Crested Butte Real Estate Market Report – January 2015

Crested Butte Real Estate Market Report – January 2015

Can the 2015 Crested Butte Real Estate Market Match or Exceed that of 2013 & 2014?

This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2015 and compares previous years. There were very few transactions in January – but 45 properties are Under Contract (6 Luxury Single Family Homes). Coming off the heels of a very active real estate market in 2013 & 2014 – there are high hopes that 2015 will follow suit. The 2013 & 2014 Results represented a significant increase over 2011 and 2012 in Volume and Transactions. We have seen some similar patterns in in the past two years with big numbers in the Spring as a result of visitors in town for Winter skiing, and also in the Fall as a result of visitors in Summer months.

Crested Butte Real Estate Chris KopfWe also saw strong results from the luxury homes segment in 2013 & 2104 with over 20 homes sold each year (27 & 20 respectively) compared with only 14 selling in 2012, but there were 24 sold in 2011. The Average Price per sq. ft. for Single Family homes in this luxury home segment has also risen in the past 3 years from $367 in 2012, $425 in 2013 and to $476 in 2014.

Inventories have been hovering around 600 for the past 3 years – and currently there are 598 properties for sale 147 Single Family homes (74 are listed for over $1M), 182 Condos & Town Homes, and 228 parcels of land.

Most properties are being priced closer to the Market and the market for Single Family homes is rising to meet the properties that may have bit a bit above the market a year ago. The Average Difference from Asking to Selling Price for all properties was 9.66% in 2014 (vs. 7.59% in 2013, and 11.3% in 2012).

Town of Crested Butte Proposed Annexation

Town of Crested Butte Proposed Annexation
Town of Crested Butte Proposed Annexation

The Crested Butte Town Council has reviewed and approved a resolution allowing 44 acres to be annexed into downtown Crested Butte. This parcel is located along Gothic Road just North of Butte Avenue. There are still many details to be worked out and final approval to be granted – but it looks like Cypress Foothills will be allowed to proceed. The land was originally owned by the Trampe family, then sold to a Dallas developer for $15M, but rumored that only $5M was paid before the developer hit a brick wall with the town on the annexation, their master plan, set-backs from the Slate River, the cemetery, the road, who owned the liability for the dump reclamation and on and on… The new owners Cypress Foothills LP – also a Dallas developer having a lower basis ($1.75M) seem okay with the challenges and costs of hauling an estimated 2,000 dump trucks of dump waste out and 2,000 dump trucks of dirt back in.   There are 115 housing units proposed for the development. This will be a nice expansion to downtown Crested Butte. The usual naysayers who oppose anything and everything forget that services like air travel, and health care are dependent on a sustainable population of users and we are not over the hump with either of these pillars.

Snodgrass Trailhead – Land Trust Preserves this 108 Acres

If you ever parked at the Gothic Trail head and hiked, biked, snow shoed, or skinned-up past that old cabin structure on the right of the trail you were on the land now preserved. This 108 acres on the eastern flank of Snodgrass Mountain, home to the Snodgrass trailhead, abundant wildlife, and pristine wetlands and forests was preserved by the Land Trust and many of their donors. This project was a joint effort between the Town of Mt. Crested Butte, Crested Butte Mountain Resort, the Ingraham family, and the Land Trust. Donations also named: the Towns of Crested Butte and Mt. Crested Butte, Great Outdoors Colorado, The Conservation Fund, 1% for Open Space and the Gunnison Valley Land Preservation Fund.

North Village Still For Sale - there are 255 Acres at the base of Snodgrass Mountain that are still for sale at an asking price of $12.6M. This land owned by the Muellers has been approved by the Town of Mt. Crested Butte for residential zoning supporting between 800 and 1,600 residences. This property is referred to as “The Promontory” and listed by CBMR.


Crested Butte Real Estate Active ListingsUnder Contract
There are 45 properties Under Contract (more than double the 19 at the end of December). There are 14 Condos/Townhomes, 16 Single Family homes and 15 lots. At the end of January these 45 properties under contract represent $23M compared with January 2014 when there were 34 properties Under Contract representing $15M in volume. Of note: Riverfront Home site #14 listed at $1.75M at Wilder on the Taylor is Under Contract.

Active Listings There are 598 properties For Sale in our market representing $401M. 147 Single Family Homes, 182 Condos & Townhomes and 269 parcels of land.

Are you Ready to Buy Your Dream Home in Crested Butte?

As a Crested Butte Real Estate Agent I get the opportunity to listen to many clients define their dream home in the mountains. I have helped many realize that dream, and hope that I can help you as well. You may be ready, you may not know if you are ready, or you may be just starting to think about buying a special mountain home for you and your family. You may be considering the benefits of being able to invite your extended family, friends, and possibly customers to stay at your home and enjoy the beauty and adventure the surrounding mountains have to offer.

Whether you are considering a ski-in ski-out condo at the base area, a nice single family home in town, building a log home on the river, or a large luxury home in a secluded wilderness setting the guidance or an experienced real estate agent can help you achieve your goals.   If you have never purchased a second home, or never owned one in the mountains you will find out that there are many variable to consider in selecting the best location and home for you and your family. Call me to help you, so you and your family can start to enjoy all the beauty of Crested Butte.

Download the full Crested Butte Real Estate Market Report – January 2015 as a .pdf file

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 considering Selling your home and interested in finding out what your existing property is worth, or 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).

Visit www.chriskopf.com. Phone: (970) 209-5405, or chriskopf@bighornrealty.com

Thanks,

Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

Crested Butte Real Estate

Crested Butte Real Estate Market Report – 2014 in Review

Crested Butte Real Estate Market Report – 2014 in Review

Back to Back Years of Strong Results

2014 result totals are very similar to 2013 with some interesting differences when drilling down into the numbers. The Crested Butte Real Estate Market started off slow and finished slow, but the Summer selling season resulted in big numbers in August, September and October (all over $22M).  There were also fewer Luxury Homes Sold in Crested Butte 2014 (20 vs. 27 in 2013).  Looking at the historical charts – we are seeing Single Family Home prices recover, and Buyers who have been on the fence may consider making a decision in 2015 if this trend continues. Condo & Town home prices are still relatively flat for the past 3 years.Crested Butte Real Estate Market Report – 2014 in Review

2014 Total Volume was $148M which is similar to the 2013 total of $144M, but the Total Number ofProperties Sold in 2014 (329) was slightly lower than 2013 (335).  Average Days on Market (DOM) for all Sold properties was 303 days (while Average DOM for all properties still For Sale is 503 days. Under Contract – only 19 properties representing $8.6M are currently under contract, but here have been record number of visitors here in Crested Butte over Christmas & New Years, and real estate activity has picked-up as well. Active Listings - There are fewer properties for Buyers to look at however as we continue to see a decline in Inventory – there are currently 611 properties for Sale:

  • Single Family Homes (SF) = 286, of these there are 47 in Mt. CB, 24 in CB, and overall 73 Luxury Homes Listed for over $1M, and 19 SF Homes sitting on 35+ Acres.
  • Condos & Town Homes For Sale = 174
  • Parcels of Land For Sale = 286

