Realtor | Corey Dwan

Cell 970.596.3219
Corey.Dwan@SothebysRealty.com

 
 

August 2010 - Market Report


Hi Everyone,

Happy Friday the 13th! It has been a great summer so far in the Crested Butte real estate market. With Crested Butte Mountain Resort's hotel and condo occupancy for July up 25% over last summer and lift ridership up 21% it is evident this has had a dramatic impact on real estate sales. In the Lodge at Mountaineer Square, one of the hardest hit new developments on the mountain in recent years, has seen nine sales and currently has another eight residences under contract for a total potential of $7.995mil of sales. With numerous properties receiving multiple offers and some listings being sold for full price or more it may be that we?ve reached the bottom in this segment of the market. The Tipple House ($4.489mil), 757 Ridge Lane ($2.995mil) and adjoining $800k parcel, 193 Larkspur ($3.335mil), 82 Anthracite ($1.445mil) and 2 Ridge Lane ($1.35mil) are all under contract and 378 Phoenix Way has closed for $3,000,100. That coupled with a total of 49 properties sold or put under contract since July 1, 2010 it appears the savvy buyer has returned for some incredible values.

Summer Business on the Mountain:
The addition of Mini Golf to the Adventure Park has exceeded everyone?s expectations with the Adventure Park showing a 60% growth in revenue. More than 1,500 rounds of mini golf were played during the month of July. Camp Crested Butte for Kids is also growing rapidly as they?ve posted a 40% increase in business to date.

The real buzz in the community is about the mountain biking at Crested Butte Mountain Resort (CBMR). The Mountain Sports department and the Mountain Operations teams have done an incredible job of providing a fantastic biking and hiking experience on the mountain for our guests. All of this combined with more special events, weddings and group and conference business has created a new level of energy and vitality at CBMR.

Winter Expectations:
The good news goes beyond the summer as we look at how we are pacing for next winter. The CBMR group sales team has booked twice the amount of group business compared to this time last year and currently has a 62% increase in room reservations on the books in our hotels and condo complexes.

The air program with Virgin America from San Francisco did not materialize as anticipated due to changes in their business strategy. However, the airline bookings are already pacing ahead of last year and flights now include new direct jet service from Houston on Continental along with two flights daily on American Airlines from Dallas and two flights daily on United from Denver. Click here for flight information.

Another indicator that we are heading toward a great winter is that our season pass sales are pacing ahead of the last five years. CBMR has lowered the price significantly on our 10-day card and College Season Pass and introduced an Anniversary Pass good for four days of skiing for just $99 in celebration of the Crested Butte resort?s 50th anniversary. Click here for more ticket information.

Snodgrass Update:
U.S. Forest Service Chief Tom Tidwell released a decision on his formal review of the recent appeal decision concerning Crested Butte Mountain Resort?s (CBMR) Snodgrass Mountain Expansion Proposal. The review was conducted by Associate Deputy Chief Gloria Manning on behalf of Chief Tidwell. Manning affirmed the decision by Deputy Regional Forester James Pe?a and Forest Supervisor Charlie Richmond.

?Of course we?re incredibly disappointed with this decision,? said Tim Mueller, president of CBMR. ?The Forest Service has decided it is appropriate for one Forest Service employee to decide the future of an entire community with no public process whatsoever. Colorado Governor Bill Ritter, U.S. Senator Mark Udall, other elected officials and thousands of citizens have asked the Forest Service to allow public review through a NEPA process,? added Mueller. ?The Forest Service has refused.?

Chief Tidwell?s decision directs Forest Supervisor Richmond to discuss with CBMR whether or not there is a proposal for skiing on Snodgrass Mountain that can and will be considered by the Forest Service. CBMR looks forward to those discussions.

?As far as next steps we?ve just received the decision and have not yet received the attachment,? added Mueller. ?We are considering all of our options.?

Real Estate Office Activity:
Let's have a look at Benson Sotheby's International Realty's recent activity from July 1, 2010 to present along side our largest competitors in Crested Butte. It is evident if you wish to be in touch with the heart beat of the Crested Butte real estate market or simply have the unrivaled probability of having your property sold we are the irrefutable choice in the entire valley.

Benson Sotheby's International Realty: $13,995,500 of our listings under contract or sold.
Red Lady Realty: $4,384,700 of their listings under contract or sold.
Coldwell Banker Bighorn: $3,119,000 of their listings under contract or sold.
Prudential Becky Hamlin: $2,660,000 of their listings under contract or sold.

"Artfully Uniting Extraordinary Homes with Extraordinary Lives"

Born of the storied auction house, Sotheby's International Realty continues to provide exceptional service and astute valuation for many of the world's finest and most luxurious homes. I specialize in luxury homes and estates, ranch and acreage properties, condominiums, ski in/ski out, lake view, river frontage properties, golf course homes, residential and commercial developments as well as custom builder representation throughout the Crested Butte and Gunnison area. So please call me if you need assistance in both buying or selling real estate here in paradise and take a moment to visit my website for a wealth of valuable local information and to search the entire MLS for a property that would fulfill your mountain desires.

www.CrestedButteForSale.com

Search the MLS Privately and Securely

View My Featured Listings

Thanks for taking the time to read today,

Corey Dwan - REALTOR
Benson Sotheby's International Realty
P.O. Box 210
433 Sixth Street
Crested Butte, CO 81224
970-596-3219 Cell
970-325-3219 World Wide Cell
970-349-6653 Office
970-797-1810 Fax
www.CrestedButteForSale.com

   
?2007 Sotheby's International Realty Affiliates LLC. Sotheby's International Realty? is
a registered trademark licensed to Sotheby's International Realty Affiliates LLC. Equal Housing Opportunity.