Crested Butte Real Estate Market Report SKI-SEASON Results

Crested Butte Real Estate Market Report SKI-SEASON Results 2014 – 2015 and Comparing Previous Years

Ski-Season Results for 2014-2015 are Up but below 2012-2013

We did not have a great snow year, but visitors, skier days, lodging and sales tax revenue were all up (as much as 16% in Crested Butte through February) compared to last year. Visitors brings interest and activity to real estate and Crested Butte real estate market saw an overall rise in total transactions and volume as well.

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 www.chriskopf.com.  Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com  Thanks,

As long-term renter demand has increased, there seems to be a lack of affordable or “lower-end” single family homes available with only six homes available between $400,000 – $500,000. There nearly 40 condos for sale under $250,000 but all come with higher burden of HOA fees. If you look further in this report you will see that there is not a significant rise in single family home prices, or price per sq. ft., but there is a lack of inventory available for sale at the lower end of the market right now which is why we have seen a significant number of lots sold, 45 vs 19 last year, and 27 two years ago.

Average Days on Market (DOM) for all properties was 324 and 307 for SF Homes.

The Assessor has sent out updated property valuations – and some have seen an increase in their property value which will lead to an increase in taxes. Remember that the revaluation, or reappraisal, occurs in odd-numbered years, and the property valuation notices sent out are based on   transactions that occurred between July 1, 2009 and June 30, 2014. The Gunnison County Assessor uses an automated Multiple Regression Analysis comparison approach and not an individual property analysis. There is an appeal or protest process – see http://www.gunnisoncounty.org/132/Assessors-Office

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 up 10% 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 10% decline in price per sq. ft. when compared to the same period last year, but up compared to prior years.

What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at39% (compared to 56% last year) of the total count, but only 25% (vs. 46% last year) of the volume. Single Family Homes are 25% of the count and 54% of the volume. Luxury Properties over $1M (typically purchased by the Second Homeowner) represent only a 7% share of the number of transactions, but 28% of the total dollar volume.

Crested Butte Real Estate

Trends show Prices for Single Family Homes Rise and Condos & Townhomes show slight Fall

Single Family (SF) homes – Comparing Ski-Season results from 2014-2015 to prior years we see that the Median Price for Single Family homes is flat at $542,000 and actually down from the ski-season from 2012-2013. We do see the Average SF Home price has risen to $723,000 and except for the sharp rise in 2012-2013 ski season it shows an increasing trend. As noted – we are not working with a huge sample set for the ski-season 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 the Crested Butte area – there are still 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 real estate agent for help understanding the values in the market. Also see Crested Butte Real Estate Market Report 2014 In Review for 12 month analysis.

Crested Butte CO real estateCrested Butte Co real estate

 

 

 

 

 

Condos & Townhomes –prices continue to be fairly flat in this segment of the market. The Median Price for Condos and Townhomes was $175,000 compared with $183,000 last year, and the Average Price was down.

Crested Butte Luxury Real Estate Market – $1 Million +

As the table shows there have been 9 Single Family homes Sold for $1M or more during this 2014 – 2015 Ski-Season compared with only 3 during this same period last year, and 12 Sold in 2012-2013. Average sold price for these homes was $1.2M, Average Price per sq. ft. was $387. The 7% Discount from Asking Price to Selling Price is lower than the rest of the market.

Under Contract There are currently 46 properties Under Contract representing a total volume of $29.7M – the count and volume is similar to March of 2014. Of the 46 properties Under Contract 20 are Condos/Townhomes, 18 are Single Family homes and 8 are lots.

Active Listings There are 558 properties for Sale which is down from 592 one year ago. The volume of this Market is $377,000 compared to $418M last year.

crestedbuttecorealestate-ForSale4-2015

Optimistic for Summer Crested Butte Real Estate

All indicators are that this will be an active Summer for Real Estate transactions. We have had really good numbers the past two years, and there are no significant external forces that lead me to believe that 2015 will not replicate. Interest rates are still low, there are national numbers supporting a renewed interest in Vacation Real Estate, there are lots of events again scheduled for the summer (including the Enduro World Series mountain bike series stop in Crested Butte). Compared with so many other mountain towns Crested Butte is a special place, and represents a great value in real estate.

There has been a lot of banter about short-term property rentals as “the reason” there is a lack of long-term rentals available especially in town. There is also talk of taking property rights away from homeowners who have invested in Crested Butte – not good. Short-term rental add to the charm of visiting our town. We have deed restrictions in place. We are a tourism and real estate economy – an increase in occupied short-term rentals is a good thing, and proof that people want to come here, use our airport, rent a house, ski, bike, hike, fly fish, relax, shop and eat. All Good!

Download the full Crested Butte Real Estate Market Report – SKI-SEASON 2014-2015 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 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).

To see featured properties or search the MLS – visit www.chriskopf.com. Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com

Thanks,

Chris.

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

 

Crested Butte CO real estate

Crested Butte Real Estate Market Report YTD March 2015

The 2015 Ski Season is Over, but the Real Estate is Just getting Started

This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2015 and compares previous years.

