Realtor | Corey Dwan

May 2011 - Market Report

Hi Everyone,

Please click here to view Market Update with all active links. Thank you.

With one of the best starts for a ski season in years, well over 27 feet of snow on Mt. Crested Butte and over 730 inches of snow at CS Irwin Cat Skiing this truly was one Crested Butte ski season to remember. Skier visits were up 6% this year over last. Real estate sales were very impressive as well with over $27,000,000 sold this winter alone representing 72 sales in the upper valley. The average sales price, $360,678, down 33% and the median price, $241,500, down 20% from last year reflects some great opportunities were had by very savvy buyers. Cash is king and dominated with 64% of all transactions as the remaining buyers purchased with some of the lowest interest rates in years.

So far for 2011 we have had 21 single family home sales for a total of $13,387,500. 65% of these sales were purchased with cash. Condo and town home sales represented 39 purchases for a total of $9,820,803 of which 84% were purchased with cash. Currently we have only 52 active single family home listings and 182 condo and town home listings on the mountain. That is down from approximately 85 and 330 at the height of the market in 2006. Prices down, inventory down and activity up, this tells me we have hit bottom, we may be there for a while so keep an eye out for the best locations now at the best prices.
Land has continued to be the hardest hit as seen with recent sales on the mountain in the low to mid $100k. Simply reply to this email to request more information as this is definitely a great time to buy vacant land.

Notable Sales:

CBMR has successfully sold the Tipple House reduced in price to $2,950,000 from $6,000,000, this handcrafted one-of-a-kind home, with individual attention to detail from builder and developer Corbin Marr and design by Sunlit Architecture, features reclaimed mine-wood and gold-flecked stone from the Gold Links Mine in Ohio City, Colorado. Sold April 21, 2011 for $2,500,000 cash. Click here for details.
Benson Sotheby’s has yet again sold the most expensive property so far this year with the sale of 1482 Peanut Lake Road, Crested Butte via Buyer and Seller representation. This beautiful residence is adjacent to the Lower Loop trail system and the Magic Meadows nordic ski trail system enjoying 57 private acres with stunning views of the surrounding mountains, the East River Valley and the iconic Peanut Lake. Click here for details.

In a continuing effort to provide the best real estate service in the valley I have launched a new IDX real estate search engine on my web site that I believe is the easiest way for all of you to search for that dream mountain home. If you would like me to set up a customized search for you please contact me anytime. Please visit my web site for more valuable information on the real estate market, community, events and local businesses.

My Featured Listings and Benson Sotheby’s Winter Collection 2010/2011 Edition
Click here if you would like to receive foreclosure, REO and short sale listings. (Please note Foreclosure Listing Request in the message field)

Important Gunnison Valley News:

- US Energy looses their fourth investor for the potential Mt. Emmons molybdenum mine. The head of Thompson Creek Metals Company knew the impact his company’s decision would have in Crested Butte. “We know we have made a lot of people there happy but we are sorry we can’t continue the good fight to build the mine,” company chairman Kevin Loughrey wrote in an email to the Crested Butte News.
Click here for full story in the Crested Butte news.

- The year 2011 promises to be one of the most exciting seasons of biking that Gunnison County has ever witnessed. Not only has the Gunnison-Crested Butte Valley been selected for a stage finish and a stage start for the first-ever USA Pro Cycling Challenge, Crested Butte is one of three stops on the new Leadville 100 Qualifying Series and is the start for Ride the Rockies.
Click here for all 2011 biking events.
- Talks have resumed between Crested Butte Mountain Resort (CBMR) and the U.S. Forest Service regarding the resort’s expansion on Crested Butte and Snodgrass mountains. On March 31, CBMR met with the Forest Service to outline several potential development scenarios, including three that would bring skiing to Snodgrass Mountain.
Click here for full story in the Crested Butte news.

Important National News:
- Freddie Mac reports 1st quarterly gain in 2 years. Click here for full story.
- REO Inventory Reaches All-Time High but Delinquencies Continue to Drop. Click here for full story.
- How to sell your home in tough times. Click here for full story.
- For Second Straight Week, Mortgage Rates Drop. Click here for full story.
- Buyers Rush to Beat ‘Jumbo’ Mortgage Deadline. Click here for full story.
- Is This Really a Buyer’s Market? Click here for full story.

