New York Times Feature: 311 Whiterock Avenue

311 Whiterock Avenue

New York Times editor Mike Powell writes a real estate column called “What You Get”. It is a weekly look at real estate offerings from around the United States that fall within the same price point. This week, Mike included my Crested Butte listing located at 311 Whiterock Avenue. Originally built in 1890, this historic Crested Butte home was completely renovated in 2001 and the accessory dwelling was added in 1999. The main house features 2 spacious bedroom suites with attached bathrooms, a chefs kitchen with granite tops, custom cabinets and stainless steel appliances.

See the NY Times Article Here



Todays Advisor Newsletter

Sold by Channing Boucher in Crested Butte

Rising Values in Crested Butte

Election year politics, a lagging oil market and uncertainty with the direction of our ski resort don’t seem to be hampering real estate investment in our local market. In recent months, we’ve seen impressive real estate transactions in and around Crested Butte and Mt. Crested Butte. Values are jumping for homes and land in all locations. Here are some examples:

714 Ninth St. sold in December 2014 for $1,405m and just sold again for $1.7m.
401 Gothic Ave. sold in January 2014 for $1,785m and just sold again for $2.175m.
606 Ninth St. sold in March 2016 for $2,398m. This is a all-time record.
4 Ruths Road, a 9,375 SF homesite, sold this summer for $1,025m.

710 Skyland Sold in 2009 for $2,085m. The property sold again in June for $3,050m.
1091 Slate River Road. 1,800 SF home on 80 acres just sold for $4.3m.
5 Moon Ridge. Property was listed for over 1,000 days, then sold this year for $3.3m.

29 Summit Rd. sold in 2013 for $2.1m and sold again at end of 2015 for $2,250m.

722 Cascadilla, a 3 bedroom home built in 1997 sold for $650k and $270 per SF.
96 Huckeby, a 3 bedroom, 1,800 SF home sold for $530k and $290 per SF.
Note: CB South’s median sold price per SF in 2014 was $190. Now its $260 per SF.

In the News – CBMR Selling…Again

Crested Butte Mountain Resort (CBMR) owner CNL Lifestyles is selling the resort to New York hedge fund Och-Ziff (their website) in a massive $830 million transaction that includes CNL’s current portfolio of 35 ski resorts, amusement parks and vacation properties.  Och-Ziff will purchase 15 ski resorts from CNL for $374 million, in part using a loan from EPR, a Maryland-based REIT. EPR has agreed to buy other CNL properties in a deal valued at a total of $830 million. The sale is subject to the approval of CNL stockholders and other conditions, with a closing deadline of September 15, 2017.  CNL purchased Crested Butte and two other ski areas on the east coast from Triple Peaks LLC (owned by Tim and Diane Mueller) in 2008, leasing the properties back to their previous owners. Triple Peaks said the 2008 sale would help to finance the construction of additional improvements at its resorts, but in Crested Butte nothing happened after the Lodge at Mountaineer Square was built and the Gothic building was torn down.

Triple Peaks is actively trying to sell off all of its undeveloped Mt. Crested Butte land assets including the 156 acre North Village parcel (Snodgrass) listed at $8.9m, a variety of Prospect homesites and 50 future homesites on 20 acres located at the top of the Gold Link/Painter Boy lift complex.

Thanks for reading today. For a deeper understanding of our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

Review my recent significant sales here.

Sold in Mt Crested Butte: 14 Peakview Drive at Overlook

Sold By Channing Boucher: 14 Peakview Drive

Very pleased to announce another successful real estate transaction here in Crested Butte Colorado. Today, I represented the purchaser of the fine offering at 14 Peakview Drive located in the coveted Overlook subdivision of Mt. Crested Butte. Arguably one of the very best locations in our entire market area, 14 Peakview features a 1.22 acre parcel that is adjacent to the National Forest. The mountain and valley views from this spot are absolutely unbelievable and forever protected.  The four bedroom home comprises just over 3,300 sf. and includes 1,700 sf. of deck space and an oversized 2-car garage. The property sold in a all cash deal for $1,975,050. Learn more about this sale here >>>

Sold By Channing Boucher: 14 Peakview Drive

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Sold Today at Buckhorn Ranch

Sold by Channing Boucher in Crested Butte

Very pleased to announce the sale of my exclusive listing located at Crested Butte’s Buckhorn Ranch community. Buckhorn Ranch features homes and homesites with amazing views, good solar gain and the convenience of its proximity to the historic town of Crested Butte (2 miles) and the ski resort in Mt. Crested Butte (5 miles). The 3-bedroom custom home sold for $745,000.

