Al Johnson Uphill/Downhill Telemark Race - March 25th
- Flauschink/Closing Day - April 4-8
This is just a small sampling of what is going on; for a full list of events and happenings click here for a community calendar of events. Winter has finally come to Crested Butte and the skiing is great, come see us!
Best regards,
The Benson Sotheby's
International Realty Team
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