Greetings from Crested Butte!

Our real estate market continues to show promising signs of a genuine rebound. Year-to-date, we have sold 65 home and condo properties valued at $32 million. There are an additional 39 residential properties currently under contract. This is very impressive considering we haven’t hit the busy summer selling season yet. 

Vacant land in Crested Butte is selling again. Year-to-date, we’ve seen 24 closings with another 6 parcels under contract. However, we still have a glutted inventory of land, 286 listings to be exact. The biggest obstacle to working our way out of this market condition is the lack of financing. Banks simply won’t make attractive loan packages on vacant land so the sales we are seeing are “all cash” purchases. Motivated sellers are pricing their offerings very low in order to attract cash buyers and in some locations it’s working. Mt Crested Butte has realized 15 land sales so far in 2012, Crested Butte South another 5 sales. 

Sixth Street Station Gains Development Approval

The proposed Sixth Street Station development has gained a major approval from Crested Butte officials and a big step toward possibly happening. The Crested Butte Board of Zoning and Architectural Review (BOZAR) approved the four block PUD project last week with several conditions after almost ten hours of review over two evening meetings. Read Article

Crested Butte Sees Real Estate Investments from Bigger Players

New Los Angeles Dodgers owner, Chicago financier Mark Walter, is making headlines in Crested Butte. Interesting read in the LA Times with a reference to his recent purchase of the Grubstake Building in downtown Crested Butte. Read Article

Summer Events Calendar in Crested Butte

Here are some fun events that take place in downtown Crested Butte in the summer.
Click on the event to get more information.

• Crested Butte Restaurant Week (June 8–15)
• Crested Butte Farmers Market (Sundays and Thursdays, June–Oct)
• Crested Butte Bike Week (June 21-24)
• Alpenglow – Free Outdoor Concerts in the Park (Every Monday from June 25 –August 13)
• Crested Butte Music Festival (Jun 30–Aug 12)
• 4th of July Celebration with Parade, Music, Fireworks!
• Crested Butte Wildflower Festival (July 9–15)
• Crested Butte Arts Festival (August 4–5)
• Chefs on the Edge Culinary Competition (August 20)
• USA Pro Cycling Challenge ~ Two Stages, One Destination (August 21–22)
• AWEfest: Artists of the West Elk Art Displays (July and August)
• Crested Butte Film Festival (September 27–30)

Thanks for reading today! If you have any questions or comments, contact me anytime. 

Channing Boucher
Broker Associate
Benson Sotheby’s International Realty

Best priced view lot offered for sale in Crested Butte South!

Great topography, elevated and gently sloped to the south and featuring protected mountain views of Red Mountain, Whetstone Mountain and Round Mountain, this Crested Butte South homesite can’t be beat on price and location. A must see if you are considering building a mountain home in Crested Butte! Quick and easy “back door” access from Cement Creek Road means no driving through the subdivision to get home. Town of Crested Butte is 10 minutes away, Gunnison is 20 minutes.

Absolutely stunning south-facing mountain home overlooking the majestic Upper Slate River, the Lower Loop ski and hiking trail, Oh-Be-Joyful Creek and the Wilderness surrounding Crested Butte. The captivating mountain and valley views from this property are priceless. The secluded 2.08 acre parcel is wrapped in healthy, mature Pine trees.

Completely remodeled in 2004 by Green Robin Builders and Andrew Hadley Architects, this green, eco-friendly home features passive solar design, reclaimed Heart pine wood floors by Renick with radiant heat fed by the ground source heat pump, American Clay walls and high R-value organic insulation.

Other features include Tim White center island and media cabinets, Neil Kelly custom ash kitchen cabinets, a Wolf range, slate kitchen counters, a floor to ceiling rock fireplace and incredible beam work anchoring the vaulted ceilings, an elegant lighting package and a whole house sound system.

The master suite wing features a gorgeous attached bath, a private balcony and awesome river and mountain views from the pillow. The wrap around decks feature iron railings and the beautiful outdoor, covered dining and bar-b-que patio will suite your family in all seasons! Accommodate your guests with style in the detached, 1 bedroom eco-cottage featuring straw and clay insulation, wood and rammed earth flooring, a kitchen and a full bath.

Other features include an outdoor pizza oven, a 4-stall garage and a circular driveway.

View this property’s website here

Awesome acre located just a few minutes from downtown Crested Butte in River Bend! Fantastic views in all directions, great Colorado Rockies sunshine all day, an easy to build topography and a mature neighborhood all add up to make this parcel an excellent choice for your new Crested Butte home. Enjoy Slate River access and fishing rights. Ride your bike along the Deli Trail and be in town in 10 minutes. The National Forest trail system is just a few minutes up Brush Creek Road in the other direction.

2011 Taxes: $1943

Channing’s listing at 4 Appaloosa in the Wildhorse at Prospect subdivision sold today for $975,000 in an all-cash transaction.  Channing also represented the purchaser in this transaction.

Originally, the 3600 sft, 4 bedroom, 4.5 bathroom served as the model home for the Wildhorse at Prospect development. The ski home features easy access to the Gold Link ski lift and Crested Butte Mountain Resort ski runs and the Snodgrass trail system is located just down the road from the property.

For more information about Crested Butte and our real estate market, visit Channing’s Crested Butte Real Estate Guide online.

April 2012 Issue of the Crested Butte Real Estate Advisor

Greetings from Crested Butte!

