Channing Boucher

Good day from snowy Crested Butte Colorado!

Crested Butte Mountain Resort was acquired last year by a very big real estate investment trust (REIT) based in Florida – CNL Lifestyle Properties Inc. (CNL). CNL bought out all three ski resorts owned by the Mueller family including Okemo and Mt. Sunapee in Vermont.

CNL is back in the news with more big time investments. Their next round of acquisitions occurred this month. This time, CNL Lifestyle Properties Inc. bought four marinas in California from the existing operator for $55 million, expanding the REIT’s marina portfolio to 19. Orlando-based CNL Lifestyle Properties leased the four marinas, which have a total of 1,984 boat slips, to former owner Almar Management Inc., which will continue to operate them under long-term, triple-net leases.

The Muellers operate Crested Butte Mountain Resort in a similar “lease-back” arrangement. CNL owns it, the Muellers operate it…for the next 40 years.

Recently, CNL completed more than $23 million worth of improvements at their Cypress Mountain ski resort in Vancouver, B.C., in time for the 2010 Olympic Winter Games. Cypress Mountain was the host for six 2010 Olympic events, including three skiing and three snowboarding events. The improvements had been planned for many years and were prioritized when CNL purchased Cypress Mountain in 2006 for $47.5 million from Boyne Falls, Mich.-based Boyne USA Inc., which continues to lease and operate the property.

It’s nice to know that our little Colorado ski resort has such deep pockets behind it…

Thanks for visiting today,

Channing Boucher
Visit My Crested Butte Real Estate Guide

In January, I attended a gathering of the Western Mountain Resort Alliance (WMRA) - held right here in little old Crested Butte. The WMRA is a industry organization of real estate people from the Western U.S. resort communities including Grand County (Winter Park), Whistler, Park City, Steamboat Springs, Summit County, Sun Valley, Telluride, Jackson Hole, Sun Valley, Lake Tahoe, Crested Butte and McCall Idaho.

The question on everyone's mind? Have we bottomed out? Is it truly the best time to buy real estate again?

After hearing these resort's real estate realities, it could be argued that we are indeed at the bottom and now is the best time in years to buy up that Colorado ski home or resort property.

From 2006 to 2009, western U.S. mountain resorts saw an across-the-board, 65% decline in real estate transactions. This marks an unprecedented decline in sales for vacation homes and ski resort real estate - it's never been this dramatic or devastating to the economies in these resort towns.

Everyone knows the last few years have been tough for real estate. For western U.S. ski resorts, 2009 was the worst year in over two decades.

Stories of blood-bath market conditions were plentiful at the meeting but the bloodiest tale came out of Vail.

The broker from Vail was candid and the numbers were stunning. In 2006, Vail was the epitome of the nationwide real estate boom...uh...I mean...bubble. Real estate sales volume broke $2.3 billion and sky-high construction cranes were popping up everywhere in the Vail Valley. New subdivisions, slopeside developments and major renovations were underway and the real estate was flying off the shelf. By 2007, more sales records were broken and volume reached an incredible $2.94 billion! In 2008, the market was still cranking along hitting $2.2 billion more in sales.

Then the bubble burst in 2009. Real estate sales volume in Vail plunged to $800 million - almost a 70% decline in activity. Doesn't seem all that bad for a ski resort town...after all $800 million is still $800 million. But, when you've been riding billion dollar waves and the wave becomes a little ripple the coral reef below is going to hurt.

Vail took the worst beating but in Steamboat Springs, the market tanked a year earlier. After realizing almost $1 billion in sales in 2007, sales dropped to just over $268 million in 2009. In Telluride, they reached $500 million in sales in 2006 and again in 2007. The wheels fell off in 2008 and by 2009 sales amounted to less than $170 million. Same story from Jackson Hole: $800 million in sales in 2007 and last year they did $230 million.

With such devastating declines in sales and dramatic drops in prices (read my last newsletter), it sure looks like western U.S. ski resort real estate has hit bottom.

View 2009 WMRA Resort Statistics Here (PDF)

March 2010 Events in Crested Butte:

March 6: Super Tour (22.5K) - Crested Butte Nordic Center
March 6-7: Rippin Chix Steeps Camp with Alison Gannett, Crested Butte Mountain Resort
March 9-10: Aspen Sante Fe Ballet Presented by Crested Butte Center for the Arts
March 12-13: Banff Film Festival, Crested Butte Center for the Arts
March 13: 12-Hour Nordic Race, Crested Butte Nordic Center
March 13: Big Air on Elk, Crested Butte
March 13: 33^rd Annual Red Lady Salvation Ball Presented by High Country Citizen's Alliance
March 18-20: 14^th Annual U.S. Extreme Freeskiing Telemark Championships, CBMR
March 19: 9^th Annual Crested Butte Land Trust Adventure Auction & Dinner, Mt. CB
March 20: Progressive Bonfire Dinner (on Nordic skis or snowshoes), Town Ranch
March 21: Al Johnson Memorial Uphill/Downhill Telemark Ski Race, CBMR
March 25: ArtWalk Evening, Studios & Galleries in Downtown & Mt. Crested Butte
March 26-27: Elk Mountains Grand Traverse, Backcountry Ski Race from CB to Aspen
March 27: First-Ever Skitown Breakdown Featuring Yonder Mountain String Band, CBMR

Thanks for reading today!

