The Crested Butte Real Estate Letter http://crested-butte-real-estate.com/blog/ Channing Boucher's Information and Insight to Crested Butte Colorado Real Estate en Copyright 2008 Tue, 06 May 2008 16:04:11 -0700 http://www.sixapart.com/movabletype/?v=3.2ysb5-20051201 http://blogs.law.harvard.edu/tech/rss Crested Butte Average Sales Prices Good day,

As a follow on to my last post I thought I'd offer this data up to everyone.  Interesting information.

Crested Butte Average Sale Price for a Single Family Home Last 12 months
$1,060,000 ($455,000 for condos and townhomes)

Mt. Crested Butte Average Sale Price for a Single Family Home Last 12 months
$1,302,778 ($732,000 for condos and townhomes)

Crested Butte South Average Sale Price for a Single Family Home Last 12 months
$513,000 ($287,000 for condos and townhomes)

Source: Gunnison Country Association of Realtors MLS

Thanks for visiting!

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




]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/05/crested_butte_average_sales_pr.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/05/crested_butte_average_sales_pr.html Tue, 06 May 2008 16:04:11 -0700 Sales Flat Prices High Good day,

Similar to Crested Butte, sales around snow and ski resorts in the Western US are flat lining but prices remain high and there is just enough sales activity each month to galvanize sellers and keep asking prices high. We've seen 7-figure priced sales of homes and slope side condos in Mt. Crested Butte and today a vacant parcel in the Verzuh neighborhood of Crested Butte sold for $755,000! Bargains are starting to pop up for vacant land in places like Crested Butte South but home prices in this community 10 miles from town still average $255 to $300 per square foot.

In Jackson Hole Wyoming, there have been 25 per cent fewer real estate sales in the first quarter of 2008 compared to 12 months ago. Interestingly, the median price of those sales that occurred was up 86 per cent. David Viehman of Jackson Hole Real Estate and Appraisal says the prices of some high-end properties have been reduced to more accurately reflect market conditions.

In Telluride, the local realtors remain optimistic even as the real estate market there tumbled through the winter. Agents are looking to the summer for a recovery in the market. In April, Telluride saw $23 million in sales - not bad but not great when you consider they did $68.5 million for the same month last year.

Thanks for visiting!

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




 

 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/05/sales_down_prices_up.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/05/sales_down_prices_up.html Thu, 01 May 2008 22:12:14 -0700 Colorado Records More Than 100 Powder Days Good day,

According to Colorado Ski Country USA, its 26 member resorts had snow a total of 141 days. The trade group also says there were 105 powder days, meaning at least one resort got more than five inches of new snow.  Beaver Creek, with 430 inches of snow, was among eight Colorado ski resorts that set records this season.  Crested Butte got its fair share with just over 420 inches.

Other record breakers, according to Colorado Ski Country USA:

• Aspen/Snowmass: 450 inches

• Crested Butte: 422 inches

• Monarch Mountain: 482 inches

• Powderhorn: 320 inches

• Silverton: 550 inches (and counting)

• Steamboat: 489 inches

• Telluride: 353 inches

Vail had its third snowiest winter on record, Purgatory at Durango Mountain Resort saw its fifth snowiest winter and both Copper Mountain’s and Sunlight Mountain Resort’s snowfall totals landed in the top 10 in the resorts’ histories.

Keystone tied its best snowfall in the previous eight years, and Eldora received its best snow year in the previous five years.

If you want to ski, Colorado is it!

Thanks for visiting!

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





 

 ]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/colorado_records_more_than_100.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/colorado_records_more_than_100.html Tue, 29 Apr 2008 21:29:42 -0700 No Traffic Lights, No Parking Meters Good day,

76 year-old Mead Metcalf of Aspen's Crystal Palace fame has retired from an illustrious career entertaining Aspen's wealthy locals and visitors since 1957.  The Crystal Palace has always been an Aspen favorite.  At its height in the late '60s and '70s, the dinner theater hosted two shows a night. His success encouraged him to make a real estate deal for the Crystal Palace's current home in downtown Aspen.

Metcalf bought that property for $28,000 in 1960 and in 1979 he bought the building and lot next door for $400,000 to house the smaller Grand Finale to offer even more musical entertainment.

