Crested Butte Real Estate Market Report | Through November 30th 201

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

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

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

PREPARED BY CHRIS KOPF Crested Butte Real Estate Market Report –

Year to Date through November 30, 2013 Strong'Indicators'for'Crested'Butte'Real'Estate'Market Winter'snowfall'is'plentiful'compared'with'recent'years,'and'as'the'snow'piles'up'–'so'do'the'real'estate'numbers.''The'total'number'of'transactions'and'total'dollar'volume'of'properties'Sold'are'up'signi=icantly'compared'with'2012,'and'double'the'numbers'from'2009.'One'of'the'greatest'jumps'comes'from'the'Luxury'Market'Segment'with'a'signi=icant'increase'in'the'number'of'homes'sold'over'$1M'compared'to'previous'years'(27)'–'and'at'$46.3M,'this'represents'34%'of'the'overall'total'volume.' Total'Number'of'Properties'Sold'is'up'27%;'Total'Volume'is'up'30%.''We'are'also'still'seeing'Price'per'square'foot'for'Single'Family'homes'is'up'compared'to'2012,'but'slightly'below'2010'and'2011.'Condos'and'Town'homes'price'per'sq.'ft.'is'up'slightly'from'2012.''Average'Days'on'Market'for'all'properties'sold'is'311'days,'and'378'days'for'luxury'singleZfamily'homes'(Sold'Price'>'$1M),'but'for'all'Current'Listings'Average'Days'on'Market'is'488'Days.'Most'properties'are'being'priced'closer'to'the'Market'and'the'difference'from'Asking'to'Selling'Price'for'all'properties'is'narrowing'at'7.5%.'Inventories'have'been'dropping''and'now'total'properties'for'sale''is'648,'with'Single'Family'Homes''at'166,'Condos'&'Townhomes''at'201,'land/lots'at'281.''There''have'been'47'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.'

2013 YTD Total $ Volume of Properties Sold

2013 YTD Total Number of Properties Sold 27%

30%

Monthly 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 $13,044,100

Totals $98,468,903 $95,106,030 $137,006,348




PREPARED BY CHRIS KOPF

Luxury'Properties'For'Sale'in'the'Crested'Butte'Area''There'are'a'total'of'68'Single'Family'Homes'for'sale'with''Asking'Prices'over'$1M'for'a'total'Volume'of'$145M.''Of'these'there'are'85'Homes'for'sale'between'$1M'and'$2M.'There'are'19'homes'between'$2M'and'$3M,'and'a'spectacular'home'for152'Evergreen'Drive'in'Trappers'Crossing–'offered'at'$3.9M.'''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'–'stay'tuned'for'some'upcoming'announcements.'''With'over'2,100'acres'and'approximately'2'miles'of'Taylor'River'running'through'the'ranch.'This'is'a'rare'and'unique'opportunity'to'own'a'true'riverfront'lot'and'a'piece'of'paradise.

Crested'Butte'Luxury'Real'Estate'Market'C'Homes'Sold'for'$1'Million'+'Year'to'Date 4'Single'Family'homes'Sold'for'$1M+'in'October'(I'represented'Seller'of'one'of'these'skiZin/out'home'at'73'Anthracite'Drive'which'sold'for'$1.85M),'there'was'another'home'sold'in'Overlook,'one'in'downtown'Crested'Butte,'and'one'in'Buckhorn'Ranch.'There'have'been'27'Single'Family'homes'Sold'for'$1M+'year'to'date'–'this'segment'of'the'market'is'similar'to'2011,'but'more'than'doubled'from'this'same'period'in'2012.''The'average'sold'price'for'these'luxury'homes'was'$1.86M;'median'price'of'$1.55M,'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'8.2%.'The'Single'Family'Home''Luxury'Segment'volume'of'$46.3M'makes'up'34%'of''the'overall'market'volume'YTD.''Luxury'Properties'Under'Contract'in'the'Crested'Butte'Area'–'There'are'currently'2'properties'with'asking'prices'over'$1M'under'Contract'–'1'is'a'brand'new'Single'Family'home'in'downtown'Crested'Butte,'and'one'is'a'14'acre'Pristine'Point'parcel'in'in'the'Meridian'Lake'area.

