Crested Butte Real Estate Market – August was BIG Month at $22.4M Year to Date Results through August 31, 2014 Things change but the river keeps on flowing… the water level in the rivers and streams is up compared to previous years – and the Crested Butte Real Estate Results for August were up as well. Since the 4th of July there has been a flurry of real estate activity with the August results showing a 177% increase over the average of all of the previous monthly totals in 2014. Considering the slow start to the year – the YTD numbers do not match 2013 (yet) but considering the are 70 properties Under Contract representing $41.6M in Volume – I expect we will continue to see strong results for the Fall months as well. Year to date through August we see Total Number of Properties Sold down 16%, Total Volume down 10.8% compared to 2013 and the metrics are up as compared with YTD in 2012. Looking back to this same period in 2013 there were 59 Properties Under Contract representing $31.6M. Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date There have been 15 properties sold for over $1M YTD – 12 of them have been Single Family Homes, 1 ski-in/out condo at Silver Ridge and 2 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 $25.9M makes up 33% of the overall market volume YTD. The average sold price for the homes was $1.78M; median price $1.4M, and Average Price per sq. ft. was $418. People are still scratching their head regarding the July auction of “The Castle” at 130 Whetstone Vista Drive. This home located on the South end of the golf course and very a very visible stone home was listed in the MLS for $5.1M and closed in August – the home went to the highest bidder at a price of $2.425M. Luxury Properties For Sale in the Crested Butte Area There are a total of 134 properties Listed for over $1M, including 83Single Family Homes for sale with Asking Prices over $1M for a total Volume of $161M. There are 4 high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and across the street at The Villas, there is also 1 luxury condo in downtown Crested Butte at the corner of Gothic & 7th. High-end Land / Riverfront Home sites For Sale – There have been more new homes being built this year than in previous years – and there are a total of 318 current listings for Land – 45 of those are luxury vacant lots for sale and ready to build on. As previously stated the majority of the high-end parcels are in Mt. Crested Butte in the ski-in/out Prospect Subdivision. The next large category are 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 and a riverfront homes site listing in the East River Ranches with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Price per Sq. Ft. Averages for Condo & Townhomes Starting to Rise Single Family (SF) homes – Unlike suburban USA where there are many subdivisions with very similar homes all built nearly the same time with similar layouts, finishes… in CB every home is different and comparing home values can be hard. Price per sq. ft. is one way to provide a metric to use to compare – sometimes not the best method – but as a general rule it provides a way to compare and historically it gives us perspective over a large number of transactions (there have been 51 SF homes sold YTD). So far in 2014 we have seen a price per sq. ft. increase of 12% over the same period in 2013 (again this is subject to the mix of what is sold). Current Price Per Sq. Ft. Averages are at $314 per sq. ft. 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 $414, Mt. Crested Butte $261, Skyland $403, and CB South $188 averages per sq. ft. Condos and Townhomes The 2014 YTD Average price per sq. ft. of $246 is a 19% increase when compared to the same period in 2013. What Real Estate is Selling in the Crested Butte area? Condos and Townhomes represents the most transactions (90), with Single Family homes make up the second largest count (56). There have been 12 Luxury Single Family Homes Sold for over $1M represents 27% of the dollar volume in our market, and Land or Lots represent 9% (31) of the count but 18% of the total dollar volume sold YTD. Condos & Townhomes – Interesting that the average price per sq. ft. for condos is up, and the average price per condo is up, but the median price per condo is down a bit. Median Sales Price is currently at $170,000 and Average Sales Price is $236,000 (very similar to the results from July). Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $511,000 to $663,000 and Average SF Home price has risen from $721,000 to $845,000. Again given the mix of homes sold this may be a result of the sample set. More Dealmaking— Asking Price to Selling Price for Single Family homes has increased from 8.41% (2013) to 11.92%(2014). Looking at August the discount is 10% but if you exclude the deal on “The Castle House” the average is 7%. Crested Butte Land Sold– Results in the Land/Lots category is lagging the previous 2 years. The average price for the Land sold is $221,000. compared with $214,000 for the same period in 2013 and $188,000 YTD in 2012. As the table shows there have been 31parcels Sold YTD compared with 41in 2013, and 37 in 2012 for the same period. With over 300 parcels for sale and quality architects and builders in the valley – the opportunity exists to find the perfect location with spectacular views to build a mountain dream home. Under Contract Of the 70properties Under Contract, 38are Condos/Townhomes, 23 are Single Family homes and 9 are lots. At the end of August these 70properties Under Contract represent a total volume of $41.6M. Active Listings There are 748 properties For Sale in our market representing nearly $500M. This is a decrease in local inventory – but we continue to see more properties chasing less Buyers here in the CB Area. Crested Butte is a special place – most would agree the feedback from visitors to our valley is positive and enthusiasm to return. We continue to see interest by visitors who want to become second-homeowners and some that are able to move here full-time. The school is a huge driver in real estate values and the quality of life here for families. The Crested Butte Community School is a top ranked school in the state and in the Country – but many of the services that have gotten them there have been cut and are at risk of further cuts. We have 3 daughters and have been very happy with the quality of the education, teachers, administrators, coaches… That being said – the State of Colorado is not doing a good job of allocating dollars to education, the local Gunnison Watershed School District has cut and cut and is currently taking $200,000 out of reserves. There will be a local item on the ballot this November (Proposition 3B) that will affect property taxes. An increase $42.90 annually per $100,000 of a home’s market value (per the Gunnison County Assessor – in general the Assessor’s valuation is ~30% below actual market value). Go to Gunnison County Assessor’s site or click on link: http://qpublic6.qpublic.net/co_gunnison_search.php to look-up property valuations on the Gunnison County assessor’s site. Any increase in taxes and for second-homeowners can be a tough pill to swallow especially without a vote – comparing taxes in Dallas or Austin or Houston, or Tulsa… to real estate taxes in Crested Butte and you will see that rates are 30%. There is a very informative website et all the info here: Sustaining our Schools Gunnison Watershed School District or click on this link: http://yes4sustainingourschools.org.
- To see the Full Crested Butte Real Estate Report – August 2014
- To see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review.
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 chriskopf.com. Contact me at: (970) 209-5405, or email@example.com Thanks, Chris. Author: Chris Kopf