The Crested Butte Real Estate Market has seen two strong years of steady activity and a high volume of transactions. The results year to date for 2015 are impressive especially when comparing similar result from the past two strong years. The report last week from the National Association of REALTORS® (NAR) 2015 Investment and Vacation Home Buyers Survey shows US vacation home transactions soaring. There are high expectations that the Summer season will soar in Crested Butte as well.

 

Crested Butte Real Estate Market Report YTD March 2015

Crested Butte Real Estate Market Report YTD March 2015Total Number of Properties Sold (69) YTD is up just slightly over 2013 (66) but 53% over Q1 2014 (45). Year to Date Total $ Volume is $23.8M which is also up nearly 27% over 2014 ($16.6M), but short of the total volume of $27.3M for the same period in 2013.

The good news is there has consistently been a flurry of activity over the Spring Break weeks – there are 55 properties Under Contract representing a volume of $30.4M.

Year to date Single Family homes made up 56% of the total volume representing $13.3M and 20 transactions. There have been only 5 Luxury Single Family Homes sold over $1M representing $5.9M in volume. There were 21 Condos & Townhome transactions YTD and this represented $4.6M.

Luxury Properties For Sale in the Crested Butte Area - There are a total of 74 Luxury Single Family Homes for sale with Asking Prices over $1M ranging from $1,050,000 to $4,600,000. The Average price point for all of these homes is $1.9M and the Median price is $1.6M. Average Price per sq. ft. is $539 – of note the 20 Luxury Homes sold in 2014 had a very similar average price per sq. ft. and with a discount from Asking to Selling price of 11.6% the resulting sold price per sq. ft. was $476. There are 11 Luxury Single Family homes for sale in downtown Crested Butte, and a total of 27 SF Homes for sale in Mt. Crested Butte, with 13 of them boasting ski-in/ski-out access. There are 4 Condos or Town homes listed for over $1M on Mt. Crested Butte – 2 in the West Wall Lodge, 2 in The Villas.

Land / Lots Market – There has been a huge increase in this category of properties sold with 28 lots that sold YTD compared with only 8 sold for the same period in 2014 and 11 sold YTD in 2013. There were no 35 acre parcels sold YTD, all the lots sold are less than 5 acre lots up and down the North end of the valley. With an increasing decline in inventory of finished homes, the tide may be turning as it seems buyers now consider the economics better buying a lot and building a new home vs. buying a home and remodeling.

What Real Estate is Selling in the Crested Butte area? There were 14 transactions in January and 21 in February, and 34 in March. Year to Date the totals by category are Single Family Homes (20), Condos and Townhomes (21) and Lots (28).

Crested Butte Real Estate Market Report YTD March 2015

Year to date Single Family homes made up 56% of the total volume representing $13.3M. Condos & Townhome made up 30% of the total transactions and 20% of the YTD Volume, while land/lots represents $5.9M in volume, and 28 parcels representing 25% of the transactions year to date.

Under Contract There are 55 properties Under Contract. There are 23 Condos/Townhomes, 17 Single Family homes and 15 lots. At the end of March these 55 properties under contract represent $30.4M compared with March 2014 when there were 44 properties Under Contract representing $21.9M in volume.Crested Butte Real Estate Market Report YTD March 2015

Active Listings There are 551 properties For Sale in our market representing $383M. This is down from 628 properties and $440M from March of 2013.

Ski Season was one of the Best

The snow came in a few big storms, but the visitors were consistently streamed in throughout the ski season. CBMR made a good move by including Crested Butte as part of the Rocky Mountain Super Pass+. There were many visitors from the front range who were excited to get the opportunity to visit and ski Crested Butte, and the tax receipts show an increase over last years revenues of over 20%. The ski season is over – but the snowmobiles are rolling into town. CBMR is hosting The Ultimate Snowmobiler Event April 9 – 12 with the 3rd Annual snowmobile contest that will crown the Ultimate Snowmobiler. With the big hill climb event being cancelled in Jackson, WY due to a lack of snow Crested Butte is the beneficiary. The shoulder seasons are slowly shrinking… but the majority of locals typically head out of town once the lifts stop spinning seeking warm climates, and the majority of restaurants in town have already closed for the off-season.

It may be a little early to be looking forward to Summer events – but just a warning that the Arts Fest Weekend will be extra busy this year due to the Enduro World Series of mountain bike racing is making the hallowed mountain biking trails of Crested Butte the only US venue. Evidently there will be approximately 300 racers and the race teams are said to show up at least a week in advance and the race dates are July 31 – August 2. This is a big deal and another event like the Pro Cycling Challenge that increases the visibility of the beauty of Crested Butte.

Download the full Crested Butte Real Estate Market Report – March 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 Crested Butte 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 Market Report YTD February 2015

Crested Butte Real Estate Market Report YTD February 2015

The 2015 Crested Butte CO Real Estate Market is starting out similar to 2014 with One Exception…

This Market Update looks at the Crested Butte Real Estate Market for the Month of February 2015 and compares previous years.

