2012 crested butte real estate 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 2012 IN REVIEW

PREPARED BY CHRIS KOPF

161 157180

277 265

2008 2009 2010 2011 2012

2012 Total Number of Properties Sold

What Type and Where are Properties Selling?

Crested Butte Real Estate Market Report – Year in Review, January 1 – December 31, 2012 Continued Interest in Crested Butte Real Estate Results in Strong Results for 2012 The results for the Crested Butte Real Estate Market for 2012 are in, and all indicators show the market is on solid ground. Totals for 2012 were similar to 2011 and considering the election year and uncertainty in the future US political and economic policies there continues to be strong interest in Crested Butte real estate. Single family homes made up nearly 60% of the total volume of $101 Million, Condos & Townhomes represented the class of properties with the most number of transactions, and 44% of all transactions were in Mt. Crested Butte. In the luxury market there were fewer properties sold over $1M this year vs. last year (17 vs. 24), but this segment still made up 26% of the overall volume for the year. There are approximately 33 properties under contract representing $16.5M, and there are 760 Active Listings in the MLS representing approximately $500M total. There were 50% fewer distressed sales (Foreclosures and Short Sales) vs. 2011 and the Active Listings show only 7% are distressed properties.

2012 Total $ Volume of Properties Sold

$106,278,455

$82,123,407 $84,626,350

$106,164,503 $101,147,030

2008 2009 2010 2011 2012

Area / Type = Category $ Volume of Properties Sold % of Total

Count of # Properties

Sold % of TotalTotal All Sales $101,147,030 100% 265Condos & Townhomes $30,104,905 30% 114 43%Single Family Homes $59,754,625 59% 91 34%Mt. Crested Butte $40,901,450 40% 117 44%Mt. CB Single Family Homes $16,630,950 16% 19 7%Crested Butte SF Homes $15,828,513 16% 25 9%Skyland Single Family Homes $2,605,000 3% 4 2%CB South Single Family Homes $5,405,300 5% 15 6%Land/Lots $11,287,500 11% 60 23%SF Homes Sold > $1M $26,642,500 26% 17 6%





Crested'Bu*e,'4'

Mt'CB,'7'

Rural'Mt'CB,'1'

Rural'CB,'5' There have been 17 Single Family homes or Condos Sold for $1M or more in 2012*, this is compared with 24 in 2011, and 15 in 2010. Below is the detailed breakdown of these transactions, as well the pie chart shows the distribution by area.

Of the total transactions over $1M the majority of properties were sold close to the Asking Price as 8 transactions were sold within 6% of the Asking Price. While more properties are now priced to the market there are still some that are not or have sellers who are willing to deal resulting in some properties with large discounts realized. Overall the average price for homes sold over $1M was 11.4% below Asking Price. This is a bit higher discount when compared with all single family homes and condo/townhomes where the average was right at 9.5%. Also of interest is that 76% of these high-end transactions were recorded as Cash transactions – meaning there was not a lender involved in the closing (there may have been a line of credit or some other outside financing). Of the 7 transactions over $1M in Mt. Crested Butte, 3 of them were ski-in / ski-out condos (2 in the Westwall and 1 in the Silver Ridge Condos).

Crested Butte Homes Sold for $1 Million + in 2012

[Sorted by Price]

Year $ Volume $ Volume %

2008 $46,775,850 46%2009 $30,875,000 36%2010 $25,144,100 30%2011 $41,629,500 42%2012 $26,642,500 24%

* There was also a Founders Lot sold in the Wilder on the Taylor subdivision for $1.5M in 2012. This ranch property boasts 2 miles of private gold medal fishing rights on the coveted Taylor River, and over 2,000 acres of shared ranchland and wilderness. This sale was not recorded in the MLS since the property was not listed in the MLS at the time (I represented the buyer on this transaction).

