the crested butte real estate and community newsletter july 2011

Realtor | Corey DwanCell 970.596.3219

Worldwide Cell [email protected]

July 2011 - Market Report

Hi Everyone,

Happy 4th of July from Crested Butte, Colorado! Summer is here in full swing and it's time for parades, BBQs, hiking, mountainbiking, fishing, golfing and most importantly purchasing that dream mountain property you have been waiting for. With summer'sarrival so has the appearance of the Crested Butte buyer and with current price levels I foresee many sales occurring in the next few

months. So far this year we have seen sales totaling $35,844,153 of single family, town homes and condominiums in the uppervalley with an average reduction off of list price of 12%. Compared to the same time last year we have increased sales by over

$7,000,000 and interestingly increased the average discount by only 3%. Historically we sell more inventory in our summer seasonand we already have another 20 properties under contract totaling $10,686,200 so we are off to a great start. There are many great

opportunities so please let me know if you would like some listings sent to you.

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my latest listing in beautiful Creede, Colorado. Coming soon a $1.595mil river front, five acre residence in Creede, CO, a $20milluxurious ocean front West Hyannisport, MA home, a $6.3mil ocean front Cayman Island home, an architecturally stunning

$2mil+ Fredericksburg, TX home, a $2mil ski in/ski out Killington, VT home and a beautiful $2.375mil Nantucket, MA home.

I also wanted to touch on a subject that has been brought up by many of my clients regarding a rumor based on a story that

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appeared in the news this past February with these headlines “CNL Hotels’ affiliates file for bankruptcy protection”, “This week,more than 20 affiliate operations owned by CNL Hotels and Resorts Inc. filed for bankruptcy protection.” To clear up the

misinformation that is circulating Michael Kratz of CBMR spoke with Steve Rice at CNL Lifestyles Properties; CNL LifestylesProperties is the CNL Financial Group affiliate that purchased Crested Butte Mountain Resort in 2008. Briefly put, CNL Hotels and

Resorts, Inc. was sold by CNL Financial Group to Morgan Stanley Real Estate in 2007 and has not had any affiliation with CNLFinancial Group or any of its affiliates since that sale. Click here for the news release of the sale.

CNL Financial Group owns a number of Real Estate Investment Trust (REIT) entities; one of these entities is CNL LifestylesProperties which mentioned above purchased Crested Butte Mountain Resort along with Okemo Mountain Resort and Sunapee SkiArea from Tim and Diane Mueller back in December 2008 (the Muellers have a long term lease with CNL to manage these resorts). CNL Financial Group also owned the CNL Hotels and Resorts, Inc. REIT but sold this entity in 2007 to Morgan Stanley Real Estatewhich changed the name of the REIT to MSR Hotels and Resorts, however, the press in the February 2011 news article continued tocall this REIT by its former name which has lead to the confusion. It should be clear however, that CNL Hotels and Resorts since its

sale in 2007 has no financial or other connection whatsoever to CNL Financial Group or its affiliates including CNL LifestylesProperties. Again, the bottom line is that CNL Lifestyles Properties and its parent company CNL Financial Group the owner of

CBMR is very healthy and has no relation to CNL Hotels and Resorts since its sale in 2007.

Other good news regarding our resort has been a dramatic increase in skier visits, bookings, lodging and Mt. Crested Butte salestaxes. Coupled with the increase sales of real estate we are definitely on the right track to an eventual recovery:

• Snowfall: 358 inches 10-11 Season• Overall skier days up 6% compared to the statewide increase of 2% to 3%.

• Lodging occupancy up 9%• New pass products sold: 2,126• Winter group bookings up 8%

• Summer group bookings up 30%• Mt. CB Sales Tax up 8.3%

JULY 2011 Calander of Events:1 First Friday Gallery Crawl & Music, Various Galleries & Locations, Gunnison

1,2,8,9,15,16, Gunnison Valley Observatory Open for Public Viewing, Gunnison22,23,29,30

1, 2, 5, 7 "Oklahoma!" Presented by CB Mountain Theatre, Mallardi Cabaret Theatre1, 8, 15, 22, 29 Fridays @ 5 at the Gunnison Art Center, Live Music on the Courtyard

2, 9, 16, 23, 30 Gunnison Farmers' Market, Virginia Avenue & Main Street2-9, 15-27, & Marble/marble XXIII - A Marble Sculpting Symposium, Marble

29 - Aug. 53 - Aug. 14 Crested Butte Music Festival, Various Locations

3, 10, 17, 24, 31 Crested Butte Farmers' Market, Elk Avenue & First Street3, 10, 17, 24, 31 Sundays @ 7 (Free Concerts) Presented by the Gunnison Arts Center, Legion Park

3 Crested Butte Fireworks Display4 Independence Day Celebrations, Crested Butte, Gunnison & Mt. Crested Butte

4 Gothic to Crested Butte 1/3rd Marathon, Rocky Mountain Biological Laboratory4, 11, 18, 25 Alpenglow (Free Outdoor Concerts), Crested Butte Center for the Arts

6, 13, 20, 27 Wednesdays at Western State College, Different Activities/Topics Each Week6, 13, 20, 27 Live! From Mt. Crested Butte (Free Outdoor Concerts), Crested Butte Mtn. Resort

