Crested Butte Real Estate Market Report | Through October 31st 2013

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 OCTOBER

PREPARED BY CHRIS KOPF

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

$89,767,013$82,416,368

$123,962,248

YTD 2009 YTD 2010 YTD 2011 YTD 2012 YTD 2013

132146

229215

283


Crested Butte Real Estate Market Report – Year to Date through October 31, 2013 Crested Butte Real Estate Year to Date (YTD) Momentum Continues Transactions and Total Dollar Volume of properties Sold continues to outshine the past 4 years, and in some segments of the market values are slowly creeping up as well. The Crested Butte and Mt. Crested Butte Summer Sales Tax numbers showed record highs which is great news for the local economy. Also great news for next Summer – the Colorado Pro Cycling Challenge will return to Crested Butte – Stage 2 August 19, 2014 will start in Aspen and end in Crested Butte. Stage 3 on August 20th will start in Gunnison and end on Monarch Mountain. Put it on your calendar – this is truly an exciting event as the top cyclists in the world race through our valley. Looking at the numbers – the Total Number of Properties Sold is up 32% (more than double 2009 numbers), Total Volume is up 34%. We are also still seeing Price per square foot for both Single Family homes and Condos and Town homes on the rise slightly. Average Days on Market for all properties is 311 days, and 411 days for luxury single family homes (Sold Price > $1M). Most properties are being priced closer to the Market and the difference from Asking to Selling Price for all properties is slimmer at 7.6%. Of note 74% of all properties sold below Asking Price. Inventories are down (694 total properties for sale) – Buyers should know there are still 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 32%

34%

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 $18,102,107

Totals $89,767,013 $82,416,368 $123,962,248





200,000

275,000

350,000

425,000

500,000

575,000

650,000

2007 2008 2009 2010 2011 2012 2013

Condo / Town Home Prices

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

2007 2008 2009 2010 2011 2012 2013

YTD Average Single Family and Condo / Town Home Prices

Year Average Price % Change2007 $869,207 8.42%2008 $963,109 20.13%2009 $775,858 -3.22%2010 $835,168 4.17%2011 $775,740 -3.24%2012 $626,239 -21.89%2013 $766,603 -4.38%AVG $801,703 0.00%

Year Average Price % Change2007 662,220 82.79%2008 456,749 26.07%2009 355,633 -1.84%2010 319,089 -11.93%2011 226,499 -37.48%2012 260,887 -27.99%2013 254,981 -29.62%

Average $362,294 0.00%

Average Price Average Price

Condo / Town Home Prices Single Family Home Prices





Luxury Properties For Sale in the Crested Butte Area There are a total of 75 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $161M. Of these there are 27 Homes for sale between $1.5M and $3M. There are 14 homes over $3M including a new listing at 152 Evergreen Drive in Trappers Crossing at Crested Butte – this luxury 5 bedroom, 5 ½ Bath mountain home was completed in 2006, designed by Sunlit Architecture and built by Fred Holbrook. Nearly 5,000 square feet, fully furnished with high-end furniture and furnishings, many custom details and quality craftsmanship throughout – offered at $3.9M.

Crested Butte Luxury Real Estate Market - Homes Sold for $1 Million + Year to Date 3 Single Family homes Sold for $1M+ in October (1 on the Bench, another downtown on Butte, and 1 in Alpine Meadows near Nicholson Lake). There have been 23 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 $1.76M, median price of $1.49M, and Average Price per sq. ft. was $430. 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 8.6%. The luxury total of $40.4M makes up exactly 1/3 of the overall market volume YTD.

Luxury Properties Under Contract in the Crested Butte Area – There are currently 5 Single Family homes under contract that have Asking Prices above $1M, all are between $1.25M and $2M, including one ski-in/out home in coveted Elk Run on Anthracite Drive. Of this group – 2 are in downtown Crested Butte, 2 in Mt. Crested Butte, and 1 in Buckhorn Ranch.

YearTotal # Luxury

Homes Sold

$ Volume Luxury

Homes Sold

Avg. Price Per Sq. Ft

YTD 2009 12 $20,160,000 $402YTD 2010 12 $21,606,600 $419YTD 2011 21 $37,279,500 $428YTD 2012 10 $18,160,000 $395YTD 2013 23 $40,411,630 $431

2013 Year to Date Total Luxury Homes

$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 $36,876,630 $1,676,210 $40,603,000 $1,845,591 43,682,000 $1,985,545 -15.58% -9.18% 22Single Family Homes $33,376,630 $1,756,665 $36,729,000 $1,933,105 39,758,000 $2,092,526 -16.05% -9.13% $426 19Mt. Crested Butte $11,408,630 $1,901,438 $12,745,000 $2,124,167 12,264,000 $2,044,000 -6.97% -10.49% $437 6Mt. CB Single Family Homes $11,408,630 $1,901,438 $12,745,000 $2,124,167 14,189,000 $2,364,833 -19.60% -10.49% $437 6Crested Butte Single Family Homes $5,985,000 $1,496,250 $6,189,000 $1,547,250 6,739,000 $1,684,750 -11.19% -3.30% $564 4Skyland Single Family Homes $2,669,000 $1,334,500 $2,845,000 $1,422,500 3,525,000 $1,762,500 -24.28% -6.19% $363 2





$252,500$230,000

$143,800$174,000 $175,000


$575,000$650,000

$443,000 $442,000$515,000


$280$257

$189 $200 $212


$323$299 $297

$268$294


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

Condo / Town Homes"$ Per Sq. Ft.