Address Subdivision or Condo AreaOriginal

Price Asking Price Sold Price$

Difference Ask to Sell

% Difference Ask to Sell

DOMSold Price Per SqFt

Total Finished

Sq Ft

Closing Date Type

# of Acres

105 Bear Scratch Prospect Mt CB $6,280,000 $4,888,500 $4,000,000 $888,500 18.2% 388 $613.40 6,521 1/6/12 Single Family 1.49325 Homestead Road Danni Ranch Rural CB $3,850,000 $2,885,500 $2,475,000 $410,500 14.2% 436 $419.70 5,897 9/6/12 Single Family 35.085 Aspen Hill Road Treasury Hill Crested Butte $2,100,000 $2,100,000 $1,900,000 $200,000 9.5% 193 $459.49 4,135 5/1/12 Single Family 0.23267 Squaw Gulch Red Mtn Ranch Rural CB $2,500,000 $2,500,000 $1,850,000 $650,000 26.0% 70 $315.81 5,858 6/15/12 Single Family 35.130 Belleview Drive Downtown Crested Butte Mt CB $1,950,000 $1,950,000 $1,800,000 $150,000 7.7% 163 $292.16 6,161 11/13/12 Single Family 0.71750 Providence Ridge Trappers Crossing At Wildcat Rural CB $2,600,000 $1,700,000 $1,600,000 $100,000 5.9% 301 $302.34 5,292 1/19/12 Single Family 49.82200 Sopris Avenue Downtown Crested Butte Crested Butte $1,490,000 $1,490,000 $1,450,000 $40,000 2.7% 224 $509.13 2,848 1/10/12 Single Family 0.14422 Gothic Avenue Downtown Crested Butte Crested Butte $1,675,000 $1,448,000 $1,400,000 $48,000 3.3% 329 $364.20 3,844 3/22/12 Single Family 0.1963 Pristine Point Way Pristine Point Rural Mt CB $1,490,000 $1,275,000 $1,237,500 $37,500 2.9% 524 $325.40 3,803 11/7/12 Single Family 1.0914 Hunter Hill Rd #C101 Westwall Lodge Mt CB $1,399,000 $1,399,000 $1,200,000 $199,000 14.2% 161 $489.40 2,452 12/19/12 Condo 09 Silver Ln Gold Link Mt CB $1,299,000 $1,234,900 $1,200,000 $34,900 2.8% 103 $229.80 5,222 9/12/12 Single Family 0.82320 Maroon Downtown Crested Butte Crested Butte $1,295,000 $1,295,000 $1,185,000 $110,000 8.5% 99 $474.76 2,496 8/31/12 Single Family 0.1916 Snowmass Road, #1 Silver Ridge Condos Mt CB $1,600,000 $1,100,000 $1,100,000 $0 0.0% 687 $364.12 3,021 10/2/12 Condo 015 Buckhorn Way Buckhorn Ranch Rural CB $1,295,000 $1,295,000 $1,100,000 $195,000 15.1% 169 $285.42 3,854 10/31/12 Single Family 1.2121 Wildhorse Trail Wildhorse At Prospect Mt CB $1,095,999 $1,095,999 $1,075,000 $20,999 1.9% 142 $308.73 3,482 12/20/12 Single Family 01494 Red Mountain Road Danni Ranch Rural CB $2,350,000 $1,050,000 $1,040,000 $10,000 1.0% 725 $251.45 4,136 12/4/12 Single Family 35.4914 Hunter Hill Road #C305 Westwall Lodge Mt CB $1,365,000 $1,365,000 $1,030,000 $335,000 24.5% 112 $401.87 2,563 1/26/12 Condo 0

Totals $35,633,999 $30,071,899 $26,642,500 $3,429,399 11.4% 284 $376.89 Averages

0"

5"

10"

15"

20"

25"

30"

2007" 2008" 2009" 2010" 2011" 2012" 2013"

2012"Count"$1M+"Property"Sales"





Single Family Homes"$ Per Sq. Ft.

0

75.0

150.0

225.0

300.0 $293$282

$263

$249

$171$191

2010 2011 2012

44

122

61

2011 2012

Short Sales & Foreclosure Annual Count

2010

-50%

Averages(for(Single(Family(Homes(Decline,(Condos(Increase( Asking'Prices'and'Selling'Prices'for'Single(Family((SF)(homes(continue'to'decline.''At'the'end'of'2011'the'Average'Asking'Price'for'a'SF'home'Sold'was'$831,000'compared'with'$725,000'in'2012.''Either'Sellers'are'coming'down'to'meet'the'Market'or'more'likely'Buyers'are'looking'at,'and'buying'more'affordable'homes'(this'is'supported'by'the'reduction'in'homes'sold'over'$1M'in'2012'–'17'in'2012'vs.'24'in'2011).''The'result'is'the'Average'Price'per'sq.'ft.'has'dropped'from'$282'to'$263'for'SF'Homes'in'the'past'year.''Condos(and(Townhomes(on'the'other'hand'have'seen'a'greater'volatility'in'price'points'in'the'past'three'years'but'comparing'2011'to'2012'we'see'an'increase'in'Average'Price'per'sq.'ft.'from'$171'to'$191.''Of'the'265'properties'Sold'in'2012,'114'Condos'or'Townhomes'sold.''While'this'category'of'properties'saw'the'greatest'reduction'in'price'from'Original'Price'to'Sold'Price'(39.4%),'the'Selling'Prices'averaged'9.5%'below'the'Asking'Price.'

