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Crested Butte Real Estate Market Report – January 2015

February 10, 2015 By Chris Kopf

Crested Butte Real Estate Market Report – January 2015

Can the 2015 Crested Butte Real Estate Market Match or Exceed that of 2013 & 2014?

This Market Update looks at the Crested Butte Real Estate Market for the Month of January 2015 and compares previous years. There were very few transactions in January – but 45 properties are Under Contract (6 Luxury Single Family Homes). Coming off the heels of a very active real estate market in 2013 & 2014 – there are high hopes that 2015 will follow suit. The 2013 & 2014 Results represented a significant increase over 2011 and 2012 in Volume and Transactions. We have seen some similar patterns in in the past two years with big numbers in the Spring as a result of visitors in town for Winter skiing, and also in the Fall as a result of visitors in Summer months.

Crested Butte Real Estate Chris KopfWe also saw strong results from the luxury homes segment in 2013 & 2104 with over 20 homes sold each year (27 & 20 respectively) compared with only 14 selling in 2012, but there were 24 sold in 2011. The Average Price per sq. ft. for Single Family homes in this luxury home segment has also risen in the past 3 years from $367 in 2012, $425 in 2013 and to $476 in 2014.

Inventories have been hovering around 600 for the past 3 years – and currently there are 598 properties for sale 147 Single Family homes (74 are listed for over $1M), 182 Condos & Town Homes, and 228 parcels of land.

Most properties are being priced closer to the Market and the market for Single Family homes is rising to meet the properties that may have bit a bit above the market a year ago. The Average Difference from Asking to Selling Price for all properties was 9.66% in 2014 (vs. 7.59% in 2013, and 11.3% in 2012).

Town of Crested Butte Proposed Annexation

Town of Crested Butte Proposed Annexation
Town of Crested Butte Proposed Annexation

The Crested Butte Town Council has reviewed and approved a resolution allowing 44 acres to be annexed into downtown Crested Butte. This parcel is located along Gothic Road just North of Butte Avenue. There are still many details to be worked out and final approval to be granted – but it looks like Cypress Foothills will be allowed to proceed. The land was originally owned by the Trampe family, then sold to a Dallas developer for $15M, but rumored that only $5M was paid before the developer hit a brick wall with the town on the annexation, their master plan, set-backs from the Slate River, the cemetery, the road, who owned the liability for the dump reclamation and on and on… The new owners Cypress Foothills LP – also a Dallas developer having a lower basis ($1.75M) seem okay with the challenges and costs of hauling an estimated 2,000 dump trucks of dump waste out and 2,000 dump trucks of dirt back in.   There are 115 housing units proposed for the development. This will be a nice expansion to downtown Crested Butte. The usual naysayers who oppose anything and everything forget that services like air travel, and health care are dependent on a sustainable population of users and we are not over the hump with either of these pillars.

Snodgrass Trailhead – Land Trust Preserves this 108 Acres

If you ever parked at the Gothic Trail head and hiked, biked, snow shoed, or skinned-up past that old cabin structure on the right of the trail you were on the land now preserved. This 108 acres on the eastern flank of Snodgrass Mountain, home to the Snodgrass trailhead, abundant wildlife, and pristine wetlands and forests was preserved by the Land Trust and many of their donors. This project was a joint effort between the Town of Mt. Crested Butte, Crested Butte Mountain Resort, the Ingraham family, and the Land Trust. Donations also named: the Towns of Crested Butte and Mt. Crested Butte, Great Outdoors Colorado, The Conservation Fund, 1% for Open Space and the Gunnison Valley Land Preservation Fund.

North Village Still For Sale – there are 255 Acres at the base of Snodgrass Mountain that are still for sale at an asking price of $12.6M. This land owned by the Muellers has been approved by the Town of Mt. Crested Butte for residential zoning supporting between 800 and 1,600 residences. This property is referred to as “The Promontory” and listed by CBMR.


Crested Butte Real Estate Active ListingsUnder Contract
There are 45 properties Under Contract (more than double the 19 at the end of December). There are 14 Condos/Townhomes, 16 Single Family homes and 15 lots. At the end of January these 45 properties under contract represent $23M compared with January 2014 when there were 34 properties Under Contract representing $15M in volume. Of note: Riverfront Home site #14 listed at $1.75M at Wilder on the Taylor is Under Contract.

Active Listings There are 598 properties For Sale in our market representing $401M. 147 Single Family Homes, 182 Condos & Townhomes and 269 parcels of land.

Are you Ready to Buy Your Dream Home in Crested Butte?

As a Crested Butte Real Estate Agent I get the opportunity to listen to many clients define their dream home in the mountains. I have helped many realize that dream, and hope that I can help you as well. You may be ready, you may not know if you are ready, or you may be just starting to think about buying a special mountain home for you and your family. You may be considering the benefits of being able to invite your extended family, friends, and possibly customers to stay at your home and enjoy the beauty and adventure the surrounding mountains have to offer.

Whether you are considering a ski-in ski-out condo at the base area, a nice single family home in town, building a log home on the river, or a large luxury home in a secluded wilderness setting the guidance or an experienced real estate agent can help you achieve your goals.   If you have never purchased a second home, or never owned one in the mountains you will find out that there are many variable to consider in selecting the best location and home for you and your family. Call me to help you, so you and your family can start to enjoy all the beauty of Crested Butte.

Download the full Crested Butte Real Estate Market Report – January 2015 as a .pdf file

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 considering Selling your home and 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).

Visit www.chriskopf.com. Phone: (970) 209-5405, or chriskopf@bighornrealty.com

Thanks,

Chris Kopf
Previews® Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

Crested Butte Real Estate

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of Colorado Real Estate Network, Inc. (CREN), © Copyright 2016. All rights reserved. All data deemed reliable but not guaranteed and should be independently verified. This database record is provided subject to “limited license” rights. Duplication or reproduction is prohibited.

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