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Chris Kopf Coldwell Banker Mountain Properties

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Crested Butte Real Estate Market Report May 2017

June 15, 2017 By Chris Kopf

 Crested Butte Real Estate Market Report May 2017

Crested Butte Real Estate Market Report May 2017

SUMMER IS HERE, VISITOR FORECAST IS UP

It has been very nice to get out on the mountain bike trails and see the wildflowers popping up everywhere. The warm nights and sunny days are melting the snow in the high country and the rivers and streams are near their high water marks with run-off, the Rotary Rubber Duck ticket sales have begun – it must be Summer! The forecast based on hotel bookings is that the majority of the summer will also see high water marks with projections running 50% – 70% above last year.

High Summer Visitor counts are a blessing and a curse for real estate – with the number families in town and/or short-term rentals it can be problematic to coordinate showings of homes. It is very common for me to get calls the afternoon or the night before a family is leaving with the expectation that they can see some homes the next morning prior to their departure.. This can be very difficult.  The best practice is to coordinate at least a day in advance so that a convenient time can be scheduled.

The Mirror Palace Construction has Started – It took a while for the giant pile of snow to melt, but it is gone, the ground has been leveled and the Crested Butte Music Festival’s Mirror Palace building is being constructed.  If you did not attend an event or performance there last year, you missed out as the venue is historic, quaint and intimate.

The Clubhouse at The Club at Crested Butte has finished the remodel of the main level. The bar and dining room areas have been totally upgraded and this a great improvement. The Turn has also been remodeled and includes a larger space and seating.

Reminder – The Assessor has sent out updated property valuations – increase in property values in the 20%+ range are common. The revaluation, or reappraisal, occurs in odd-numbered years, and are based on transactions that occurred between July 1, 2011 and June 30, 2016. Appeal or protest process – – see http://www.gunnisoncounty.org/680/Appeals-Process

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.  I have consistently been among the top real estate agents in CB and I strive to exceed client expectations. If you are interested in finding out what your 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

Crested Butte Real Estate Market Report May 2017

OVERALL CRESTED BUTTE REAL ESTATE MARKET RESULTS

Crested Butte Real Estate Market Report May 2017

Summer Crested Butte Real Estate Activity Expected to Be Hot

This Crested Butte Real Estate Market Report looks at the Crested Butte Real Estate Market for the Month of MAY 2017 and compares previous years.

Given the current trends with the year to date numbers, the increase in visitors, and a buzz in the Crested Butte Real Estate Market it is expected that the Summer of 2017 will be very active. YTD numbers show 13% above 2016 in transactions, and 16% up in Volume. We are seeing slight increases in price point in most segments (YTD SF Home $ per sq. ft. up 6.5%).

Crested Butte Real Estate Market Report May 2017There were 127 transactions Year to Date compared with 112 for the same period in 2016. This represents a volume of $66M compared with a very similar volume of $56M for the previous year. The majority of these transactions were condos and town homes (qty. 67) with Average Sold price of $321,000. Of the 32 single family homes sold YTD the Average Sold price was $1,150,000. There have been 12 luxury Single Family homes sold above $1M with an Average Sales Price of $1.9M and price per sq. ft. of $601.

There have been 27 lots sold YTD with an average sold price of $202,000. As previously noted there is a new subdivision called Aperture just North of downtown Crested Butte (adjacent to the cemetery, rec path and slate river) with home site asking prices between $1M and $1.2M. Also moving through final County approvals. These lots allow for over 5,000 sq. ft. home to be built.

CRESTED BUTTE REAL ESTATE LUXURY SINGLE FAMILY HOME SALES

Crested Butte Real Estate Market Report May 2017How is the Luxury Crested Butte Real Estate Market?

2017 Year to Date – As the tables and the detailed charts below show Average Prices of Crested Butte Single Family Homes show us that the overall market by price points are seeing a steady rise. As previously noted looking at my 2016 Year in Review Market Report you will see the trend lines show a fairly flat market over the past 5 years.

Year to date we see there are 12 Luxury Single Family homes sold (above $1M) which matches the same number or homes sold for the same period in 2016 (there were also 2 ski-in/ski-out condos sold above $1M in West Wall and Silver Ridge). As mentioned the definition of luxury single family home is shifting, and 2017 will see very few transactions at the lower end of the market (below $1M, because of the lack of inventory. The Average Asking to Selling discount % for Luxury Single Family homes at 6.5%. The column showing totals for “All Years” reflects Jan 2013 through May 31, 2017.

Of note – there is a rare bank owned 8,000 sq. ft. home in Red Mountain Ranch on 35 acres listed for $2.7M. This pristine log home was once listed for $6.95M.

