December 2011

2011: A Good Year in Crested Butte

Happy Holidays,

This holiday season, folks in Crested Butte have additional reasons to celebrate! 2011 will be remembered as the year real estate investment and tourism came back to life in Crested Butte. Year to date, 199 properties have sold in the Upper East River Valley. We are on track to break $100 million in sales from Crested Butte South to Mt. Crested Butte. This is a threshold we haven't reached in over 3 years.

The Town of Crested Butte reports an overall 7.5% increase in sales, lodging and restaurant tax revenues, reaching the best revenue totals we've seen since 2008! View 2011 sales tax breakdown (PDF). Up in Mt. Crested Butte the news is just as good. This past July, the town of Mt. Crested Butte collected $136K in revenues on more than $2.7 million in taxable sales, which is the biggest collection for the month of July in the history of Mt. Crested Butte and 34 percent above an 11-year average. View recent Crested Butte News article.

Here is a breakdown of 2011 real estate sales action by location:

Town of Crested Butte:
22 homes and condos sold, median sales price: $546,000
Most expensive: $2,875,000 single family home, least expensive: $82,000 condo

Town of Mt. Crested Butte:
102 homes and condo sold, median sales price: $364,000
Most expensive: $2,600,000 single family home, least expensive: $40,500 condo

Rural Crested Butte:
38 homes and condos sold, median sales price: $650,000
Most expensive: $3,125,000 single family home, least expensive: $72,000 condo

Crested Butte In The Media
The popular media continues it's love affair with Crested Butte. Many articles have been published about our little town in recent weeks and it sure is fun to read what other people think about us.

The Chicago Tribune published an article that began with the following: “If long lift lines, copycat resort villages and spiking prices have muted the joy of your recent ski trips, the ski doctor prescribes a few days in Crested Butte to refresh your senses.” View Article

MSN.com published a piece titled the The West’s Top 10 Dream Towns. Crested Butte ranked 3rd. View Article.

SkiMag.com writes:“Crested Butte rubs off on you. The same way you pick up a drawl after spending time with Southerners, you can’t help but take on a CB affect, with endless gratitude and perhaps a dash of smug satisfaction for having been lucky and/or smart enough to land here.” View Article

The Houston Chronicle recently dubbed Crested Butte, “close to perfection". A tidy clump of picturesque Victorian blocks laid out beneath Mount Crested Butte – the 12,000-foot mass of craggy rock and pine that engulfs the horizon – the town is equal parts cushy ski resort and ecofriendly hippie haven.” View Article

2011-2012 Air Service to Gunnison and Crested Butte
View Flight Schedule (PDF)

Thanks for reading today! We hope to see you in Crested Butte very soon!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

Contact Channing at 970-596-3228 or via his website.
Channing's Blog: The Crested Butte Real Estate Letter

Visit Channing's Featured Listings:
Homes and Condos for Sale | Land for Sale | Ranches for Sale | Commercial for Sale

October 2011

Fall Harvest for Home Sellers in Crested Butte

View Crested Butte Real Estate Adviser Issue #9

Greetings from Crested Butte,

The narrative is changing in Crested Butte. This summer’s tourism season was a record breaker. Sales, lodging and restaurant tax collections were way up and the number of visitors to our valley spiked like the thermometer in Texas and Oklahoma.  Custom homes starting popping up out of the ground and one of the first spec homes we’ve seen in years is under contract before it is finished. Sales of existing homes climbed in all categories and certain locations and now folks are talking in terms of a real economic rebound in Crested Butte.

For portions of the Crested Butte real estate market, it is still very much a buyer’s market. Right now, home sites at Buckhorn Ranch (five minute drive to town) are selling for less than $50,000 and you can still buy condos near the ski slopes for less than $100,000. Down in Crested Butte South, vacant land is available at historically low prices. Heavily discounted, bank owned homes are still hitting the market and in most cases they are selling off quickly to happy investors. Overall, inventories of vacant land and condos in our valley are still pretty deep. This fact alone is contributing to the low price opportunities.

But, if you were waiting for the bottom of the market to jump on that special Mt. Crested Butte ski home, the rustic 4 bedroom place in town or even that hot foreclosure deal in Crested Butte South, I believe that day has come and gone.

2011 will be remembered as the year luxury real estate investment came to life again in Crested Butte.  Year to date, 31 properties listed between $750,000 and $4,500,000 have sold or are under contract. 19 of these properties have sold at or above $1,000,000. The average sold price for these 31 deals is above $1.6 million and the average sold price per foot is pushing $500/psf.  