So how is the Crested Butte Real Estate Market?  These historic price points tell us that Single Family Home prices are on the rise, but Condos and Town home prices are flat. Crested Butte Home Prices Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  in 2014 Crested Butte Real Estate Market Report – 2014 in ReviewThere have been 27 properties sold for over $1M in 2014 – 20 of them have been Single Family Homes, 2 ski-in/out condos (West Wall and Silver Ridge) and 5 riverfront home sites sold in 2014 at Wilder on the Taylor. The most expensive single family home sold in 2014 (and the past 18 months was the $3.9M luxury home sold in Trappers Crossing at CB (5 bedrooms, 5.5 baths, fully furnished). The Luxury volume of $47.7M sold in 2014 represents 32% of the total volume, and the the 20 Luxury Single Family Homes Sold in 2014 totaling of $36.4M comes short of the 27 sales and volume of $46.3M in 2013. The average sold price for the high-end homes sold is $1.82M; median price $1.48M, and Average Price per sq. ft. was $476. See details of the Top 4 Luxury Homes sold in Crested Butte in 2014. Talking with architects, builders and contractors, construction activity is on the rise – and there are currently many new Luxury Homes being built, as well as a significant number of Remodel projects underway throughout the Crested Butte area. Top Crested Butte Luxury Single Family Homes Sold in 2014 Luxury Homes Sold in Crested Butte High Priced Homes in Crested Butte Luxury Properties For Sale in the Crested Butte Area  There are a total of 110 properties Listed for over $1M for a total Volume of $223M, including 73 Single Family Homes for sale with Asking Prices over $1M representing $424M in total volume. In historic downtown Crested Butte there are 17 luxury properties for sale with 12 Single Family Home prices ranging from $1.1M to $2.7M and median Asking Price of $1.25M, and Average Price per Sq. Ft. of $570, plus 4 high-end residential parcels in downtown Crested Butte ranging from $1.1M to $3.25M. There are 26 Single Family Homes for sale on Mt. Crested Butte between $1.1M and $4.6M, and a handful representing ski-in/ski-out including 3 in the Prospect Subdivision.  There are 2 high-end luxury condos and town homes for sale in Mt. Crested Butte – one at the ski-in/out West Wall (Penthouse unit A-403 Listed for $2.095M), and two Town Homes across the street at The Villas.  There are 32 parcels for Sale between $1.1M and $12.6M – the latter being the North Village “Promontory Ranch” parcel at the base of Snodgrass.  The majority are either Ski-in/Out or Private Water Fishing parcels. Average Price Per Square Foot (Sq. Ft.) Price per Sq. Ft. Single Family Homes Crested ButtePrice per sq. ft. is a metric – and one way to compare “similar” homes.  The problem in Crested Butte is we have many homes that are next door or across the street that were built 20 years apart.  As well there could be a small home on a fabulous 35 acre property that shows an astronomically high price per sq. ft. which is not a great representation of the value of the property when compared with other homes. As well – the mix of properties sold will vary – and with the small sample a handful  of properties sold can sway the numbers. That being said – when looking at large numbers of properties and historic trends it can be an insightful metric to help understand what is going on in the Crested Butte Real Estate Market.  We see that Single Family home Average Price per Sq. Ft. is on the rise – $326 in 2014 vs. $293 in 2013 and $270 in 2012.  While Condo & Town Home Average Price per Sq. Ft. is also up $244 in 2014 vs. $213 in 2013 and $208 in 2012 (this is unusual considering the Average and Median Price points for Sold Condos & Town Homes has been flat for the past 3 years). Crested Butte Real Estate Market Report – 2014 in ReviewWhat is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (172) and 52% of all transaction and 32% of all Volume, with Single Family homes making up the second largest count (96) 29% of all transactions, and 55% of all Volume. Land /Lots Sold (61) represent 19% of the number of transaction but only 13% of the total dollar volume sold in 2014.  There have been 20 single family homes sold for over $1M, and this represents 25% of the overall Volume, but only 6% of the total number of transactions. What Land is Selling in the Crested Butte area? As we see from the table there have been a similar number of lots sold the past 3 years (61, 68, and 60) and this represents approximately 20% of the available inventory (a 5 year supply). Homes for sale in Crested ButteUnder Contract  Of the 19 properties Under Contract, only 3 are Condos/Townhomes, 11 are Single Family homes and 5are lots. At the end of December these 19 properties under contract represents $8.6M compared with 40 properties Under Contract and $16.7M at the end of December 2013 when there were 17 properties Under Contract totaling $8.5M. Active Listings  There are 611 properties For Sale in our market representing $402M.  We have seen a steady decrease in local inventory for sale, but many choices – and some great values.   Crested Butte Real Estate Market Report 2014 In Review – Download Full Report as a .pdf file (more data and charts).   What to expect in 2015Buyers– It may be time to put a stake in the ground – as evident from SF Home prices – condos and townhomes are sure to follow…  If you are thinking of buying because you love it here in the Winter, you will be happy with your decision come Summer.  What are your options – there are 110 Condos For Sale under $400,000, another 40 Condos & 9 Town homes up to $700,000 plus 34 Single Family (SF) Homes. From $700,000 to $1M there are 3 Condos, 4 Townhomes and 29 SF Homes, and from $1M to $2M there are 3 Condos, 2 Townhomes and 46 SF Homes, and finally from $2M+ you have 1 Condo and 27 SF homes available.  Sellers – If you have had your property on the Market for a while – your price is probably too high, but hold tight, it appears the market and prices are coming to you… How will the Oil & Gas Markets Affect CB Real Estate in 2015With many Crested Butte second-homeowners invested in the Oil & Gas Industry and oil at $53 (down from $87 one year ago), and Natural Gas at $3 (compared with $4.40 1 year ago and $5 in March) it will be interesting to see the impact here. Some suggest the pendulum will stop swinging and market forces will provide recovery. Conversely we have a 18,000 Dow, up from 12,000 three years ago… Kopf #1 Agent in Crested Butte for 2014 – I am thankful to my many valued clients and the support at Coldwell Banker Bighorn Realty for a great year in 2014.  I was involved in over 20 transactions and $21M in total Volume including the top home sold in 2014 – a $3.9M home where I represented the Seller. 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 Crested Butte Real Estate Agent.  If you are interested in finding out what your existing property is worth, or 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). Visit chriskopf.com.  Phone: (970) 209-5405, or chriskopf@bighornrealty.com Thanks, Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com Crested Butte Real Estate Agent    