Foreclosures and Short-Sales Drop by 50% over 2011

•  Of the total 265 transactions in 2012, 61 were either Short Sales or Foreclosures (23%)

•  Of the 760 properties currently For Sale in the MLS, only 52 are either Short Sales or Foreclosures (7%).

•  Of the 61 properties Sold that were either Short Sales or Foreclosures the Average Selling Price was 6.4% below Asking Price. Another indicator that properties are being price to the market.

Condos $ Per Sq. Ft.

Short Sales & Foreclosures

Annual Count

Annual %

2009 25 16%2010 44 24%2011 122 44%2012 61 23%





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 11.3% for all property types.

Totals for 2012 Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

Total Original Price by Category

Average Original

Price

$ Difference Origial Price

vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking

Price vs. Sold Price

% Difference

Asking Price vs.

Sold Price

Average Price Per Sq. Foot

Total All Sales $101,147,030 $381,687 $114,119,046 $430,638 $136,756,046 $516,061 $35,609,016 -26.04% $12,972,016 -11.37%Condos & Townhomes $30,104,905 $264,078 $33,290,899 $292,025 $49,548,899 $434,639 $19,443,994 -39.24% $3,185,994 -9.57% $191Single Family Homes $59,754,625 $656,644 $66,024,447 $725,543 $77,173,347 $848,059 $17,418,722 -22.57% $6,269,822 -9.50% $263Mt. Crested Butte $40,901,450 $349,585 $47,283,199 $404,130 $58,610,899 $500,948 $17,709,449 -30.22% $6,381,749 -13.50% $272Mt. CB Single Family Homes $16,630,950 $875,313 $18,443,899 $970,732 $21,809,499 $1,147,868 $5,178,549 -23.74% $1,812,949 -9.83% $279Crested Butte Single Family Homes $15,828,513 $633,141 $16,903,698 $676,148 $18,405,698 $736,228 $2,577,185 -14.00% $1,075,185 -6.36% $341Skyland Single Family Homes $2,605,000 $651,250 $3,013,000 $753,250 $3,113,000 $778,250 $508,000 -16.32% $408,000 -13.54% $291CB South Single Family Homes $5,405,300 $360,353 $5,610,750 $374,050 $6,249,950 $416,663 $844,650 -13.51% $205,450 -3.66% $159Land/Lots $11,287,500 $188,125 $14,803,700 $246,728 $18,429,197 $307,153 $7,141,697 -38.75% $3,516,200 -23.75%SF Homes Sold > $1M $26,642,500 $1,567,206 $30,071,899 $1,768,935 $35,633,999 $2,096,118 $528,912 -29.90% $201,729 -11.40% $372Almont $2,485,012 $310,627 $2,876,100 $359,513 $4,186,500 $523,313 $1,701,488 -40.64% $391,088 -13.60% $26635 Acre SF Homes $10,351,250 $1,150,139 $12,144,400 $1,349,378 $16,344,900 $1,816,100 $5,993,650 -36.67% $1,793,150 -14.77% $285


Average Sold Price




Average Original

Price


vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking


% Difference

Asking Price vs.

Sold Price


Total All Sales $106,164,503 $383,265 $119,453,934 $431,242 $150,814,849 $544,458 $44,650,346 -29.61% $13,289,431 -11.13%Condos & Townhomes $27,258,993 $214,638 $30,417,188 $239,505 $37,501,959 $295,291 $10,242,966 -27.31% $3,158,195 -10.38% $171Single Family Homes $71,083,660 $740,455 $79,813,696 $831,393 $99,299,510 $1,034,370 $28,215,850 -28.41% $8,730,036 -10.94% $282Mt. Crested Butte $40,683,368 $344,774 $46,338,188 $392,697 $56,958,540 $482,699 $16,275,172 -28.57% $5,654,820 -12.20% $251Mt. CB Single Family Homes $19,405,500 $882,068 $22,156,300 $1,007,105 $29,781,300 $1,353,695 $10,375,800 -34.84% $2,750,800 -12.42% $307Crested Butte Single Family Homes $20,355,250 $1,197,368 $22,166,787 $1,303,929 $25,781,700 $1,516,571 $5,426,450 -21.05% $1,811,537 -8.17% $462Skyland Single Family Homes $6,510,900 $813,863 $7,221,800 $902,725 $8,678,800 $1,084,850 $2,167,900 -24.98% $710,900 -9.84% $256CB South Single Family Homes $6,751,600 $337,580 $7,270,600 $363,530 $8,355,600 $417,780 $1,604,000 -19.20% $519,000 -7.14% $150Land/Lots $7,821,850 $144,849 $9,223,050 $170,797 $11,241,750 $208,181 $3,419,900 -30.42% $1,401,200 -15.19%SF Homes Sold > $1M $41,629,500 $1,734,563 $47,945,500 $1,997,729 $60,191,400 $2,507,975 $773,413 -38.71% $263,167 -13.17% $450Almont $1,305,500 $217,583 $1,482,300 $247,050 $1,473,700 $245,617 $168,200 -11.41% $176,800 -11.93% $19835 Acre SF Homes $9,338,500 $1,556,417 $11,678,800 $1,946,467 $16,049,900 $2,674,983 $6,711,400 -41.82% $2,340,300 -20.04% $470