Channing Boucher

Broker Associate
Benson Sotheby's International Realty
Local Knowledge Global Reach

Homes for Sale | Condos for Sale | Land for Sale | Ranches for Sale | Commercial

Research Properties on the Gunnison/Crested Butte MLS

View Newsletter Online

Hello from Crested Butte!

Will 2010 be remembered as the year of the price wars in Crested Butte real estate? 2009 saw decent real estate activity in our little resort community but that activity came at a price - no pun intended.

Of the 19 single family homes that sold in the town of Crested Butte last year, days on market was 371 and the average sales price was 74% of the original list price. Up in Mt. Crested Butte, 13 single family homes sold at an average of 69% of the original list price and it took an average of 433 days on the market to get those homes sold. There were 45+ condos sold in Mt. Crested Butte in 2009 at an average of 73% of their original list price.

For 2010, it looks like these price wars will continue. With over 560 homes, condos and townhomes actively listed on the market in Mt Crested Butte, Crested Butte, Skyland and Crested Butte South, competition among sellers is fierce to say the least.

What does this mean for interested buyers? It's time to deal. Read this NY Times article for more insight.

Interest rates on residential loans are still highly attractive, prices on real estate are way down from 2005-2006 highs and let's face it, buying a hard asset like real estate, particulary "lifestyle" real estate like we have in Crested Butte, is a great investment option to the volatile stock and bond markets.

There are many very nice opportunities in our marketplace - in town, up on the ski mountain, out at Skyland and Buckhorn Ranch and down in Crested Butte South. Many of the properties on our market are now being offered for less that it would cost someone to buy the land and build new.

Upcoming Events in Crested Butte:

Race Across the Sky Leadville 100 Bike Race Film at Center for the Arts - Feb. 5, 2010

24th Annual Alley Loop Nordic Ski Marathon - February 6, 2010

Valentine's Ski Clinic with Wendy Fisher, Crested Butte Mountain Resort - Feb. 13-15, 2010

Mardi Gras Parade & Gumbo Cook-Off, Crested Butte/Elk Avenue - February 16, 2010

19^th Annual U.S. Extreme Freeskiing Championships, CBMR - Feb. 17-21, 2010

Crooked Still Concert Center for the Arts - Feb. 25, 2010

ArtWalk Evening, Studios & Galleries in Crested Butte & Mt. Crested Butte - Feb. 25, 2010

Thanks for reading today!

Channing Boucher

Broker Associate
Benson Sotheby's International Realty
Local Knowledge Global Reach

Homes for Sale | Condos for Sale | Land for Sale | Ranches for Sale | Commercial For Sale

Research Properties on the Gunnison/Crested Butte MLS

Just Sold in Lake City Colorado. 751 South Water Street is an amazing Heritage log home featuring captivating views of the Lake Fork of the Gunnison River, Crooks Falls and the surrounding Rocky Mountains of Lake City, Colorado. The 4 bedroom, 5 bathroom home is 3481 sft. and is located on a private 6-acre parcel adjacent to the Lake Fork of the Gunnison River.

The property was co-listed by Dan Murphy of Team Murphy Realty of Lake City Colorado and Channing Boucher of Benson Sotheby's International Realty in Crested Butte, Colorado. The property sold for $1,250,000 and marks the second successful transaction in 6 months for the two brokers in the Lake City, Colorado market. In late July 2009, Dan and Channing sold a 3000+ sft. rural Lake City Colorado home on 35 acres for $1,390,000.

Hello from Snowy Crested Butte,

Conde Nast Magazine's Reader's Choice Survey for the Best Places to Ski and Stay in North America 2009 resulted in a great ranking for Crested Butte. Readers ranked Crested Butte 12th overall.

Ski resorts were rated on a five-point scale: excellent, very good, good, fair, or poor on the criteria of Terrain & Conditions, Lifts & Lines, Après-Ski/Activities, Local Dining, and Local Ambience; ski hotels were rated excellent, very good, good, fair, or poor on the criteria of Rooms, Service, Dining/Food, Location, Overall Design, and Activities/Facilities. Criterion scores, which represent the percentage of respondents rating a ski resort or hotel excellent or very good, were averaged to determine the overall score. Only ski resorts and hotels that received a required minimum number of responses were eligible for inclusion in these rankings.


LINK TO RANKINGS >>>

Thanks for visiting today,

Channing Boucher
Benson Sotheby's International Realty
Crested Butte Colorado
CrestedButteBroker.com