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2009 13 $21,260,000 $396YTD 2010 14 $23,919,100 $411YTD 2011 23 $40,179,500 $427YTD 2012 12 $21,197,500 $379YTD 2013 27 $46,313,130 $425

2013 Year to Date Total Luxury

Properties $1M+ Sold

Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

Total Original Price by Category

Average Original

Price

% Difference

Original Price vs.

Sold Price

% Difference

Asking Price vs. Sold

Price

Average Price

Per Sq. Foot

Count of # Properties

Sold

Total All Sales $49,813,130 $1,660,438 $54,305,000 $1,810,167 57,702,000 $1,923,400 -13.67% -8.27% 30Single Family Homes $46,313,130 $1,715,301 $50,431,000 $1,867,815 53,778,000 $1,991,778 -13.88% -8.17% $425 27Mt. Crested Butte $14,560,130 $1,820,016 $15,990,000 $1,998,750 14,250,000 $1,781,250 2.18% -8.94% $428 8Mt. CB Single Family Homes $14,560,130 $1,820,016 $15,990,000 $1,998,750 17,434,000 $2,179,250 -16.48% -8.94% $428 8Crested Butte Single Family Homes $11,380,000 $1,625,714 $11,868,000 $1,695,429 12,524,000 $1,789,143 -9.13% -4.11% $563 7Skyland Single Family Homes $4,084,000 $1,361,333 $4,340,000 $1,446,667 5,215,000 $1,738,333 -21.69% -5.90% $344 3





1

1

SF Condos Median Sold Price

1

Year SF Homes Median Sold

Price

Year Condos Median Sold

PriceYTD 2009 $550,000 YTD 2009 $255,000YTD 2010 $650,000 YTD 2010 $234,000YTD 2011 $480,000 YTD 2011 $145,150YTD 2012 $460,000 YTD 2012 $180,000YTD 2013 $530,000 YTD 2013 $179,000

SF Homes Median Sold Price

Hex$

#" "002C55" "4C7CAA" "832A00" "C1A857" "C19F30" "

"

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

Condo / Town Homes"$ Per Sq. Ft.

Positive'Trends'Continues'as'Prices'for'Single'Family'Homes''&'Condos'Strong' 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'to'$530,000'and'the'average'price'per'sq.'ft.'for'Single'Family'homes'has'risen'from'$269'per'sq.'ft.'to'$295.'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'$329'as'average'per'sq.'ft.'' Condos'and'Townhomes'–'We'continue'to'see'price'per'sq.'ft.'for'Condos'&'Townhomes'over'the'$200'mark'–'YTD'at'$214.''Median'price'for'a'condo'is'$179,000'compared'with'$180,000'for'the'same'period'in'2012.' Contact'me'with'questions'about'your'property,'a'category'or'area'of'the'Crested'Butte'Real'Estate'Market'for'more'detail. What'Real'Estate'is'Selling'in'the'Crested'Butte'area?'Year'to'date'Single'Family'homes'made'up'65%'of'the'total'volume'representing'nearly'$90M'and'115'transactions.'There'were'136'Condos'&'Townhome'transactions'YTD'and'this'represents'$35M'in'volume.'As'the'table'shows'the'Single'Family'Home'and'Luxury'Properties'over'$1M'purchased'by'the'Second'Homeowner'represents'a'large'percentage'of'the'dollar'volume'in'our'market'(34%).'

Condo/Town Home Median Sales Price

Single Family Home" Median Sales Price

2013 YTD - Category $ Volume of Properties Sold

% of TotalCount of # Properties

Sold% of Total

Total All Sales $137,006,348 310 Condos & Townhomes $34,948,777 26% 136 44%Single Family Homes $89,660,935 65% 115 37%Mt. Crested Butte $47,259,011 34% 122 39%Mt. CB Single Family Homes $22,133,730 16% 20 6%Crested Butte Single Family Homes $22,013,755 16% 24 8%Skyland Single Family Homes $5,012,000 4% 5 2%CB South Single Family Homes $7,438,400 5% 19 6%Almont $1,521,550 1% 8 3%Land/Lots $12,396,636 9% 59 19%SF Homes Sold > $1M $46,313,130 34% 27 9%




