crested butte real estate market report | through september 30th 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 SEPTEMBER

PREPARED BY CHRIS KOPF

$63,844,857$57,742,250

$81,602,653$72,328,868

$105,860,141

YTD 2009 YTD 2010 YTD 2011 YTD 2012 YTD 2013

117 121

195 183

247


Crested Butte Real Estate Market Report – Year to Date through September 30, 2013 Crested Butte Real Estate Year to Date (YTD) Positive Results The momentum from the Summer Real Estate Season carried over to the Fall and showed continued positive results. The Crested Butte area attracted record numbers of visitors for the warm months of the year. In addition to the leaf peepers there were a number of late season events like the Chili & Beer Music Festival, Crested Butte Film Festival, Colorado 500 sports car visit and others which translated into a final boost for commerce, and real estate interest saw better than normal activity. I expect the Crested Butte Real Estate Market will continue to show strong results into the Winter. Total Number of Properties Sold is up 35%, Total Volume is up 32%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise slightly. Average Days on Market for all properties is 320 days. While the delta from Asking to Selling Price is getting skinnier (8%) - it is still a Buyer’s Market. As we continue to see price reductions as Sellers position their properties ahead of the market and eyeing competing listings in the Crested Butte area. 87% of all properties sold below Asking Price. Nearly half of all properties sold had a price reduction from Original Price and of those that did not have price reduction only 7% exceeded the Average Days on Market. Inventories are down (746 total properties for sale) – but there are still many options and great values in every category of Crested Butte Real Estate market.

2013 YTD Total $ Volume of Properties Sold

2013 YTD Total Number of Properties Sold

Month 2011 2012 2013JAN $9,391,700 $13,923,750 $8,751,700FEB $3,062,678 $4,545,898 $8,671,475MAR $7,768,800 $6,600,200 $10,261,486APR $8,440,525 $8,057,800 $17,126,400MAY $7,376,850 $10,228,700 $8,539,400JUNE $5,360,400 $9,121,865 $11,327,749JULY $10,291,000 $3,869,300 $13,731,000AUG $10,613,400 $6,929,000 $10,323,420SEPT $19,297,300 $9,052,355 $17,127,511

Totals $81,602,653 $72,328,868 $105,860,141

35%

32%

Monthly Results "for the past 3 years





Luxury Properties For Sale in the Crested Butte Area There are a total of 80 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $171M. Of these there are 45 Homes for sale over $1.5M. There are 14 homes over $3M 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 have been 19 Single Family homes Sold for $1M+ year to date – this is compared with 7 during this same period in 2012, and 20 in 2011. The average sold price for these luxury homes was $1.75M, median price of $1.48M, and Average Price per sq. ft. was $426. If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 14%. The luxury total of $33.3M makes up nearly 1/3 of the overall market volume YTD. Of note is a 7,000 sq. ft. home that sold in August in Trappers Crossing at Crested Butte for $3.7M, as well as a contemporary 3,500 sq. ft. home sold in Overlook on Mt. Crested Butte for $1.48M. Luxury Properties Under Contract in the Crested Butte Area – There are currently 6 Single Family homes under contract that have Asking Prices above $1M, all are between $1.495M and $2M, including one ski-in/out home in coveted Elk Run on Anthracite Drive. Of this group – 4 are in downtown Crested Butte, 1 in Mt. Crested Butte, and 3 in outlying areas.

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2009 12 $20,160,000 $402YTD 2010 11 $18,706,600 $419YTD 2011 20 $35,979,500 $446YTD 2012 9 $17,060,000 $405YTD 2013 19 $33,376,630 $426

2013 Year to Date Total Luxury Homes

$1M+ Sold

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

Sold

Total All Sales $36,876,630 $1,676,210 $40,603,000 $1,845,591 43,682,000 $1,985,545 -15.58% -9.18% 22Single Family Homes $33,376,630 $1,756,665 $36,729,000 $1,933,105 39,758,000 $2,092,526 -16.05% -9.13% $426 19Mt. Crested Butte $11,408,630 $1,901,438 $12,745,000 $2,124,167 12,264,000 $2,044,000 -6.97% -10.49% $437 6Mt. CB Single Family Homes $11,408,630 $1,901,438 $12,745,000 $2,124,167 14,189,000 $2,364,833 -19.60% -10.49% $437 6Crested Butte Single Family Homes $5,985,000 $1,496,250 $6,189,000 $1,547,250 6,739,000 $1,684,750 -11.19% -3.30% $564 4Skyland Single Family Homes $2,669,000 $1,334,500 $2,845,000 $1,422,500 3,525,000 $1,762,500 -24.28% -6.19% $363 2




PREPARED BY CHRIS KOPF $324

$292

$307

$273

$291


$281$261

$191 $194 $205


$175,000 $165,000 $153,250

$230,000$250,000


$520,000$442,000 $443,000

$613,500 $637,500


Single Family Homes "Avg. $ Per Sq. Ft.

