Crested Butte Real Estate Market Report February 2014 2014 Starting out Slow Considering the stellar results of 2013 and the dramatic increase over 2012 it is surprising that the 2014 Crested Butte Real Estate Market is starting out slow. Especially in light of the great snowfall, the number of visitors this Winter and most businesses are reporting approximately 10%+ increases over 2013. Maybe because the skiing has been so great – everyone is busy skiing!? We are only 2 months into the year, and March brings the largest numbers of visitors – and Spring Break season is a busy time. The Ski Area Sale is off – a factor? Some have suggested that the slow start to 2014 is because there were hopes that the ski area would sell and this would buoy prices– but considering the news of a possible sale was late in November I do not subscribe to this theory. However, there may now be some price adjustments downward as some Sellers may have been hoping the sale of the ski area would cause a run-up in prices. Comparing Year to Date (YTD) 2014 vs. 2013 we see Volume is down 28%, and the Number of Transactions are down 26% (32 vs. 43). One variable that can predict the next couple of months results is the Properties Under Contract – we see that the Number of Properties Under Contract is down 55% (21 vs 47) and Volume of Properties Under Contract is down 52%. What Real Estate is Selling in the Crested Butte area? Year to date Single Family homes made up 50% of the total volume representing $6.2M with only 7 transactions. There were 20 Condos & Townhome transactions YTD and this represents $5.9M in volume. As the table shows the Single Family Home and Luxury Properties over $1M represents 30% of the dollar volume, but only 2 sales YTD. Single Family Home Market – Many second homeowners in the Crested Butte area own Single Family homes so they can accommodate family and friends and clients. There just are not that many spacious 3 – 4 bedroom condos or townhomes that work. Looking back over the past 3 years we see that while the Original Prices of the Single Family Homes that sold has not changed – the Asking Prices and Selling Prices have increased (2012 by 5% and in 2013 by 9.5%). Luxury Properties For Sale in the Crested Butte Area – There are a total of 61 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $133M. There are 7 Condos or Town homes listed for over $1M – 3 in the West Wall Lodge, 2 in The Villas, 1 in the Lodge at Mountaineer Square, and a Silver Ridge ski-in/out condo. High-end Land / Lots For Sale over $1M – there are 38 parcels for sale that are above $1M representing a volume of $75M. Location seems to be the common denominator for this land – either close to town, skier access, or river front/river access. There are 3 home sites in downtown Crested Butte, but the lion share of these are 35 Acre parcels (qty. 26), and the majority are represented by ski-in/out lots within the Prospect development on Mt. Crested Butte, as well as some parcels at The Reserve on the East River, and true Riverfront home sites on the banks of the Taylor River at Wilder on the Taylor. So Many Crested Butte Adventures – This area has a lot to offer and I continually find NEW adventures here that add to my love of Crested Butte. I became a second homeowner in 1999 – and moved to Crested Butte with my wife and three daughters in 2009. I am very active and enjoy experiencing new adventures in and around Crested Butte. I have recently gotten the opportunity to go Snow Cat Skiing at Irwin. It had been nearly 10 years ago since I did this with the previous operators. One of the groups I went with was my annual Boys Ski Trip Group. The majority of these guys are of blue/black skier ability who enjoy ending the day at the Ice Bar, and had not spent much time skiing powder. I was a bit nervous how it was going to go – at $500 per man I was hoping they would really enjoy it. We all had a great day of powder skiing with and a special time together. My hat is off to the high level of service, experience of the guides, and attention to detail from the Irwin staff. The snowcat holds 10 skiers, we did nine runs of fresh untracked powder (some groups do as many as a dozen – but we had some of our guys take spectacular spills in the endless powder). We hired the photographer and got some great action shots and a nice group photo. The Irwin Snowcat skiing operation is a great amenity for Crested Butte – they employ many locals, and bring in affluent visitors who spend money in our community. I strongly recommend you put it on your bucket list! 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 interested in finding out what your existing property is worth – call me. Click these links:
- To see the Full Crested Butte Real Estate Report – February 2014
- To see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review.
Click here to do an advanced search the MLS for properties for sale in the Crested Butte area. 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, Chris. For more information on the Crested Butte Real Estate Market contact: Chris Kopf Previews® Property Specialist Coldwell Banker Bighorn Realty Phone: (970) 209-5405 email: firstname.lastname@example.org Author: Chris Kopf