As the economy is slowly improving, we are seeing our sales number tick up in Crested Butte real estate. It's kind of the perfect storm for buyers, with low prices, low interest rates and disinterest in investing in other asset classes such as stocks, bonds and precious metals. But I've said this before. What is rather interesting is the people we are seeing who are putting their cash to work in our local real estate market.
Chad Pike is the Senior Managing Director and Vice Chairman of Blackstone Europe involved in Blackstone's global real estate investments. In today's Wall Street Journal, it mentioned that Blackstone is acquiring another multi-billion dollar company as "the private-equity firm continues to invest aggressively in real estate." Not only is his firm investing aggressively in global real estate, but Mr. Pike himself has bought 4 properties in the town of Crested Butte recently, 3 of which were priced over $1 million. He is spending multi-millions of dollars in renovating these properties as well.
Another shrewd local investor is Mark Walter, the financier/billionaire who is leading the investment group buying the LA Dodgers. He recently bought a $4 million house in Mt Crested Butte as well as a commercial property in the center of the town of Crested Butte, He was recently featured in this article in the LA Times: http://articles.latimes.com/2012/apr/21/business/la-fi-mark-walter-20120422, He is also rumored to be buying a second commercial building in the heart of downtown Crested Butte.
So, not only are superlatively wealthy people finding themselves attracted to Crested Butte, but they are also investing heavily in our local real estate market. They clearly see the opportunity here at present and are putting their money to work. I believe that this trend will continue to grow as people seek alternative options in Colorado from Vail, Aspen and Telluride. Clearly we are a different community from those better known towns, but our relative values in the real estate market combined with our casual and friendly lifestyle are highly attractive to those in the know.
Chad Pike is the Senior Managing Director and Vice Chairman of Blackstone Europe involved in Blackstone's global real estate investments. In today's Wall Street Journal, it mentioned that Blackstone is acquiring another multi-billion dollar company as "the private-equity firm continues to invest aggressively in real estate." Not only is his firm investing aggressively in global real estate, but Mr. Pike himself has bought 4 properties in the town of Crested Butte recently, 3 of which were priced over $1 million. He is spending multi-millions of dollars in renovating these properties as well.
Another shrewd local investor is Mark Walter, the financier/billionaire who is leading the investment group buying the LA Dodgers. He recently bought a $4 million house in Mt Crested Butte as well as a commercial property in the center of the town of Crested Butte, He was recently featured in this article in the LA Times: http://articles.latimes.com/2012/apr/21/business/la-fi-mark-walter-20120422, He is also rumored to be buying a second commercial building in the heart of downtown Crested Butte.
So, not only are superlatively wealthy people finding themselves attracted to Crested Butte, but they are also investing heavily in our local real estate market. They clearly see the opportunity here at present and are putting their money to work. I believe that this trend will continue to grow as people seek alternative options in Colorado from Vail, Aspen and Telluride. Clearly we are a different community from those better known towns, but our relative values in the real estate market combined with our casual and friendly lifestyle are highly attractive to those in the know.
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