Crested Butte Real Estate Market Report – November 2014

Crested Butte Real Estate Market Report – November 2014 – All Good.   Crested Butte Real Estate Snapshot 2014 Totals Look Similar to 2013 Results The Crested Butte Real Estate Market started off with a whimper, but is ending similar to 2013 as a result of a very strong Summer and Fall. We see that the 2014 YTD Volume of $141M is a slight increase (3%) over the 2013 total of $137M, and the number of total properties sold YTD in 2014 is 302 vs. 310 in 2013. While the length of the “off-season” shrunk a bit this Fall thanks to a number of Fall events, beautiful autumn colors, and continued visitors. We are in a holding pattern now until the beginning of the year – the ski resort is open and lifts are spinning – but primarily servicing local skiers until the Holidays.  There is typically light activity through Christmas – and things start to pick-up around New Years eve. Crested Butte Real Estate Volume November 2014Comparing the monthly totals from 2014 to 2013 we see that while we have arrived at about the same destination, the strong Fall results in 2014 made up for the slower start at the beginning of the Year. Looking at the properties currently Under Contract (33 properties representing $9.9M) the month of December results will likely be around $6M – and the overall 2014 totals will barely exceed the annual totals from 2013. Interesting Stat – The Inventory of the number of Properties for Sale has been dropping over the past few years – looking at the snapshot from November of the previous years we we see: 2012 = 743, 2013 = 648, 2014 = 614  Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date There have been 27 properties sold for over $1M YTD – 20of them have been Single Family Homes, 2 ski-in/out condos (West Wall and Silver Ridge) and 5 riverfront home sites at Wilder on the Taylor.  The most expensive single family home sold in the past 16 months has been the $3.9M luxury home sold in Trappers Crossing at CB (5 bedrooms, 5.5 baths, fully furnished).   The Luxury volume of $47.2M sold YTD represents 33% of the total volume, and the the 20 Luxury Single Family Homes Sold total of $36.4M comes short of the 27 sales and $46.3M for the same period in 2013. The average sold price for the high-end homes sold is $1.82M; median price $1.48M, and Average Price per sq. ft. was $476. Luxury Properties For Sale in the Crested Butte Area  Crested Butte Luxury Real EstateThere are a total of 106 properties Listed for over $1M for a total Volume of $217M, including 68Single Family Homes for sale with Asking Prices over $1M representing $134M in total volume. In historic downtown Crested Butte there are 12 luxury homes for sale with prices ranging from $1.1M to $2.7M and median Asking Price of $1.25M, and Average Price per Sq. Ft. of $570.  There are 21 Single Family Homes for sale on Mt. Crested Butte – and a handful representing ski-in/ski-out including 2 in the Prospect Subdivision.  There are 2 high-end luxury condos and town homes for sale in Mt. Crested Butte – oneat the ski-in/out West Wall (Penthouse unit A-403 Listed for $2.095M), and two across the street at The Villas, there is also 1 luxury condo for sale in downtown Crested Butte at the corner of Gothic & 7th for sale for over $1.1M. Crested Butte Condo PricesMedian and Average Prices for Condos & Townhomes shows an increase in price points — given the YTD data we see Median Condo Sales Price at $192,000 and Average at $233,000. Avg. Price per sq. ft. for Condos & Town homes are up 15% year over year from $214 in 2013 to $247 year to date 2014. Median and Average Prices for Single Family Homes  We see a greater price increase in the Single Family (SF) homes category – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $530,000 to $667,500 and Average SF Home price has risen from $780,000 to $854,000. Given the mix of homes sold this may be a result of the sample set.   Avg. Price per sq. ft. for SF Homes are up 12% from $295 (2013) to $330 year to date. Crested Butt Single Family Home Prices What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (155) and 51% of all transaction, with Single Family homes making up the second largest count (93). Land /Lots Sold (54) represent 18% of the count but only 12% of the total dollar volume sold YTD.  There have been 20 single family homes sold for over $1M, and this represents 26% of the overall Volume, but only 7% of the total number of transactions. Real Estate Activity in Crested ButteUnder Contract  Of the 33properties Under Contract, 17are Condos/Townhomes, only 6 are Single Family homes and 10 are lots. At the end of November these 33 properties under contract represents $9.9M compared with 40 properties Under Contract and $16.7M at the end of October and $40M at the end of September. Active Listings  There are 614 properties For Sale in our market representing $400M.  We have seen a steady decrease in local inventory for sale, but we still have lots of properties for sale – and some great values.

Crested Butte Real Estate Market Report – November 2014 – Download Full Report as a .pdf file (more data and charts).

Winter Ski Season is Here – CBMR & Many Businesses are Bullish It is a common theme every year at this time that bookings are up and forecasts look good, and this year is no different.  We have great snow and lots of events throughout the Crested Butte Ski Season – it is a great time to be in CB!  The only real metric for measuring the Winter Economy are the final Sales Tax Revenue results month to month and final results for the season in May. The more visitors to our valley in the Winter result in Real Estate activity – and the more Showings, Offers, Contracts, results in more Sold properties 30-90 days later. Crested Butte Santa InvasionUpcoming Crested Butte Winter Events of Note: – December 13 – Crested Butte Santa Ski & Pub Crawl. – December 20 – Winter Solstice Yurt Dinner. events@cbnordic.org – December 24 – Christmas Eve Torchlight and Santa’s Sleighride at Base area. – December 31 – New Year’s Fireworks, Torchlight Parade and Party at Base area Mountain High Music Festival- January 14-18 – MountainHigh Music Festival. mountainhighmusicfest.com Air Deals on American Airlines to/from Gunnison. Fly Gunnison (GUC) to Dallas (DFW) 12/18-12/25 and Dallas to Gunnison 1/1-1/11, round trip fares including taxes and fees starting as low as $319.00.   Ask about other destinations and pricing when you call!  Reservations can be made by calling Crested Butte Travel at 970-349-2287. #1 Agent in Crested Butte, Kopf Rises to the Top - I am very excited to announce that through much hard work, good fortune, and many great clients I rose to the top as the #1 Real Estate Agent in Crested Butte (based on a total Volume of $21.3M at the end of November for the preceding 12 months). 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 Crested Butte Real Estate Agent.  If you are interested in finding out what your existing property is worth, or 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). For everything Crested Butte Real Estate– visit chriskopf.com.  Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com Thanks, Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com   Chris Kopf Crested Butte Real Estate Agent

Crested Butte Real Estate Market Report – October 2014

Year to Date Shows Strong Overall Results – Crested Butte Real Estate Market Report – October 2014 

Crested Butte Real Estate Results for 2014 started out weak – but Spring skiing brought Buyers, and the active Summer carried over into strong Fall results.

The real estate market in Crested Butte has been very active this year and YTD Volume has surpassed previous years at $131M. Total,  YTD Transactions are on par with last year at 277 (compared with 283 for same period in 2013).  Results are always seasonal with clear “Summer and Winter peaks” but looking at the monthly results – the three months of August, September and October were significant.  These three months represent 57% of the overall Volume for the year and 50% of the total transactions Sold YTD as well.  Looking at the properties currently Under Contract (40 properties representing $16.7M) – it appears the overall 2014 totals will likely finish similar to the annual totals from 2013.  Interesting stat – Days on Market for all properties Sold YTD is 303 days – but for the properties still For Sale that number jumps to 475 Days! (It is key to price properly).

Crested Butte Real Estate Market Report - October

Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date

Crested Butte Real Estate Market Report - October 2014There have been 25 properties sold for over $1M YTD – 18 of them have been Single Family Homes, 2 ski-in/out condos (West Wall and Silver Ridge) and 5 riverfront home sites at Wilder on the Taylor. I represented the seller on the sale of a Single Family luxury home at 152 Evergreen Drive, Trappers Crossing at Crested Butte – this closed in October for $3.9M (5 bedrooms, 5.5 baths, fully furnished). The Luxury volume of $45.2M sold YTD represents 34.3% of the total volume, and the Luxury Single Family Homes Sold total of $33.9M makes up 25.7% of the overall market volume YTD. The average sold price for the high-end homes was $1.9M; median price $1.52M, and Average Price per sq. ft. was $477. I was just in Vail – where similar properties carry a price of well over $1,500 per sq. ft. (see info at end of report).

Luxury Properties For Sale in the Crested Butte Area 

There are a total of 110 properties Listed for over $1M for a total Volume of $224M, including 72 Single Family Homes for sale with Asking Prices over $1M representing $140M in total volume. There are 2high-end luxury condos and town homes for sale in Mt. Crested Butte – one at the ski-in/out West Wall (Penthouse unit A-403 Listed for $2.095M), and two across the street at The Villas, there is also 1 luxury condo for sale in downtown Crested Butte at the corner of Gothic & 7th for sale for over $1.1M.

High-end Land / Riverfront Home sites – There are a few high-end land developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (two Wilder riverfront home sites closed in October – #3 and #13 at $1.65M & $1.6M respectively).

Crested Butte Real Estate Market Report - October 2014The majority of the high-end parcels are in Mt. Crested Butte in the ski-in/out Prospect Subdivision – 22 for Sale from $395,000 to $985,000.  There have been two recent Prospect Lot sales (both owned by the Muellers) – Parcel E-3 & E-1 on Gray Fox Drive, Asking Prices of $1,027,700, and $1,046,000 respectively — both sold separately for $500,000 each.

Crested Butte Real Estate Market Report - October 2014Median and Average Prices for Condos & Townhomes shows that there has been a bit of a rise in price points — given the YTD data we see Median Condo Sales Price at $192,000 and Average at $238,700. Avg. Price per sq. ft. for Condos & Town homes is up from $212 (2013) to $248 year to date.

