Crested Butte Real Estate Recovers in 2013 | End of Year Market Report

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

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

CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 IN REVIEW

PREPARED BY CHRIS KOPF Crested Butte Real Estate Market – 2013 in Review

Strong Recovery for Crested Butte Real Estate in 2013 As you will see in this comprehensive report – there are many positives to take from the Crested Butte Real Estate Results of 2013. Volume is up 30%, Transactions are up 26%, and Average Single Family Home prices are 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, this luxury segment represents 32% of the overall volume for the year. 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 has shrunk to 7.6% (vs. 11.3% 1 year ago). Inventories have been dropping as well, and now the total properties for sale is 634 – there are 159 Single Family Homes, 207 Condos & Townhomes, and 268 land/lots shown in the MLS. There have been 36 new properties added to the MLS in the past 30 days, and there are many options and great values in every category of the Crested Butte Real Estate market.

Total $ Volume of Properties Sold

Total Number of Properties Sold 26%

30%




PREPARED BY CHRIS KOPF Crested Butte Luxury Real Estate Market - Homes Sold for $1 Million +

There have been 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. If you download the full Crested Butte Real Estate Report and look at the details page – you will see the average discount from Asking to Selling price was 8.17%. The Single Family Home Luxury Segment volume of $46.3M makes up 32% of the overall market volume YTD. Luxury Properties Under Contract in the Crested Butte Area – As of the end of December there were 2 properties with asking prices over $1M under Contract – 1 is a brand new Single Family home in downtown Crested Butte, and the other is a ski-in/ski-out Silver Ridge condo (at the time of this writing – this sold for $1.49M)

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

2009 15 $24,760,000 $3922010 14 $23,919,100 $4112011 24 $41,629,500 $4302012 14 $23,312,500 $3672013 27 $46,313,130 $425

Luxury Homes Sold in 2013 Count by Area

Luxury Properties For Sale in the Crested Butte Area - There are a total of 64 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $137M. There are 5 Condos or Town homes listed for over $1M in Mt. Crested Butte (2 at West Wall, 2 at The Villas, and one at Silver Ridge). The 12 most expensive properties are listed between $3M and $5.5M and located from ski-in/out Prospect on Mt. Crested Butte to the top of The Reserve 10 miles South of downtown Crested Butte. Riverfront Lots at Wilder on the Taylor – there has been quite a bit of interest and activity this Summer and Fall in this premier ranch community – Some additional announcements forthcoming... With over 2,300 acres and approximately 2 miles of Taylor River running through the ranch, Wilder on the Taylor offers a rare and unique opportunity to own a true riverfront lot and a piece of paradise.




PREPARED BY CHRIS KOPF Average Single Family and Condo / Town Home Prices

Average Price Average Price

Condo / Town Home Prices Single Family Home Prices

Year Average Price2007 $860,886

2008 $991,088

2009 $797,769

2010 $799,144

2011 $740,455

2012 $656,644

2013 $767,028

Average $801,859

Year Average Price2007 $654,190

2008 $567,644

2009 $346,723

2010 $323,119

2011 $214,638

2012 $264,078

2013 $256,356

Average $375,250




PREPARED BY CHRIS KOPF

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

Condo / Town Homes"$ Per Sq. Ft.

Positive Trends Continues as Prices for Single Family Homes Rise Single Family (SF) homes – Comparing YTD 2013 results to YTD 2012 and prior years (and given the large mix of luxury homes sold) we see that the Median Price for Single Family homes has risen from $475,000 to $525,000, and the average price per sq. ft. for Single Family homes has risen from $270 per sq. ft. to $293. 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 $432, Mt. Crested Butte $284, and Skyland $285 as average per sq. ft. 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 – call me to help you understand the value of your home, or a home you may be considering. Also of note is that while the Original Prices of the Single Family Homes that sold in the past 3 years has not changed – the Asking Prices and Selling Prices have increased (2012 by 5% and in 2013 by 9.5%) Condos & Townhomes – As previously mentioned the market for Condos and Town homes was brisk – but given the 146 total Transactions this year the results show there was not much of a positive change in price points. The Median Price for Condos was $180,000 compared with $179,000 in 2012, and the Median Price for the 21 Town homes that sold was $427,500 compared with $441,000 in 2012.

