Crested Butte Market News

Cisneros: Worst over for Colorado housing market – Crested Butte, CO as well?

coreydwan — Thu, 26 Aug 2010 13:29:57 +0000

Now this is some good news I can handle for Colorado. I have had the same feelings about our market in Crested Butte, CO but just barely. I believe we may be at the bottom, but it will be a slow moving bottom in this cycle so plenty of time to get an incredible investment.

Whether you are inquiring about Crested Butte homes for sale, Crested Butte condos for sale or Crested Butte land for sale or wish to sell your Crested Butte home, condo or land I have vast knowledge of the Gunnison Valley to assist you. As a Benson Sotheby’s International Realty real estate agent and Realtor I have unrivaled access to qualified people throughout our global Sotheby’s network. Please take a moment to get to know me better by clicking About Me and Testimonials. You may search the Crested Butte MLS listings via my Crested Butte property search page anytime of the day as well as set up My Listing Manager to notify you of new property listings. Contact me anytime of the day to obtain my expertise as your resort property specialist in the Crested Butte area as I am committed to unparalleled service.

Click Here to Receive Crested Butte REO, Bank Owned, Foreclosure and Short Sale Properties.

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

Cisneros: Worst over for Colorado housing market

Colorado’s housing market will continue to face challenges, but the worst appears to be over, according to national housing expert Henry Cisneros, a former Cabinet secretary who was in Denver on Tuesday.

“I think the bleeding has stopped in Colorado,” Cisneros said of the state’s housing market. “There are no huge drops in price here, no large inventories.”

Cisneros, former secretary of the U.S. Department of Housing and Urban Development under President Bill Clinton and now executive chairman of CityView, was in Denver discussing the U.S. Treasury Department’s recent Housing Finance Summit. Cisneros also is an advocate for equal opportunity in homeownership.

CityView, a real estate investment company based in Los Angeles, is an investor in The Peloton condo project in Boulder.

A major top of discussion at the summit was the fate of Freddie Mac (OTCBB: FMCKN.OB) and Fannie Mae (OTCBB: FNMA.OB), two government-sponsored enterprises that buy mortgages on the secondary market, pool them and sell them as mortgage-backed securities to investors. The entities have been partly blamed for the recent U.S. housing crisis, and were taken over by U.S. regulators in the fall of 2008, as high loan delinquencies and property foreclosures brought them close to collapse.

U.S. lawmakers have been considering what to do about Freddie and Fannie, including possibly disbanding the entities, splitting them into separate pieces or replacing them with a new entity.

“I think it’s playing with fire to abolish Freddie and Fannie,” Cisneros said. “I think there will be a restructuring of them, but I don’t know what it will look like yet.”

Cisneros explained that, despite their recent problems, Fannie and Freddie contribute greatly to many Americans’ ability to buy a home. If what they do were fully privatized, mortgage costs likely would go up.

“Freddie and Fannie are essential to the homeownership process,” he said.

Cisneros believes Colorado’s housing market, particularly in Denver and the rest of the Front Range area, is coming out of its doldrums because this area’s housing market started having trouble earlier than other areas. What’s more, as economic development experts also have said, the state’s relatively strong economy — based in part on future growth industries such as technology, bioscience, sustainable energy, etc., and which attract workers from other states — is helping its housing market.

“Colorado has the kind of economy that can come back … and Denver is a prototype for smart growth — sustainable, denser building,” said Cisneros, whose father grew up in Brighton.

CitiView, started in 2000 by Cisneros, has generated more than $2 billion in urban investment in 45 U.S. markets, according to the company.

CityView’s $150 million, 390-unit Peloton project is on Arapahoe Avenue at 33rd Street in Boulder. Its 191-unit first phase has sold more than 70 units for $23 million total, since dropping prices in mid-2009. Remaining units are priced at about $250,000 to the low $500,000s.

Crested Butte festival honors harvest, heritage, storytelling

coreydwan — Sun, 22 Aug 2010 14:32:56 +0000

Joy Harper

The Gazette

Each year, Crested Butte celebrates its European heritage by reviving a 1,000-year-old Slavic tradition during its Vinotok Festival, Sept. 13-18. Named for a Slavic word meaning “fall wine festival” or “wine tasting,” the Vinotok tradition dates to the Middle Ages, when it was a lusty harvest celebration coinciding with the autumn equinox, a time of balance between day and night.

It’s a time of village feasting, of forgetting the woes of yesterday and honoring traditional Eastern European roots.

The town has turned Vinotok into a folk festival, with a colorful array of medieval characters, a street theater performance, storytelling, Liar’s Night, a community potluck and music.

It emphasizes storytelling traditions dating to immigrant miners who first populated the town. Storytelling concerts will be held throughout the week.

But unlike most storytelling festivals, Vinotok does not include professional storytellers from outside the community.

“This is the only fully local storytellers’ event in the country. It is not a showcase for entertainers,” says Marcie Telander, a Crested Butte resident and “Godmother” of the event.

“The people of Crested Butte are not tellers of legend — there’s overwhelming humility and an honor for truth. Throughout history, the tales of the old ways have given meaning to people’s lives. Narrative is the perfect mirror of feeling,” Telander says.