OCT14-SFMedianCrestedButteRealEstateWe see a greater price increase in the Single Family (SF) homes category – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $515,000 to $655,000 and Average SF Home price has risen from $766,000 to $850,000. Given the mix of homes sold this may be a result of the sample set.   Avg. Price per sq. ft. for SF Homes is up from $294 (2013) to $330 year to date.

What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (143) and 52% of all transaction, with Single Family homes making up the second largest count (88). Land /Lots Sold (46) represent 17% of the count but 12% of the total dollar volume sold YTD.  Comparing previous years Land/Lots results are lagging 2013 (54) but similar to 2012 YTD results.   Driving around there are many constructions crews working on both remodels and new home starts which is great to see for the community.

Under Contract  Of the 40 properties Under Contract, 21are Condos/Townhomes, only 5 are Single Family homes and 14 are lots. At the end of October these 40properties Under Contract represent a total volume of $16.7M (compared with $40M at the end of last month).

Crested Butte Real Estate Market Report - October 2014Active Listings  There are 651 properties For Sale in our market (down from 720 last month) representing $418M.  We have seen a steady decrease in local inventory for sale, but we still have a strong active inventory of properties – and some great values.

Q: “How are you doing?” A: “Living the Dream!”
Go visit some other mountain resort towns and reflect on the overall amenities, benefits, and relative values of beautiful Crested Butte… I just did. Conclusion: We are all living the dream (and for a lot less).

I was invited again for the 3rd year in a row to attend the Coldwell Banker Previews® Conference in Vail – a two day conference and meeting of the top producing agents in Colorado who are servicing the luxury home market and affluent clientele. There were numerous speakers who were flown in from all over the country – including top producing agents from Miami, and Southern California, and a Global VP of Coldwell Banker Previews®. It is great to have the support of the most successful residential real estate company in Colorado, as well as the #1 Real Estate Brand in the US and across the world.

Crested Butte Real Estate Market ReportI had the opportunity to tour 3 high-end homes while in Vail – a 5,800 sq. ft. Duplex listed for $10M, an 8,000 sq. ft. Single Family home that had 8 bedrooms and 11 bathrooms with an asking price of $15M and a 5 bedroom 6,500 sq. ft. penthouse condo in Vail Village (that is very similar to the quality of the West Wall in Crested Butte), with an asking price of $19.2M. Vail is a very cool place, with lots of amenities, and certainly a major real estate market – but the real estate prices in Vail (and Beaver Creek, Aspen, Telluride, Jackson…) are off the charts when compared to Crested Butte.

Crested Butte Real Estate Market Report – October 2014 – Download Full Report as a .pdf file (more data and charts).

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 interested in finding out what your existing property is worth, or 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).

For everything Crested Butte Real Estate– visit chriskopf.com. Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com

Thanks,
Chris Kopf

 

Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

 

Crested Butte Real Estate Market – August was BIG Month

Crested Butte Real Estate Market – August was BIG Month at $22.4M Year to Date Results through August 31, 2014 Things change but the river keeps on flowing… the water level in the rivers and streams is up compared to previous years – and the Crested Butte Real Estate Results for August were up as well.  Since the 4th of July there has been a flurry of real estate activity with the August results showing a 177% increase over the average of all of the previous monthly totals in 2014.  Considering the slow start to the year – the YTD numbers do not match 2013 (yet) but considering the are 70 properties Under Contract representing $41.6M in Volume – I expect we will continue to see strong results for the Fall months as well. Crested Butte Real Estate Metrics YTD 2014 Year to date through August we see Total Number of Properties Sold down 16%, Total Volume down 10.8% compared to 2013 and the metrics are up as compared with YTD in 2012. Looking back to this same period in 2013 there were 59 Properties Under Contract representing $31.6M. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date High-end Real Estate Results in Crested Butte Aug 2014There have been 15 properties sold for over $1M YTD – 12 of them have been Single Family Homes, 1 ski-in/out condo at Silver Ridge and 2 riverfront home sites at Wilder on the Taylor (Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water).  The total high-end volume of $25.9M makes up 33% of the overall market volume YTD. The average sold price for the homes was $1.78M; median price $1.4M, and Average Price per sq. ft. was $418. People are still scratching their head regarding the July auction of “The Castle” at 130 Whetstone Vista Drive.  This home located on the South end of the golf course and very a very visible stone home was listed in the MLS for $5.1M and closed in August – the home went to the highest bidder at a price of $2.425M. Luxury Properties For Sale in the Crested Butte Area  There are a total of 134 properties Listed for over $1M, including 83Single Family Homes for sale with Asking Prices over $1M for a total Volume of $161M.  There are 4 high-end luxury condos and town homes  for sale in Mt. Crested Butte at both the ski-in/out West Wall, and across the street at The Villas, there is also 1 luxury condo in downtown Crested Butte at the corner of Gothic & 7th. High-end Land / Riverfront Home sites For Sale – There have been more new homes being built this year than in previous years – and there are a total of 318 current listings for Land – 45 of those are luxury vacant lots for sale and  ready to build on.  As previously stated the majority of the high-end parcels are in Mt. Crested Butte in the ski-in/out Prospect Subdivision.  The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor and a riverfront homes site listing in the East River Ranches with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Price per Sq. Ft. Averages for Condo & Townhomes  Starting to Rise Crested Butt Home Values 2014Single Family (SF) homes – Unlike suburban USA where there are many subdivisions with very similar homes all built nearly the same time with similar layouts, finishes… in CB every home is different and comparing home values can be hard.  Price per sq. ft. is one way to provide a metric to use to compare – sometimes not the best method – but as a general rule it provides a way to compare and historically it gives us perspective over a large number of transactions (there have been 51 SF homes sold YTD). So far in 2014 we have seen a price per sq. ft. increase of 12% over the same period in 2013 (again this is subject to the mix of what is sold).  Current Price Per Sq. Ft. Averages are at $314 per sq. ft.  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 $414, Mt. Crested Butte $261, Skyland $403, and CB South $188 averages per sq. ft. Condos and Townhomes  The 2014 YTD Average price per sq. ft. of $246 is a 19% increase when compared to the same period in 2013. What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (90), with Single Family homes make up the second largest count (56).  There have been 12 Luxury Single Family Homes Sold for over $1M represents 27% of the dollar volume in our market, and Land or Lots represent 9% (31) of the count but 18% of the total dollar volume sold YTD. Crested Butte Real Estate Results What has SoldCondos & Townhomes – Interesting that the average price per sq. ft. for condos is up, and the average price per condo is up, but the median price per condo is down a bit. Median Sales Price is currently at $170,000 and Average Sales Price is $236,000 (very similar to the results from July). Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $511,000 to $663,000 and Average SF Home price has risen from $721,000 to $845,000. Again given the mix of homes sold this may be a result of the sample set. More Dealmaking– Asking Price to Selling Price for Single Family homes has increased from 8.41% (2013) to 11.92%(2014). Looking at August the discount is 10% but if you exclude the deal on “The Castle House” the average is 7%. Crested Butte Land Sold– Results in the Land/Lots category is lagging the previous 2 years.  The average price for the Land sold is $221,000. compared with $214,000 for the same period in 2013 and $188,000 YTD in 2012. As the table shows there have been 31parcels Sold YTD compared with 41in 2013, and 37 in 2012 for the same period. With over 300 parcels for sale and quality architects and builders in the valley – the opportunity exists to find the perfect location with spectacular views to build a mountain dream home. Under Contract  Of the 70properties Under Contract, 38are Condos/Townhomes, 23 are Single Family homes and 9 are lots. At the end of August these 70properties Under Contract represent a total volume of $41.6M. Active Listings  There are 748 properties For Sale in our market representing nearly $500M.  This is a decrease in local inventory – but we continue to see more properties chasing less Buyers here in the CB Area. Crested Butte Properties Under Contract Crested Butte is a special place – most would agree the feedback from visitors to our valley is positive and enthusiasm to return.  We continue to see interest by visitors who want to become second-homeowners and some that are able to move here full-time. The school is a huge driver in real estate values and the quality of life here for families.  The Crested Butte Community School is a top ranked school in the state and in the Country – but many of the services that have gotten them there have been cut and are at risk of further cuts.  We have 3 daughters and have been very happy with the quality of the education, teachers, administrators, coaches…  That being said – the State of Colorado is not doing a good job of allocating dollars to education, the local Gunnison Watershed School District has cut and cut and is currently taking $200,000 out of reserves.  There will be a local item on the ballot this November (Proposition 3B) that will affect property taxes.  An increase $42.90 annually per $100,000 of a home’s market value (per the Gunnison County Assessor – in general the Assessor’s valuation is ~30% below actual market value).  Go to Gunnison County Assessor’s site or click on link:  http://qpublic6.qpublic.net/co_gunnison_search.php to look-up property valuations on the Gunnison County assessor’s site.   Any increase in taxes and for second-homeowners can be a tough pill to swallow especially without a vote – comparing taxes in Dallas or Austin or Houston, or Tulsa… to real estate taxes in Crested Butte and you will see that rates are 30%.  There is a very informative website et all the info here:  Sustaining our Schools Gunnison Watershed School District or click on this link:  http://yes4sustainingourschools.org.

