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Chris Kopf Coldwell Banker Mountain Properties

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Crested Butte Real Estate Report 2011 In Review

February 14, 2012 By Chris Kopf

Crested Butte Real Estate Market Report

Year to Date (YTD) Jan. 1 – December 31, 2011

Steady Interest in Crested Butte Real Estate Results in Significant Rise in Transactions and Volume for 2011

A 34% increase in total transactions over 2010 (272 vs. 180) is a clear signal that buyer demand is strong for Crested Butte Real Estate. As well overall Sales Volume climbed to $104 million, and it is the first time since 2008 that it topped the $100 million mark.

The majority of the properties sold were Condos/Townhomes (110) and Single Family Homes (93) and because the majority of the Condo/Townhomes are in Mt. Crested Butte, this area had the most sales (116). Single Family homes made up the lion share of the transaction dollar volume ($69.4M or 67%), which was buoyed by the $1M+ Single Family home category ($41.6M or 40% of the total dollar volume).

Interesting as well that 65% of all the transactions were Cash sales (177), perhaps due to the fact that it can be both difficult and onerous to obtain financing for many buyers. As well, with many sellers eager to sell, “Cash is King” and can simplify the transaction and shorten the time to close.

Homes Sold for $1 Million + in 2011

There have been 24 Single Family homes Sold for $1M or more in 2011, a 38% increase over 2010.  Below is the detailed breakdown of these transactions, as well the pie chart shows the distribution.  Of the 10 homes sold for over $1M in downtown Crested Butte, 5 of them were in the Kapushion Subdivision on the North Side of downtown. This subdivision borders open space with coveted views facing Paradise Divide. As you can also see from the chart comparing previous years this represents significantly more high dollar homes sold than the past two years.

Overall Prices Still Show Decline

Asking Prices and Selling Prices continue to decline as Sellers come down to meet the Market created by the large number distressed property sales (44%).  Price per square foot for condos and townhomes averaged $185 per sq. foot, while Single Family homes averaged $292 per sq. foot.  There were a few high-end sales of homes that skewed the numbers a bit, taking out some of these transactions and looking at the remainder of the Single Family Home sales we see the average in the $285 per sq. foot range.  The decline in the Condo/Townhome numbers was also representative of a higher number of distressed properties in this category which drove down the price points.

Foreclosures and Short-Sales Continue to play a Big Role

  1. •Of the total 272 transactions in 2011, 120 were either Short Sales or Foreclosures (44%) (This volume nearly tripled compared to 2010).
  2. •Of the 760 properties currently For Sale in the MLS, 44 are either Short Sales or Foreclosures (6%).
  3. •Of the 405 Single Family Homes and Condos currently For Sale in the MLS, 32 are either Short Sales or Foreclosures (8%).

 

Click link to see the full 5 page Crested Butte Real Estate Report for 2011.

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 represent you as a Buyer – I would appreciate the opportunity to earn your business (or a friend you think I could help).

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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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