The weather has been spectacular in Colorado this March. Unusually warm and sunny days have replaced the snow seemingly overnight. Unfortunately, the ski season was a bit of a bust in Crested Butte and every other resort in Colorado this year but hey, it can snow like mad in April and May too.

Just like the weather, the real estate market in Crested Butte is heating up and many people have asked me why there is so much recent sales activity in our little community.

Year-to-date, we have sold 40 residential properties and an additional 40 properties are under contract. This represents just over $40 million worth of sales activity. This is impressive considering last year at this time, we sold a total of 37 properties at about $14 million in volume.

All that it takes is some research into the median sales price history of our market and its understandable why folks are investing in Crested Butte real estate at such an aggressive clip: Prices are too good to pass up and in certain locations, it is getting more expensive to buy property.

The median sales price metric is the best way to determine the health of a real estate market, better than the average sales price which tends to be skewed by the impact of ultra high or low priced transactions. The median sales price is the middle point of the market where half of all sales occur above the median price and the other half of all sales occur below this number.

Take a look at the results below. After a multi-year slide in values, 2011 appears to be where the market in Crested Butte flattened out. With the exception of the Town of Crested Butte, median sales prices were the lowest they had been in many years so it’s make sense the number of transactions spiked.

Now, year-to-date in 2012, the median sales price for homes, condos and townhomes is rising for the first time in over 4 years. Our transaction count has risen sharply for both homes and condos which helps to validate this current trend of price increases.

View Complete Newsletter Here

Located along the northern boundary fenceline of the community, the parcel features stunning, panoramic vistas of the ski resort and Mt. Crested Butte, the surrounding Elk Mountains and the Upper East River Valley. The site enjoys great southern exposure, all day light and unbelievable VIEWS! Glacier Lily Estates is conveniently located between Mt. Crested Butte and the Town of Crested Butte.

Channing Boucher represented the seller and the buyer in this transaction. The parcel sold for $160,000.

View this property’s website

A flawless interpretation of the Grand Lodge architectural style with an integrity of craftsmanship rarely found. Dan Murphy (architect) and Bob Huckins (builder) combined here to create a magnificent home on a stunning piece of land. The home flows from space to space with a subtle balance of privacy and gathering. Exceptionally appointed with antique rugs, modern technologies, one of a kind art and furnishings and graced by majestic views throughout.

Features:
Built in 2001
4 Bedrooms
4.5 Bathrooms
Two Living Rooms
Main Floor Master Suite
5231 sq. feet living
960 sq. foot garage
35+ acre, mountain top parcel
Paved, Circular Drive
Stunning Mountain, Valley and Forest Views
15 minutes to Town of Crested Butte!

For information about other business for sale opportunities in Crested Butte, contact Channing Boucher or visit this web site: http://www.crested-butte-real-estate.com/commercial_property_for_sale.html

“Our growth in the last year demonstrates the value real estate professionals are placing on the services we offer and the power of the Sotheby’s International Realty name and its reputation for excellence,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “One of our goals for last year was to continue to expand our network in key luxury markets worldwide, and we have achieved that with the addition of 12 new companies worldwide and the acquisition of the licensing rights for Australia, which allows us to now move forward with gaining representation in a critical international market.”

“Our U.S. network also increased the total number of closed transactions by 24 percent from the prior year, which is a testament to our commitment to grow into new markets and the powerful combination of their local expertise and the support of our global brand,” added Good. “In 2012 we will work to expand our global footprint even more, with growth in Asia our first priority. To that extent, the brand has three new management positions that will be based in Asia for which it is seeking candidates. Those executives will be responsible for accelerating the Sotheby’s International Realty brand’s development throughout Asia and for supporting its network of affiliates. We are committed to creating a significant servicing hub in Hong Kong to further support our growth in the region and to continue servicing the needs of our growing network of companies there. ”

On the marketing front, the Sotheby’s International Realty brand began two new and exclusive sponsorship deals with the BBC.com and The Telegraph Media Group, continued its successful relationships with The Wall Street Journal and The New York Times and made its network’s property listings outside the United States now available via SIR Mobile. Most significantly, the brand launched the new sothebysrealty.com to much positive feedback, as well as the official Sotheby’s International Realty YouTube channel [1], designed to house the network’s unique property and destination videos, redefining the standard of excellence for video in the real estate industry.

“Our goal is to provide targeted and valuable exposure for the extraordinary homes our network represents through innovative and cutting-edge marketing programs,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC. “We are committed to utilizing video through our YouTube channel to reach luxury real estate consumers in a way that offers them unique value in their home search. The new sothebysrealty.com has seen a year-over-year increase of 27 percent in unique visitors and 28 percent in page views when comparing February 2012 to February 2011. We attribute this to our lifestyle focus and the availability of our website in 15 languages, with more to be added.”

The company also noted that last year, the brand debuted a Specialty Markets section on sothebysrealty.com that featured properties by five lifestyles: Farm & Ranch, Golf, Skiing, Vineyards and Waterfront. “We look forward to enhancing this area even more this year,” added Purvey. “Our data tells us that consumers are spending twice as long on sothebysrealty.com than the industry average, at nearly 12 minutes. That is a testament to the value of the information we are offering in the home-buying process.”

The brand recently was honored by Franchise Business Review with its Best in Category for Real Estate Franchisee Satisfaction award for the fifth year in a row. In addition to its real estate ranking, the brand also came in second in the Top 50 Large Franchise Systems, which is a ranking of all franchise systems with more than 200 units across all categories.