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 interested in finding out what your existing property is worth, or 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, or chriskopf@bighornrealty.com Thanks, Chris.     Author:  Chris Kopf  

Crested Butte YTD Real Estate Results “look like 2012”

Crested Butte 2014 YTD Real Estate Results “look like 2012”  Crested Butte Real Estate Market Report – Year to Date through July 31, 2014 There are lots of visitors in town, but not Real Estate Buyers.  Most shops and restaurants are experiencing record Summer numbers, but totals in Real Estate (YTD) show a different story so far in 2014.  Year to date through July we see Total Number of Properties Sold down 23%, Total Volume down 29% compared to 2013 and pretty similar to the results YTD in 2012.  July was the 2nd best month of the year at nearly $9M, and we are seeing quite a bit of activity on showings and contracts of late – primarily in the lower end of the market.  Looking into the future a bit we see 54 Properties Under Contract representing $35M compared with the same time in 2013 we had 50 properties under contract totaling $20M – Totals in Real Estate (YTD) show a different story so far in 2014.  Year to date Total Number or Properties Sold is down 22.5% at 141 vs. 182 in 2013, and 149 in 2012, while overall Dollar Volume of Properties sold is down almost 29% at $56M compared to $78.4M in 2013, and $56.3M in 2012.

Crested Butte Real Estate Market Report

  Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date Crested Butte Luxury Real Estate MarketThere have been 11 properties sold for over $1M YTD – 8 of them have been Single Family Homes.  The total high-end volume of $11.1M makes up 20% of the overall market volume YTD.  Last year through the end of July there were 15 Luxury Single Family homes that Sold for $1M or more representing $25.5M; this is compared with 6 during this same period in 2012.  The average sold price for these homes was $1.4M; median price of $1.26M, and Average Price per sq. ft. was $382. There has been 1 luxury condo sold fully furnished.  There have also been 2 riverfront home sites sold for $1.5M each – these were riverfront home sites at The Wilder on the Taylor (the Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water). The story of the year will most probably be the auction of “The Castle” at 130 Whetstone (Hassford Gulch) which was listed for $5.1M and recently went to the highest bidder for $2.425M. Luxury Properties For Sale in the Crested Butte Area  There are a total of 145 properties Listed for over $1M, including 92 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $190M.  There are a handful of high-end luxury condos and town homes  for sale in Mt. Crested Butte at both the ski-in/out West Wall, and The Villas. High-end Land / Riverfront Home sites For Sale - There are 45 vacant parcels ready to build on.  Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (and another riverfront home site under contract at Wilder).  There is a new luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Price per Sq. Ft. Averages for Condo & Townhomes  Starting to Rise Crested Butte Real Estate ValuesCondos and Townhomes have seen a steady rise in price points in the past four years. Looking back at previous Market Reports for full years in 2012 to 2013 the Average Price per sq. ft. for Condos and Townhomes was $198 and $209 respectively.  So the 2014 YTD Average price per sq. ft. of $245 is quite a jump and may be more a factor of the mix of condos & townhomes sold. Single Family (SF) homes – Comparing YTD 2014 results to prior years we see that the price per sq. ft. for Single Family homes has risen and fallen with the homes that have sold – but YTD it is flat with the numbers seen in 2013.  Current Price Per Sq. Ft. Averages are at $285 per sq. ft.  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 $426, Mt. Crested Butte $260, Skyland $403, and CB South $188 averages per sq. ft. What Real Estate is Selling in the Crested Butte area?  Given the inventory and price points of Condos and Townhomes this category represents the most transactions (75), with Single Family homes making up the second largest count (40).  As the table shows the Luxury Single Family Homes Sold over $1M represents 20% of the dollar volume in our market (normally about 30%), and Land or Lots represents only11% of the transactions but 18% of the total volume sold YTD.

What Real Estate is Selling in Crested Butte

Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $520,000 to $591,000 and Average SF Home price has risen declined from $754,000 to $720,000. This may be a result of the sample set – as there were only 40 Single Family Homes Sold in 2014 compared with a larger sample set of 68 in 2013. Prices Firm up, SF homes Priced Closer to the Market – Asking Price to Selling Price for Single Family homes has dropped from 9.9% to 7.3% in the past 3 years. Condos & Townhomes – The activity for Lower end Condos and Town homes is strong. Sales Prices for Condos is flat trend – Median Sales Price currently at $170,000 and Average Sales Price is $234,000. Crested Butte Real Estate Land SoldCrested Butte Land Sold  – Inventories for finished homes has been dropping over the past few years – but with over 450 Single Family homes, Condos & Townhomes on the market – there are many good choices… The activity in the Land/Lots category is still lagging the previous 2 years.  As the table shows there have been 26 parcels Sold YTD compared with 35 in 2013, and 34 in 2012 for the same period. 19 of the lots sold were under $200,000 and 15 of the lots sold were under 1 acre. With over 300 parcels for sale – and high quality architects and builders in the valley – there is the opportunity to find the perfect location with spectacular views to build a mountain dream home.  And still some primo lots available in town – including one on “the bench”. Under Contract  Of the 54 properties Under Contract, 25 are Condos/Townhomes, 22 are Single Family homes and 7 are lots. At the end of July these 54 properties Under Contract represented a total volume of $35M.

What Real Estate is Selling in Crested ButteActive Listings  There are 782 properties For Sale in our market representing $536M – this is actually up from a year ago when we saw 750 properties for Sale.  At the moment it seems there are more properties chasing less Buyers here in the CB Area.

Changes Afoot in Crested Butte – We have a new Chamber Director in Dave Ochs – he is a very organized and energetic guy and will do a great job for the Chamber.  Peter & Molly Maxwell have sold Maxwell’s Restaurant to Curtis and Julie Higgins from North Texas and the new owners are promising “Fresh, new changes are coming to Maxwell’s Steakhouse…”  Paradise Café is back and is doing great at the corner of Elk Ave & 6th Street next to the Alpineer.