CRESTED BUTTE REAL ESTATE SINGLE FAMILY HOMES

Crested Butte Real Estate Market Report May 2017

Price Points Higher due to Crested Butte Homes For Sale Inventory Levels

Many buyers will learn that $1M does not buy what it used to in the Crested Butte area. The category of quality Single Family Homes under a $1M is evaporating. Most homes in this price range will need some updating, will be smaller, or will be located in the rural Crested Butte and rural Mt. Crested Butte areas… There was a bump in the $750,000 – $1M range with 10 transactions YTD. New construction building costs start around $300 per sq. ft. and assuming a 2,500 sq. ft. home plus land, design fees, permitting, landscaping, furnishings… most buyers are now looking at higher price points for buying their dream home in Crested Butte whether buying and remodeling or buiding new.

There are 134 Single Family homes for sale in the Crested Butte area – and 36 of them are under $1M. There are 37 Single Family Homes for sale between $1M – $1.5M, and 30 between $1.5M – $2M. The line charts below show the slight increase in price points over the same periods YTD previous years.

CRESTED BUTTE REAL ESTATE CONDOS

Crested Butte Real Estate Market Report May 2017
2017 YTD Condo Results – Condo Sales show a slight rise in the Average and Median Price points.  Average Price has increased from $297,000 to $321,000 year over year and Median Price has increased from $247,000 to $281,000 year over year . There is a great variety of condos in the Crested Butte area.  Looking at the high-end there were 2 three bedroom, 3.5 bath ski-in-out condos that sold at West Wall $1,280M, and Silver Ridge for $1,550,000 or $551 per sq. ft.

CRESTED BUTTE REAL ESTATE TOWN HOMES

Crested Butte Real Estate Market Report May 2017

2017 YTD Town Home Results – Town home sales results in the Crested Butte area appear to be fairly flat historically . There were 9 Town Homes sold in YTD in 2017 with an Average Sales price of $600,000 and Average price per sq. ft. of $350. Town Home price per sq. ft. ranged from $281 to $386 YTD.

There are currently 13 Town Homes for Sale with an Average Asking Price of $669,000 and  Median Asking Price of $695,000.

CRESTED BUTTE REAL ESTATE LAND

Crested Butte Real Estate Market Report May 2017

2017 YTD Land Results – Comparing Land Sales for the past two years we see the YTD results are down a bit (qty. 27 for YTD 2017, and 34 for YTD 2016), but well behind the results for the same period in 2014 (qty. 45).

There have still been no sales of land in downtown Crested Butte but there are 4 lots under contract, and a total of 21 parcels for sale. This area represents a high price point with Average asking prices at $1.5M, and Median prices at $925,000.

High-End Crested Butte Area Land

Prospect Ski-in / Ski-out Home sites – There are currently 22 lots for sale with an Average Asking Price of $502,000 and a Median Asking Price of $542,000.  There is also a 20 Acre parcel for sale allowing for up to 50 home sites near the top of the Gold Link, Painter Boy and Prospect ski lifts.  Prospect offers a unique opportunity to own land and a home with primo ski-in / ski-out access. The view of the East River valley are endless and the quality of the homes that have been built in Prospect are top shelf.

Private Fly Fishing Home sites – For the Buyer looking to own a quality parcel of land to build their dream home on there are a number of opportunities to also have the benefit of two miles of pristine fly fishing. The Reserve on the East River and the Wilder on the Taylor are two premier shared ranches that provide a wonderful experience and opportunity to create a legacy of family memories.

CRESTED BUTTE REAL ESTATE ACTIVE LISTINGS

Crested Butte Real Estate Market Report May 2017

Active Listings –  At the end of April 2017 there were 603 properties For Sale in the Crested Butte Real Estate Market representing $494M.  While this is a slight increase from recent inventory levels, overall we have seen a fluctuation but overall decrease in local inventory of homes for sale below $1M.  The table below shows the inventory and Under Contract levels a the end of the Months of May.

CRESTED BUTTE REAL ESTATE UNDER CONTRACT

Under Contract  – Of the 69 properties in the Crested Butte area Under Contract at the end of May, 30 are Condos/Townhomes, 22 are Single Family homes and17 are lots. At the end of May these 69 properties under contract represented over $40M.

For more questions regarding Crested Butte Real Estate Market – Click the Link to download the 2016 Year in Review:  Full 9 Page .pdf CB Real Estate Market Report, and you will get my Monthly Newsletter emailed to you with the market reports!

See the big picture and all the details of the Crested Butte CO Real Estate Market  – Download Full CB Real Estate Market Report as a .pdf file (more data and charts)

Chris Kopf Crested Butte Real Estate AgentHow can I help you with Your Crested Butte Co Real Estate Needs?

This Crested Butte Real Estate Market Report March 2017 and the level of detail is representative of what you can expect from me as your Real Estate Agent. I have consistently been among the top real estate agents in CB and I strive to exceed client expectations. If you are interested in finding out what your 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

Click here to see  Crested Butte 3D Walkthrough Home Tours

Click here to do an advanced search the Crested Butte MLS for properties for sale in the Crested Butte area.

For more questions regarding Crested Butte Real Estate Market Report May 2017 or the Crested Butte Real Estate Market contact:

Thanks,
Chris Kopf

Global Luxury Property Specialist
Coldwell Banker Bighorn Realty
(970) 209-5405
chriskopf@bighornrealty.com

 

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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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