Condo / Town Homes"$ Per Sq. Ft.

Prices'for'Single'Family'Homes''&'Condos'Continuing'to'Rise' Single Family (SF) homes – Comparing YTD 2013 results to prior years we see that the Median Price for Single Family homes has risen to $637,500 (average is $758,000) and average price per sq. ft. for Single Family homes has risen from $273 per sq. ft. to $291. 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 $413, Mt. Crested Butte $328 as averages per sq. ft. and these numbers are dependent on the mix of type and quality of homes sold for each period. Condos and Townhomes – We continue to see price per sq. ft. for Condos & Townhomes over the $200 mark – YTD at $205. Median price for a condo is $250,000 compared with $230,000 for the same period in 2012. Contact me with questions about your property, a category or area of the Crested Butte Real Estate Market for more detail.

2013 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $105,860,141 247 Condos & Townhomes $26,786,670 25% 108 44%Single Family Homes $68,227,835 64% 90 36%Mt. Crested Butte $37,437,411 35% 94 38%Mt. CB Single Family Homes $18,757,630 18% 17 7%Crested Butte Single Family Homes $14,403,755 14% 18 7%Skyland Single Family Homes $3,597,000 3% 4 2%CB South Single Family Homes $4,890,900 5% 13 5%Almont $1,411,550 1% 7 3%Land/Lots $10,845,636 10% 49 20%SF Homes Sold > $1M $33,376,630 32% 19 8%

What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 64% of the total volume representing $68.2M and 90 transactions. There were 108 Condos & Townhome transactions YTD and this represents $26.7M in volume. 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 (32%).

Condos Median Sales Price

Single Family Home" Median Sales Price




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 below 8% for all property types.

2013 Year to Date Totals


Average Sold Price




Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot


SoldTotal All Sales $105,860,141 $428,584 $114,995,446 $465,569 $214,324,481 $867,710 -50.61% -7.94% 247Condos & Townhomes $26,786,670 $248,025 $28,845,034 $267,084 $123,038,781 $1,139,248 -78.23% -7.14% $205 108Single Family Homes $68,227,835 $758,087 $73,993,900 $822,154 $80,892,900 $898,810 -15.66% -7.79% $291 90Mt. Crested Butte $37,437,411 $398,270 $40,895,100 $435,054 $42,316,681 $450,177 -11.53% -8.46% $284 94Mt. CB Single Family Homes $18,757,630 $1,103,390 $20,662,900 $1,215,465 $23,309,400 $1,371,141 -19.53% -9.22% $328 17Crested Butte Single Family Homes $14,403,755 $800,209 $15,079,400 $837,744 $16,358,400 $908,800 -11.95% -4.48% $413 18Skyland 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 $4,890,900 $376,223 $5,088,200 $391,400 $5,203,800 $400,292 -6.01% -3.88% $174 13Almont $1,411,550 $201,650 $1,604,300 $229,186 $2,593,800 $370,543 -45.58% -12.01% $153 7Land/Lots $10,845,636 $221,340 $12,156,512 $248,092 $14,873,800 $303,547 -27.08% -10.78% 49SF Homes Sold > $1M $33,376,630 $1,756,665 $36,729,000 $1,933,105 $39,758,000 $2,092,526 -16.05% -9.13% $426 19



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $72,328,868 $395,240 $82,051,848 $448,371 $99,178,347 $541,958 -27.07% -11.85% 183Condos & Townhomes $18,175,205 $252,433 $20,389,400 $283,186 $27,200,749 $377,788 -33.18% -10.86% $194 72Single Family Homes $46,051,163 $639,599 $50,998,148 $708,308 $59,937,548 $832,466 -23.17% -9.70% $273 72Mt. Crested Butte $27,392,450 $346,740 $32,018,900 $405,303 $32,997,549 $417,690 -16.99% -14.45% $274 79Mt. CB Single Family Homes $12,900,950 $860,063 $14,400,400 $960,027 $17,666,000 $1,177,733 -26.97% -10.41% $282 15Crested Butte Single Family Homes $14,163,513 $643,796 $15,140,698 $688,214 $16,642,698 $756,486 -14.90% -6.45% $348 22Skyland 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 $4,194,300 $349,525 $4,372,850 $364,404 $4,954,050 $412,838 -15.34% -4.08% $152 12Almont $1,676,300 $279,383 $1,886,600 $314,433 $1,964,400 $327,400 -14.67% -11.15% $263 6Land/Lots $8,102,500 $207,756 $10,664,300 $273,444 $12,282,300 $314,931 -34.03% -24.02% 39SF Homes Sold > $1M $17,060,000 $1,895,556 $19,541,900 $2,171,322 $23,089,000 $2,565,444 -26.11% -12.70% $405 9



