crested butte real estate market report | through august 31, 2013

Sales Volume numbers represent all Single Family Homes, Condos, Townhomes and Land sales in the North End of the Gunnison Valley, including Almont, CB South, Rural Crested Butte, Crested Butte, Mt. Crested Butte and Rural Mt. Crested Butte as shown in the Gunnison Country Association of Realtors MLS. Information contained herein deemed reliable, but not guaranteed.

CHRIS KOPF PREVIEWS® PROPERTY SPECIALIST COLDWELL BANKER BIGHORN REALTY cell: 970.209.5405 [email protected] www.chriskopf.com

CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 YEAR TO DATE – THROUGH AUGUST

PREPARED BY CHRIS KOPF

92 104

160 168

211

YTD 2009 YTD 2010 YTD 2011 YTD 2012 YTD 2013

$50,579,057$46,455,850

$61,571,353 $63,276,513

$88,680,380


Crested Butte Real Estate Market Report – Year to Date through August 31, 2013 Crested Butte Real Estate Year to Date (YTD) Strong Market The Summer Real Estate Season is officially over, but the Crested Butte Real Estate Market will continue to show strong results into the Fall and Winter. Many Buyers return to Crested Butte in the Fall to take a second look at real estate without all the distractions of family and friends, as well to enjoy the Fall colors. As the charts and numbers show in this report the trends are rising in all categories, and inventory is falling. Total Number of Properties Sold is up 25%, Total Volume is up 28%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise (up 5%). Sales tax numbers are up for both Crested Butte and Mt. Crested Butte as a result of record Summer visitors. It is still a Buyer’s Market – evidence of smart Seller’s adjusting pricing downward to position their properties against competing listings in the Crested Butte area. Inventories are down – but there are still many options in every category of Crested Butte Real Estate market. Comparing Monthly Results of the past 3 years also illustrates the strong market this Summer.

2013 YTD Total $ Volume of Properties Sold

2013 YTD Total Number of Properties Sold

Month 2011 2012 2013JAN $4,216,000 $13,923,750 $8,751,700FEB $2,778,078 $4,545,898 $8,671,475MAR $8,091,400 $6,600,200 $10,261,486APR $9,259,925 $8,057,800 $17,126,400MAY $8,391,150 $10,228,700 $8,539,400JUNE $7,010,900 $9,121,865 $11,327,749JULY $10,291,000 $3,869,300 $13,731,000AUG $11,532,900 $6,929,000 $10,271,170

Totals $61,571,353 $63,276,513 $88,680,380





Land / Lots Sold YTD Count YTD %

YTD 2009 15 16%YTD 2010 13 13%YTD 2011 24 15%YTD 2012 37 22%YTD 2013 41 19%

Luxury Properties For Sale in the Crested Butte Area There are a total of 86 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $182M. Of these there are 41 Homes for sale over $2M. There are certainly many high dollar homes that have been built in the past 10 years, but have been only 4 Single Family Homes ever sold at $4M or in the Crested Butte Real Estate Market (2 at the height of the market in 2006). There are currently 5 homes with Asking Prices over $4M, and 10 homes between $3M and $4M including a new listing at 152 Evergreen Drive in Trappers Crossing at Crested Butte – this luxury 5 bedroom, 5 ½ Bath mountain home was completed in 2006, designed by Sunlit Architecture and built by Fred Holbrook. Nearly 5,000 square feet, fully furnished with high-end furniture and furnishings, many custom details and quality craftsmanship throughout – offered at $3.9M.

Crested Butte Luxury Real Estate Market - Homes Sold for $1 Million + Year to Date There were no additional Single Family homes Sold for $1M+ in August – the total is 15 YTD for 2013, this is compared with 7 during this same period in 2012, and 14 in 2011. The average sold price for these homes was $1.7M, median price of $1.49M, and Average Price per sq. ft. was $417. The total volume of $25.5M makes up 29% of the overall market volume YTD.

Luxury Properties Under Contract in the Crested Butte Area – There are currently 8 Single Family homes under contract that have Asking Prices above $1M, including one in Trappers Crossing at CB listed for $3.995M and one on The Bench above town listed for just under $2.2M. Of this group – 4 are in downtown Crested Butte, 1 in Mt. Crested Butte, and 3 in outlying areas.

High-end Land – There have been 3 lots sold for over $1M this year – 2 in downtown Crested Butte in the Kapushion subdivision on the Northwest side of town and a re-sale lot in the Reserve on the East River. There are 47 properties (Land) for sale listed at over $1M. These represent some unique opportunities for the Buyer who is looking to build their dream home. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots (there are 3 homes under construction in Prospect). The next large category are developments offering fishing and equestrian amenities – these lots are located in both The Reserve on the East River, and Wilder on the Taylor. Wilder on the Taylor has a unique offering of 12 Riverfront Homestead Sites sitting along 2 miles of the Taylor River on the 2,100 acre ranch.

YTD ALL LAND SALES

There have been 41 Parcels Sold YTD in 2013.