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

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

2013 Year to Date Totals


Average Sold Price




Average Original

Price

% Difference Original Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot


Sold

Total All Sales $137,006,348 $441,956 $148,137,091 $477,862 $249,121,481 $803,618 -45.00% -7.51% 310Condos & Townhomes $34,948,777 $256,976 $37,622,334 $276,635 $129,904,150 $955,178 -73.10% -7.11% $214 136Single Family Homes $89,660,935 $779,660 $96,638,245 $840,333 $104,764,700 $910,997 -14.42% -7.22% $295 115Mt. Crested Butte $47,259,011 $387,369 $51,326,500 $420,709 $138,461,081 $1,134,927 -65.87% -7.92% $288 122Mt. CB Single Family Homes $22,133,730 $1,106,687 $24,132,500 $1,206,625 $26,853,400 $1,342,670 -17.58% -8.28% $329 20Crested Butte Single Family Homes $22,013,755 $917,240 $23,085,900 $961,913 $24,767,400 $1,031,975 -11.12% -4.64% $433 24Skyland 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 $7,438,400 $391,495 $7,787,600 $409,874 $8,078,700 $425,195 -7.93% -4.48% $175 19Almont $1,521,550 $190,194 $1,714,300 $214,288 $2,151,900 $268,988 -29.29% -11.24% $154 8Land/Lots $12,396,636 $210,112 $13,876,512 $235,195 $15,264,331 $258,717 -18.79% -10.66% 59SF 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 $95,106,030 $389,779 $107,454,647 $440,388 $128,457,547 $526,465 -25.96% -11.49% 244Condos & Townhomes $27,324,905 $265,290 $30,143,399 $292,654 $39,297,449 $381,529 -30.47% -9.35% $205 103Single Family Homes $57,049,625 $648,291 $63,238,948 $718,624 $73,057,848 $830,203 -21.91% -9.79% $269 88Mt. Crested Butte $37,106,450 $353,395 $43,038,700 $409,892 $46,857,849 $446,265 -20.81% -13.78% $272 105Mt. CB Single Family Homes $15,555,950 $864,219 $17,347,900 $963,772 $20,713,500 $1,150,750 -24.90% -10.33% $277 18Crested 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 $1,895,012 $270,716 $2,236,600 $319,514 $2,192,700 $313,243 -13.58% -15.27% $245 7Land/Lots $10,731,500 $202,481 $14,072,300 $265,515 $15,202,200 $286,834 -29.41% -23.74% 53SF Homes Sold > $1M $21,197,500 $1,766,458 $24,061,900 $2,005,158 $27,824,000 $2,318,667 -23.82% -11.90% $379 12



Average Sold Price




Average Original

Price



vs. Sold Price



Sold

Total All Sales $98,468,903 $389,205 $110,945,534 $438,520 $140,625,749 $555,833 -29.98% -11.25% 253Condos & Townhomes $26,387,893 $219,899 $29,458,288 $245,486 $38,119,869 $317,666 -30.78% -10.42% $187 120Single Family Homes $65,381,160 $769,190 $73,473,996 $864,400 $91,775,510 $1,079,712 -28.76% -11.01% $298 85Mt. Crested Butte $38,758,868 $352,353 $44,173,588 $401,578 $59,965,540 $545,141 -35.36% -12.26% $255 110Mt. CB Single Family Homes $18,193,000 $957,526 $20,778,300 $1,093,595 $27,973,300 $1,472,279 -34.96% -12.44% $314 19Crested Butte Single Family Homes $18,530,250 $1,235,350 $20,038,787 $1,335,919 $23,022,700 $1,534,847 -19.51% -7.53% $468 15Skyland Single Family Homes $5,860,900 $837,271 $6,532,900 $933,271 $7,933,900 $1,133,414 -26.13% -10.29% $258 7CB South Single Family Homes $6,196,600 $344,256 $6,680,700 $371,150 $7,765,700 $431,428 -20.21% -7.25% $150 18Almont $1,305,500 $217,583 $1,482,300 $247,050 $1,673,400 $278,900 -21.99% -11.93% $198 6Land/Lots $6,699,850 $139,580 $8,013,250 $166,943 $10,095,700 $210,327 -33.64% -16.39% 48SF Homes Sold > $1M $40,179,500 $1,746,935 $46,386,500 $2,016,804 $58,632,400 $2,549,235 -31.47% -13.38% $427 23





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 ESTATEFPOKSIRHC!

