February, 2008

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Big 07 Sales Numbers for Colorado Ski Resort Markets

Wednesday, February 20th, 2008

Unbelievable real estate sales numbers coming out of Pitkin, Eagle and Routt Counties for 2007. In Eagle County, home to Vail and Beaver Creek, it was another record breaking year in real estate with $2.96 billion in sales volume! Pitkin County, home to Aspen, had sales of $2.52 billion in 2007! And, real estate sales in Steamboat Springs and Routt County reached $1.58 billion, a 141 percent increase from 2006.  The Steamboat Pilot & Today reports that the largest number of sales were in the $300,000 to $500,000 range. However, the median sale price of townhomes jumped from $450,000 to $630,000 last year.

By the way, Crested Butte and Gunnison County did less than $300 million last year.

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

 

Snow Trumps the Economy Any Time

Monday, February 18th, 2008

Even if it stopped snowing today. (More snow in the forecast this week here in Crested Butte), the 2007-2008 western U.S. ski season will go down in history as one of the best. What does something like this mean to folks in the real estate business in all of these western ski resorts? Interesting feedback from various ski resort real estate executive’s concerns about a national recession today in Mountain News including the following excerpts.

Karl Kapuscinski, president and CEO of So. California’s Mountain High, which is on its way to one of its top three years in terms of skier visits, put it another way: "Snow trumps the economy any time."

"The number one thing that affects us is the weather above all else, and this winter we’re having a great weather pattern," Tim Mueller, Crested Butte Mountain resort.

"Obviously we’d prefer a strong real estate market right now, but real estate goes in cycles," Mueller said. "The sub prime lending thing has had a big impact nationwide. Real estate markets have softened, bank underwriting standards are tougher, mortgages for our buyers are a little harder to get. It’s true here and most other resort areas."

Mueller is not convinced it’s raining, at least not yet. "I’m a little leery about the idea that there is a recession. I’m not seeing it in consumer spending; unemployment is not high by anybody’s stands, actually it’s pretty low; the price of oil and gas has been high for several years, and hasn’t impacted travel, especially in the East, where travel is dependent on cars not airlines.

"Everyone in the industry has some amount of debt, but now that interest rates are coming down, that will help allay a lot of the fears some have about a recession. I’m glad to see the Fed has responded the way it has. Should it have lowered rates a little quicker? Yes, but I say that because I’m a borrower not a lender. Anytime you can lower interest rate, that’s good. It gives you money to do other things, like pay down debt, invest in operations or whatever," he (Mueller) told the IR.

Read the entire article borrowed from Mountain News – publishers of the OnTheSnow newsletter.

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

Mid-Winter Momentum

Sunday, February 17th, 2008

Forget about the national economic panic and fall out from the mortgage lending fiasco for a moment. Crested Butte remains insulated from much of what is going on outside of Gunnison county. So far our 2008 sales activity reflects solid buyer momentum for Crested Butte area real estate.

Case in point: The Elevation Hotel and Spa, formerly the Club Med facility located slopeside in Mt. Crested Butte, just finished getting their entire condo-tel offering under contract with some of the units already sold. The hotel is nearing completion (summer/fall 2008) of a massive conversion from the old 260+ room hotel into a luxury, 4-star facility complete with an 11,000 sft. modern spa facility. Visit their site: Elevation Hotel and Spa Web Site

Elevation Hotel & Spa developer, Sunvest USA, has a long track record of success in the luxury condo marketplace around the US and their success in Crested Butte is not a surprise. Of course, location is everything in real estate and the Elevation Hotel and Spa couldn’t be any closer to the two main high speed quad lifts at the base of the ski mountain.

Aside from the Elevation Hotel activity, there are currently 64 other properties under contract in our local market area and 10 deals have closed this year including notable sales of the Crested Butte Club Boutique Inn and Spa on 2nd Street for $2,590,000 and a Mt Crested Butte single family home for $1,933,000!

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

The Year of the Season Pass Part Two

Wednesday, February 13th, 2008

Good Day,

Crested Butte’s ski season has received tons of international and national media attention. The snow keeps falling here and the skiing keeps getting better. We’re closing in on a 100 inch base – which is incredible for around here. We’ve received just over 300 inches in snowfall this season. Its been cold, consistent and perfect powder skiing. Skier visits at Crested Butte Mountain Resort have definitely increased from the publicity we’ve received and more snow is in the forecast!