Condo Median Sales Price

Single Family Home" Median Sales Price

YearSF Homes

Median Original Price

SF Homes Median

Asking Price

SF Homes Median Sold

Price

SF Homes Sold Price as % of Asking Price

2011 $597,000 $497,000 $450,500 90.6%2012 $599,000 $525,000 $475,000 90.5%2013 $599,000 $565,000 $525,000 92.9%





What Real Estate is Selling in the Crested Butte area? In 2013 there were 121 Single Family homes sold that made up 64% of the total volume representing nearly $93M. There were 146 Condos & Town home transactions representing $37.4M in volume. As the table shows the Single Family Home Luxury Properties over $1M purchased by the Second Homeowner represented $46M in total dollar volume in the Crested Butte Real Estate Market (32%). Land/Lots – 68 parcels sold in 2013 (vs. 60 in 2012 and 54 In 2011) and as inventories of homes decreases – Buyers are looking at land, and there are some great options in Crested Butte to build your dream home. New Permanent Residents – there has been a huge in-flux of families who are moving to Crested Butte Full-time as evidenced by the Crested Butte Community School student population increase. Most of these new resident’s income is derived from outside of Crested Butte – but because much business can be done remotely and with the benefit of on-line access to everything and anything, Crested Butte is becoming a great option for families who seek a simpler mountain lifestyle.

Cash Buyers - 57% of the real estate sales (192) were recorded as Cash transactions (no traditional loan). Distressed Sales – 19% or 63 of the transactions were either Foreclosure or Short-Sales, this is down significantly from 2011 when 44% of all transactions fell into this category. Of the 634 properties listed for Sale – there are only 17 that are either listed as a short-sale or bank owned. When is Real Estate Purchased in Crested Butte? Looking at the table of Monthly Volume Results for the past 3 years and considering that the average transaction takes 45 – 60 days from Contract to Close –the Summer months represent the greatest Activity that results in closed sales. “We came to ski, but then fell in love with the Summer” – talk with a Second homeowner in Crested Butte and most will tell you they first came to this beautiful valley to ski – but once they came back in the Summer they were hooked. This trend continues as many Buyers look at Real Estate while they are here on a ski-vacation, but then decide what home is right for them on their return visit in the Summer.

2013 TOTALS - CATEGORY $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $144,097,973 335 Condos & Townhomes $37,428,002 26% 146 44%Single Family Homes $92,810,435 64% 121 36%Mt. Crested Butte $49,436,261 34% 130 39%Mt. CB Single Family Homes $22,749,230 16% 22 7%Crested Butte Single Family Homes $23,733,755 16% 26 8%Skyland Single Family Homes $5,012,000 3% 5 1%CB South Single Family Homes $7,937,400 6% 20 6%Almont $1,521,550 1% 8 2%Land/Lots $13,859,536 10% 68 20%SF Homes Sold > $1M $46,313,130 32% 27 8%

Monthly Volume Results for the past 3 years Month 2011 2012 2013JAN $4,216,000 $13,923,750 $8,751,700FEB $2,778,078 $4,545,898 $8,671,475MAR $8,091,400 $6,600,200 $10,261,486APR $9,259,925 $8,057,800 $17,126,400MAY $8,391,150 $10,228,700 $8,539,400JUNE $7,010,900 $9,121,865 $11,327,749JULY $10,291,000 $3,869,300 $13,731,000AUG $11,532,900 $6,929,000 $10,323,420SEPT $20,031,300 $9,052,355 $17,127,511OCT $8,164,360 $10,087,500 $18,102,107NOV $8,701,890 $12,689,662 $13,044,100DEC $7,695,600 $6,041,000 $7,091,625

Totals $106,164,503 $101,147,030 $144,097,973




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

great value, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price by Category, on average below 8% for all property types.