Prices'for'Single'Family'Homes''&'Condos'Continuing'to'Rise' Single Family (SF) homes – Comparing YTD 2013 results to prior years and given the mix of homes sold we see that the Median Price for Single Family homes has risen to $515,000 and the average price per sq. ft. for Single Family homes has risen from $268 per sq. ft. to $294. 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 $435, Mt. Crested Butte $328 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 $212. Median price for a condo is $175,000 compared with $174,000 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 $80.5M and 105 transactions. There were 124 Condos & Townhome transactions YTD and this represents $31.8M 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 (33%).

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 $123,962,248 283 Condos & Townhomes $31,856,777 26% 124 44%Single Family Homes $80,493,335 65% 105 37%Mt. Crested Butte $40,288,411 33% 105 37%Mt. CB Single Family Homes $18,757,630 15% 17 6%Crested Butte Single Family Homes $19,688,755 16% 22 8%Skyland Single Family Homes $5,012,000 4% 5 2%CB South Single Family Homes $6,885,400 6% 18 6%Almont $1,521,550 1% 8 3%Land/Lots $11,612,136 9% 54 19%SF Homes Sold > $1M $40,411,630 33% 23 8%




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 $123,962,248 $438,029 $134,175,596 $474,119 $234,909,081 $830,067 -47.23% -7.61% 283Condos & Townhomes $31,856,777 $256,909 $34,161,934 $275,499 $126,927,650 $1,023,610 -74.90% -6.75% $212 124Single Family Homes $80,493,335 $766,603 $86,983,150 $828,411 $94,927,700 $904,073 -15.21% -7.46% $294 105Mt. Crested Butte $40,288,411 $383,699 $43,875,000 $417,857 $131,480,181 $1,252,192 -69.36% -8.17% $285 105Mt. CB Single Family Homes $18,757,630 $1,103,390 $20,662,900 $1,215,465 $23,309,400 $1,371,141 -19.53% -9.22% $328 17Crested Butte Single Family Homes $19,688,755 $894,943 $20,592,400 $936,018 $22,222,400 $1,010,109 -11.40% -4.39% $435 22Skyland 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 $6,885,400 $382,522 $7,188,600 $399,367 $7,459,700 $414,428 -7.70% -4.22% $178 18Almont $1,521,550 $190,194 $1,714,300 $214,288 $2,117,900 $264,738 -28.16% -11.24% $154 8Land/Lots $11,612,136 $215,040 $13,030,512 $241,306 $14,390,431 $266,489 -19.31% -10.89% 54SF Homes Sold > $1M $40,411,630 $1,757,027 $44,158,000 $1,919,913 $47,588,000 $2,069,043 -15.08% -8.48% $431 23



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $82,416,368 $383,332 $93,010,348 $432,606 $111,917,347 $520,546 -26.36% -11.39% 215Condos & Townhomes $22,697,205 $260,887 $25,157,600 $289,168 $33,247,749 $382,158 -31.73% -9.78% $200 87Single Family Homes $50,099,163 $626,240 $55,412,548 $692,657 $64,591,448 $807,393 -22.44% -9.59% $268 80Mt. Crested Butte $30,762,450 $345,646 $35,677,200 $400,867 $37,704,849 $423,650 -18.41% -13.78% $272 89Mt. CB Single Family Homes $13,320,950 $832,559 $14,899,400 $931,213 $18,265,000 $1,141,563 -27.07% -10.59% $277 16Crested Butte Single Family Homes $14,960,513 $623,355 $15,974,698 $665,612 $17,476,698 $728,196 -14.40% -6.35% $339 24Skyland Single Family Homes $1,615,000 $538,333 $1,764,000 $588,000 $1,764,000 $588,000 -8.45% -8.45% $301 3CB 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 $1,676,300 $279,383 $1,886,600 $314,433 $1,946,800 $324,467 -13.89% -11.15% $263 6Land/Lots $9,620,000 $200,417 $12,440,200 $259,171 $13,089,900 $272,706 -26.51% -22.67% 48SF Homes Sold > $1M $18,160,000 $1,816,000 $20,836,900 $2,083,690 $24,384,000 $2,438,400 -25.52% -12.85% $395 10