The Daily Camera in Boulder published a piece about Crested Butte’s historic winter and snowfall totals earlier today. Read Article

The Gunnison Times published this article about the potential for 1984-like flooding problems here in Gunnison County. Read Article

Colorado Ski Country USA – made of 26 Colorado ski resorts – reports December was strong in terms of skier visit numbers. Read Article

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

 

Crested Butte Is a Distinctive Destination

Thursday, February 7th, 2008

Good morning,

Crested Butte’s national historic town designation and laid back ski resort atmosphere has paid off in the form of new recognition as a national "historic hot spot". The National Trust for Historic Preservation named Crested Butte and 11 other U.S. historic cities as America’s Dozen Distinctive Destinations. We’re the only ski resort town named on the list – which is pretty cool!

Read the article borrowed from Bill Scanlon of the Rocky Mountain News.

Crested Butte named historic hot spot

By Bill Scanlon of Rocky Mountain News

Killer slopes, stunning wildflowers and a Victorian downtown combined to earn Crested Butte designation as one of America’s Dozen Distinctive Destinations.

The National Trust for Historic Preservation tapped Crested Butte, lying at 8,800 feet between Gunnison and Aspen, for the honor, which spotlights places that offer cultural and recreational experiences starkly different than the typical vacation destination.

The judges noted that the former mining town has held true to its 19th-century heritage, while offering the best of skiing and mountain biking to the most hard-core adventurer.

The main street in the town of 1,600 "oozes charm," and the city exudes a friendly warmth and peaceful ambience, said officials from the National Trust.

"There are a lot of adults here who have tasted density, and they want serenity," said Don Cook, who moved to Crested Butte 31 years ago, and later founded the Mountain Bike Hall of Fame and Museum, housed in downtown Crested Butte.

The mountains drew him, but the people are the reason he stays, Cook said. "There’s a strong sense of volunteerism. People want to give time to whatever their organization is."

He remembers the dirt downtown streets, the potholes so big that it was faster to ride a bike through town than trying to wend throgh the streets in a car.

So, he’s not criticizing all of the improvements that popularity brought.

But he Cook worries about changes that have come the past dozen years, as people with a lot of money have pushed up real estate prices and started demanding the same services they enjoyed where they used to live.

"I ask them, ‘Why do you want to change this? Why do you want to bring in this, and change that? If it’s not what you’re looking for, why did you move here?’"

Crested Butte attracts educated people who’ve decided they don’t want 9 to 5, 50-week-a-year jobs, Cook said. "We get people who say life is more important than living the status quo," he said, "who want to work two days a week and have five days off."

There are plenty of great mountain towns in Colorado, but darn few that still have escaped the tourism commercialism and still retain the old buildings of their mining past, he said.

The National Trust cited Crested Butte’s "vibrant design of a Victorian-era village, with its wooden false-front buildings, street-corner flower boxes and antique lampight."

Nineteenth-century buildings on Elk Avenue have been reinvented as coffee shops, quaint restaurants and specialty shops, they said.

The Crested Butte Mountain Heritage Museum, built in 1883, once was a blacksmith shop, but now is a repository for relics from the town’s mining era and more recent skiing history. Portraits of early residents, many of them immigrants from Croatia and Slovenia, lined the wall.

"Crested Butte is a delightful hidden gem that offers a rare mix of beauty, history and adventure," said Richard Moe, president of the National Trust for Historic Preservation.

The 2008 list of America’s Dozen Distinctive Destinations includes:
The other 11 towns or cities winning the designation:

Aiken, S.C.
Apalachicola, Fla.
Columbus, Miss.
Fort Davis, Texas
Friday Harbor, Wash.
Portland, Ore.
Portsmouth, N.H.
Red Wing, Minn.
Ste. Genevieve, Mo.
San Juan Bautista, Calif.
Wilmington, N.C.