Year to date we’ve seen 162 residential sales and $77 million in real estate investment from Crested Butte South north to Mt. Crested Butte. Last year at this time we saw 143 residential sales amounting to $73 million in sales.

Consider the following previous year comparisons:

In 2010, 9 homes sold in Crested Butte South with an average sold price per foot of $133. Days on market for these homes: 300 days. This year, the number of Crested Butte South single family homes to sell has almost doubled  – currently 17 homes – and the average sold price per foot is $156. Average days on market: 210 days.

In 2010, homes that sold in the town limits of Crested Butte fetched an average price of $801,000 and $411 per square foot. Days on market: 280 days.  So far this year, homes in town are selling at an average price of $1.6 million and an average sold price per foot of $481. Days on market: 271 days.

Up in Mt. Crested Butte, only 12 homes sold in 2010. Average sales price was $640,000 and the average price per square foot was $216. This year, 19 homes have sold at an average price of $1,020,000 and an average price per square foot of $300.

The most interesting thing about all of this luxury real estate buying? Interest rates on home mortgages are still very low, yet, most of these luxury home deals are all cash transactions. Of the 162 sales year-to-date, almost 100 were cash transactions. My appraiser and mortgage broker friends are starving at a time while some of our little community’s all time biggest real estate transactions are occurring.  In 2010, the majority of real estate purchases were done with conventional mortgages.

Spec Home Goes Under Contract Prior to Completion

It seems like it’s been years since we’ve seen a new spec home going up around the valley.  Now, the community’s first under construction spec homes located in the Town of Crested Butte went under contract a few weeks ago. Asking price is just under $1.6 million.  

New Master Plan for Snodgrass?
(borrowed from CBMR’s recent newsletter)

This past year, the Forest Service asked CBMR to revise its Master Plan for the resort, including plans on Snodgrass Mountain. At that time, the Forest Service made it very clear that they would consider lower impact skiing on Snodgrass (such as cat skiing). They also believe there to be more development opportunities on the main mountain (such as lift service and new trails within the Teo Bowl drainage). Using this specific information, CBMR has decided to revise their Master Plan to now include projects on both the main mountain and Snodgrass.

Ski Season Starts in Crested Butte November 23!
View CBMR's Website

2011-2012 Air Service to Gunnison and Crested Butte
View Flight Schedule (PDF)

Thanks for reading today! We hope to see you in Crested Butte very soon!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

September 2011

View Crested Butte Real Estate Adviser Issue #8

USA Pro Cycling Challenge Afterglow
If you were in Crested Butte for Stage 1 of the USA Pro Cycling Challenge, you witnessed a historical sporting event for our little mountain town. It seemed like everyone had the pro bike race fever and the event lived up to all of the hype and expectation. Official economic results are not expected until this October, but race officials say the afterglow from the USA Pro Cycling Challenge burns bright across Colorado. Aside from the immeasurable impacts of the week long, television broadcast to over 160 countries and an estimated 20 million viewers, some feel the professional bicycle race created as much as a $100 million economic impact for the State of Colorado.

Summer Tourism Stronger
The Town of Crested Butte reports a notable increase in June and July sales tax revenues. Tax revenues from local restaurants, bars, grocery, retailers and lodging were up as much as 10% compared to 2010.

$60 Million and 136 Home and Condo Sales Year to Date
I reported in my last newsletter that our local real estate market was demonstrating signs of improvement this year, reaching a 100 home and condo sales from Crested Butte South to Mt. Crested Butte by mid-July. The sales trend continues. By Labor Day, our year-to-date transactions topped 136 homes and condos and $60 million in sales. The all-cash buying trend has also continued with 81 of this year's 136 sales closing as "all-cash" transactions versus just 52 properties purchased with conventional home loans.

Notable Commercial Real Estate Sales
The 8881 sft. Crested Butte International Hostel and public laundry building located at 615 Teocalli just sold for $1.4 million.

Fall Colors. Crested Butte's Third Season
Crested Butte is known worldwide for it's amazing wildflower color spectacle that occurs every July. This year we were treated to a wildflower season that extended clear into August. But, some folks around here think September is the best time of year to be in Crested Butte and take in our amazing Fall color show. This time of year, the summer crowds are gone, the nights are cooler, the days are still sunny and warm for biking and trail hiking and the wildflower rich hillsides give way to the amazing array of brilliant color change with our Aspen and Cottonwood forests. Here is a helpful article on how to best take advantage of the changing leaves in and around Crested Butte.

