real estate-report-2011-10-31-11

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.

Crested Bu*e Real Estate Market Report Prepared by Chris Kopf

Year To Date as of October 31, 2009

Chris Kopf Broker Associate Coldwell Banker Bighorn Realty (970) 209-‐5405 [email protected] www.chriskopf.com


YTD – through October 31, 2011

$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000 $171,722,324

$93,409,455

$69,039,107 $71,145,650

$89,127,463

2007 2008 2009 2010 2011

0

75

150

225

300247

142 132146

223

2007 2008 2009 2010 2011

Crested Butte Real Estate Market Report – Year to Date (YTD) January 1 – October 31, 2011 Significant Rise in Number of Transactions and Total Volume While Price per Sq. Foot Continues to Slide. There continues to be an steady increase in activity in the Crested Butte Area Real Estate Market – The total number of Transactions is steady at 35% over 2010 and Total Market Volume also continues to rise, up 25% over this same period in 2010. If this trend continues and it appears it will ($17M in properties under contract) the totals for the year should surpass 2008 at well over the $100M mark. Since most people reading this will wonder what impact the market has on their property value or area of interest - you will see additional detail on the following pages of this Crested Butte Real Estate Report. Below there is a table answering the question: “What Area or Type of Property is Selling?” You can see the answer is Single Family Homes capture the greatest share of the total dollars – the most transactions are for Condos/Townhomes in Mt. CB.

YTD Number of Properties Sold

YTD Total $ Volume Sold

+20%

+ 35% What Area and Type of Property is Selling?

Area / Type = Category $ Volume of Properties Sold

% of Total

Count of # Properties

Sold% of Total

Total All Sales $89,127,463 100% 223Condos & Townhomes $24,352,103 27% 93 42%Single Family Homes $58,956,260 66% 76 34%Mt. Crested Butte $34,464,078 39% 95 43%Mt. CB Single Family Homes $15,824,000 18% 16 7%Crested Butte SF Homes $16,379,250 18% 13 6%Skyland Single Family Homes $4,726,000 5% 5 2%CB South Single Family Homes $5,946,600 7% 17 8%Land/Lots $5,819,100 7% 40 18%SF Homes Sold > $1M $37,279,500 42% 21 9%