A'possible'sale'of'the'Ski'Area'–'what'would'this'mean?'''I'have'always'been'supportive'of'CBMR'and'the'Mueller'family'–'I'believe'they'are'good'people,'hard'working'and'smart'operators'of'the'ski'area.''Certainly'timing'has'had'an'impact,'and'there'have'been'things'they'would'have'done'better'or'differently'Z'hindsight'is'20/20'(Snodgrass'skiZarea'expansion,'Gothic'Building,'Prospect'Lot'pricing…).''''If'as'rumored'Intrawest'with'Cypress'Equities'is'the'prospective'Buyer,'and'they'buy,'then'they'have'the'opportunity'and'scale'to'tackle'some'big'things'sooner:'•  Needed'Ski'Area'Intermediate'Terrain'Expansion'–'Move'quicker'on'the'current'Master'Plan'(vs.'waiting'ie:'chicken/egg'debate)'Teo'Park,'Teo'drainage.''Snodgrass'–'3rd'time'is'a'charm.''Deep'pockets'to'hire'the'right'people'in'Washington'DC'to'get'these'lift'served'expansions'approved.'

•  Bundling'CB'with'their'other'Ski'Mountain'pass'products'will'bring'new'skiers'and'visitors'to'CB,'and'give'CB'Pass'holders'added'value'in'Winter'and'Summer.''

•  There'are'numerous'Development'opportunities'–'The'Cimarron'Building'(where'the'Gothic'Building'was),'The'Base'Area'Master'Plan,'The'North'Village'at'the'base'of'Snodgrass,'the'parcel'at'the'Base'of'the'Gold'Link'Lift,'the'parcel'East'of'Painter'Boy…'

•  Additional'onCmountain'improvements'–'Quality'Restaurant/Sun'Deck'at'the'top'of'Gold'Link,'Prospect,'Painter'Boy'lifts.''Over'time,'replace'Teo'&'Twister'lifts.''

•  Buzz'–'The'mere'Announcement'of'any'of'the'above'items'will'garner'media'coverage,'and'fuel'curiosity,'interest'and'demand.''Numbers'of'visitors'will'rise.'

•  Increase'Demand'in'Air'Seats'–'see'Bundling'and'Buzz'above.'•  A'rise'in'Real'Estate'–'see'my'previous'Blog'Post'Possible'Sale'of'the'Crested'Butte'Ski'Area

Under Contract There are 27 properties Under Contract representing a total volume of $10.5M. Of the 27 properties Under Contract 9 are Condos/Townhomes, 10 are Single Family homes and 8 are lots. Active Listings Trending down - there are currently 648 properties for sale (50 less than last month) representing $451M.

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 $10,530,700 $390,026 27Condos & Townhomes $2,307,900 $256,433 9Single Family Homes $6,230,300 $623,030 10Mt. Crested Butte $3,331,800 $302,891 11Mt. CB Single Family Homes $1,729,300 $432,325 4Crested Butte Single Family Homes $3,128,000 $1,042,667 3Skyland Single Family Homes None 0CB South Single Family Homes $998,000 $499,000 2Land/Lots $1,992,500 $249,063 8SF Homes > $1M $2,948,000 $1,474,000 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 $451,238,894 $696,356 648Condos & Townhomes $80,177,214 $398,892 201Single Family Homes $210,440,848 $1,267,716 166Mt. Crested Butte $150,816,173 $631,030 239Mt. CB Single Family Homes $55,335,300 $1,286,867 43Crested Butte Single Family Homes $35,562,500 $1,016,071 35Skyland Single Family Homes $13,172,250 $1,463,583 9CB South Single Family Homes $8,426,899 $561,793 15Almont $34,155,450 $609,919 56Land/Lots $160,620,832 $571,604 281SF Homes > $1M $144,784,249 $2,129,180 6835 Acre SF Homes $44,497,999 $2,472,111 18

Crested Butte Real Estate Market Report | Through November 30th 201

Real Estate

Transcript of Crested Butte Real Estate Market Report | Through November 30th 201