Interested in FREE Local Art from my favorite artists? Oh Be Joyful Gallery needs your help!
They are in need of accommodations for four of their five nationally acclaimed Emeritus Artists, who will arrive July 9th and leave July 17th for the “Crested Butte Plein Air Invitational”. Click here for details and tell them I sent you!

Gunnison Valley Summer and Fall Festivals:

- 31st Annual Crested Butte Bike Week, Crested Butte & Mt. Crested Butte, June 23 – 26
Crested Butte and Mt. Crested Butte are the proud hosts of the world’s oldest mountain bike festival, previously known as Fat Tire Bike Week. Voted Best Festival in a Bike magazine reader poll, participants can take part in the Fat Tire 40 mountain bike race, tech expo, Mountain States Cup Wildflower Rush races, the infamous Chainless World Championships, Bridges of the Butte townie tour, Rippin Chix clinics with Alison Gannett, an outdoor concert, guided rides and more. For information, contact the Crested Butte-Mt. Crested Butte Chamber of Commerce at file://localhost/tel/%2528800%2529%20814-8893(800) 814-8893or visit http://www.ftbw.com/.

- Gunnison River Festival, Gunnison, Almont & Crested Butte, June 23 – 26
For a unique blend of hardcore and lighthearted outdoor recreation for all ages, don’t miss the ninth annual Gunnison River Festival. Where else can you find a mix of USA Freestyle kayaking, a costume river parade, downriver raft race, hooligan race, kayak enduro, raft rodeo, Strider Cup bike race and foam boats for kids? Gunnison Whitewater Park serves as home base for the festival, and the Taylor River near Almont and Oh-Be-Joyful Creek near Crested Butte also play into the fun. For information, visit http://www.gunnisonriverfestival.com/or call file://localhost/tel/%2528970%2529%20596-7094(970) 596-7094.

- Crested Butte Music Festival, Crested Butte & Mt. Crested Butte, July 3 – Aug. 14
The 2011 festival will showcase outstanding performers from all over the world and internationally acclaimed groups such as Boston Brass, Kingston Trio, American String Quartet and Igudesman & Joo. Celebrating its 15th year, CBMF also has a bluegrass festival with 12 bands, the opera “Carmen,” Django Fest (gypsy jazz), a free family concert series on Saturdays and more on its six-week schedule. For more information and tickets, call file://localhost/tel/%2528970%2529%20349-0619(970) 349-0619 or visit http://www.crestedbuttemusicfestival.com/.

- 111th Annual Cattlemen’s Days, Gunnison, July 8 – 17
People who love the authenticity of The West should plan on attending the 111th annual Cattlemen’s Days at the Fred R. Field Western Heritage Center and various venues around Gunnison. The event features a county fair, parade, live music and dancing, a horse show, cowboy poetry, horse races, and of course rodeo events sanctioned by the Professional Rodeo Cowboys Association (PRCA). Activities are spread throughout the 10 days of the Cattlemen’s Days festivities, with rodeos scheduled for the evenings of July 14 – 16. For more information, call the Gunnison County Chamber of Commerce at file://localhost/tel/%2528800%2529%20814-8893(800) 814-8893or visit http://www.cattlemensdays.com/.

- 25th Annual Crested Butte Wildflower Festival, Crested Butte, July 11 – 17
The historic mountain town of Crested Butte, which was designated the “Wildflower Capital of Colorado” by the state legislature in 1990, hosts this colorful festival during the peak of wildflower season. Nearly 200 individual events such as photography and art classes, 4 X 4 tours, hikes and flower identification walks, garden tours, cooking seminars and more focus on the magnificent sight of miles and miles of wildflower fields abloom in the area. For more information, call file://localhost/tel/%2528970%2529%20349-2571(970) 349-2571 or visit http://www.crestedbuttewildflowerfestival.com/.