5

5

2

9

15

5

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2009 8 $13,892,500 $390YTD 2010 8 $12,150,100 $361YTD 2011 14 $22,709,500 $465YTD 2012 7 $13,385,000 $432YTD 2013 15 $25,588,000 $417





$321

$264$290

$269 $281


$286$272

$194 $196 $207


Single Family Homes"$ Per Sq. Ft.

Condo / Town Homes"$ Per Sq. Ft.

Averages(for(Single(Family(Homes((&(Condo(prices(Continuing(to(Rise( Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen from $269 per sq. ft. to $281. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $424, Mt. Crested Butte $288 as averages per sq. ft. and these numbers are up from previous years. Condos and Townhomes – Over the past few years we have seen Average price per sq. ft. under $200 and it has now surpassed this level of late. As with all categories it is indicative of the mix of properties sold and further analysis will reveal the specifics. Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail. What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 63% of the total volume representing $56.2M and 78 transactions with an average sales price of $721,000 and median price of $511,000. There were 92 Condos & Townhome transactions YTD and this represents $23.6.M in volume and an average sales price of $254,400 and median sales price of $194,000. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents a large percentage of the dollar volume in our market (29%).

2013 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $88,680,380 211 Condos & Townhomes $23,649,039 27% 92 44%Single Family Homes $56,245,205 63% 78 37%Mt. Crested Butte $32,349,431 36% 79 37%Mt. CB Single Family Homes $16,344,000 18% 15 7%Crested Butte Single Family Homes $11,238,755 13% 14 7%Skyland Single Family Homes $3,597,000 4% 4 2%CB South Single Family Homes $4,167,900 5% 11 5%Almont $1,285,550 1% 6 3%Land/Lots $8,786,136 10% 41 19%SF Homes Sold > $1M $25,588,000 29% 15 7%




PREPARED BY CHRIS KOPF The detail below represents the past three years data by category. Interesting note for both Buyers and Sellers: after 3 years of price decline, most properties are priced to the Market and offer

great value, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price by Category, on average 8.56% for all property types.

2013 Year to Date Totals

Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

Total Original Price by Category

Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot

Count of # Properties

SoldTotal All Sales $88,680,380 $420,286 $96,968,320 $459,565 $193,575,900 $917,421 -54.19% -8.55% 211Condos & Townhomes $23,649,039 $257,055 $25,572,353 $277,960 $116,703,050 $1,268,511 -79.74% -7.52% $207 92Single Family Homes $56,245,205 $721,092 $61,411,000 $787,321 $67,125,000 $860,577 -16.21% -8.41% $281 78Mt. Crested Butte $32,349,431 $409,486 $35,639,750 $451,136 $122,698,600 $1,553,147 -73.64% -9.23% $288 79Mt. CB Single Family Homes $16,344,000 $1,089,600 $18,213,900 $1,214,260 $20,539,400 $1,369,293 -20.43% -10.27% $329 15Crested Butte Single Family Homes $11,238,755 $802,768 $11,774,400 $841,029 $12,539,400 $895,671 -10.37% -4.55% $424 14Skyland Single Family Homes $3,597,000 $899,250 $3,834,000 $958,500 $4,564,000 $1,141,000 -21.19% -6.18% $330 4CB South Single Family Homes $4,167,900 $378,900 $4,339,200 $394,473 $4,454,800 $404,982 -6.44% -3.95% $176 11Almont $1,285,550 $214,258 $1,404,400 $234,067 $1,483,400 $247,233 -13.34% -8.46% $158 6Land/Lots $8,786,136 $214,296 $9,984,967 $243,536 $10,784,150 $263,028 -18.53% -12.01% 41SF Homes Sold > $1M $25,588,000 $1,705,867 $29,589,000 $1,972,600 $35,797,000 $2,386,467 -28.52% -13.52% $394 15



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $63,276,513 $376,646 $71,992,648 $428,528 $87,874,047 $523,060 -27.99% -12.11% 168Condos & Townhomes $17,275,300 $257,840 $19,382,500 $289,291 $26,231,749 $391,519 -34.14% -10.87% $196 67Single Family Homes $39,023,713 $609,746 $43,209,848 $675,154 $51,054,548 $797,727 -23.56% -9.69% $269 64Mt. Crested Butte $24,988,500 $337,682 $29,480,100 $398,380 $30,071,549 $406,372 -16.90% -15.24% $281 74Mt. CB Single Family Homes $11,052,500 $850,192 $12,480,500 $960,038 $15,682,000 $1,206,308 -29.52% -11.44% $289 13Crested Butte Single Family Homes $12,394,513 $652,343 $13,217,698 $695,668 $14,719,698 $774,721 -15.80% -6.23% $343 19Skyland Single Family Homes $1,615,000 $538,333 $1,764,000 $588,000 $1,764,000 $588,000 -8.45% -8.45% $301 3CB South Single Family Homes $3,794,300 $344,936 $3,907,950 $355,268 $4,423,050 $402,095 -14.22% -2.91% $155 11Almont $1,676,300 $279,383 $1,886,600 $314,433 $1,964,400 $327,400 -14.67% -11.15% $263 6Land/Lots $6,977,500 $188,581 $9,400,300 $254,062 $10,671,400 $288,416 -34.61% -25.77% 37SF Homes Sold > $1M $13,385,000 $1,912,143 $18,616,500 $2,659,500 $25,280,000 $3,611,429 -47.05% -28.10% $319 7