On a bigger stage, the Biery-Witt Center in Mt. Crested Butte has raised over $18M and looking for another $5M to complete their capital campaign, The Center for the Arts has started their Capital Campaign for a new facility, and the owner of the Grubsteak Building (at 3rd & Elk Ave.) will pay nearly $1M in impact fees and obtain permits for a ~500 person music dance hall venue.  In a few years Crested Butte will have ample space to host first class varied Performing Arts, Conferences, Incentive Travel Events, Large sit-down weddings, the growing Crested Butte Film Festival, and more.  All this will allow for great venues for the newly announced Mountain High Music Festival in Crested Butte – Jan. 15-18, 2015.  It may take a few years, but these new facilities are great amenities and all will be “game changers” for Crested Butte and business owners! Click these links:

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 interested in finding out what your existing property is worth, or 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, or chriskopf@bighornrealty.com Thanks, Chris Kopf

Crested Butte Real Estate Market Report – May 2014

Crested Butte Real Estate Market Report – May 2014 Year to Date through May 31, 2014 Crested Butte Real Estate Year to Date (YTD) Lackluster As the charts and numbers show the Year to Date (YTD) trends in the Crested Butte Real Estate market are lagging the past 2 years, in a large part due to the 1st quarter results.  However some ground was made up given the strong results in the month of May 2014 when compared to previous years. Crested Butte Real Estate Market Report Comparing the YTD results in 2013 we see that Total Number of Properties Sold is down 22%, Total Volume is down 27%, but we see a rise in Price per square foot for both Single Family homes (5%) and Town homes and Condos (18%) purchased. Year to date Single Family homes made up 50% of the total volume representing $19.6M and 26 transactions with an average sales price of 755,000 and median price of $614,000.  There were 58 Condos & Townhome transactions YTD and this represented $17.3M in volume and an average sales price of $254,000 and median sales price of $184,000. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million +  Year to Date Crested Butte Real Estate Market ReportThere have been 6 Single Family homes Sold for $1M or more YTD 2014; this is compared with 10 during this same period in 2013, and 5 in 2012.  The average sold price for these homes was $1.46M; median price of $1.4M, and Average Price per sq. ft. was $394. The total volume of $8.7M makes up 23% of the overall market volume YTD. The distribution of these 10 homes sold was spread out – there were 3 in Crested Butte, 1 in Mt. Crested Butte, 1 in Skyland, and 1 in Alpine Meadows (near Nicholson Lake off Slate River Road). Luxury Properties For Sale in the Crested Butte Area There are a total of 121 properties Listed for over $1M.  73 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $150M.  Condos and Townhomes make up 6 of these listings with total volume of $8M and Average Asking Price of $1.3M. High-end Land – Of the 121 properties Listed for over $1M there are 42 vacant parcels ready to build on.  Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (there has been quite a bit of activity and interest of late with a total of 4 riverfront home sites sold, 1 more under contract, and another home has been completed). There is a new luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Averages for Single Family Homes  & Condo prices Starting to Rise Crested Butte Real Estate Market ReportSingle Family (SF) homes – Comparing YTD 2013 results to prior years we see that the price per sq. ft. for Single Family homes has risen about 5% from $274 to $288 per sq. ft. 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 $433, Mt. Crested Butte $226, Skyland $403, and CB South $188 as averages per sq. ft. Condos and Townhomes have seen a steady rise in price points in the past four years. Looking back at previous Market Reports for full years in 2012 to 2013 the Average Price per sq. ft. for Condos and Townhomes was $191 and $213 respectively.  So the 2014 YTD Average price per sq. ft. of $253 is quite a jump and may be more a factor of the mix of condos & townhomes sold. What Real Estate is Selling in the Crested Butte area?  Given the inventory and price points of Condos and Townhomes this category represents the most transactions (58), with Single Family homes making up the second largest count (26).  As the table shows the Luxury Single Family Homes Sold over $1M represents 23% of the dollar volume in our market, and Land or Lots represents only 5% of the Volume and 15% of the total transactions sold YTD. Trends show Prices for Single Family Homes Rise and Condos & Townhomes flat Crested Butte Real Estate Market ReportSingle Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $520,000 to $614,450 and Average SF Home price has risen slightly from $724,000 to $755,000. This may be a result of the sample set – as there were only 26 Single Family Homes Sold in 2014 compared with a larger sample set of 44 in 2013.  Interesting as well in the Crested Butte area – there are new homes sold – sitting next to 30-year-old homes that have not been updated.  This is the reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market and specific properties. Also of note is that the delta from Asking Price to Selling Price for Single Family homes has dropped from 9.6% to 6.2% in the past 3 years. Crested Butte Real Estate Market ReportCondos & Townhomes – As previously mentioned the activity for Condos and Town homes was up – and prices seem to be recovering in price per sq. ft. while overall values have stayed stable. The Median Price for Condos and Townhomes was identical to the same period in 2013 at $183,500,and the Average Price was $254,500 compared with $253,000 in the 2013. Crested Butte Land Sold – While inventories have been dropping for finished homes – the activity in the Land/Lots category has not picked up.  As the table shows there have been only 15 parcels Sold YTD compared with 24 in 2013 and 29 in 2012 for the same period. Perhaps we will see this number increase in the Summer as more Buyers consider finding the perfect mountain home site to build their dream home on. Crested Butte Real Estate Market ReportUnder Contract – Currently there were 24 properties Under Contract representing a total volume of $14.9M. Of the 24 properties Under Contract 8 are Condos/Townhomes, 10 are Single Family homes and 6 are lots. Active Listings – There are 652 properties For Sale in our market representing $456M – this is down from 2013 where we saw 750 properties for Sale.  At the end of May 2013 there were 232 condos and townhomes for sale and 214 Single Family Homes vs. 196 and 172 respectively.  We have also seen a slight reduction in Asking prices.  Perhaps the perfect storm for a strong Summer? Crested Butte Summer is here – Spring run-off is in full force as water levels are high in the rivers and steams.  There is still 4-5 feet of snow covering Kebler Pass Road – and the County says it will take up to 2 weeks to open the road because of some darned beavers that constructed dams in the culverts.  Gothic Road is open to Gothic, but snow caused by avalanche covers the road at the Judd Falls trailhead. Taylor Canyon Road resurfacing was completed last year – and very nice – Cottonwood Pass is open.  Many of the trails are open and flowers are popping up – I saw yellow, purple and blue flowers today.  Up high there is still quite a bit of snow. The Club at Crested Butte golf course is in great condition and Friday evening dinners at the Brush Creek Grill start Friday June 13th with lunch service starting on June 16th. 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 Crested Butte Real Estate Agent.  If you are interested in finding out what your existing property is worth – call me. Click these links:

Click here to do an advanced search the MLS for properties for sale in the Crested Butte area.   If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email:  chriskopf@bighornrealty.com   Author: Chris Kopf Crested Butte Real Estate          

Crested Butte Real Estate Market Report Ski-Season 2013-2014

Crested Butte Real Estate Market Report Ski-Season 2013-2014 Crested Butte Real Estate | Ski-Season Results:  Ski-Season Results for 2013-2014 are Down  Crested Butte Real Estate Market ReportWe had great snow and skiing, but the the real estate results for this Ski-Season were lackluster compared to the previous 3 years.  Looking at the same period last year we see a decreases in both Total Number of Transactions (down 28%) and Total Dollar Volume of Sold properties (down 38%).  We have to go back 3 years to see similar performance. CBMR is reporting increases in skier days, and many local businesses said Winter business was up. Perhaps the Crested Butte visitors were busy skiing, eating and shopping, but real estate was not on the shopping list… Condos and Townhomes Sales $ Volume represents 56% of all properties sold, with Single Family home comprising 23% and Land the remaining 21%.  Geographically it is no surprise that in the Winter selling season the majority of the properties sold were on the mountain, with Mt. Crested Butte seeing 39% of all transactions (Condos & Town Homes 50 units sold).  In the Luxury Properties Category (over $1M), only 3 Single Family homes Sold totaling $4.8M in Volume, 1 Luxury Ski-in/Out Condo also sold).  But this is down significantly from the same period last year – where there were 12 Luxury Homes sold with a volume of $17M. Averages for $ per sq. ft. for Single Family Homes Flat,  Condos see Slight Rise Average Price per square foot is a useful metric to compare properties and it is especially useful to analyze data to identify patterns and trends.  It also is a helpful metric many people use when considering building vs. buying an existing home.  As the current data shows we have a fairly flat trend year over year with regard to the overall price per sq. ft. Single Family homes are down a bit (1%) from the same period last year, which is interesting considering the higher priced Luxury Homes do not make up much of the mix sold this year (3 sold vs. last year over $1M). Condos & Town Homes saw a rise in price per sq. ft. (+19%).  We see the numbers are still below the averages from 4 years ago – but a nice increase given the mix of condos sold. What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at 56% of the total count, and 46% of the volume. Single Family Homes are 23% of the count and 44% of the volume. Luxury Properties over $1M (typically purchased by the Second Homeowner) represent the smallest share of the dollar volume in recent years at 3% of the count, and only 15% of the volume in our market.