Mt. Crested Butte6

Crested Butte8

Skyland3

!"#$% &''()** +#,'-.-*-"$ &()/ 0(-1-$/234(-5) &*6-$134(-5) +"2'34(-5)789-$-*:)'3

+99-$-*:)'3+;39% <0= !2"*-$13</%) >3"?3&5()*

1 1482 Peanut Lake Road NO Subdivision Rural CB $4,500,000 $4,500,000 $3,125,000 $2,083.33 1,500 133 3/16/11 572 558 Journeys End Road NO Subdivision Crested Butte $2,875,000 $2,875,000 $2,875,000 $499.05 5,761 64 9/23/11 0.243 1 Grizzly Trail East River Ranches East River Ranches Rural CB $7,595,000 $3,600,000 $2,650,000 $353.33 7,500 1172 9/16/11 35.044 77 Anthracite Drive Elk Run Mt CB $3,250,000 $3,100,000 $2,600,000 $476.02 5,462 525 9/8/11 0.495 23 Gray Fox Drive Prospect Mt CB $6,000,000 $2,950,000 $2,500,000 $585.48 4,270 1192 4/21/11 0.696 231 Butte Ave Kapushion Crested Butte $2,695,000 $2,495,000 $2,100,000 $582.85 3,603 379 8/1/11 0.227 3 Black Diamond Trail The Summit Mt CB $3,500,000 $2,650,000 $2,050,000 $355.72 5,763 619 9/30/11 0.738 1 Teocalli Avenue NO Subdivision Crested Butte $2,600,000 $2,500,000 $1,999,000 $518.95 3,852 342 7/27/11 0.279 127 Butte Avenue Kapushion Crested Butte $1,850,000 $1,850,000 $1,795,000 $609.71 2,944 182 9/9/11 0.1410 5 Ruths Road Kapushion Crested Butte $2,095,000 $1,790,000 $1,772,000 $594.03 2,983 255 8/16/11 0.1911 215 Butte Ave Kapushion Crested Butte $2,950,000 $1,700,000 $1,637,500 $429.79 3,810 586 8/15/11 0.2212 82 Anthracite Elk Run Mt CB $1,795,000 $1,445,000 $1,350,000 $487.19 2,771 957 7/1/11 0.3913 6 Ruth's Road Kapushion Crested Butte $1,395,000 $1,395,000 $1,320,000 $447.61 2,949 40 7/12/11 0.1914 15 Buttercup Lane Sunlight Ridge Estates Mt CB $1,399,900 $1,390,000 $1,300,000 $205.47 6,327 382 10/11/11 1.215 532 Forest Lane Skyland Rural CB $1,495,000 $1,395,000 $1,300,000 $288.12 4,512 449 9/23/11 0.8416 379 Smith Road Whetstone Mtn R Rural CB $1,100,000 $1,100,000 $1,295,000 $437.65 2,959 70 5/25/11 35.117 101 Mulligan Skyland Rural CB $1,590,000 $1,395,000 $1,250,000 $331.04 3,776 380 5/18/11 0.6118 30 Summit The Summit Mt CB $1,187,500 $1,187,500 $1,187,500 $268.18 4,428 84 7/28/11 0.3919 1287 Meadows Road C.B. Meadows Rural CB $1,500,000 $1,289,000 $1,153,500 $311.34 3,705 183 6/22/11 35.0320 21 Sopris NO Subdivision Crested Butte $1,195,000 $1,195,000 $1,020,000 $272.00 3,750 257 7/25/11 0.2221 11 Garland Drive Skyland Rural CB $2,400,000 $1,450,000 $1,000,000 $225.48 4,435 995 6/7/11 0.74

5 in Kapushion Subdivision There have been 21 homes Sold for $1M or more this year – a 43% increase over 2010. Below is the detailed breakdown of these transactions, as well the pie chart shows the distribution. Remarkable that 5 of the 8 homes sold in Crested Butte were in the Kapushion Subdivision on the North Side of downtown Crested Butte. You will see this subdivision borders open space with coveted views facing Paradise Divide.

21 Homes Sold => $1 Million YTD 2011

YearSF Homes

Sold > $1M2011 212010 122009 152008 232007 47







0

22

44

66

88

110

15

35

103

2010 2011

Short Sales & Foreclosure YTD Count

$0

$200

$400

$600$504

$294 $280 $257

$189

2007 2008 2009 2010 2011

$0

$100

$200

$300

$400 $359$386

$323$299

$281

2007 2008 2009 2010 2011

- 36%

YTD Condo/Townhome Average Price Per Square Foot

YTD Single Family Home Average Price Per Square Foot

- 6.5%

Short Sales & Foreclosures

YTD Count YTD %

2011 103 46%2010 35 24%2009 15 11%

2009

+66%

Price per Square Foot still Lower than the Same period Previous Years

It is still a Buyers Market as prices continue to fall. Classic Supply and Demand – the Crested Butte Market is finding Buyers who want to Buy, Cash and are being rewarded with many choices in quality properties, and are getting great value for their dollar. The transaction data shows that average price per square foot is down 6.5% from this period last year on Single Family homes ($281 per sq. ft.) and a whopping 36% on Condos ($189 per sq. ft.). 46% of the properties sold are either short-sales or foreclosures – and 56% of all Condos or Townhomes (qty. 60) were distressed vs. 38% of all Single Family Homes Sold (qty. 29). The current inventory shows there are 485 Active Listings for Single Family Homes (total 223) and Condos/Townhomes (262).

Foreclosures and Short-Sales Continue to play a Big Role

The chart and table shows us that of the 223 transactions YTD there were 103 that were either Short Sales or Foreclosures representing 46% of all the transactions. Comparing this to 2010 we see that this volume more has more than tripled. Of the 485 Active Listings in the MLS System for SF Homes and Condos 43 are either Short Sales or Foreclosures (9%). These represent a small percentage of the overall inventory, but they are attracting many active buyers.







Here are the past three years through the end of October by category for your review. As a point of reference for Buyers and Sellers – After 3 years of price decline - most properties are priced to the Market and most Sellers are not “distressed” – take note of the % Difference Asking Price vs. Sold Price by Category – on average 11% for all property types.