Upcoming Events in September
September 24th - Vinotok Fall Celebration

Mumming by Cast and Crew
5:30 p.m. – 7:30 p.m. - Location: Elk Avenue and adjoining Restaurants and Pubs
Cast and Crew of Vinotok produces a mini-theatre inside Elk Avenue Restaurants to invite people to the performance of the trial.

Trial of the Grump
7:30 p.m. - Location: Elk Avenue in front of the Eldo
The community puts the Grump on trial with harvest maiden dances, and a play of the Harvest Mother, Dragon, Knight and Green Man. The performance is amplified and lit so the community can hear and see the tale on the temporary stage.

Procession to the 4-way and Bonfire
8:30 p.m. - Location: Elk Avenue to the 4-way
The cast and crew lead the community down Elk Avenue to the 4-way stop, Grump in tow, to meet his demise. The bonfire and burning of the Grump will begin at approximately 8:30 p.m. and put out by 10.

Thanks for reading today! We hope to see you in Crested Butte very soon!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

July 2011

Local Home and Condo Sales Activity Up 30%

View the Crested Butte Real Estate Adviser Issue #7

The market for real estate in Crested Butte is self-correcting. In the face of a deep selection of homes and condos listed for sale and a steady stream of bank owned property deals hitting the market, many of our valley's shoppers are turning into buyers. Year-to-date sales activity from Crested Butte South to Mt. Crested Butte has picked up dramatically and there is no sign of letting up. 101 homes and condos have sold so far this year accounting for over $41 million in volume. And, there are another two dozen properties under contract. This is a 30% improvement over last year.

What has triggered this serious spike in investment? Across most of our market place, prices have plummeted.  Last year at this time, we realized 68 sales with a median sold price of $340,000. This year, the 101 transactions have a median sold price of $280,000.  Price goes down, sales go up. The most basic of economic lessons, right? Maybe. Our market has a "flip-side" where high priced real estate deals are becoming less anomalous and more commonplace.

For example, if you were waiting to buy that special luxury home on Butte Avenue west of Coal Creek, you may have missed the boat. After the sale of 6 Ruth's Road early this month for $1,320,000, three more luxury homes located in the same neighborhood have gone under contract. These homes are listed between $1.7 million and $2.5 million. Also, a $2.5 million home located nearby at the west end of Teocalli Avenue is also under contract.  In April, a vacant parcel on Butte Avenue sold for $820,000. Wow.

Who Owns North America's Ski Resorts?

It may be news to you, but Crested Butte Mountain Resort's owner, CNL Lifestyle Properties is North America's 800-lb gorilla resort owner. CNL owns 150 properties across the United States and is by far the largest owner of ski areas and resorts in North America, with ownership of 14 ski areas and numerous lodging and retail properties located in or near ski resorts.  With ski related properties making up the majority of the company’s holdings, CNL actively seeks new opportunities for investment within the ski industry and recently purchased many of Intrawest’s “Village” developments. Read about the industry at this recent Mountain Rider Alliance's blog.

Senate Recommends Ski Resort Bill to Boost Summer Business

The Senate Energy and Natural Resources Committee voted unanimously to recommend passage of the Ski Area Recreation Opportunity Enhancement Act of 2011, which would expand the activities allowed on ski area lands leased from the U.S. Forest Service. The bill would amend the National Forest Ski Area Permit Act of 1986. Read more here.

Skier and Snowboarder Participation To Grow 50% in 50 Years?

Recent research done by the U.S. Forest Service and the University of Georgia demonstrates skier and snowboarder traffic at resorts and in the backcountry could increase by 50 percent by 2060. Unfortunately, even as skier populations may increase, snowfall is predicted to get scarcer, and running lifts and lighting condo chimneys at resorts isn’t going to help reverse that trend. ...The surge in demand for skiing could have huge implications for Forest Service land managers when they update forest plans. Meeting the new demand could require allocating new parcels of national forest system lands for ski area expansions, or even the development of new areas near communities where such plans are already controversial.
Read more at Summit County Citizen's Voice

Thanks for reading today! We hope to see you in Crested Butte very soon!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

Summer 2011

Summer has kicked off in Crested Butte. Temperatures climbed into the 70's yesterday, marking the warmest day of 2011. It won't be long before wildflowers are popping all over our beautiful mountain valley.