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $81,602,653 $418,475 $92,479,177 $474,252 $119,157,099 $611,062 -31.52% -11.76% 195Condos & Townhomes $21,808,703 $232,007 $24,302,078 $258,533 $34,286,699 $364,752 -36.39% -10.26% $191 94Single Family Homes $54,550,350 $802,211 $61,904,799 $910,365 $78,802,300 $1,158,857 -30.78% -11.88% $307 68Mt. Crested Butte $30,618,578 $373,397 $35,137,378 $428,505 $50,130,599 $611,349 -38.92% -12.86% $263 82Mt. CB Single Family Homes $13,069,000 $1,089,083 $15,149,400 $1,262,450 $21,180,400 $1,765,033 -38.30% -13.73% $340 12Crested Butte Single Family Homes $15,559,250 $1,414,477 $16,944,800 $1,540,436 $19,979,700 $1,816,336 -22.12% -8.18% $473 11Skyland Single Family Homes $4,726,000 $945,200 $5,384,000 $1,076,800 $6,735,000 $1,347,000 -29.83% -12.22% $267 5CB South Single Family Homes $5,747,100 $359,194 $6,171,700 $385,731 $7,155,700 $447,231 -19.69% -6.88% $155 16Almont $1,305,500 $217,583 $1,482,300 $247,050 $2,158,900 $359,817 -39.53% -11.93% $198 6Land/Lots $5,243,600 $158,897 $6,272,300 $190,070 $9,793,300 $296,767 -46.46% -16.40% 33SF Homes Sold > $1M $35,979,500 $1,798,975 $41,861,500 $2,093,075 $53,567,500 $2,678,375 -32.83% -14.05% $446 20





CRESTED BUTTE REAL ESTATEFPOKSIRHC

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). Thanks,

!

Crested Butte – Them becoming Us = We If the rising number of students at the Crested Butte Community School (CBCS) are any indication we continue to see a trend of visitors and second homeowners who are moving to Crested Butte full time. The local school is a great asset to our community – and ranks among the highest academic performing schools in the entire state. CBCS is not resting on their laurels and has embraced the Science Technology Engineering and Math (STEM) program – raising nearly $100,000 through grants, PTA, and private donations. The CB Rotary Club has donated $5,000 for a 3D printer and scanner. Having recently completed my term as President of the CB Rotary Club – I am proud that our Duck Race Fundraiser has helped CBCS and so many youth programs and college scholarships for deserving CBCS students. We are fortunate to have a population of affluent permanent residents and second homeowners in Crested Butte who are very kind with their donations to support so many of our non-profits organizations – thank you. Our local economy and the incomes for so many of our local citizens benefits from this demographic. Assuming a minimum of $300 per foot for new construction and the average home at 3,500 sq. ft - next time you see a home being built – think about the millions of dollars that is spread around for architects, builders, carpenters, plumbers, electricians, furnishings, property management... As well as the permitting fees that are part of the local governments budgets. This is a great boost to the local economy – thank you.

Under Contract There are 50 properties Under Contract representing a total volume of $26.3M. Of the 50 properties Under Contract 21 are Condos/Townhomes, 21 are Single Family homes and 8 are lots. Active Listings There are 746 properties for sale (down from 790 last month) representing $512M.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $26,374,595 $527,492 50Condos & Townhomes $6,357,200 $302,724 21Single Family Homes $18,751,395 $892,924 21Mt. Crested Butte $7,231,800 $361,590 20Mt. CB Single Family Homes $2,651,500 $1,325,750 2Crested Butte Single Family Homes $6,567,500 $1,094,583 6Skyland Single Family Homes None 1CB South Single Family Homes $2,699,400 $449,900 6Land/Lots $1,266,000 $158,250 8SF Homes > $1M $10,118,000 $1,686,333 6Almont $0 #DIV/0! 035 Acre SF Homes None 1

All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Sales $512,552,792 $687,068 746Condos & Townhomes $80,484,665 $381,444 211Single Family Homes $255,999,994 $1,201,878 213Mt. Crested Butte $152,710,575 $598,865 255Mt. CB Single Family Homes $56,954,600 $1,265,658 45Crested Butte Single Family Homes $47,322,000 $1,006,851 47Skyland Single Family Homes $15,852,250 $1,441,114 11CB South Single Family Homes $12,244,300 $532,361 23Almont $43,106,800 $684,235 63Land/Lots $176,068,133 $546,795 322SF Homes > $1M $171,284,249 $2,141,053 8035 Acre SF Homes $53,173,849 $2,311,906 23

For additional info visit: www.chriskopf.com. Contact me at: (970) 209-5405, or [email protected]