Totals 2011 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 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 $89,127,463 $399,675 $100,575,427 $451,011 $180,363,809 $808,806 $91,236,346 -50.58% $11,447,964 -11.38%Condos & Townhomes $24,352,103 $261,851 $27,087,618 $291,265 $54,161,750 $582,384 $29,809,647 -55.04% $2,735,515 -10.10% $189Single Family Homes $58,956,260 $775,740 $66,648,109 $876,949 $136,030,610 $1,789,876 $77,074,350 -56.66% $7,691,849 -11.54% $297Mt. Crested Butte $34,464,078 $362,780 $39,238,918 $413,041 $51,871,400 $546,015 $17,407,322 -33.56% $4,774,840 -12.17% $256Mt. CB Single Family Homes $7,984,000 $887,111 $8,924,400 $991,600 $24,510,300 $2,723,367 $16,526,300 -67.43% $940,400 -10.54% $308Crested Butte Single Family Homes $10,889,250 $1,209,917 $12,219,800 $1,357,756 $20,843,700 $2,315,967 $9,954,450 -47.76% $1,330,550 -10.89% $450Skyland Single Family Homes $3,426,000 $856,500 $3,989,000 $997,250 $6,735,000 $1,683,750 $3,309,000 -49.13% $563,000 -14.11% $259CB South Single Family Homes $4,379,000 $336,846 $5,090,200 $391,554 $59,340,700 $4,564,669 $54,961,700 -92.62% $711,200 -13.97% $144Land/Lots $5,819,100 $145,478 $6,839,700 $170,993 $73,758,910 $1,843,973 $67,939,810 -92.11% $1,020,600 -14.92%SF Homes Sold > $1M $37,279,500 $1,863,975 $43,251,500 $2,162,575 $54,967,400 $2,748,370 $884,395 -40.90% $298,600 -13.81% $451Almont $1,305,500 $217,583 $1,482,300 $247,050 $3,470,930 $578,488 $2,165,430 -62.39% $176,800 -11.93% $198


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 $71,145,650 $487,299 $79,481,579 $544,394 $93,106,957 $637,719 $21,961,307 -23.59% $8,335,929 -10.49%Condos & Townhomes $23,612,638 $393,544 $26,674,079 $444,568 $44,515,201 $741,920 $20,902,563 -46.96% $3,061,441 -11.48% $257Single Family Homes $42,593,581 $835,168 $47,036,200 $922,278 $53,469,700 $1,048,425 $10,876,119 -20.34% $4,442,619 -9.45% $299Mt. Crested Butte $25,776,000 $384,716 $29,543,930 $440,954 $45,773,402 $683,185 $19,997,402 -43.69% $3,767,930 -12.75% $253Mt. CB Single Family Homes $6,972,900 $633,900 $7,913,800 $719,436 $10,745,500 $976,864 $3,772,600 -35.11% $940,900 -11.89% $204Crested Butte Single Family Homes $12,181,500 $761,344 $13,431,900 $839,494 $15,084,800 $942,800 $2,903,300 -19.25% $1,250,400 -9.31% $398Skyland Single Family Homes $4,875,000 $975,000 $5,507,000 $1,101,400 $6,793,900 $1,358,780 $1,918,900 -28.24% $632,000 -11.48% $261CB South Single Family Homes $2,304,431 $384,072 $2,371,700 $395,283 $2,877,600 $479,600 $573,169 -19.92% $67,269 -2.84% $159Land/Lots $4,939,431 $235,211 $5,771,300 $274,824 $14,951,000 $711,952 $10,011,569 -66.96% $831,869 -14.41%SF Homes Sold > $1M $21,606,600 $1,800,550 $23,984,000 $1,998,667 $24,928,000 $2,077,333 $276,783 -13.85% $198,117 -9.91% $419Almont $3,512,888 $702,578 $3,824,400 $764,880 $3,033,700 $606,740 ($479,188) 15.80% $311,512 -8.15% $437