The local real estate market is heating up too. In my last newsletter I reported that our market was seeing a decent spike in sales compared to 2010. The trend continues and it's notable. The summer tourists haven't even hit town, yet we've already closed 80 properties and another 13 pieces of land. There are an additional 22 homes and condos currently under contract. Last year at this time we had sold 56 homes and condos and 9 vacant land parcels. This is a big increase in sales activity and certainly a positive start to the busiest three months of the year for our little town.

A Notable Sale
A .21 acre homesite parcel located at the end of Butte Avenue in the town of Crested Butte sold recently for $820,000.

Most Expensive, Least Expensive
The most expensive residential listing on the Crested Butte MLS is a 6 bedroom, 8 bathroom, 7,000 square foot ski home located in the Prospect Ski In Ski Out neighborhood of Mt. Crested Butte. Asking price: $5,495,000.

The least expensive property offered for sale in Crested Butte is a 395 square foot studio condo located in the Grand Lodge at the base area of the ski resort.
Asking price: $59,000,

Ride the Rockies
2,200 riders and their entourage arrive in Crested Butte on June 10th and 11th for a welcome break during the Ride the Rockies cycling event. On June 11, the Crested Butte Chamber of Commerce will host The Crested Butte / Ride the Rockies Soul Center of Cycling Street Fest at 3rd and Elk Avenue. Three bands will be playing, and there will be street events and a Strider Cup race for the kids!

Crested Butte Bike Week
Crested Butte's Fat Tire Festival has a new name but the same great events and trail riding:
Crested Butte Bike Week. Crested Butte will host the world’s oldest mountain bike festival, the 30th Annual Crested Butte Bike Week from June 23 thru 26, 2011. This year's Crested Butte Bike Week events include the Fat Tire 40 mountain bike race, the Mountain States Cup Wildflower Rush races, the infamous and notorious Chainless race, Rippin Chix / Crested Butte Mountain Guides clinics and a big concert featuring Toots and Maytals!

Crested Butte Restaurant Week
Crested Butte Restaurant Week is going on right now through June 10 all over town at many of our fine restaurants. I just updated my online guide to Crested Butte restaurants. Have a look.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

April 2011

Hello from Crested Butte
Compared to last year, the first quarter of the 2011 Crested Butte real estate market has seen a serious spike in the number of sales. Year-to-date, we've realized 56 home and condo sales. Last year at this time we saw only 39 sales. Most of the recent action is up in Mt. Crested Butte where the high inventory of condos has driven prices down. Average sold prices per square foot hovered around $215 in Mt. Crested Butte and saavy buyers responded, picking up 29 ski condos and another 5 single family homes. The deal making is still going strong during our off-season. We have an additional 32 homes and condos under contract from Crested Butte South all the way to the ski resort

Interestingly, in the town of Crested Butte a high inventory of available homes for sale has not created the same kind of buyer's market. If you want to own a home in town, brace yourself. The average list price of a single family home is $1,055,000 or $445 per square foot.

Thompson Creek Metals Company Leaves Town
US Energy lost another Mt. Emmons mining partner this past week. Thompson Creek Metals Company walked away from its 3 year relationship with US Energy. This marks the fourth "partner" to leave a potential Mt. Emmons molybdenum mining effort with US Energy (Phelps-Dodge, Amax and Kobex have all come and gone). The Crested Butte community celebrated the news - to say the very least. Read all about this major event at the Crested Butte News.

Snodgrass Mountain Resort Expansion Back on the Table
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 ski area development options, including three scenarios that could bring resort skiing to Snodgrass Mountain. Read all about the renewed effort by CBMR to get resort skiing back on the table.

Upcoming Events in Crested Butte and Gunnison
May 28th - 29th:
Rage in the Sage Weekend including Sage Burner 50k/25k Run, Original Growler Mountain Bike Race, 24 Hours of Gunnison Glory rock climbing & the Gran Fondo bike ride from Gunnison to Mt. Crested Butte and back to Gunnison.

June 3rd - 10th:
Crested Butte Restaurant Week

Residents and visitors alike will delight in the second annual Crested Butte Restaurant Week highlighting local eateries and lodging establishments in Crested Butte.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

March 2011

View Crested Butte Real Estate Adviser Issue #3

Home mortgage rates are still attractive - less than 6% - but in Crested Butte, cash is the preferred method for a real estate purchase. This activity reflects a national trend. According to a National Association of Realtors survey, all-cash purchases are par for the course in the second-home market. 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers. Read the article here

Twenty-one of the 33 Crested Butte homes and condos sold so far in 2011 were cash purchases. Remarkably an additional 31 residential properties are currently under contract signaling a strong start to the year for the local real estate market.