Average Sold Price




Average Original

Price



vs. Sold Price



SoldTotal All Sales $89,767,013 $391,996 $101,318,057 $442,437 $129,431,859 $565,205 -30.65% -11.40% 229Condos & Townhomes $24,965,903 $224,918 $27,804,498 $250,491 $35,543,779 $320,214 -29.76% -10.21% $189 111Single Family Homes $58,956,260 $775,740 $66,648,109 $876,949 $84,055,610 $1,105,995 -29.86% -11.54% $297 76Mt. Crested Butte $35,077,878 $354,322 $39,955,798 $403,594 $56,064,550 $566,309 -37.43% -12.21% $254 99Mt. CB Single Family Homes $15,824,000 $989,000 $18,109,300 $1,131,831 $24,510,300 $1,531,894 -35.44% -12.62% $313 16Crested Butte Single Family Homes $15,859,250 $1,321,604 $17,329,800 $1,444,150 $20,364,700 $1,697,058 -22.12% -8.49% $472 12Skyland Single Family Homes $4,726,000 $945,200 $5,384,000 $1,076,800 $6,735,000 $1,347,000 -29.83% -12.22% $267 5CB South Single Family Homes $5,946,600 $349,800 $6,381,700 $375,394 $7,365,700 $433,276 -19.27% -6.82% $153 17Almont $1,305,500 $217,583 $1,482,300 $247,050 $1,624,400 $270,733 -19.63% -11.93% $198 6Land/Lots $5,844,850 $139,163 $6,865,450 $163,463 $9,631,900 $229,331 -39.32% -14.87% 42SF Homes Sold > $1M $37,279,500 $1,775,214 $43,251,500 $2,059,595 $54,967,400 $2,617,495 -32.18% -13.81% $428 21





CRESTED BUTTE REAL ESTATEFPOKSIRHC

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 contemplating selling and interested in finding out what your existing property is worth – call me. As well 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, !

The Biery – Witt Performing Arts Center at Mt. Crested Butte capital campaign has been very successful thanks to the generous donations of many – including Donna & Paul Witt and Linda & Tom Biery. There is still a 3:1 matching campaign in place – every dollar makes a difference. This will be a fantastic facility, an economic driver in our community, and will have direct impact on property values. I hope you will join me and go to: http://mcbpac.org to donate today and help reach the goal so that final design and construction can begin! This is a great cause which will create lasting benefits to our community for years to come. Fall is a great time to be in Crested Butte. Spectacular blue bell days with a chill in the air, and warm mid-day sun. For the most part all the summer recreational activities are still available with the benefit of the beautiful Fall paintbrush and snow capped peaks. I try to experience all there is to offer in the Crested Butte area - Fall brings Kokanee salmon spawning from the Blue Mesa reservoir up the Gunnison to the East River back to the Fish Hatchery (and sometimes mistakenly up the Taylor River). It is exciting to hook a strong fighting salmon in shallow water. Fall also brings elk hunting season – a coveted time to be outdoors by locals and and visitors who come to Colorado and our Gunnison valley to hunt this prevalent but elusive game. Colorado has the largest elk herd in the country – and it is well managed by hunting and the DOW. Congratulations to Crested Butte Mayor Aaron “Huck” Huckstep who was re-elected. Huck has a passion for Crested Butte, and understands that second homeowners and visitors are key to our local economy and long-term sustainability.

Under Contract There are 33 properties Under Contract representing a total volume of $18.5M. Of the 33 properties Under Contract 11 are Condos/Townhomes, 13 are Single Family homes and 9 are lots. Active Listings There are 694 properties for sale representing $480M.

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 $18,551,895 $562,179 33Condos & Townhomes $3,454,400 $314,036 11Single Family Homes $13,593,495 $1,045,653 13Mt. Crested Butte $6,962,900 $409,582 17Mt. CB Single Family Homes $3,245,000 $1,622,500 2Crested Butte Single Family Homes $6,137,500 $1,227,500 5Skyland Single Family Homes None 0CB South Single Family Homes $1,118,000 $559,000 2Land/Lots $1,504,000 $167,111 9SF Homes > $1M $8,123,000 $1,624,600 5Almont $0 #DIV/0! 035 Acre SF Homes None 1

All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Sales $480,404,241 $692,225 694Condos & Townhomes $77,624,765 $382,388 203Single Family Homes $235,150,744 $1,264,251 186Mt. Crested Butte $149,272,674 $594,712 251Mt. CB Single Family Homes $54,046,600 $1,286,824 42Crested Butte Single Family Homes $45,417,000 $1,009,267 45Skyland Single Family Homes $14,457,250 $1,445,725 10CB South Single Family Homes $9,730,900 $572,406 17Almont $35,091,900 $626,641 56Land/Lots $167,628,732 $549,602 305SF Homes > $1M $161,188,249 $2,149,177 7535 Acre SF Homes $52,787,999 $2,513,714 21