It has been reported by the Denver Post and the Crested Butte News that there is a Possible Sale of the Crested Butte Ski Area by the end of the year. This has also been confirmed by CBMR – and they made an announcement to some of their upper management at the end of last week. There have been many rumors before – but this sounds like a bonafide possibility. Tim & Diane Miller along with son Ethan Mueller (General Manager) and daughter Erica (Marketing and Public Relations) operate CBMR and own quite a bit of real estate holdings around the base area and on mountain, many home sites in the upscale Prospect development, and the undeveloped North Village at the base of Snodgrass mountain. Evidently the talks started initially about all the Mueller’s real estate – and morphed into buying the operations of the Crested Butte ski area as well.
The name of the buyer has been kept confidential – but the rumored word on the street is that the buyer may be Cypress Equities out of Dallas in partnership with Intrawest. Cypress Equities (formerly a part of Staubach’s real estate company) is headed by CEO Chris Maguire – who has a beautiful ski-in/out home in the Prospect development here on Mt. Crested Butte, and they also recently acquired a parcel of land near downtown Crested Butte. Of course Denver based Intrawest is a quality ski area operator with six ski resorts in North America including Winterpark and Steamboat here is Colorado. There are a lot of moving parts and as any transaction goes – the devil is in the details. To quote Yogi Berra: “It ain’t over till it’s over.”
How will this Impact Real Estate in the Crested Butte Area?
Cycles Repeat, but we may not see the same frenzy that occurred in the past because the backdrop of the national and world economy is different. Change is constant, and everyone’s personal situation is different. The diagram to the right illustrates the different emotional states along along given different market cycles.
My general recommendation is that if you were considering Selling your Crested Butte home – this may be the time to seriously consider putting your property on the market. For those properties on Mt. Crested Butte it makes even more sense because of the demographic of affluent skiers who come in the Winter – these visitors are more inclined to be Buyers who want to be up on the Mountain or in town with easy transportation to and from the base area via the Mountain Express shuttle. We all know that the cost to vacation here in the Winter is much higher than the Summer – so it holds true that this is generally a good time to have Mt. CB luxury properties Listed for Sale. You may want to review the recent monthly Crested Butte Real Estate Market Reports. If you are interested in getting an update on the Crested Butte Real Estate Market and the value of your property call me at (970) 209-5405. As a part of my services and listing your home I hire and coordinate professional photography and video tours of your home, and have an extensive list of Marketing efforts I employ to sell your property.
If you are a Buyer and have been looking for a while – it may be time to pull the trigger. We have had a declining market for nearly 5 years, and by all indicators the market has flattened and perhaps started to turn upward. We are still 20% below price points from 2008 – and this will not change overnight. We have great values in Crested Butte in all categories of real estate. Some may think price points will go lower – probably not in the near future. I predict that we will see the delta from Asking Price to Selling Price shrink, and that we may start to see price points rise. I predict there will be more inventory on the market – so more choices – but probably at higher prices. Those properties that have been listed for a while should be Sellers enthusiastic about selling and anticipating finally the Market will come to them.
How can I help you? My website and my Crested Butte Real Estate Market reports are representative of what you can expect from me as your Crested Butte Real Estate Agent. If you are contemplating selling and interested in finding out what your existing property is worth, or if you are considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, firstname.lastname@example.org, and be sure to check out the Crested Butte Real Estate G+ page for all things Crested Butte.
Author: Chris Kopf