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Chris Kopf Coldwell Banker Mountain Properties

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Crested Butte Real Estate Market Report SKI-SEASON Results

May 6, 2015 By Chris Kopf

Crested Butte Real Estate Market Report SKI-SEASON Results 2014 – 2015 and Comparing Previous Years

Ski-Season Results for 2014-2015 are Up but below 2012-2013

We did not have a great snow year, but visitors, skier days, lodging and sales tax revenue were all up (as much as 16% in Crested Butte through February) compared to last year. Visitors brings interest and activity to real estate and Crested Butte real estate market saw an overall rise in total transactions and volume as well.

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 www.chriskopf.com.  Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com  Thanks,

As long-term renter demand has increased, there seems to be a lack of affordable or “lower-end” single family homes available with only six homes available between $400,000 – $500,000. There nearly 40 condos for sale under $250,000 but all come with higher burden of HOA fees. If you look further in this report you will see that there is not a significant rise in single family home prices, or price per sq. ft., but there is a lack of inventory available for sale at the lower end of the market right now which is why we have seen a significant number of lots sold, 45 vs 19 last year, and 27 two years ago.

Average Days on Market (DOM) for all properties was 324 and 307 for SF Homes.

The Assessor has sent out updated property valuations – and some have seen an increase in their property value which will lead to an increase in taxes. Remember that the revaluation, or reappraisal, occurs in odd-numbered years, and the property valuation notices sent out are based on   transactions that occurred between July 1, 2009 and June 30, 2014. The Gunnison County Assessor uses an automated Multiple Regression Analysis comparison approach and not an individual property analysis. There is an appeal or protest process – see http://www.gunnisoncounty.org/132/Assessors-Office

Averages for $ per sq. ft. for Single Family Homes Flat, Condos see Slight Rise

Average Price per square foot is a useful metric to compare properties and it is especially useful to analyze data to identify patterns and trends. It also is a helpful metric many people use when considering building vs. buying an existing home. As the current data shows we have a fairly flat trend year over year with regard to the overall price per sq. ft.

Single Family homes are up 10% from the same period last year, which is interesting considering the higher priced Luxury Homes do not make up much of the mix sold this year (3 sold vs. last year over $1M).

Condos & Town Homes saw a 10% decline in price per sq. ft. when compared to the same period last year, but up compared to prior years.

What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at39% (compared to 56% last year) of the total count, but only 25% (vs. 46% last year) of the volume. Single Family Homes are 25% of the count and 54% of the volume. Luxury Properties over $1M (typically purchased by the Second Homeowner) represent only a 7% share of the number of transactions, but 28% of the total dollar volume.

Crested Butte Real Estate

Trends show Prices for Single Family Homes Rise and Condos & Townhomes show slight Fall

Single Family (SF) homes – Comparing Ski-Season results from 2014-2015 to prior years we see that the Median Price for Single Family homes is flat at $542,000 and actually down from the ski-season from 2012-2013. We do see the Average SF Home price has risen to $723,000 and except for the sharp rise in 2012-2013 ski season it shows an increasing trend. As noted – we are not working with a huge sample set for the ski-season this may be a result of the quality and location of homes sold as there are not many luxury homes in the mix. Given the history of the Crested Butte area – there are still many areas where there is a 30 year old home that has not been updated, and a new 5 year old home right next door. This is the reason to reach out to a quality real estate agent for help understanding the values in the market. Also see Crested Butte Real Estate Market Report 2014 In Review for 12 month analysis.

Crested Butte CO real estateCrested Butte Co real estate

 

 

 

 

 

Condos & Townhomes –prices continue to be fairly flat in this segment of the market. The Median Price for Condos and Townhomes was $175,000 compared with $183,000 last year, and the Average Price was down.

Crested Butte Luxury Real Estate Market – $1 Million +

As the table shows there have been 9 Single Family homes Sold for $1M or more during this 2014 – 2015 Ski-Season compared with only 3 during this same period last year, and 12 Sold in 2012-2013. Average sold price for these homes was $1.2M, Average Price per sq. ft. was $387. The 7% Discount from Asking Price to Selling Price is lower than the rest of the market.

Under Contract There are currently 46 properties Under Contract representing a total volume of $29.7M – the count and volume is similar to March of 2014. Of the 46 properties Under Contract 20 are Condos/Townhomes, 18 are Single Family homes and 8 are lots.

Active Listings There are 558 properties for Sale which is down from 592 one year ago. The volume of this Market is $377,000 compared to $418M last year.

crestedbuttecorealestate-ForSale4-2015

Optimistic for Summer Crested Butte Real Estate

All indicators are that this will be an active Summer for Real Estate transactions. We have had really good numbers the past two years, and there are no significant external forces that lead me to believe that 2015 will not replicate. Interest rates are still low, there are national numbers supporting a renewed interest in Vacation Real Estate, there are lots of events again scheduled for the summer (including the Enduro World Series mountain bike series stop in Crested Butte). Compared with so many other mountain towns Crested Butte is a special place, and represents a great value in real estate.

There has been a lot of banter about short-term property rentals as “the reason” there is a lack of long-term rentals available especially in town. There is also talk of taking property rights away from homeowners who have invested in Crested Butte – not good. Short-term rental add to the charm of visiting our town. We have deed restrictions in place. We are a tourism and real estate economy – an increase in occupied short-term rentals is a good thing, and proof that people want to come here, use our airport, rent a house, ski, bike, hike, fly fish, relax, shop and eat. All Good!

Download the full Crested Butte Real Estate Market Report – SKI-SEASON 2014-2015 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 Crested Butte 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 www.chriskopf.com. Contact me at: (970) 209-5405, or chriskopf@bighornrealty.com

Thanks,

Chris.

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

 

Crested Butte CO 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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