What Homes are Selling Crested Butte

Trends show Prices for Single Family Homes Fall and Condos & Townhomes show slight Rise Average Median Home Price Crested ButteSingle Family (SF) homes – Comparing Ski-Season results from 2013-2014 to prior years we see that the Median Price for Single Family homes has fallen from $622,500 to $545,000 and Average SF Home price has fallen from $793,000 to $672,000.   As noted – this may be a result of the quality and location of homes sold as there are not many luxury homes in the mix.  Given the history of Crested Butte – there are many areas where there is a 30 year old home that has not been updated, and a new 5 year old home right next door.  This is the reason to reach out to a quality Crested Butte Real Estate Agent for help understanding the values in the market. Also of note is that the delta from Asking Price to Selling Price for Single Family homes has dropped from 9.85% to 5.7% in the past 3 years. Condos & Townhomes – As previously mentioned the market for Condos and Town homes was brisk – and prices seem to be recovering in price per sq. ft. and overall values. The Median Price for Condos and Townhomes was $183,000 compared with $170,000 last year, and the Average Price was $291,500 compared with $276,000 in the 2012-2013 ski-season. Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + Crested Butte Luxury HomesAs the table shows there have been only 3 Single Family homes Sold for $1M or more during this 2013 – 2014 Ski-Season compared with 12 during this same period last year, and 5 Sold in 2011-2012.  Hence, the luxury home volume is down significantly from last ski-season.  Average sold price for these homes was $1.6M, Average Price per sq. ft. was $442, and Average Days on Market was 272 days. The 4.7% Discount from Asking Price to Selling Price is lower than the rest of the market. Under Contract  There are currently 39 properties Under Contract representing a total volume of $24M – the count is similar to March, but the volume is up from $19.4M.  Of the 39 properties Under Contract 17 are Condos/Townhomes, 15 are Single Family homes and 7 are lots.  Active Listings  There are 592 properties for Sale – this is down from 696 properties one year ago. The volume of this Market is $418M.  With a shrinking inventory it would seem we may see a scenario of multiple offers on some value properties and a decrease in Days on Market in the upcoming Summer Buying Season. Cautiously Optimistic for Summer Crested Butte Real Estate I am a glass half full guy – and I feel like this will be an active Summer for Crested Butte Real Estate transactions.  We had really good numbers in 2013 and there is no significant external forces that lead me to believe that 2014 will not replicate.  In fact as noted in previous reports there are many positive national economic forces that should help. Crested Butte is a great place in the Winter and I have a good friend who believes February is the best month of the year here. I also like February and March and all that Winter brings in the way of snow – but there are many more choices for recreating in the Summer once the snow melts and fills our streams, rivers and reservoirs.  I enjoy the excellent fly fishing in the Crested Butte area but also paddling, hiking, biking, playing golf on the championship mountain course, and attending the many Events, Galas, and festivities in Crested Butte. Many come to Crested Butte to experience the wonders of the Rocky Mountains, a warm small town community, and create memories for years to come.  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 Crested Butte Real Estate Agent.  If you are interested in finding out what your existing property is worth – call me. Click these links:

Click here to do an advanced search the MLS for properties for sale in the Crested Butte area.   If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email:  chriskopf@bighornrealty.com   Author: Chris Kopf Crested Butte Real Estate  

Crested Butte Real Estate Market Report March 2014

Crested Butte Real Estate Sales VolumeCrested Butte Real Estate Market Report – Year to Date through March 31, 2014 Q1 Sales Slow   As the numbers show there has been a decrease in activity – especially relative to the past two year for the same period.  Total Number of Properties Sold is down 32% over Q1 2013, and Total $ Volume is down 39%.  2014 so far is looking like 2011 and 2010 – except the Inventory levels are down approximately 30% from those years.  Looking at the Monthly Volume March was especially unusual with a total of only $3.8M in volume. The good news is there has been a flurry of activity over the Spring Break weeks – there are 44 properties Under Contract (more than double what we saw in February) representing a volume of $22M. Year to date Single Family homes made up 47% of the total volume representing $7.7M and 10 transactions with an average sales price of $772,000 and median of $558,000.  There were 27 Condos & Townhome transactions YTD and this represented $8.3M in volume and an average sales price of $309,000 and median sales price of $180,000. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +,  Previous 12 Months Luxury Crested Butte Homes SoldCrested Butte Luxury MarketWhat Luxury Properties are Selling – Looking back over the past 12 months and the properties that have sold for greater than $1M we see there have been 22 Single Family homes sold, 1 Condo (Silver Ridge – Ski-in/out Condos), and 3 parcels sold (2 in town in the Kapushion area, and one 35 Acre homesite sold in The Reserve).  The total volume is $44.6M – which is roughly 1/3 of all the transactions in the Crested Butte Real Estate Market for this time period. Luxury Homes in Crested Butte that are Selling – The previous 12 months results show that the Average Price for the Luxury Homes  sold in the Crested Butte Real Estate Market was $1.9M, and the Median Price was $1.55M. with similar Average and Median price points for the same period last year. The majority of the distribution of the homes sold was split between Mt. Crested Butte, Crested Butte and the Outlying Areas – or Rural Crested Butte (3 in Skyland, 2 in Glacier Lily, 1 in Trappers Crossing at CB, 1 in Alpine Meadows, and 1 in Buckhorn Ranch). There are a total of 65 Single Family homes For Sale over $1M, with an Average Asking Price of $2.17M and Median Asking Price of $1.6M.  The Average Price per sq. ft. for these homes is $518. Under Contract  There are currently 44 properties Under Contract representing a total volume of $21.9M – this is up from January (34) and February (21) showing a good sign that the start of the year was hopefully nor representative of what is to come.  Of the 44 properties Under Contract 27 are Condos/Townhomes, 10 are Single Family homes and 7 are lots. Active Listings  There are 628 properties For Sale in the Crested Butte Real Estate Market (down from 748 properties For Sale this time last year) representing nearly $440M. Interesting that more than a 1/3 of the total Volume in the Market is made up of luxury Single Family homes ($1M+), representing nearly $141M in total value.

Crested Butte Homes For SaleA Good Winter – As I write this the end of the Ski Season is upon us.  It seems like it went fast this year – probably because there was so much snow, and so many great powder days to ski.  Most businesses are reporting significant increases over 2013 which is great news for the Crested Butte economy.  Perhaps the Real Estate numbers are down a bit because the snow was so good that visitors were focused more on  skiing and less on looking into Crested Butte Real Estate.