What is spurring all of this activity? A good snow year always helps. Crested Butte Mountain Resort reports 360 inches of snowfall this ski season - Mother Nature blessed us. The direct flights from Texas to the Gunnison-Crested Butte regional airport have also helped to keep Crested Butte on the destination resort map.

But, the biggest reason folks are buying up our real estate right now? We have a good selection of choice properties at bargain pricing.

In many cases, values are well below replacement cost for properties in our area. The average sold price per square foot for homes and condos this year is approximately $185/sft.

Informed buyers quickly understand that at our current values, they simply could not buy a piece of vacant land, design and build a home at these prices. And, steep, monthly HOA fees for ski condos are seemingly much more palatable as 22 condos, ranging in price from $57K for a Grand Lodge studio to $680K for a bank-owned Silver Ridge slopeside unit have sold this year. There are another 19 condos under contract.

Up at the Lodge at Mountaineer Square, eleven condos have sold since September 2010, ranging in price from $160K for a studio to $760K for a three bedroom unit. Now, a bit of scarcity with 3 bedrooms is starting to impact value. The best priced 3-bedroom condo at the Lodge at Mountaineer Square is listed for $950,000.

While high inventories of available homes, condos and land in Crested Butte continue to create bargains for buyers, nationally, some key real estate markets might be headed for a good ol' fashioned rebound. This week, Fortune Magazine ran an interesting article about why it's a great time to invest in real estate. Mike Castleman, founder and CEO at Metrostudy, firmly believes the U.S. housing market is headed for a comeback due to inventory shortages of new homes. "The talking heads who are down on real estate will hate to hear this, but America needs to build a lot more houses. And in most markets the price of new homes is fixin' to rise, not fall." Interesting perspective and worth a read. Read the Fortune Magazine article here.

Notable Sales in Crested Butte:
1482 Peanut Lake Road just sold in a all-cash deal for $3,125,000. This sale by Sotheby's marks the highest transaction price for a residential property in Crested Butte since June of 2007. It is the fourth sale of a property valued at or above $2.9 million since August 2010.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

February 2011

View Crested Butte Real Estate Adviser Issue #2

Some good reasons to buy real estate in Crested Butte in 2011.

1. Crested Butte is popular.  Crested Butte has experienced a meteoric rise in what I refer to as “lifestyle popularity”.  People around here forget this one, but our market has realized over $1.2 billion worth of real estate investment since the late 2004 acquisition of the ski resort by Tim and Diane Mueller. People visit Crested Butte, quickly realize how cool and unique this place is and many end up investing in our real estate.

2. Prices are down, demand is stable. In the face of the national real estate meltdown, our little ski town market reached around $100 million in sales volume in each of the last two years. Prices are off 30%-60% from our market's peak in 2006 and buyers are responding to the deals. Our market is certainly not bad for a little mountain community with no stoplights or parking meters and 3500 people in our local population. If anything, $100 million is still a $100 million and it demonstrates to me that saavy home buyers are out there taking advantage of our current good deals.

3. The 800-lb gorilla. The ski resort is now owned by a much bigger entity: CNL Lifestyles and operated by the Muellers.  I consider CNL Lifestyles ( a REIT)  to be the “800-lb gorilla” in town and crucial support that will guide and bolster Crested Butte Mountain Resort into the future.

4. Our tourist economy has grown more stable and consistent.. The shoulder seasons are not as long as they used to be and folks are visiting during the summer and fall seasons more than ever. The Muellers are doing a great job operating the ski resort (see last newsletter) and the summer season has grown bigger, in terms of overall tourism and economic impacts, than the winter season.

5. Scarcity...in places. In the Town of Crested Butte, considered the cornerstone of the Upper East River Valley real estate market, land is scarce (we are at 95% build out) and homes sell on average for about $400/sft.  In December of 2010, an in-town home sold for $568/sft. Values are down from our peak but in-town real estate is certainly not cheap. Look for prices to remain stable in town during 2011. As the Town of Crested Butte reaches build out watch for values to come back around the valley.

6. High end real estate starting to sell again. In the second half of 2010, our market saw the return of the $3 million transaction. Three luxury properties traded at or very near this number in 2010 – this is the first time this has happened since mid-2007. Watch for more of the same in 2011.