Two months does not a year make – but so far 2015 is showing similar results to 2014. There has been an increase in Winter visitors this year and many of the restaurants in town are seeing big increases in business over years past. After a dry spell for most of January and February we have seen nearly 4 feet of new snow in the past 10 days, just in time for the Spring Break crowds to start arriving!

So what is different this year so far? Currently there are 47 properties Under Contract representing a total Volume of $24.6M – again while this is double what we saw in 2014 it is very similar to 2013.

Crested Butte CO Real Estate Market ReportCrested Butte real estate remains a great value especially compared with other markets – I just read that for 2014 the Average Price per sq. ft. in Vail was over $2,100 for a Single Family (SF) Home. Crested Butte’s Average Price per sq. ft. in 2014 for all SF Homes was $326, and for all luxury homes over $1M was $476. There is a lot of inventory to choose from as Active Listings have been hovering around 600 for the past 3 years – and currently there are 596 properties for sale: 146 Single Family homes (76 are listed for over $1M), 186 Condos & Town Homes, and 267 parcels of land. The expectations remain high that the Spring Break visitors will enjoy their time in Crested Butte, and want a piece of the Crested Butte real estate pie.

What Real Estate is Selling in the Crested Butte area? There were 14 transactions in January and 21 in February. Given the 35 total transactions, the split was pretty even among Single Family Homes (11), Condos and Townhomes (11) and Lots (13).

Crested Butte Real Estate Market Report

Year to date Single Family homes made up 56% of the total volume representing $6.8M with 11 transactions. There were also 11 Condos & Townhome transactions YTD and this represents $2.1M in volume, and 13 parcels representing 37% of the transactions.

Luxury Properties For Sale in the Crested Butte Area - There are a total of 76 Luxury Single Family Homes for sale with Asking Prices over $1M ranging from $1,050,000 to $4,600,000. The Average price point for all of these homes is $1.9M and the Median price is $1.6M. Average Price per sq. ft. is $539, and $577 for the 12 SF Homes in downtown Crested Butte. There are a total of 26 SF Homes for sale in Mt. Crested Butte, with a handful of them boasting ski-in/ski-out access. There are 5 Condos or Town homes listed for over $1M – 2 in the West Wall Lodge, 2 in The Villas, and 1 downtown Crested Butte.

Land / Lots Market – Of the 13 lots that sold – all were less than 5 acre lots, and the three of the highest priced lots sold were in town two in the Verzuh Ranch annexation for $650K and $500K, and up on Treasury Hill for $625K, also of note was a sale of a ski lot in Prospect at $500K. With 267 parcels for sale there are lots of choices for the buyer looking to build their dream home in Crested Butte. The median price of these home sites is $260,000. Here is a quick count of parcels in different categories/areas: 35+ Acres: 57. In CB: 15. Mt. CB: 52. Skyland: 33. Over $1M: 31.

Under Contract There are 47 properties Under Contract. There are 14 Condos/Townhomes, 19 Single Family homes and 14 lots. At the end of February these 47 properties under contract represent $24.6M compared with February 2014 when there were 21 properties Under Contract representing $11.6M in volume.

Here is a helpful link to a map of the many Crested Butte subdivisions and communities

Crested Butte CO Real Estate Active Listings There are 596 properties For Sale in our market representing $398M. There are 220 properties in Mt. Crested Butte, 146 Single Family Homes, 132 Condos & Townhomes and 267 parcels of land.

ForSaleCrested Butte CO Real EstateFeb2015

Some Great Features of a Mountain Home?

Crested Butte Real EstateI am often asked when working with Buyers “what are some of the more desirable features in a mountain home?” If you are buying a home that needs work, you may consider integrating some of these features into your home remodel for your enjoyment. As well, when it comes time to sell your home, you will have a mountain home that appeals to the majority of Buyers. If you are considering Selling your Crested Butte home, below is a short list of items that I see appeal to most Buyers:

  • 4+ Bedrooms, 3.5 Baths – Many buyers have kids, family and friends. The 4th bedroom is nice for accommodating the guests.
  • 2nd Living Area – Above the garage or finished walkout basement. Very nice for kids to go somewhere else and make noise (especially if they are not your kids).
  • Garage – Oversized 2 car garage, heated, drains in the floor a bonus. Cars and “stuff” will fill this space (ski equipment, bikes, clothes bins…).
  • Natural Gas - If available, else install a propane tank (buried underground). Lower utility cost vs. electric, gas cook top, gas appliances.
  • Steam Showers – If you have them you know how nice they are all year…
  • Slate, Stone, Hardwoods – especially in entryways and main living areas.
  • Countertops – Honed granite, soapstone, and slate are timeless materials.
  • Shiny Chrome Fixtures and Trim really date a home. Choose a matte finish like brushed nickel, or an oil-rubbed bronze.

Download the full Crested Butte Real Estate Market Report – February 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 – 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