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Sold in Crested Butte: Two Condos Two Special Locations

Sold by Channing Boucher

Very pleased to announce the recent and successful sales of two Crested Butte condo properties. We all know this is a location based business and these transactions epitomize this notion. With both sales, I represented the buyers so I toured many offerings prior to writing the offers. The first sale is located at 70 Hunter Hill in Mt. Crested Butte aka San Moritz condos. San Moritz features true ski in – ski out convenience for owners and their guests. This three bedroom unit enjoys an end-of-complex location providing natural light and a view of the ski slopes and West Wall ski lift. A perfect ski vacation pad, this condo also derives handsome short term rental income. The 1,330 sf condo sold for $347,000 in an all cash deal.

San Moritz Condo Sold by Channing

The second sale was located down in the historic mining town of Crested Butte at 421 Whiterock Avenue.  This two-bedroom, 914 sf condo enjoys a quiet alley location and quick access to the resort shuttle stop at 4th and Whiterock and a two block walk to Elk Avenue dining and nightlife. The condo sold in an all cash transaction for $375,000.

Sold by Channing Boucher

Real Estate Report for the 3rd Quarter 2016

Presented here is our current 2016 Crested Butte real estate report for year-to-date and 3rd quarter statistics and information. Our market is holding strong this year with similar performance to 2015. Our market’s sales volume is hovering around $125 million with many properties set to close during the 4th quarter. Enjoy the information presented below and as always feel free to reach out to me for finer detail and my market insight.

Crested Butte Real Estate Advisor Current Issue

Gold Dust Interior

View This Month’s Issue with Featured Listings

Market Stays Ahead of Last Year

The current real estate market in the Crested Butte area is trending about 9% ahead of last year. So far in 2016 we’ve seen more residential (homes, condos and town houses) sales vs 2015 and better overall sales volume. Historically, the Crested Butte area sees strong sales activity in the 4th Quarter of each year. This year its more of the same. Currently, there are 63 pending residential transactions representing another $42 million in potential volume. If we stopped the clock today and included the pending sales, we would beat 2015 total sales numbers handily. Interestingly, the market for vacant land and homesites spiked in 2015 but has flattened out it 2016 due to rising prices. Last year, 104 parcels traded hands ($21 million in volume). The median sales price last year was $100,000. This year we’ve realized 55 land sales so far ($12.2 million in volume) with the median sales price jumping 40% to $140,000.

By The Numbers – Comparing 2015 to 2016

Year-to-Date: 186 residential sales and $100 million in volume
Same Period in 2015: 167 residential sales and $91 million in volume
Current Under Contract Activity: 63 pending residential sales and $42M in volume.
Same Period in 2015: 71 residential sales (9/20 to end-of-year) and $43M in volume.

In the News – Light at the End of the Mt. Emmons Mine Shaft?

An agreement that could end the possibility of a major molybdenum mine operation is in the works in Crested Butte. The town of Crested Butte and the Mt. Emmons Mining Company (a subsidiary of Freeport McMoRan and owner of mineral rights to the molybdenum beneath the mountain) have a plan calling for Freeport McMoRan to ask the U.S. Congress to permanently withdraw all of its mining claims. The catch? Crested Butte needs to come up with about $2 million in compensation to assist Freeport McMoRan’s disposition of all the mine’s assets including the 9,000 acres of unpatented mining claims that directly impact our four local watersheds. If approved, the ground would go back into the federal land bank and never be allowed for mining purposes into the future. Learn More at the Crested Butte News.

Thanks for reading today. To learn more about our marketplace and the Crested Butte community contact me anytime.

Channing Boucher
Broker Associate
Benson Sothebys International Realty
401 Elk Avenue
Crested Butte CO 81224

Sold Today in Crested Butte

Sold: Alpine Meadows Property in Crested Butte

I am very pleased to announce the successful sale of my exclusive listing located at 608 Nicholson Lake Ridge Road. I represented both the buyer and seller and the property closed at $945,000. This is my third home sale at the Alpine Meadows community – located about 8 minutes from downtown Crested Butte up the Slate River drainage.

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