There was a positive article in the Wall Street Journal on April 2ndWealth Effect Drives Vacation-Homes Sales” stating that the number of US Second Home sales jumped 30% in 2013 and referenced strong consumer confidence, a rise in the equities market and diversification as key motivators.  While the majority of the US 2nd homeowner market is in the Sunbelt, this is a good trend and will trickle down to our market here in Crested Butte – especially since the majority of our second-homeowners are from HOT states like Texas, Oklahoma, Louisiana… and they enjoy great skiing and seek to escape the heat in the summer and enjoy the beauty of CB.  Many families now “summer” in Crested Butte. While the breadwinner travels to and from the other spouse and kids stay in CB where the kids play little league baseball and soccer and dance (and hike, bike, golf and fish…). 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 Crested Butte Real Estate Agent.  If you are interested in finding out what your existing property is worth – call me. Click these links:

Click here to do an advanced search the MLS for properties for sale in the Crested Butte area.   If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email:  chriskopf@bighornrealty.com   Author: Chris Kopf Crested Butte Real Estate   

Crested Butte Real Estate Market Report January 2014

Crested Butte Real Estate Market Report January 2014  – This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2014 and compares previous years… There were few transactions in January – but coming off the heels of a very active real estate market in 2013 – there are high hopes that 2014 will follow suit. Mt. Crested Butte North VillagePotential Sale of Crested Butte Ski Area Status – As previously reported there has been reports of a possible sale of the Crested Butte Ski area – CBMR confirmed in December that both the operations and the real estate was on the table. The rumored Buyer is Cypress Equities and Intrawest (who just completed an IPO (SNOW) of 18 million shares, and forecasting $17 per share would net them $300M, the stock launched between $11 – $12 per share) or about $185M). While some old timers have heard this before, and their response is “wait and see” – it seems like sage advice. All that is known is that there have been no announcements that the deal is off – so the speculation is that there is still negotiations going on. North Village For Sale – there are 255 Acres at the base of Snodgrass Mountain that is now for sale at an asking price of $12.6M. This land has been approved by the Town of Mt. Crested Butte for residential zoning supporting between 800 and 1,600 residences. This property referred to as “The Promontory” is being listed by a ranch broker on the front range (Mirr Ranch Group of Denver). Interesting that the property is now for sale in light of the possible sale of the ski area and all the real estate, and also that CBMR did not list with their own real estate office here in Crested Butte. Speculation as to why this piece is being carved out and why it is being listed for sale now are varied. Access to Snodgrass in Jeopardy – As John Norton so eloquently pointed out in his Notions column in the Crested Butte News January 24th edition – the unfortunate reality is that if a buyer were to purchase the 255 acre Promontory, they could cut-off access to the Snodgrass Trail, and access to the national forest land as we currently know it. Yes – if you ever parked at the Gothic Trail head and hiked, biked, snowshoed, or skinned-up past that old cabin structure on the right of the trail you were on the land owned by CBMR. So much has been made of the graciousness of the Allen family for seasonal access to the Snodgrass Trail – but nary a “thank you” to the Muellers and CBMR for trail access and Winter grooming. As a former board member on the Coalition for Lifts on Snodgrass – it is even more disheartening that the opponents to lift served skiing on Snodgrass may have put the nail in the coffin for not only lift served skiing – but access to Snodgrass and the national forest as we know it. Will the 2014 Crested Butte Real Estate Market Exceed that of 2013? crested butte real estate market - Vol Jan 2014The 2013 Results were a dramatic increase over 2012 in many of the indicators in our Crested Butte Real Estate microcosm. The hope is that 2014 will match or exceed the results. Those are some lofty ambitions to exceed as in 2013 Volume was up 30%, Transactions were up 26%, and Average Single Family Home prices were up 8%. The number of luxury homes sold over $1M and the Volume doubled from 2012, and the Average Price per sq. ft. for Single Family homes in this luxury home segment also rose 13%. At $46.3M, the luxury segment represented 32% of the overall volume for 2013. As the current January2014 numbers show – the volume and transactions are down compared to the previous 2 years. The big story in 2014 may be that inventories have been dropping steadily for the past 18 months. Total properties for sale as shown in the MLS is at 625 – 158 Single Family Homes, 210 Condos & Townhomes, and 257 land/lots. Considering there were about 150 more properties for sale at the beginning of 2013 – it may be hard to match the 335 properties sold in 2013. Will the laws of supply and demand drive the prices up, and will we start to see more buyers move to build vs. buy completed homes…? Reflecting back on 2013 – The Total Number of Condos and Town homes Sold in 2013 rose to 146 compared with 114 in 2012, but Median Sales Price for Condos was flat (at $180,000), as was Price per sq. ft. ($213 vs. $208). Average Days on Market (DOM) for all properties Sold was 333 days, and 494 for Active Listing still for sale. DOM for luxury single-family homes (Sold Price > $1M) is 1 year. Most properties are being priced closer to the Market and the market for Single Family homes is rising to meet the properties that may have bit a bit above the market a year ago. The Average Difference from Asking to Selling Price for all properties also shrunk to 7.6% (vs. 11.3% in 2012). Crested Butte Luxury Real Estate Market – Homes Sold for $1 Million + There were 2 homes sold for over $1M in January – one was a brand new single family home in downtown Crested Butte, the other was a Silver Ridge ski-in/ski-out condo at the base of the ski area. Luxury Real Estate Market in Crested ButteThere were 27 Single Family homes Sold for $1M+ in 2013 – this segment of the market is similar to the totals recorded in 2011 – but double that of 2012. The average sold price for these luxury homes was $1.7M; median price of $1.44M, and Average Price per sq. ft. was $425. The average discount from Asking to Selling price was 8.17%. The Single Family Home Luxury Segment volume of $46.3M made up 32% of the overall market volume in 2013. Luxury Properties Under Contract in the Crested Butte Area – As of the end of January there was only 1 Single Family home with asking price over $1M under Contract – a Single Family home Skyland listed at $1.95M. There are two additional Riverfront Home sites Under Contract at Wilder on the Taylor. This represents the fifth contract and completes their “Founders Program”. Wilder has announced plans for a price adjustment in the Spring / Summer of 2014 for the remaining exclusive riverfront home sites overlooking the Taylor River. Not getting any younger – reflecting on the positive results from the Crested Butte Real Estate Market in 2013, some have suggested that there is a pent-up demand from the most recent recession. The demographic of our second homeowner population is a couple who is 50+ with a family, typically from Texas or Oklahoma and who been successful in business. Most hope to live into their 80s, but many come to the realization they may be running out of years to do the active things they have dreamed of while grinding in the corporate world, and/or building their business. What is Selling in Crested Butte?   crestedbutterealestatemarket-WhatSoldJan2014Under Contract There are 34 properties Under Contract (double from December 2013) representing a total volume of $15.1M. Of these properties Under Contract 18 are Condos/Townhomes,74 are Single Family homes and 9 are lots. As mentioned Active Listings have been trending down – there are currently 625 properties for sale representing $425M. Crested Butte Winter Ski Season 2013 – 2014 – Tourism an Visitors are the heart and sole of the Crested Butte area economy. The businesses at the North end of the Gunnison Valley all have reported positive results for the season thus far. CBMR has reported that revenues are up, lodging is up and skier days are up… all of this translates into more people visiting Crested Butte, our local restaurants and retailers which is great. Most people who visit Crested Butte for the first time come in the Winter skiing, and typically this is where their journey begins to explore the possibilities of buying a second home. As great as the Winters are here for skiing and outdoor recreation – the Summers are better. The Summers offer more activities, the opportunity to explore the many peaks, valleys, rivers, streams and trails. 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 REALTOR®.  If you are interested in finding out what your existing property is worth – call me. Click these links to see the Full Crested Butte Real Estate Report – January 2014, and if you want to see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review. Click here to do an advanced search the MLS for properties for sale in the Crested Butte area.   If you are considering me to represent you as a Buyer, I appreciate the opportunity to earn your business (or that of a friend you think I could help). Thanks, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email:  chriskopf@bighornrealty.com   Author: Chris Kopf