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

Elevation Hotel and Spa Sold Out in Crested Butte

Tuesday, February 5th, 2008

Good morning,

Forget about national economic woes and fall out from the lending crisis. Crested Butte remains insulated from much of what is going on outside of Gunnison county. The Elevation Hotel and Spa, formerly the Club Med facility located slopeside in Mt. Crested Butte, just finished off getting their entire condo-tel offering under contract with some of the units already closed. The hotel is nearing completion (summer/fall 2008) of a massive conversion from the old 260+ room hotel into a luxury, 4 star hotel complete with an 11,000 sft. modern spa facility. Elevation Hotel and Spa Web Site

The developer (Sunvest USA) has a long track record of kicking butt in the luxury condo conversion market and their success in Crested Butte is not a surprise. Getting all of the units under contract at the hotel and spa prior to it’s renovation completion lets us all know Sunvest wasn’t fooling around when they announced plans for the facility two years ago. Of course, location is everything in real estate and the Elevation Hotel and Spa couldn’t be any closer to the two main high speed quad lifts at the base of the ski mountain.

Elevation Hotel and Spa at Mt. Crested Butte
Elevation Hotel and Spa in Crested Butte Colorado

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide

Around the Colorado Ski Resort Real Estate Market

Friday, February 1st, 2008

Good morning,

Crested Butte’s competitive resort real estate market situation is ever changing. Trends in places like Telluride, Aspen, Vail and Beaver Creek are all pointing to a great value opportunity here in the Butte.

Andy Hadley, Crested Butte Mountain Resort’s new broker liason released the following information yesterday. He compiled some nice comparative real estate data for places like Vail, Beaver Creek and Steamboat. If you are somone shopping real estate in Colorado’s ski resort towns then have a read. Also, visit their Cimarron site.

Best opportunity in Ski Country
Thanks Andy Hadley of CBMR Real Estate

Just to bring you up to speed on the latest news, to date CBMR has $28,873,541 in contracts in escrow at Cimarron. We have put several of those units back on the market and prices on those residences will go up 3-6% on Feb. 15, 2008. The price increase of 3-6% is based upon the floor, view orientation, floorplan, and availability.

In addition, BECAUSE we absolutely believe in the long term value of Crested Butte and fully understand the true value of the location of Cimarron compared to similar condominium developments in the same location at other ski resorts, we have decided to pull several units off the market with the knowledge that they will be selling for substantially higher price in 2010 when Cimarron is complete. You simply cannot duplicate that location at 99% of the ski resorts in the west, especially at our average pre-construction sales price of $1100 per square foot. 

Below are some statistics from other Colorado ski resort real estate markets. As I mentioned before, the real estate markets in Routt, Garfield, Eagle, Summit and Pitkin counties were all up 24% in total dollar volume sold over last year.

The Vail Valley sold over $3 BILLION DOLLARS last year in real estate. Over $1.3 billion of that was located in the gates of Beaver Creek, Bachelor Gulch, and Arrowhead. There were 90 transactions over $4 million dollars per transaction.

It is important to understand the true value of Crested Butte and especially in this case Cimarron. Below are new construction comparables from other areas with their average price per foot and price ranges. I have personally toured many of these residences and I am convinced that Cimarron is the best value and opportunity in Ski Country.

Solaris – Golden Peak / Vail Residences priced from $2500-$3000 per square foot. 54 out of 77 units are under contract. Solaris only has two units remaining under $3,000,000. These residences are not ski-in/ski-out!

Ritz-Carlton – Lionshead / Vail $2200-$2800 per foot with units selling via lottery. These residences are not ski-in/ski-out!

Arrabelle – Vail Village $3000 per square foot and sold out via lottery!

One Steamboat Place – 36 out of 38 residences sold. Prices ranged from $2.7 million to $4.5 million. Priced from approximately $1100 –$1500 per foot. Last two units are priced from $2,850,000-$3,050,000. They are raising prices on the last two units.

Capella – Mountain Village / Telluride – $1300-$1500 per foot. $30,000,000 in contracts in escrow to date. In addition, Capella will be raising prices 8% at the end of the month. Overall market in Telluride was up 11% and the median price for a condominium in Mountain Village rose 71% last year.

Cimarron – Crested Butte $850-$1350 per square foot. Priced from $422,070.00 for an incredible, ski-in/ski-out  location, unmatched  value, and opportunity! $28,873,541.00 in contracts in escrow to date. Construction projected to be completed 2010.

- Andy

Thanks for visiting!

Channing Boucher
Crested Butte Real Estate Agent
Visit My Crested Butte Real Estate Guide