| Yes, there's a lot of excitement in this little hamlet since the
ski area was recently purchased by a historically successful
development group, Triple Peaks, LLC, out of Vermont.
After several years of challenging times, Crested Butte welcomes
the new blood that Diane and Tim Mueller (owners of Okemo
Mountain Resort in Vermont and Mount Sunapee Resort in New
Hampshire) are bringing to the community.
But the Muellers are cautious, saying it will
take time to make the changes they plan. Changes that require
careful planning and approval. Changes that integrate -
don't compete with - the commercial activity in the town of
Crested Butte. Changes that haven't even been envisioned
yet.
And above all, the Muellers want to preserve
the uniqueness, authenticity and unpretentious sensations -
qualities offered in Crested Butte and rarely found in ski
resorts.
With 6.5 million earmarked for improvements,
here's what the Muellers have on the drawing board of
possibilities so far:
-
A new Town
Center, a mountain village of the 21st Century -
environmentally efficient, beautifully architecture.
-
Additional
mountain restaurants, small and homey.
-
North Village
development -more trails on Snodgrass geared toward
less-aggressive skiers - a place to enjoy the beauty of the
mountain at a slower pace.
Crested Butte Real Estate Rules
Apparently a lot of people believe in the future the Muellers
might prepare. Since the sale was finalized March 1 of
this year, sales have soared. Buyer profiles include a
surge of locals, concerned that they might be priced out of the
market, investors and vacation home seekers.
Property is limited
and demand is high. Prices have gone up 10, 20 even
30%. Full price offers and bidding wars are common.
Some sellers are even pulling their property off the market and
relisting a week later at a higher price - and getting it.
Is all this
short-term speculation? Only time will tell but developers
are already on the way. The Crested Butte Town Council had
to pass an emergency ordinance limiting the number of building
projects for consideration to 8 a month.
Statistically? Real
numbers are the only thing that really mean anything, so let's
take a look at Mt. Crested Butte and the Town of Crested Butte
over the last few years as provided by the Gunnison Country
Association of Realtors' MLS system.
|
2001 |
2002 |
2003 |
1st
4 months of 2004 |
| SINGLE
FAMILY HOMES |
|
|
|
|
| Mt. Crested
Butte |
$454,590 |
$648,522 |
695,389 |
$613,300 |
|
Number of homes sold |
10 |
17 |
15 |
10 |
| Town of Crested
Butte |
$579,288 |
$423,778 |
$424,095 |
$660,710 |
|
Number of homes sold |
13 |
9 |
23 |
15 |
| CONDOS/TOWNHOMES |
| Mt. Crested
Butte |
$237,143 |
$262,995 |
$237,198 |
$241,255 |
|
Number of units sold |
70 |
59 |
65 |
72 |
| Town of Crested
Butte |
$232,750 |
$237,773 |
$244,107 |
$210,767 |
|
Number of homes sold |
6 |
11 |
14 |
9 |
Looking at these figures it would
be hard to see that Crested Butte is emerging from difficult
times. If the Muellers repeat their past performance with
Okemo and Sunapee, Crested Butte just might be Colorado's crown
jewel. |