2013 Totals Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

Total Original Price by Category

Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot

Count of # Properties

Sold

Total All Sales $144,097,973 $430,143 $155,935,091 $465,478 $257,244,581 $767,894 -43.98% -7.59% 335Condos & Townhomes $37,428,002 $256,356 $40,340,234 $276,303 $132,989,250 $910,885 -71.86% -7.22% $213 146Single Family Homes $92,810,435 $767,028 $99,974,845 $826,238 $108,282,900 $894,900 -14.29% -7.17% $293 121Mt. Crested Butte $49,436,261 $380,279 $53,648,600 $412,682 $141,161,500 $1,085,858 -64.98% -7.85% $284 130Mt. CB Single Family Homes $22,749,230 $1,034,056 $24,781,100 $1,126,414 $27,573,600 $1,253,345 -17.50% -8.20% $314 22Crested Butte Single Family Homes $23,733,755 $912,837 $24,879,900 $956,919 $26,561,400 $1,021,592 -10.65% -4.61% $432 26Skyland Single Family Homes $5,012,000 $1,002,400 $5,329,000 $1,065,800 $6,254,000 $1,250,800 -19.86% -5.95% $325 5CB South Single Family Homes $7,937,400 $396,870 $8,306,600 $415,330 $8,607,700 $430,385 -7.79% -4.44% $177 20Almont $1,521,550 $190,194 $1,714,300 $214,288 $2,102,900 $262,863 -27.65% -11.24% $154 8Land/Lots $13,859,536 $203,817 $15,620,012 $229,706 $17,236,231 $253,474 -19.59% -11.27% 68SF Homes Sold > $1M $46,313,130 $1,715,301 $50,431,000 $1,867,815 $53,778,000 $1,991,778 -13.88% -8.17% $425 27


Average Sold Price




Average Original

Price



vs. Sold Price



Sold

Total All Sales $101,147,030 $381,687 $114,119,046 $430,638 $136,756,046 $516,061 -26.04% -11.37% 265Condos & Townhomes $30,104,905 $264,078 $33,290,899 $292,025 $43,858,149 $384,721 -31.36% -9.57% $208 114Single Family Homes $59,754,625 $656,644 $66,024,447 $725,543 $77,173,347 $848,059 -22.57% -9.50% $270 91Mt. Crested Butte $40,901,450 $349,585 $47,283,199 $404,130 $52,743,249 $450,797 -22.45% -13.50% $272 117Mt. CB Single Family Homes $16,630,950 $875,313 $18,443,899 $970,732 $21,809,499 $1,147,868 -23.74% -9.83% $279 19Crested Butte Single Family Homes $15,828,513 $633,141 $16,903,698 $676,148 $18,405,698 $736,228 -14.00% -6.36% $341 25Skyland Single Family Homes $2,605,000 $651,250 $3,013,000 $753,250 $3,113,000 $778,250 -16.32% -13.54% $291 4CB South Single Family Homes $5,405,300 $360,353 $5,610,750 $374,050 $6,249,950 $416,663 -13.51% -3.66% $159 15Almont $2,485,012 $310,627 $2,876,100 $359,513 $2,867,700 $358,463 -13.34% -13.60% $266 8Land/Lots $11,287,500 $188,125 $14,803,700 $246,728 $15,940,900 $265,682 -29.19% -23.75% 60SF Homes Sold > $1M $23,312,500 $1,665,179 $26,207,899 $1,871,993 $31,269,999 $2,233,571 -25.45% -11.05% $367 14


