crested butte real estate market report january 2015

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 JANUARY RESULTS 2015 PREPARED BY CHRIS KOPF



CONDO & TOWN HOME MEDIAN SALES PRICE





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. We 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).

Total $ Volume of Properties Sold YTD

Total Number of Properties Sold YTD




Town of Crested Butte 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.




2015 YTD 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 $4,107,500 293,393 $4,333,000 309,500 4,439,000 317,071 -7.47% -5.20% 14Condos & Townhomes $611,000 203,667 $643,000 214,333 763,000 254,333 -19.92% -4.98% $197 3Single Family Homes $2,732,500 546,500 $2,863,000 572,600 2,954,000 590,800 -7.50% -4.56% $252 5Mt. Crested Butte $500,000 250,000 $528,000 264,000 660,000 330,000 -24.24% -5.30% $388 2Mt. CB Single Family Homes None 0Crested Butte Single Family Homes $1,625,000 812,500 $1,724,000 862,000 1,794,000 897,000 -9.42% -5.74% $364 2Skyland Single Family Homes None 0CB South Single Family Homes $1,107,500 369,167 $1,139,000 379,667 1,160,000 386,667 -4.53% -2.77% $173 3Almont None 0Land/Lots $764,000 127,333 $827,000 137,833 1,046,000 174,333 -26.96% -7.62% 6SF Homes Sold > $1M None 0


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $5,168,686 516,869 $5,448,300 544,830 5,632,400 563,240 -8.23% -5.13% 10Condos & Townhomes $2,448,686 349,812 $2,620,500 374,357 3,286,000 469,429 -25.48% -6.56% $305 7Single Family Homes $2,720,000 906,667 $2,827,800 942,600 3,004,500 1,001,500 -9.47% -3.81% $319 3Mt. Crested Butte $2,640,000 440,000 $2,809,300 468,217 4,557,000 759,500 -42.07% -6.03% $297 6Mt. CB Single Family Homes $475,000 475,000 $498,800 498,800 656,500 656,500 -27.65% -4.77% $154 1Crested Butte Single Family Homes $1,785,000 1,785,000 $1,850,000 1,850,000 1,850,000 1,850,000 -3.51% -3.51% $638 1Skyland Single Family Homes None 0CB South Single Family Homes $460,000 460,000 $479,000 479,000 498,000 498,000 -7.63% -3.97% $174 1Almont None 0Land/Lots None 0SF Homes Sold > $1M $1,785,000 1,785,000 $1,850,000 1,850,000 1,850,000 1,850,000 -3.51% -3.51% $638 1


Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $8,751,700 364,654 $9,410,100 392,088 10,212,350 425,515 -14.30% -7.00% 24Condos & Townhomes $2,906,150 242,179 $3,208,450 267,371 2,970,450 247,538 -2.16% -9.42% $185 12Single Family Homes $5,585,550 620,617 $5,869,900 652,211 6,096,000 677,333 -8.37% -4.84% $274 9Mt. Crested Butte $3,975,850 305,835 $4,395,050 338,081 3,649,550 280,735 8.94% -9.54% $242 13Mt. CB Single Family Homes $1,775,000 887,500 $1,894,000 947,000 1,940,000 970,000 -8.51% -6.28% $322 2Crested Butte Single Family Homes $1,145,000 572,500 $1,210,000 605,000 1,260,000 630,000 -9.13% -5.37% $424 2Skyland Single Family Homes None 0CB South Single Family Homes $310,000 310,000 $324,900 324,900 355,000 355,000 -12.68% -4.59% $158 1Almont $105,550 105,550 $91,000 91,000 94,900 94,900 11.22% 15.99% $68 1Land/Lots $260,000 86,667 $331,750 110,583 449,000 149,667 -42.09% -21.63% 3SF Homes Sold > $1M $2,795,000 1,397,500 $2,985,000 1,492,500 2,985,000 1,492,500 -6.37% -6.37% $373 2

The detail below represents the past three years data by category. Given the small sample set Year to Date the % Difference Asking Price vs. Sold Price by Category may not be representative of the market which was at 9.66 % for all property types in 2014. See Crested Butte Real Estate Market Report – 2014 in Review.




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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 [email protected] Thanks, Chris Kopf

Under 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 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.

All Properties Under Contract

Total Under Contract by Asking Price

Average Under

Contract by Asking Price


Under Contract

Total All Properties Under Contract $23,103,699 $513,416 45Condos & Townhomes $3,736,399 $266,886 14Single Family Homes $12,737,500 $796,094 16Mt. Crested Butte $7,072,199 $416,012 17Mt. CB Single Family Homes $3,515,500 None 5Crested Butte Single Family Homes $3,699,000 $739,800 5Skyland Single Family Homes $1,618,000 None 2CB South Single Family Homes $515,000 $515,000 1Land/Lots $6,629,800 $441,987 15SF Homes > $1M $8,289,000 $1,381,500 6Almont $1,750,000 $0 135 Acre SF Homes $0 None 0

All Current ListingsTotal Current Listing Price by Category

Average Listing Price

Count of # Properties on

the MarketTotal All Current Listings $401,599,394 $671,571 598Condos & Townhomes $66,665,939 $366,296 182Single Family Homes $190,322,698 $1,294,712 147Mt. Crested Butte $167,305,339 $733,795 228Mt. CB Single Family Homes $70,830,200 $1,507,026 47Crested Butte Single Family Homes $24,869,000 $1,081,261 23Skyland Single Family Homes $11,966,999 $1,196,700 10CB South Single Family Homes $3,506,000 $584,333 6Almont $12,408,900 $288,579 43Land/Lots $144,610,757 $537,586 269SF Homes > $1M $144,224,698 $1,948,982 7435 Acre SF Homes $35,898,999 $1,994,389 18

crested butte real estate market report january 2015

Real Estate

rural crested butte

luxury single family

land sales

active real estate market

condos town homes

market update

luxury homes segment

gunnison valley