MUELLER MOMENTUM

Located within the vicinity of Crested Butte, which is often referred to as “the last great American ski town," Andesite Pointe offers a true once in a lifetime opportunity:

Crested Butte Mountain Resort (“CBMR”) was recently purchased by highly successful and experienced ski resort operators, Tim and Diana Mueller (responsible for development successes of Okemo Mountain Resort in Vermont and Mount Sunapee Ski Resort in New Hampshire). CBMR has submitted plans for over $250 million in on-mountain improvements and real estate development, a major portion of which has been approved and is already underway.

The Muellers are also preparing to develop an additional 500 plus acres and to expand the ski resort by 25-40 trails and enhance the topographical diversity of the mountain. In July 2005, reservations and a lottery for central entry corridor-styled condominiums in the initial Town Center development resulted in purchase commitments in the $700 plus per square foot range. Average prices of single family homes and condominiums in Mt. Crested Butte increased 48% and 53%, respectively, from the first quarter of 2005 to the first quarter of 2006 (according to MLS data). In February 2007, reservations were taken for the ski-in/ski-out Cimarron lodge, proving to be a very successful sales initiative.

Sales listings for recently built, high-end condominiums and single family residences are extremely limited and demand remains high with list prices ranging from $875 to in excess of $1500 per square foot. Reinvigoration of investment in and throughout Mt. Crested Butte and Crested Butte has continued steadily since the Muellers’ acquisition of CBMR, and the momentum is very strong. While Crested Butte has experienced appreciation since the Mueller’s acquisition, the area lags well behind other resort valuations, thereby making an investment in both Mt. Crested Butte and Andesite Pointe very promising.