- Crested Butte Land Trust Wine & Food Festival, Mt. Crested Butte, July 20 – 24
The festival’s signature event, a Grand Tasting featuring hundreds of wines and a selection of light appetizers, will be held on July 23 at the base of Crested Butte Mountain Resort (CBMR) ski area. There also is a Celebrity Chef Tour benefiting the James Beard Foundation with two dinners staged at Uley’s Cabin, located mid-mountain at CMBR, with each dinner featuring celebrity chefs who will create a multi-course dinner paired with fine wines. Throughout the weekend, sommeliers will host wine seminars, and Canvas & Cabernet participants will sip wine while painting their own work of art outdoors with the guidance of a professional instructor on July 22. For more information, call file://localhost/tel/%2528720%2529%20375-5241(720) 375-5241 or visit http://www.crestedbuttewine.com/.

- 39th Annual Crested Butte Arts Festival, Crested Butte, August 5 – 7
Crested Butte Arts Festival (CBAF) is one of the biggest weekends of the summer, drawing world-class artists from all 50 states and several international exhibitors. Open-air booths line the five-block center of Crested Butte’s National Historic District on Aug. 6 and 7, featuring 175 artists who are selected through a competitive jury process. In addition to an Art Alley for kids ages 2 – 12, the festival features an artist demonstration tent, food court, beer and wine pavilion, live entertainment, art auction and culinary demonstrations. Culinary programs will begin on Aug. 5 with gourmet dishes prepared by five celebrity chefs paired with wines and live entertainment. For more information, call file://localhost/tel/%2528970%2529%20349-1184(970) 349-1184 or visit http://www.crestedbutteartsfestival.com.marble/

- Marble Fest, Marble, August 5 – 7
Start August off right with Marble Fest, an arts and music festival that takes place in the breathtaking mountain town of Marble, located in the northwest part of Gunnison County. Food and craft vendors complement a lineup of bands that ranges from blues to bluegrass and jam bands to jazz. There’s also acoustic music throughout the weekend on the porch of the town’s one restaurant, Woddy’s Rollin Smoke Bar-B-Que. On Aug. 5, the music runs from 5 – 10 p.m., with Joint Point and Fatty Jenkins among the lineup. Join in the fun on Saturday from 11 a.m. to midnight with Stonefed and Williams Brothers Band among the entertainment on the main stage. Sunday features Oakhurst, Spring Creek and several other bands performing from 10 a.m. – 6 p.m. As the festival draws closer, check http://www.marblefest.org/ for a full lineup and all the details. Admission is free but donations are requested.

- Car, Carving & Art Weekend, Gunnison, Aug. 18 – 21
This dynamic weekend for all ages includes the 24th annual Gunnison Car Show, High Octane Arts & Crafts Festival, and Carvin’ Up Colorado. Most of the activities take place in the neighboring Jorgensen and Legion Parks, with a ‘50s-style cruise-in and free dance on Main Street on Friday evening and a breakfast cruise to Crested Butte on Sunday morning. On Saturday, admire all the chrome during the open car show and browse the creations of 80 artisans from around the region at the High Octane Arts & Crafts Festival.
From Aug. 18 – 20, approximately a dozen wood carvers from around the country will transform tree stumps into works of art that will be on permanent display in Legion Park and at other community sites. The action-packed weekend also will include a WOW Downtown Community Party held in tandem with Western State College of Colorado’s Week of Welcome (WOW) for new students and their parents. There will be live music, inflatable games and more on Main Street and Virginia Avenue. For information, call file://localhost/tel/%2528970%2529%20901-6215(970) 901-6215 (carving) and file://localhost/tel/%2528800%2529%20814-8893(800) 814-8893(arts/crafts)and visit http://www.gunnisoncarclub.com/.

- Fall Festival of Beers & Chili Cook-Off, Mt. Crested Butte, September 10
Get into the spirit of autumn with Mt. Crested Butte’s annual Fall Festival of Beers & Chili Cook-Off held on Sept. 10 at the base of Crested Butte Mountain Resort (CBMR) ski area. Heat up by sampling great chili prepared by area cook-off contestants, cool off with beers poured by several microbreweries and savor live music all afternoon. For admission costs and times, contact the Crested Butte-Mt. Crested Butte Chamber of Commerce at file://localhost/tel/%2528800%2529%20814-8893(800) 814-8893and visit http://www.cbchamber.com/.