Besides daily storytelling workshops and concerts, the festival includes wine tastings, a beer fest, parades, a Slavic-style pig roast, and dancing in the streets. It culminates Sept. 18 with an earthy autumn equinox celebration. Locals dress up as characters from ancient Vinotok celebrations and lead a procession to a roaring bonfire.

The pregnant Harvest Earth Mother and her lusty consort, the Green Man, lead a procession of revelers and merrymakers — a regalia of dancing lasses and jesters — to the ceremonial bonfire at the festival’s end.

The town’s magistrate summarily tries and condemns the Great Grump, an effigy built by children in town, the sacrificial scapegoat for the discordance between nature and technology, to be burned in the bonfire.

Now with a clean slate, the townspeople look forward to a new harvest of winter snow.

While the festival attracts out-of-towners, it remains very much a community celebration and serves to remind Crested Butte residents that there is much more to the town’s history than the ski industry, Telander says.

“It allows us to get to know our friends and neighbors — a chance to gather our tribe around us after the tourist season,” she says.

All in all, the Vinotok Festival is great fun for all and a yearly tradition not to be missed.

Also not to be missed are the mountain ranges surrounding the Gunnison-Crested Butte Valley, with brush strokes of gold, orange and crimson evident at every turn in September and early October. Known for the largest, most spectacular aspen grove in the U.S., the area offers eye-popping vistas. Check out gunnisoncrestedbutte .com for the best fall scenic drive routes and hiking trails.

First Snow in Crested Butte This morning, a sleepy town in southwest Colorado awoke to a dusting of snow. Winter is on its way.

coreydwan — Sun, 22 Aug 2010 13:25:29 +0000

http://www.skinet.com/skiing/resorts/2010/08/first-snow-in-crested-butte

Refinancing homeowners are going short Many customers take 30-year loans down to 15 or 20

coreydwan — Thu, 19 Aug 2010 13:16:06 +0000

Refinancing homeowners are going short

Many customers take 30-year loans down to 15 or 20

After being blindsided by a job loss last spring, sales exec Ren Chirakos didn’t need his new MBA degree to calculate the scary numbers: The math got simple real fast.

Zero income + new COBRA bills + a house payment = something had to give in the Chirakos family budget. The answer: refinancing his 30-year home loan to a shorter mortgage that tapped into the trend of ever-shrinking interest rates.

“I needed to keep my house,” said Chirakos, who since has found work at a different company in Cuyahoga, Ohio. His wife is a stay-home mom who cares for their two daughters. “It forces you to look at ‘OK, where is our money going?’ You start looking for ways to shave fixed expenses. It really gives you cause to think.”

Click Here for Full Story

Refinancing applications at 15-month high

coreydwan — Wed, 18 Aug 2010 16:58:07 +0000

Refinancing applications at 15-month high http://t.co/oTWG9o7

Mortgage applications leaped last week as rock-bottom rates lifted demand for home refinancing loans to its highest level in 15 months, the Mortgage Bankers Association said.

coreydwan — Wed, 18 Aug 2010 16:34:42 +0000

Home refinancing demand hits 15-month high – Business – Real estate – msnbc.com

www.msnbc.msn.com

Mortgage applications leaped last week as rock-bottom rates lifted demand for home refinancing loans to its highest level in 15 months, the Mortgage Bankers Association said.

$3.35 Million Crested Butte Home Under Contract By Benson Sotheby’s International Realty – Corey Dwan

coreydwan — Mon, 16 Aug 2010 14:11:10 +0000

EAST RIVER frontage! 3700 square feet of deck juts out over the wetlands giving the overwhelming feeling of privacy on the river. A cabin it is NOT! It is amountain lodge with all of the comforts expected of a luxurious home with comfortable and very cute guest cottage; welcoming and comfortable. Check out the fabulous sun room between the 3 car garage and main home. There are only 19 homesties sharing over 1500 feet of East River frontage. This home is oneof only two sites directly on the river! There are shared pastures for horses and the top of the subdivision is National Forest. Dues pay for a full time Ranchmanager whom will care for horses and home in your absence! A great adventure awaits you! This is the property everyone asks for but has a hard timefinding!!!
List Price $3,350,000

The wasted 4.44% mortgage rate but not in Crested Butte

coreydwan — Mon, 16 Aug 2010 14:04:15 +0000

The wasted 4.44% mortgage rate
money.cnn.com
In another failed stimulus effort, the temptingly low rates are still unattainable for too many homeowners, making this the refinancing boom that wasn’t. Read More.