Average Sold Price




Average Original

Price



vs. Sold Price



Sold

Total All Sales $106,164,503 $383,265 $119,453,934 $431,242 $150,814,849 $544,458 -29.61% -11.13% 277Condos & Townhomes $27,258,993 $214,638 $30,417,188 $239,505 $39,278,650 $309,281 -30.60% -10.38% $185 127Single Family Homes $71,083,660 $740,455 $79,813,696 $831,393 $99,299,510 $1,034,370 -28.41% -10.94% $290 96Mt. Crested Butte $40,683,368 $344,774 $46,338,188 $392,697 $61,299,940 $519,491 -33.63% -12.20% $251 118Mt. CB Single Family Homes $19,405,500 $882,068 $22,156,300 $1,007,105 $29,781,300 $1,353,695 -34.84% -12.42% $307 22Crested Butte Single Family Homes $20,355,250 $1,197,368 $22,166,787 $1,303,929 $25,781,700 $1,516,571 -21.05% -8.17% $462 17Skyland Single Family Homes $6,510,900 $813,863 $7,221,800 $902,725 $8,678,800 $1,084,850 -24.98% -9.84% $256 8CB South Single Family Homes $6,751,600 $337,580 $7,270,600 $363,530 $8,355,600 $417,780 -19.20% -7.14% $150 20Almont $1,305,500 $217,583 $1,482,300 $247,050 $1,673,400 $278,900 -21.99% -11.93% $198 6Land/Lots $7,821,850 $144,849 $9,223,050 $170,797 $11,714,419 $216,934 -33.23% -15.19% 54SF Homes Sold > $1M $41,629,500 $1,734,563 $47,945,500 $1,997,729 $60,191,400 $2,507,975 -30.84% -13.17% $430 24





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. 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, CRESTED BUTTE REAL ESTATE

FPOKSIRHC!

Crested Butte – the more things change, the more they stay the same… I have often said: “Crested Butte is a special place”. For me it started as an investment in memories – we looked at our investment portfolio and decided a wedge or two of the pie could be used to buy a second home. Our daughters were 6, 4, and 3 at the time. We bought and sold other real estate in the area, and then ten years later – we had the opportunity to move from Dallas into our second-home here in Crested Butte. It has been a great move for our family. It is a simpler lifestyle, a great school, a warm community, and the best summer and winter recreation playground you anywhere. Robert Hastings wrote: “There is no Station” – life is a journey, and we are glad we are here in beautiful Crested Butte. Change is a constant but the core of Crested Butte’s character will remain. Unlike many other Colorado ski towns who’s roots are of Silver and Gold – Crested Butte began as a coal mining town. There will be new buildings, restaurants and businesses will come and go, the ski area may change hands soon. Those who discover Crested Butte will come back – many will put down roots here so they can share this great place and create their own memories with family, friends and clients. Planes will keep flying, lifts will keep spinning, trout will keep rising, and people will keep coming. 2013 saw a pent up demand for Residential Real Estate in the suburbs of most major US Metro areas. The stock market is at an all time high, the Oil Industry is very profitable, and all indicators are that 2014 will be another great year for Real Estate in Crested Butte. If you are a Seller – price your property to the market and Buyers will come. If you are a Buyer – it may be time to pull the trigger. There is more competition for the property you may want, inventory of property is down 28% compared to this time last year, and after 4 years of price adjustments the majority of properties are priced to sell.

Under Contract There are 17 properties Under Contract representing a total volume of $8.5M. Of the 17 properties Under Contract 10 are Condos/Townhomes, 4 are Single Family homes and 3 are lots. Active Listings have been trending down - there are currently 634 properties for sale representing $440M (vs. 812 in 2012).

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

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $8,580,100 $504,712 17Condos & Townhomes $4,789,400 $478,940 10Single Family Homes $3,377,700 $844,425 4Mt. Crested Butte $3,908,200 $488,525 8Mt. CB Single Family Homes $1,048,700 $524,350 2Crested Butte Single Family Homes $1,850,000 $1,850,000 1Skyland Single Family Homes None 0CB South Single Family Homes $479,000 $479,000 1Land/Lots $413,000 $137,667 3SF Homes > $1M $3,450,000 $1,725,000 2Almont $0 #DIV/0! 035 Acre SF Homes None 0

All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Sales $440,780,394 $695,237 634Condos & Townhomes $82,987,814 $400,907 207Single Family Homes $201,765,248 $1,268,964 159Mt. Crested Butte $157,684,573 $623,259 253Mt. CB Single Family Homes $57,477,700 $1,306,311 44Crested Butte Single Family Homes $37,506,500 $1,013,689 37Skyland Single Family Homes $13,172,250 $1,463,583 9CB South Single Family Homes $7,308,899 $562,223 13Almont $33,435,450 $630,858 53Land/Lots $156,027,332 $582,192 268SF Homes > $1M $136,740,249 $2,136,566 6435 Acre SF Homes $37,057,999 $2,647,000 14

Crested Butte Real Estate Recovers in 2013 | End of Year Market Report

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