Realtor | Corey Dwan

Cell 970.596.3219
Corey.Dwan@SothebysRealty.com

 
 

August 2011- Market Report

 

 

With the intensity of two weeks of wild flowers blanketing our beautiful mountain town, warm July days, free Alpineglow Monday night concerts and a prodigious amount of visitors our summer is off to a great start. If you missed the Fat Tire Bike Week, 4th of July, Crested Butte Music Festival, Bluegrass in Paradise, Wildflower Festival and Wine and Food Festival you will not want to miss the Crested Butte Art Festival August 5th through the 7th. The Crested Butte Arts Festival celebrates its 39th year in 2011. What began as an informal gathering of mostly local crafters selling their wares has evolved into one of the top 5 fine art and fine craft shows in Colorado, according to the Larry Harris List.  The Crested Butte Arts Festival is a non-profit, volunteer organization dedicated to the preservation of the arts in and around Crested Butte. Another event not to miss is the U.S. Pro Cycling Challenge, America's equivalent to the Tour de France! "Witness the world's top professional cyclists battle steep grades, hairpin turns and terrifying descents in a seven day, 518 mile long journey over one of the highest altitude courses ever created." The one and only mountain top finish of the race ends on Mt. Crested Butte August 23rd, 2011 and the most difficult leg of the race, Gunnison to Aspen, departs Gunnison August 24th, 2011. This is history in the making so do your best to attend. For a full list of other festivals and activities in the Crested Butte area please visit my community section of my web site.

Real estate sales have continued enthusiastically with 111 sales of condos and single family homes in the upper valley representing a 28% increase over the same period last year. It is evident with over $46,600,000 in sales and another 26 transactions or over $13,000,000 more under contract that buyers are taking advantage of the substantial decrease in median list prices ($315,000 in 2010 compared to $272,000 this year). That being said five high end homes in the town of Crested Butte with unparalleled locations and protected views have sold and/or have gone under contract in the last couple of weeks with an average price per square foot of $503.00.

With a recent run on both The Lodge at Mountaineer Square and West Wall Lodge condos price per square foot is on the rise. Over 38 condos at both complexes have sold in the last year and a half with an average price per square foot of $363. Distressed inventory at these two luxury, ski in/ski out lodges is currently at .05% with zero inventory on the current foreclosure list. Click here for the last great opportunity in the West Wall Lodge. At $299 a square foot it is over $170 a square foot less than anything available!

Land sales are on the rise as well with 18 transactions so far this year for a total of $2,659,800 representing a 33% increase over same period last year. Another $1,297,500 worth of land is currently under contract and due to close soon.

Ironically with real estate sales, skier visits and summer visitors on the rise employment at CBMR is down. Along with many other companies in the nation Crested Butte Mountain Resort has been forced to make some cuts in their employment in the valley. “Like most businesses in these difficult economic times, we are looking for efficiencies,” explained Triple Peaks and CBMR president Tim Mueller regarding recent cuts in their account department. “It was a difficult decision and we all felt very badly. It’s not easy to do but the business was able to consolidate some positions.” CBMR announced yesterday that Ken Stone, chief operating officer will step down from his position effective July 29th, 2011. Ethan Mueller has been named vice president/general manager as Tim and Diane Mueller, operators of CBMR, take a more active role in the operation of the resort.

CBMR doesn’t have any plans to cut back on guest services, however. “We don’t want to cut back significantly on the mountain,” Mueller said. “We’re trying to keep our operations and guest services at a high level. Hopefully these strategic moves will help CBMR gain a stronger profit than last year, CBMR’s first profitable year since purchasing the resort in 2004.

Please take a moment to view my featured listings and global real estate listings and search all Crested Butte and Gunnison real estate by visiting my real estate search tool on my web site.

 

National News:

Pending home sales rise unexpectedly

Foreclosures fall in most U.S. cities

Non-distressed Prices Bouncing Back to 2009 Levels?

Crested Butte reality television show?

U.S. Senate panel advances bill allowing more uses at ski hills

Thanks so much for reading today and I hope to see you in Crested Butte for all of the upcoming summer events.

Cheers,
Corey

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

   
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