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 $69,039,107 $523,024 $76,721,493 $581,223 $89,000,497 $674,246 $19,961,390 -22.43% $7,682,386 -10.01%Condos & Townhomes $23,195,557 $527,172 $25,095,344 $570,349 $40,807,227 $927,437 $17,611,670 -43.16% $1,899,787 -7.57% $280Single Family Homes $38,017,050 $775,858 $42,250,749 $862,260 $49,514,380 $1,010,498 $11,497,330 -23.22% $4,233,699 -10.02% $323Mt. Crested Butte $26,922,207 $517,735 $30,409,794 $584,804 $33,903,300 $651,987 $6,981,093 -20.59% $3,487,587 -11.47% $333Mt. CB Single Family Homes $10,732,400 $1,192,489 $12,488,650 $1,387,628 $13,508,650 $1,500,961 $2,776,250 -20.55% $1,756,250 -14.06% $359Crested Butte Single Family Homes $14,479,000 $851,706 $15,826,400 $930,965 $19,633,900 $1,154,935 $5,154,900 -26.26% $1,347,400 -8.51% $392Skyland Single Family Homes $4,560,000 $1,520,000 $4,984,000 $1,661,333 $6,353,500 $2,117,833 $1,793,500 -28.23% $424,000 -8.51% $412CB South Single Family Homes $3,949,000 $438,778 $4,106,799 $456,311 $4,423,430 $491,492 $474,430 -10.73% $157,799 -3.84% $196Land/Lots $7,826,500 $434,806 $9,375,400 $520,856 $12,534,750 $696,375 $4,708,250 -37.56% $1,548,900 -16.52%SF Homes Sold > $1M $24,785,000 $1,906,538 $27,754,750 $2,134,981 $31,710,118 $2,439,240 $532,701 -24.95% $228,442 -10.70% $502Almont $1,727,500 $246,786 $1,956,400 $279,486 $4,708,000 $672,571 $2,980,500 -63.31% $228,900 -11.70% $194







!

What else? The Colorado Department of Wildlife manages the elk population through hunting - only 1/3 of all Elk tags issued will harvest an elk. This brings visitors to our State and Region and is a boost to the local economy. Many local residents also enjoy the opportunity to get together with friends to hunt for elk in the Fall. I recently spent a few days in the wilderness with a great friend searching for elk. Like elk hunting – searching for that perfect mountain property in Crested Butte is part art, part science and while it helps to be in the right place at the right time – it requires knowledge, skill, and attention to detail. If you are a Buyer – this continues to be a very good market with lots of choices and great values. Fall is an exceptionally good time to revisit the properties you had an interest in – many Sellers would welcome a bona fide offer now. Ski Season will be starting in less that one month – and with that we will continue to see new visitors and Buyers exposed to Crested Butte throughout the Winter months.

How can I help you? This 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 property is worth, or want me to represent you as a Buyer - I would appreciate the opportunity to earn your business (or a friend you think I could help). To see featured properties or search the MLS – visit www.chriskopf.com. You can always reach me at: (970) 209-5405 or [email protected] Thanks,

Crested Butte Real Estate Volume – By Month

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC

2011 2010 2009 2008 2007JANFEBMARAPRMAYJUNEJULYAUGSEPTOCTNOVDEC

TOTALS

$4,216,000 $2,854,600 $2,772,858 $3,461,000 $6,455,000$2,778,078 $4,454,069 $4,105,949 $10,923,900 $7,212,000$8,091,400 $8,114,331 $3,697,500 $18,058,500 $12,743,500$9,259,925 $4,004,000 $2,129,000 $6,312,000 $12,578,550$8,391,150 $7,331,250 $6,450,000 $6,209,400 $35,992,910$7,010,900 $4,442,000 $2,571,000 $6,362,500 $27,810,864

$10,291,000 $6,313,500 $10,868,000 $6,296,350 $20,867,200$11,517,900 $8,942,100 $17,984,750 $11,108,075 $14,950,300$19,846,300 $14,141,000 $13,267,500 $14,240,250 $11,666,800$7,724,810 $10,294,800 $4,788,050 $10,437,480 $20,022,350

$8,563,700 $4,690,400 $5,439,000 $12,565,820$4,416,000 $7,907,150 $7,430,000 $7,360,395

$89,129,474 $83,873,360 $81,234,166 $106,280,463 $190,225,689