7. REO opportunities. Properties that are owned by banks (aka REO or ‘real estate owned’ properties) are where some of the best deals exist. In 2010, banks demonstrated a serious willingness to sell their properties quickly.  Of the 168 residential transactions in 2010, 45 deals were REO sales and 10 deals were bank approved short sales. When an REO hits the market, there are multiple offers and buyers are competing for these special deals like it was 2005 all over again.

8. Vacant land and ranch parcels...the best deals. You can score a piece of vacant land or a ranch parcel at pre-Mueller era prices. Land properties including sub ¼ acre home sites and 35 acre ranch parcels are trading at less than 50% of their values from the peak of the market which many consider to be mid-2006. What has caused this segment of the market to go down so dramatically? The lack of traditional financing and huge inventory levels of properties competing for cash buyers. My last count showed we had 310 pieces of land for sale from Almont to Mt. Crested Butte.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty

January 2011

The story of this year's ski season? Lift ticket sales are up, jets are flying skiers to our resort and the snow is stacking up everywhere. The resort received another 12 inches of snow just before New Year's Eve giving CBMR a season-to-date total of over 15 feet of the white gold. Even the Weather Channel took notice, ranking Crested Butte in the Top 5 for America's Snowiest Cities.

Ski Resort Business Improving
The Gunnison Country Times reported last week that Crested Butte Mountain Resort (CBMR) sales numbers were trending upward compared to 2009. According to a resort sales executive, lift ticket sales were up 5.2 percent for December and up 7 percent year to date. Season pass sales are up about 26 percent from last year. Lodging reservations during the month of December were up about 13 percent vs. last year, and are up 10.4 percent through the remainder of the season. Another key ski resort metric, booked airline seats, is looking better too. Through mid-December, total airline seats sold were up 6.6 percent from the same time last year, with increases over 2009 for every month but April and November. And, group sales at the resort are picking up too. The private group business is experiencing an approximate 35 percent gain over last year, with large group visits and events like the Texas Ski Council planned for later in the season.

Colorado Ski Resort Real Estate Doing Better
Ski resort towns around Colorado experienced better real estate sales activity in 2010.  Discounted real estate offerings caused sales to pick up speed in places like Steamboat, Aspen, Vail, Summit County and here in Crested Butte and the rest of Gunnison County the sales volume reached $119 million in 2010.

2010 Real Estate Sales Volume by Colorado Counties with Ski Resorts

November 2010

September 2010

Summer has come and gone in Crested Butte. While you can still ride a bike on our trails or hike a peak in your tennis shoes, everyone around here is getting ready for winter. Opening day for the 2010-2011 ski season is less than two months away! Up at the ski area, improvements are underway to make the upcoming ski season a special one. The ski company added new snowmaking, cut some new trails, gladed some other terrain, moved the terrain park complex to the Gold Link portion of the resort and improved the Treasury Center facility at the base area. Read this recent article from The Ski Channel to learn more.

Snodgrass News
The discussion of lift-served skiing expansion onto Snodgrass Mountain evolved into a recent, high level meeting between the U.S. Forest Service and Crested Butte Mountain Resort's executive team. It seems the ski resort and the Feds are communicating again, looking for a better approach to expanding skiing and other recreational opportunities onto Snodgrass. Read all about it in last week's Crested Butte News.

Anyone that was in the valley this summer felt it. There was tourism going on all around. It was reported at a recent Town Council meeting that key tax revenue metrics were up. In July, sales tax revenues were up 9.6 percent. Lodging tax revenues saw the biggest jump, at 22 percent, while the retail sector saw a 13 percent increase in tax collections.

Real Estate Sales

In my last newsletter (Aug 31), I reported that homes, particulary luxury properties, were seeing an uptick in sales activity due to price reductions. At that time, we had realized 87 residential sales and about $44 million in sales volume. It is a month later and we have jumped to 116 residential closings and almost $60 million in sales volume. We have 26 additional homes and condos under contract and $21 million more in pending sales.

Notable Sales Activity

Luxury home on 35 acres located on Ridge Road above Crested Butte South sold for $2.9 million. 
Historic single family home on Sopris Avenue in town sold for $787,000.
Three bedroom home located in the Verzuh neighborhood in town sold for just over $1.1 million.
Foreclosed home at Skyland sold for $900,000. (It was on the market for just 40 days).
Three bedroom home at Pitchfork in Mt. Crested Butte sold for $575,000.

Upcoming Events

This upcoming winter is special. We will be celebrating the 50th year of skiing at the resort!
Opening Day for Crested Butte Mountain Resort: November 24.

Thanks for reading today!

Channing Boucher
Broker Associate
Benson Sotheby's International Realty