Average Sold Price




Average Original

Price


vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking


% Difference

Asking Price vs.

Sold Price


Total All Sales $84,626,350 $470,146 $94,102,429 $522,791 $111,400,157 $618,890 $26,773,807 -24.03% $9,476,079 -10.07%Condos & Townhomes $28,111,338 $323,119 $31,422,879 $361,183 $56,253,831 $646,596 $28,142,493 -50.03% $3,311,541 -10.54% $249Single Family Homes $50,346,081 $799,144 $55,449,000 $880,143 $62,805,000 $996,905 $12,458,919 -19.84% $5,102,919 -9.20% $293Mt. Crested Butte $28,990,700 $371,676 $32,889,830 $421,664 $51,081,909 $654,896 $22,091,209 -43.25% $3,899,130 -11.86% $257Mt. CB Single Family Homes $7,702,900 $641,908 $8,662,800 $721,900 $11,620,500 $968,375 $3,917,600 -33.71% $959,900 -11.08% $210Crested Butte Single Family Homes $14,901,500 $745,075 $16,394,800 $819,740 $18,301,700 $915,085 $3,400,200 -18.58% $1,493,300 -9.11% $400Skyland Single Family Homes $6,337,500 $905,357 $7,091,000 $1,013,000 $8,787,900 $1,255,414 $2,450,400 -27.88% $753,500 -10.63% $262CB South Single Family Homes $2,969,431 $371,179 $3,035,700 $379,463 $3,608,100 $451,013 $638,669 -17.70% $66,269 -2.18% $174Land/Lots $6,168,931 $205,631 $7,230,550 $241,018 $18,423,100 $614,103 $12,254,169 -66.52% $1,061,619 -14.68%SF Homes Sold > $1M $25,144,100 $1,676,273 $27,676,900 $1,845,127 $29,030,900 $1,935,393 $259,120 -14.04% $168,853 -9.15% $412Almont $4,527,888 $565,986 $5,043,400 $630,425 $4,626,000 $578,250 $98,112 -2.12% $515,512 -10.22% $385SF Homes on 35+ Acres $10,050,100 $2,512,525 $10,749,000 $2,687,250 $10,749,000 $2,687,250 $698,900 -6.50% $698,900 -6.50% $420





!

Crested Butte is a Special Place… I get the opportunity to work with many Buyers who are new to Crested Butte. Many have spent years visiting and vacationing throughout the Rocky Mountains and the Western US. It is very common for real estate buyers to compare the various other ski areas/towns with Crested Butte. Not everyone has the same reasoning – but in general the conclusion is that Crested Butte offers better Value and variety in Real Estate, and is a great place to create memories in Winter and Summer with their family and friends for years to come. Crested Butte continues to see and increase in Summer tourism and families “summering” here for 4-8 weeks. This is a residential real estate market that is made up of second homeowners seeking an escape from the large metro areas where they live and work. I was once a second homeowner before moving here full-time with my family. I still cherish every day and hope to help others discover the wonders of this special place.

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 [email protected] Thanks,

2012 Real Estate $ Volume

$25,069,848$27,408,365

$19,850,655

$28,818,162

Q1 Q2 Q3 Q4

59

74

50

82

Q1 Q2 Q3 Q4

2012 Real Estate Transactions

Month 2012JAN $13,923,750FEB $4,545,898MAR $6,600,200APR $8,057,800MAY $10,228,700JUNE $9,121,865JULY $3,869,300AUG $6,929,000SEPT $9,052,355OCT $10,087,500NOV $12,689,662DEC $6,041,000Totals $101,147,030

These charts and tables show the tale of the tape – surprising that the summer months were not what people expected. The 4th quarter shows a strong increase in both transactions and volume resulting in another year over $100M in total real estate transactions.

2012 crested butte real estate market report

Real Estate

crested butte homes

rural crested butte

crested butte sf homes

volume of properties

total total

cb single family homes

total volume

total transactions