6, 13, 20, 27 Public Policy Forum of Crested Butte8 - 17 Gunnison Cattlemen's Days, Gunnison

9 - 10 Bluegrass in Paradise Presented by Crested Butte Music Festival, CB Mtn. Resort10, 17, 24, 31 AWEFest Presented by Artists of the West Elks, Elk Avenue, Crested Butte

11 - 17 Crested Butte Wildflower Festival, Various Locations14 - 15 Crested Butte Land Trust Caddis Cup Fly-Fishing Tournament

14, 21, 28 PowerAde Pinnacle Summer Race Series (Mountain Biking), Mt. Crested Butte15 - 17 Crested Butte Plein Air Invitational, Oh Be Joyful Gallery

20 - 24 Crested Butte Land Trust Wine & Food Festival, Crested Butte & Mt. Crested Butte22 - 23 Epic Rocky Mountain Relay Woodland Park to Crested Butte

22 - 24 Jack Russell Terrier Trials, Fred R. Field Western Heritage Center, Gunnison24 Gunnison Art in the Park, Legion Park, Gunnison

28 ArtWalk Evening, Studios & Galleries in Crested Butte28 - 31 Writing the Rockies: Gunnison Creative Writers Workshop, Western State College


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30 Living Journeys Summit Hike & Half-Marathon, Crested Butte Mountain Resort31 Crested Butte Alpine Odyssey - Leadville 100 Qualifying Race, CB/Mt. CB

Click here for the complete Crested Butte/Gunnison Community calander of events.

Click here for the Crested Butte/Gunnison Vacation Planner.

Click here for newest paintings from Shaun Horne at Oh Be Joyful Gallery and here for the Crested Butte Plein Air Invitational.

Click here for latest news release from J.C. Leacock Photography.

Crested Butte Music Festival Highlights• Boston Brass will kick off the festival with concerts on July 3 and 4, including a free outdoor patriotic concert at the Town Park to

celebrate Independence Day.• Icons of the American folk music scene, The Kingston Trio, will headline the annual Celebration fund-raiser on July 16.

• The hilarious comedy-duo à la Victor Borge, Igudesman & Joo, will perform the U.S. premiere of A Big Nightmare Music on July17, combining comedy with classical music and popular culture.

• Jens Georg Bachmann, festival music director, conducting Beethoven’s “Symphony No. 1″ at the popular Have a Beer withBeethoven at the Lacy Barn on July 21.

• The world-famous opera “Carmen” by Georges Bizet will be conducted by David Syrus, head of music for London’s Royal Opera ofCovent Garden, and directed by Sarah Meyers, guest stage director for The Metropolitan Opera. Outstanding talent from the Met

and around the country will perform on July 28, July 29 and Aug. 9.• The theremin is the unique instrument for 2011 and will be played by Rob Schwimmer, who also is a virtuoso jazz pianist.

Schwimmer will be the featured artist at the July 31 Hitchcock In Paradise concert.• Gypsy Jazz In Paradise presented by CBMF and DjangoFestTM celebrates legendary French/Belgian gypsy jazz guitarist Django

Reinhardt with the convergence of well-known performers from around the world in Mt. Crested Butte on Aug. 12 – 14.• Five home soirées offering the ultimate in intimate performances in beautiful mountain homes are planned for Tuesday evenings

from July 5 – Aug. 2.• The free Divine Family Young People’s Concerts bring families together for five performances from July 8 – Aug. 7 ranging from

bluegrass to the children’s opera “Cinderella.”

Bluegrass In ParadiseCBMF will present the second annual Bluegrass In Paradise festival on July 5 – 10, with 12 bands performing on July 9 – 10 and an

expanded Bluegrass Kids Camp for ages 7 to 17 on July 5 – 8. All activities will be held at Crested Butte Mountain Resort in Mt.Crested Butte.

Local newgrass great Drew Emmitt will serve as the festival’s host, welcoming big names like Ralph Stanley & His Clinch MountainBoys, Keller & The Keels, Sierra Hull & Highway 111, and The Kruger Brothers. Emmitt will perform in The Paradise All-Star Band,a compilation of musicians he will bring together from the Drew Emmitt Band, The Kruger Brothers, Nashville Bluegrass Band and

The Josh Williams Band. The concerts start at noon each day and conclude at 9 p.m. For detailed information and tickets, visitwww.bluegrassinparadise.com.

Please take a moment to view my Featured Listings as there have been some exciting price reductions, explore all Crested Butte realestate by utilizing my search engine here and/or be added to my weekly foreclosure, short sale and bank owned properties email

blast by requesting here.

Thanks for reading today and if you know anyone else interested in Crested Butte please feel free to foward my Market Update tothem. I look forward to seeing you in Crested Butte this summer.

Cheers,Corey

Corey Dwan - REALTORBenson Sotheby's International Realty

P.O. Box 210433 Sixth Street

Crested Butte, CO 81224970-596-3219 Cell

970-325-3219 World Wide Cell970-349-6653 Office


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the crested butte real estate and community newsletter july 2011

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