December, 2009

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Year in Review – 2009 – Crested Butte Real Estate Market

Thursday, December 31st, 2009

Happy New Year from Snowy Crested Butte!

In spite of global economic conditions and the highly publicized bankruptcies of western U.S. ski resorts including Tamarack in Idaho, the Yellowstone Club, and Moonlight Basin in Montana, Crested Butte appeared to weather the financial storms of 2009. Christmas ski vacationers poured into town this month, the snow has been good and our real estate market scratched and clawed its way to almost $90 million in total sales.

2009 in our little ski town will be remembered for some high flyer real estate transactions, community-wide turmoil over the National Forest Service’s rejection of CBMR’s plan to expand its resort onto Snodgrass Mountain and today’s announcement in the Crested Butte News that the proposed Foothills Annexation is now off the table, after almost 2 years of planning.

Crazy times indeed but Crested Butte remains Crested Butte. People love this place. We still don’t have a parking meter or any traffic lights in our town. The town-to-resort shuttle service is still free and we even saw new businesses come to town including our newest restaurant: Ryce Asian Bistro.

Here is a snapshot of our community’s 2009 real estate activity:

2009 Residential Sales Breakdown

Over 125 Crested Butte and Mt. Crested Butte homes, condos and townhomes sold in 2009 totaling about $70 million in sales. 14 residential properties sold for over $1 million.

Crested Butte South had 16 transactions including 9 single family homes.
Crested Butte had 29 transactions including 18 single family homes.
Rural Crested Butte saw 12 transactions including 7 single family homes.
Mt Crested Butte realized 64 transactions including 42 condos.

2009 Vacant Land Sales Breakdown

21 total land transactions totaling $10 million in sales.
3 properties sold for over $1 million including a Prospect lot that sold for $1,000,000.
10 sales in Rural Crested Butte including last week’s sale of a Trappers Crossing South 35-acre parcel that closed for $1,490,000.
6 Crested Butte South parcels sold.
3 Town of Crested Butte parcels sold including a Verzuh parcel that closed for $730,000.

Thanks for reading and good luck in 2010!

Channing Boucher

Broker Associate
Benson Sotheby’s International Realty
Local Knowledge Global Reach

  

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New Listing: Crested Butte Business for Sale

Thursday, December 24th, 2009

Hello from Crested Butte Colorado, 

This is a very special opportunity to acquire a highly profitable restaurant and lounge venture in a very cool place to live and work.

The LoBar is located in the heart of the commercial district in downtown Crested Butte at 303 Elk Avenue. The restaurant’s menu is eclectic and includes many popular sushi and Japanese influenced dishes.

The LoBar transforms itself nightly into Crested Butte’s social hot spot. featuring great lounge and bar seating and private dining areas.

The business is ideally suited for it’s market, enjoying a loyal installed base of local customers as well as a prominent national reputation as the place to patronize when in Crested Butte.

The financial results reflect a business in command of its market.

Purchase prices includes extensive leasehold improvements plus all of the fixtures, furnishings and equipment.

Also included is seller training and consulting, marketing collateral, brand, menus and trade secrets.

Business summary and financials provided upon request and execution of a NDA.

Offered at $695,000
View Listing Information Here
http://www.crested-butte-real-estate.com/for_sale_lobar_restaurant_lounge_bar_crested_butte.html

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Just Sold in Crested Butte

Wednesday, December 16th, 2009

JUST SOLD IN CRESTED BUTTE
285 Journeys End Road
Trappers Crossing South
35.25 Acres – $1,490,000

The last of it’s kind parcel located on what is known as the “Bench” and Journey’s End Road. Dramatic panoramic views. The 35.25 acres includes part of Gibson’s Ridge and extends all the way to Red Lady Avenue in Crested Butte. Groomed nordic ski tracks in the winter out the back door.

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Buckhorn Ranch Takes Positive New Direction

Monday, December 7th, 2009

For quite some time there has been an onslaught of negative press, negative talk, and all around negative PR surrounding the Buckhorn Ranch neighborhood located just south of Crested Butte. On December 5th the Buckhorn Ranch HOA successfully accomplished several important milestones. The first being the election and installment of three new, neutral board members to the Board of Directors. The elected officers are:  Ben Somrak as President, Trevor Maltby as Vice-president and Channing Boucher as the Secretary/Treasurer. 

We want to make it clear to the Crested Butte community that this positive and driven board is ready to tackle any Buckhorn Ranch related issues going forward.  With that said, we want to put the negativity behind us. After all, doing the same thing twice and expecting different results is the definition of insanity.  As we all know, in a small town people talk and the next person to hear the story gets a little different version, so on and so forth, and it becomes a community-wide game of "telephone." 

We simply cannot keep acting negatively and expecting a different outcome.  This new Board of Directors is very prepared and qualified and we all feel great about our new direction. 

The second item we accomplished at the meeting was approving a settlement agreement that effectively ends the litigation that plagued this development over the last 3 years.

Finally, the new Board of Directors wants to clear up some misconceptions about Buckhorn Ranch: 1. There is no more lawsuit. 2. There is no issue with freezing water lines. 3. We enjoy a fully functioning and reliable water and sanitation infrastructure. 4. The newly chip-sealed roadways are intact and will undergo planned maintenance in the spring of 2010. 5. We do have a punch list of action items to address and we will resolve these issues. 6. The HOA is financially sound and we plan to begin value-add improvements to our development in 2010. 7. Most importantly, it’s a great place to live – just ask anyone that calls Buckhorn Ranch home!

We all encourage anyone with questions, including the media to contact us directly with any questions.  You can also check out www.buckhornhoa.com for up to date information regarding the community.

Thank you,

Ben Somrak, Trevor Maltby, and Channing Boucher

 

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Short Sale’s Getting Easier to Swallow?

Tuesday, December 1st, 2009

The Wall Street Journal reported today that short sales might be getting a nudge in the right direction. Here is the article by WSJ’s Ruth Simon. (Online at this link)

The Obama administration laid out final guidelines on Monday that should make it easier for some financially troubled borrowers to sell their homes. The guidelines are designed to encourage the use of short sales, transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. The program also makes it easier for borrowers to voluntarily transfer ownership of properties through a "deed in lieu of foreclosure."

Short sales can result in higher prices than foreclosures and can be less damaging to local neighborhoods, in part because homes aren’t left vacant and exposed to vandalism. But these transactions are often difficult to complete.

Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of the: mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. The program is open to borrowers who may be eligible for the government’s loan-modification program, but don’t end up qualifying, or are delinquent on their modification, or request a short sale or deed-in-lieu transaction.

The short-sale program is the latest addition to the Obama administration’s $75 billion foreclosure-prevention plan, which includes incentives for mortgage companies and investors to rework troubled loans. The government first said in May that would include short sales in the program, but it has taken months to finalize the details.

Under the new guidelines, second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for release in their liens. Investors who hold the first mortgages, meanwhile, can collect up to $1,000 from the government for allowing such payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

 

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