Crested Butte Real Estate Market – Summer Ends HOT!

Crested Butte Real Estate Market – Summer Ends HOT!   – Year to Date through September, 2014 Summer Ends HOT! Crested Butte Real Estate Results for the 2014 Summer were impressive especially the months of August and September (and October looks like it will be as well). The real estate activity turned-on starting mid July, and stayed busy through the end of September – things have just recently slowed down a bit (showings), but there were many properties Under Contract at the end of September (68 compared with 70 last month) so I expect the October results to be similar to the previous two months. In terms of total YTD Volume and Number of Transactions – the gap is narrowing considering the slow start to the year. Year to date through August we see Total Volume of $102.3M vs. $105.8M for the same period in 2013.  Total Number of Properties Sold were 229 vs. 247 for the same period in 2013. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million +  Year to Date There have been 19 properties sold for over $1M YTD – 15 of them have been Single Family Homes, 1 ski-in/out condo at Silver Ridge and 3 riverfront home sites at Wilder on the Taylor (Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water).  The total high-end volume of $33.5M represents 32.7% of total volume, and the Luxury Single Family Homes Sold total of $27.2M makes up 27% of the overall market volume YTD. The average sold price for the high-end homes was $1.8M; median price $1.55M, and Average Price per sq. ft. was $449. Luxury Properties For Sale in the Crested Butte Area  There are a total of 127 properties Listed for over $1M for a total Volume of $155M, including 79 Single Family Homes for sale with Asking Prices over $1M. There are 5 high-end luxury condos and town homes for sale in Mt. Crested Butte – two at the ski-in/out West Wall (Penthouse unit C-401 Listed for $1.895M is Under Contract), and two across the street at The Villas, there is also 1 luxury condo for sale in downtown Crested Butte at the corner of Gothic & 7th. High-end Land / Riverfront Home sites For Sale – As previously stated the majority of the high-end parcels are in Mt. Crested Butte in the ski-in/out Prospect Subdivision (24 for Sale and 1 Prospect Lot was Under Contract at the end of September – Parcel E-3 on Gray Fox Drive, Asking Price $1,027,700).  There are also a few high-end land developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (two Wilder riverfront home sites are Under Contract – and expected to Close in October – #13 and #3 with prices in the $1.65M – $1.85M range).  Of note – the Harmels Ranch Resort on the Taylor River is For Sale at $13.5M. Median and Average Prices for Condos & Townhomes is fairly flat over the past few years – given the YTD data we see Median Condo Sales Price at $174,500 and Average at $222,500. Avg. Price per sq. ft. for Condos & Town homes is up from $205(2013) to $242 year to date. The story is a bit different in the Single Family (SF) homes category – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $520,000 to $650,000 and Average SF Home price has risen from $758,000 to $845,000. Given the mix of homes sold this may be a result of the sample set.   Avg. Price per sq. ft. for SF Homes is up from $291 (2013) to $322 year to date. What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (119), with Single Family homes make up the second largest count (71). Land /Lots Sold (39) represent 17% of the count but 10% of the total dollar volume sold YTD.  Comparing previous years Land/Lots results are lagging 2013 (49) but the exact same as 2012 YTD results.   With many new home starts and more remodels it has been good to see that this year has been busy for home-builders and contractors. Under Contract  Of the 68properties Under Contract, 34 are Condos/Townhomes, 20 are Single Family homes and14 are lots. At the end of September these 68properties Under Contract represent a total volume of $40.8M. Active Listings  There are 720 properties For Sale in our market representing $476M.  This is a decrease in local inventory for sale – and there are some great values in the Crested Butte Real Estate Market. There are still Autumn colors and the peaks are capped with snow – it is a glorious time to spend time in Crested Butte.  September is one of my favorite months of the year because we get all of the benefits of Summer plus the change in seasons and usually a bit slower pace.  This year September was a continuation of August, and speaking to a number of local restaurant owners in town they said September was better than March. The Crested Butte Film Festival and the Mt. Crested Butte Chili and Beer Festival kept many second-homeowners around and brought in new visitors – most I spoke with were from the front range.  All good. Many in this community volunteer time and donate money to the local non-profits – a big Thank You to those efforts and $ because they are part of what makes Crested Butte a special place.  I set-aside money each year and support a number of these efforts as well.  As a past president of our local Crested Butte / Mt. Crested Butte Rotary Club – I am now heading up our Foundation Giving Program. The Duckie Race can’t keep up with the growing youth population, and our goal is to raise an additional $40,000 per year so we can help with College Scholarships, Rotary Youth Exchange Scholarships and also Local Community Philanthropic Projects. We are leveraging the Community Foundation of the Gunnison Valley and all donations are tax deductible.  For more info:  http://crestedbutterotary.org/foundation-giving-program September Report — Download Full Report as a .pdf file (more data and charts). 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). For everything Crested Butte Real Estate– visit chriskopf.com.  Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com Thanks, Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com