Crested Butte passes remain the same as last year and some have been reduced while other resorts are going up.

coreydwan — Mon, 16 Aug 2010 13:56:36 +0000

Season ski passes go up modestly at most resorts | AspenTimes.com
www.aspentimes.com
ASPEN — Most Colorado ski resorts are boosting their season pass prices by modest amounts for the 2010-11 winter after holding firm or even dropping (read more)

Crested Butte Real Estate Market Update – August 13th, 2010

coreydwan — Fri, 13 Aug 2010 13:04:13 +0000

Hi Everyone,

Happy Friday the 13th! It has been a great summer so far in the Crested Butte real estate market. With Crested Butte Mountain Resort’s hotel and condo occupancy for July up 25% over last summer and lift ridership up 21% it is evident this has had a dramatic impact on real estate sales. In the Lodge at Mountaineer Square, one of the hardest hit new developments on the mountain in recent years, has seen nine sales and currently has another eight residences under contract for a total potential of $7.995mil of sales. With numerous properties receiving multiple offers and some listings being sold for full price or more it may be that we’ve reached the bottom in this segment of the market. The Tipple House ($4.489mil), 757 Ridge Lane ($2.995mil) and adjoining $800k parcel, 193 Larkspur ($3.335mil), 82 Anthracite ($1.445mil) and 2 Ridge Lane ($1.35mil) are all under contract and 378 Phoenix Way has closed for $3,000,100. That coupled with a total of 49 properties sold or put under contract since July 1, 2010 it appears the savvy buyer has returned for some incredible values.

Summer Business on the Mountain:

The addition of Mini Golf to the Adventure Park has exceeded everyone’s expectations with the Adventure Park showing a 60% growth in revenue. More than 1,500 rounds of mini golf were played during the month of July. Camp Crested Butte for Kids is also growing rapidly as they’ve posted a 40% increase in business to date.

The real buzz in the community is about the mountain biking at Crested Butte Mountain Resort (CBMR). The Mountain Sports department and the Mountain Operations teams have done an incredible job of providing a fantastic biking and hiking experience on the mountain for our guests. All of this combined with more special events, weddings and group and conference business has created a new level of energy and vitality at CBMR.

Winter Expectations:

The good news goes beyond the summer as we look at how we are pacing for next winter. The CBMR group sales team has booked twice the amount of group business compared to this time last year and currently has a 62% increase in room reservations on the books in our hotels and condo complexes.

The air program with Virgin America from San Francisco did not materialize as anticipated due to changes in their business strategy. However, the airline bookings are already pacing ahead of last year and flights now include new direct jet service from Houston on Continental along with two flights daily on American Airlines from Dallas and two flights daily on United from Denver. Click here for flight information.

Another indicator that we are heading toward a great winter is that our season pass sales are pacing ahead of the last five years. CBMR has lowered the price significantly on our 10-day card and College Season Pass and introduced an Anniversary Pass good for four days of skiing for just $99 in celebration of the Crested Butte resort’s 50th anniversary. Click here for more ticket information.

Snodgrass Update:

U.S. Forest Service Chief Tom Tidwell released a decision on his formal review of the recent appeal decision concerning Crested Butte Mountain Resort’s (CBMR) Snodgrass Mountain Expansion Proposal. The review was conducted by Associate Deputy Chief Gloria Manning on behalf of Chief Tidwell. Manning affirmed the decision by Deputy Regional Forester James Peña and Forest Supervisor Charlie Richmond.

“Of course we’re incredibly disappointed with this decision,” said Tim Mueller, president of CBMR. “The Forest Service has decided it is appropriate for one Forest Service employee to decide the future of an entire community with no public process whatsoever. Colorado Governor Bill Ritter, U.S. Senator Mark Udall, other elected officials and thousands of citizens have asked the Forest Service to allow public review through a NEPA process,” added Mueller. “The Forest Service has refused.”

Chief Tidwell’s decision directs Forest Supervisor Richmond to discuss with CBMR whether or not there is a proposal for skiing on Snodgrass Mountain that can and will be considered by the Forest Service. CBMR looks forward to those discussions.

“As far as next steps we’ve just received the decision and have not yet received the attachment,” added Mueller. “We are considering all of our options.”

Real Estate Office Activity:

Let’s have a look at Benson Sotheby’s International Realty’s recent activity from July 1, 2010 to present along side our largest competitors in Crested Butte. It is evident if you wish to be in touch with the heart beat of the Crested Butte real estate market or simply have the unrivaled probability of having your property sold we are the irrefutable choice in the entire valley.

Benson Sotheby’s International Realty: $13,995,500 of our listings under contract or sold.

Red Lady Realty: $4,384,700 of their listings under contract or sold.

Coldwell Banker Bighorn: $3,119,000 of their listings under contract or sold.

Prudential Becky Hamlin: $2,660,000 of their listings under contract or sold.

“Artfully Uniting Extraordinary Homes with Extraordinary Lives”

Born of the storied auction house, Sotheby’s International Realty continues to provide exceptional service and astute valuation for many of the world’s finest and most luxurious homes. I specialize in luxury homes and estates, ranch and acreage properties, condominiums, ski in/ski out, lake view, river frontage properties, golf course homes, residential and commercial developments as well as custom builder representation throughout the Crested Butte and Gunnison area. So please call me if you need assistance in both buying or selling real estate here in paradise and take a moment to visit my website for a wealth of valuable local information and to search the entire MLS for a property that would fulfill your mountain desires.

www.CrestedButteForSale.com

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Thanks for taking the time to read today.

Best Regards,

Corey