- Crested Butte Film Festival, Crested Butte, September 29 – October 2
Films, discussions and merriment are on tap for this new festival that takes place during one of the prime leaf-viewing weekends of fall. Look for Academy Award nominees, films from Cannes and Sundance and many unknown gems. Most of the films will be Colorado premieres. The festival kicks off on Sept. 29 with “Sneak Peek Gunnison” with a double feature of movies showing at the Gunnison Arts Center and the Ruby Theater, located on the campus of Western State College of Colorado. For information, visit http://www.crestedbuttefilmfestival.org/ or call file://localhost/tel/%2528303%2529%20204-9080(303) 204-9080.

Gunnison Valley Fishing Events:

- Gunnison Kiwanis Club Blue Mesa Lake Fishing Tournament, May 7 – 8
The Gunnison Kiwanis Club has earned a stellar reputation for its Blue Mesa Lake Fishing Tournament, which quickly sells out the 120 team spots available. Teams of two will start at Elk Creek Marina and all species of fish taken from Blue Mesa Lake may be entered into the competition except suckers, lake trout (Mackinaw), perch and northern pike. The entry fee is $120 per team. For information and a registration form, visit http://www.gunnisonchamber.com.

- Weekend Warriors Outdoors & Gunnison Chamber Fishing Tournament, May 14 – 15
There are now two chances to compete on Blue Mesa Lake in May with the first-ever Weekend Warrior Outdoors and Gunnison Chamber Fishing Tournament on May 14 – 15. A total of 120 spots are available for teams of two fishing for rainbow and brown trout (no kokanee salmon, perch or pike will be accepted). Ten brown trout will be tagged prior to the start of the tournament for the chance to win a boat. After the conclusion of the tournament, one of the tag numbers will be randomly selected to award the grand prize. If the chosen tag number is not caught during the tournament, no prize will be given. The cost is $120 per team, with proceeds benefiting the Gunnison Chamber of Commerce. For information and a registration form, visit http://www.gunnisonchamber.com.

- 11th Annual Taylor Park Marina Fishing Derby, June 11
Cash prizes will be presented for longest northern pike, largest pike by weight, most pike caught, and largest trout caught in the Taylor Park Reservoir. Registration begins at 6 a.m., with eligible fishing times between 7 a.m. – 5 p.m. Registration for the kids’ division is free (non-cash prizes). Everyone receives a door prize. For information about the derby and the entry fee, contact Taylor Park Marina at file://localhost/tel/%2528970%2529%20641-2922(970) 641-2922 (in season) or file://localhost/tel/%2528303%2529%20908-7160(303) 908-7160 or visit http://www.taylorparkmarina.com/.

- 10th Annual Caddis Cup Fly-Fishing Tournament, July 14 – 15
Catch the biggest flopper or tell the biggest whopper during the Crested Butte Land Trust Caddis Cup fly-fishing tournament. Participants are invited to an opening barbecue at Cement Creek Ranch, where guides are matched with competitors to plot strategy. The next morning, each pair heads into the wilds for catch-and-release fly-fishing adventures in the valley’s most prized (and secret) fishing holes. At day’s end, everyone gathers for prizes, tall fish tales and a cocktail party, all on behalf of land conservation. The event entry fee is $600. Registration can be taken by phone at 970.349.1206" target="_blank">970.349.1206 or email at events@cblandtrust.org.

- Superfly Fishing Tournament, Sept. 9 – 10
The Gunnison Angling Society, founded in 1969 and a local chapter of Trout Unlimited, is hosting its 21st annual Superfly fishing tournament on Sept. 9 – 10. The tournament will be a classic two-fly contest, meaning each two-person team has to choose the two flies they will be fishing with for the duration of the tournament to catch as many inches of trout as possible. A reception will be held in Almont on Friday night to discuss rules, meet guides and draw locations for the next morning and afternoon. One section of private water and one public section will be fished in two competitive sessions on Saturday, concluding with a banquet and awards ceremony that evening in Almont. All ages and skill levels are encouraged to participate. The registration fee for each team is $500.
Remember if you wish to receive up to the minute national real estate market, Crested Butte, real estate, community and ski town news please join one or all of my social media avenues below and/or subscribe to The Crested Butte Real Estate and Community Newsletter. Thanks for reading today and I hope to see you in Crested Butte soon.
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