Good day from (very) snowy Crested Butte,

2009 has begun with new deal making and some incredible opportunities to purchase premier Crested Butte real estate at seriously discounted prices. Buyers are enjoying strong inventories and competitive price reductions across all categories. The lower end of the market has come alive and we have 14 properties currently under contract including 9 townhomes and condos and 2 single family homes.  Buyers are also taking advantage of the cheap money offered by lenders for residential purchases. Borrowers are realizing sub-6% and in some cases sub-5% rates on 30-year fixed residential loans.

Last Week’s Closing Activity:
337 Cement Creek - Crested Butte South Townhome – SOLD at $390,000
401 Black Bear Lodge – Condo in Mt Crested Butte – SOLD at $950,000
103 Mountain Sunrise – Condo in Mt Crested Butte – SOLD at $244,000

Under Contract Activity:
7 homes and condos priced between $200,000 and $2.2 million in Mt Crested Butte
4 homes and condos priced between $190,000 and $735,000 in Crested Butte
1 home (asking $635,000) and 1 condo (asking $159,000) in Crested Butte South

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Hello from SNOWY Crested Butte,

Jiminy Peak Mountain Resort just got acquired by CNL Lifestyle Properties, Inc. to sell and lease back the western Massachusetts ski and snowboard resort. CNL Lifestyle Properties, a real estate investment trust (REIT), has acquired all of the ski resort’s commercial assets for a total of $27 million and signed a 40-year operating lease-back with Jiminy Peak Mountain Resort. This is essentially the same deal CNL did with Crested Butte Mountain Resort a few months back. Seems CNL has some serious cash to keep their acquisition ball rolling.

CNL’s growing portfolio of ski resort properties includes 14 ski areas. The company’s sale-lease back formula has led to acqusitions of Okemo Mountain Resort in Vermont, Sugarloaf and Sunday River in Maine, and Mount Sunapee, Loon Mountain and Bretton Woods, all in the state of New Hampshire. 

In the Western US, CNL has acquired Summit-at-Snoqualmie in Washington, our very own Crested Butte Mountain Resort, Utah’s Brighton Ski Resort, Cypress Mountain outside of Vancouver, B.C., and Mountain High Resort, Northstar-at-Tahoe and Sierra-at-Tahoe, all in California.  And, CNL has acquired a majority interest in ski resort village developments at Copper Mountain (Colo.), Mammoth Mountain (CA) Snowshoe Mountain Resort (W.V.), Stratton Mountain (VT) Northstar-at-Tahoe (CA), Blue Mountain (Ontario) and Whistler Creekside in British Columbia Canada.

Glad to see CBMR’s new owners are flush with cash and hot on the "deal trail".

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Good Day from Sunny Crested Butte,

CBMR is closing in on approval for its ski resort expansion onto neighboring Snodgrass Mountain. According to a press release from CBMR yesterday, the resort will be "refining it’s Master Plan over the next several weeks to address concerns in the report expressed by the Forest Service and will then submit the plan to the Forest Service.  The Forest Service has told CBMR that as long the plan addresses the geology concerns and stays within specified guidelines it will accept the Snodgrass proposal."

“After four years of pre-NEPA evaluation, we are very pleased to have the geology issue answered and now behind us.  We look forward to moving the Snodgrass plan along in the process with the Forest Service and into NEPA” Said Michael Kraatz Vice President of Planning and Development for CBMR.

“We anticipate having the adjustments to the Master Plan including Snodgrass complete by the end of February. The formal Snodgrass proposal and the Master Plan will then be submitted to the Forest Service at that point.  We anticipate the Forest Service will take several weeks to review the proposal and Master Plan and we hope to be in NEPA by late spring.”  Said Kraatz.

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Good day from Crested Butte,

The last and final report on the geologic factors and safety of Snodgrass Mountain was released last week. Now, Crested Butte Mountain Resort – CBMR expects to give the U.S. Forest Service it’s official proposal to expand the skiing to Snodgrass Mountain by March of this year. The report from the U.S. Geological Survey included warnings regarding ski area expansion to particular areas of Snodgrass Mountain.

From CBMR’s perspective, the USGS report identifies areas of the new ski mountain to avoid and of course, the report marks the end of a long and much discussed, pre-National Environmental Protection Agency (NEPA) application process. CBMR is now in a position to apply for it’s official ski resort expansion proposal.

Satellite Map of Crested Butte Mountain Resort, the future home of North Village and the location of Snodgrass Mountain and the future expansion of the ski area.

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

Good day from Crested Butte,

The Crested Butte Community School (CBCS) received top honors from the Colorado Department of Education for the 2007-2008 school year in their School Accountability Report.  CBCS is rated "excellent" for grades 6-12 – the highest grade possible.

The reason behind the success might have something to do with the quality of the staff. Of a total 38 instructors at the school, 24 have master’s degrees and another 9 teachers are going after post-graduate degrees. Of course, Crested Butte parent’s involvement and strong community support helps a ton too.

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide