February, 2012 Issue   

The Crested Butte Connoisseur
Brought to you by Corey Dwan of Benson Sotheby's International Realty

Hi Everyone,

Happy Leap Day! Hope you enjoyed your extra 24 hours today. Winter has finally been kind to us bringing many new inches of snow on the mountain. In the last week we have received 17" of the light fluffy stuff allowing us to have 98% of the ski terrain open. Ironically we have had spring like skiing conditions in between storms making for the most comfortable mid-winter skiing environment we have seen in years. So if you haven't made plans to come during Spring Break, make them now as our little mountain town will inevitably give you some incredible skiing days. There is a lot happening in March, see below, so don't miss everything Crested Butte has to offer this winter.

Mild Winter Can't Put Freeze on Ski Resorts

Crested Butte Market Update

Real estate sales have begun dramatically for the year. As of today our upper valley (Almont North) has had30 sales of condos and single family homes totaling $16,224,448 with almost $12,000,000 more under contract which combined represents nearly 30% of our total sales in 2011. That's a 147% increase in closed transactions from the same period last year! Personally I am experiencing the same having completed six transactions so far and three more under contract, a third of my total transactions from last year. Inventory is moving and more cases of multiple offers on the good bargains have become predominant.

Notable sales would include a $1,030,000 sale in the West Wall Lodge representing a jump from the average sold price per square foot from last year of approximately $250 up to an astonishing $402! Those of you that purchased West Wall units last summer are jumping for joy. Two more homes in the town of Crested Butte and rural Crested Butte sold for $1.4mil and $1.6mil respectively and 105 Bear Scratch on Mt. Crested Butte sold for $4,000,000 delineating a sale price per square foot of $613. Three more homes over a million are already under contract as well.

Another milestone for the Mt. Crested Butte condo market is that all but one of the distressed units in the Grand Lodge have sold. 15 Grand Lodge condos sold last year for record low prices ranging from $40k to $57k. Now there remains only one unit left priced at $67k with the remaining units priced at $91k or more. If there was any doubt we hit bottom about four to six months ago that doubt has now comfortably passed. How long we remain at the bottom is the next question.

Crested Butte in the News

National Geographic - World's Best Ski Towns
Crested Butte Lands #18 in Carnival 2012
Ski the Butte - Colorado's True Ski Town - The Examiner
Crested Butte Enjoys Some of the Most Snow From Recent Storms
Rustic Crested Butte's Chic Drink Destination - Dogwood Cocktail Cabin

Current News of the National Real Estate Market

Real Estate Forecast and Beyond - Warren Buffett says Buy Baby, Buy!
January Pending Home Sales Rise, Market on Uptrend
Housing Expected to Add to GDP for the First Time in 7 Years
Housing Inventory Ends 2011 Down 22%
Housing Crisis to End as Banks Loosen Credit Standards
Average 30 Year Fixed Rate Up From All Time Record Low

Crested Butte Now Has Great Mexican Food

The Mexicali Grill Crested Butte



2012 Community Calendar

In This Issue:

Real Estate Market Recap
  Crested Butte in the News
National Real Estate News
The Mexicali Grill
March Schedule of Events
Oh Be Joyful Gallery
Three New Listings!

Featured Listings
Global Listings

1 Sage Hill Spur Road, Almont
$1,100,000
New Listing!

26 Whetstone Road, Mt. Crested Butte
$994,000

329 Maroon Avenue, Crested Butte
$1,295,000


49 Cinnamon Mtn. Road, Mt. Crested Butte
$1,099,000

309 Third Street, Crested Butte
$899,000



11 Hunter Hill Road, Unit 504
$
229,000
New Listing!

  

Mt. Crested Butte Homes
Mt. Crested Butte Condos
Mt. Crested Butte Land
Crested Butte Homes
Crested Butte Condos
Crested Butte Land
Rural Crested Butte Homes
Rural Crested Butte Condos
Rural Crested Butte Land
Crested Butte South Homes
Crested Butte South Condos
Crested Butte South Land
Gunnison Area Homes
Gunnison Area Condos
Gunnison Area Land
Global Real Estate

Mountain Bike Trail Report
Mt. Crested Butte Snow Report
Mt. Crested Butte Ski Trail Report
Crested Butte Weather Report

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    Gunnison Tire Company, Gunnison
                         $745,000


J202 San Moritz, Mt. Crested Butte
$275,000

TBD Summit Road
$495,000 - New Listing!


March Schedule of Events

1                         Learn to Skate Ski for Free!, Crested Butte Nordic Center
1 ? 31                 ?Green? Juried Art Exhibition, Gunnison Arts Center
2                         First Friday Gallery Crawl & Music, Various Galleries & Locations, Gunnison
2 ? 3                   Crested Butte Dance Collective?s Move the Butte, Crested Butte Center for the Arts
3                         Stage 3 of Stage 3 Ice Fishing Contest, Elk Creek Marina at Blue Mesa Reservoir, Gunnison
3                         Super Tour (Race & Rec Nordic Skiing Divisions), Crested Butte
3 ? 4                   Puckasso Hockey Tournament benefiting Gunnison Arts Center, Jorgensen Events Center
4                         7 Hours of the Banana benefit for Adaptive Sports Center, Crested Butte Mountain Resort
6                         John Oates Concert, Crested Butte Center for the Arts
7, 14, 28             Wednesdays at Western State College, Different Activities/Topics Weekly, Gunnison Valley
8                         Full Moon Dinner at the Yurt, Crested Butte Nordic Center?s Magic Meadows Yurt
8                         Moonlight Snowshoe Tours, Crested Butte Mountain Resort
8-10, 15-17         24th Annual ?Sonofagunn? Theatre Production, Gunnison Arts Center
9 ? 10                  Banff Mountain Film Festival, Crested Butte Center for the Arts
10                        Kids Rock Concert ?Aloha in the Butte,? Presented by Trailhead Children?s Museum &
Crested Butte Arts Festival, Elevation Hotel Ballroom                        
10                        Ski For Hope Nordic Challenge, East Side Nordic Trails, and Ski-a-thon, Town Ranch, CB
10                        Big Air on Elk Presented by Colorado FreeSkier Presents, Elk Avenue, Crested Butte 
11                        Beach Ball Express Scavenger Hunt Benefiting Crested Butte Mountain Heritage Museum, Crested Butte Mountain Resort
12 ? 16                Spring Break Siblings Camp, Adaptive Sports Center, Mt. Crested Butte
14                        Paint Your Own Pottery Spring Break Event for Kids & Families, Trailhead Children?s
Museum, Mt. Crested Butte
15 ? 17                 16th Annual U.S. Extreme Freeskiing Telemark Championships, CB Mountain Resort
17                         Dinner at the Yurt, Crested Butte Nordic Center?s Magic Meadows Yurt
17 ? 18                 FestEVOL, Crested Butte Mountain Resort
17 ? 19                 High Adventure Weekend: Ladies Getaway, Adaptive Sports Center & Crested Butte
Mountain Resort, Mt. Crested Butte
18                         Winter Photo Workshops by Xavi Fane & Raynor Czerwinski (on snowshoes or skis!),
Crested Butte area
18                         Al Johnson Memorial Uphill/Downhill Telemark Ski Race, Crested Butte Mountain Resort
20                         ?Doubletime? (documentary film), Crested Butte Center for the Arts
21 ? 24                 16th Annual Extreme Telemark Freeskiing Championships, Crested Butte Mountain Resort
25                         38th Annual Al Johnson Uphill/Downhill Telemark Race, Crested Butte Mountain Resort
25                         PHAMALy (Physically Handicapped Actors & Musical Artists League) performance, Crested
Butte Center for the Arts
29                         ArtWalk Evening, Studios & Galleries in Downtown Crested Butte
30 ? 31                 15th Annual Elk Mountains Grand Traverse, Crested Butte to Aspen


Please Visit My Favorite Gallery in Crested Butte - Oh Be Joyful Gallery


Shaun Horne - Red Buildings


Shaun Horne - Aspens and Lupines

Shaun Horne - Tamale View


Thanks for all your referrals!
I succeed when people like you refer me to their family, friends, neighbors and colleagues. It's the best kind of feedback I can receive. So thanks for continuing to pass along this newsletter to all.


 

Corey Dwan
Benson Sotheby's International Realty
433 Sixth Street
Crested Butte, CO 81224
970-596-3219 Cell
970-797-1810 Fax
Corey.Dwan@SothebysRealty.com

www.CrestedButteForSale.com
www.SothebysGlobalRealEstate.com

Thanks for reading! If you'd like to tell me what you think about this newsletter, or if you're thinking of buying or selling real estate, please do get in touch.