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $61,571,353 $384,821 $69,711,177 $435,695 $89,876,799 $561,730 -31.49% -11.68% 160Condos & Townhomes $19,176,303 $236,744 $21,282,978 $262,753 $28,549,469 $352,463 -32.83% -9.90% $194 81Single Family Homes $38,257,250 $695,586 $43,319,499 $787,627 $54,932,000 $998,764 -30.36% -11.69% $290 55Mt. Crested Butte $23,387,678 $329,404 $26,425,678 $372,193 $38,615,650 $543,882 -39.43% -11.50% $249 71Mt. CB Single Family Homes $7,984,000 $887,111 $8,924,400 $991,600 $13,955,400 $1,550,600 -42.79% -10.54% $308 9Crested Butte Single Family Homes $10,889,250 $1,209,917 $12,219,800 $1,357,756 $15,254,700 $1,694,967 -28.62% -10.89% $450 9Skyland Single Family Homes $3,426,000 $856,500 $3,989,000 $997,250 $5,240,000 $1,310,000 -34.62% -14.11% $259 4CB South Single Family Homes $4,379,000 $364,917 $4,740,300 $395,025 $5,634,300 $469,525 -22.28% -7.62% $157 12Almont $1,305,500 $217,583 $1,482,300 $247,050 $1,593,400 $265,567 -18.07% -11.93% $198 6Land/Lots $4,137,800 $172,408 $5,108,700 $212,863 $7,547,400 $314,475 -45.18% -19.00% 24SF Homes Sold > $1M $22,709,500 $1,622,107 $26,391,500 $1,885,107 $36,097,500 $2,578,393 -37.09% -13.95% $465 14





How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your 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 www.chriskopf.com. Contact me at: (970) 209-5405, or [email protected] Thanks,

!

Crested Butte – Fall I recently represented a client who had only been to Crested Butte in the Winter – once they saw the beauty and variety of activities, events and opportunities to recreate in this beautiful valley they were hooked and decided they would buy a second home here in the Crested Butte area. If you have never experienced Fall in the mountains – I highly recommend you plan a trip back here. As I write this the aspen leaves have just started to turn and I estimate that less than 1% of the aspen leaves have changed color. Typically this means you have until the end of September to get here! Everything you can do in the Summer is still available to you here in the Fall – with the added benefit of the crisp mountain air, and the visual paintbrush of Splendor in September. Looking at the calendar of events – This Saturday Sept. 7 at the base area is the Fall Festival of Beers and the Chili Cook-off, The Crested Butte Film Festival is September 26 -29, The Adventure park – zip-line, bike-park, and chairlifts are still running until Sept. 29th. The Sunday Farmers Market goes through the middle of October, Vinitok is Sept. 15-21, The Wooden Nickel Golf Classic is Sept. 8-9 benefiting Crested Butte Youth Hockey, and the Club at Crested Butte golf course is typically open through mid October. The water levels in the rivers is down, the trout are still there, making many summer fishing spots more accessible. The Kokanee salmon are running up the Gunnison and East Rivers which is a very fun fishing experience.

Under Contract There are 59 properties Under Contract representing a total volume of $31.6M. Of the 59 properties Under Contract 26 are Condos/Townhomes, 19 are Single Family homes and 14 are lots. Active Listings There are 790 properties For Sale in our market representing $538M. Here is the count - Condos: 221, Single Family Homes: 230, Land: 339. Inventory is up from last month (750), but overall still less than a year ago (~ 900).

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $31,606,026 $535,695 59Condos & Townhomes $7,163,081 $275,503 26Single Family Homes $21,493,400 $1,131,232 19Mt. Crested Butte $7,867,750 $314,710 25Mt. CB Single Family Homes $2,449,000 $1,224,500 2Crested Butte Single Family Homes $8,342,500 $1,191,786 7Skyland Single Family Homes None 0CB South Single Family Homes $1,877,000 $469,250 4Land/Lots $2,949,545 $210,682 14SF Homes > $1M $14,979,000 $1,872,375 8Almont $269,900 $199,900 135 Acre SF Homes None 2

All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Sales $537,942,732 $680,940 790Condos & Townhomes $81,800,896 $370,140 221Single Family Homes $276,041,884 $1,200,182 230Mt. Crested Butte $156,382,374 $592,357 264Mt. CB Single Family Homes $61,022,500 $1,245,357 49Crested Butte Single Family Homes $57,926,000 $1,034,393 56Skyland Single Family Homes $19,946,250 $1,662,188 12CB South Single Family Homes $12,584,300 $524,346 24Almont $42,563,200 $675,606 63Land/Lots $180,099,952 $531,268 339SF Homes > $1M $182,818,249 $2,125,794 8635 Acre SF Homes $50,857,049 $2,311,684 22

crested butte real estate market report | through august 31, 2013

Real Estate

rural crested butte

crested butte area

downtown crested butte

crested butte real estate

ytd count ytd

date ytd strong market

overall market volume

ytd total numberof properties