The foresight to buy and the sweat equity to improve has paid off as Metcalf prepares to close June 1 on the building's sale for $13 million, an Aspen-esque appreciation. That's a big deal even in Aspen's overheated real estate market, where in 2007 the average home sold for $5.9 million.

Interestingly, his retirement plan includes living in his new home at the Crested Butte Country Club in Crested Butte. If you ask Metcalf why he's leaving for Crested Butte, the answer is more about what his new home doesn't have as opposed to what it does have.

"I like Crested Butte because there are no traffic lights and no parking meters, and what does that tell you about Aspen?"

Thanks for visiting!

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




]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/famous_singer_from_aspen_retir.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/famous_singer_from_aspen_retir.html Sun, 13 Apr 2008 07:34:48 -0700 Red Lady Mine Deal Off - For Now

Last month the Red Lady Coalition, a group of business owners opposed to mining operations here in Crested Butte, announced that the law firm of DLA Piper, one of the world’s biggest law firms, agreed to take their case at no charge.

The coalition got more good news this week when it learned a partnership to start the mine had dissolved. Kobex Resources has been working for about two years with U.S. Energy Corp. to start the proposed Lucky Jack molybdenum mine on Mount Emmons, which overlooks our ski town. Both companies announced Monday the deal was off.

Thanks for visiting!

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




]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/red_lady_mine_deal_off_for_now.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/04/red_lady_mine_deal_off_for_now.html Wed, 02 Apr 2008 07:17:02 -0700 Red Lady Coalition Retains Powerful Law Firm Things are heating up in the age-old fight to save Red Lady aka Mt. Emmons which is located above the Town of Crested Butte.  DLA Piper - the world's largest legal firm - has been retained by the Red Lady Coalition to continue the opposition to mining molybdenum in Crested Butte's backyard. The firm is providing its services for free.

Chairman of the firm is George Mitchell, former majority leader in the U.S. Senate. Among the figures employed in the firm’s Regulatory and Legislative Affairs Group are both Dick Gephardt and Dick Armey, both former majority leaders in the U.S. House of Representatives. Gephardt was a Democrat from Missouri and Armey a Republican from Texas.

“We will explore all appropriate avenues — both legal and political — to make sure that the Red Lady retains its character as one of the country’s treasured natural landmarks,” said Lisa Dewey, a partner in DLA Piper.

Red Lady
Red Lady aka Mt. Emmons Towering Above the Town of Crested Butte

Thanks for visiting!

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





 


 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/red_lady_coalition_retains_pow.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/red_lady_coalition_retains_pow.html Crested Butte Market Sun, 30 Mar 2008 07:34:48 -0700 Trying to Sell? Get Some Curb Appeal Home sellers take note, a recent survey of almost 500 real estate agents indicates the importance of curb appeal in selling a home.

According to the Real Estate Agent Community Trends survey, 82 percent of real estate pros polled said buyers unimpressed with a home's exterior will not want to look inside. The results also found that 90 percent of respondents said a sale depends on first impressions of the front entry, while 91 percent said the home's exterior is just as important as what is inside.

Additionally, 75 percent of those surveyed said natural light is important; while the appearance of windows and doors and the presence of energy-efficient products were mentioned by 71 percent and 63 percent, respectively.

Universal design features like open floor plans and modern kitchens are gaining in popularity as well, according to 65 percent of the agents surveyed. 

Information borrowed from: Building Online (03/18/08)

Thanks for visiting!

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





 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/trying_to_sell_get_some_curb_a.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/trying_to_sell_get_some_curb_a.html Crested Butte Market Fri, 28 Mar 2008 07:40:10 -0700 Colorado Ski Resorts, Recession Proof? Good morning,

More than 5.5 million skiers and snowboarders visited Colorado's 26 major ski resorts in January and February, Colorado Ski Country USA, the ski-area trade association, reported Monday. The tally, which exceeded industry expectations, represents a nearly 7 percent seasonal increase to date. Recession or not, people love skiing and the Colorado snow has been excellent at all resorts.

"What started as a relatively slow beginning to the season has turned into one of the most memorable ski seasons for any skier and snowboarder who visited a Colorado resort during the last several months," said Rob Perlman, president and CEO of the ski association.

Colorado Ski Country USA Web Site

Thanks for visiting!

