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Chris Kopf Coldwell Banker Mountain Properties

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Crested Butte Real Estate Market started Strong but Summer / Fall show Weakening Signs

November 5, 2012 By Chris Kopf

Market Report ThumbnailAs you will see from the numbers the Crested Butte Real Estate Market started out strong and continued ahead of previous recent years through the Winter months. The Summer and Fall have been a different story with a drop in Volume, Transactions and Price per Sq. foot in all but the Condo numbers. The numbers show the 2012 Market Volume is off 10% and the number of Transaction Totals is down 7%. As detailed later in this report $1M+ Home sales are down compared with 2011, YTD ($19.1.M vs. $37.2M). There is a strong list of 51 properties Under Contract (27 Condos, 16 SF Homes, 8 Lots), totaling $24M including 10 SF Homes with Asking Prices between $500,000 and $1M, and 6 SF Homes over $1M.  Again while there has been a fair amount of activity and showings – surprising that there has been a pause in the market.  Average Discount from Asking Price to Selling Price for all properties is 11.3%, Condos and Town homes (C&T) are at 9.7% and SF Homes at 9.5%. Average Days on Market is 382 Days for all Residential properties. Average Price Per Sq. Ft.  – Single Family Homes,  Condos & Town homes Condos & Town homes price per sq. ft. is showing a nice increase over last year and it has been pretty constant throughout the year at  $200 per sq. ft. For the first 6 months of this year we saw Average Price per sq. ft. for SF Homes at $280, and this was an increase over the same time in 2011 which indicated a positive sign that perhaps we reached the bottom, but since then given the mix of SF Homes sold the average price per sq. ft. has decreased to $269.  There is still quite an inventory in the MLS (Currently 215 SF Homes for sale , Avg. Price of $1.1M, Median Price of $849K). Market for $1M+ Homes trailing previous years

Results for Luxury Homes in Crested Butte
Results for Luxury Homes in Crested Butte

There have only been 11 properties that sold for > $1M YTD compared with 21 this time last year (and only 1 had sold before the middle of May in 2011). As well the price per sq. ft. for these properties has dropped from $451 to $402 during the same period last year. Average discount from Asking to Selling Price is 12.8%.  There are 6 homes over $1M under Contract.  This category of property represents 25% of the overall YTD $ Volume.  There are 137 SF Homes for sale that are over $1M, the majority are between $1M and $2M (Qty 93). Election Effect? Buyer or Seller Market?  I have more than one client who is waiting until the results of the election to pull the trigger on a contract to Buy.  The uncertainty is creeping into the minds of both Buyers and Sellers. As a recap – Buyers that I am working with are realistic, but scouring the market for properties that represent value.  56% of all transactions are Cash – more for the higher priced homes.  I typically show 10+ similar properties to Buyers before they narrow down their choices. The properties that are priced close to market with Sellers that are also reasonable are selling. As well 27% of all transactions this year were distressed sales as either Short-sales or Foreclosures (compared with 45% YTD in 2011), and given the large inventory of properties in every category the message to Sellers is:  accurately price your property to the market and expect some wiggle room, as this is still a Buyer’s market. How can I help you?  This 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 property is worth, or want me to help you search for that perfect mountain property – I would appreciate the opportunity to earn your business (or a friend you think I could help). Download the 4 page .pdf file with all the detail and numbers – Crested Butte Real Estate Report – 2012 YTD through October To see featured properties or search the MLS – visit my new website chriskopf.com.  You always reach me at: (970) 209-5405 or chriskopf@bighornrealty.com Thanks, Chris.  

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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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