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



]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/colorada_ski_resort_business_s.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/colorada_ski_resort_business_s.html Ski Country USA Thu, 20 Mar 2008 09:00:55 -0700 Fractional Real Estate in the Butte

Good morning,

Interesting comments today about the future of fractional real estate in Crested Butte from John Hess - the town's director of planning and community development. According to yesterday's article in the Grand Junction Sentinel, Mr. Hess states that we're not a resort and we've never bought into the idea of being a resort. Hmmmm. Maybe we're a mining community with a ski area?

“Timeshares are very much a resort product, but we’ve never actually bought into ourselves as a resort,” he said. “We have a tourist economy but are very protective of our community as a community. We don’t relate much to places like Vail.” - John Hess

His comments are reaction to a proposed 60,000 square-foot fractional real estate development in Crested Butte. To me, fractional real estate means one thing: lodging tax revenues for the Town of Crested Butte. As long as the fractionalized real estate is available for short term vacation rentals the town will benefit greatly. Read the article here.

Thanks for visiting!

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




 

 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/fractional_real_estate_in_the.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/fractional_real_estate_in_the.html Fractional Real Estate Tue, 18 Mar 2008 07:23:56 -0700 More National Publicity for Crested Butte Good day,

CNN.com Travel just published a great "Taking the Kids" article about the Crested Butte experience: Read the article online here: Taking the Kids: To Rustic Crested Butte

This publicity follows what seems like a season-long media love affair with Crested Butte. I've seen great deal of articles about our home town from media outlets around the world. Good stuff. CBMR's marketing department must be working overtime.

Thanks for visiting!

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




 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/more_national_attention_for_cr.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/more_national_attention_for_cr.html Crested Butte Market Mon, 10 Mar 2008 10:53:31 -0700 Loan Limits Are Raised But Not In Gunnison County Good morning,

A sizable increase in key mortgage limits was announced Thursday. Fannie Mae and Freddie Mac, the quasi-governmental companies that underwrite the majority of the nation's home loans, are now offering "conventional" mortgages well above the $417,000 previous limits - all the way up to over $715,000 in some counties around the USA.  This basically means buyers of pricier homes will no longer be dependent on jumbo loans, which carry higher interest rates and increase buyers' house payments.

But, here in Gunnison County, the average median price of ALL of our real estate - from Gunnison to Crested Butte is not high enough for our community to qualify for the higher loan limits. Buyers who live in affluent areas like Seattle, San Francisco or places like Aspen Colorado will be able to take advantage of these big loan limit increases!

Thanks for visiting!

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



 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/mortgage_limits_are_raised.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/mortgage_limits_are_raised.html Crested Butte Market Fri, 07 Mar 2008 11:15:44 -0700 Buckhorn Ranch Under Contract Good morning,

In what could be the second largest real estate transaction in Crested Butte history (the Mueller's purchase of CBMR is first) the majority of the real estate at the 250+ lot Buckhorn Ranch subdivision owned by Richard Landy is under contract to new developers. The pending sale of Landy's inventory of single family lots, the River Club lots (private fishing parcels on the East River) and the Avion Club (private airstrip parcels) signals a new era at Buckhorn. Buckhorn Ranch is located near the Crested Butte Country Club about 5 minutes from downtown Crested Butte. By the way, the asking price for this prized land is $35 million.

Learn more about Buckhorn Ranch at EagleBrooke Realty's web site.


Buckhorn Ranch

Thanks for visiting!

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



]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/buckhorn_ranch_subdivision_und.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/03/buckhorn_ranch_subdivision_und.html Crested Butte Market Thu, 06 Mar 2008 07:45:00 -0700 Big 07 Sales Numbers for Colorado Ski Resort Markets 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



 

]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/post_12.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/post_12.html Ski Country USA Wed, 20 Feb 2008 12:59:19 -0700 Snow Trumps the Economy Any Time 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


]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/snow_trumps_the_economy_any_ti.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/snow_trumps_the_economy_any_ti.html Crested Butte Market Mon, 18 Feb 2008 15:15:54 -0700 Mid-Winter Momentum 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


]]> http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/mid_winter_momentum.html http://p6.hostingprod.com/@crested-butte-real-estate.com/blog/2008/02/mid_winter_momentum.html Crested Butte Market Sun, 17 Feb 2008 17:08:12 -0700